The three major A-share stock indexes collectively opened higher on February 21. After a brief decline at the beginning of the session, the three major stock indexes rose sharply, driven by the strength of TMT across the board. In the afternoon, the two cities maintained a high-level shock pattern, and the turnover of the two cities broke the 20,000 yuan mark.

From the perspective of the disk, the theme of AI hardware rose sharply across the board, led by servers and computing power, and telecom stocks rebounded sharply. In addition, Alibaba Cloud, AI applications, semiconductors, and robotics concept stocks are all active. At the close, the Shanghai Composite Index rose 0.85% to 3,379.11 points, the STAR 50 Index rose 5.97% to 1,094.77 points, the Shenzhen Component Index rose 1.82% to 10,991.37 points, and the ChiNext Index rose 2.51% to 2,281.51 points.

Wind statistics show that a total of 2,872 stocks rose in the two cities and the Beijing Stock Exchange, 2,352 stocks declined, and 171 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 2,192.7 billion yuan, an increase of 436.1 billion yuan from 1,756.6 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 855.7 billion yuan, an increase of 185.6 billion yuan from the previous trading day's 670.1 billion yuan, and the Shenzhen market turnover was 1,337 billion yuan.

According to Great Wisdom VIP, a total of 177 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 1 stock fell by more than 9%.

TMT led the gains, while bank stocks bucked the market

In terms of sectors, TMT led the gains, communications, electronics, and computers once again joined forces to attack, and a large number of stocks such as Dimensity Technology (300245), China Telecom (601728), Sinnet Sinnet (300383), Alpha Data (300738), and China Unicom (600050) rose by more than 10%.

The

semiconductor sector rose gratifyingly, with more than 10 stocks such as National Technology (300077), Cambrian (688256), Aojie Technology (688220), Yandong Micro (688172), Haiguang Information (688041), and Xinpeng Micro (688172) rising by more than 10%.

Power equipment rose first, Ketai Power (300153), Jinyang shares (301210), Nandu Power (300068), Aike Saibo (688719), Jiangsu Leili (300660), Shenghong shares (300693) and other nearly 20 shares rose or rose by more than 10%.

Bank stocks fell across the board, with Bank of Jiangsu (600919), Chongqing Rural Commercial Bank (601077), Bank of Beijing (601169) falling more than 2%, Industrial and Commercial Bank of China (601398), Agricultural Bank of China (601288), China Construction Bank (601939), and Bank of China (601988) falling more than 1%.

Textile and apparel performance was poor, Yunzhongma (603130), Ribo Fashion (603196), Chaohongji (002345), Huali Group (300979), Joeone (601566) and so on fell more than 3%.

Coal stocks fell against the market, with Antai Group (600408), Dayou Energy (600403), China Shenhua (601088), Haohua Energy (601101), and Yunwei (600725) falling more than 1%.

Continue to focus on the two main lines of AI and robotics

Dongguan Securities said that the current A-share market valuation system is undergoing structural restructuring, and the disruptive technological breakthroughs represented by DeepSeek have significantly boosted the market's confidence in China's scientific and technological innovation capabilities. With the continued upward trend in the technology sector, the A-share market is expected to gradually close the performance gap with the offshore market during the year. It is recommended that investors pay close attention to the long-term investment value contained in the A-share market, especially in areas with high growth potential such as technology and the Internet. In terms of sector selection, it is recommended to focus on TMT, banking, non-ferrous metals, automobiles and other sectors.

Hualong Securities pointed out that on the whole, funds are still focused on the two main lines of AI and robots, and the current round of trend A shares and Hong Kong stocks have a strong correlation, and continue to focus on the two main lines of AI and robots.

CITIC Securities pointed out that as of February 17, the 2024 performance forecast shows that A-share earnings are still at the bottom stage, and the 2024 annual report predicts that the company accounts for 33%, lower than 42% in the same period last year, and the net profit attributable to the parent company in 2024 will grow by about -8% year-on-year, and the performance of the large-cap blue-chip index represented by the CSI 300 is relatively stable. In 2024, companies with poor profitability will be concentrated in the upper and midstream links with poor real estate chain and supply pattern, and the common reasons for losses include insufficient demand, deterioration of the competitive landscape, and declining product prices. There are three tracking clues in the highlights of the profit structure: the overseas chain is still the largest growth point; The consensus forecast for 2025 earnings of sub-sectors such as the Internet has been significantly raised; Some companies have benefited from improving operational efficiency (cost reduction, inventory management), recovery of the market environment (industry growth, consumer demand), and strategic adjustment (new profit direction, product innovation) to achieve a turnaround in the 2024 annual report, and related industries are worth paying attention to.

Shenwan Hongyuan pointed out that the theme of industrial trends has not yet been deduced to the extremely low cost performance area, and the main line of the A-share market structure remains unchanged and may continue to momentum market. The optimistic direction remains unchanged: domestic AI computing power and applications (the short-term focus is on the diffusion of AI applications), humanoid robots, and low-altitude economy. As a continuing reminder, there are two types of opportunities to focus on in the first quarterly reporting period:1. The direction of improvement in the supply and demand pattern that can be verified in the short term is still scarce and may be the first to perform. Focus on new energy vehicle power batteries, innovative drugs and CXO. 2. The market value management plan of the long-term net-breaking company will be announced in a centralized manner, focusing on the themes of repurchase cancellation and mergers and acquisitions.

Huatai Securities pointed out that in this wave of market after the year, the technology sector continued to be favored by market funds. Although there have been fluctuations and shocks in the short term, the theme investment enthusiasm around AI and AI applications remains high, or will run through the entire market this year, but there will still be a process from emotional to performance-driven, in which the differentiation within the sector and the recurrence of the market may be inevitable. From this week's four trading days of the two market turnover can be seen, continued at more than 1.7 trillion yuan, the market trading activity is high, at present, if the Shanghai Index continues to be stable above the 60-day moving average, coupled with the continued maintenance of energy, the Shanghai Index may have the possibility of launching an attack on 3400 points. The policy expectations of the two sessions and the subsequent annual report performance verification may be the focus of subsequent market attention.