Year of the Snake: Structural Trends in A-Share Market Highlighted; Core Concept Sectors Still Promising in the Year of the Horse?

Looking back on the Year of the Snake, the A-share market continued its structural trend, with significantly increased trading activity, orderly sector rotations, and core logic centered around the implementation of “new quality productivity,” policy dividends, technological breakthroughs in industries, and changes in the global supply and demand landscape.

Compared to previous years, the hot themes since the Year of the Snake have been supported by clear catalytic factors, from the sustained explosion of computing hardware to the rapid rise of commercial aerospace, from the warming of gold as a safe haven to the accelerated industrialization of humanoid robots, from breakthroughs in nuclear fusion technology to the surge in storage chip prices. Core concept sectors have successively demonstrated structural opportunities. This article focuses on the eight major concept sectors with the highest gains, good sustainability, and high market attention in the Year of the Snake, aiming to explore their core logic of rise and provide insights and prospects for the industry investment outlook in the Year of the Horse.

Commercial Aerospace: Multiple Factors Resonating to Accelerate Commercialization

The commercial aerospace sector experienced a major breakout in December last year, with catalysts driven by a “policy + technology + industry” multi-force dynamic: the “14th Five-Year Plan” proposed including commercial aerospace as a key area in the strategic emerging industries cluster; a three-year action plan for commercial aerospace was released; support documents involving the industry were issued in over 30 cities; the Zhuque-3 and Long March-12甲 launches were consecutive, with ongoing verification of reusable technology; domestic companies like LandSpace and others are racing toward capital markets, while overseas, SpaceX’s merger with xAI and the largest IPO plan in history are boosting global industry sentiment.

Data from Eastmoney Choice shows that as of February 5, in the Year of the Snake, 97 stocks in the commercial aerospace sector doubled in price (excluding newly listed stocks in the Year of the Snake). Feiwo Technology surged over 760%, ranking first; JuLi SuiJu and ChaoJie shares each increased more than 5 times; Tengjing Technology, Shunhao Shares, Zhenlei Technology, and *ST Chengchang also gained over 4 times.

Looking ahead to the Year of the Horse, Huafeng Securities pointed out that with dense domestic and international launch missions, breakthroughs in reusable rocket technology are approaching, leading to a reassessment of the entire industry chain and reshaping of the landscape. It is recommended to focus on investment opportunities across the full industry chain: “upstream R&D and manufacturing, midstream launch services, downstream operation and application.”

Computing Hardware: AI Computing Power Explosion Leading Three Major Segments to Lead in Coordination

Driven by the continuous surge in AI computing power demand, the computing hardware sector has become one of the main themes throughout the Year of the Snake, with three major segments—CPO, PCB, and liquid cooling—working synergistically and flourishing. Catalysts include: accelerated iteration of large models domestically and abroad, gradually releasing application value; tech giants increasing capital expenditure, with infrastructure construction booming and boosting demand; expected growth in TPU output, with CPO technology evolving from 800G to 1.6T; high-end PCB demand driven by AI servers and other fields, creating supply-demand gaps; and the rapid increase in penetration of liquid cooling technology.

Data from Eastmoney Choice shows that in the Year of the Snake, the three major segments of computing hardware produced 96 stocks that doubled in value. DingTai High-Tech led with about 7 times increase; Honghe Technology rose nearly 5.5 times; Yongding Shares increased over 4 times; and nine other stocks, including Zhongji Xuchuang, Shenghong Technology, Xin Yisheng, saw gains of over 3 times.

Regarding the computing hardware sector in the Year of the Horse, CITIC Securities’ latest research report states that competition in domestic computing power is gradually shifting from single-card performance to system-level capabilities like supernodes. Supernode system capabilities will become a key factor in the next stage of competition among computing power vendors; meanwhile, with major CSPs accelerating Capex investments and the continuous release of token demand, the development of computing power is highly certain.

Humanoid Robots: Accelerated Commercialization and Core Component Demand Explosion

In the Year of the Snake, the humanoid robot industry moved from concept demonstrations to small-batch mass production. Catalysts focus on commercialization and policy support: Tesla’s Optimus mass production expectations, companies like Yushu Technology and UBTech accelerating commercialization deployment, and many local policies supporting industry development and promoting domestic core component substitution; demand for core components like harmonic reducers and hollow cup motors surged, with the industry supply chain gradually improving.

Data shows that 43 humanoid robot concept stocks doubled in price during the Year of the Snake. Wavetech Materials surged nearly 21 times, ranking first and also being the top gainer among A-shares in the year; ChaoJie Shares increased over 5 times; Wolder, Silingzhi, Zhejiang Rongtai, and Taotao Vehicle Industry each gained more than 2 times in the interval.

“Recently, Elon Musk stated that Tesla’s humanoid robot is planned for deployment in industrial environments in 2026 and to be sold to the public in 2027, which is expected to raise market expectations and create investment opportunities,” said Orient Securities. Looking ahead, the industry is expected to enter a capacity expansion phase, with leading manufacturing and operational companies offering better investment prospects.

Storage Chips: Supply-Demand Mismatch Leading the Uptrend, Domestic Substitution Accelerating

Benefiting from the ongoing price surge, the storage chip sector experienced a super cycle in the Year of the Snake, driven mainly by supply-demand imbalance: strong AI computing power demand caused shortages in storage; SK Hynix, Samsung Electronics, and Micron, the three major storage giants, focused core resources on HBM and DDR5, expanding supply gaps for traditional storage products; spot prices for DRAM and NAND Flash continued to soar; recovery in AI servers and consumer electronics drove storage chip demand sharply higher, entering a replenishment cycle; the third phase of the national big fund was launched, focusing on supporting domestic substitution in storage chips.

Data from Eastmoney Choice shows that 33 stocks related to storage chips doubled in the Year of the Snake. Dongxin Shares and Shannong Chipchuang each rose over 4 times; Jingzhida increased over 3 times; Puran Shares, Jiang Bolong, and Demingli each gained more than 2 times.

Looking ahead to the Year of the Horse, Orient Securities’ latest research report indicates that the incremental demand for storage driven by AI inference will continue to be tapped, with overall demand for server-oriented DRAM and NAND expected to grow rapidly. It is recommended to focus on domestic storage chip design companies, domestic storage module manufacturers, and semiconductor equipment enterprises.

Gold Concept: Rate Cuts and Safe-Haven Resonance Supporting Sector Rise

Since the beginning of the Year of the Snake, the gold concept sector has steadily risen, supported by loose global liquidity and rising risk aversion. Key catalysts are macro factors: the Federal Reserve continuing its rate cut cycle, the US dollar index weakening, and international gold prices climbing; global geopolitical tensions prompting central banks worldwide to buy gold, further supporting prices; domestic residents’ safe-haven and asset allocation needs increasing, boosting gold consumption and investment.

Data shows that 24 gold concept stocks doubled in the Year of the Snake. Zhaojin Gold surged 4 times; Hunan Silver rose 3 times; Silver Resources, Xiaocheng Technology, and Shenda Resources each gained over 2 times.

“Currently, gold prices have short-term spikes and pullbacks, and market sentiment may need some time to digest, but the upward trend remains unchanged,” said Guojin Securities. From a medium- to long-term perspective, under the backdrop of de-globalization, global central banks continue to buy gold for trade security and payment diversification, solidifying demand; US debt crises erode fiat currency purchasing power, highlighting gold’s role as a “super-sovereign anchor” for credit hedging; geopolitical conflicts in Ukraine, the Middle East, and elsewhere maintain rigid safe-haven demand.

Controlled Nuclear Fusion: Dual Drivers of Technology and Policy for Commercialization and Order Growth

In the Year of the Snake, the controlled nuclear fusion sector transitioned from concept speculation to order verification, with many catalysts: the “14th Five-Year Plan” proposed nuclear fusion as one of six future industries; dedicated funds were established, with unprecedented policy support; breakthroughs in China Circulation No. 3 and Hefei BEST devices continued, with increased stability and output power, raising commercialization expectations; fusion devices entered the substantive engineering construction phase, with upstream superconducting materials and special welding sectors opening tenders, accelerating order landing.

Data from Eastmoney Choice shows that 28 stocks in the controlled nuclear fusion sector doubled in the Year of the Snake. Yongding Shares surged about 432%, ranking first; China Tungsten High-tech, Juguang Technology, and Sre New Materials each gained over 3 times; six stocks including Hetuan Intelligent, Snowman Group, and HaWelding Huadong each increased more than 2 times.

CITIC Securities’ research report states that domestic Capex is steadily implementing, and overseas progress may exceed expectations. From a great power competition perspective, the long-term growth trend of the controlled nuclear fusion industry has been established. With accelerated construction of international and domestic devices, orders for component companies are expected to be fully released, and industry outlook remains optimistic.

Power Grid Equipment: AI Electricity Shortage Spurs New Sector, Industry Outlook Improves

The power grid equipment sector performed well in the Year of the Snake, driven by a “domestic policy + industry demand + overseas catalysis” multi-resonance: State Grid’s “14th Five-Year Plan” fixed asset investment is expected to reach 4 trillion yuan; “East Data West Computing” and “Source-Grid-Load Storage” projects advanced; meanwhile, the industry consensus that “AI ends with electricity” persisted, and North American power shortages continued to validate the logic, creating potential opportunities for domestic power grid equipment exports.

Data from Eastmoney Choice shows that 30 power grid equipment stocks doubled in the Year of the Snake, with Zhongchao Holdings, Huadong Cable, and Zhiyang Innovation each rising over 2 times; YuanDong Shares, Hongxiang Shares, and Tonghui Electronics also led gains.

First Capital Securities’ research report indicates that in the next five years, whether domestic grid construction or overseas AI-driven power supply and grid projects will likely see rapid growth. “We are optimistic about the continued industry prosperity of nearly the entire power industry chain, including UHV, high-voltage backbone grids, distribution networks, smart grid equipment, and energy storage.”

Brain-Computer Interface: Technology and Policy Empower Clinical Applications with Long-term Potential

Brain-computer interfaces (neural engineering) gradually attracted capital attention in the Year of the Snake. Catalysts include: Musk’s mass production forecast igniting early-year market, combined with ongoing policy support; continuous breakthroughs and accelerated industry deployment, boosting industry sentiment.

Data shows that 9 stocks in the neural engineering sector doubled in the Year of the Snake. Century Huatong, Innovation Medical, and Seli Medical each gained over 2 times; Youkede, Yanshan Technology, Xiangyu Medical, and Weisi Medical also led gains.

Wanlian Securities pointed out that brain-computer interfaces are in an “accelerating turning point” from “technological breakthroughs—clinical validation—commercial landing.” Policy and capital support are driving industry upgrades, with policy support, medical insurance payment breakthroughs, registration and clinical trial milestones, core technology breakthroughs, and domestic substitution acting as future catalysts.

Overall, the core concept sectors in the Year of the Snake exhibited clear features of “policy-driven, technological breakthroughs, and industry implementation.” Most sectors have explicit catalytic logic support, with profit effects mainly concentrated in fields related to new quality productivity.

Looking ahead to the Year of the Horse, investors should focus on changes in core catalytic factors across sectors, grasp structural investment opportunities, and remain vigilant against short-term volatility risks.

(Source: Eastmoney Research Center)