Market Overview - The A-share market opened slightly lower on February 11, with the Shanghai Composite Index rising by 0.22% to 4137.55 points, while the Shenzhen Component Index and the ChiNext Index showed declines of 0.07% and 0.48% respectively [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion CNY, with over 2700 stocks rising and 52 stocks hitting the daily limit [3][4] Sector Performance - The non-ferrous metals, building materials, chemicals, steel, and coal sectors led the gains, with the chemical sector showing strong performance recently [4] - Notable stocks included Jihua Group, which achieved a limit-up for four consecutive days, and other companies like Sanfangxiang and Baichuan Co., which also hit the daily limit [4] - The solid-state battery concept saw fluctuations, with the lithium battery electrolyte index rising by 4%, and stocks like Xinzhou Bang and Haike Xinyuan increasing by over 7% [4] Specific Stock Highlights - China Jushi's stock surged to a limit-up, reaching a market capitalization of over 100 billion CNY, driven by price increases in electronic cloth products [5] - The media sector displayed mixed performance, with Seedance concept stocks like Zhangyue Technology and Huanyu Century achieving consecutive gains, while film stocks like Hengdian Film and Huayi Brothers faced significant declines [6][7] Investment Sentiment - Many institutions recommend holding stocks through the holiday period, indicating a cautious but optimistic outlook among investors [9]

三大指数早盘涨跌不一，截至午盘，沪指涨0.22%，深成指跌0.07%，创业板指跌0.91%，北证50指数跌0.06%，沪深京三 市半日成交额13095亿元，较上日缩量965亿元。全市场超2700只个股上涨。板块题材上，有色金属、稀土永磁、化学纤维、染 料、油气开采及服务、固态电池、算力租赁、钢铁、造纸、电力板块涨幅居前；影视院线、短剧游戏、教育、CPO、铜缆高速 连接、光伏设备板块跌幅居前。盘面上，受涨价催化影响，小金属、稀土、化工等板块集体走强，章源钨业、翔鹭钨业创新 高，北矿科技、格林美、美邦股份、金牛化工涨停。AI应用推动云计算需求增加，算力租赁板块延续活跃，大位科技收获3连 板。此外，固态电池、钢铁、港口航运等板块盘中轮动。另一方面，昨日大涨的影视、短剧游戏板块集体回调，横店影视、浙 文影业封跌停，华谊兄弟、华策影视亦大幅下挫。光伏设备板块延续调整，泽润新能、双良节能领跌。 ...

点评：消息面上，有分析称在全球供应链重构与新兴产业加速崛起的双重驱动下，稀有金属作为支撑能 源转型、高端制造及国家安全的关键战略资源，正迎来新一轮景气周期。 2月11日，三大指数走势分化，沪指震荡走高，创业板指、深成指相对弱势。截至午间收盘，沪指涨 0.22%，深证成指跌0.07%，创业板指跌0.91%。两市半日成交1.30万亿元，较上一日缩量成交949亿元。 盘面上，稀土、有色金属板块强势大涨，黄金、锌金属、铜金属等方向领涨，新金路、翔鹭钨业等多股 涨停；化工、染料板块持续走高，醋化股份、华尔泰等涨停，红太阳、荣盛石化、山东海化、新疆天业 等跟涨；商业航天板块回暖，再升科技等涨停，天力复合、莱斯信息、振江股份、超捷股份、光威复材 跟涨；算力租赁概念盘中冲高，大位科技等涨停，南凌科技、首都在线、优刻得、华胜天成等跟涨；盐 湖提锂、固态电池板块有所表现，聚杰微纤等涨停。 下跌方面，此前大涨的AI应用概念回调，影视传媒、短剧、电商、游戏等方向集体下行，横店影视、 浙文影业等跌停；光伏设备板块延续跌势，泽润新能领跌；光模块概念股表现分化，源杰科技跌超 5%；旅游酒店、冰雪产业走弱，保险股持续走低，医药、消费电子、半 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.22% to 4137.55, while the Shenzhen Component Index fell by 0.07% to 14200.38, and the ChiNext Index decreased by 0.91% to 3290.41 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion, a decrease of 949 billion compared to the previous trading day [1][6] - Over 2700 stocks in the market experienced an increase [1] Sector Performance - The chemical sector showed strong performance, with companies like Jihua Group achieving a five-day streak of gains, and stocks such as Sanfangxiang, Baichuan Co., and Hualitai hitting the daily limit [2] - The fiberglass concept saw rapid gains, with stocks like Shandong Fiberglass, International Composites, and China Jushi reaching the daily limit [2] - The non-ferrous metals sector was active, particularly the tungsten concept, with Xianglu Tungsten achieving two gains in four days and Zhangyuan Tungsten hitting the daily limit [2] - The computing power leasing concept also surged, with companies like Nanxing Co. and Dawi Technology reaching the daily limit [2] Decline in Specific Sectors - The film and cinema sector faced significant declines, with Hengdian Film falling to the daily limit, and other companies like Huayi Brothers, Huace Film, and China Film experiencing substantial drops [3]

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index experiencing a rise while the ChiNext Index performed weakly [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion yuan, a decrease of 949 billion yuan compared to the previous trading day [1] - Over 2,700 stocks in the market saw an increase [1] Sector Performance - The chemical sector has shown strong performance recently, with Ji Hua Group achieving a 5-day streak of 4 trading limits, and stocks like Sanfangxiang, Baichuan Co., Vinegar Chemical, and Hualitai hitting the daily limit [1] - The fiberglass concept surged quickly, with Shandong Fiberglass, International Composites, and China Jushi all reaching the daily limit [1] - The non-ferrous metals sector was active, led by the tungsten concept, with Xianglu Tungsten achieving a 4-day streak of 2 trading limits and Zhangyuan Tungsten hitting the daily limit [1] - The computing power leasing concept also saw a rise, with Nanxing Co. and Dawi Technology reaching the daily limit [1] Declining Sectors - The film and cinema sector faced significant declines, with Hengdian Film falling to the daily limit, and Huayi Brothers, Huace Film, and China Film experiencing substantial drops [1] Index Performance - At the close, the Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index fell by 0.07%, and the ChiNext Index decreased by 0.91% [1]

Market Overview - A-shares showed a mixed performance with the Shanghai Composite Index slightly up by 0.22% to 4137.55 points, while the Shenzhen Component Index fell by 0.07% to 14200.38 points, and the ChiNext Index dropped by 0.91% to 3290.41 points, indicating a clear structural market trend [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.3 trillion yuan, with over 2700 stocks rising [1] Sector Performance - The chemical sector has shown strong performance, with key stocks like Jihua Group achieving a 5-day streak of gains, and stocks such as Sanfangxiang, Baichuan Co., and Huayitai hitting the daily limit [1][2] - The fiberglass sector also saw rapid gains, with stocks like Shandong Fiberglass and China Jushi reaching the daily limit [1] - The non-ferrous metals sector was active, particularly tungsten-related stocks, with Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [1][2] - The computing power leasing concept gained traction, with stocks like Nanxing Co. and Dawi Technology reaching the daily limit [1][3] Emerging Trends - The rare metals sector, including small and rare metals, has strengthened, driven by global supply chain restructuring and the rise of new industries, marking a new cycle of prosperity for these strategic resources [2] - The Seedance concept is gaining momentum, with companies like Zhangyue Technology and Huanyu Century recording three consecutive gains, driven by the recent evaluation of ByteDance's Seedance 2.0 model [2] Institutional Insights - Minsheng Securities noted that the market is experiencing a mild tug-of-war due to the upcoming holiday, suggesting that the best window for positioning is the week before the holiday, with a likely shift towards small and mid-cap growth stocks [4] - China Galaxy Securities highlighted the potential for box office releases during the upcoming long holiday, suggesting a focus on the performance of the film industry [4] - CITIC Securities pointed out that the surge in silver prices could accelerate the replacement of precious metal materials in the photovoltaic industry, leading to a differentiation in industry costs and the potential elimination of outdated capacities [4]

东方证券指出，低位周期中具备红利吸引力的板块值得关注，宏观层面看，目前正处于PPI持续下行的 触底期，从市场预期角度看，PPI和行业盈利正处在低位回升的节点。在反内卷背景下有政策变化的行 业内，关注供给出清且有盈利弹性的板块，重点关注其中红利吸引力提升的板块。（文中所列示的行业 仅供参考，不预示本基金未来表现，不作为投资收益保证，也不构成对具体行业的投资建议） 国企红利ETF紧密跟踪中证国有企业红利指数，从国有企业中选取现金股息率高、分红比较稳定且有一 定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息率证券的整体表现。 据Wind数据显示，截至2026年1月30日，中证国有企业红利指数前十大权重股分别为中远海控、潞安环 能、西部矿业、山煤国际、恒源煤电、平煤股份、山西焦煤、兖矿能源、陕西煤业、华阳股份，前十大 权重股合计占比16.61%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场 有风险，投资需谨慎） 2026年2月11日早盘，截至11:05，中证国有企业红利指数上涨0.2 ...

Market Performance - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index rising by 0.22% to 4137.55 points, while the Shenzhen Component Index fell by 0.07% and the ChiNext Index decreased by 0.91% [1] - The North China 50 Index also experienced a slight decline of 0.06% [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 130.95 billion yuan, which is a decrease of 9.65 billion yuan compared to the previous day [1] - Over 2700 individual stocks in the market saw an increase in their prices [1] Sector Performance - The non-ferrous metals and chemical sectors collectively experienced gains, primarily driven by news of price increases [1] - AI application concept stocks generally underwent a correction during this period [1]

值得一提的是，都逸敏提出投资需要一定的"时代感"。当下的市场环境在寻找新经济的"明珠"方面效率 很高，但是在寻找传统经济的"遗珠"上定价效率一般。新材料作为战略性、基础性产业，不仅是推动现 代制造业高端化、智能化、绿色化转型的核心要素，也与很多传统经济传统行业紧密相关。在市场对传 统经济"遗珠"反应之前，为投资者留出了较大的选股空间。同时，随着基础工业品的需求在提升，我国 经济发展范式不再依赖过量资本投入，基础工业品供给有望长期受限，相关行业盈利逐渐步入修复通 道，比如电解铝、制冷剂等行业已有所表现。 展望2026年新材料相关投资方向，都逸敏非常看好化工领域的投资机会。他认为，化工行业经历了2022 年至2024年三年盈利下行后，于2025年Capex增速转负，很多子行业产能利用率已持续提升至80至 90%，而价差仍在底部。而且在全球需求持续增长的背景下，化工供需拐点向上有望持续修复盈利。从 过往历史来看，PPI拐点也是化工超额收益起点，而2025年7月PPI同比增速已经见底，2026年至2027年 有望转正。很多龙头公司盈利若恢复至历史中枢水平就有不错的向上空间。"涨价会是贯穿 2026 年全年 重要的投资 ...

Group 1 - The core viewpoint of the article highlights the positive performance of the chemical sector, with the China Petroleum and Chemical Industry Index rising by 2.5%, driven by significant gains in stocks such as Tongkun Co., New Fengming, Hengli Petrochemical, and Rongsheng Petrochemical [1] - The polyester fiber industry is experiencing a widening price gap between upstream and downstream, with increased support from upstream costs boosting market sentiment and leading to rising prices for PX, MEG, and PTA [1] - Analysts predict that the polyester filament industry may see a concentrated resumption of work and inventory replenishment after the Spring Festival, making the traditional price increase window in March and April noteworthy [1] Group 2 - The China Petroleum and Chemical Industry Index includes major chemical leaders, with approximately 60% in basic chemicals and 30% in petroleum and petrochemicals, focusing on sub-industries with clear supply and demand improvements [1] - The recent performance of the chemical sector ETF, E Fund (516570), has attracted around 1.5 billion yuan in investments over the past month, benefiting from a low management fee rate of 0.15% per year [2]