China's A-share market closed out February with the Shanghai Composite posting its third consecutive monthly gain, up 1.09% on the month, underscoring a steady, if narrow, advance concentrated in a handful of industrial and commodity-linked sectors. The Shenzhen Component rose 2.04% across the month while the tech-heavy ChiNext index lagged, slipping 1.08%, highlighting a market rotation away from growth names toward price‑sensitive cyclicals.
Trading activity has been robust: daily turnover above RMB 1 trillion has become commonplace and combined turnover on the Shanghai and Shenzhen exchanges topped RMB 2 trillion for four consecutive trading days. That liquidity backdrop has fuelled rapid intra‑sector rotation and sharp individual stock moves, with a number of small and mid-cap names recording triple‑digit or near‑triple‑digit percentage gains over the month.
The most visible theme driving performance was