Group 1: Market Strategy and Economic Insights - The market is experiencing a volatile trading environment with the computing hardware sector leading the gains [6][9] - The overall A-share market saw a slight increase with the Wind All A Index rising by 0.21% to 6914.39 points, while the Shanghai Composite Index fell by 0.01% to 4146.63 points [6][7] - The trading volume across the market reached 25,566.39 billion, an increase of 757.47 billion from the previous trading day [7] Group 2: Industry Dynamics - Zimbabwe has announced an immediate suspension of all raw mineral and lithium concentrate exports, impacting global supply chains [25] - In March 2026, China's battery production is expected to increase by 16.5% month-on-month, with energy storage cells leading the demand growth [27] - The global smartwatch market is projected to rebound in 2025, with a 4% increase in shipments and a 5% rise in average selling price [29] Group 3: Company Performance - Tongli Co., Ltd. is expected to achieve a revenue of 6,597.45 million yuan in 2025, a year-on-year increase of 7.37%, driven by strong demand for new energy products and expansion in overseas markets [31][33] - Wens Foodstuff Group reported a 44% decline in net profit for 2025, attributed to falling prices in the pig farming sector, and plans to repurchase shares worth 800 million to 1.2 billion yuan [34] - Zhujiang Brewery's revenue for 2025 is projected to grow by 2.56% year-on-year, with net profit increasing by 11.42% [35]

| 晨会聚焦 | | --- | | 一、财信研究观点 | | 【市场策略】大盘放量上涨，资源股持续发酵 | | 【基金研究】基金数据日跟踪 | | 【债券研究】债券市场综述 | | 二、重要财经资讯 | | 【宏观经济】香港财政司发表 2026 至 2027 财政年度政府财政预算案 | | 【宏观经济】美国总统特朗普在国会发表其第二任期的首次国情咨文演 | | 讲 | | 【宏观经济】央行开展 亿元 操作 6000 MLF | | 【财经要闻】2026 中关村论坛年会将于 3 月 25 日至 29 日在京举办 | | 【财经要闻】2026 年 月月末全国乘用车行业库存 万辆 1 357 | | 三、行业及公司动态 | | 【行业动态】上海五部门：非沪籍外环内购房社保年限降至 1 年，缴满 3 | | 年可增购 1 套 | | 【公司跟踪】复星医药（600196.SH）：芦沃美替尼片的临床试验申请获 | | 得批准 | | 【公司跟踪】影石创新（688775.SH）发布 年业绩快报：归母净利 2025 | | 润同比-3.08% | | 【公司跟踪】苏泊尔（002032.SZ）发布 2025 年业绩快报：归母 ...

证券研究报告 策略点评（R2） 2026 年 02 月 24 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 -2.00 2.05 21.98 沪深 300 -2.70 0.31 18.89 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 经济金融高频数据周报（02.24-02.27） 投资要点 全球经济及通胀：经济活跃度上行，通胀走低。 工业生产：主要开工率涨跌不一。 2026 年 2 月 13 日中国高炉当周开工率(247 家)为 80.15%，较上周上 涨 0.60 个百分点，螺纹钢主要钢厂开工率为 32.78%，较上周下降 1.96 个百分点。 消费：汽车销量走低。 必需品消费平稳，2026 年 2 月 9 日柯桥纺织价格指数为 105.32 点， 较前周上涨 0.24 点；可选品消费走低，2026 年 2 月 8 日中国乘用车 当周日均销量为 3.55 万辆，较上周减少 1.57 万辆。 投资：春 ...

上证指数-沪深 300 走势图 -9% 1% 11% 21% 31% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周剑 | 分析师 | | 执业证书编号:S0530525090001 | | | zhoujian64@hnchasing.com | | 晨会聚焦 晨会纪要（R3） 晨会纪要 2026 年 02 月 25 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4117.41 | 0.87 | | 深证成指 | 14291.57 | 1.36 | | 创业板指 | 3308.26 | 0.99 | | 科创 50 | 1465.36 | -0.34 | | 北证 50 | 1535.43 | 0.37 | | 沪深 300 | 4707.54 | 1.01 | 【行业动态】工信部、人社部、市场监管总局印发 ...

行业点评（R3）- 无重点股票 食品饮料 白酒表现分化，大众品价稳量升 食品饮料行业春节跟踪点评 投资要点： 2026 年 02 月 24 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 30% 食品饮料 沪深300 % 1M 3M 12M 食品饮料 3.28 -3.44 -3.56 沪深 300 -0.90 4.64 17.14 黄静 分析师 -10% 0% 10% 20% 2025-02 2025-05 2025-08 2025-11 | 执业证书编号:S0530524020001 | | | --- | --- | | huangjing48@hnchasing.com | | | 胡跃才 | 分析师 | | 执业证书编号:S0530525070001 | | | huyuecai@hnchasing.com | | 证券研究报告 投资建议：考虑食品饮料板块低预期、低估值、低持仓的特征，以 及板块呈现企稳改善的态势，我们维持板块"领先大市"的评级。 白酒方面，建议关注品牌力强、量价策略改善的龙头企业；大众品 方面，建议关注β企稳、α持续释放的速冻食品龙头；竞争格局稳 固，价盘有望边际改善的乳品龙头 ...

2026 年 02 月 22 日 评级 领先大市 证券研究报告 行业点评（R3）- 专用设备 评级变动： 维持 行业涨跌幅比较 相关报告 1 机器人行业点评：人形机器人再度登上春晚， 2025 年 中 国 人 形 机 器 人 出 货 量 表 现 优 异 2026-02-05 执业证书编号:S0530524100001 hejianhong@hnchasing.com 2 人形机器人行业深度报告（三）：人形机器人 大时代来临，海内外厂商共同催化 2026-01-13 3 人形机器人行业 2026 年度策略：展望量产新 时代，聚焦优质零部件供应商 2026-01-07 春晚机器人技惊四座，关注表演背后的技术提升 投资要点： 事件： 请务必阅读正文之后的免责声明 % 1M 3M 12M 专用设备 1.86 17.92 52.47 沪深 300 -2.70 0.31 18.89 -16% 4% 24% 44% 64% 2025-02 2025-05 2025-08 2025-11 专用设备 沪深300 贺剑虹 分析师 ①宇树科技作为春晚机器人合作伙伴，第三次亮相总台春晚舞台，并 献上了全球首次全自主人形机器人集群武术 ...

Group 1: Market Overview - The A-share market is experiencing a wide range of fluctuations, with a focus on price-increasing sectors and export industry chains [6][9] - As of February 13, 2026, the major indices showed declines: the Shanghai Composite Index fell by 1.26% to 4082.07 points, and the ChiNext Index dropped by 1.57% to 3275.96 points [6][7] - The overall market sentiment is cautious, with expectations of a gradual return to intrinsic market dynamics as the National People's Congress approaches [6][8] Group 2: Industry Dynamics - Hansoh Pharmaceutical's (3692.HK) Amivantamab has been approved for marketing in the EU for specific types of lung cancer [27] - The world's largest offshore wind farm, Hornsea 3, is set to begin construction, with significant logistical preparations already underway [29] - The CWEA reported that China's wind power installation capacity is expected to grow significantly, with a 49.9% year-on-year increase anticipated for 2025 [31] Group 3: Company Updates - Dongfang Cable (603606.SH) has successfully shipped a large-scale underwater cable to the UK, valued at over 900 million RMB, for use in multiple offshore wind projects [37] - The actual controller of Youkeshu (300209.SZ) plans to increase his stake in the company, reflecting confidence in its business recovery [39] - The electric motorcycle industry is seeing accelerated growth due to new policies and market demand, with over 12.5 million units expected to be replaced under the "old for new" subsidy program in 2025 [33]

Group 1: Market Overview - The overall A-share market showed a slight increase, with the Wind All A Index rising by 0.46% to 6833.88 points, while the Shanghai Composite Index increased by 0.05% to 4134.02 points [6][7] - The ChiNext Index rose by 1.32% to 3328.06 points, and the Sci-Tech 50 Index increased by 1.78% to 1480.99 points, indicating a strong performance in the hard technology sector [6][7] - The trading volume in the market was 21,607.71 billion, an increase of 1,597.27 billion compared to the previous trading day, with 2,107 companies rising and 3,273 companies falling [7] Group 2: Economic Insights - In January, the U.S. non-farm payrolls increased by 130,000, surpassing the expected increase of 70,000, while the unemployment rate stood at 4.3%, slightly better than the expected 4.4% [14] - The average hourly wage increased by 3.7% year-on-year, indicating a stable wage growth environment [14] Group 3: Industry Dynamics - The smart watch and wristband market in China is projected to grow by 13.1% in 2025, with total sales reaching 64.5 million units [24] - Huawei leads the adult smart watch market with a 24.5% share, experiencing a 46.8% year-on-year increase, while Apple holds a 16.5% market share, benefiting from new product launches [25] Group 4: Company Updates - Baiotai (688177.SH) received approval from the European Medicines Agency (EMA) for its Gotenfia injection, which is expected to enhance the company's international market presence [28][30] - Northeast Securities (000686.SZ) has been approved by the China Securities Regulatory Commission to establish a subsidiary in Hong Kong with an investment of 500 million HKD [31] - Huazhong Securities (600909.SH) also received approval for a capital increase of 500 million HKD to its wholly-owned subsidiary in Hong Kong [32] Group 5: Local Economic Policies - Hunan Province announced a subsidy policy for the 2026 Spring Festival, offering up to 1,500 yuan for home appliances and 500 yuan for digital products under the old-for-new program [36][37]

Group 1: Market Overview - The overall market shows a mixed performance with the Shanghai Composite Index closing at 4128.37, up by 0.13%, while the ChiNext Index fell by 0.37% to 3320.54 [8][9] - The AI application sector is leading the market, particularly with the launch of ByteDance's Seedance 2.0, which enhances video generation capabilities [8][10] - The trading volume decreased, with a total market turnover of 21,247.45 billion, down by 1,454.35 billion from the previous trading day [9] Group 2: Industry Dynamics - ByteDance's Seedance 2.0 has been launched, enabling the creation of high-quality videos from text or images, which is expected to revolutionize the film industry [27][28] - The 2025 Hunan electricity market settlement report indicates a retail settlement average price of 0.45 yuan per kilowatt-hour, with significant transaction volumes reported [29][30] Group 3: Company Updates - Semiconductor company SMIC reported a 23.2% year-on-year increase in net profit for Q4 2025, with total revenue reaching 178.13 billion, a growth of 11.9% [31][32] - Heng Rui Medicine's application for the marketing license of its drug has been accepted and prioritized for review, targeting HER2-positive colorectal cancer [34] - Huami New Materials reported stable growth with a revenue increase of 6.44% and a net profit increase of 10.86% for 2025 [35][36] Group 4: Economic Initiatives - Hunan Province has initiated ten key livelihood projects for 2026, with a total investment of 601 billion, reflecting a 5.2% increase from 2025 [38][39]

Market Overview - The market experienced a broad decline last week, with the Shanghai Composite Index and Shenzhen Component Index falling by 1.27% and 2.11% respectively. The Hang Seng Index and Hang Seng Tech Index dropped by 3.02% and 6.51% respectively [2][8] - In the overseas equity markets, the S&P 500 and Nasdaq 100 indices decreased by 0.10% and 1.87% respectively, while the Indian SENSEX30, French CAC40, UK FTSE 100, and Nikkei 225 indices saw increases of 3.54%, 1.81%, 1.43%, and 1.75% respectively [2][8] Bond Market - The yields on medium to long-term Chinese government bonds decreased last week, with the 30-year, 10-year, and 1-year government bond yields at 2.2510%, 1.8102%, and 1.3207% respectively, showing a decline of 3.80 basis points, 0.10 basis points, and an increase of 2.08 basis points compared to the previous week [2][9] - U.S. Treasury yields for 30-year, 10-year, and 1-year bonds were reported at 4.85%, 4.22%, and 3.45% respectively, with decreases of 2 basis points, 4 basis points, and 3 basis points compared to the previous week [2][9] Gold Market - The gold market continued its volatile trend last week, with London gold prices reaching a low of $4402.06 per ounce on February 2, followed by a rebound to $4962.65 per ounce by February 6, marking a daily increase of 3.98% [2][11] - COMEX gold futures closed at $4956.0 per ounce, reflecting a weekly increase of 1.57%, while the Shanghai Gold Exchange's spot price closed at 1091.5 yuan per gram, down 6.23% for the week [2][11] Fund Market Activity - The trading activity in the market was high last week, with an average daily trading volume of approximately 619.96 billion yuan for ETFs. Significant net outflows were observed in broad index funds such as the CSI 300, CSI 500, and CSI 1000 indices, while the Hang Seng Tech Index saw net inflows [2][13] - As of February 8, there were 13,757 public funds in the market with a total net asset value of approximately 37.11 trillion yuan. Six new funds are set to be issued this week, including one equity mixed fund, one bond mixed fund, one mixed bond secondary fund, one mixed FOF fund, and two passive index funds [3][14]