Market Review: On the last trading day before the Spring Festival holiday, the three major A-share indices all closed lower. The Shanghai Composite Index fell below the 4100-point mark, while the ChiNext Index dropped over 1.5%. Trading volume was slightly above 2 trillion yuan, influenced by the holiday period, and market sentiment was weak with over 3800 stocks declining. In terms of sectors, military trade, aquatic products, and digital media were among the top gainers, while HJT battery, AI marketing, and oil and gas sectors led the declines. At the close, the Shanghai Composite Index was down 1.26%, the Shenzhen Component Index fell 1.28%, and the ChiNext Index declined 1.57%.
Market Analysis: Key developments during the Spring Festival holiday include: 1. Most global stock indices rose, with the Hang Seng Index experiencing a decline followed by a recovery. 2. Commodities: Crude oil, gold, and silver posted gains of varying degrees, influenced by expectations surrounding geopolitical conflicts. 3. The CCTV Spring Festival Gala boosted interest in AI large language models and robotics sectors. Hong Kong stocks led the gains as capital flowed into these popular areas. 4. Holiday consumption showed bright spots in specific segments, with sales of smart wearable devices on major platforms seeing significant growth in the first three days of the holiday. 5. A decision was made to raise tariffs on global goods. 6. The first mass-produced autonomous vehicle rolled off the production line, with plans to begin large-scale production in April. 7. The narrative of rising memory chip prices continues. Data from institutions like TrendForce indicates DRAM contract prices are projected to increase 80%-85% in Q1 2026, while NAND Flash prices are expected to rise 55%-60%, significantly strengthening the pricing power of memory chip manufacturers.
Outlook: The Shanghai Composite Index experienced a low-volume decline on the last pre-holiday session, closing below 4100 points. Technically, it remains within a consolidation range, having not broken below the key support level near 4050. The ChiNext Index is also oscillating within the 3230-3330 range. Considering positive global market trends and other information during the holiday, a modestly higher opening is likely for the first post-holiday trading session. Specific sectors, particularly within AI and robotics, may attract investor attention. Historical data showing a high probability of post-holiday gains, combined with policy expectations ahead of the upcoming political meetings, suggest a higher likelihood of a volatile upward trend in the final trading week of February. Investors should monitor the replenishment of trading volume; a surge above 2.5 trillion yuan would indicate active capital inflow. However, short-term sector differentiation is also expected to intensify.
Previous Session's Hot Sector: Robotics (The third-generation humanoid robot is scheduled for release in Q1 2026, featuring upgraded hand design and a planned annual production capacity of one million units. Developed based on first principles and intended for mass production, it boasts a highly anthropomorphic appearance).
Short-term Trading Heat from Previous Session: There were 46 stocks that hit the daily upward limit and 17 stocks that hit the downward limit.
Company Secretaries' Interaction: Suzhou Sushi Testing Group Co., Ltd. (300416) was asked about the progress of the acquisition of a minority stake announced in May 2025. The company replied that the transaction for the minority stake acquisition has been fully completed.
Zhejiang Runtu Co., Ltd. (002440) was inquired if its new digital printing ink product can be used for 3D printing. The company responded that its digital printing products are primarily used for textile digital printing.
Sichuan Energy Investment Group Co., Ltd. (000155) was asked if the scale of the major shareholder's lithium mine is larger than another mine and if it is wholly owned by the major shareholder. The company clarified that the exploration rights are held by a wholly-owned subsidiary of the controlling shareholder and are currently in the exploration phase.
New Listings: One new stock is available for subscription on the Beijing Stock Exchange: HIFIMAN (920183.BJ), with a subscription price of 19.71 yuan, a P/E ratio of 14.99 times, and a maximum subscription limit of 473,700 shares. There are no convertible bonds available for subscription today.
Disclaimer: The information provided is for securities market investment purposes and may involve investment risks. Some content pertains to high-risk financial products; investors should exercise caution. This material is intended for reference by professional investors and clients with a risk tolerance level of C3 and above. The accuracy and completeness of the information are not guaranteed, and related analyses are for reference only. Investors must independently assess risks and make their own investment decisions, bearing all associated risks. The market carries risks, and investment requires caution.
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