证券研究报告 | 策略点评 2026 年 02 月 27 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指上涨 0.39%，收 报 4162.88 点；深证成指跌 0.06%，收报 14495.09 点；创业板指跌 1.04%， 收报 3310.3 点；科创 50 指数涨 0.15%，收报 1488.02 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 3267 只个股上涨，2066 只个股下跌，146 只个股收平。沪深两市今日成交额合计 24880 亿元，较上个交易日缩量 504 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、煤炭、有色金属、公用 事业、农林牧渔等行业领涨，涨幅分别为 3.37%、3.20%、3.10%、2.27%、2.06%， 建筑材料、通信、电子、汽车、家用电器等行业领跌，跌幅分别为 1.45%、1.38%、 0.71%、0.41%、0.39%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀有金属精选、稀土、培育 钻石、小金 ...

证券研究报告 | 策略点评 2026 年 02 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260226 今日关注 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指微跌 0.01%，收 报 4146.63 点；深证成指涨 0.19%，收报 14503.79 点；创业板指跌 0.29%， 收报 3344.98 点；科创 50 指数涨 0.85%，收报 1485.86 点。总体上，全天个 股涨跌互现，Wind 数据显示，全市场 2481 只个股上涨，2866 只个股下跌， 130 只个股收平。沪深两市今日成交额合计 25384 亿元，较上个交易日放量 759 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，通信、电子、国防军工、机械 设备、钢铁等行业领涨，涨幅分别为 2.84%、1.98%、1.52%、1.41%、1.33%， 房地产、传媒、非银金融、商贸零售、食品饮料等行业领跌，跌幅分别为 2.25%、 1.45%、1.42%、1.22%、1.20%。 概念板块涨跌情况：今日涨幅居前 ...

证券研究报告 | 策略点评 2026 年 02 月 25 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260225 今日关注 指数涨跌情况：今日 A 股主要指数普遍收涨。截止收盘，沪指上涨 0.72%，收 报 4147.23 点；深证成指涨 1.29%，收报 14475.87 点；创业板指涨 1.41%， 收报 3354.82 点；科创 50 指数涨 0.54%，收报 1473.28 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 3742 只个股上涨，仅 1609 只个股下跌， 127 只个股收平。沪深两市今日成交额合计 24625 亿元，较上个交易日放量 2605 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、有色金属、建筑材料、 房地产、基础化工等行业领涨，涨幅分别为 4.69%、3.48%、2.75%、2.53%、 2.16%，仅有传媒、银行领跌，跌幅分别为 1.15%、0.46%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀土、稀有金属精选、磷化 工、小金属、稀土永磁、 ...

证券研究报告 | 策略点评 2026 年 02 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260224 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指上涨 0.87%，收 报 4117.41 点；深证成指涨 1.36%，收报 14291.57 点；创业板指涨 0.99%， 收报 3308.26 点；科创 50 指数跌 0.34%，收报 1465.37 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 4003 只个股上涨，仅 1388 只个股下跌， 86 只个股收平。沪深两市今日成交额合计 22021 亿元，较上个交易日放量 2194 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，石油石化、建筑材料、基础化 工、有色金属、煤炭等行业领涨，涨幅分别为 5.53%、3.71%、3.45%、3.31%、 3.10%，传媒、计算机、商贸零售、食品饮料、非银金融等行业领跌，跌幅分 别为 3.20%、1.81%、1.46%、0.86%、0.42%。 概念板块涨跌情况： ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 1.26% to close at 4082.07 points, and the Shenzhen Component Index dropping by 1.28% to 14100.19 points. The ChiNext Index decreased by 1.57% to 3275.96 points. Overall, there were 1537 stocks that rose while 3824 stocks fell, with a total trading volume of 198.27 billion yuan, a decrease of 15.91 billion yuan from the previous trading day [1][10]. Industry Performance - In the industry sector, the top performers included the comprehensive and defense industries, which rose by 2.06% and 0.65% respectively. Conversely, the non-ferrous metals, construction materials, petroleum and petrochemicals, steel, and electric equipment sectors saw significant declines, with drops of 3.36%, 3.10%, 3.09%, 2.46%, and 2.03% respectively [1][10]. Concept Sector Performance - The leading concept sectors today included the aviation system, semiconductor equipment, general aviation, aircraft carriers, and aquaculture, among others. These sectors showed positive performance, while sectors such as fiberglass, rare earths, and selected shipping experienced declines [2][11].

证券研究报告 | 宏观深度 2026 年 02 月 13 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】透视 2026 物价新局：基期 轮换、体感差异与回升之路》2026-02-11 《【粤开宏观】从地方调研看宏观经济：市 场预期、收入分配与微观活力》2026-02-09 《【粤开宏观】如何认识 5%与 140 万亿》 2026-02-02 《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 宏观研究 【粤开宏观】2026 年地方政府怎么干 ——下篇：任务怎么做？ 摘要 本文是"2026 年地方经济怎么干"系列的下篇，主要聚焦地方政府的重点任 务，核心是地方围绕扩内需、促创新、育产业、防风险四大板块的部署安排 和各地因地制宜发展产业的情况。2026 年 ...

证券研究报告 | 宏观深度 2026 年 02 月 13 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】透视 2026 物价新局：基期 轮换、体感差异与回升之路》2026-02-11 《【粤开宏观】从地方调研看宏观经济：市 场预期、收入分配与微观活力》2026-02-09 《【粤开宏观】如何认识 5%与 140 万亿》 2026-02-02 《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 摘要 我们在《2025 年中国区域经济版图：东进西稳，南升北降》中回顾了 2025 年地方经济的成果，中国经济的韧性在于战略纵深空间广、区域经济阶梯式 发展，东南西北中各有千秋。本文是"2026 年地方经济怎么干"系列的上篇， 主要聚焦 2026 年 GDP 目标 ...

Market Overview - The A-share market saw all major indices close higher today, with the Shanghai Composite Index up 0.05% at 4134.02 points, the Shenzhen Component Index up 0.86% at 14283.00 points, the Sci-Tech 50 Index up 1.78% at 1480.99 points, and the ChiNext Index up 1.32% at 3328.06 points [1][12] - Overall, there were 2107 stocks that rose and 3273 stocks that fell, with a total trading volume of 21,417 billion yuan, an increase of 1,575 billion yuan compared to the previous trading day [1][12] Industry Performance - Among the Shenwan first-level industries, the top gainers included the comprehensive sector (up 5.31%), electronics (up 1.73%), electric equipment (up 1.65%), and computers (up 1.58%). The sectors that saw the largest declines were beauty care (down 1.77%), retail (down 1.57%), textiles and apparel (down 1.49%), and agriculture, forestry, animal husbandry, and fishery (down 1.49%) [1][12] Concept Sector Performance - The leading concept sectors today included optical modules (CPO), optical chips, optical communications, AI computing power, IDC (computing power leasing), ultra-high voltage, GPU, selected rare metals, fiberglass, cloud computing, DeepSeek, liquid-cooled servers, East Data West Computing, Huakun Zhenyu, and charging piles [2]

Market Overview - The A-share market saw mixed performance today, with the Shanghai Composite Index rising by 0.09% to close at 4131.98 points, while the Shenzhen Component Index fell by 0.35% to 14160.93 points. The ChiNext Index decreased by 1.08% to 3284.74 points. Overall, there were 2047 stocks that rose and 3236 that fell, with a total trading volume of 19843 billion yuan, down by 1213 billion yuan from the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, construction materials, non-ferrous metals, and petroleum and petrochemicals showed the highest gains, with increases of 3.29%, 2.39%, and 2.18% respectively. Conversely, the communication, media, and electronics sectors experienced the largest declines, with decreases of 2.17%, 1.99%, and 1.74% respectively [1][10]. Concept Sector Performance - The top-performing concept sectors today included fiberglass, selected rare metals, cobalt mines, lithium battery electrolytes, small metals, lithium mines, selected chemical fibers, copper-clad boards, rare earths, nickel mines, lithium extraction from salt lakes, rare earth permanent magnets, and cement manufacturing [2].

Group 1: CPI and PPI Analysis - In January 2026, the CPI increased by 0.2% year-on-year, a decrease of 0.6 percentage points from the previous month, primarily due to the timing of the Spring Festival[14] - The January PPI was -1.4%, showing a month-on-month increase of 0.5 percentage points, driven by rising international prices of non-ferrous metals[14] - Food prices in January fell by 0.7%, contributing approximately 0.11 percentage points to the CPI decline, with pork and egg prices dropping by 13.7% and 10.6% respectively[14] Group 2: CPI Weight Adjustments - The CPI underwent a five-year base period rotation starting January 2026, reflecting changes in consumer spending patterns[9] - The weight of "Food, Tobacco, and Alcohol" was adjusted to 29.5%, while "Clothing" was set at 5.4% and "Housing" at 22.1%[10] - The average impact of the base period rotation on the CPI year-on-year index is estimated to be around 0.06 percentage points[10] Group 3: Economic Implications - The GDP deflator has shown negative year-on-year growth for 11 consecutive quarters, indicating persistent deflationary pressures[21] - The central economic work conference emphasized the need to promote stable economic growth and reasonable price recovery as key monetary policy considerations[21] - Current macroeconomic policies are aimed at boosting domestic demand and facilitating price recovery through fiscal and monetary measures[23]