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On February 25, the A-share market continued its strong performance since the beginning of the Year of the Horse. The major indexes collectively closed up and market trading continued to increase. It is worth mentioning that after the first trading day of the Year of the Horse on February 24, the market reached a daily limit of more than 100 stocks. On the 25th, the market once again ushered in a daily limit of more than 100 stocks. Volume energy and sentiment resonated upward, and the spring market enthusiasm continued to spread.
As of the close, the Shanghai Composite Index was at 4147.23 points, up 0.72%; the Shenzhen Component Index was at 14475.87 points, up 1.29%; the GEM Index was at 3354.82 points, up 1.41%; the Science and Technology Innovation Composite Index was up 1.20%, and the Beixin 50 Index was up 0.77%. The total turnover of the three cities of Shanghai, Shenzhen and North China exceeded 2.48 trillion yuan, with a volume of 262.7 billion yuan higher than the previous trading day. It has remained above 2.2 trillion yuan for two consecutive trading days, and the trend of capital entry is clear.
General rising characteristics are obvious
Specifically, on February 24, the turnover of the Shanghai, Shenzhen and North stock markets was 2.2 trillion yuan, 4,006 stocks in the market rose, and 109 stocks reached the daily limit, achieving a "good start" in the Year of the Horse. On February 25, the volume was further amplified. 3,748 stocks in the market rose, 101 stocks reached the daily limit, and only 4 stocks fell below the limit. The profit-making effect of individual stocks is high. The general market rise has obvious characteristics, and the upward trend of the index resonates with the strength of individual stocks, changing the previous structurally differentiated market pattern.
At the level of individual stock sentiment, the daily limit of more than 100 stocks for two consecutive days has become the core indicator of market sentiment, while the echelon of strong connected stocks is complete, highly open, and has a stable promotion rate, which has become an intuitive reflection of short-term capital sentiment. On February 25, the total number of stocks with consecutive boards was 18, which was significantly expanded from the 7 stocks on the previous trading day. Among them, 4 stocks with three consecutive boards or above with high bids reached 4. The height of the market's consecutive boards expanded from 3 consecutive boards before the holiday to 5 consecutive boards in one fell swoop. Short-term relay sentiment continued to recover. Yuneng Holdings, which has five consecutive board targets, is the highest space board in the market, with a single-day transaction volume of 3.359 billion yuan and a turnover rate of 21%.
From the perspective of the structure of daily limit stocks, cyclical stocks and technology growth stocks have become the main force. There are both low-level targets driven by resource price increases and hard technology targets supported by industrial prosperity. The closing rate remains high, the willingness of funds to close the market is strong, and short-term funds and mid-term institutional funds have formed a synergy to promote market sentiment to continue to rise.
Price increase themes lead the rise
In terms of sector operation, the market presents a pattern driven by the dual main lines of cyclical price increases and technological growth, providing support for the continued upward movement of the index. The theme of cyclical price increases has become the core leading force in the market in the past two days. Benefiting from the rise in international commodity prices, the strengthening of domestic strategic resource positioning and the expectation of product price increases, the rare earth, minor metals, non-ferrous metals, oil and gas exploration, phosphorus chemicals, steel and other sectors have exploded across the board.
Among them, the concept of rare earths surged, with Baotou Steel Co., Ltd. and Northern Rare Earth both hitting their daily limit. On the news, the quotations from the Baotou Rare Earth Products Exchange show that the prices of praseodymium and neodymium oxide, praseodymium and neodymium metal, metal neodymium, dysprosium oxide, and terbium oxide have generally risen after the holiday. The average prices on February 24 were 882,000 yuan/ton and 1.0367 million yuan/ton respectively. , 1.12 million yuan/ton, 1.6229 million yuan/ton and 6.438 million yuan/ton, respectively increased by 41,600 yuan/ton, 31,700 yuan/ton, 80,000 yuan/ton, 170,000 yuan/ton and 118,000 yuan/ton compared with before the holiday.
The port shipping sector was also affected by the logic of price increases. China Merchants Energy Shipping and COSCO Shipping Energy all went up by the daily limit at the beginning of the market. As of the close, the total market value had exceeded 110 billion yuan. In terms of news, the prosperity of the oil transportation industry has increased significantly recently and has become a hot spot in the market. The latest data on February 24 showed that the price of renting a very large crude carrier (VLCC) to transport Middle East crude oil to China has exceeded US$170,000 per day, setting a new high since April 2020.
Agency: The spring market is sustainable
Market institutions generally believe that the daily limit of 100 stocks has been exceeded for two consecutive days and the trading volume has gradually increased, confirming the logic of capital entry and the sustainability of the spring market.
A Galaxy Securities research report stated that after the Spring Festival holiday, catalyzed by policy expectations, liquidity support and industrial trends, the market is likely to fluctuate upward. At the same time, it is necessary to pay close attention to the short-term disturbance of market sentiment caused by overseas uncertainties. Around March, the A-share market may take policy catalysis as the core driving force, with funds competing around policy-oriented industry main lines and theme opportunities, showing the characteristics of "rotation of policy hot spots and rapid switching of styles". At the same time, in March, the market logic will gradually shift from "policy expectations" to "performance fulfillment." The disclosure of the 2025 annual report of listed companies and the subsequent disclosure of the first quarter report of 2026 will become the market anchor, and targets whose performance exceeds expectations may receive funding focus.
In terms of allocation opportunities, Galaxy Securities believes that we can focus on two main lines: on the one hand, the concept of "anti-involution" driven by the improvement of the supply and demand pattern and the restoration of industry profits, as well as the valuation of dividend assets with a margin of safety. The allocation logic is still clear. It is recommended to focus on non-ferrous metals, petroleum and petrochemical industries that benefit from rising prices, as well as basic chemicals, steel, cement, building materials, finance and other sectors. On the other hand, as the world's major changes unseen in a century accelerate, the underlying logic of the domestic economy shifts to new productive forces. Semiconductors, artificial intelligence, new energy, military industry, aerospace and other fields deserve attention.
