A-share market review | Index surged significantly in late trading! ChiNext Index rose 1.81%, bean bag concept strengthened again.

On February 12, driven by the sectors of chips, securities, and real estate, the index rose sharply in the last trading session, with over 3500 stocks in the green. The total turnover for the day was 1.68 trillion yuan, an increase of 41.3 billion compared to the previous day. By the close of trading, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index rose by 1.43%, and the Growth Enterprise Market Index rose by 1.81%. In terms of specific stocks, leading bullish stocks surged, Tianfeng hit the daily limit; chip stocks exploded, with Will Semiconductor hitting a two-year high; real estate stocks showed late movements, with China Vanke Co., Ltd. hitting the daily limit; soybean concept stocks strengthened significantly in the afternoon, with the Growth Enterprise Market stock Hand Enterprise Solutions hitting the limit; lithium mining stocks moved significantly, with Tianqi Lithium Corporation hitting the daily limit; Alibaba concept stocks rose, with several stocks including Shanghai AtHub hitting the daily limit; AI application sectors continued to be strong, with the film and IP economy concept stocks, AI medical, computing power, and other sectors collectively rising. On the downside, gold, precious metals, and other metals experienced significant pullbacks, with poor performances in oil and gas extraction, and port and shipping industries. In terms of main funds, funds flowed into the semiconductor, other power equipment II, battery, IT services II, and securities II industries; while funds flowed out of the communication equipment, optical optoelectronics, advertising and marketing, computer equipment, and industrial metals industries. Institutional Views Looking ahead, Galaxy Securities pointed out that the A-share market will usher in an opportunity for structural valuation reshaping. 1. Orient: Market further lacks total fluidity to drive higher Orient analyst Wang Xiaohua believes that above 3300 points, the market lacks total liquidity to drive further higher. However, the seasonal improvement in January's fundamentals will still boost confidence in onshore trade, favoring technology and new productivity valuation improvements, while driving the valuation recovery of other sectors. However, external friction risks and the Fed's slowing pace of interest rate cuts will still be constraints on the side, so high selling and low buying should be done on a rhythm. 2. Galaxy Securities: A-share market will usher in an opportunity for structural valuation reshaping Galaxy Securities pointed out that with the domestic economy shifting from old to new forces, as new productive industries accelerate their development and the capital market accelerates the empowerment of technology-based enterprises, the A-share market will usher in an opportunity for structural valuation reshaping. Looking ahead, A-shares are expected to fluctuate upwards. In terms of allocation, the focus will be on: (1) the theme of technological innovation based on autonomous and controllable logic and the development of new productive forces; (2) expanding the themes of "two heavy" and "two new" under domestic demand orientation; (3) continued optimism in high-margin dividend sectors, with a focus on central SOEs. Hot Sectors 1. Soybean Concept Stocks Strengthen Again Soybean concept stocks strengthened significantly in the afternoon, with the Growth Enterprise Market stock Hand Enterprise Solutions hitting the limit, and stocks like Fibocom Wireless Inc., Quectel Wireless Solutions, Shanghai Fortune Techgroup, Beken Corporation all rising significantly. Review: On the news front, Douyin proposed a new sparse architecture that could reduce inference costs by up to 83% compared to MoE. According to a research report by Zheshang, Byte possesses innate AI genes, and its diverse application scenarios can enable large models to be implemented. ByteDance, as a company driven by AI algorithms, has a rich and diverse range of AI application scenarios downstream, which can enable the implementation of large model technology. 2. Alibaba Concept Stocks Soar Alibaba concept stocks showed fluctuating gains, with stocks like Hang Zhou Iron & Steel, Shanghai AtHub, Easyhome New Retail Group Corporation, RunJian Co., Ltd., Montnets Cloud Technology Group, Insigma Technology hitting the daily limit. Review: According to the tech media The Information, citing sources, Apple is collaborating with Alibaba to develop and launch artificial intelligence for Chinese iPhone users. Insiders revealed that this move is one of Apple's strategies to counter declining sales in China, aiming to provide more attractive software features. 3. Film and TV Sector Strong The film and TV sector continue to show strength, with Beijing Enlight Media hitting the daily limit again to reach a new high, Hengdian Entertainment hitting the limit, and stocks like Huayi Brothers Media Corporation, Omnijoi Media Corporation, Wanda Film Holding, Zhejiang Talent Television and Film following suit. Review: According to online platform data, the total box office (including previews and presales) for "Ne Zha" has exceeded 9 billion yuan. A research report from Ping An Securities stated that based on the box office results from the 2025 Spring Festival screenings, high-quality film content has a strong impact on box office sales. In the future, it is recommended to focus on top film and television companies with a reserve of high-quality content and production capabilities, and pay attention to the performance elasticity of cinemas and ticketing companies. This article was reprinted from "Tencent Stock Selection". Editor: Huang Xiaodong.