A-share midday review | The index opened high and rose, with the ChiNext Index rising more than 1% in half a day! The small metal sector is booming again.

On February 12, the three major A-share indexes opened high and continued to rise. By midday, the Shanghai Composite Index rose by 0.12%, the Shenzhen Component Index rose by 0.81%, and the Growth Enterprise Market Index rose by 1.18%. The total turnover of the two markets in half a day was 1.33 trillion yuan, an increase of 30.7 billion yuan compared to the previous day. In terms of market performance, the electric power equipment sector collectively strengthened, with Sieyuan Electric and Beijing Sifang Automation reaching new highs, and Chongqing Wangbian Electric (Group) Corp., Guangdong Shunna Electric, and Henan Senyuan Electric all reaching the limit up. The non-ferrous metals sector was active, with Guangdong Xianglu Tungsten hitting the limit for three consecutive days and Chongyi Zhangyuan Tungsten hitting two consecutive limits. The CPO concept strengthened again, with Suzhou TFC Optical Communication rising over 10% to hit a new all-time high. On the downside, AI application concepts such as film and television media, short video, and games continued to decline, with Hengdian Entertainment, H&R Century Union Corporation hitting the limit down. The commercial aerospace sector showed weak performance, and the consumer goods concept declined again, with banking stocks across the board and the pharmaceutical sector also showing weakness. In terms of hot topics, the concept stock Juli Sling Co., Ltd. opened limit down. The company announced that it had not signed a 458 million yuan project in Hainan and had accumulated orders amounting to 9.9651 million yuan in the commercial aerospace field for 2025. Looking ahead, Cai Xin Securities stated that with the Spring Festival approaching, market trading activity has declined slightly, leading to a rotation in market styles. Therefore, in the short term, the willingness of incremental funds to enter the market before the holiday may not increase significantly. However, with the catalyzation of positive events in some thematic sectors, there will still be many structural opportunities in the market. Popular sectors: 1. The electric power equipment sector showed collective strength. 2. Non-ferrous metals continued to rise. 3. The CPO concept strengthened again. Institutional Views: - Cai Xin Securities: Positive events in some thematic sectors will catalyze market growth. - Dongguan Securities: Market trading volume may shrink, and A-shares may enter a phase of consolidation. - CITIC SEC: Commodities are expected to remain a preferred investment direction in 2026.