Group 1 - The report highlights a significant adjustment in overseas technology stocks, particularly in the US, which has affected market sentiment in A-shares. The Nasdaq index fell by 12.4%, with major companies like Microsoft, Amazon, and Facebook experiencing declines of 6.8%, 12.1%, and 7.7% respectively. This adjustment is seen as a revaluation of the "Trump-Wash" combination and reflects changing expectations regarding US liquidity. Concerns about AI capital expenditure bubbles and its impact on software stock profitability have also emerged [8][9]. - The North Exchange 50 index decreased by 0.7%, with trading volume dropping by 28.7%. The cautious market sentiment has led to better performance in low valuation sectors such as food and beverage, beauty care, transportation, and banking. In contrast, sectors like power equipment have shown volatility due to themes like space photovoltaic [8][12]. - Investment analysis suggests that the market is expected to remain volatile before the holiday, with a focus on individual stocks that may have been unfairly punished due to decreased risk appetite, as well as companies with new narratives. Specific stocks to watch include LUMENTUM, Gobi Jia, and others [9][12]. Group 2 - The report notes that 63 stocks in the North Exchange rose while 224 fell, resulting in a rise-fall ratio of 0.28. The top gainers included *ST Yun Chuang and Opteye, while the biggest losers were Kangnong Agriculture and Qiule Seed Industry [29][34]. - The average PE (TTM) for the North Exchange is reported at 82.05 times, with a median of 39.37 times. The average PE for the ChiNext is 92.67 times, and for the Sci-Tech Innovation Board, it is 105.31 times, indicating a downward trend across these indices [12][14][17]. - The North Exchange saw a total trading volume of 4.218 billion shares, a decrease of 29.24% week-on-week, with a total trading value of 102.42 billion yuan, down by 28.70% [20][12].
北交所策略周报：海外科技股剧烈调整释放风险，关注节前情绪修复可能-20260209
Shenwan Hongyuan Securities·2026-02-09 07:30