The three major A-share indices fluctuate differently; CPO and PCB concept stocks surge significantly

The three major A-share indices showed mixed performance today. By the close, the Shanghai Composite Index fell 0.01%, closing at 4,146.63 points; the Shenzhen Component Index rose 0.19%, closing at 14,503.79 points; and the ChiNext Index dropped 0.29%, closing at 3,344.98 points. The combined trading volume of the Shanghai, Shenzhen, and Beijing markets reached 2.5568 trillion yuan, an increase of 75.6 billion yuan compared to yesterday.

Industry sectors showed varied gains and losses, with electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment leading in gains. Conversely, film and television cinemas, rare earths, insurance, and real estate development sectors saw declines.

In individual stocks, nearly 2,500 stocks rose, with about 80 hitting the daily limit. CPO concept stocks surged, with JPT and Jufei Optoelectronics hitting the 20% daily limit; Zhongtian Technology, FiberHome, and Hengtong Optoelectronics also hit the limit. PCB concept stocks soared, with Sunyu New Materials and Mingyang Circuits hitting the 20% limit; Dazhong Laser, Guanghe Technology, Shennan Circuit, Xianfeng Holdings, Hudian Shares, and Aoshi Kang also reached the daily limit.

Industry Capital Flows: Net Inflow of 5.666 Billion Yuan

As of the close, net inflows were seen in sectors such as components, communication equipment, and communication services, with components leading at 5.666 billion yuan.

On the outflow side, sectors like batteries, industrial metals, and photovoltaic equipment experienced net outflows, with batteries seeing a net outflow of 6.553 billion yuan.

Today’s Highlights

Beyond Expectations! Nvidia Releases Latest Earnings Report! Jensen Huang: Demand Is Growing Exponentially

Early this morning Beijing time, Nvidia, the global leader in AI, announced its latest earnings report showing that in fiscal Q4 2026, revenue reached $68.1 billion, a significant year-over-year increase of 73%, surpassing analyst expectations of $65.684 billion. Additionally, Nvidia’s guidance also exceeded market expectations, greatly alleviating concerns about an “AI bubble” and demonstrating sustained strong demand driven by AI.

Power Semiconductor Leader Announces Price Hikes! Good Performance Concept Stocks Emerge

On February 25, domestic power semiconductor manufacturer XinJieNeng issued a price adjustment notice, announcing a minimum 10% increase in MOSFET product prices, effective from March 1. Among A-shares, there are 173 stocks in the semiconductor sub-sector, with 46 expected to see net profit increases; stocks like Zhenlei Technology, Buwei Storage, and Zhongke Lansu are projected to have profit growth exceeding 100%.

Storage Chip Costs Continue to Rise; Smartphone Manufacturers Likely to Adjust Prices in Early March

Due to rising costs, several top smartphone brands including OPPO, OnePlus, vivo, Xiaomi, iQOO, and Honor are planning a new round of price adjustments in early March. This will be the largest and most significant collective price increase in the past five years. With memory costs fluctuating frequently, China’s mobile phone market in 2026 may face multiple price hikes within a single year for the first time in history.

Zimbabwe Sudden Lithium Mine Ban Fuels Price Increase Expectations; Several Stocks Receive Over 100 Million Yuan in Financing

On February 25, Zimbabwe announced an immediate suspension of all lithium ore and lithium concentrate exports, including goods already in transit. Throughout the year, 23 lithium-related stocks attracted leveraged funds, with 11 stocks seeing net financing exceeding 100 million yuan. Zijin Mining and Salt Lake Shares received financing of 4.147 billion yuan and 1.163 billion yuan respectively.

Institutional Views

Dongwu Securities: Capital Likely to “Revive” and Drive Price and Volume Rebound

Historically, the “Spring Festival effect” in A-shares is prominent, and post-holiday funds are expected to “revive” and drive a resonance in momentum and prices. In terms of allocation, focus on medium-term industry trend certainty (greater rebound potential after being overlooked) and the reversal of traditional economic downturns (which lack risk premiums but have defensive qualities). Key areas include: (1) AI and general AI fields such as cloud, domestic chip manufacturing (semiconductor equipment, materials, packaging/testing), CPO-related segments, AI power infrastructure like gas turbines and liquid-cooled diesel generators, and the robotics industry chain; (2) emerging industries in the “14th Five-Year Plan” such as commercial aerospace, quantum technology, hydrogen energy, and brain-computer interfaces; (3) cyclical sectors like chemicals, building materials, leading consumer brands, and engineering machinery; (4) energy storage and strategic resources like rare earths.

Galaxy Securities: Overall Valuation of Real Estate Sector May Recover

Galaxy Securities’ research report states that Shanghai introduced the “Seven Policies” after the Spring Festival; earlier, districts like Pudong, Jing’an, and Xuhui began pilot programs for second-hand home purchases. The report believes that residents’ rigid and improved housing demand will further release, and the real estate market is expected to gradually develop in a stable and healthy manner. As the industry enters a phase of high-quality development, valuations may see a comprehensive recovery. Leading real estate companies, with advantages such as low financing costs and high market share in core areas, are likely to benefit from valuation recovery and present overall beta opportunities.

CITIC Construction Investment: Continue to Focus on Opportunities in AI Medical and Brain-Computer Interface Themes

CITIC Construction Investment notes that stocks related to surgical robots in Hong Kong stocks have seen significant gains over the past week, with recent disclosures of successful bids for surgical robot projects providing positive catalysts. They remain optimistic about the prospects and investment opportunities in the surgical robot sector. Some A-share stocks in the brain-computer interface sector surged before the Spring Festival; continuous attention to AI medical and brain-computer interface themes is recommended.

Zhongtai Securities: Focus on Actively Expanding Product Lines in Traditional Chinese Medicine, Medical Aesthetics, and Long-Adjusted Medical Services

Zhongtai Securities points out that the pharmaceutical sector, which combines technology and consumer attributes, will continue to show structural opportunities amid market rotations. The innovative drug sector has experienced rapid growth and correction over the past year; compared to early 2025, valuations are generally reasonable. It is advised to focus on segments and companies with marginal improvements in fundamentals and potential for sustained growth. AI in medicine and healthcare is a hot new direction; besides leading companies in the field, attention should also be paid to stocks that do not primarily focus on medical AI but actively adopt relevant technologies and are expected to realize valuation flexibility in the short to medium term. In consumer sectors, with 2025 earnings forecasts mostly released, focus on stocks in traditional Chinese medicine, medical aesthetics, and other consumer healthcare sectors that are actively expanding their product lines, as well as medical services sectors that have undergone long-term adjustments.