The market experienced a dip followed by a recovery yesterday, with the three major indices collectively turning positive, and the ChiNext Index once rising over 1%. The total trading volume in the Shanghai and Shenzhen stock markets was 2.89 trillion yuan, a decrease of 353.2 billion yuan compared to the previous trading day. In terms of market performance, over 3,400 stocks declined across the board. By sector, the semiconductor industry chain continued its upward trend, with Hua Hong Semiconductor hitting a record high, while L&K Engineering(Suzhou)Co.,Ltd., Acter Technology Integration Group Co., Ltd., and Tianshui Huatian Technology Co.,Ltd. surged by the daily limit. The precious metals concept remained strong, with China National Gold Group Gold Jewellery Co.,Ltd. securing its third consecutive daily limit and Hunan Gold Corporation Limited its second. The CPO concept was active, with Yuanjie Semiconductor Technology Co.,Ltd. rising over 10% to a record high and Hui Lyu Ecological Technology Groups Co.,Ltd. hitting the limit-up. The space-based solar power concept continued to rebound, with Hunan Yujing Machinery Co.,Ltd. achieving three limit-ups in four days and Cybrid Technologies Inc. two in three days. The super-hard materials concept strengthened, with Henan Huanghe Whirlwind Co.,Ltd. rising by the limit. On the downside, sectors like coal and batteries led the declines. The battery industry chain collectively slumped, with Jiangsu Tinci Advanced Materials Co.,Ltd. and Jiangsu Huasheng Lithium Co.,Ltd. falling over 6%. At the close, the Shanghai Composite Index was up 0.18%, the Shenzhen Component Index rose 0.09%, and the ChiNext Index gained 0.71%.

In today's broker morning meetings, China Securities Co., Ltd. suggested focusing on the investment prospects of the AIDC power supply chain; China International Capital Corporation Limited (CICC) opined that the "deposits entering the stock market" effect might begin to moderate by 2026; and Kaiyuan Securities noted that Amazon AWS's announced price hikes highlight the increasing scarcity of AI cloud infrastructure.

China Securities Co., Ltd.: Focus on AIDC Power Supply Chain Investment Prospects The continuous increase in power for individual AI chips and AI computing cabinets is driving the evolution of AIDC power supplies towards higher power, DC conversion, and higher voltage. Investment opportunities encompass four main categories: (1) AIDC power supply hosts, including PSU, HVDC, SST, which concentrate high value, feature high technical barriers and entry thresholds; (2) Power station-level energy storage, increasingly becoming a necessity for AI data center grid integration; (3) Core components, with particular optimism for new AIDC segments like solid-state circuit breakers, CBU/BBU, DC/DC equipment, and electronic fuses/relays; (4) Third-generation semiconductors such as GaN and SiC.

China International Capital Corporation Limited (CICC): "Deposits Entering the Stock Market" Effect May Moderate by 2026 The concept of "deposits entering the stock market" focuses on "new incoming funds," but one must also consider "exiting funds" to derive the "net inflow," which has a stronger correlation with stock prices. This essentially relates to households' willingness to invest in the market, which research shows has a strong positive correlation with income expectations. Even when focusing on new funds, the growth rate of these new funds is more closely correlated with stock market gains. Investments from high-net-worth individuals and insurance funds can, to some extent, operate independently of income expectations and provided significant support to the stock market in 2025, but this supportive force is expected to moderate in 2026.

Kaiyuan Securities: Amazon AWS Announces Price Hikes, AI Cloud Infrastructure Scarcity May Become Increasingly Prominent On January 23, 2026, global cloud computing giant Amazon Web Services announced an approximately 15% price increase for its EC2 Machine Learning Capacity Blocks tailored for large model training. This marks the first time in nearly two decades that AWS has broken its tradition of "only decreasing, never increasing" prices. Machine Learning Capacity Blocks is a customized service model launched by AWS to address the supply-demand imbalance of scarce computing resources like high-performance GPUs, allowing users to reserve specific GPU instance types in advance to ensure stable access to critical computing resources. With global AI development advancing rapidly, this price hike by AWS, Amazon's core public cloud platform, on one hand reaffirms the high demand in the global AI computing power sector, and on the other hand, from a supply perspective, highlights the increasing scarcity of resources within the AI cloud industry chain.