广发证券：以史为鉴，A股将迎来"春季躁动"胜率最高的阶段，小盘风格占优 广发证券表示，历史看，2月份及春节前后是春季躁动日历效应最强阶段。市场高胜率、小盘风格占 优。以小盘指数为例，在春节到两会之间上涨概率为100%，在2月上涨概率为87.5%。在配置方向 上，"春季躁动"上涨方向并非是"炒小炒差"、与业绩无关。2019年以来，"春季躁动"涨幅与当年一季 报、一季报增速环比变化率的相关性逐步加强。参考26年年报预告及一季报前瞻，我们建议关注：存 储、锂电设备/材料、海外算力、非银(券商、保险)、计算机软件等行业，这些行业或维持景气预期、或 出现困境反转迹象。此外，一些产业趋势主题或者困境反转预期挂钩，那么即便没有一季报也会表现不 错，类似去年春季躁动的机器人。今年可能类似的方向包括字节产业链(春晚投流，对应AI应用和国产 算力)、机器人产业链、太空光伏等。 东方证券：新年连续两个交易日，市场量价齐升，交投信心明显提高 东方证券表示，从技术上来看，4160点~4170点是沪综指1月中旬以来的箱体上沿，昨日市场在该区域 出现明显回落，因此不排除未来几天多空展开争夺，对近期涨势较大的板块或个股可以适当减仓。 本文转 ...

Group 1 - The Hang Seng Index opened up by 0.95%, while the Hang Seng Tech Index rose by 0.46%. Lithium stocks showed strong performance, with Tianqi Lithium up over 6% and Ganfeng Lithium up over 5%. However, tech stocks underperformed [1] - According to China Merchants Securities, the current valuation of the Hong Kong tech sector has dropped to historical lows, with the AH premium nearing historical lows, indicating that Hong Kong tech is significantly undervalued. The strategy of "buying on dips" is considered effective [1] - Huatai Securities noted that during the Spring Festival, there was increased divergence in the Hong Kong market, with AI new forces and internet giants showing contrasting trends. Although consumer data showed positive highlights, it did not significantly boost sector performance, with gains concentrated in tech and cyclical industries. Investors are advised to be cautious of index and Hong Kong Stock Connect adjustments, which may lead to volatility in individual stocks [1] Group 2 - Zhongtai Securities believes that the tech sector's main trend is likely to continue after the Spring Festival, with AI and robotics (core stocks) entering a critical phase of commercialization. Under the influence of long-term capital, tech remains a high-probability direction for investment [1]

每经记者｜黄胜 每经编辑｜金冥羽 记者|黄胜 （免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。） | Wind热门概念指数 | | | | | | --- | --- | --- | --- | --- | | 锂矿 锂电电 小金属 稀有金 动力电 光电路 | 盐湖提 稳定币 | 镇矿 | | | | 4.47% 3.29% 1.64% 1.63% 1.39% 1.34% 1.17% 1.10% 1.08% | | | | | | 锂电池 锂电正 西藏振 电池回 工业金 猪家铺 固态电 加密货 服务器 1.09% 1.07% 1.03% 0.99% 0.94% 0.86% 0.84% 0.82% 0.82% | | | | | | 钢离子 磷酸铁 光通信 华鲲振 輝申 储能 | | 错矿 跨境支 宇德时 | | | | 0.80% 0.80% 0.73% 0.70% 0.69% 0.64% 0.60% 0.60% 0.58% | | | | | | 招聘 行动品 射版及 光伏 | GPU | 汽车整 能源出 | CRO | | | 0.57% 0.57% 0.55% -0 ...

港股市场锂电池概念股集体高开，其中，天齐锂业涨超6%，赣锋锂业涨超5%。消息面上，非洲最大锂矿出口国津巴布 韦宣布暂停出口锂精矿和原矿。碳酸锂主力合约今日盘初一度大涨近12%，报187700元/吨。 资料显示，津巴布韦是非洲第一大锂矿出口国，也是我国第二大锂精矿进口来源地。据海关数据统计，2025年1-12月， 我国进口锂精矿约775.1万吨，同比增长约39.4%，主要来源于澳大利亚、津巴布韦、尼日利亚等国。 中信证券研报指出，2月25日，津巴布韦矿业部发布锂矿出口禁令，此次政策旨在加强矿产监管，推动矿产品深加工发 展。2025年中国19%的进口锂精矿来自津巴布韦，预计2026年津巴布韦锂资源产量占全球12%，该国的锂矿出口禁令将 导致中国碳酸锂短期供应愈发紧缺，有望推动锂价大幅上涨。 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 年初至今涨跌 | | --- | --- | --- | --- | --- | | 09696 | 天齐锂业 | 6.11% | 50.400 859.95亿 | -1.27% | | 01772 | 赣锋锂业 | 5.48% | 71.200 1492.85亿 | ...

中信证券研报称，此次政策旨在加强矿产监管，推动矿产品深加工发展。2025年中国19%的进口锂精矿 来自津巴布韦，预计2026年津巴布韦锂资源产量占全球12%，该国的锂矿出口禁令将导致碳酸锂短期供 应愈发紧缺，有望推动锂价大幅上涨。建议关注不受出口政策影响的标的。 消息面上，全球第四大锂矿生产国津巴布韦宣布，即日起暂停所有原矿及锂精矿出口，禁令覆盖范围包 括已在途货物，暂停措施将持续至另行通知。津巴布韦矿业部长Polite Kambamura周三在首都哈拉雷对 记者表示，津巴布韦暂停了锂精矿和原矿出口，该出口禁令立即生效，只有在矿企遵守政府要求后，禁 令才会解除。 智通财经APP获悉，锂矿双雄集体高开，截至发稿，天齐锂业(09696)涨6.11%，报50.4港元；赣锋锂业 (01772)涨5.48%，报71.2港元。 ...

（原标题：港股概念追踪|津巴布韦暂停出口锂精矿和原矿 碳酸锂合约大涨（附概念股）） 北京时间2月26日，碳酸锂连续主力合约日内触及涨停，现报185000.00元。 津巴布韦已暂停出口锂精矿和原矿，此举旨在推动矿业公司在该国建立加工业务。津巴布韦矿业部长周 三表示，该出口禁令立即生效，直至另行通知。非洲各国政府一直试图迫使矿业公司在当地精炼矿产， 以从其国家资源中获取更大的经济收益。 锂矿相关概念港股企业： 赣锋锂业 (01772)：公司在津巴布韦拥有Goulamina锂辉石项目（控股50%），该项目规模巨大，且配套 建设了选矿厂。虽然主要产出是精矿，但赣锋在全球范围内拥有极强的调配能力和下游转化产能。 作为全球锂业龙头，赣锋对上游资源的掌控力极强。若其津巴布韦项目已具备符合新规的深加工能力 （或能快速调整），将直接受益于供给收缩带来的锂价反弹。此外，其庞大的库存和多元化来源（澳 洲、阿根廷等）可对冲单一地区风险。 天齐锂业 (09696)：天齐的核心资产在澳洲（Greenbushes）和智利（SQM），但其全球供应链管理能力 极强。天齐本身在津巴布韦直接敞口较小，主要受锂价上涨的宏观利好驱动。津巴布韦禁运会减 ...

根据2026年2月25日披露数据，VITASOY INT'L（00345）、恆生科技ETF（03032）、永升服务 （01995）港股通持股占比增加值最大，分别增加0.09%、0.04%、0.01%；南方恆生科技（03033）、医 渡科技（02158）、盈富基金（02800）港股通持股占比减少值最大，分别减 少-0.14%、-0.03%、-0.02%。 2、港股通最新日占比减持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 南方恆生科技(03033) | -0.14% | 68.87% | | 医渡科技(02158) | -0.03% | 22.59% | | 盈富基金(02800) | -0.02% | 3.49% | | 碧桂园(02007) | -0.01% | 17.75% | | 南方恆生生科(03174) | 0.00% | 0.36% | 在最近有统计数据的5个交易日内，南方东西精选（03441）、喜相逢集团（02473）、兆易创新 （03986）港股通持股占比增加值最大，分别增加18.46%、10.04%、4.95%；山东墨龙（0 ...

Core Insights - The top three companies with the highest short positions as of February 13 are COSCO Shipping Holdings (01919), CATL (03750), and Ping An Insurance (02318), with short ratios of 19.07%, 16.71%, and 15.47% respectively [1][2] Group 1: Companies with Highest Short Ratios - COSCO Shipping Holdings (01919) has a short position of 526 million shares, representing a short ratio of 19.07% [2] - CATL (03750) has a short position of 26.05 million shares, with a short ratio of 16.71% [2] - Ping An Insurance (02318) has a short position of 1.152 billion shares, reflecting a short ratio of 15.47% [2] - Dongfang Electric (01072) has a short position of 62.39 million shares, with a short ratio of 15.29% [2] - Sunny Optical Technology (02382) has a short position of 16.4 million shares, maintaining a short ratio of 15.17% [2] Group 2: Companies with Increased Short Positions - WuXi AppTec (02359) saw the largest increase in short ratio, rising by 2.66% to 12.45% [2][3] - Chifeng Jilong Gold Mining (06693) increased its short ratio by 1.63% to 3.60% [2][3] - Changfei Optical Fiber (06869) experienced a 1.55% increase in short ratio, reaching 4.13% [2][3] - Meitu (01357) had a short ratio increase of 1.38% to 8.00% [2][3] - Weimob (02013) saw a 1.33% increase in its short ratio, now at 12.16% [2][3] Group 3: Companies with Decreased Short Positions - Tianqi Lithium (09696) had the largest decrease in short ratio, dropping by 2.29% to 2.91% [3][4] - Vanke (02202) saw a reduction of 2.17% in its short ratio, now at 14.25% [3][4] - Jiangsu Ninhui Expressway (00177) decreased its short ratio by 1.02% to 10.61% [3][4] - Ganfeng Lithium (01772) experienced a decrease of 1.01% in its short ratio, now at 8.81% [3][4] - Country Garden (02007) saw a reduction of 0.91% in its short ratio, now at 1.02% [3][4]

2月25日，港股锂电板块短线走高，正力新能、天齐锂业、赣锋锂业、宁德时代等行业龙头相继上扬。 此轮走强背后，下游需求持续释放与碳酸锂期货强势表现形成共振，叠加出口退税政策调整窗口期带来 的"抢出口"效应，令2月锂电排产呈现"淡季不淡"格局。 此外，春节期间瑞银接连发布报告看好"中国锂"，大幅上调锂辉石、碳酸锂价格预测，并明确全球锂市 场已进入第三次锂价超级周期。报告指出，电动汽车"三重平衡"逐步落地、储能需求全球爆发将推动锂 需求持续增长。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 根据财政部、国家税务总局此前公告，锂电出口退税政策将于2026年4月1日起调整。在这一时间节点倒 逼下，一季度锂电行业"抢出口"效应显著，阶段性补库需求集中释放。与此同时，碳酸锂期货在春节后 复市首日强势拉升，广期所碳酸锂主力合约一度突破17万元/吨。建信期货指出，春节前投机资金离 场，碳酸锂期货总持仓回到去年10月行情启动前的水平，而节后随着假期因素扰动结束，碳酸锂期货总 持仓大幅增加，投机资金回归明显。 国金证券2月22日发布的研报称："2026年国 ...

Market Overview - On February 25, A-shares saw all three major indices rise by over 1%, with the Sci-Tech Innovation Index increasing by nearly 0.7%, and nearly 4,000 stocks in the market experiencing gains [9][10] - The total trading volume reached 1.45 trillion yuan, with a significant increase of 102.9 billion yuan compared to the previous day [10] Sector Performance - The fertilizer and pesticide sector experienced a surge, with stocks like Chuanjinnuo hitting the daily limit, and other companies such as Chitianhua and Yuntianhua also seeing significant gains due to rising prices of urea, potassium sulfate compound fertilizer, and monoammonium phosphate [10][11] - Shipping stocks collectively strengthened, with China Merchants Energy achieving a historical high, and other companies like COSCO Shipping Energy and COSCO Shipping Development also rising, driven by a spike in oil tanker spot freight rates reaching a nearly six-year high [11][12] - Lithium battery concept stocks saw substantial increases, with Hanrui Cobalt rising over 11%, and other companies like Wenkang New Energy and Nord Shares also performing well, as lithium carbonate futures broke through the 170,000 yuan mark, marking a significant daily increase of over 10% [12] International Market Trends - The Nikkei 225 index in Japan rose by 1.4%, reaching a historical high, while the Korean Composite Stock Price Index expanded its gains to 2%, also hitting a historical high, with automotive stocks like Kia and Hyundai seeing significant increases [14] - International gold and silver prices surged, with spot silver rising over 3% and spot gold briefly surpassing 5,190 USD per ounce [14][15]