On January 20th, the A-shares fluctuated and fell, with all three major indices declining in the morning session. The ChiNext dropped over 1%, while sectors such as computing hardware and commercial aerospace adjusted, and the real estate sector saw unusual gains. The Hong Kong stock market also fell in the morning, with both the Hang Seng Index and the Hang Seng Tech Index declining, and most tech stocks under pressure. The new consumption sector rebounded, with POP MART rising 10% against the trend. In the bond market, government bond futures generally rebounded. In terms of commodities, most domestic commodity futures fell, while lithium carbonate rose over 4% against the trend. Core market performance:
<blockquote>
A-shares: As of the time of writing, the Shanghai Composite Index fell 0.46%, the Shenzhen Component Index fell 1.26%, and the ChiNext Index fell 1.52%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/73b6edce-1f1b-42e6-b51f-49d4de7e986b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/73b6edce-1f1b-42e6-b51f-49d4de7e986b.png"/>
Hong Kong stocks: As of the time of writing, the Hang Seng Index fell 0.50%, and the Hang Seng Tech Index fell 1.01%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fa7aa6a4-9f79-4c73-b716-becb35b1564d.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/fa7aa6a4-9f79-4c73-b716-becb35b1564d.png"/>
Bond market: Government bond futures rebounded across the board. As of the time of writing, the 30-year main contract rose 0.23%, the 10-year main contract rose 0.03%, the 5-year main contract rose 0.04%, and the 2-year main contract rose 0.02%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/91b0be48-11cc-469e-a52a-91cc822791ce.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/91b0be48-11cc-469e-a52a-91cc822791ce.png"/>
Commodities: Most domestic commodity futures fell. At the opening of commodity futures, the main contract for silver in Shanghai rose over 4%, tin rose over 2%, and shipping European line, nickel, lithium carbonate, stainless steel, and gold in Shanghai rose over 1%. Coking coal, glass, BR rubber, caustic soda, coking coal, and alumina fell over 2%. <img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ba84cb49-f877-42da-a67d-cb144fb93122.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/ba84cb49-f877-42da-a67d-cb144fb93122.png"/>
</blockquote>
10:08
The ChiNext Index fell over 1%, and the Shanghai Composite Index fell 0.3%. Commercial aerospace, satellite interconnection, and CPO had the largest declines.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/05cf10dc-65f1-46b3-8406-5514eb067a0c.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/05cf10dc-65f1-46b3-8406-5514eb067a0c.png"/>
09:58
POP MART rose 10%, with the company spending HKD 251 million on buybacks, marking its first buyback since early 2024.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bbecdea6-bc5d-4537-9505-b7d66e9c9e76.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/bbecdea6-bc5d-4537-9505-b7d66e9c9e76.png"/>

09992

513130

513180

159915

03033

159742

520570

399006

520920

159740

- On January 20, A-shares experienced a decline, with major indices dropping, particularly the ChiNext Index which fell over 1%.  
- Hong Kong stocks also faced a downturn, while some sectors like new consumer and Bubble Mart surged by 10% after announcing a buyback.  
- In the bond market, government bond futures rebounded, with the 30-year main contract rising by 0.23%, while most domestic commodity futures saw declines, though lithium carbonate managed an increase of over 4%.

Wallstreetcn

POP MART

Huatai-PB CSOP Hang Seng Technology ETF(QDII)

ChinaAMC Hang Seng Technology ETF(QDII)

E Fund GEM ETF

CSOP HS TECH

Hang Seng TECH ETF I

China Southern Hang Seng TECH ETF(QDII)

ChiNext

Tianhong Hang Seng TECH ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

The ChiNext fell over 1%, with commercial aerospace and computing hardware collectively adjusting, real estate rising, the Hang Seng Tech Index down 1%, POP MART rising 10% against the trend, and government bonds rebounding