The three major A-share stock indexes collectively opened lower on February 25. In early trading, the two markets fluctuated and picked up, and the Science and Technology Innovation 50 Index took the lead in turning red and rising. In the afternoon, the two markets returned to decline, and the three major stock indexes all fell more than 1% at one point in late trading.

From the perspective of the disk, AI application concept stocks pulled back across the board, and agriculture, media, telecommunications, insurance, liquor, medicine, and financial technology concept stocks fell first. Consumer electronics and lithography machine themes are bucking the trend.

At the close, the Shanghai Composite Index fell 0.8% to 3,346.04 points, the STAR 50 Index rose 0.26% to 1,102.9 points, the Shenzhen Component Index fell 1.17% to 10,854.5 points, and the ChiNext Index fell 1.13% to 2,240.59 points.

Wind statistics show that a total of 1,537 stocks rose in the two cities and the Beijing Stock Exchange, 3,735 stocks declined, and 123 stocks were flat.

The total turnover of the Shanghai and Shenzhen stock exchanges was 1,896.8 billion yuan, a decrease of 183.6 billion yuan from 2,080.4 billion yuan on the previous trading day. Among them, the Shanghai market turnover was 727.5 billion yuan, a decrease of 75.3 billion yuan from the previous trading day's 802.8 billion yuan, and the Shenzhen market turnover was 1,169.3 billion yuan.

According to Great Wisdom VIP, a total of 92 stocks in the two cities and the Beijing Stock Exchange rose by more than 9%, and 8 stocks fell by more than 9%.

Semiconductors and auto stocks rose, while agricultural media led the decline

In terms of sectors, semiconductors fluctuated higher after the initial downturn, with Fuxin Technology (688662), Aojie Technology (688220), VeriSilicon (688521) rising more than 10%, and Microconductive Nano (688147), Tianyue Advanced (688234), and Zhongke Lanxun (688332) rising more than 5%.

Auto stocks strengthened, and nearly 10 stocks such as Biao Shares (301181), Ankai Bus (000868), Smart Agriculture (000816), Tiancheng Controls (603085), Fuda Shares (603166), and New Coordinates (603040) rose by more than 10%.

Machinery and equipment led the two cities, Lihexing (301013), Hengfeng Tools (300488), Huicheng Vacuum (301392), Sikan Technology (688583), Lanying Equipment (300293), Sunward Intelligence (002097), Wiltai (002058) and other more than 10 shares rose or rose by more than 10%.

Media stocks led the decline in the two cities, Zhejiang Digital Culture (600633) fell to the limit, Guangguang Media (300251), Zhongguang Tianxue (603721), Ciwen Media (002343), etc. fell more than 8%, Tianwei Video (002238), Chinese Online (300364), Shengtian Network (300494), etc. fell more than 4%.

Agricultural stocks fell first, Quanyin Hi-Tech (300087), Shennong Seeds (300189), Dayu Water Saving (300021), Denghai Seeds (002041), Fengle Seeds (000713), Langyuan shares (300175) fell more than 4%.

The decline in non-bank finance expanded at the end of the session, with Hainan Huatie (603300), Xinhua Insurance (601336), COFCO Capital (002423), Lakala (300773), Dongxing Securities (601198), and Shaanxi Guotou A (000563) falling more than 2%.

The "spring restlessness" is not over yet

China Merchants Securities pointed out that since late January, the market has launched a spring offensive catalyzed by factors such as the release of liquidity, the explosion of DeepSeek, and the policy expectations of the two sessions. Looking forward to March, the market is still in a performance and policy vacuum, considering that domestic cloud computing and Internet manufacturers expand capital expenditure, and the policy side of the catalysis of AI and robotics and other fields is still on, it is expected that the spring market will continue to perform in the short term. In terms of industry allocation, it mainly focuses on the interpretation process of the spring market and the clue layout of the economic recovery in the subdivided fields. Combined with multiple dimensions such as mesoscopic prosperity, profitability, chip distribution, valuation, transaction, cycle stage and track value, this issue recommends focusing on communication (communication services, communication equipment), electronics (consumer electronics, semiconductors), machinery (construction machinery, automation equipment), automobiles (auto parts, passenger cars), medicine and biology (medical services), national defense and military industry (aviation equipment), etc.

Dongguan Securities pointed out that from an overseas point of view, global geopolitical frictions have eased, Sino-US trade competition and cooperation relations tend to be optimized, the overseas environment has gradually improved, and global risk appetite has rebounded. In terms of domestic news, the symposium on private enterprises released an important signal to promote the healthy and high-quality development of the private economy; The China Securities Regulatory Commission said that it would better play the role of the capital market platform and provide more powerful capital market support for private enterprises to become better and stronger. Although the recent A-share market has seen a period of stability and stability, the main reason is that the rapid rise of technology stocks in the early stage has brought overheating to trading, and some funds have taken profits. However, looking ahead, there are more warm winds on the surface of the recent industrial news, which continues to boost the confidence of the economy to warm. In addition, towards the end of the month, the policy expectations of the two sessions may be able to give better support to A-shares, and the market is expected to continue to perform upward in the shock. In terms of sector selection, it is recommended to focus on sectors such as TMT, automobiles, banks and non-ferrous metals.

Guojin Securities pointed out that the "spring restlessness" has not yet ended, and it maintains the importance of small and medium-cap technology growth opportunities and focuses on TMT+ machinery. Suggestions: (1) Based on the AI boom investment map, the medium and long-term focus is optimistic: (1) optical chips, (2) optical modules and (3) new display technologies. (2) The short-term focus of AI-themed investment is: (1) DeepSeek large model and related infrastructure and components; (2) Low-altitude economy + unmanned; (3) PEEK material; (4) AI consumer electronics, including glasses, mobile phones, audio, etc.; (5) AI software applications, education, medical care, and finance.

Dongguan Securities said that although the recent A-share period of shock and stability, the main reason is that the rapid rise of technology stocks in the early stage brought about overheated trading, and some funds took profits. However, looking ahead, there are more warm winds on the surface of the recent industrial news, which continues to boost the confidence of the economy to warm. In addition, the policy expectations of the two sessions near the end of the month may be able to give good support to A-shares, and the market is expected to continue to perform upward in the shock. In terms of sector selection, it is recommended to focus on sectors such as TMT, automobiles, banks and non-ferrous metals.

Orient Securities said that on the whole, the recent rise in the technology sector is not small, and the demand for internal adjustment is relatively strong, but there are still no obvious signs of the top; At present, the development trend of the domestic technology industry is clear, the market offensive of technology stocks is not finished, and the short-term adjustment is still an opportunity for relayout, and we will continue to focus on the pan-technology industry.

Everbright Securities said that after the recent continuous rise in technology stocks, there has been a certain divergence in the market, and some funds have taken profits, resulting in a divergence in the market trend. Looking ahead, the market turnover is still above 2 trillion yuan, sentiment is still at a high level, and the upward trend of market volatility has not changed, and it is expected that the market is expected to regain momentum after a short break.