2月金股报告：指数震荡，行业关注资源、出海、科技

Group 1 - The report indicates that the A-share market is experiencing a typical spring rally characterized by initial strength followed by stabilization and structural differentiation, with major indices recording positive returns as of January 28, 2026 [6] - The average daily trading volume in January reached 3.04 trillion yuan, an increase of 1.16 trillion yuan month-on-month, indicating a significant influx of new capital and a loose liquidity environment driving the index upward [2] - Regulatory measures, including raising the minimum margin requirement from 80% to 100%, have led to fluctuations in market sentiment and a deceleration in the index's upward momentum [3] Group 2 - The report highlights that technology assets are experiencing a rotation between thematic and cyclical investments, with thematic investments (e.g., commercial aerospace, AI applications) initially favored but cooling off due to increased margin requirements [4] - In the cyclical sector, non-ferrous metals, basic chemicals, and oil & petrochemicals have shown strong performance driven by three factors: demand from high-end manufacturing, proactive supply-side adjustments, and external geopolitical risks [4] - The report anticipates a structural market characterized by a focus on "resources + technology + overseas expansion," with low-risk preference assets potentially outperforming in certain phases [5] Group 3 - The investment strategy emphasizes focusing on "external demand cyclical + AI industry chain," highlighting the potential for global manufacturing recovery to support resource prices and opportunities for Chinese manufacturing to expand overseas [5] - The AI industry remains a clear investment theme, with a shift from thematic to performance-driven investments, particularly in areas with supply shortages such as power supply and semiconductor sectors [5] - The report recommends a selection of stocks across various sectors, including Invesco's Nonferrous ETF, Dongpeng Beverage, and Huazhong Precision, among others, reflecting a diversified investment approach [10]