The February "golden stock" portfolios from securities firms have all been unveiled, revealing clear market allocation signals. As of noon on February 2nd, a total of 41 brokerage research institutes had released their February golden stock picks, amounting to 463 recommendations; after removing duplicates, there were 305 unique targets. Among these, 55 ChiNext stocks received 79 recommendations, 40 STAR Market targets received 54 recommendations, and 34 Hong Kong stocks received 48 recommendations. Furthermore, 2 Beijing Stock Exchange targets and 1 ETF each received 2 recommendations. Stocks with high concentration in brokerage February picks include Zhongji Innolight, Zijin Mining Group (601899.SH), Hygon Information Technology (688041.SH), Wanhua Chemical (600309.SH), Ping An Insurance (Group), Tencent Holdings (00700), and Kweichow Moutai (600519.SH). The top five industries with the highest recommendation rates are Electronics, Nonferrous Metals, Machinery, Chemicals, and Power Equipment. Industries showing significant month-on-month increases in recommendation rates include Media, Building Materials, Real Estate, Transportation, and Petroleum & Petrochemicals. From a sell-side perspective, the phased pressure from concentrated ETF redemptions has subsided, providing a window for recovery in large-cap weighted stocks; subsequent market dynamics are expected to shift towards sector rotation, with capital's logic for uncovering undervalued assets becoming more profound.
Zhongji Innolight (300308.SZ) emerged as the most popular golden stock. According to statistics from the Mei Shi APP, Zhongji Innolight received the most brokerage recommendations, being endorsed by 9 firms; it was followed by Zijin Mining Group and Hygon Information Technology, each recommended by 8 brokerages; additionally, Wanhua Chemical was recommended by 7 brokerages, while Ping An Insurance (Group), Tencent Holdings, and Kweichow Moutai were each recommended by 6 firms. Stocks receiving 5 recommendations include China Pacific Insurance, China Life Insurance, China Jushi, and Alibaba-W. Stocks garnering 4 recommendations include China Tourism Group Duty Free, GigaDevice, China Merchants Shekou Industrial Zone, WuXi AppTec, Eoptolink, and Hangzhou First. Stocks with 3 recommendations include China Merchants Bank, New China Life Insurance, Zhejiang China Commodities City, Satellite Chemical, Tuopu Group, Shandong Gold Mining, Contemporary Amperex Technology, China Molybdenum, Kingnet Network, Juhua Group, Huaibei Mining, and Amperex Technology. A substantial 55 stocks received 2 recommendations each, which are not listed exhaustively here. The recommended ETF was the Nonferrous Metals ETF (512400.SH), endorsed by Zhongtai Securities and Northeast Securities. Zhongtai Securities' rationale for the recommendation cited the transmission of prosperity within the tech industry chain and the potential support for globally priced resource commodities from a recovering global manufacturing sector.
The Electronics sector leads by a significant margin in terms of industry distribution for February golden stocks. Electronics remains in first place, with a recommendation rate of 11.92%, creating a substantial gap over the second-ranked sector. The Nonferrous Metals and Machinery equipment sectors are tied for second place, both with a recommendation rate of 7.95%. Other sectors with recommendation rates exceeding 5% include Basic Chemicals (6.62%), Power Equipment (6.4%), Pharmaceuticals & Biotechnology (5.52%), Communications (5.52%), and Media (5.3%). Sell-side institutions provided clear interpretations for the fundamental drivers of these popular sectors: the Electronics sector benefits from the ongoing发酵 of the AI narrative and the acceleration of domestic substitution, providing strong underlying support; the allocation value of the Nonferrous Metals sector is closely linked to increased global demand for control over core resources amid geopolitical tensions; the high recommendation热度 for Machinery equipment primarily stems from the significant proportion of semiconductor equipment-related companies, closely following the tech manufacturing trend; the Basic Chemicals sector is being driven by a wave of price increases for chemical products, leading to improved profit expectations for the industry. Sectors with recommendation rates below 1% include Beauty & Personal Care (0.22%), Steel (0.44%), Utilities (0.44%), Building Decoration (0.44%), and Social Services (0.88%), which have not yet entered the core allocation视野 of brokerages for February. Regarding sector heat rotation, the top five industries showing the largest month-on-month increases in recommendation rates compared to the previous month are Media (+66.88%), Building Materials (+56.21%), Real Estate (+46.67%), Transportation (+38.95%), and Petroleum & Petrochemicals (+34.69%). The high热度 for Media is attributed to strong revenue growth in the gaming segment, combined with the cost-reduction and efficiency gains brought by AI applications; the high growth in Building Materials is related to the concentrated recommendations for China Jushi; the significant rebound in the Real Estate sector benefits from the policy shift regarding the "three red lines"; tight transport capacity coupled with the approaching Spring Festival travel season has brought attention to Transportation; recent substantial rebounds in international oil prices have led to追捧 for Petroleum & Petrochemicals. The five sectors with the most significant month-on-month declines in February recommendation rates are Automobile (-33.91%), Light Industrial Manufacturing (-27.01%), Defense Military (-26.46%), Banks (-21.89%), and Power Equipment (-18.16%). The short-term decline in the Automobile sector's recommendation rate is related to subsidy phase-outs and rising costs; cooling interest following the initial hype around commercial space has led to a同步降温 in the Defense Military sector; the decline for Banks is associated with a shift in market风格.
Twelve brokerage golden stock portfolios achieved returns exceeding 10% in January. The A-share market performed well overall in the first month of 2026, with brokerage golden stock portfolios also delivering impressive returns. By the close at the end of January, the Shanghai Composite Index had risen 3.76% for the month, holding above 4100 points, the Shenzhen Component Index rose 5.03%, the ChiNext Index rose 4.47%, the STAR 50 Index surged over 12%, and the BSE 50 Index rose 6.33%. Against this backdrop, 12 brokerages saw their January golden stock portfolio returns approach or exceed 10%. Shenwan Hongyuan led with a return of 16.19%, followed by China Post Securities, Ping An Securities, Huayuan Securities, and Southwest Securities with returns of 15.16%, 14.36%, 13.65%, and 13.26%, respectively. Hualong Securities, Northeast Securities, Guoyuan Securities, and others also delivered strong performances. At the individual stock level, several picks in the January golden stocks doubled or surged significantly: Zhuoyi Information, recommended by Hualong Securities, saw a monthly increase of 98.94%, nearly doubling; Hongjing Technology, recommended by Guolian Minsheng, rose 68.75%; Shenghui Integration, recommended by Guosen Securities, rose 61.59%; Huafeng Test & Control, recommended by Pacific Securities, rose 58.39%; and Huahong Semiconductor, recommended by Industrial Securities, rose 56.79%, becoming the leading gainers among January's golden stocks.
Sell-side: The current wave of concentrated ETF redemptions is largely over. As the top performer in January golden stock portfolio returns, Shenwan Hongyuan stated in its latest research report that the spring market trend continues, with the established演绎路径 remaining unbroken. The short-term market focus is on挖掘 Alpha opportunities in cyclical sectors, but after the赚钱效应 diffuses to high levels, upward resistance gradually increases; meanwhile, with "steady and sustained progress" being incorporated into the core strategy system,主动修正 has been applied to overheated short-term trading directions, causing the "good start" rally to提前步入 a sector rotation phase, with the market's挖掘 of undervalued assets进一步走向深化. For February allocation, Shenwan Hongyuan recommends closely following catalytic themes and seizing style rotation opportunities. Food & Beverage and Real Estate are expected to become potential rotation directions; within the cyclical domain, continue to focus on high-quality targets offering both Beta elasticity and Alpha value; for the previously surging Space Photovoltaic and AI application sectors, where赚钱效应 has收敛 somewhat,布局 can be based on catalytic signals, with particular focus on the Hong Kong internet sector. CITIC Securities judges that the current wave of concentrated ETF redemptions is largely over, providing a repair window for weighted stocks; a style switch under a larger cycle dimension is occurring, shifting from small-caps to large-caps, and from thematic plays to quality; the nomination of Waller as Fed Chair represents a policy intention for a "US version of shifting from virtual to real economy," and regardless of whether this理念 can be successfully practiced, it will significantly impact the style of global risk assets. From an A-share allocation perspective, CITIC Securities believes that the comprehensive演绎 of the price increase theme, from a resource热 to a cycle热, may run through the first quarter. The underlying commonality of cyclical sectors is their large profit margin repair space, underpinned by China's policy shift from scale expansion towards quality and efficiency improvement. The fundamental allocation logic should still revolve around the re-rating of global pricing power for industries where China possesses competitive advantages; the底仓配置思路 for Chemicals, Nonferrous Metals, Power Equipment, and New Energy remains valid, but caution is advised towards the increasingly speculative precious metals sector;躁动修复 in Consumption and the Real Estate chain is理应在春季, which is not对立 to Manufacturing and Technology.
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