On February 12, China's three major A-share indices opened higher collectively. The Shanghai Composite Index opened up 0.12%, the Shenzhen Component Index opened up 0.12%, and the ChiNext Index opened up 0.30%.
In market sectors, the power sector opened higher. YN Energy Holding hit its second consecutive daily limit-up, while Southern Power Grid Energy, Mindong Electric Power, Huayin Electric Power, and Jinkong Power also opened higher. The computing power leasing concept continued its strong performance, with Dawei Technology reaching its fourth consecutive limit-up, Meili Cloud achieving two limit-ups in three days, UCloud soaring over 10%, and stocks like Orient National Communication, Qingyun Technology, Parallel Technology, and Litong Electronics following with gains. Additionally, sector indices for fiberglass, cloud computing, and semiconductors were among the top gainers.
Regarding notable individual stocks, Juli Suoju, a popular stock in the commercial aerospace concept, opened limit-down with sell orders exceeding 1.2 billion yuan. The company announced it had not signed a 458 million yuan Hainan project, and its cumulative order value in the commercial aerospace sector for 2025 was 9.9651 million yuan.
Looking ahead, Dongguan Securities believes that as the Spring Festival holiday approaches, investor caution is gradually increasing, market activity is tending towards light volume, and A-shares may enter a phase of consolidation on lower volume.
**Hot Sectors Analysis:**
1. **Power Sector Opens Higher** The power sector opened higher, with YN Energy Holding hitting its second consecutive limit-up, and Southern Power Grid Energy, Mindong Electric Power, Huayin Electric Power, and Jinkong Power also opening higher. *Commentary: This follows the State Council's issuance of the "Implementation Opinions on Improving the National Unified Power Market System," which aims to fully establish a national unified power market system by 2035, with the proportion of market-based trading volume steadily increasing.*
2. **Computing Power Leasing Concept Remains Strong** The computing power leasing concept continued its strong performance. Dawei Technology hit its fourth consecutive limit-up, Meili Cloud achieved two limit-ups in three days, UCloud surged over 10%, and stocks like Orient National Communication, Qingyun Technology, Parallel Technology, and Litong Electronics followed suit. *Commentary: This follows an announcement from UCloud on February 11, 2026, stating that due to intensified global supply chain fluctuations and significant increases in infrastructure costs such as core hardware procurement, it will implement price increases across its entire line of cloud products and services for all renewing and new customers effective March 1, 2026, after assessment.*
**Institutional Perspectives:**
**Dongguan Securities: Market Activity Tending Towards Light Volume, A-Shares May Enter Consolidation Phase** Dongguan Securities believes that with the Spring Festival holiday nearing, investor caution is intensifying, leading to lighter market activity. A-shares might enter a phase of consolidation on lower volume. Against this backdrop, attention is needed for potential short-term phased adjustments and profit-taking pressure. From a medium-to-long-term perspective, regulatory bodies have signaled intentions to standardize the market and prevent overheating risks. Fundamentals and corporate earnings may regain dominance, and the market style is expected to shift from being led by specific sectors previously towards a more balanced structure.
**Caixin Securities: Dense Catalysts for Some Thematic Sectors, Plenty of Structural Opportunities Remain** Caixin Securities stated that as the Spring Festival approaches, market activity has declined somewhat. The market saw reduced volume again, leading to rapid rotation in sector leadership. The technology innovation direction adjusted, with AI application and CPO sectors lagging, while the dividend/cyclical direction was active, with sectors like non-ferrous metals and chemicals performing well. Consequently, in the short term, the willingness of incremental funds to enter the market before the holiday might not significantly improve. However, driven by dense positive catalysts for some thematic sectors, the market will still offer numerous structural opportunities. The rhythm will likely be dominated by the technology innovation direction, interspersed with rotations in consumption and cyclical sectors. Investors might consider positioning during adjustments in related sectors but should be cautious about chasing rallies. For the medium term, the view of "adapting to the trend and actively grasping the window for long positions until early March" is maintained, recommending a focus on capturing structural opportunities.
**CITIC Securities: Commodities Expected to Remain a Preferred Investment Direction in 2026** CITIC Securities pointed out that since the start of 2026, commodity investment热度 has continued to rise. Although investor sentiment cooled due to sharp fluctuations in precious metal prices, factors such as risk aversion, improving fundamentals, and strategic reserves are expected to keep commodities as a preferred investment direction for 2026. From a hedging perspective against risks and the US dollar, precious metals and crude oil are expected to benefit. From a fundamental standpoint, the improving trends for lithium carbonate and nickel are clear. Demand for industrial metals like copper and aluminum faces阶段性 pressure, but their medium-to-long-term logic remains solid. Sectors such as silicon materials, coal, and steel continue to be affected by policies aimed at reducing internal competition, with price trends awaiting further policy and fundamental guidance.
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