The three major A-share indices all rose more than 1%: The mining industry led a surge in limit-up stocks, and the precious metals sector soared.

The three major indices of the A-shares all rose by more than 1%. In the market, the mining industry saw a surge in limit-up streaks, with Xinjin Power and Tongyuan Petroleum hitting the 20% limit-up, and many stocks like CNPC Engineering and Zhongman Petroleum reaching the 10% limit-up. Gold, glass fiber, titanium dioxide, CPO concepts, passive components, energy metals, and power grid equipment sectors surged significantly, while software development, gaming, and insurance sectors performed weakly.

At midday, the Shanghai Composite rose by 1.17%, closing at 4,129.78 points; the Shenzhen Component Index increased by 1.82%, closing at 14,356.88 points; and the ChiNext Index gained 1.76%, closing at 3,333.62 points.

Today’s Highlights

U.S. Plans to Impose New Tariffs on About Six Industries Citing “National Security”

On the 23rd, U.S. media reported that the U.S. government is considering imposing a new round of tariffs on about six industries under the pretext of “national security.” Sources say the proposed tariffs may cover industries such as large batteries, cast iron and iron fittings, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. These new tariffs will be implemented separately from the recent global 15% tariff measures.

Ministry of Commerce: 20 Japanese Entities Listed for Export Controls

The Ministry of Commerce announced that Mitsubishi Shipbuilding Co., Ltd., Mitsubishi Heavy Industries Aerospace Engines Co., Ltd., and 18 other Japanese entities have been added to the export control list. This move aims to safeguard national security and interests, fulfilling international obligations such as non-proliferation. The announcement took effect immediately upon release.

Humanoid Robots During Holidays Reach Peak Activity; Latest High-Growth Potential Stocks Revealed

During the 2026 CCTV Spring Festival Gala, humanoid robots received concentrated exposure. Companies like Yushu Technology and Songyan Power showcased humanoid robots participating in dance, dance accompaniment, and interactive performances, demonstrating advances in domestic robots in key areas such as motion control, bionics, interaction, fine operations, and cluster control, attracting significant public and market attention.

Late-Night Plunge! “AI Super Storm” Hits U.S. Stock Market!

Due to panic trading related to AI (artificial intelligence) and the rekindling of tariff war risks, U.S. stocks plunged overnight. The Dow dropped over 821 points, while the Nasdaq and S&P 500 both fell more than 1%. Most large tech stocks declined, software stocks faced heavy selling, and the VIX fear index soared over 10%.

February LPR Remains Unchanged: 1-Year at 3.0%, Over 5 Years at 3.5%

The People’s Bank of China authorized the National Interbank Funding Center to announce that on February 24, 2026, the Loan Prime Rate (LPR) is 3.00% for 1-year and 3.50% for over 5 years, unchanged from last month. These rates will be valid until the next LPR release.

“Longest Spring Festival Blockbuster” Breaks Records; “Flying Past Life 3” Leads with 2.9 Billion Yuan Box Office

According to Maoyan data as of 9 p.m. on February 23, the total box office during the 2026 Spring Festival period exceeded 5.7 billion yuan. “Flying Past Life 3,” “Silent in the Spring,” and “The Dagger: Winds Rise in the Desert” ranked top three, with box offices of 2.913 billion, 864 million, and 802 million yuan respectively. The latest forecasted total box offices for these films are 4.266 billion, 1.233 billion, and 1.302 billion yuan.

Institutional Views

CITIC Securities: Spring Market Expected to Continue Post-Holiday

February marks an important turning point. The leap in AI coding capabilities has led to exponential growth in effective code globally. Under current physical AI technology conditions, the total value and income from real-world production lag far behind the expansion of AI-generated code, likely causing a phase of code expansion, excess execution capacity, intensified competition, and reduced capital returns.

Based on industry dependence on physical assets and regulatory/emotional barriers, industries can be categorized into four groups: impacted (low physical dependence, low barriers), reshaped (low dependence, high barriers), fortress (high dependence, high barriers), and benefiting (high physical dependence, low barriers). In the near future, the gap between beneficiaries of physical asset scarcity and those harmed by code expansion may widen, and this divergence trend will continue. This is a new factor to consider in market and sector allocation.

In the short term, the A-share industry landscape remains dominated by manufacturing and finance, which are less affected by the current AI shock compared to U.S. and Hong Kong markets. Capital inflows and investor optimism remain, so the spring market after the holiday is expected to continue, with price increases still a key investment theme for Q1.

CITIC Construction Investment: A-Shares Likely to Enter a New Uptrend

During the Spring Festival, global stock markets performed strongly with no major risks. Market sentiment remains high, and the A-share market is expected to start a new upward phase after the holiday. The focus remains on “technology + resource commodities,” with core themes including AI, humanoid robots, new energy, and innovative drugs, as well as precious metals, oil & petrochemicals, and basic chemicals.

Key sectors to watch include: semiconductors, AI (optical communication, liquid cooling, electronic fabrics, high-end copper foil), machinery, non-ferrous metals, oil & petrochemicals, basic chemicals, power equipment (energy storage, UHV, photovoltaics, solid-state batteries), and innovative drugs.

CICC Securities: Post-Holiday A-Share Liquidity Likely to Remain Ample

The market is expected to oscillate upward after the holiday and before the Two Sessions, with the main themes being pro-cyclical price increases and AI-related expansion. The upcoming Two Sessions, especially in a year ending with “six” and “one,” are expected to boost growth stabilization and infrastructure projects, supporting market confidence. The narrowing of PPI deflation during the Spring Festival, along with rising oil and resource prices, suggests that pro-cyclical trades around PPI recovery will continue to drive market gains.

Post-holiday financing balances are expected to rebound, and risk appetite may increase ahead of the Two Sessions, maintaining ample liquidity. The performance vacuum period and policy warming create a favorable environment for industry trend investments.

Shenwan Hongyuan: Mid-term Second-Phase Rally Possible

We maintain the view that a “second phase of rally” is possible, likely to start around mid-2026. The holiday period still has many risk factors, and short-term adjustments may continue post-holiday. Once the lower boundary of the oscillation range is confirmed, preparations for the “second rally” can begin, opening a window for mid-term allocations. This is likely to be a slow start, allowing for steady positioning.

The March Two Sessions and late March to early April U.S.-China relations observation window may produce rebound opportunities amid market volatility. Key opportunities include new tech directions such as robotics (not yet in low-cost segments), AI large models (more application diffusion in A-shares), and storage. Worries about U.S.-Iran conflicts, oil, and shipping should also be monitored. Medium-term, sectors like technology and cyclicals remain promising, with a positive outlook on non-bank financials’ revaluation.

China Galaxy Securities: Focus on Three Main Themes

Post-holiday, with policy expectations, liquidity support, and industry trends catalyzing, the market is likely to trend upward with oscillations. Attention should be paid to short-term shocks from overseas uncertainties. Before and after the Two Sessions, policy-driven themes and industry opportunities will dominate, characterized by hot sector rotations and rapid style shifts. Market logic will shift from “policy expectations” to “performance realization,” with 2025 annual reports and 2026 Q1 results serving as anchors. Stocks exceeding expectations will attract capital.

Key focus areas include: (1) Beneficiaries of supply-demand improvements and valuation safety margins such as non-ferrous metals (precious metals), oil & petrochemicals, basic chemicals, steel, cement, building materials, and finance; (2) Hot topics like robotics and AI large models, with structural opportunities emerging post-holiday, especially in robotics (not yet in low-cost segments), AI applications, and storage; (3) Cyclical sectors like chemicals, building materials, leading consumer brands, and engineering machinery; (4) Storage and strategic resources like rare earths.

Industrial Securities: Optimistic About a New Post-Holiday Uptrend

Before the holiday, A-shares adjusted with global assets, releasing some risk. Post-holiday, a high-probability window for gains is expected, supported by U.S. tariffs and Trump’s visit schedule, which boost risk appetite and provide macro and industry catalysts. The market remains optimistic about a new upward cycle.

Relative to other sectors, technology manufacturing, resource commodities, and infrastructure are favored. In tech manufacturing, focus on “pan-AI assets” related to computing infrastructure and commercialization. For resources, structural price increases driven by supply-demand improvements are expected to be sustainable mainly in midstream materials and manufacturing. Upstream resources and downstream consumption related to domestic demand and real estate need further observation.

Finally, pay attention to the recovery opportunities in export chains after tariff reductions, especially in light industry, consumer electronics, batteries, auto parts, and medical devices with high U.S. revenue exposure and existing capacity in ASEAN regions benefiting from tariff reductions.

Guotai Securities: Key Focus on Global Physical Assets vs. Chinese Assets

The core of market style rebalancing is not whether AI bubbles exist but how AI’s macro impact interacts with monetary policy and major country strategies. The main contradictions are shifting: investment activity is spreading from AI-driven to broader real sectors; the relatively smooth U.S. rate cut path supports global manufacturing cycle recovery. China’s asset capacity value may be re-priced, with capital flowing back, boosting domestic consumption and inflation cycles. For commodities, after high volatility, industry pricing will be more driven by real demand than monetary factors; gold, as a risk hedge, may provide solid protection amid U.S. debt sustainability concerns.

Recommendations include: (1) Revaluation of physical assets shifting from liquidity and dollar credit to low inventory and demand stabilization—copper, aluminum, tin, crude oil, shipping, rare earths, gold; (2) China’s export chain with global comparative advantage at cycle lows—power grid, energy storage, engineering machinery, wafer manufacturing, and domestically reversing industries like petrochemicals, dyeing, coal chemicals, pesticides, polyurethane, titanium dioxide; (3) Capital inflow, easing of balance sheet reduction, and inbound personnel trends supporting consumption—aviation, duty-free, hotels, food & beverages; (4) Beneficiaries of market expansion and bottomed long-term asset returns—non-bank financials.

West China Securities: Expect “Red Envelope” Market Post-Holiday

Looking ahead, we believe the “red envelope” market after the holiday is worth期待. First, external uncertainties like Iran tensions and Trump tariffs during the Spring Festival suppressed risk appetite but were offset by strong performance in tech sectors, leading to overall market gains. Second, amid a rebound in the U.S. dollar index, the RMB stabilized and appreciated mildly, reinforcing long-term capital allocation to Chinese assets. Third, during the holiday, catalysts in robotics, AI large models, and storage sectors released intensively, boosting expectations for tech gains after the holiday.

Dongwu Securities: Capital Likely to “Reignite” and Drive Momentum-Price Resonance

Historically, the “Spring Festival effect” in A-shares is prominent. Post-holiday, capital is expected to “reignite,” leading to momentum-price resonance and a positive market start. During the holiday, most global markets rose, improving risk appetite. Liquidity-wise, despite uncertainties in Fed rate cuts, market expectations for liquidity remain stable; offshore RMB exchange rates were stable during the holiday. Domestic demand is gradually recovering. Tech themes like robotics and domestic large models continued to ferment during the holiday. As the Two Sessions approach, market stability expectations will strengthen. The upcoming U.S.-China relations window in late March to early April may produce rebound opportunities amid volatility. Key opportunities include: robotics (not yet in low-cost segments), AI large models (diffusion in A-shares), storage, and sectors affected by geopolitical tensions like oil and shipping. Medium-term, sectors like technology and cyclicals remain promising, with a positive outlook on non-bank financials’ revaluation.

Guoxin Securities: Post-Holiday Tech Sector Likely to Resurge

During the holiday, global equity markets showed limited volatility, with most rising, boosting post-holiday trading sentiment in A-shares. Three key events during the holiday: first, U.S. tariffs fluctuated, with actual tariffs possibly decreasing, maintaining market hopes for improved China-U.S. trade relations; second, domestic robotics and large models received important catalysts, with U.S. Nasdaq strength and upcoming earnings reports further boosting tech sector enthusiasm; third, tensions in Iran, rising oil prices, and Fed rate expectations create opportunities in resource sectors like non-ferrous metals and chemicals. Overall, no clear negative events impacted A-shares during the holiday, and the short-term outlook remains positive, with a higher likelihood of “tech resurgence” after the holiday.