The three major A-share stock indexes collectively opened higher on February 26. The two markets fluctuated at high levels in early trading, and the gains narrowed slightly in the afternoon. In the afternoon, the high level fluctuated strongly, and the late gains expanded.

From the perspective of the disk, brokerage stocks rose in the afternoon, steel, real estate, semiconductors, photovoltaics, lithium batteries, and auto parts sectors rose to the front, and robot concept stocks were repeatedly active.

At the close, the Shanghai Composite Index rose 1.02% to 3,380.21 points, the STAR 50 Index rose 2.17% to 1,126.82 points, the Shenzhen Component Index rose 0.93% to 10,955.65 points, and the ChiNext Index rose 1.23% to 2,268.22 points.

Wind statistics show that a total of 4,250 stocks rose in the two cities and the Beijing Stock Exchange, 1,054 stocks declined, and 91 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,938.4 billion yuan, an increase of 41.6 billion yuan from 1,896.8 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 747.9 billion yuan, an increase of 20.4 billion yuan from the previous trading day's 727.5 billion yuan, and the Shenzhen market turnover was 1,190.5 billion yuan.

Steel led the two markets

In terms of plates, steel stocks led the two cities, Shengde Xintai (300881), Sangang Minguang (002110), Benxi Iron and Steel Plate (000761), Xingang (600782), Zhongnan (000717), Hangzhou Iron and Steel (600126) and other daily limits or rose by more than 10%.

Real estate stocks continued to rise, with Huangting International (000056), Damingcheng (600094), Yue Hongyuan A (000573), Everbright Jiabao (600622), etc., and I Love My Home (000560), Gree Real Estate (600185), etc. rose more than 6%.

Semiconductors continued to attack, Chengdu Huawei (688709), Brite (688691), VeriSilicon (688521), Fuxin Technology (688662) rose more than 10%, JinkoSolar (688223), Aojie Technology (688220), Olaide (688378), Trina Solar (688599) and others rose more than 7%.

The communication sector once fell, with Yuandao Communication (301139), Dataport (603881), Changyingtong (688143), and Sinnet (300383) falling more than 3%, and Yitong Century (300310) and Taclink (688205) falling more than 1%.

Media stocks performed poorly, with Xinhuadu (002264), Giant Network (002558), Guomai Culture (301052), Tianzhou Culture (300148), and Ciwen Media (002343) falling more than 2%.

Airline stocks retreated, Juneyao Airlines (603885) fell more than 2%, China Express Airlines (002928), Spring Airlines (601021), Air China (601111) and others fell.

Seize structural opportunities to balance defense and growth

Zhongyuan Securities pointed out that the current average price-earnings ratios of the Shanghai Composite Index and the ChiNext Index are 14.28 times and 39.64 times respectively, which are at the median average level in the past three years and are suitable for medium and long-term layout. Domestic fiscal policy actively superimposed monetary policy easing expectations to provide liquidity support for the market. The post-holiday resumption of work data and the expected policy of the two sessions have further boosted risk appetite. ETFs have become the main incremental funds, and the transfer of residents' asset allocation to the equity market is obvious. Recently, foreign institutions have rebounded in their attention to A-shares, and policy optimization and low valuations are still the core attractions. With the continuous implementation of domestic macro-control and pro-growth policies, the market is expected to show the characteristics of technology-led growth and dividend defense in the future. It is still necessary to pay close attention to the changes in policy, capital and external market. In the short term, we recommend focusing on investment opportunities in the automotive, consumer electronics, optics and optoelectronics, and robotics industries.

Northeast Securities pointed out that the current core problem lies in the upward trend of the main line of AI and the adjustment risk of excessive short-term trading heat, and the trend of slow cattle is more conducive to the improvement of residential assets. Recently, due to the continuous catalysis of DeepSeek and Alibaba's Capex, the market has maintained a high level of popularity; In terms of long-term trends, AI is still the main line in the long term.

Hualong Securities pointed out that the market shock adjustment, the turnover of the two cities shrank, from the Shanghai Index time-sharing chart, the index opened sharply lower after the shock upward, and gradually fell in the afternoon to close down, the market volatility further increased, and the index fell below the 5-day cost average. On the whole, the direction of AI computing power continues to adjust, the concept of robots is repeatedly active, and the index opens low and gradually rises to show that there is a certain amount of momentum below, but it cannot be stabilized but adjusted downward.

Dongguan Securities said that A-shares may continue to be structurally differentiated in the short term, but the medium-term trend still has upward momentum. The technology sector remains the main focus of funds, but volatility has increased. Market liquidity remains relatively abundant, but the linkage effect between domestic capital outflow pressure and Hong Kong stocks needs to be vigilant. In the short term, the pressure of technical adjustment and favorable policies form a game, and the market is expected to maintain a volatile upward trend. In terms of sector selection, it is recommended to focus on TMT, machinery and equipment, automobiles, finance and other sectors.

Zheshang Securities pointed out that looking forward to the market outlook, it is expected that this round of spring offensive market will follow the path of "science and technology leading the rise-stepping on the consolidation-comprehensive rebound", and further develop in depth. Of course, some over-rising industries, sectors, and individual bonds should still pay attention to possible two-way fluctuations. In terms of industry sectors, it is recommended to make certain adjustments to some of the over-rising technology sectors, look for targets within the sector to "cut high and low", or switch some positions to large financial sectors that lagged behind in the early stage, which can not only participate in the replenishment, but also appropriately smooth the net value curve. In addition, for the pharmaceutical sector that has continued to decline in the past few years, you can pay attention to the stocks that have fallen significantly, stabilized fundamentals, and increased shareholder holdings.

Everbright Securities pointed out that the recent cumulative increase in Hong Kong stocks and some sectors of A-shares has also been larger, and some profit-taking orders have also been taken off, which is also one of the reasons for the market adjustment. Looking ahead, the market is mainly a small number of high-level votes to take the lead in adjustment, and the overall sentiment is not very low; At the same time, the upward trend of the index has not deteriorated. Next, after digesting the disturbance of overseas factors and its own profits, the market is expected to regain its upward trend.