A股午评 | 三大指数半日均跌超1% 电网设备股逆势爆发 三大电信运营商集体下挫

Market Overview - The market experienced a morning adjustment on February 2, with all three major indices dropping over 1%. The Shanghai Composite Index fell by 1.32%, the Shenzhen Component Index by 1.41%, and the ChiNext Index by 1.18%. The half-day trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 290.4 billion yuan compared to the previous trading day. A total of 3,500 stocks in the market declined [1]. Sector Performance 1. Electric Grid Equipment - The electric grid equipment sector surged against the market trend, with stocks like Shuangjie Electric, Sanbian Technology, and Hangdian Co. hitting the daily limit. This surge is attributed to the global AI computing power construction entering a boom phase, with transformer upgrades becoming core infrastructure for computing power. Many transformer factories in Guangdong and Jiangsu are operating at full capacity, with some orders for data center-related businesses extending to 2027 [2]. 2. Precious Metals - The precious metals sector saw a significant decline, with over thirty stocks, including Silver and Hunan Silver, hitting the daily limit down. On January 30, the international precious metals market experienced a sharp drop, with spot gold falling over 12% at one point and closing down 9.52% at $4,865 per ounce. Spot silver plummeted 36% at one point, ultimately closing down 26.9% at $84.7 per ounce. Analysts suggest that precious metal prices may continue to fluctuate in the short term [3]. 3. Baijiu (Chinese Liquor) - The baijiu sector remained strong, with stocks like Huangtai Liquor achieving three consecutive limit-ups and Shui Jing Fang hitting the daily limit. Analysts predict that the baijiu industry will hit bottom by 2026, with an increase in market share for leading brands, indicating a potential investment opportunity in the sector around the Spring Festival [4]. 4. Optical Module - The optical module sector was also active, with Tongding Interconnection hitting the daily limit. Reports indicate that the optical module industry is expected to see a significant capacity release in the first quarter of 2026, driven by the high prosperity cycle of the computing power industry chain [5]. Institutional Insights 1. Galaxy Securities - Galaxy Securities anticipates that sector rotation will remain the main theme leading up to the Spring Festival, with a focus on structural opportunities within the rotation [6]. 2. Zheshang Securities - Zheshang Securities maintains a bullish outlook while suggesting a moderate adjustment in portfolio structure. They expect the market to enter a strong fluctuation pattern before the Spring Festival, with a focus on technology growth and resource sectors [8]. 3. CITIC Securities - CITIC Securities emphasizes the transition from virtual to real sectors, highlighting that the narrative of price increases may continue throughout the first quarter. They suggest focusing on industries with competitive advantages in global pricing power, such as chemicals, non-ferrous metals, electric equipment, and new energy [9].