证券研究报告 | 2026年02月13日 金融工程日报 沪指震荡下行收跌逾 1%，存储器、半导体设备逆势拉升 核心观点 金融工程日报 市场表现：20260213 市场全线下跌，规模指数中中证 2000 指数表现较好， 板块指数中科创100指数表现较好，风格指数中沪深300成长指数表现较好。 国防军工、消费者服务、食品饮料、电子、农林牧渔行业表现较好，有色金 属、石油石化、建材、钢铁、电新行业表现较差。中航系、航空发动机、半 导体设备、通用航空、航母等概念表现较好，光纤、玻璃纤维、钨矿、PTA、 稀土等概念表现较差。 市场情绪：20260213 收盘时有 46 只股票涨停，有 17 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-1.10%，昨日 跌停股票今日收盘收益为-2.67%。今日封板率 78%，较前日提升 0%，连板 率 16%，较前日下降 20%。 市场资金流向：截至 20260212 两融余额为 26456 亿元，其中融资余额 26293 亿元，融券余额 163 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 10.0%。 折溢价：20260212 ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 1.26% to close at 4082.07 points, and the Shenzhen Component Index dropping by 1.28% to 14100.19 points. The ChiNext Index decreased by 1.57% to 3275.96 points. Overall, there were 1537 stocks that rose while 3824 stocks fell, with a total trading volume of 198.27 billion yuan, a decrease of 15.91 billion yuan from the previous trading day [1][10]. Industry Performance - In the industry sector, the top performers included the comprehensive and defense industries, which rose by 2.06% and 0.65% respectively. Conversely, the non-ferrous metals, construction materials, petroleum and petrochemicals, steel, and electric equipment sectors saw significant declines, with drops of 3.36%, 3.10%, 3.09%, 2.46%, and 2.03% respectively [1][10]. Concept Sector Performance - The leading concept sectors today included the aviation system, semiconductor equipment, general aviation, aircraft carriers, and aquaculture, among others. These sectors showed positive performance, while sectors such as fiberglass, rare earths, and selected shipping experienced declines [2][11].

Market Overview - The A-share market indices all experienced gains today, with the Shanghai Composite Index rising by 0.14% to close at 4122.58 points, the Shenzhen Component Index increasing by 0.50% to 14327.05 points, the Sci-Tech 50 up by 0.41% to 1541.64 points, and the ChiNext Index climbing by 1.01% to 3328.65 points [1][10] - Overall, a total of 3576 stocks rose while 1774 stocks fell, with 120 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets reached 26,917 billion yuan, an increase of 911 billion yuan compared to the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included building materials (up 4.09%), defense and military (up 3.23%), petroleum and petrochemicals (up 3.07%), telecommunications (up 2.83%), coal (up 1.85%), and steel (up 1.81%). Conversely, the sectors that saw declines included beauty and personal care (down 0.76%), banking (down 0.43%), and pharmaceuticals and biology (down 0.42%) [1][10] Concept Sector Performance - The leading concept sectors with significant gains today included large aircraft, aircraft carriers, copper-clad laminates, MoE threads, superhard materials, natural gas, selected power equipment, military-civilian integration, AVIC system, satellite internet, oil and gas extraction, cultivated diamonds, military information technology, nuclear fusion, and China Shipbuilding Industry Corporation [2]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market is characterized by a structural trend. On January 19, the four major index futures contracts for the current month showed mixed performance. On the trading day, the total trading volume of index futures declined, indicating a decrease in investors' trading enthusiasm. The positions of the four major index futures also changed, with some increasing and some decreasing [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Index Futures Data Tracking - **Closing Price and Fluctuation**: The closing prices of various index futures showed different degrees of increase or decrease. For example, the CSI 300 index closed at 4734.5, up 0.05%; the SSE 50 index closed at 3075.9, down 0.12%; the CSI 500 index closed at 8288, up 0.67%; and the CSI 1000 index closed at 8265.7, up 0.40% [1]. - **Basis**: The basis of different index futures and their contracts also varied. For instance, the basis of IF2602 was -1.66, and that of IH2602 was 0.46 [1]. - **Trading Volume and Open Interest**: The trading volume and open interest of each index futures contract changed. For example, the trading volume of IF2602 decreased by 5290 lots, and the open interest decreased by 1168 lots [1]. 3.2 Market Activity - **Trading Volume**: The total trading volume of index futures decreased. Specifically, the total trading volume of IF decreased by 34310 lots, IH by 18564 lots, IC by 21181 lots, and IM by 35971 lots [2]. - **Open Interest**: The total open interest of index futures also changed. The total open interest of IF decreased by 4289 lots, IH by 1610 lots, IC increased by 6196 lots, and IM increased by 1234 lots [3]. 3.3 Top 20 Member Positions The positions of the top 20 members in different index futures contracts changed. For example, in the IF2601 contract, the long - position decreased by 1007 lots, and the short - position decreased by 724 lots [5]. 3.4 Trend Intensity The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5 Important Drivers - **A - share Market**: A - shares were in a shrinking and volatile state. The Shanghai Composite Index rose 0.29% to 4114 points, the Shenzhen Component Index rose 0.09%, the ChiNext Index fell 0.7%, and the total trading volume of A - shares was 2.73 trillion yuan, down from 3.06 trillion yuan the previous day [7]. - **Hong Kong Stock Market**: Hong Kong stocks opened lower and closed lower. The Hang Seng Index fell 1.05% to 26563.9 points, the Hang Seng Tech Index fell 1.24%, and the total trading volume was 2256.9 billion Hong Kong dollars, down from 2550.79 billion Hong Kong dollars the previous day [7]. - **Macroeconomic Data**: In 2025, China's GDP was 1401879 billion yuan, a 5% increase compared to the previous year. The national population at the end of 2025 was 1404890000, a decrease of 3390000 from the previous year, with a natural population growth rate of - 2.41‰ [7][8].

- The report discusses the performance of various market indices, highlighting that the CSI 2000 Index performed well, with a 1.14% increase, while the SSE 50 Index fell by 0.12%[6] - The report also notes that the CSI 500 Value Index performed well among style indices, with a 1.39% increase[6] - The report provides details on the performance of different industry indices, with consumer services, petroleum and petrochemicals, and electrical equipment industries performing well, with returns of 2.50%, 2.32%, and 1.98% respectively[7] - The report highlights the performance of various concept themes, noting that the UHV, AVIC, and aero-engine concepts performed well, with returns of 6.69%, 5.64%, and 5.27% respectively[10] - The report provides data on market sentiment, noting that 103 stocks hit the daily limit up and 31 stocks hit the daily limit down, with a sealing rate of 78% and a continuous board rate of 20%[14][17] - The report discusses the flow of market funds, noting that as of January 16, 2026, the balance of margin financing and securities lending was 2.7315 trillion yuan, accounting for 2.7% of the circulating market value[19][23] - The report provides data on ETF premiums and discounts, noting that the Sci-Tech Innovation 100 Enhanced ETF had a premium of 5.47%, while the Game Media ETF had a discount of 2.98%[24][26] - The report discusses block trading premiums and discounts, noting that the average discount rate for block trades over the past six months was 6.74%, with a discount rate of 3.41% on January 16, 2026[27][29] - The report provides data on the annualized discount rates of stock index futures, noting that the annualized discount rate of the CSI 500 stock index futures main contract was 1.74%, at the 94th percentile over the past year[29][32] - The report highlights the stocks that were most frequently researched by institutions in the past week, with Dikang Holdings being researched by 97 institutions[31][33] - The report provides data on the top ten stocks with net inflows and outflows from institutional seats and Northbound funds, with Goldwind Technology and China XD Electric being the top net inflow stocks respectively[37][38][39][41]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.29% to close at 4114.00 points, while the Shenzhen Component Index increased by 0.09% to 14294.05 points. In contrast, the Sci-Tech 50 Index fell by 0.48% to 1506.86 points, and the ChiNext Index decreased by 0.70% to 3337.61 points. Overall, 3526 stocks rose while 1826 stocks fell, with a total trading volume of 27083 billion yuan, down by 3179 billion yuan from the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, the top gainers included basic chemicals (up 2.70%), petroleum and petrochemicals (up 2.08%), electric equipment (up 1.84%), automobiles (up 1.70%), social services (up 1.63%), and building materials (up 1.61%). Conversely, the sectors that experienced declines were computers (down 1.55%), communications (down 0.96%), and banking (down 0.60%) [1][10]. Concept Sector Performance - The leading concept sectors today included ultra-high voltage, AVIC system, Hainan Free Trade Port, fluorine chemicals, charging piles, virtual power plants, selected chemical raw materials, selected animal health, selected chemical fibers, ice and snow tourism, general aviation, large aircraft, aircraft carriers, and selected rare metals [2].

Market Overview - On January 19, A-shares experienced a contraction in trading volume with mixed performance across major indices. The Shanghai Composite Index rose by 0.29% to close at 4114.00, while the Shenzhen Component Index increased by 0.09% to 14294.05. In contrast, the ChiNext Index fell by 0.7% to 3337.61, and the Sci-Tech Innovation Board Index decreased by 0.21% to 1851.07 [2][3]. Sector Performance - The electric grid equipment sector saw a significant surge, with over 20 stocks hitting the daily limit up. Notable performers included China West Electric and Jicheng Electronics [4]. - The top gainers in the electric grid equipment sector included: - YN Power: +29.96% to 24.51 - Guanjie Electric: +20.00% to 14.82 - Caneng Power: +17.72% to 28.10 [5]. Trading Volume and Market Activity - The total trading volume in the Shanghai and Shenzhen markets reached 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day. Over 3500 stocks rose across the market [6][7]. Capital Flow - Main capital inflows were observed in the electric grid equipment, tourism, and automotive sectors, while semiconductor, communication, and media sectors experienced net outflows [8]. - Specific stocks with significant net inflows included: - TBEA: 2.408 billion yuan - China West Electric: 1.807 billion yuan - Haiguang Information: 1.091 billion yuan [9]. - Conversely, net outflows were noted in: - Industrial Fulian: 1.578 billion yuan - CATL: 1.464 billion yuan - Xiangshan Chip: 1.337 billion yuan [10]. Institutional Insights - Jin Yuan Securities emphasized the importance of focusing on company performance growth and safety margins during the annual report window [11]. - Guotai Junan expressed optimism about the spring market, highlighting opportunities in sectors supported by performance [12]. - Wanlian Securities anticipated that policies would continue to promote comprehensive reforms in capital market financing, reinforcing the market's stabilization and positive momentum [13].

Market Performance - The market saw a surge in high-voltage power transmission and aerospace-related stocks, with multiple stocks hitting the daily limit up, while sectors like oil and gas, and tourism also performed well [1] - The A-share market experienced a mixed performance with the Shanghai Composite Index rising by 0.29% and the ChiNext Index falling by 0.7% [3] Stock Highlights - Notable gainers included YN Power (+29.96% to 24.51), Double杰 Electric (+20.00% to 14.82), and Can Energy (+17.72% to 28.10) [2] - Gold stocks collectively strengthened, with Sichuan Gold and Zhaojin Gold both hitting the daily limit up [4] Trading Volume and Capital Flow - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion, a decrease of 317.9 billion from the previous trading day, with over 3,500 stocks rising [4] - Main capital inflows were observed in sectors such as power grid equipment, tourism, and automotive, while semiconductor and communication sectors experienced net outflows [6] Institutional Insights - Jin Yuan Securities emphasized the importance of focusing on company performance growth and safety margins during the annual report window [7] - Guotai Junan expressed optimism about the spring market, highlighting opportunities in sectors supported by performance [8]

Core Viewpoint - The A-share market opened on January 13, with slight increases in major indices, indicating a mixed market sentiment and sector performance [1] Group 1: Market Performance - The Shanghai Composite Index rose by 0.11% [1] - The Shenzhen Component Index increased by 0.21% [1] - The ChiNext Index saw a rise of 0.07% [1] - The North Stock 50 Index gained 0.45% [1] Group 2: Sector Performance - Strong performance was observed in sectors such as Kuaishou, AI corpus, AI healthcare, educational information technology, and AIGC concepts [1] - Weak performance was noted in sectors related to aerospace, MLCC, large aircraft, Chengfei, and the AVIC system [1]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.07% closing at 4082.98 points, while the Shenzhen Component Index fell by 0.51% to 13959.48 points. The ChiNext Index decreased by 0.82% to 3302.31 points, and the Sci-Tech 50 Index rose by 0.82% to 1455.17 points. Overall, 3730 stocks rose while 1588 stocks fell, with a total trading volume of 28003 billion yuan, a decrease of 539 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, sectors such as defense and military, media, construction decoration, real estate, and building materials led the gains, with increases of 4.18%, 2.00%, 1.76%, 1.60%, and 1.33% respectively. Conversely, non-bank financials, metals, telecommunications, and banking sectors experienced declines of 2.81%, 1.56%, 0.95%, and 0.89% respectively [1][2]. Concept Sector Performance - The top-performing concept sectors included large aircraft, satellite internet, commercial aerospace, aircraft carriers, military information technology, and military-civilian integration, among others. In contrast, sectors such as stock trading software, rare metals, and insurance saw a pullback [2].