Investment Rating - The report indicates a positive investment outlook for the electronic industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The electronic sector has shown resilience, with significant stock price increases for key companies such as Mingyang Circuit (43.54%) and Ruikeda (30.71%) during the review period [4][5]. - Nvidia's acquisition of Groq's technology IP for approximately $20 billion is expected to enhance its AI inference capabilities, integrating Groq's Language Processing Unit (LPU) technology into its product lineup [7][12]. - Shenghe Jingwei, a leader in 2.5D packaging, is set to raise 4.8 billion yuan for advanced packaging projects, with a projected revenue growth from 1.633 billion yuan in 2022 to 6.521 billion yuan in 2025 [13]. Summary by Sections Market Performance - From February 23 to February 27, the A-share electronic index rose by 4.07%, with the Shanghai Composite Index increasing by 1.98% and the Shenzhen Composite Index by 3.10% [4][5]. - Key stocks in the electronic sector experienced substantial gains, with Mingyang Circuit leading at 43.54% [5][6]. Nvidia and Groq Technology - Nvidia's integration of Groq's LPU technology is anticipated to provide significant advantages in AI inference, leveraging a unique architecture that emphasizes static scheduling and deterministic execution [8][12]. - The LPU's design allows for low-latency token generation, although it requires a large network scale due to its limited on-chip SRAM capacity [8][9]. Shenghe Jingwei's Market Position - Shenghe Jingwei is recognized as the leading company in China's 2.5D packaging market, holding an 85% market share, and is expected to continue its growth trajectory with increasing revenues projected through 2025 [13]. - The company aims to utilize the funds raised from its IPO to enhance its 3D integration and packaging capabilities [13].

Investment Rating - The report rates the electronic industry as "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - The report highlights that Nvidia plans to integrate Groq technology to enhance its inference capabilities, with Groq's LPU (Language Processing Unit) showcasing significant performance advantages over traditional GPU/TPU architectures [8][9]. - The report also notes that Shenghe Jingwei, a leader in 2.5D packaging, has passed regulatory approval for fundraising, aiming to raise 4.8 billion yuan for advanced packaging projects [14]. Summary by Sections Market Overview - From February 23 to February 27, the A-share electronic index rose, with the Shanghai Composite Index increasing by 1.98%, the Shenzhen Composite Index by 3.10%, and the ChiNext Index by 1.05%. The semiconductor index in the U.S. fell by 1.96% [5][6]. Nvidia and Groq Technology - Nvidia acquired Groq's technology IP for approximately $20 billion, with key personnel joining Nvidia. Groq's LPU is designed for AI inference, utilizing a 14nm process with 230MB on-chip SRAM and 80TB/s bandwidth, demonstrating superior performance and energy efficiency [8][9]. - The LPU's low latency is achieved through pre-compilation and deterministic execution, eliminating uncertainties in dynamic instruction scheduling [9][10]. Shenghe Jingwei's Market Position - Shenghe Jingwei is the leading company in China's 2.5D packaging market, holding an 85% market share. The company is projected to achieve revenues of 1.633 billion yuan in 2022, growing to 6.521 billion yuan by 2025 [14]. Investment Recommendations - The report suggests focusing on domestic computing power, AI storage, and semiconductor equipment parts, highlighting companies such as SMIC, Hua Hong, and others as potential investment opportunities [4].

Report Industry Investment Rating No information provided in the text Core Viewpoints - The divergence in the convertible bond market has intensified, and it is expected that the Sharpe ratio of assets will decline. The main sectors will "separate the wheat from the chaff", and attention should be paid to the sub - directions that have lagged behind in the early stage and have performance support [3][18] Summary by Relevant Catalogs Market Focus (2026/2/24 - 2026/2/27) Stock Market - After the Spring Festival, the market showed a warming trend, with major indices oscillating upwards and trading volume steadily increasing to about 2.5 trillion yuan. The market sentiment was generally positive. Upstream resource products became the main line of the market, with sectors such as non - ferrous metals, oil and gas, chemicals, and coal taking turns to perform, while the media sector adjusted significantly due to the adjustment of the film and entertainment and AI application sectors [1][8] - By industry, most Shenwan primary industries rose last week. Steel (12.27%), non - ferrous metals (9.77%), basic chemicals (7.15%), environmental protection (6.96%), and coal (5.92%) led the gains; media (-5.10%), commercial retail (-1.64%), food and beverage (-1.54%), and non - bank finance (-1.18%) performed poorly [9] Bond Market - At the beginning of the week, the bond market adjusted continuously under the suppression of factors such as the unexpected implementation of the Shanghai real - estate new policy and the strong linkage between stocks and commodities. On Friday, the capital market loosened, and the tone of the Politburo meeting was stable. Market sentiment gradually stabilized, and the yields of various maturities declined slightly. The whole week showed a pattern of gradually stabilizing during the adjustment. The 10 - year Treasury bond rate closed at 1.7877% on Friday, down 0.51bp from the last trading day before the Spring Festival [1][9] Convertible Bond Market - Last week, most convertible bond issues fell. The CSI Convertible Bond Index fell 0.23% for the whole week, the median price rose 1.22%, the calculated arithmetic average parity rose 3.46% for the whole week, and the market conversion premium rate decreased by 4.65% compared with the previous week. In terms of individual bonds, Youcai (polyester staple fiber), Shuangliang (space photovoltaic), Guanglian (commercial aerospace), Dazhong (lithium mine), and Guanzhong (environmental protection) convertible bonds led the gains; Huicheng (advanced packaging), Weidao (semiconductor equipment), Ruichuang (military industry), Xinfu (software), and Hengshuai (automotive motor) convertible bonds led the losses [2][9][13] - Most industries in the convertible bond market fell last week. Steel (4.73%), non - ferrous metals (1.99%), public utilities (1.90%), and building decoration (1.87%) performed well, while media (-4.45%), social services (-2.47%), commercial retail (-2.33%), and non - bank finance (-2.23%) performed poorly [12] - The total trading volume of the convertible bond market last week was 27.2551 billion yuan, with an average daily trading volume of 681.38 million yuan, a slight decrease from the previous week [15] Views and Strategies (2026/3/2 - 2026/3/6) Stock Market - After the new year, the introduction of structural monetary policies and the relaxation of real - estate control in Shanghai are better than the previous stable and moderate policy expectations, which is beneficial for maintaining a relatively high risk preference in the equity market. From the perspective of past seasonal effects, the winning rate of small - cap stocks is extremely high between the Spring Festival and the Two Sessions, and after the Two Sessions, the correlation between the stock market trend and performance gradually increases. During the spring rally, the price - increase chain in the technology + resource product sectors has obvious excess returns. As the economic data for January - February are gradually released, it is expected that March - April will be an important window for the market to further verify price increases and performance. The main sectors will face "separating the wheat from the chaff", and sectors that have lagged behind in the early stage and have current performance are more advantageous [3][18] Convertible Bond Market - After the Spring Festival, the divergence in the convertible bond market has increased. On the 25th and 26th, the premium rates of high - price and high - premium targets were significantly compressed. Some investors are worried that the spring market will gradually come to an end in terms of duration. According to the previous judgment (the sustainability of the polarized valuation of convertible bonds depends on the stock market expectations), it is expected that the volatility of convertible bonds in March (especially the volatility of the premium rate) will further increase. It should be recognized that there are obvious differences between selecting convertible bonds and selecting underlying stocks at this stage. Most of the core targets related to the main equity lines are expected to have a poor Sharpe ratio for convertible bonds at a conversion premium rate of over 30%, and they are not the best choice for the current portfolio allocation. Bond selection needs to sort out the upward logic one by one and screen by considering both the price and premium rate of the available convertible bond targets [3][18] - In the context of power shortages in North America, most convertible bonds related to main lines such as high - volume orders for gas turbines, price increases in the upstream and downstream of the electronic industry chain such as power semiconductors/silicon wafers/carrier tapes, and the increasing prosperity of liquid cooling are all high - price and high - premium, and many targets are close to triggering redemption. At present, when the divergence in the convertible bond market has emerged, the volatility of convertible bonds may be greater than that of the underlying stocks in the short term, and the odds are limited. Some targets are about to enter the conversion period. If the major shareholders reduce their holdings and the market corrects, and the convertible bond valuation is significantly compressed, then additional allocation can be considered [18] - For the AI main line, consider allocating to the divergent fields that have relatively lagged behind in the early stage and have performance support, such as computing power leasing, energy storage, embodied intelligence, and autonomous driving [18] - Against the background of the global increase in strategic reserves of resource products and the downward trend of the US dollar, pay attention to the polyester industry chain, engineering machinery, resource products and mining services. In addition, pay attention to the innovative drug industry chain, two - wheeled vehicles, and the post - cycle of the real - estate chain [18] - If the equity market turns down, funds will replenish the defensive sectors that have fallen significantly in the early stage. Referring to past experience, at the beginning of the equity market decline, the parity and valuation of the entire convertible bond market will fall together. Then, the low - price bottom - position varieties with high ratings will stabilize first. It is recommended to reduce positions as a response. After that, pay attention to the defensive sectors such as banks and power that have adjusted more in the early stage [18] Valuation Overview - As of last Friday (2026/02/27), for equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 54.87%, 46.47%, 35.03%, 26.27%, 23.02%, and 15.61% respectively, which were at the 99%/99%, 98%/99%, 99%/99%, 98%/98%, 98%/100%, and 98%/97% percentile values since 2010/2021 [19] - For bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was -5.14%, which was at the 1%/3% percentile values since 2010/2021 [19] - The average implied volatility of all convertible bonds was 49.88%, which was at the 95%/98% percentile values since 2010/2021. The difference between the implied volatility of convertible bonds and the long - term actual volatility of the underlying stocks was 8.63%, which was at the 96%/98% percentile values since 2010/2021 [19] Primary Market Tracking - Last week (2026/2/24 - 2026/2/27), Xianghe and Tonglian convertible bonds announced their issuance, and Aiwei convertible bonds were listed [26] - As of the announcements on February 27, there are no convertible bonds announced for issuance and listing next week (2026/3/2 - 2026/3/6). Last week, the exchanges accepted applications from 2 companies (Zuoli Pharmaceutical and Zhenyu Technology), and the general meetings of shareholders passed the applications of 3 companies (Shenghui Integration, Aopute, and Shenling Environment). There are no new companies approved for registration by the exchanges, passed by the listing committees, or with board proposals. As of now, there are a total of 102 convertible bonds to be issued, with a total scale of 166.28 billion yuan, including 5 that have been approved for registration with a total scale of 4.39 billion yuan and 7 that have passed the listing committee with a total scale of 6.97 billion yuan [29]

Group 1: Macro and Strategy Insights - The macro view for March indicates a gradual improvement in risk appetite, influenced by external factors such as the Iran conflict and expectations surrounding the US-China summit, which may lead to a more neutral market impact [7] - The strategy perspective suggests that the market lacks a clear main line, with a tendency for continued oscillation, recommending a flexible approach while waiting for trend opportunities [8] - The quantitative view highlights the absence of a main line in March, with market capitalization expected to decline further, presenting a potential opportunity for positioning [9] Group 2: March Gold Stock Portfolio - The selected gold stock portfolio for March includes: - Electronics: Shiyun Circuit - Consumer Electronics: Hongrida - Communication: Kexin Innovation Source - Media: Perfect World - Light Industry: Yingke Regeneration - Chemicals: Xinfengming - Coal: Hengyuan Coal Power - Non-ferrous: Salt Lake Co. - Machinery: Zoomlion - Agriculture: Youran Animal Husbandry [11] - The rationale for Shiyun Circuit is its deep ties with Tesla and potential benefits from emerging fields such as commercial aerospace and intelligent driving, which could lead to significant growth opportunities [11] - Hongrida is transitioning its focus towards AI chip cooling and optical communication, with expectations for substantial production scale in 2026, driven by recent advancements in 3D printing technology [14][15] - Kexin Innovation Source is positioned to capitalize on the growing demand for AI liquid cooling solutions, with anticipated breakthroughs in both domestic and international markets [18][19] - Perfect World is expected to see revenue growth from its game "Yihuan," with projections indicating potential earnings exceeding market expectations [22][24] - Yingke Regeneration is forecasted to experience accelerated revenue growth due to the rising demand for easy-install plastic wall panels and the operational efficiency of its Vietnamese base [26][29] - Xinfengming is anticipated to benefit from a recovery in polyester filament profitability, supported by a slowdown in industry capacity expansion [32] - Hengyuan Coal Power is viewed as a premium coking coal asset, with expected price increases driven by global supply constraints [36][39] - Salt Lake Co. is expected to benefit from rising lithium prices and strong demand for potassium fertilizers, enhancing its market valuation [43][44] - Zoomlion is positioned for growth through its diversified machinery offerings and global expansion strategies, with a focus on non-excavation machinery [48][50] - Youran Animal Husbandry is set to benefit from a cyclical recovery in raw milk prices and beef cattle, with significant growth potential in both its raw milk and cattle businesses [55][56]

- The report introduces a style rotation solution, which includes a value-growth style rotation strategy and a large-small cap style rotation strategy. The value-growth style rotation strategy scores 6 for March 2026, indicating a higher score for the growth style[2][6] - The large-small cap style rotation strategy scores 2 for March 2026, indicating a higher score for the small cap style[2][8] - The industry rotation solution is constructed using four dimensions: macroeconomic indicators, mid-level fundamental indicators, micro-level technical indicators, and trading congestion indicators. The comprehensive score for the industry rotation strategy since 2017 shows an annualized return of 18.4%, with a benchmark annualized return of 4.9%, resulting in an excess annualized return of 13.5% and a monthly IC average of 12.1%[2][11][12] - The macroeconomic indicators divide the primary industries into five sectors: upstream cycle, midstream manufacturing, downstream consumption, TMT, and big finance. For March 2026, the macroeconomic growth dimension is in the "deepening recession/expansion slowdown" stage, and the liquidity dimension is in the "easing intensification/tightening slowdown" stage[15] - The fundamental indicators include historical prosperity, prosperity changes, and prosperity expectations. For March 2026, the top five industries ranked by fundamental indicators are non-ferrous metals, automobiles, electronics, non-bank finance, and machinery, while the bottom five are home appliances, real estate, construction, coal, and agriculture, forestry, animal husbandry, and fishery[17] - The technical indicators include index momentum, leading stock momentum, and K-line patterns. For March 2026, the top five industries ranked by technical indicators are communication, national defense and military industry, basic chemicals, non-ferrous metals, and computers, while the bottom five are real estate, food and beverage, transportation, electricity and public utilities, and retail[20] - The congestion indicators include financing inflows, turnover rate, and transaction ratio. For March 2026, the top five industries with high congestion are media, petrochemicals, building materials, national defense and military industry, and non-ferrous metals, while the bottom five industries with low congestion are automobiles, textiles and apparel, non-bank finance, banking, and home appliances[21] - The comprehensive industry rotation solution combines the positive scores of the macro, fundamental, and technical dimensions, while negatively configuring the congestion factor. For March 2026, the top five recommended industries are communication, non-ferrous metals, electronics, automobiles, and national defense and military industry, while the bottom seven are real estate, construction, home appliances, coal, food and beverage, retail, and electricity and public utilities[25] Model Backtest Results - Value-growth style rotation strategy, comprehensive score: 6 for March 2026[6] - Large-small cap style rotation strategy, comprehensive score: 2 for March 2026[8] - Industry rotation strategy, annualized return: 18.4%, benchmark annualized return: 4.9%, excess annualized return: 13.5%, monthly IC average: 12.1%[12][13]

Core Views - The market is expected to experience limited index space and focus on structural trends in March, influenced by geopolitical factors and policy expectations surrounding the upcoming Two Sessions and the 14th Five-Year Plan [2][12][23] - The geopolitical situation, particularly the US-Iran conflict, is identified as a significant variable affecting A-shares, with potential implications for commodity prices and global macroeconomic logic [4][12][14] - The market style is anticipated to become more balanced, with small and mid-cap stocks likely to continue outperforming, driven by liquidity from financing and quantitative private equity [4][12][15] Industry and Sector Recommendations - Key sectors to focus on include non-ferrous metals (industrial metals, energy metals, and minor metals), basic chemicals, machinery (automation and engineering), power equipment (batteries, grid equipment, wind power), electronics (semiconductors), and public utilities (electricity) [4][5][18] - The report emphasizes the importance of cyclical price increases and the expansion of AI hardware as core investment themes for March [4][12][18] - The anticipated policy support for traditional infrastructure and consumer services is expected to catalyze investment opportunities in these sectors [4][12][18] Market Liquidity and Capital Supply - March is projected to see continued net inflows of incremental capital, with a focus on the dynamics between financing funds and ETF redemptions [4][12][15] - The macro liquidity environment is expected to remain stable and abundant, supported by the central bank's monetary policy stance and the upcoming Two Sessions [4][12][15] Economic and Profitability Outlook - Profit expectations have been adjusted upward, particularly in resource products, information technology, and midstream manufacturing sectors [5][12] - The report notes that the profitability growth rate for the entire A-share market and non-financial sectors for 2026 has been slightly revised upward, indicating a positive outlook for these industries [5][12]

Group 1 - The report indicates that after the Spring Festival, the new stock market has shown signs of increased activity, with an average increase of approximately 3.7% for new stocks listed since 2025, and about 75.8% of these stocks achieving positive returns [1][13][5] - The current new stock cycle is expected to continue its upward trend, although the pricing indicators for new stocks have shifted higher, leading to a relatively weaker valuation drive for this cycle [2][13][1] - The report emphasizes the importance of external policies and events in catalyzing the activity of new stocks, suggesting that high-frequency rotation and differentiation will be the norm in this cycle [2][13][1] Group 2 - The report notes that last week, there were three new stocks available for online subscription, with an average issuance price-earnings ratio of 19.3X and a subscription success rate of 0.0206% [4][25] - The performance of newly listed stocks showed a significant drop in first-day trading enthusiasm, with an average first-day increase of about 70% for new stocks on the North Exchange, compared to 175% in the previous week [4][30] - The report highlights that the average increase for new stocks listed since 2025 on the North Exchange was 1.2%, with 67.6% of these stocks also showing an increase [5][33] Group 3 - The report identifies key sectors for investment, including technology themes such as AI, commercial aerospace, and energy export, which are expected to have significant long-term growth potential [3][13][1] - It also suggests that investors should consider sectors with temporary popularity but relatively stable performance, such as innovative pharmaceuticals, new consumption, and robotics, for potential rotation opportunities [3][13][1] - The report lists specific upcoming new stocks, including Tongling Technology and Haifiman, which are expected to be listed soon [4][3]

Group 1 - The core viewpoint of the report indicates that the recent escalation of conflicts in the Middle East is likely to negatively impact risk appetite in the short term, while benefiting sectors such as petrochemicals and military industries [8][3] - The report draws parallels with the June 2025 conflict between Iran and Israel, highlighting a two-phase asset response: the first phase sees a peak in conflict leading to increased prices for commodities and a flight to safety, while the second phase involves a return to previous trading patterns as conflict intensity decreases [8][12] - Future scenarios include three possibilities: a short-term end to the conflict leading to neutral impacts on domestic assets, a short-term end with significant changes in Iran's domestic politics causing shocks to domestic assets, and a prolonged conflict which could favor domestic assets due to sustained increases in commodity prices [13][10] Group 2 - The report emphasizes two main lines of price increases: one driven by industrialization in emerging economies and the other by geopolitical turmoil affecting import prices [15][18] - It is crucial to monitor indicators such as the US dollar index and US Treasury yields, as the geopolitical situation is expected to lead to more frequent and sustained impacts on commodity prices [15][18] - The report suggests that the global risk assessment is likely to rise, benefiting low-risk equity assets globally, while domestic risk assessments are expected to decline, potentially leading to increased foreign capital inflows into domestic markets [15][18]

Quantitative Models and Construction Methods Model 1: Hot Trend ETF Strategy - **Model Name**: Hot Trend ETF Strategy - **Model Construction Idea**: The strategy is based on selecting ETFs with the highest and lowest price patterns and constructing a risk parity portfolio with the top 10 ETFs showing the highest short-term market attention. - **Model Construction Process**: - Select ETFs with both highest and lowest prices in an upward pattern. - Construct support and resistance factors based on the relative steepness of the regression coefficients of the highest and lowest prices over the past 20 days. - Choose the top 10 ETFs with the highest turnover rate in the past 5 days relative to the past 20 days. - Construct a risk parity portfolio with these ETFs. - **Model Evaluation**: The strategy achieved a return of 59.92% since 2025, with an excess return of 36.61% compared to the CSI 300 Index[28][29]. Model 2: Three-Strategy Fusion ETF Rotation - **Model Name**: Three-Strategy Fusion ETF Rotation - **Model Construction Idea**: The strategy combines three industry rotation strategies driven by quantitative fundamentals, quality low volatility, and distressed reversal to achieve factor and style complementarity. - **Model Construction Process**: - Construct industry rotation strategies based on fundamental rotation, quality low volatility, and distressed reversal. - Combine these strategies equally to select industries from different dimensions. - Achieve factor and style complementarity to reduce the risk of a single strategy. - **Model Evaluation**: The strategy achieved a cumulative return of 12.16% from April 10, 2017, to February 27, 2026, with a Sharpe ratio of 0.74. The strategy's annual performance and latest holdings are also detailed[32][34][37]. Model 3: All-Weather Strategy - **Model Name**: All-Weather Strategy - **Model Construction Idea**: The strategy aims to achieve stable returns by avoiding the "prediction" dilemma through diversified risk. It follows three basic principles: asset selection, risk adjustment, and structural hedging. - **Model Construction Process**: - Use a cyclic hedging design to bypass macro factors and directly address asset volatility for long-term return balance. - Construct high-volatility and low-volatility portfolios based on risk levels. - **Model Evaluation**: As of 2025, the high-volatility version had an annualized return of 11.8%, an average maximum drawdown of 3.6%, and a Sharpe ratio of 2.3. The low-volatility version had an annualized return of 8.8%, an average maximum drawdown of 2.0%, and a Sharpe ratio of 3.4. Since 2026, the high-volatility and low-volatility versions had returns of 2.7% and 1.1%, respectively[49][59][60]. Model Backtest Results - **Hot Trend ETF Strategy**: - Return since 2025: 59.92% - Excess return compared to CSI 300 Index: 36.61%[28][29] - **Three-Strategy Fusion ETF Rotation**: - Cumulative return (April 10, 2017 - February 27, 2026): 12.16% - Sharpe ratio: 0.74 - Annual performance and latest holdings detailed[32][34][37] - **All-Weather Strategy**: - High-volatility version (as of 2025): Annualized return 11.8%, average maximum drawdown 3.6%, Sharpe ratio 2.3 - Low-volatility version (as of 2025): Annualized return 8.8%, average maximum drawdown 2.0%, Sharpe ratio 3.4 - Returns since 2026: High-volatility 2.7%, Low-volatility 1.1%[49][59][60] Quantitative Factors and Construction Methods Factor 1: Beta Factor - **Factor Name**: Beta Factor - **Factor Construction Idea**: Measures the sensitivity of a stock's returns to market returns. - **Factor Construction Process**: Calculate the beta coefficient of each stock based on its historical returns relative to the market index. - **Factor Evaluation**: The beta factor recorded a positive return of 3.26% this week, indicating that high-beta stocks regained market favor[62]. Factor 2: Momentum Factor - **Factor Name**: Momentum Factor - **Factor Construction Idea**: Measures the tendency of stocks to continue their past performance. - **Factor Construction Process**: Calculate the momentum of each stock based on its historical returns over a specified period. - **Factor Evaluation**: The momentum factor recorded a positive return of 2.37% this week, reflecting that high-momentum stocks gained market attention[62]. Factor 3: Liquidity Factor - **Factor Name**: Liquidity Factor - **Factor Construction Idea**: Measures the ease with which a stock can be traded. - **Factor Construction Process**: Calculate the liquidity of each stock based on its trading volume and bid-ask spread. - **Factor Evaluation**: The liquidity factor recorded a positive return of 2.21% this week, indicating that liquid stocks gained market attention[62]. Factor Backtest Results - **Beta Factor**: - Weekly return: 3.26%[62] - **Momentum Factor**: - Weekly return: 2.37%[62] - **Liquidity Factor**: - Weekly return: 2.21%[62]

- The report reviews the elasticity of various industry indices since the beginning of the current bull market, highlighting that sectors like telecommunications and metal materials have not yet surpassed their previous highs from late January and early February, while indices like Wind All A and Wind All A Equal Weight have reached new highs by the end of February[7] - The report provides a detailed table showing the maximum range increase of primary industry indices from February 5, 2024, to February 27, 2026, with telecommunications business and metal materials & mining leading the gains with 218% and 217% respectively[8] - The report discusses the performance of strong stocks in February, noting that due to fewer trading days and the impact of the Spring Festival, the overall height of strong stocks was not high, and the hotspots were scattered, with rare metals entering a stage of accelerated shrinkage[11]