A-shares closing review | Stock indexes all fell! Trading volume dropped below two trillion, self-driving concept bucked the trend and rose.

On February 25, the A-shares fell back in the afternoon, with all three major indexes collectively closing lower. Over 3700 stocks in the market declined, with a trading volume of nearly 1.9 trillion, decreasing by 183.7 billion compared to the previous trading day. At the close, the Shanghai Composite Index fell by 0.80%, the Shenzhen Component Index fell by 1.17%, and the ChiNext Index fell by 1.13%. Looking at the market, the Siasun Robot & Automation concept stocks continued to strengthen in the afternoon, with stocks like Shenzhen Zhaowei Machinery & Electronics, WANDA BEARING, and Greatoo Intelligent Equipment Inc. hitting new historical highs. The lithography concept surged in the afternoon, with a strong automotive industry chain and the autonomous driving direction leading the gains, with stocks like Anhui Ankai Automobile hitting the limit up. Consumer electronics, low-altitude economy, energy metals, Huawei smartphones, photovoltaic, wind power, and other concepts also performed well during the trading day. On the downside, the computing power sector fell back in the late trading session, with sectors like agriculture, liquor, film and television media, and large financials showing weakness. In terms of fund flows, main funds flowed into industries like general steel, optical optoelectronics, passenger cars, motors, and commercial vehicles; while funds flowed out of industries like software development, IT services, semiconductors, securities, and communication equipment. Institutional views: Looking ahead, EB SECURITIES stated that market sentiment remains at a relatively high level, with the market's upward trend still intact, and it is expected that the market will return to an upward trend after a brief consolidation. 1. China Securities Co., Ltd.: If the AI theme overheats and leads to a pullback, there are still opportunities for repositioning and attacking. China Securities Co., Ltd. stated that the market theme is still AI+, and if trading overheats and leads to a pullback, there are still opportunities for repositioning and attacking. Last week, the A-shares market rose mainly due to Alibaba's capital expenditure plan. The unexpectedly strong capital expenditure boosted confidence in the technology sector, and while short-term market catalysts may not be sustained, the medium-term industrial prosperity trend is inevitable. Even if there is a short-term technical pullback in the technology sector, strong participation of funds may still support the market. Focus continues on policy expectations and industry trends. Industries to focus on include internet, communication, electronics, computers, media, and non-ferrous metals. 2. Orient: The demand for adjustment in the technology sector is relatively strong, but there are still no obvious signs of a top. Orient indicated that overall, the recent strong rise in the technology sector has led to a strong internaldemand for adjustment, but there are still no obvious signs of a top; the current trend of China's tech industry development is clear, the tech stock market is still in an upward trend, and short-term adjustments are still opportunities for repositioning. They continue to focus on the broad technology industry. 3. EB SECURITIES: It is expected that the market will return to an upward trend after a brief consolidation. EB SECURITIES stated that after the continuous rise in technology stocks recently, there has been some divergence in the market, with some funds taking profits, leading to a differentiated market trend. Looking ahead, the market turnover is still above 2 trillion, market sentiment remains at a relatively high level, and the market's upward trend remains unchanged. It is expected that the market will return to an upward trend after a brief consolidation. Hot sectors: 1. Autonomous driving concept on the rise The automotive industry chain is strong, with the autonomous driving direction leading the gains. Anhui Ankai Automobile hit the limit up, and stocks like Zotye Automobile, Dongguan Eontec, Guangzhou Hi-Target Navigation Tech, Hwa Create Corporation, Shenzhen Roadrover Technology, and Huizhou Desay SV Automotive followed suit. Review: In terms of news, Tesla is updating software for Chinese customers in batches, introducing the Autopilot automatic driving assistance on city roads. HAITONG INT'L believes that the supply chain is benefiting from the high certainty of the opening of the mid-to-high-end intelligent driving market, and recommends focusing on incremental components of intelligent driving. 2. Active AI glasses concept The AI glasses concept was active, with stocks like Yun Tian Li Fei surging 20% and Kunshan Kersen Science & Technology hitting the limit up. Stocks like Mingyue Optical Lens, DBG Technology, Huizhou Speed Wireless Technology, OFILM Group Co., Ltd, Cosonic Intelligent Technologies, and Doctorglasses Chain also followed suit. Review: China Galaxy Securities' research report stated that recently, DeepSeek's push for end-side models has added fuel to the development of smart glasses, with wellsenn XR projecting that by 2025, shipments of AI glasses will reach 3.5 million pairs, a year-on-year growth of 130%, and by 2030, sales of AI glasses will rapidly increase to 90 million pairs. The AI glasses are about to experience an "iPhone moment". This article is reposted from "Tencent Stock Selection", edited by Huang Xiaodong for GMTEight.