A-share morning express | Indexes collectively open higher, the ChiNext index up by 0.30%, and the computing power sector leading the gains.

On February 12th, the three major indexes of A-shares collectively opened higher, with the Shanghai Composite Index up by 0.12%, the Shenzhen Component Index up by 0.12%, and the ChiNext Index up by 0.30%. In terms of the market, the power sector opened higher, with Henan Yuneng Holdings hitting the limit up for the second consecutive day, and China Southern Power Grid Energy Efficiency& Clean Energy, Fujian Mindong Electric Power Group, DaTang HuaYin Electric Power, and Jinneng Holding Shanxi Electric Power all opened higher. The computing power leasing concept continued to be strong, with Dawei Technology (Guangdong) Group hitting the limit up for 4 consecutive days, Mcc Meili Cloud Computing Industry Investment going up for 2 out of 3 days, and Youke De rising over 10%. Business-intelligence Of Oriental Nations Corporation, Qingyun Technology, PARATERA, Jiangsu Lettall Electronic, and others followed suit. In addition, sectors like glass fiber, cloud computing, and semiconductors were among the top gainers. In terms of focus stocks, the popular stock in the commercial aerospace sector, Juli Sling Co., Ltd., opened with a limit down, with turnover exceeding 1.2 billion yuan. On the news front, Juli Sling Co., Ltd. announced that it had never signed the 458 million Hainan project, and the company had accumulated orders totaling 9.9651 million yuan in the commercial aerospace field for the year 2025. Looking ahead, Dongguan Securities believes that as the Spring Festival holiday approaches, investors' wait-and-see sentiment is gradually rising, and market trading is becoming light, with A-shares possibly entering a phase of consolidation. Hot sectors: 1. The power sector opened higher, with Henan Yuneng Holdings hitting the limit up for 2 consecutive days, and China Southern Power Grid Energy Efficiency& Clean Energy, Fujian Mindong Electric Power Group, DaTang HuaYin Electric Power, and Jinneng Holding Shanxi Electric Power all opened higher. Comment: On the news front, the General Office issued the "Implementation Opinions on Improving the National Unified Electricity Market System", aiming to build a national unified electricity market system by 2035, with the proportion of market-oriented trading electricity steadily increasing. 2. The computing power leasing concept continued to be strong, with Dawei Technology (Guangdong) Group hitting the limit up for 4 consecutive days, Mcc Meili Cloud Computing Industry Investment going up for 2 out of 3 days, and Youke De rising over 10%. Business-intelligence Of Oriental Nations Corporation, Qingyun Technology, PARATERA, Jiangsu Lettall Electronic, and others followed suit. Comment: On the news front, on February 11, 2026, Youke De announced that due to intensified fluctuations in the global supply chain and significant increases in core hardware procurement and other infrastructure costs, it had decided to adjust the prices of all its cloud products and services for all renewals and new sign-ups starting from March 1, 2026. Institutional Views: Dongguan Securities: Market trading is becoming light, A-shares may enter a consolidation phase Dongguan Securities believes that as the Spring Festival holiday approaches, investors' wait-and-see sentiment is gradually rising, and market trading is becoming light, with A-shares possibly entering a phase of consolidation. Under this background, attention should be paid to the possible short-term phase adjustment and profit-taking pressure. In the medium to long term, regulatory signals have been released to regulate the market and guard against overheating risks. Fundamentals and performance may once again take the lead, and market trends are expected to shift from leading sectors in the previous period to a more balanced pattern gradually. Caixin Securities: Some thematic sectors have a dense catalytic positive event, and the broader market still has many structural opportunities Caixin Securities stated that as the Spring Festival approaches, market trading activity has declined, and the market has once again seen less trading volume, leading to rapid rotation in styles. The direction of innovation and entrepreneurship has adjusted, with AI applications and CPO sectors performing poorly, while the dividend cycle sectors are active, with the non-ferrous metal and chemical sectors performing well. Therefore, in the short term, the willingness of incremental funds to enter before the festival may not increase significantly. However, under the dense catalytic positive events in some thematic sectors, there will still be many structural opportunities in the broader market, with the innovation and entrepreneurship direction likely to dominate the rhythm, and consumer and cycle directions interspersed with rotations. Investors can position themselves appropriately in related sectors during adjustments, but should be cautious about chasing highs. In the medium term, it maintains the judgment of "suiting the trend and actively seizing the buying window until early March", recommending to seize structural opportunities. CITIC Securities: Commodity investments are expected to be the preferred investment direction in 2026 CITIC Securities pointed out that since 2026, the investment heat in commodities has continued to rise. Although it experienced a cooling of investment sentiment caused by the drastic fluctuations in precious metal prices, it is expected that commodities will still be the preferred investment direction in 2026, influenced by factors such as risk aversion, fundamental improvement, and strategic reserves. From a risk aversion and hedging the risk of the dollar perspective, precious metals and oil are expected to benefit; from a fundamental perspective, the improvement trends in lithium carbonate and nickel are clear; industrial metals such as copper and aluminum face temporary demand pressures, but the long-term logic remains solid. The silicon material, coal, and steel industries continue to be affected by anti-insulation policies, with price trends waiting for policy and fundamental guidance. Original source: Tencent Stocks; Edited by: Jiang Yuanhua.