Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of February 13, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 2.00%, Shenzhen Component Index 2.35%, CSI 300 2.72%, CSI 500 3.51%, CSI 1000 3.14%, CSI 2000 2.54%, ChiNext Index 3.32%, and STAR 50 Index 5.50% [5][24] - Among the CITIC first-level industry indices, construction materials, machinery, light industry manufacturing, petroleum and petrochemicals, and media industries are closest to their 250-day new highs, while food and beverage, banking, comprehensive finance, pharmaceuticals, and agriculture indices are further away [8][24] Group 2 - As of February 13, 2026, a total of 1,390 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the machinery, electronics, and basic chemicals sectors [2][12] - The highest proportion of new high stocks is found in non-ferrous metals, petroleum and petrochemicals, and steel industries, with respective proportions of 66.67%, 62.75%, and 39.62% [12][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with 433 and 396 stocks respectively [15] Group 3 - The report identifies 50 stocks with stable new highs, including Zhongtung High-tech, Dike Co., and Xiechuang Data, primarily from the technology and manufacturing sectors [3][20] - The technology sector has the most new high stocks, particularly in the electronics industry, while the manufacturing sector has the most in the machinery industry [20][25]

Core Viewpoint - The article focuses on the analysis of companies that have reported earnings forecasts for 2025, highlighting those with analyst reports indicating "better than expected" performance based on specific keywords in the report titles [1][34]. Annual Report Forecast Disclosure Situation - As of February 11, 2026, over 2900 A-share companies listed before October 1, 2025, have disclosed their 2025 annual report forecasts [2][35]. - Among different indices, the median year-on-year net profit growth rate for the CSI 300 index constituents is the highest at 50.00% [7][35]. - The cyclical sector shows a relatively high median year-on-year net profit growth rate of 25.56%, while the consumer sector has a low median growth rate of -43.43% [7][35]. - High median year-on-year net profit growth rates are also observed in the non-bank financial, non-ferrous metals, and steel sectors [11][35]. - Hot concept indices with high public fund holdings, such as the optical chip index and optical circuit switch index, have median year-on-year net profit growth rates exceeding 100% [15][35]. - Representative industry-themed ETFs tracking indices like CS new energy vehicles, new energy batteries, and rare earth industries also show high median year-on-year net profit growth rates [18][35]. Annual Report Forecast Performance Exceeding Expectations - The proportion of companies exceeding expectations in the CSI 300 index is the highest at 4.76% [3][36]. - The financial sector has the highest proportion of companies exceeding expectations [3][36]. - In the CITIC first-level industries, the banking and textile sectors have a higher proportion of companies exceeding expectations [26][36]. - Hot concept indices with high public fund holdings, such as the Ningde Times industry chain index, also show a high number of companies exceeding expectations [27][36]. - Among representative industry-themed ETFs, indices like new energy batteries and technology leaders have a higher number of companies exceeding expectations [29][36]. Selected Companies with Exceeding Expectations - Based on the analysis of annual report forecasts and analyst comments, companies such as TCL Technology and Century Huatong are identified as having exceeded expectations for their 2025 annual report forecasts [36][36].

Market Review - The A-share market saw a decline across major indices, with the Small and Medium-sized Board Index, Shanghai Composite Index, and CSI 300 Index recording returns of -1.16%, -1.27%, and -1.33% respectively. In contrast, the STAR 50, ChiNext Index, and CSI 500 Index had poorer performance with returns of -5.76%, -3.28%, and -2.68% respectively [5][13] - The trading volume for major indices decreased last week, with all indices positioned within the 75%-95% historical percentile over the past 52 weeks [15][16] - In terms of industry performance, Food & Beverage, Textile & Apparel, and Banking sectors performed well with returns of 4.44%, 2.23%, and 2.08% respectively, while Non-ferrous Metals, Communication, and Electronics sectors lagged with returns of -8.46%, -6.73%, and -5.09% respectively [18][20] Fund Performance - A total of 40 new funds were established last week, with a combined issuance scale of 30.859 billion yuan, a decrease from the previous week. Additionally, 33 funds entered the issuance phase, with 6 funds set to begin issuance this week [3][4] - The median returns for active equity, flexible allocation, and balanced mixed funds were -2.00%, -1.34%, and -1.63% respectively last week. Year-to-date, alternative funds have shown the best performance with a median return of 6.96% [32][34] - The median excess return for index-enhanced funds was 0.09%, while quantitative hedging funds had a median return of 0.11%. Year-to-date, the excess median for index-enhanced funds was 0.39% [35][36] ETF Market - As of the end of 2025, the domestic ETF market in China surpassed Japan, becoming the largest in Asia, with a total scale of 6.02 trillion yuan and 1,381 listed ETF products, marking a growth of 61.4% from the previous year [7][10] - The Hang Seng Index Company announced the launch of the Hang Seng Dual Technology Index in January 2026, which combines the Hang Seng Technology Index and the Hang Seng Biotechnology Index, reflecting the growth in both sectors [10] Central Bank Actions - The People's Bank of China conducted a net withdrawal of 756 billion yuan through reverse repos last week, with a total of 1.0055 trillion yuan injected into the market [21][22] - The central bank has increased its gold reserves for 15 consecutive months, with the official gold reserve reaching 74.06 million ounces as of January 2026, an increase of 40,000 ounces from December 2025 [11]

Group 1 - The performance of the CSI 300 index enhanced portfolio showed an excess return of 0.24% this week and 3.21% year-to-date [6][18] - The CSI 500 index enhanced portfolio had an excess return of 0.53% this week but a negative return of -0.27% year-to-date [6][18] - The CSI 1000 index enhanced portfolio achieved an excess return of 1.63% this week and 3.92% year-to-date [6][18] - The CSI A500 index enhanced portfolio recorded an excess return of 0.40% this week and 3.28% year-to-date [6][18] Group 2 - In the CSI 300 component stocks, factors such as single-season SP, SPTTM, and single-season EP performed well [7][9] - For CSI 500 component stocks, factors like one-month volatility, three-month reversal, and one-month reversal showed strong performance [9][11] - In the CSI 1000 component stocks, one-month reversal, three-month reversal, and non-liquidity shock factors performed well [9][13] - The CSI A500 index component stocks saw good performance from one-month volatility, single-season EP, and three-month turnover factors [9][15] Group 3 - The CSI 300 index enhanced products had a maximum excess return of 1.24% and a minimum of -1.45% this week, with a median of 0.11% [22] - The CSI 500 index enhanced products had a maximum excess return of 1.27% and a minimum of -0.80% this week, with a median of 0.24% [23] - The CSI 1000 index enhanced products had a maximum excess return of 1.54% and a minimum of -0.91% this week, with a median of 0.22% [25] - The CSI A500 index enhanced products had a maximum excess return of 1.28% and a minimum of -1.99% this week, with a median of 0.14% [29]

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of active equity funds, with a focus on four specific strategies: Excellent Fund Performance Enhancement, Exceeding Expectations Selection, Broker Golden Stocks Performance Enhancement, and Growth Stability Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy had an absolute return of -2.39% this week and a year-to-date return of 6.17%, outperforming the mixed equity fund index by 0.00% and 1.42% respectively [1][10]. - The Exceeding Expectations Selection strategy reported an absolute return of -1.29% this week and a year-to-date return of 10.59%, with an outperformance of 1.10% and 5.84% against the mixed equity fund index [1][18]. - The Broker Golden Stocks Performance Enhancement strategy had an absolute return of -2.27% this week and a year-to-date return of 8.94%, outperforming the mixed equity fund index by 0.12% and 4.19% respectively [1][19]. - The Growth Stability Combination strategy reported an absolute return of -1.79% this week and a year-to-date return of 10.88%, with an outperformance of 0.60% and 6.12% against the mixed equity fund index [1][27]. Group 2: Strategy Details - The Excellent Fund Performance Enhancement strategy benchmarks against the median returns of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [5][32]. - The Exceeding Expectations Selection strategy selects stocks based on exceeding expectations events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a portfolio [12][39]. - The Broker Golden Stocks Performance Enhancement strategy uses a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the ordinary equity fund index [15][44]. - The Growth Stability Combination strategy employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings announcement dates and using multi-factor scoring to select high-quality stocks [21][47].

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots, with a focus on the effectiveness of momentum and trend-following strategies [1][4][13] - As of February 6, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 2.39%, Shenzhen Component Index at 3.69%, CSI 300 at 3.07%, CSI 500 at 5.29%, CSI 1000 at 4.95%, CSI 2000 at 3.67%, ChiNext Index at 4.48%, and STAR 50 Index at 8.58% [6][26] - Among the CITIC first-level industry indices, textiles and apparel, petroleum and petrochemicals, building materials, light industry manufacturing, and machinery are closest to their 250-day new highs, while banking, comprehensive finance, pharmaceuticals, food and beverage, and agriculture are further away [9][27] Group 2 - A total of 1,641 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the machinery, electronics, and basic chemicals sectors [2][14][27] - The highest proportion of new high stocks is found in non-ferrous metals, defense and military, and petroleum and petrochemicals, with respective proportions of 69.92%, 63.11%, and 60.78% [14][27] - The manufacturing and technology sectors had the most new high stocks this week, with 523 and 513 stocks respectively, while the proportion of new high stocks in the indices is as follows: CSI 2000 at 30.10%, CSI 1000 at 35.00%, CSI 500 at 41.80%, CSI 300 at 27.33%, ChiNext at 34.00%, and STAR 50 at 44.00% [17][27] Group 3 - The report identifies 50 stocks with stable new highs, including Mingyang Smart Energy, Huanxu Electronics, and Hengtong Optic-Electric, primarily from the manufacturing and technology sectors [3][22][27] - The manufacturing sector had the most new high stocks, particularly in the machinery industry, while the technology sector's highest new highs were in the electronics industry [22][27]

Group 1 - The rise of technology is driving a shift in capital markets from traditional industries to technology-focused investments, with the Nasdaq technology index's market cap share increasing from 1.51% in 1990 to 52.20% in 2025 [1][4][6] - Small-cap stocks often lead bull markets, as evidenced by the significant outperformance of small-cap indices like the CSI 1000 and CSI 2000 during previous bull markets, with the CSI 2000 index rising over 100% since the start of the current bull market on September 24, 2024 [1][10][56] - A supportive liquidity environment, characterized by an M2 year-on-year growth rate of 8.5% and a decline in the one-year interbank lending rate from 2.50% to 1.96%, enhances the trading conditions for small-cap assets [1][16][56] Group 2 - The CSI 360 Internet + Big Data 100 Index, launched on August 10, 2015, is a quant strategy index that integrates real-time search data into its construction, selecting the top 100 listed companies based on a composite score of various factors [1][18][57] - The index has a distinct small-cap style, with an average market cap of 5.166 billion and over 65% of its constituents having a market cap below 5 billion since 2020, heavily focusing on the TMT sector with an average weight of 87.69% [1][25][31][57] - The index has demonstrated strong long-term performance, with an annualized return of 28.56%, significantly outperforming the CSI 2000's 12.05%, and a maximum drawdown of 52.48%, which is lower than the CSI 2000's 67.35% [1][37][58] Group 3 - The Dachen CSI 360 Internet + Big Data 100 Fund is the only passive index fund tracking the CSI 360 Internet + Big Data 100 Index, established on February 3, 2016, and has shown a 10-year annualized return of 13.69% [1][42][58] - Since 2019, the fund has achieved an annualized return of 25.35% with a Sharpe ratio of 0.96, making it competitive among similar active quantitative products, while its management fee of 0.80% is lower than the typical 1.20% for active funds [1][50][58] - As of Q4 2025, the fund's size reached 1.728 billion, with shares increasing to 53.8 million, indicating strong growth and market interest [1][44][58]

Group 1 - The core viewpoint of the article emphasizes the performance of the "brokerage golden stocks" and their ability to track the performance of mixed equity funds effectively, showcasing the analytical capabilities of brokerage firms [2][9] - In January 2026, the top-performing stocks in the brokerage golden stock pool included Zhuoyi Information, Hongjing Technology, and Shenghui Integration, with significant monthly increases [3][4] - The top three brokerages in terms of returns for January 2026 were Zhongyou Securities, Shenwan Hongyuan Securities, and Hualong Securities, with monthly returns of 18.34%, 17.37%, and 16.64% respectively, outperforming the mixed equity fund index and the CSI 300 index [6][7] Group 2 - The brokerage golden stock pool showed a high allocation in the electronics (12.83%), machinery (9.44%), and basic chemicals (8.47%) sectors, while there was a relative increase in transportation, building materials, and retail sectors [26][20] - The performance of selection factors in the brokerage golden stock pool indicated that total market capitalization, quarterly net profit growth, and analyst net upgrade ratios performed well, while day-to-day returns and quarterly ROE showed weaker performance [19][15] - The brokerage golden stock performance enhancement portfolio achieved an absolute return of 11.47% from January 5 to January 30, 2026, exceeding the mixed equity fund index by 4.15% [35][30] Group 3 - The article highlights that the brokerage golden stock index has a strong correlation with the mixed equity fund index, indicating that stocks recommended by multiple analysts tend to gain higher market attention [9][21] - The brokerage golden stock pool consists of 273 A-shares after deduplication, with 41 brokerages publishing their golden stocks for February 2026 [20][23] - The article also notes that stocks with lower prior market attention can see significant increases in focus once recommended as golden stocks by analysts [23][28]

Group 1 - The core viewpoint of the article is to track and analyze the performance of various index enhancement portfolios and the factors influencing stock selection across different indices [1][2][5][18]. Group 2 - The performance of the CSI 300 index enhancement portfolio this week showed an excess return of 0.00%, with a year-to-date excess return of 3.00% [6][22]. - The CSI 500 index enhancement portfolio had an excess return of 0.01% this week, but a year-to-date excess return of -0.88% [6][24]. - The CSI 1000 index enhancement portfolio achieved an excess return of 0.90% this week, with a year-to-date excess return of 2.17% [6][25]. - The CSI A500 index enhancement portfolio reported an excess return of -0.53% this week, with a year-to-date excess return of 2.90% [6][28]. Group 3 - In the CSI 300 component stocks, factors such as expected PEG, quarterly ROA, and EPTTM performed well [7][9]. - In the CSI 500 component stocks, factors like dividend yield, EPTTM, and BP showed strong performance [11][10]. - For the CSI 1000 component stocks, factors including quarterly ROA, quarterly ROE, and standardized expected non-operating income performed well [13][12]. - In the CSI A500 index component stocks, factors such as dividend yield, quarterly revenue growth year-on-year, and quarterly ROA were notable [15][14]. Group 4 - The public fund index enhancement products for the CSI 300 had a maximum excess return of 1.08% and a minimum of -1.05% this week, with a median of -0.02% [22][20]. - The CSI 500 index enhancement products had a maximum excess return of 1.72% and a minimum of -0.67% this week, with a median of 0.29% [24][23]. - The CSI 1000 index enhancement products reported a maximum excess return of 0.96% and a minimum of -0.97% this week, with a median of 0.18% [26][25]. - The CSI A500 index enhancement products had a maximum excess return of 1.14% and a minimum of -1.73% this week, with a median of -0.00% [28][27].

Group 1 - The core viewpoint of the article is to track the performance of various active quantitative strategies, including "Excellent Fund Performance Enhancement Portfolio," "Super Expected Selection Portfolio," "Brokerage Golden Stock Performance Enhancement Portfolio," and "Growth and Stability Portfolio," with the aim of outperforming the median of active equity funds [2][3][10]. Group 2 Excellent Fund Performance Enhancement Portfolio - This portfolio aims to benchmark against the median return of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of outstanding funds [7][33]. - As of this week, the portfolio achieved an absolute return of -0.66% and a relative excess return of 0.10% against the mixed equity fund index [10]. - Year-to-date, the portfolio has an absolute return of 8.77% and ranks in the 32.95 percentile among active equity funds [10][36]. Super Expected Selection Portfolio - This portfolio selects stocks based on super expected events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a selection of stocks [12][40]. - For the week, the portfolio recorded an absolute return of -1.26% and a relative excess return of -0.50% against the mixed equity fund index [19]. - Year-to-date, it has achieved an absolute return of 12.03% and ranks in the 14.65 percentile among active equity funds [19][41]. Brokerage Golden Stock Performance Enhancement Portfolio - This portfolio is constructed using a selection of stocks from the brokerage golden stock pool, aiming to optimize performance while controlling deviations from the pool [15][45]. - This week, the portfolio achieved an absolute return of 1.29% and a relative excess return of 2.05% against the mixed equity fund index [20]. - Year-to-date, it has an absolute return of 11.47% and ranks in the 16.69 percentile among active equity funds [20][46]. Growth and Stability Portfolio - This portfolio employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings report dates to capture excess returns [24][48]. - For the week, the portfolio recorded an absolute return of -1.73% and a relative excess return of -0.97% against the mixed equity fund index [28]. - Year-to-date, it has achieved an absolute return of 12.89% and ranks in the 11.99 percentile among active equity funds [28][51].