大摩、野村等外资2月最新A股动向、观点出炉！HALO交易火了

Core Viewpoint - The A-share market experienced increased volatility and differentiation in February 2026, influenced by factors such as overseas liquidity changes, geopolitical tensions, and pre-holiday effects. The Shanghai Composite Index rose by 1.09%, while the Shenzhen Component Index increased by 2.04%, and the ChiNext Index saw a slight decline of 1.08% [2]. Group 1: Market Performance - The non-ferrous metals sector significantly recovered from earlier losses, while the chemical sector showed rotation with multiple sub-sectors performing well. The technology sector exhibited mixed results, with a notable pullback in previously favored AI concepts [2]. - Foreign capital remained active in the A-share market, with 77 foreign institutions conducting research on 45 A-share companies, totaling 108 research instances in February [2]. Group 2: Active Foreign Institutions - Among the foreign institutions, 20 conducted two or more research instances, with 9 conducting three or more, and only Point72 and AllianzGI conducting four or more. The institutions included well-known hedge funds and major investment banks like Morgan Stanley and Bank of America [3]. Group 3: Focused Companies and Sectors - AllianzGI's research focused on three A-share companies in February, all of which saw gains exceeding 10%, primarily in the electric grid equipment, specialized equipment, and general equipment sectors. Other foreign institutions also targeted "hard asset" sectors like electric grid and wind power equipment [7]. - The HALO trading strategy, promoted by Morgan Stanley and Goldman Sachs, emphasizes investing in tangible assets with high entry barriers and low obsolescence risk. This strategy includes sectors such as materials, utilities, and defense [7]. Group 4: Notable Company Performances - Companies like Jerry Holdings, which entered the North American data center market, secured contracts worth approximately 3.4 billion yuan, leading to a stock price increase of 32.88% in February [10]. - The company Sains, focusing on heavy metal pollution prevention, achieved a remarkable 91.73% increase in stock price, driven by its new materials business involving strategic metals like rhenium and molybdenum [12][13].