Elon Musk came for an inspection, and the stock price hit the daily limit! Duan Yongping increased his holdings in Moutai, with unrealized gains of ten million!

1. Market Data

2. Market Analysis
The index continues to recover, erasing the large bearish candle from the day before yesterday. However, trading volume is still shrinking, gradually dropping from a market size of 3 trillion to 2.5 trillion, as many funds start taking a break for the New Year.

Today’s market data, whether in terms of gains and losses or limit-ups and limit-downs, is similar to yesterday. The only constant is the continued rotation of themes. Yesterday’s market was mainly driven by rebounds in commercial aerospace and batteries.

Commercial aerospace was suppressed again after opening. Yesterday, Chen Xiaoqiun bought 900 million yuan worth of Aerospace Development, a leading company with a market cap of 50 billion. Commercial aerospace still shows rebound characteristics. Today, it was offered a premium of up to 7%, which is quite good. Xinwei Communication performed poorly, being hammered all day long. Commercial aerospace remains volatile, but this is not the end. After emotional hype, funds will look for logical stocks to invest in, just like the robot hype a year ago.

In the photovoltaic battery sector, the leading Double Good Energy Efficiency hit two consecutive limit-ups, and Junda Shares is trending structurally. In the afternoon, Jinko Solar, TCL Zhonghuan, and GCL System Integration consecutively hit the daily limit-ups. There are reports that Elon Musk’s team came for an inspection. GCL System Integration confirmed the news after hours. Recently, stocks associated with Musk have been very popular.

Previously, Elon Musk stated at the Davos Forum that SpaceX and Tesla plan to build a total of 200GW of photovoltaic capacity in the US over the next three years, mainly for ground data centers and space AI satellite power supply. Just a few days ago, Musk decided to merge SpaceX with xAI and actively promote SpaceX’s listing.

In the AI sector, yesterday’s recovery was weak, and today it was even weaker. Meanwhile, overseas Nvidia fell 3%. In the A-shares market, New Yisheng and Zhongji were heavily sold by funds, dropping up to 10%. It is said that this is due to new technologies—CPO and OCS are the next-generation optical communication technologies. The emergence of new tech will impact the market share of New Yisheng and Zhongji. On the other hand, AI applications performed even worse, with Kunlun Wanwei peaking at a 14% gain before falling back. Popular stocks like Lido, Blue Focus, and Wangsu Technology all showed large bearish candles.

The best-performing sector today was energy, with coal rising over 7%. Since it’s not the main theme, I won’t elaborate further. The average stock price rose by 0.5%, but market sentiment was divided, with many popular stocks pulling back.

3. News

1. Guotou Silver LOF
   Guotou Ruixin Silver Futures LOF has been highly controversial recently. It has experienced three consecutive limit-downs, with a single-day net value plummeting 31.5%! This set a record for the largest single-day decline in a public fund. Investors woke up to find their fund assets had been cut by 30%, which is hard to accept. They accept the outcome, as betting and losing is natural. The current controversy revolves around the rules.

The fund company modified the valuation calculator overnight. This fund mainly invests in domestic silver futures, which have a 17% limit-up and limit-down restriction. However, international silver prices recently experienced an epic crash, far exceeding this limit. After hours, the fund company decided to revalue the net asset based on the actual decline in the international market. This adjustment caused the net value to drop by an astonishing 31.5%. Many people feel this is unfair. The fund company’s logic is: this is not double standards but fairness. If no adjustment is made, early redemptions could exploit the inflated net value to exit, leaving the remaining holders with actual losses, potentially causing a run on the fund.

Although it has already hit three consecutive limit-downs, the intraday price still trades at a premium of 64.6% over the net value.

2. Private Equity Performance Released
   The 2025 private equity performance report is out. The billion-yuan giants on average earned 32.77%. Among 75 billion-yuan private equity firms, nearly 99% achieved positive returns. The top performer is Lingjun Investment, with over 73% return, followed by Huanfan Quantitative. Here’s a shocking statistic: last year, accounts with less than 100,000 yuan had a loss rate of 98%. So, where did retail investors’ money go? You probably have a good idea.

3. Duan Yongping Adds to Moutai
   Duan Yongping revealed that on January 27, he sold 1.5 million shares of China Shenhua H-shares and immediately bought about 100 million yuan worth of Kweichow Moutai, precisely bottom-fishing. As a result, Moutai surged over 12% in the following days, and this operation has already realized a profit of over 10 million yuan. Recently, he also praised Moutai’s “iMoutai” app, saying the platform solves issues of fake wine and purchasing difficulties, effectively “recreating one or two Moutais.”

Many say Duan Yongping is the Chinese version of Warren Buffett. I’ve read his quotes from the past ten years, and he indeed speaks very well. His core logic is one sentence: “Buying stocks is buying companies.” In his view, investing is not about trading codes but becoming a shareholder of a good business. He holds no more than ten core positions, akin to having only 20 chances to punch through in life, which must be used on businesses he truly understands.