The balance of margin trading in A-shares experienced a slight decline. During the week of February 2 to 6, the margin balance for A-shares continued to decrease, reaching a latest figure of 2,664.067 billion yuan as of February 5. Overall, margin funds showed a net repayment trend for the week, totaling 42.915 billion yuan.
By sector, the electronics segment led significantly with net repayments amounting to 10.55 billion yuan. Non-ferrous metals followed closely with net repayments of 8.421 billion yuan. The communications, banking, and food and beverage sectors each recorded net repayments exceeding 2 billion yuan. In contrast, margin funds were net buyers in the construction decoration and comprehensive sectors, with net purchases of 319 million yuan and 80.9149 million yuan, respectively.
Regarding individual stocks, 58 companies saw net margin purchases exceeding 100 million yuan for the week. The top five were Zhongji Innolight, SMIC, Jingjia Optoelectronics, China Satellite, and Hengtong Optic-Electric, each with net purchases surpassing 400 million yuan.
Zhongji Innolight projected its net profit attributable to shareholders for 2025 to range between 9.8 billion yuan and 11.8 billion yuan, representing a year-on-year increase of 89.50% to 128.17%. Excluding share-based compensation expenses, the combined net profit for its optical module business is expected to be between 10.8 billion yuan and 13.1 billion yuan, up 90.81% to 131.44% from the previous year. The company attributed this growth to robust investments by end customers in computing infrastructure, leading to rapid increases in product shipments, a higher proportion of high-speed optical modules, and improved operational efficiency.
In discussions with investors, Zhongji Innolight noted that with the development of AI data centers, bandwidth demand is growing rapidly, potentially leading to more complex network layers and an increased proportion of optical modules corresponding to ASIC chips. Key customers have begun deploying 1.6T technology this year, with demand expected to grow significantly compared to last year. Orders for 1.6T products increased rapidly in the first quarter and are likely to maintain a sequential growth trend. Despite rising customer demand, annual price reductions for optical module products remain an industry norm.
From a sector perspective, several photovoltaic companies appeared on the list, including Shuangliang Energy, Jingjia Optoelectronics, Autowell, and Jingsheng Mechanical & Electrical. Huatai Securities reiterated the profit recovery trend for the photovoltaic sector in 2026, suggesting that under expectations of lower demand, the supply chain may enhance quality and cost control, accelerating the adoption of high-power products and base metals, which could drive profit recovery. Additionally, space-based photovoltaics may create new business models, with leading photovoltaic companies possessing deep R&D积累 and significant跨界 advantages.
Conversely, 155 stocks experienced net margin repayments exceeding 100 million yuan. The top three were Kweichow Moutai, TFC Optical Communication, and Montage Technology, with net repayments of 1.484 billion yuan, 1.3 billion yuan, and 1.288 billion yuan, respectively. These were followed by Zijin Mining, Sunsurge, and China Tourism Group Duty Free, each with net repayments over 800 million yuan.
Stocks such as Shandong Gold, Zijin Mining, Western Mining, and China Molybdenum saw substantial net margin repayments, with the copper industry drawing particular attention. Galaxy Securities pointed out that China is advancing the construction of a copper resource reserve system. Intensified great power competition for control over critical minerals and establishing independent supply chains may lead to a widening global copper deficit, pushing copper prices higher due to a "security premium." In the short term, copper prices, affected by misjudgments regarding Federal Reserve policies, have some room for recovery, while improving downstream demand solidifies fundamental support. Core copper mining stocks in the A-share market show high valuation safety margins for 2026, highlighting their allocation value. The outlook for further copper price increases remains positive.
Additionally, semiconductor sector companies like Montage Technology, Hygon Information, GigaDevice, and Biwin Storage, along with optical module giants TFC Optical Communication and Sunsurge, also faced significant selling by margin traders.
Looking ahead to next week, the power sector is favored by investors. This week, the A-share market saw mixed performance, with the Shanghai Composite Index falling by 1.27% to close at 4,065.58 points.
On February 7, a weekly survey titled "Which Main Theme Will Be Hotly Traded in the Final Week Before the Holiday?" was released. Results indicated that the overall profitability for surveyed investors this week was modest, with 33% reporting profits. Among them, 28% achieved profits within 10%.
Regarding positions, approximately 42% of investors are currently fully invested or fully invested using margin. In terms of position changes, 23% of investors chose to increase their positions this week, unchanged from the previous period; 18% reduced positions, down 3 percentage points; while 54% maintained their positions, adopting a wait-and-see approach.
After a brief period of volatility and adjustment, following a decline from recent highs where the A-share index fell below the 4,100-point mark, investors generally expressed optimism about the market's near-term direction. Survey data showed that 46% believe the market will "continue to rise and reclaim the 4,100-point level" next week, making it the most prevalent view; 43% expect the market to "fluctuate sideways between 4,000 and 4,100 points"; only 7% were explicitly bearish, predicting the market would "decline and fall below 4,000 points."
By sector, the power sector is relatively popular for next week, with 8% of respondents expressing optimism, up 4 percentage points from the previous survey. The major consumer sector accounted for 13%, an increase of 3 percentage points. In contrast, the technology sector, previously favored by respondents, saw its popularity decline, dropping 10 percentage points to 44%.
From a thematic perspective, commercial aerospace/satellite internet, artificial intelligence, major consumption and retail, and memory chips are the most看好, with shares of 18%, 17%, 16%, and 10%, respectively.