三大指数均大幅高开，沪指高开1.15%，深成指高开1.52%，创业板指高开1.7%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

责任编辑：王珂 责任编辑：王珂 ...

文 | 银行螺丝钉 （转载请注明出处） 过去十年间,A股市场在2018年底、 2022-2024年期间均出现过五点几星的 机会。 2015年A股估值偏高，但2015-2016年期 间，黄金资产出现了五点几星的机会。 由此可见,平均每3~5年,总会在某一个 资产大类上出现五点几星的投资机会。 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ▼点击阅读原 文，免费学习大额家庭资产配置课程 这类五点几星的投资机会，往往在加息 周期中更容易出现。 巴菲特曾说过一句经典的话：当潮水退 去的时候,才知道谁在裸泳。这里的潮 水指的就是市场中的资金，也就是整体 的市场资金面。 通常在加息周期，市场流动性会出现收 缩，如同潮水开始褪去。这个阶段，部 分优质资产的价格会跌到相对便宜的位 置，更容易出现低估买入的机会。 ...

Market Performance Summary - The Hang Seng Index increased by over 32% during the Year of the Snake [1][4] - The Hang Seng Tech Index rose by over 13% [1][4] - The Hang Seng China Enterprises Index saw a gain of over 23% [1][4] - The Shanghai Composite Index in A-shares increased by 25.58% [1][4] - The Shenzhen Component Index surged by 38.84% [1][4] - The ChiNext Index experienced a significant rise of nearly 60%, leading A-shares and H-shares major indices [1][4] - The STAR 50 Index also saw a substantial increase of over 50% [1][4] - Notably, both A-shares and Hong Kong stocks achieved overall gains during the Year of the Snake [1][4]

Core Viewpoint - The A-share market in the lunar year of the Snake has shown a strong performance, with major indices experiencing significant increases, indicating a bullish trend in the market [3][5]. Market Performance - The A-share market recorded a cumulative increase of 25.58% for the Shanghai Composite Index, 38.84% for the Shenzhen Component Index, and a remarkable 58.73% for the ChiNext Index during the trading period from February 5, 2025, to February 13, 2026 [3]. - The CSI 2000 Index, which includes 2000 smaller-cap stocks, saw a cumulative increase of 50.39%, while the CSI 500 and CSI 1000 indices rose by 48.49% and 40.35%, respectively [3]. Sector Performance - The performance across various sectors was generally positive, with the non-ferrous metals sector leading with a cumulative increase of over 100%. The defense and military industry followed with an increase of nearly 80% [5]. - Other sectors such as telecommunications, electrical equipment, electronics, machinery, construction materials, basic chemicals, light industry manufacturing, and construction decoration also performed well, each with cumulative increases exceeding 50% [5]. - The banking sector lagged behind, with a cumulative increase of less than 10%, while sectors like food and beverage, non-bank financials, transportation, social services, and retail showed relatively weak performance [5]. Individual Stock Performance - Over 4600 A-shares increased in value during the trading period, accounting for nearly 90% of all A-shares, with more than 700 stocks doubling in value [7]. - Notable stocks that saw increases exceeding 500% include Upwind New Materials, Tianpu Co., and others, while stocks like *ST Aowei and *ST Yanshi experienced declines exceeding 50%, highlighting structural risks even in a bullish market [8]. Future Outlook - The market is expected to maintain a positive long-term trend due to reasonable valuations, ongoing supportive policies, and a solidifying macroeconomic recovery [8]. - Looking ahead to the Year of the Horse, it is anticipated that the A-share market will gradually stabilize and recover, with recommendations for investors to adopt a balanced and rational investment strategy focusing on fundamentally strong assets and growth sectors [9][10].

收藏 分享 用手机看 A股蛇年收官 沪指累计上涨超25% 点赞 股民的期许，建立在A股此前强劲表现上。年初开始，沪指出现多日连阳的单边上涨行情，时间线再次拉 长，整个蛇年，沪指累计上涨超25%，科创综指更是超过60%。因此市场对年后的科技股，依然充满期 待。 业内统计发现，最近10年，A股在长假之后，开门红的概率达到65%。 编辑： 朱晨 关键词： 全部评论 2026-02-14 09:06:35 看看新闻Knews综合 春节长假前的最后一个交易日，虽然央行通过买断式逆回购操作，释放1万亿元流动性，但三大指数集体 还是震荡回调，不过回望整个蛇年，A股整体表现强劲，大家对后市都充满期待。 蛇年最后一个交易日，各大指数都不同程度染绿，科创综指红盘，尾盘回落，但是依然韧性最佳，跌幅最 小。从成交量来看，呈现出节前的交易特点，沪京深三市成交缩小至2万亿元左右。虽然收盘不算完美， 但股民们仍看好后市。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4082.07 | 14100.19 | 1809.18 | | -51.95 -1. ...

Core Insights - The investment confidence index for fixed income investments among banking and insurance institutions has decreased compared to the previous year, while the confidence index for equity investments has significantly increased [1] - The optimism in investment confidence is attributed to positive expectations regarding the economy and policies, which may lead to more long-term capital entering the market, supporting stable development in the capital market [1] Group 1: Investment Confidence Indices - In Q1 2026, the macroeconomic confidence index for banking and insurance institutions is 58.08, the fixed income investment confidence index is 51.20, and the equity investment confidence index is 67.55, showing a decline in fixed income confidence and a rise in equity confidence compared to Q1 2025 [1] - For the entire year of 2026, the macroeconomic confidence index is 57.41, the fixed income investment confidence index is 55.63, and the equity investment confidence index is 67.61, indicating a similar trend of declining fixed income confidence and rising equity confidence [3] Group 2: Factors Supporting A-Share Market - The A-share market is supported by three main factors: policy support, increased capital inflow, and corporate earnings growth, with a current liquidity environment remaining ample [2] - The confidence index for corporate earnings in Q1 2026 is 64.80, and for the overall A-share market trend, it is 78.74, indicating strong expectations for market performance [2] Group 3: Structural Opportunities - The market is expected to transition from valuation-driven growth to profit-driven growth, with structural opportunities remaining prevalent throughout the year [4] - The anticipated improvement in corporate earnings and the potential for valuation uplift in A-shares are expected to contribute positively to market indices [4] Group 4: Strategic Asset Allocation - Insurance institutions are adopting a "barbell" strategy in asset allocation, focusing on high-dividend, stable profit stocks as a defensive measure while also investing in high-growth assets [5] - Enhanced risk management practices are being implemented, with stricter monitoring thresholds for equity exposure, industry concentration, and volatility [5]

Market Overview - In January 2026, the equity market showed a good profit effect with major indices rising, while the bond market stabilized. The cyclical and growth sectors performed well, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively. Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively [3] - The bond market exhibited resilience after a period of decline, with major bond fund indices showing slight increases: the Wind medium to long-term pure bond fund index rose by 0.24%, the Wind bond index fund index by 0.20%, and the Wind short-term pure bond fund index by 0.16%. Additionally, the first-level bond fund, second-level bond fund, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively [3] Equity Fund Allocation Strategy - The A-share market in February faces a complex environment influenced by both internal and external factors. Externally, the Federal Reserve's pause on interest rate cuts and rising "Wall Street expectations" have led to a rebound in the US dollar. Internally, the combination of "RMB appreciation + gradual inflow of long-term funds from residents + regulatory guidance for stable market operation" is observed. The market may enter a short-term adjustment phase before the Spring Festival due to tightening liquidity and holiday effects, with limited systemic opportunities and a focus on structural trends [4] - Future price increases driven by a reversal in supply-demand dynamics are expected to release stronger profit elasticity and further valuation recovery. The technology sector, particularly in areas with clear patterns and certain benefits such as "light, electricity, and storage," is likely to continue to outperform. Traditional dividend stocks are also becoming more attractive in terms of cost-effectiveness, serving as a stabilizing tool for investment portfolios [4] Fixed Income Fund Allocation Strategy - Looking ahead to February, the pessimism in the bond market has eased, but caution is still advised regarding extending duration. Holding high coupon bonds is seen as more cost-effective. Despite current ample liquidity and the emphasis on long-term interest rates in the fourth quarter monetary policy report, the recent 10-year yield has fallen below 1.8%, and the credit spreads for medium to long-term credit bonds are currently narrow, limiting further contraction [5] - Overall, the difficulty in obtaining short-term capital gains may increase, making coupon strategies a more favorable choice. Specific fund products are recommended to focus on high coupon bonds while actively managing positions in response to market conditions [6]

Market Overview - The A-share market showed significant divergence, with the Shanghai Composite Index forming a short-term bullish arrangement, supported by the 10-day, 20-day, 30-day, and 60-day moving averages below the stock price, particularly at the critical support level of 4100 points coinciding with the 60-day moving average [5] - A total of 2047 stocks rose while 3236 stocks fell, indicating a bearish trend with a decline in the market's profitability effect [5] - The trading volume in both markets dropped significantly, falling below 2 trillion yuan, reflecting a noticeable decrease in capital participation and a prevailing cautious sentiment among investors [5] Fund Flows - There was a net outflow of funds from institutional investors, while retail investors showed a net inflow, indicating a cautious approach from institutions [6] - Institutions adopted a dual strategy of "risk aversion + layout," taking profits from short-term high-gain sectors while reallocating to technology growth sectors supported by policies and defensive high-dividend stocks [6] - Retail investors displayed a tendency towards cautious observation and short-term operations, with some choosing to hold cash to avoid uncertainties during the long holiday [6] Investor Sentiment - The sentiment among retail investors was marked by a cautious approach, with 75.85% indicating a preference for holding positions or reducing exposure [7] - A survey indicated that 22.75% of investors increased their positions, while 20.72% reduced their holdings, reflecting a mixed sentiment in the market [10] - The average position held by investors was reported at 66.80%, suggesting a relatively high level of investment commitment despite the cautious market environment [15]

Market Performance - The A-share market showed mixed performance on February 11, with the Shanghai Composite Index rising by 0.09%, marking a three-day increase [1] - The CSI 300 Index fell by 0.2%, while the CSI A500 Index decreased by 0.1% [3][1] - The ChiNext Index and the STAR Market 50 Index both dropped by 1.1% [1] Sector Performance - Leading sectors included small metals, oil and gas extraction and services, chemical fibers, rare earth permanent magnets, steel, dyes, coal mining and processing, batteries, and cement [1] - Underperforming sectors included film and television, short drama games, education, tourism and hotels, cultivated diamonds, military equipment, CPO, and airport and shipping [1] - In the Hong Kong market, sectors such as building materials, non-ferrous metals, chemicals, real estate, and automobiles performed well, while consumer, semiconductor, and non-bank financial sectors weakened [1] Index Details - The CSI 300 Index consists of 300 stocks with good liquidity, covering 11 primary industry categories, with a rolling P/E ratio of 14.2 times [3] - The CSI A500 Index includes 500 securities with good liquidity, covering 89 out of 93 tertiary industries, with a rolling P/E ratio of 17.4 times [3] - The STAR Market 50 Index is composed of 50 stocks with significant market capitalization and liquidity, with over 65% representation from the semiconductor sector [7]