The A-share market experienced slight fluctuations today, with major indices showing mixed performances. Large-cap blue-chip stocks strengthened across the board, with the SSE 50 Index surging over 2% intraday. The Shanghai Composite Index and the CSI 300 Index also edged higher. However, technology and growth stocks underwent adjustments, with the STAR 50 Index plunging more than 3%. The ChiNext Index and the BSE 50 Index also saw minor declines. The number of declining stocks significantly outpaced gainers, while trading volume expanded moderately to 3.26 trillion yuan.
Sector-wise, baijiu (white spirits), oilfield services, precious metals, and major financial sectors led the gains. Conversely, semiconductors, secondary new shares, consumer electronics, and lithography machines were among the biggest decliners. Wind real-time monitoring data indicated that the media sector attracted over 22 billion yuan in net inflows from main funds. The food and beverage sector saw net inflows exceeding 16.8 billion yuan, while computers attracted over 13.8 billion yuan. Non-ferrous metals, real estate, non-bank financials, and banks each recorded net inflows of more than 7.3 billion, 5.1 billion, and over 4 billion yuan, respectively. In contrast, the electronics sector suffered net outflows of over 36.4 billion yuan. Power equipment witnessed outflows exceeding 5.4 billion yuan, and defense军工 and machinery equipment sectors each saw outflows surpassing 2 billion yuan.
Regarding individual stocks, BlueFocus secured net inflows of more than 4.5 billion yuan. Iflytek attracted over 3.6 billion yuan in net inflows. Wuliangye Yibin Co.,Ltd. and Tongling Nonferrous Metals each gained over 2 billion yuan in net inflows. Additionally, eleven stocks, including Northern Rare Earth and Shenghe Resources, recorded net inflows exceeding 1 billion yuan.
Looking ahead, Everbright Securities pointed out that the current spring rally remains promising. In the coming months, positive developments are expected to be gradually validated, both in terms of policy and fundamental factors. However, market performance may not be entirely smooth. Before the Spring Festival, the market might enter a brief phase of consolidation and correction. Nevertheless, investors are still advised to hold positions during the holiday. After the Spring Festival, market trading activity is expected to rebound. Combined with high-frequency data and industry hot topics during the holiday, the market could potentially usher in a new round of upward movement.
Changjiang Securities believes that from a technical perspective, the Shanghai Composite Index retreated after breaking through the upper Bollinger Band. The MACD indicator showed a high-point inflection and a crossover signal, suggesting the short-term market may still be dominated by structural volatility with a downward bias. Looking at the EMA moving averages, the Shanghai Composite Index remains above the 10-day moving average, with the 10-day and 20-day averages potentially forming a two-tiered support base. The index might enter a phase of consolidation, but this does not alter the broader slow-bull and long-bull market structure.
In market highlights, large-cap blue-chip stocks collectively surged in the afternoon session, with baijiu stocks being the most active. The baijiu sector index rose unilaterally, soaring 5.53%—its largest single-day gain in over a year—with trading volume more than doubling compared to yesterday. Wuliangye Yibin Co.,Ltd. (000858) hit the limit-up in the final 15 minutes before the close. Over 20 stocks, including Yilite, Jiugui Liquor, Yanghe Brewery, and Luzhou Laojiao, also surged to their limit-up prices in the afternoon.
A CITIC Securities research report stated that the baijiu industry is approaching its Spring Festival peak season marketing activities. Actual sales during the 2026 Spring Festival are expected to remain stable, warranting no excessive pessimism. Considering the clear trend of gradual recovery thereafter, the report is optimistic about the bottom-fishing opportunities in the baijiu sector.
Major financial sectors also strengthened across the board in the afternoon, led by insurance stocks. The insurance sector index opened the afternoon session with a significant unilateral surge, rising 3.49%. All stocks within the sector advanced, with Ping An Insurance, China Pacific Insurance, and China Life Insurance among the top gainers. Notably, New China Life Insurance hit a new all-time high.
The securities brokerage sector index, which had fallen over 1% earlier, was pulled up multiple times in the afternoon to a gain of over 1%. Hualin Securities, Huaxin Securities, Caitong Securities, and CITIC Securities were among the leaders. The banking sector index also rebounded after hitting a new low for the year, surging over 1% on heavy volume at one point. Qingdao Bank surged to a strong limit-up, while Chongqing Rural Commercial Bank, Bank of Ningbo, Jiangsu Bank, and Qilu Bank were among the top performers.
China Merchants Securities indicated that in early 2026, the "Spring躁动" rally is expected to boost market activity and risk appetite. The low base effect from the first half of the year's equity investments is likely to drive continued growth in insurance companies' investment returns. Overall, listed insurers are anticipated to show promising earnings elasticity in the first quarter of 2026. Regulatory guidance strengthening asset-liability linkage may particularly benefit leading insurance companies.
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