On February 4, the A-share market showed a trend of bottoming out and rebounding, with the Shanghai Composite Index successfully stabilizing above the important integer level of 4,100 points, continuing the recent volatile upward trend, and the market’s undertaking momentum was prominent. As of the close, the Shanghai Composite Index reported 4,102.20 points, an increase of 0.85% or 34.46 points, with a turnover of 1.063545 trillion yuan; the Shenzhen Component Index reported 14,156.27 points, an increase of 0.21%, with a turnover of 1.417426 trillion yuan. The total turnover of the Shanghai and Shenzhen stock markets reached 2.48 trillion yuan, a decrease of 63.3 billion yuan from the previous trading day. The pattern of rising with reduced volume indicates that market capital still has a wait-and-see sentiment, and a consistent bullish consensus has not been formed.
On the disk, market hotspots rotated rapidly, with more than 3,200 individual stocks rising, and the profit-making effect improved. The performance of sectors showed the characteristics of “high-low switching”. The coal sector set off a daily limit wave, with more than ten individual stocks such as Shaanxi Black Cat and Yankuang Energy hitting the daily limit, mainly benefiting from the expected supply contraction brought by Indonesia’s coal production reduction plan, and the supply-demand fundamentals of thermal coal and coking coal are expected to continue to improve. The space photovoltaic concept maintained its strength: Zhonglai Co., Ltd. achieved a 20% daily limit, and Guosheng Technology achieved a two-day consecutive limit. However, Gaoce Co., Ltd. issued a clarification announcement stating that the company has not carried out space photovoltaic-related businesses, nor has it cooperated with Musk’s team, and the relevant reports are inaccurate, reminding investors to be vigilant against the risk of concept speculation.
On the declining side, previously popular sectors such as AI applications, precious metals, and computing power hardware led the decline, with individual stocks such as Yinli Media and Tiandi Online hitting the daily limit, reflecting the adjustment pressure of the previously high-growth track. Among them, the decline of the precious metals sector is directly related to international market fluctuations, and many gold stocks continued their recent correction trend. From a technical perspective, the Shanghai Composite Index has returned above the 5-day moving average, but still faces pressure from the 10-day and 20-day moving averages above. Market cautious wait-and-see sentiment has increased. It is expected to maintain a range-bound volatile pattern in the short term. Investors can focus on investment opportunities in undervalued blue-chip sectors and policy-benefited areas.
