Investment Rating - The report maintains a "Buy" rating for multiple companies in the consumer sector, including 巨子生物 (2367 HK), 思摩尔国际 (6969 HK), 上美股份 (2145 HK), and others [2][7][43]. Core Insights - The report highlights a robust growth in retail sales during January-February, with a total retail sales increase of 2.8% year-on-year, reaching 8.6 trillion yuan, driven by the extended Spring Festival holiday and consumption promotion policies [8]. - The report emphasizes the structural opportunities in high-demand consumer sectors, particularly in AI technology consumption, emotional consumption, and the rise of domestic brands [3][6]. - The report notes a significant increase in service consumption, with service retail sales growing by 5.6% and goods retail sales by 2.5% during the same period, indicating a recovery in consumer confidence [4][6]. Summary by Sections Retail Performance - Retail sales of consumer goods, excluding automobiles, increased by 3.7% year-on-year, with online retail sales growing by 9.2% to 3.3 trillion yuan [8]. - The report indicates that the performance of different retail categories varied, with home appliances and furniture seeing increases of 3.3% and 8.8%, respectively, while gold and jewelry sales rose by 13.0% [5][40]. Policy Impact - The report discusses the government's focus on enhancing consumption quality and efficiency through policies aimed at stimulating domestic demand, particularly in service and upgraded consumption categories [3][6]. - The CPI increased by 1.3% year-on-year in February, reflecting the recovery in consumer demand and the impact of the Spring Festival [6][12]. Company Recommendations - The report recommends several companies based on their growth potential, including: - 巨子生物 (2367 HK) with a target price of 85.00 HKD, expected to benefit from new product approvals in the medical aesthetics sector [44]. - 思摩尔国际 (6969 HK) with a target price of 27.00 HKD, showing strong revenue growth driven by its core business recovery and new product launches [46]. - 上美股份 (2145 HK) with a target price of 121.67 HKD, anticipating significant revenue growth due to brand expansion and market recovery [46]. - 泡泡玛特 (9992 HK) with a target price of 410.00 HKD, focusing on IP innovation and market expansion [46]. - 老铺黄金 (6181 HK) with a target price of 1,200.00 HKD, benefiting from strong sales growth and market positioning [46].

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - Historically, during periods when geopolitical factors drove oil prices above $100 per barrel, convertible bonds showed a pattern of initial adjustment followed by recovery. Large - cap and low - price convertible bonds had better defensive properties, while small - cap and high - price convertible bonds had higher elasticity during the recovery phase [2][4]. - In the week, the A - share market oscillated weakly, with the large - cap style dominant, and cyclical energy sectors such as oil and gas were strong. The convertible bond market also declined, with large - cap bonds relatively more resistant to decline, and trading volume contracted. Valuations were compressed overall when viewed by market price range, while implied volatility remained at a high level. Oil and gas and home appliance sectors were superior in structure, and some bonds with forced redemption announcements had top - ranking gains [2][4]. - The primary issuance of convertible bonds was stable. The game of redemption clauses intensified significantly, with many bonds expected to trigger forced redemption. High attention should be paid to the risk of valuation compression of high - premium convertible bonds [2][4]. 3. Summary According to Relevant Catalogs 3.1 Oil Price and Convertible Bond Performance - International crude oil prices have effectively exceeded $100 per barrel three times in history. The current rise in oil prices due to the tense situation between the US and Iran may have an impact on inflation and other macro - fields and suppress risk assets. The $100 mark is of symbolic significance to investors [11]. - The three times when oil prices exceeded $100 were in 2008, 2011, and 2022. The core driving factors were different each time. The rise in 2008 was related to capital inflows into US dollar assets and market speculation; in 2022, it was due to supply contraction caused by geopolitical conflicts; in 2011, it was due to the active joint production cuts of oil - producing countries and the demand support from major economies' recovery. During the high - oil - price periods in 2008 and 2022, major stock indices and convertible bond indices both weakened, but convertible bond indices showed better defensive properties with smaller declines [15]. - The current oil price increase due to the US - Iran conflict has a similar "supply contraction" mechanism to the period of the Russia - Ukraine conflict. During the Russia - Ukraine conflict, convertible bonds first adjusted and then recovered. Large - cap and low - price convertible bonds were more resistant to decline during the adjustment, while small - cap and high - price convertible bonds showed greater upward elasticity during the recovery [19]. 3.2 Market Theme Weekly Review - From March 2, 2026, to March 6, 2026, the equity market weakened overall, and cyclical sectors performed well. Shale gas, combustible ice, and natural gas in the energy direction performed relatively well, while the Sora concept (text - to - video), Kuaishou concept in the AI Internet direction, and the National Large - scale Fund holdings and photoresist in the semiconductor direction were under pressure [21]. 3.3 Market Weekly Tracking 3.3.1 Main Stock Indices - The main A - share stock indices weakened overall. The Shanghai Composite Index performed relatively well, while the ChiNext Index was relatively weak. In terms of style, large - cap indices were dominant, and small - and medium - cap and science - innovation indices performed weakly. The average daily trading volume of the market expanded, and the net outflow of main funds also increased slightly [24]. - Cyclical energy sectors such as oil and gas, petrochemicals, coal, and power and new - energy equipment were strong, while sectors such as media, Internet, non - metallic materials, and electronics were weak. Trading volume was mainly concentrated in the electronics, metal materials and mining, and power and new - energy equipment sectors. Most sectors' trading volume recovered, and the average daily trading volume of the oil and gas petrochemical sector increased by more than 163% week - on - week [28][29]. - The market sector congestion was still significantly differentiated. The congestion of cyclical directions such as petroleum, petrochemicals, coal, and agriculture, forestry, animal husbandry, and fishery increased, while that of sectors such as basic chemicals, building materials, and electronics decreased [32]. 3.3.2 Convertible Bond Market - From March 2, 2026, to March 7, 2026, the convertible bond market oscillated and weakened slightly. The small - cap convertible bond index performed relatively weakly, while the large - cap index was relatively strong. Trading volume contracted slightly [34]. - Valuations were stretched overall when divided by parity range, with significant stretching in the 90 - 100 yuan, 110 - 120 yuan, and 130 - 140 yuan parity ranges, and significant compression in the 120 - 130 yuan parity range. When divided by market price range, valuations were compressed overall, with stretching in the 110 - 120 yuan and 120 - 130 yuan market price ranges and significant compression in the 130 - 140 yuan market price range [37]. - The balance - weighted implied volatility of the convertible bond market oscillated and strengthened, remaining at a historical high. The median market price of convertible bonds oscillated and declined, still higher than the high point in August 2025 [40]. - Convertible bonds in the home appliance and petroleum and petrochemical sectors performed relatively well. Trading volume was mainly concentrated in the basic chemicals, power equipment, and electronics sectors, with the combined trading volume of these three sectors accounting for more than 36% [44]. - Most individual convertible bonds weakened. Only 65 convertible bonds had a price increase of 0% or more, accounting for 16.8% of the total number of outstanding convertible bonds in the market. Among the top five convertible bonds in terms of cross - week price increase during the conversion period were Hongbai Convertible Bond, Shouhua Convertible Bond, Hangyu Convertible Bond, Yitian Convertible Bond, and Shengxun Convertible Bond. Among the top five in terms of cross - week price decline were Liyang Convertible Bond, Songlin Convertible Bond, Fuxin Convertible Bond, Weidao Convertible Bond, and Dongshi Convertible Bond. Two of the top five convertible bonds with price increases had announced forced redemption [46]. 3.4 Convertible Bond Issuance and Clause Tracking 3.4.1 Issuance - From March 2, 2026, to March 7, 2026, two convertible bonds, Xianghe Convertible Bond and Tonglian Convertible Bond, were open for subscription. Xianghe Convertible Bond was issued by Xianghe Industrial, with a debt rating of A+ and an issuance scale of 400 million yuan. Tonglian Convertible Bond was issued by Tonglian Precision, with a debt rating of AA - and an issuance scale of 576 million yuan [50]. - Five listed companies updated their convertible bond issuance plans. Two were in the stage of passing the listing committee review, two were in the stage of board of directors' proposal, and one was in the stage of passing the general meeting of shareholders. The total scale of projects in the exchange acceptance stage and later stages reached 8.646 billion yuan [51][52]. 3.4.2 Clause - related Announcements - **Downward Revision**: Three convertible bonds announced that they were expected to trigger downward revision, with a market - value - weighted average PB of the underlying stocks of 3.1; one convertible bond announced not to conduct downward revision, with a market - value - weighted average PB of 2.6; three convertible bonds proposed downward revision, with a market - value - weighted average PB of 3.1 [55][56][57]. - **Redemption**: Thirteen convertible bonds announced that they were expected to trigger redemption; no convertible bond announced not to redeem in advance; three convertible bonds announced early redemption [60].

Market Performance - The Shanghai Composite Index decreased by 1.43%[3] - The Shenzhen Component Index fell by 3.07%[3] - The ChiNext Index dropped by 5.21%[3] - The CSI 300 Index declined by 1.54%[3] - The total trading volume increased compared to the previous day[6] Sector Performance - The oil and petrochemical sector rose by 6.75%[3] - The coal sector increased by 1.76%[3] - The defense and military sector fell by 6.74%[3] - The electronics sector decreased by 5.30%[3] - The satellite internet index dropped by 8.35%[3] Policy Insights - The Ministry of Industry and Information Technology aims to enhance the recycling of photovoltaic components, targeting a cumulative utilization of 250,000 tons by 2027[5] - Key technologies for recycling photovoltaic components are expected to see breakthroughs, promoting green production standards[5] Market Outlook - Energy-related sectors like oil and gas are expected to remain strong due to ongoing geopolitical tensions[6] - The market is likely to see a shift towards undervalued defensive stocks if tensions do not escalate further[6] - The upcoming Two Sessions may provide policy support for the market, limiting the potential for significant index declines[6] Risk Factors - Increased geopolitical tensions could impact market stability[7] - Domestic demand recovery may not meet expectations, affecting overall market performance[7] - Volatility in commodity prices poses additional risks to market outlook[7]

Market Overview - On March 3, the Shanghai Composite Index fell by 1.43%, the CSI 300 decreased by 1.54%, the STAR 50 dropped by 5.21%, the CSI 1000 declined by 3.95%, the ChiNext Index fell by 2.57%, and the Hang Seng Index decreased by 1.12% [4] - The best-performing sectors on March 3 were Oil & Petrochemicals (+6.75%), Coal (+1.76%), Transportation (+1.14%), Banking (+1.07%), and Utilities (+0.49%). The worst-performing sectors were Defense & Military Industry (-6.74%), Nonferrous Metals (-5.61%), Electronics (-5.3%), Computers (-4.94%), and Media (-4.29%) [4] - The total trading volume for the A-share market on March 3 was 31,576 billion, with a net inflow of 6.081 billion HKD from southbound funds [4] Important Insights Fixed Income and Credit Bonds - In January 2026, the banking sector showed a "stable corporate, weak household" characteristic in the credit sector, with performance slightly weak. The growth rate of household deposits fell to a historical low, indicating a marginal strengthening trend in the "deposit migration index," but deposits mainly remained in banks in the form of "non-bank deposits." The overall liability side of banks remained relatively ample, leading to a widening gap of 3.78 percentage points in loan-to-deposit growth rates, forcing banks to turn to the bond market for allocation, providing rigid buying support for interest rate bonds and high-grade credit bonds [5][6] Macroeconomic Outlook - The economic operation in the first two months of 2026 is expected to continue the structural characteristics of stable supply, recovering demand, moderate prices, and weak credit. The industrial production value added is expected to grow by approximately 5.0% year-on-year, while retail sales are projected to rebound to 5.1% year-on-year, although the real estate sector remains weak, constraining household consumption and investment. Fixed asset investment growth is expected to be around 2.0%, with manufacturing showing resilience and infrastructure likely to be supported by policy measures. External demand is expected to remain resilient, with export growth projected at 4.6% and import growth at 1.7%. CPI is expected to rise moderately to 0.7%, while PPI is expected to hover around -1.3%. Overall, steady growth policies are expected to support a "good start" in the first quarter, but the recovery slope will depend on alleviating real estate drag and sustaining internal demand [7][10]

Market Overview - The A-share market showed mixed performance on Monday, with the Shanghai Composite Index rising by 0.47%, while the Shenzhen Component Index fell by 0.2%, and the ChiNext Index decreased by 0.49%. The North Star 50 Index dropped by 3.99% [2][6] - The total market turnover reached 3.05 trillion yuan, an increase of 540.3 billion yuan compared to the previous day. Over 4,200 stocks in the market declined [2][6] - Active sectors included oil and gas extraction and services, port shipping, precious metals, military equipment, coal mining and processing, chemical raw materials, fertilizers, soybeans, and CPO concept stocks, while sectors such as gaming, media, AI applications, cloud computing, tourism and hotels, weight loss drugs, and retail experienced adjustments [2][6] Important News - The construction of a unified national market in 2025 is accelerating, with inter-provincial trade sales increasing by 4.5% year-on-year, accounting for 41% of national sales, which is an increase of 0.8 percentage points from the previous year. More than 80% of provinces reported positive growth in inter-provincial sales [3][7] - Key regions are showing significant trade interactions, with sales from Beijing-Tianjin-Hebei to the Yangtze River Delta and from the Pearl River Delta to the Chengdu-Chongqing area increasing by 6.7% and 7.8% year-on-year, respectively [3][7] - The number of tax-related business entities engaged in cross-provincial sales increased by 8% year-on-year in 2025, accounting for more than half of all entities involved in sales activities [3][7]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the document. 2. Core View of the Report - The convertible bond market experienced a volume - shrinking correction today, with valuations compressing on a month - on - month basis. The CSI Convertible Bond Index decreased by 1.03% month - on - month, and the trading sentiment in the convertible bond market weakened. The convertible bond price center declined, and the proportion of high - price bonds decreased. The valuation of convertible bonds was compressed, and most of the industry indices of underlying stocks declined [1][2]. 3. Summary According to Relevant Catalogs Market Main Index Performance - The CSI Convertible Bond Index closed at 525.93, down 1.03% day - on - day, - 0.53% in the past week, - 1.60% in the past month, and up 6.92% since the beginning of the year. The Shanghai Composite Index closed at 4146.63, down 0.01% day - on - day, up 0.31% in the past week, up 0.25% in the past month, and up 4.48% since the beginning of the year. The Shenzhen Component Index closed at 14503.79, up 0.19% day - on - day, up 1.55% in the past week, up 0.44% in the past month, and up 7.24% since the beginning of the year. Other major indices also showed different trends [7]. Market Capital Performance - The trading volume of the convertible bond market was 69.188 billion yuan, a month - on - month decrease of 7.81%. The total trading volume of the Wind All - A Index was 2556.639 billion yuan, a month - on - month increase of 3.05%. The net outflow of the main funds in the Shanghai and Shenzhen stock markets was 30.045 billion yuan, and the yield of the 10 - year Treasury bond increased by 1.30bp month - on - month to 1.83% [1][8]. Convertible Bond Price and Valuation - The weighted average closing price of convertible bonds was 143.90 yuan, a month - on - month decrease of 0.56%. The closing price of equity - biased convertible bonds was 218.78 yuan, a month - on - month decrease of 0.81%; the closing price of debt - biased convertible bonds was 121.74 yuan, a month - on - month decrease of 1.04%; the closing price of balanced convertible bonds was 134.76 yuan, a month - on - month decrease of 0.17%. The proportion of high - price bonds above 130 yuan was 78.17%, a month - on - month decrease of 4.27pct. The median price was 141.45 yuan, a month - on - month decrease of 1.01%. The fitted conversion premium rate of 100 - yuan par value was 39.86%, a month - on - month decrease of 1.43pct; the overall weighted par value was 108.96 yuan, a month - on - month increase of 0.41% [2]. Industry Performance - In the A - share market, the top three industries with the largest declines were real estate (- 2.25%), media (- 1.45%), and non - bank finance (- 1.42%); the top three industries with the largest increases were communication (+ 2.84%), electronics (+ 1.98%), and national defense and military industry (+ 1.52%). In the convertible bond market, 26 industries declined, and the top three industries with the largest declines were commerce and retail (- 2.55%), non - ferrous metals (- 2.44%), and media (- 2.37%); only two industries rose against the trend, namely communication (+ 4.48%) and power equipment (+ 2.21%) [3]. - In terms of different sectors: - Closing price: The large - cycle sector decreased by 1.31% month - on - month, the manufacturing sector decreased by 0.39% month - on - month, the technology sector increased by 0.22% month - on - month, the large - consumption sector decreased by 1.55% month - on - month, and the large - finance sector decreased by 0.82% month - on - month [3]. - Conversion premium rate: The large - cycle sector decreased by 1.8pct month - on - month, the manufacturing sector decreased by 2.0pct month - on - month, the technology sector decreased by 2.6pct month - on - month, the large - consumption sector decreased by 0.56pct month - on - month, and the large - finance sector decreased by 1.5pct month - on - month [3]. - Conversion value: The large - cycle sector increased by 0.11% month - on - month, the manufacturing sector increased by 1.40% month - on - month, the technology sector increased by 2.86% month - on - month, the large - consumption sector decreased by 0.72% month - on - month, and the large - finance sector decreased by 0.80% month - on - month [3]. - Pure - debt premium rate: The large - cycle sector decreased by 2.0pct month - on - month, the manufacturing sector decreased by 0.51pct month - on - month, the technology sector increased by 0.35pct month - on - month, the large - consumption sector decreased by 2.0pct month - on - month, and the large - finance sector decreased by 0.94pct month - on - month [4]. Industry Rotation - The communication, electronics, and national defense and military industry led the rise. For example, the communication industry had a daily increase of 2.84% in the underlying stocks and 4.48% in convertible bonds; the electronics industry had a daily increase of 1.98% in the underlying stocks and - 0.56% in convertible bonds; the national defense and military industry had a daily increase of 1.52% in the underlying stocks and - 0.84% in convertible bonds. The report also provided the weekly, monthly, and year - to - date increases, as well as the valuation quantiles of the underlying stocks [55].

Core Viewpoint - The article discusses the recent decline in market sentiment ahead of the holiday, indicating a bearish outlook based on various sentiment indicators [3][7]. Market Sentiment Analysis - As of February 13, the market sentiment indicator was at 1.9, a significant drop from 2.65 the previous week, suggesting a bearish sentiment [7][10]. - The trading volume has sharply decreased, with a 46.67% week-on-week decline in total A-share trading volume, averaging 12,835.04 billion yuan per day [15][10]. - The RSI (Relative Strength Index) has rapidly declined, indicating a weakening short-term upward momentum and increased selling pressure [29][10]. Indicator Breakdown - The industry trading volatility has shown a quick rebound, indicating increased activity in switching between sectors, suggesting a marginal improvement in trading dynamics [20][10]. - The financing balance ratio remains stable and above the upper Bollinger band, indicating that leveraged funds are still at a high level, maintaining a relatively stable trading activity [25][10]. - The industry trend indicators are currently oscillating at low levels, reflecting a lack of consensus on short-term industry direction among investors [22][10]. Industry Insights - The highest short-term scores are seen in sectors such as construction materials (96.61), integrated services, light industry manufacturing, petrochemicals, and power equipment, indicating strong short-term performance potential [34][10]. - The correlation between industry congestion and weekly price changes is weakly positive (0.21), with high congestion sectors like construction materials and coal showing significant price increases, but caution is advised due to potential high-level pullback risks [41][10]. Style and Trend Signals - Current models indicate a preference for large-cap and value styles, although there are signs that these signals may weaken in the future [44][10]. - The short-term performance of coal and other sectors is being closely monitored for potential upward trends, with value and large-cap styles currently favored [34][10].

Core Insights - The report emphasizes a dynamic balance strategy that has achieved an annualized absolute return of 18.85% and a relative return of 12.26% from January 2015 to January 30, 2026, with a maximum drawdown of 10.18% [3] - Recommended industries for February 2026 include non-ferrous metals, basic chemicals, electric equipment and new energy, communication, light manufacturing, and steel [3][25] - The macro-driven strategy has generated an annualized excess return of 4.77% since January 2016, with a maximum drawdown of 9.51% [4][45] - The multi-strategy approach has yielded an annualized relative return of 6.32% since May 2011, with a maximum drawdown of 13.24% [5][66] - The extreme style high beta strategy has achieved an annualized relative return of 9.93% since July 2013, but has underperformed in 2026 with a relative excess return of -4.02% [5][80] Industry Performance Summary - In January 2026, the A-share market saw the CSI 300 index rise by 1.65%, while the CSI 500 index increased by 12.12% [16] - The top-performing sectors in January were non-ferrous metals, media, oil and petrochemicals, building materials, and electronics [16] - The dynamic balance strategy outperformed its benchmark in January with an absolute return of 9.18% and an excess return of 4.05% [22][55] - The macro-driven strategy achieved an absolute return of 6.76% in January, with an excess return of 1.20% [4][48] - The multi-strategy approach recorded an absolute return of 4.65% in January, but underperformed its benchmark with an excess return of -0.42% [5][69] Recommended Industries - The dynamic balance strategy recommends non-ferrous metals, basic chemicals, electric equipment and new energy, communication, light manufacturing, and steel for February 2026 [3][25] - The macro-driven strategy suggests food and beverage, defense and military, pharmaceuticals, non-ferrous metals, communication, and basic chemicals for February 2026 [4][24] - The multi-strategy approach recommends real estate, construction, banking, communication, textiles and apparel, pharmaceuticals, basic chemicals, and non-ferrous metals for February 2026 [5][56] - The extreme style high beta strategy recommends transportation, electric utilities, basic chemicals, machinery, banking, and oil and petrochemicals for February 2026 [5][74]

Core Viewpoint - The overall market sentiment indicators are stable, with rapid fund switching observed, indicating a bullish sentiment in the market [4][5]. Group 1: Market Sentiment Indicators - The market sentiment structure indicators include various metrics such as industry trading volatility, trading congestion, price-volume consistency, and others, which collectively inform the sentiment direction [2][3]. - As of January 30, the market sentiment indicator value is 2.6, a slight increase from 2.35 the previous week, suggesting a stable sentiment with a bullish bias [4]. - The sentiment structure indicator has fluctuated around the zero axis within the range of [-6, 6] over the past five years, with significant volatility observed in 2023 [3]. Group 2: Sub-indicator Analysis - The industry trading volatility has shown a slight recovery, indicating increased frequency of fund switching between different sectors, while the industry trend indicator has rapidly declined, suggesting growing divergence in short-term industry outlooks [5][18]. - The price-volume consistency indicator remains high, reflecting a strong correlation between market attention and stock price movements, indicating active market sentiment [7]. - The financing balance ratio has slightly increased, indicating that leveraged funds are maintaining a high level of sentiment, with overall investor risk appetite remaining positive [19]. Group 3: Sector Performance and Trends - The short-term score for the food and beverage sector has risen significantly, while growth and small-cap styles are currently favored [26]. - The highest short-term scores are observed in the oil and petrochemical, construction materials, and non-ferrous metals sectors, indicating strong performance in these areas [26][27]. - The average congestion levels are highest in sectors like non-ferrous metals and oil and petrochemicals, while the lowest are in transportation and real estate, suggesting varying levels of market focus and potential risks [32][34].

Market Overview - As of January 27, the Shanghai Composite Index rose by 0.18%, closing at 4139.9041 points, while the Shenzhen Component Index increased by 0.09%, closing at 14329.906 points [1] Top Gainers in Hunan Stocks - Hunan Gold opened at 27.800 and closed at 27.800, with a daily increase of 10.01%, maintaining the same price throughout the day, with a trading volume of 30,416 lots [2] - Zhongbing Hongjian opened at 19.070 and closed at 19.650, rising by 2.50%, with a daily high of 19.670 and a low of 19.030, and a trading volume of 690,833 lots [2] - Kaimete Gas opened at 22.770 and closed at 23.450, up by 2.31%, reaching a high of 23.800 and a low of 22.670, with a trading volume of 496,264 lots [2] - Youa Shares opened at 7.790 and closed at 8.030, increasing by 2.16%, with a daily high of 8.080 and a low of 7.720, and a trading volume of 437,837 lots [2] - Dianguang Media opened at 11.380 and closed at 11.580, up by 2.03%, with a high of 11.600 and a low of 11.060, and a trading volume of 876,399 lots [2] Top Losers in Hunan Stocks - Hengli Tui opened at 0.160 and closed at 0.150, falling by 11.76%, with a daily high of 0.170 and a low of 0.150, and a trading volume of 611,606 lots [3] - Taijia Shares opened at 22.130 and closed at 20.190, down by 9.01%, with a high of 22.130 and a low of 19.970, and a trading volume of 238,463 lots [3] - *ST Gaosi opened at 12.750 and closed at 12.160, decreasing by 4.48%, with a high of 13.140 and a low of 12.090, and a trading volume of 233,058 lots [3] - Zhejiang Construction Investment opened at 8.800 and closed at 8.570, down by 2.83%, with a high of 8.820 and a low of 8.450, and a trading volume of 210,227 lots [3] - Changlan Technology opened at 21.910 and closed at 21.460, falling by 2.68%, with a high of 22.000 and a low of 20.730, and a trading volume of 105,940 lots [3]