另外，茅台酒四川经销商亦表示："目前没有收到任何通知"。 责任编辑：郭栩彤 2月25日，有消息称，飞天茅台出厂价由1169元/瓶上调至1299元/瓶。 对此，新浪财经《酒业内参》问询了茅台方面，其表示："未收到相关消息，若涨价将公开，一切以公 告为准。" ...

Summary of Conference Call Notes Company/Industry Involved - The discussion revolves around the macroeconomic environment, particularly focusing on the Chinese market and its interactions with global markets, including the U.S. and Japan. Key Points and Arguments Macroeconomic Changes - The U.S. Supreme Court's decision to overturn Trump's tariffs based on the EPA has created a notable impact, although the overall market reaction has been muted due to prior expectations of such a ruling [1][7][11]. - The performance of major asset classes during the Spring Festival period showed that commodities, particularly oil and gold, performed relatively well, while the Hong Kong stock market, especially the Hang Seng Tech Index, lagged significantly [1][2][3]. Market Performance - The U.S. stock market, particularly small-cap stocks, has shown resilience, while tech stocks have struggled to regain their footing after recent adjustments [2][3]. - The Hong Kong market has been characterized by a significant underperformance of tech stocks, attributed to concerns over the differentiation between new and old technology companies [2][3]. Capital Flows - There has been a notable inflow of foreign capital into the Chinese market, particularly from the Asia-Pacific region, although this has not been reflected in the performance of the Hong Kong market [4][5]. - The inflow of foreign capital has been sustained for six consecutive weeks, indicating a growing preference for Chinese assets, despite a slowdown in the pace of inflows recently [4][5]. U.S. Tariff Policies - The recent changes in U.S. tariff policies, particularly the Supreme Court's ruling, have led to a slight decrease in the overall tariff rate, which is now approximately 13.4% [11][12]. - The implications of these tariff changes are complex, as they may lead to further negotiations and adjustments in trade policies, creating uncertainty in the market [9][12]. Economic Indicators - U.S. GDP growth for the fourth quarter was reported at an annualized rate of 1.4%, significantly lower than the previous quarter's 4.4%, influenced by government shutdowns and trade dynamics [17][18]. - The PCE data released showed slight inflationary pressures, but overall, inflation is not expected to pose a significant threat to the Federal Reserve's monetary policy [19][20]. Chinese Economic Outlook - The Chinese financial data indicates a mixed picture, with M1 growth reflecting a recovery in the capital market, but overall credit demand remains weak [24][25]. - Consumer spending during the Spring Festival showed moderate growth, with expectations for continued recovery, but structural issues in consumer spending power remain [26][27]. Future Considerations - The upcoming Two Sessions and the visit from Trump are anticipated to be critical events that could influence market dynamics and policy directions [28]. - The overall outlook for the Hong Kong market remains cautious, with expectations of a potential slowdown in the credit cycle in the second quarter of the year [25][29]. Other Important but Possibly Overlooked Content - The differentiation in performance between various sectors, particularly in technology, highlights the need for investors to focus on specific companies and their competitive positioning within the market [30][31]. - The discussion emphasizes the importance of understanding the underlying economic fundamentals rather than solely relying on capital flow data, which can be lagging indicators [6][19]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current market landscape and future expectations.

然后两轮方面的话到了2月8号的话市场就融资预额是2.64万亿元是叫上前期高铁石油所给我的融销预额是166亿元仍然是不是很高然后整个两轮交易额占到全益的这个比例是9.23 本期的话两轮表现是净流出519亿元较上期的净流出69亿元的话是增加了宽比扩大的450亿元当前的话两轮资金是连续三周出现的净流出迹象表明市场投资情绪正在从高点逐步降温两轮交易额占A股的生肖比重也是占了9%附近反映当前两轮资金的参与度是有所下滑的 然后这个是具体的行业方面可以看到流出比较多的重灾区的包括商业原料制造消费然后流出比较小的尤其是金融房产服务也就是前期流入上来的时候也是比较弱一点所以这边咱们也能看到五个方面的行业其实都在流出的这样一个情况的然后中度方面来看的话各股方面的话流入比较多的包括重庆国际 互联网黄金重庆许创中国国际银行网速科技那么流出比较多的包括新一称 贵州茅台 南极科技东东银行还有紫禁矿业 然后这个是一张准指的表格情况那么本期的话是这个本期就是春节前的那一周资金供给端的合计是负责150亿元然后资金的这个需求端是1020亿元所以其实整个市场的这个资金是净流出了大概是711亿元 然后分项上来看的话这个偏股型的公募的这个新华份额是回 ...

沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为26.82%，近一个月回报为0.17%。 2月25日，截止午间收盘，沪深300ETF中金（510320）涨0.95%，报1.281元，成交额657.98万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘涨0.99%，贵州茅台涨2.59%，中国平安涨 1.75%，中际旭创涨2.17%，紫金矿业涨2.19%，招商银行涨0.15%，新易盛涨3.38%，美的集团涨 0.87%，兴业银行涨0.71%，长江电力涨0.31%。 来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

Group 1 - A500ETF Zhongjin (512080) increased by 1.50% to 1.356 yuan with a trading volume of 13.8984 million yuan as of the midday close on February 25 [1] - Major holdings of A500ETF Zhongjin include CATL up 0.99%, Kweichow Moutai up 2.59%, Ping An Insurance up 1.75%, and Zijin Mining up 2.19% [1] - The performance benchmark for A500ETF Zhongjin is the CSI A500 Index return, managed by Zhongjin Fund Management Co., Ltd. The fund has a return of 33.60% since its establishment on January 14, 2025, and a return of -0.39% over the past month [1]

180治理ETF交银（510010）业绩比较基准为上证180公司治理指数，管理人为交银施罗德基金管理有限 公司，基金经理为邵文婷、蔡铮，成立（2009-09-25）以来回报为102.94%，近一个月回报为1.90%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月25日，截止午间收盘，180治理ETF交银（510010）涨0.77%，报1.836元，成交额41.85万元。180治 理ETF交银（510010）重仓股方面，贵州茅台截止午盘涨2.59%，中国平安涨1.75%，招商银行涨 0.15%，紫金矿业涨2.19%，工商银行涨0.00%，兴业银行涨0.71%，长江电力涨0.31%，恒瑞医药涨 0.07%，伊利股份涨0.76%，京沪高铁涨0.61%。 ...

Group 1 - The core viewpoint of the article highlights the performance of the Quality ETF Zhongjin (515910), which rose by 1.35% to 0.678 yuan with a trading volume of 1.0338 million yuan as of the midday close [1] - The top holdings of the Quality ETF Zhongjin include companies such as Zhongji Xuchuang, which increased by 2.17%, Zijin Mining up by 2.19%, and Xinyi Technology rising by 3.38% [1] - The fund's performance benchmark is the MSCI China A-Shares International Quality Index, managed by Zhongjin Fund Management Co., Ltd., with a return of -33.12% since its inception on January 21, 2021, and a return of 1.24% over the past month [1]

板块下的成分股表现方面，仅6只白酒股收涨，包括贵州茅台、五粮液、山西汾酒、洋河股份和泸州老 窖等龙头股收跌。其中跌幅最大为泸州老窖，收盘报112.5元/股，跌3.23%；农历新年前不断走高的贵 州茅台，24日收盘为1466.8元/股，跌1.25%，其他龙头股跌幅在0.8%至1.4%之间。 春节假期后首个交易日，白酒走出了"逆市"行情。 2月24日，A股大盘高开并收盘企稳4100点以上，但白酒行业却全线调整，同花顺白酒数据显示，该板 块高开2669.58点后走低，收盘报2619.94点跌0.94%。南都湾财社-酒水新消费指数课题组记者了解到， 从2月6日开始，白酒板块呈现走低态势，2月份的7个交易日中有6个交易日收跌。 不过，市场分化加剧的同时，行业研报却认为龙头品牌已率先展现出复苏韧性。 高盛发布的中国白酒行业动态追踪显示，2026年农历新年期间白酒整体零售需求同比下降两位数，但这 一降幅相较于2025年中秋节下滑情况已有所企稳，表现略好于节前市场的普遍预期。 华创证券24日发布的研报表示，春节期间白酒表现整体符合节前预期，行业整体动销下滑双位数，回款 节奏慢于去年同期，其中高端"茅五"动销实现双位数增长，百 ...

Macro Research - In 2026, approximately 77 trillion yuan of residents' fixed deposits will mature, with about 25 trillion yuan facing repricing due to high-interest deposits [1] - The maturity pressure for 2026 is expected to be less severe compared to 2025, with a year-on-year increase of 9.6-10.8 trillion yuan, corresponding to a growth rate of 14.4%-16.3% [2][3] Strategy Research - Kevin Warsh's potential leadership at the Federal Reserve may lead to a "moderate rate cut + limited balance sheet reduction" policy, which could increase asset volatility and reshape asset pricing paradigms [1][5] Basic Chemical Research - Sanmei Co., Ltd. is a leading player in the third-generation refrigerants market, with prices expected to continue rising due to increasing downstream demand [1][8] - The company has a significant share of the HFCs production quota in China, with HFC-134a, HFC-125, HFC-32, and HFC-143a accounting for 23.97%, 18.43%, 11.81%, and 15.48% of the national production quota, respectively [9][27] - The average market price of R32 has surged from 13,472 yuan/ton at the beginning of 2023 to 63,000 yuan/ton at the beginning of 2026, a staggering increase of 368% [11][28] - The company is actively enhancing its integrated layout across the fluorine industry chain, with several projects in various stages of development [12][28]

本文来自格隆汇专栏：中信证券研究，作者：姜娅、刘济玮、蒋祎、杜一帆 马年春节消费延续分化表现，整体符合预期，其中酒店、景区、高端酒等呈现较优景气度，受出行分流 的部分影响，零售、票房等表现总体一般。我们维持观点，消费自身修复行进之中、企稳中有分化，短 期消费的整体beta性机会关注财政刺激类政策的可能性。建议2026年重点关注权益市场的财富效应传 导、供给端优化推动的率先经营拐点机会，长期配置继续重视结构变化。 ▍出行：旅游市场高景气，酒店板块超预期。 2026年马年春节假期9天连休，且存"请5休15"拼假可行性，为"史上最长春节"，催生"先返乡、后出 游"或多地游多段式旅行。此外，此次春节假期期间大部地区气温较往年偏高，气象条件总体适宜出 行。根据交通运输部，春运前20天全社会跨区域累计人员流动量同比增长5.2%，其中民航、铁路、公 路分别同比增长5.4%、4.9%、5.4%，好于预期。根据酒店之家，基于上年农历同期口径，春节9天假期 中前8天平均Occ为51.4%/同比+3.3ppts，平均ADR为293.1元/同比+10.1%，平均RevPAR为150.1元/同比 +17.6%，显著优于节前我们的预期（ ...