The Year of the Snake trading session concluded successfully, with major A-share indices posting gains for the year. The Shanghai Composite Index rose by 25.58%, the Shenzhen Component Index increased by 38.84%, and the ChiNext Index led the advance with a strong gain of 58.73%. Trading activity in the A-share market during the Year of the Snake was vigorous, with daily turnover exceeding one trillion yuan becoming commonplace. The average daily turnover surged to 1.89 trillion yuan, marking a significant increase of nearly 70% compared to the Year of the Dragon. Furthermore, trading days with turnover surpassing two trillion yuan accounted for 35% of the total. At the individual stock level, nearly 4,700 stocks closed higher for the year, with 779 seeing their prices double and over 100 stocks achieving gains exceeding 200%.
On the final trading day before the Spring Festival holiday (February 13), the Shanghai Composite Index fell below the 4100-point mark, with all three major A-share indices declining by more than 1%. The combined turnover for the Shanghai, Shenzhen, and Beijing markets was less than two trillion yuan, shrinking by 161.9 billion yuan compared to the previous session.
Sector-wise, semiconductors showed strength against the market trend. The first-ever ETF focusing on the "Hong Kong chip" industry chain, the Hong Kong Information Technology ETF (159131), saw its price rise nearly 1% against the market downturn. The comprehensive科创芯片ETF (589190) and the科创人工智能ETF (589520), which has nearly half its holdings in semiconductors, experienced rotational surges of over 1% during the session, ultimately both closing higher.
The commercial aerospace sector was repeatedly active. The Military Industry ETF (512810) and the General Aviation ETF (159231) saw their prices increase by 0.47% and 0.43%, respectively. On the news front, on February 11, China's Long March 10 carrier rocket's first-stage body completed a controlled splashdown at sea, marking a breakthrough in key reusable rocket technologies. Experts pointed out that the new "network-based recovery" solution is more stable than traditional landing legs and is expected to enhance launch vehicle efficiency.
Zhongyuan Securities believes that benefiting from accelerated policy catalysts, marginal improvements in liquidity, and the release of some risks through previous market adjustments, multiple factors collectively support optimistic expectations for the post-holiday market. The firm advises investors to adopt a balanced allocation strategy, maintaining exposure to major tech growth themes like AI while actively关注ing consumer sectors with potential investment value. It is anticipated that the Shanghai Composite Index will likely maintain a slight震荡 upward trend, and investors should closely track macroeconomic data, changes in overseas liquidity, and policy directions.
Regarding allocation, Huatai Securities stated that from a short-term perspective, analyzing from both aggregate and structural dimensions, the market adjustment triggered by a decline in risk appetite may be nearing its end. Considering calendar effects, February has historically been a period with relatively better performance and赚钱效应 for A-shares. The firm recommends using fundamentals as an anchor to manage downside risks while gradually increasing portfolio aggressiveness. Focus should be placed on sub-sectors with clear earnings improvement trends, strong beta attributes, and outstanding valuation appeal, including the lithium battery industry chain, communication equipment, semiconductors, and chemical products. For low-beta sectors, agriculture warrants attention.
[ETF Knowledge Hot Topic Review] focuses on the trading and fundamental conditions of industry-themed ETFs such as科创芯片,科创人工智能, and Food & Beverage.
1. [China's Semiconductor Sales Exceed $200 Billion for the First Time, High景气Sustained! The Comprehensive科创芯片ETF (589190) Rises Nearly 1% Against the Trend] 科创芯片 stocks rose then fell back. The comprehensive科创芯片ETF Huabao (589190) rose over 1% in the early session before retreating in the afternoon to close up 0.21%, still demonstrating resilience against the market trend. Among the 50 constituent stocks of the SSE STAR Market Chip Index, 20 closed higher. Centec Communications-U and Fullcreate Precision rose over 11%, while Yandong Micro and Jiehuatec gained over 3%. Nexchip, VeriSilicon, and Piotech advanced over 2%.
On the news front, the Shenzhen Municipal Industry and Information Technology Bureau recently issued the "Shenzhen 'AI+' Advanced Manufacturing Industry Action Plan (2026-2027)", proposing to strengthen the semiconductor industry by making breakthroughs in AI chips, indicating another政策tailwind.
Additionally, a report from the Semiconductor Industry Association (SIA) showed that global semiconductor sales reached a record high of $791.7 billion in 2025, a year-on-year increase of 25.6%. Notably, China's semiconductor sales surpassed $200 billion for the first time, with a growth rate exceeding 15%. The global semiconductor industry is experiencing an upcycle, driven by strong demand for AI applications and data centers, with significant growth in demand for logic chips and memory chips.
From an investment perspective, sustained demand for AI computing power, the upward cycle in memory chips, and the penetration of advanced packaging technologies are jointly driving semiconductor demand. The semiconductor market size is expected to continue growing in 2026, further highlighting market opportunities.
Donghai Securities stated that industry demand is currently in a slow recovery phase, AI investment continues to exceed expectations, and memory chip price increases are surpassing forecasts. Despite external pressures, efforts towards self-sufficiency and controllability are intensifying. Given the relatively high market enthusiasm for the sector, the firm advises布局ing on dips.
To capture the "super cycle" in the chip industry, consider high-volatility 20CM varieties. Public information shows that the科创芯片ETF Huabao (589190) and its feeder fund (Class A 021224, Class C 021225) passively track the SSE STAR Market Chip Index, encompassing 50 hard-tech companies involved in semiconductor materials and equipment, chip design, chip manufacturing, and chip packaging and testing. While providing full-chain exposure to the chip industry, it has over 90% weightage in core areas like integrated circuits and semiconductor equipment, indicating high hard-tech content and strong technical barriers.
Data shows that as of the end of 2025, the SSE STAR Market Chip Index achieved an annualized return of 17.93% since its base date, significantly outperforming peers like the STAR Market & ChiNext Semiconductor Index, the Guozheng Chip Index, and the CSI All Share Semiconductor Index, while also exhibiting smaller maximum drawdowns and a better risk-return profile.
2. [Competing in the 'Spring Festival Slot'! AI Large Models Densely 'Launching New Versions'! The科创人工智能ETF (589520) Rises Up to 1.7% Against Trend, VeriSilicon Hits New Record High] Undeterred by fluctuations in US tech stocks, the科创人工智能ETF (589520), which focuses on the domestic AI industry chain, saw its price rise up to 1.72% in the early session. Although dragged down by the broader market later, it still closed up 0.14% against the trend, with a daily turnover of 60.43 million yuan, showing a slight increase compared to the previous day.
Among constituents, Transwarp Technology led gains, rising over 9%, followed by CloudMinds, QI-ANXIN Group, and others. VeriSilicon rose over 2%, reaching a new historical high.
On the industry front, approaching the Spring Festival 'red envelope war', domestic large models are being密集ly launched. Zhipu's GLM-5 gained global popularity, with Elon Musk commenting on ByteDance's video model Seedance2.0, noting the rapid development speed of models. Looking ahead, models like DeepSeekV4 and Alibaba's Qwen3.5 are expected to launch in mid-February, potentially ushering in the next wave of AI高潮for domestic large models.
Policy-wise, the State-owned Assets Supervision and Administration Commission (SASAC) recently established a central enterprise 'AI+' embodied intelligence industry consortium, taking the lead in building trusted data spaces for 11 key industries including energy, manufacturing, and communications. The initiative aims to create over 1,000 application scenarios and develop more than 100,000 industry-specific intelligent agents to effectively empower high-quality industry development.
Guolian Minsheng Securities expressed持续optimism regarding AI investment opportunities, validating the sector's high景气from four dimensions: ① Growth in capital expenditure by tech giants; ② AI assistants like Clawdbot验证ing AI's transition from conversational tools to executors, with promising prospects for edge AI products; ③ Continued tight supply and demand for computing infrastructure, driving upstream inflation, cloud provider price hikes, rising H100 leasing costs, and potential延续ing price increases in the memory sector; ④ AI has entered a phase of application落地, accelerating demand, and共振ing with industry chain景气, leading to a全面bullish view on the AI industry trend.
[A Beacon of Domestic Substitution,科创Self-Reliance and Strengthening] The科创人工智能ETF Huabao (589520) and its feeder fund (Feeder A: 024560, Feeder C: 024561) focus on the domestic AI industry chain. Constituents include domestic GPU leaders (e.g., Cambricon), domestic ASIC leaders (e.g., VeriSilicon), and AI application leaders (e.g., Kingsoft Office). The semiconductor industry holds nearly half the weight, providing strong offensive capabilities; the software sector accounts for over 30%, potentially benefiting from catch-up rallies in AI applications. Additionally, this ETF is a margin trading target, serving as an efficient tool for one-click exposure to domestic computing power.
3. [Feitian Moutai Wholesale Price Nears 1800 Yuan! Food & Drink Sector Shows Resilience Against Trend, Wuliangye Rises 1.38%, Is it Time to布局at Low Valuations?] The food and beverage sector demonstrated resilience against the market trend. The Food & Beverage ETF Huabao (515710), which reflects the overall movement of the sector, remained strong in the early session before retreating in the afternoon, ultimately closing flat.
Among constituent stocks, some leading baijiu producers performed notably. By the close, Wuliangye surged 1.38%, while Gujing Distillery and Luzhou Laojiao also closed slightly higher. On the downside, some mass-market consumer stocks underperformed, with Angel Yeast, Lianhua Group, and Qianhe Condiments & Spices among the top decliners, weighing on the sector.
On the news front, the wholesale price of Feitian Moutai continued to climb. According to internal liquor price references, the average retail prices of the top ten单品in China's baijiu market still showed a structurally divergent trend. Among them, the price of Kweichow Moutai's Feitian酒increased significantly by 32 yuan per bottle, reaching 1790 yuan per bottle, approaching the 1800 yuan mark and hitting a new high in nearly a month.
Analysis suggests that with the approaching Spring Festival, peak season demand has reopened, and Moutai's sell-through has明显accelerated. It remains to be seen whether strong seasonal demand can spill over to other premium baijiu brands. From a broader sector perspective, expanding domestic demand is a key driver for economic growth in 2026. As a crucial component of domestic demand, the food and beverage sector, coupled with warming policy expectations, is有望to emerge from its bottom.
Valuation-wise, the food and drink sector is at historically low levels, potentially presenting a good布局opportunity. Data shows that as of the previous close (February 12), the price-to-earnings ratio of the Segmented Food Index, tracked by the Food & Beverage ETF Huabao (515710), was 20.32 times, situated at the 8.02% percentile over the past decade, highlighting attractive medium to long-term配置appeal.
Looking ahead, Aijian Securities pointed out that for baijiu, companies are entering a phase of rapid earnings digestion. As policy pressures gradually subside and with the catalyst of consumption-expanding policies, demand is有望for a weak recovery. The industry is currently at low valuations with pessimistic expectations largely priced in. It is预计that the direction of industry digestion will become clearer, with the bottom becoming more evident. Industry efforts to control volume and stabilize prices are pushing wholesale prices higher. The recent accelerated recovery in the price of standard Feitian Moutai shows positive signals. Leading酒企increasing dividend payouts have enhanced dividend yields, adding to their配置attractiveness.
For one-click exposure to core assets in the food and drink sector, focus on the Food & Beverage ETF Huabao (515710). According to China Securities Index Co., Ltd., the Food & Beverage ETF Huabao (515710) tracks the CSI Segmented Food & Beverage Industry Theme Index, with approximately 60% of its allocation in leading premium and sub-premium baijiu stocks, and nearly 40% covering leading stocks in sub-sectors like beverages, dairy, condiments, and beer. Its top ten holdings include Kweichow Moutai, Wuliangye, Luzhou Laojiao, Shanxi Fenjiu, Yanghe Brewery, Inner Mongolia Yili Industrial Group, and Foshan Haitian Flavouring & Food Co., Ltd. Off-exchange investors can also access core assets in the sector through the Food & Beverage ETF Huabao Feeder Fund (Class A 012548 / Class C 012549).
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