The three major A-share stock indexes collectively opened higher on February 10. The index diverged in early trading, and the Shanghai Composite Index strengthened driven by the strength of the three major operators. In the afternoon, the two cities walked out of the unilateral upward mode, and the three major stock indexes expanded their gains at the end of the day.

From the perspective of the disk, the theme of DeepSeek continues to ferment, AI application-related concept stocks rise simultaneously, and medical insurance payment reform, network security, and computing power are among the top gainers; Dongfeng and military equipment concept stocks set off a rising tide.

At the close, the Shanghai Composite Index rose 0.56% to 3,322.17 points, the STAR 50 Index rose 1.76% to 1,036.77 points, the Shenzhen Component Index rose 0.52% to 10,631.25 points, and the ChiNext Index rose 0.44% to 2,183.88 points.

Wind statistics show that a total of 4,143 stocks rose in the two cities and the Beijing Stock Exchange, 1,107 stocks declined, and 139 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,730.8 billion yuan, a decrease of 229.4 billion yuan from 1,960.2 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 677 billion yuan, a decrease of 80.6 billion yuan from the previous trading day's 757.6 billion yuan, and the Shenzhen market turnover was 1,053.8 billion yuan.

According to Great Wisdom VIP, a total of 198 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and no stocks fell by more than 9%.

DeepSeek concept stocks continue to ferment, and the Dongfeng system and the military equipment system set off a rising tide

In terms of sectors, DeepSeek concept stocks continue to ferment, with more than 10 stocks such as Daily Interactive (300766), Youkede (688158), Qingyun Technology (688316), Anheng Information (688023), Capital Online (300846), and Zhejiang Oriental (600120) rising by more than 10%.

Dongfeng Department and Armament Department set off a rising tide, Dongfeng shares (600006), Dongfeng Technology (6000081), Hunan Tianyan (600698), China Optics (002189), Dongan Power (600178), Great Wall Military Industry (601606) and other shares. On the news side, China Ordnance Equipment Group and Dongfeng Group are planning to reorganize.

Trade and retail strengthened in the afternoon, and the price limit of Zhijia (000785), supply and marketing Daji (000564), Tongcheng Holdings (000419), baby-friendly room (603214), Dashang shares (600694), Hangzhou Jiebai (600841) and so on.

Power equipment fell against the trend, Sineng Electric (300827), Shangtai Technology (001301), Hunan Yuneng (301358), Juhe Materials (688503) fell more than 6%.

Coal stocks performed poorly, with Xinji Energy (601918), China Coal Energy (601898), Hengyuan Coal Power (600971), and Huaibei Mining (600985) among the top decliners.

The utilities sector fell first, with Zhongmin Energy (600163), Jinkai New Energy (600821), Xintian Green Energy (600956), and Huadian International (600027) falling more than 2%.

It is expected that the current volatile upward trend of the market is expected to continue until the two sessions

China Securities said that the recent policy statement is positive, and it is expected that the current market volatility is expected to continue until the two sessions. DeepSeek was born, reinforcing the logic of "confidence revaluation". Short-term investors should also pay attention to the fact that the congestion of some thematic transactions is close to the highest level in history, and it is not appropriate to blindly chase high in operation, the market may usher in certain shocks and structural rotations at any time, and can actively pay attention to the direction of other policy benefits, and the core leading companies can adjust their active layout.

CITIC Securities pointed out that the spring restless market driven by technological change has accelerated significantly, the trading style and structure have become more and more extreme, and the subsequent market differentiation is inevitable. The value of China's technology assets is being revalued by global investors, and the valuation gap between China and the United States is expected to converge. It is expected that this round of the market will continue to deduce, the differentiation of the structure and the rhythm of the market will be more critical, and it is currently recommended to strengthen the industrial logic with end-side AI as the core to highlight the plate, and then turn to the barbell strategy of non-US going overseas + dividends. In the first week after the holiday, the market volume continued to expand, the spring restlessness accelerated significantly, the rush indicators and active private equity positions were at a high level, and the outflow of foreign capital and the redemption margin of some public offerings improved. In terms of configuration, it is expected that the technology market with the AI industry chain as the core will also be deduced, and it is currently recommended to take the industrial logic as the core and pay attention to the end-side AI sector with high prosperity certainty; It is expected that the follow-up low-volatility style will gradually reflect excess returns, and it is recommended to highlight the barbell strategy of non-US overseas theme + consumer and monopoly dividends.

Shenwan Hongyuan Securities believes that after the Spring Festival, the domestic AI and robot market will be rapidly deduced, and the money-making effect of the relative value of growth is still below the historical median, and the money-making effect of domestic AI and robot-related industries is still far from the historical high. In the short term, the theme of industrial trends has not yet been deduced to the low-cost region, and the strong momentum still has a certain continuity. Emphasizing two medium and long-term judgments: the macro and market environment in the first half of 2025 is still conducive to the interpretation of the theme market, the advantage of small-cap growth style remains unchanged, the main investment opportunities still come from the active theme, and the theme of industrial trends is worth continuing to tap the potential internally. In the long run, domestic AI and robotics have the potential to become the core industry trend level of the bull market. In the spring, we will continue to be optimistic about the dominance of the theme, and there may be a new round of new highs in domestic AI computing power and applications, humanoid robots, and low-altitude economy. In the first quarter reporting period, we can pay attention to the direction that the improvement of the supply and demand pattern is expected to be the first to verify, such as power batteries, innovative drugs and CXO; and the theme of repurchase cancellation and mergers and acquisitions brought about by the centralized announcement of the long-term net breaking company's market value management plan.

Minsheng Securities pointed out that behind the market recovery is investors' hope that AI can become the core driving force of China's economic growth in the future. Due to the high valuation premium, continuing to invest in this sector may not be the best solution. AI is the current focus, but it is not the only answer to the investment question: if the hypothesis that AI is a core driver of economic growth is true, then the overall undervaluation of non-AI sectors will be equally resilient as AI-driven economic expectations are restored; If AI development ultimately falls short of expectations, the debt problem from a global perspective will once again push up the price of real assets. Based on the above discussion, it is recommended to focus on global pricing resources, taking into account the two attributes of demand and physical assets, and give priority to copper, gold, aluminum, oil, and coal. The restoration of some pro-cyclical fields in China with relatively low pricing in the early stage can be expected, including steel (special materials), equipment (transportation equipment, construction machinery), agrochemicals, chemicals, transportation, and new energy industry chains. Continue to pay attention to the banking sector with low valuation + dividend attributes; and the internal high and low switching of the AI sector, such as the direction of AI office and AI autonomous driving, which have risen less before.