On February 13, Chinese A-shares opened lower and continued to decline. By the midday close, the Shanghai Composite Index had fallen 0.7% to 4105.04 points. The Shenzhen Component Index dropped 0.67%, while the ChiNext Index declined 0.96%. In contrast, the Beijing Stock Exchange 50 Index rose 0.86%. The STAR 50 Index fell 0.09%, and the CSI A-500 Index decreased by 0.83%. The total trading volume for the A-share market in the morning session reached 1.21 trillion yuan.
On the liquidity front, the People's Bank of China announced that on February 13, it conducted a 145-billion-yuan 7-day reverse repo operation at a fixed interest rate of 1.4% through a quantity tender. The bid amount and the awarded amount were both 145 billion yuan. According to Wind data, 31.5 billion yuan in reverse repos matured on the same day. This resulted in a net injection of 113.5 billion yuan for the day.
In market news, according to the China Manned Space Engineering Office, on February 11, 2026, Beijing time, the Long March 10 carrier rocket system completed a low-altitude demonstration verification flight and safely splashed down at sea following a maximum dynamic pressure abort test of the Mengzhou manned spacecraft system. On the morning of February 13, the maritime search and recovery team successfully retrieved the rocket's first-stage booster. This marks China's first successful maritime recovery of a carrier rocket, representing a significant step forward in the development of reusable rocket technology.
On February 13, OpenAI's strong competitor Anthropic announced the completion of its Series G funding round, raising a total of $300 billion. The post-money valuation reached $3.8 trillion (approximately 26 trillion yuan). This is the second-largest fundraising round in the large language model industry to date, second only to OpenAI's historic $400 billion deal last year. It also makes Anthropic the world's second AI unicorn valued in the tens of trillions—OpenAI's latest valuation stands at $5 trillion.
In terms of market sectors, amid global geopolitical tensions, defense stocks collectively advanced. Several military-related companies, including Anda Weier, led the gains. The semiconductor equipment sector remained active, with companies like Weidao Nano and Fuchuang Precision posting significant increases.
During the "16th Five-Year Plan" period, China's military equipment demand is expected to present notable structural opportunities while maintaining stable overall growth. The modernization of national defense and the military will advance with high quality, shifting focus from quantitative increases to qualitative improvements.
Here, based on integrated analysis of the latest research reports from several securities firms, brief introductions to four companies are provided for reference.
1. Aero Engine Corporation of China The company is a leading enterprise in China with comprehensive research and production capabilities covering the full spectrum of aero engines. It holds significant technological advantages in traditional specialized fields, as well as in commercial engines, low-altitude aviation, general aviation, and foreign trade. — MinSheng Securities
2. Tianhai防务 In the field of transport ship products, the company has gradually developed mature manufacturing experience and batch delivery capabilities. The accelerating delivery pace has significantly enhanced the profitability of its ship EPC segment. — HuaTai Securities
3. AVIC Chengfei As a leading aircraft manufacturer, the company is poised to leverage the successful launch of the "Haolong" aerospace plane to initiate a new strategic layout in the commercial space sector. — GuoJin Securities
4. Guorui Technology The company is a leading domestic defense radar manufacturer with a strong competitive position in military trade business, demonstrating high growth potential. — GuoJin Securities
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