SMIC(HK:00981) Di Yi Cai Jing·2026-02-23 04:36Group 1 - The core viewpoint is that the technology sector is expected to be the main focus of A-share market performance after the Spring Festival, supported by factors such as ample liquidity, calendar effects, policy support, and industry trends [2][5][7] - Historical data shows that the probability of the Shanghai Composite Index rising in the first five trading days after the Spring Festival is 75%, with an average increase of 1.2% [2][3] - The liquidity environment is favorable, with M2 growing by 9.0% year-on-year and social financing stock increasing by 8.2% in January, indicating a robust macroeconomic backdrop [4][7] Group 2 - The "calendar effect" indicates that trading volume typically shrinks before the Spring Festival and expands afterward, as investors return from the holiday and risk appetite improves [3][5] - The technology sector has historically outperformed in the days following the Spring Festival, with significant gains in industries such as computers, electronics, and communications [5][6] - Positive signals from overseas markets, particularly in the technology sector, are expected to influence A-share performance, with strong performances in Hong Kong's technology stocks providing a clear mapping for A-share trends [3][6] Group 3 - The recent performance of Hong Kong stocks, particularly in the technology sector, has been strong, with notable gains in semiconductor and hardware sectors, indicating a favorable environment for A-share technology stocks [6][7] - The upcoming policies from local governments focusing on "domestic demand" and "industry" are expected to support technology innovation and consumption, further enhancing the outlook for the technology sector [7]