2月26日，算力硬件股走高，CPO、PCB概念股午后持续强势，截至14点15分，同指数规模最大通信 ETF华夏（515050）涨幅达2.5%，同类费率最低创业板人工智能ETF华夏（159381）涨1.64%，云计算 ETF华夏（516630）涨1.5%。沪电股份、深南电路、亨通光电、烽火通信此前涨停，润泽科技、星宸科 技领涨，天孚通信、光环新网、东山精密等股跟涨。资金积极布局AI产业链核心方向，近3日，创业板 人工智能ETF华夏（159381）获得资金连续净流入，累计吸金1.67亿元。 消息面上，2月25日，OpenAI发布了对OpenClaw之父Peter Steinberger的深度访谈。在过去一年Peter通过 AI Agent工具，一个人在GitHub上完成了超过9万次代码提交，横跨120多个项目。他指出AI已具备自主 解决问题的能力，开发本质已变为"定义意图"而非写代码，Peter预言2026年Agentic Coding能力将彻底 爆发。 中信证券表示，AI Coding能力的跃升使得全球有效代码的规模正式进入指数级别膨胀的阶段，全球大 概率会先经历一个代码量膨胀、竞争加剧的过程，这是在考虑市场行 ...

最近有个事儿挺值得关注：离岸人民币兑美元升破了6.9关口，创下阶段新高。不管你是做外贸的，还 是平时关心财经新闻，可能都在琢磨一个问题——这波人民币到底为什么突然这么强？后面还能不能继 续涨？ 先说结论：这一波升值，是内外因素凑一块儿了。美元自己弱了，咱们自己的基本面也硬气了。 先看外部。美元走弱是最大的"助攻"。美联储从2025年开始已经连着降了三次息，加起来75个基点，美 元指数去年全年跌了9.41%。到了今年年初，更是跌到97附近。更要命的是，美国司法部还在调查美联 储主席鲍威尔，这事儿对美元信用的冲击不小。美元一软，其他货币自然就硬气起来。有意思的是，人 民币这一波的涨幅，比欧元、英镑这些主要货币都猛，这说明咱不光靠别人弱，自己也有底气。 再说内部。这才是真正值得看的干货。 第一，贸易顺差创了历史新高。2025年全年，中国货物贸易顺差达到1.19万亿美元。这个数字本身就挺 能说明问题——赚回来的美元多了，人民币的底子自然就厚。 第二，企业终于开始结汇了。之前很多企业手里攥着美元不换，等着更高的价格。但这波人民币升值趋 势一明朗，大家坐不住了。2025年12月和今年1月，银行代客结售汇顺差分别冲到999 ...

（原标题：券商晨会精华 | 美股分化显著 成长风格有望回归） 昨日，市场冲高回落，创业板指盘中一度涨超2%，沪深两市成交额2.2万亿。全市场超4000只个股上涨，其中109只个股涨停。从板块来看，油气 股、化工、培育钻石、玻纤等概念表现活跃。下跌方面，影视院线、AI应用等板块跌幅居前。截至收盘，沪指涨0.87%，深成指涨1.36%，创业板 指涨0.99%。 在今日券商晨会上，华泰证券认为，美将磷系农资列入战略资源影响深远；国泰海通证券认为，美股分化显著，成长有望回归；中金公司认为， 上海调减住房限购，或助力房价局地企稳。 华泰证券：美将磷系农资列入战略资源影响深远 2026年2月18日，特朗普政府援引《国防生产法》发布行政令，正式将磷元素与草甘膦除草剂列为美国战略资源，以保障国内供应链安全。全球近 几年80%的磷资源下游用于磷肥，草甘膦由于转基因抗性种子需求成为全球第一大除草剂，二者是全球农资的核心环节。据USGS，2025年美国磷 矿石进口依存度16%，主要来自秘鲁及摩洛哥。美国草甘膦本土产能充足，但考虑厂商到对欧洲及南美的供应，仍需进口中国产草甘膦。 相对而言，中国磷矿石自给率较高，而草甘膦净出口且产能略 ...

Report Summary 1. Investment Rating The document does not mention the investment rating of the industry. 2. Core Views The report reviews the fund market in 2025, including the overall situation of the public - offering fund industry, the development of various sub - categories of public - offering funds, and the situation of private - offering securities investment funds. It also provides a market outlook for 2026 and selects several types of funds for attention. In 2025, the public - offering fund market achieved significant positive returns, and the private - offering securities investment fund market expanded in scale. In 2026, with the resonance of China's and the US policies, the A - share market is expected to shift from liquidity - driven to profit - driven, and attention should be paid to specific investment directions and the rhythm of the fixed - income market [2][9]. 3. Summary by Directory 3.1 Public Fund Overall Overview - **Asset Management Market Overview**: By the end of Q3 2025, the total scale of China's asset management business reached 80.03 trillion yuan. Public - offering funds and private - offering funds drove the growth of the asset management scale, with public - offering funds contributing 3.92 trillion yuan to the scale growth. The public - offering fund market maintained strong vitality, with a total scale of 36.67 trillion yuan and a total share of 31.30 trillion shares by the end of 2025, showing year - on - year growth [16][20]. - **Public Fund New - issuance Market**: In 2025, stock - type and bond - type funds were the main new - issuance products. The new - issuance volume of stock - type funds was large, and the new - issuance scale was comparable to that of bond - type funds, mainly relying on passive products [40]. - **Non - monetary Head Managers of Public Funds**: Since 2021, the top - three managers in terms of non - monetary fund scale have been relatively stable. In 2025, E Fund, China Asset Management, and GF Fund had different product line focuses in terms of stock and incremental scale. Huatai - Peregrine Fund and Invesco Great Wall Fund showed good performance [47][48]. - **Performance of Public Fund Products**: In 2025, the public - offering fund market achieved significant positive returns. Commodity - type funds represented by gold performed excellently, and stock - type funds also received good returns with reduced volatility and drawdown [3][56]. 3.2 Hot Topics in the Fund Industry - **Reform of Public - offering Fund Policies**: In 2025, a series of reform measures were introduced to promote the transformation of the public - offering fund industry from "scale - oriented" to "return - oriented" [59]. - **New - style Floating - rate Funds**: In 2025, new - style floating - rate funds were successively launched, which had important impacts on the public - offering fund market, such as guiding long - term holding and strengthening the binding mechanism between fund companies and investors [67][69]. - **Commercial Real Estate REITs**: In 2025, the pilot of commercial real estate REITs was officially launched, and 12 products had been officially declared by February 13, 2026 [73][75]. - **Development of the Fund Investment Advisory Industry**: Policy support, product expansion, and institutional empowerment promoted the development of the fund investment advisory industry. The investment scope of fund investment advisors was gradually broadened, and leading public - offering funds entered the market [77][79]. 3.3 Overview of Sub - categories of Public Funds - **Active Equity Funds**: In 2025, the scale of active equity funds rebounded, with an average return of 33.29%. Funds focusing on the AI industry chain led the gains [101]. - **Industry Theme Funds**: By the end of 2025, there were 2,009 industry theme funds, with a significant increase in scale. Funds in technology communication, large - scale technology, and large - scale manufacturing sectors led the gains [4][150]. - **Active Fixed - income Funds**: In the low - interest - rate environment and the rising equity market in 2025, the management pressure of pure - bond portfolios increased, while the scale of bond - containing funds increased significantly [170][174]. - **Passive Funds**: By the end of 2025, the total scale of passive funds exceeded 7.5 trillion yuan. ETFs continued to expand, and industry themes and bonds frequently created hot topics [205]. - **FOF Funds**: By the end of 2025, the total scale of FOF funds increased significantly, with performance showing significant differentiation. The new - issuance market recovered [296][309]. - **Quantitative Funds**: The scale of quantitative funds expanded rapidly, with index - enhanced funds dominating the scale. The new - issuance market of A500 and ChiNext/Science and Technology Innovation Board index - enhanced funds was hot, and small - cap products had outstanding returns [334][346]. 3.4 Overall Situation of Private - offering Securities Investment Funds - **Existing Situation**: By the end of December 2025, the existing scale of private - offering securities investment funds reached a record high of 7.08 trillion yuan, a year - on - year increase of 35.82%. The number of funds decreased, and fund managers continued to be cleared out [377]. - **New - issuance Market**: In 2025, the number and scale of newly - registered private - offering securities investment funds both increased. The access for new fund managers remained strict [382]. - **Industry Pattern**: The number of private - offering funds with a scale of over 10 billion yuan increased, while the number of those with a scale of less than 500 million yuan decreased significantly [391]. - **Market Trends**: In 2025, the scale of quantitative private - offering funds expanded again, and 14 new quantitative private - offering funds exceeded 10 billion yuan in scale. The regulatory rules for program trading were implemented [394][399]. - **Market Trends**: The number of insurance - funded private - offering securities investment funds increased to 7, and insurance funds increased their layout in the equity market through private - offering funds [400]. 3.5 Market Outlook in 2026 - **Macroeconomic Outlook**: In 2026, China's fiscal policy aims to balance "stable growth" and "structural transformation." If the fiscal space is fully released, a series of positive macroeconomic changes are expected. The total demand growth rate is expected to return to expansion [402][404]. - **Investment Direction**: In the equity market, attention should be paid to computing power, AI applications, AI power, cutting - edge technologies proposed in the 14th Five - Year Plan, pro - cyclical sectors, and domestic demand expansion and consumption recovery. In the fixed - income market, the interest rate center may rise, and the trading rhythm should be grasped [9]. - **Fund Selection**: The report selects several types of funds, including all - market investment equity funds, equity funds under different investment themes, fixed - income funds, and index - enhanced funds [10][11][12].

近日，国际评级机构标普全球评级（S&P Global Ratings）宣布，华泰证券旗下华泰金融控股（香港） 有限公司（HTFH HK）管理的华泰港元货币市场基金（HKD MMF）和华泰美元货币市场基金（USD MMF）分别获得AA-f/S1+和AAf/S1+评级。这是国际三大评级公司（标普、穆迪和惠誉）首次对香港 中资机构管理的公募基金进行评级，也是首次对在港运作的美元货币基金进行评级。 推荐阅读 两只基金均为华泰全球投资基金的子基金，注册于香港，主要投资于短期存款和货币市场工具，其中港 元基金和美元基金分别至少将其净资产的70%投资于港元和美元计价资产。根据评级机构的基金信用质 量评级分析报告，两只基金的底层资产质量高、基金管理团队经验丰富、风险和合规管理稳健。此外， 相关机构的基金波动率评级指出，两只基金在波动率方面的S1+评级表明其风险水平对标短期政府债 券，具有稳健回报和极低的波动率。 涨停，17万手封单！A股第一名 华泰证券同时于近期聘任张大宇负责境外资管业务。张大宇拥有北京航空航天大学学士学位以及美国纽 约哥伦比亚大学硕士学位，有近20年全球资本市场、客户关系管理及跨境业务拓展领导经验，曾任职于 ...

来源：市场投研资讯 （来源：小景爱基金） 春节假日，港股整体表现不错，恒生科技初七大涨超过3%，港股创新药累计上涨也超过2.7%，恒指累 计涨幅1.4%。（数据来源:Wind，截至2026.02.24） 节后第一个交易日，A股迎来"马年开门红"，上证指数再次站上4100点。虽然港股又上演"节后变脸"的 老戏码，互联网龙头的内卷也令恒生科技走势低迷，舆论感知不佳，但恒指其实在1月29日刚刚创下近4 年新高，年内涨幅仍有3.74%，恰巧与上证指数一致。而作为对比，标普500和纳指今年还是下跌的。 （数据来源:Wind，截至2026.02.24） 指数表现和体感的背离，其实来自于港股的结构分化。在互利网股之外，原材料、地产建筑、能源、医 疗保健等行业扛起了港股的大旗。 | 证券简称 | 今年涨跌幅% | | --- | --- | | 恒生综合行业指数-原材料业 | 21.60 | | 恒生综合行业指数-地产建筑业 | 19.06 | | 恒生综合行业指数-能源业 | 18.94 | | 恒生综合行业指数-工业 | 16.70 | | 恒生综合行业指数-综合企业 | 13.20 | | 恒生综合行业指数-医疗保健业 ...

华泰证券同时于近期聘任张大宇先生负责境外资管业务。张大宇先生拥有北京航空航天大学学士学位以 及美国纽约哥伦比亚大学硕士学位，有近20年全球资本市场、客户关系管理及跨境业务拓展领导经验， 曾任职于中信里昂英国公司、中信证券总部，负责国际业务。 标普全球评级是全球领先的独立信用评级机构，其基金评级体系通过量化与定性分析结合，全面评估基 金信用质量与市场风险。此次标普对华泰金控旗下基金授予的高等级评级，再次彰显了权威评价机构对 华泰证券资管业务国际化的认可，也充分体现出华泰证券在持续强化国际业务战略布局与境内外一体化 联动，积极助力中国客户"走出去"与境外客户"走进来"，更好服务金融高水平开放等方面的突出成绩。 近日，国际评级机构标普全球评级（S&P Global Ratings）宣布，华泰证券旗下华泰金融控股（香港） 有限公司（HTFH HK）管理的华泰港元货币市场基金（HKD MMF）和华泰美元货币市场基金（USD MMF）分别获得AA-f/S1+和AAf/S1+评级。这是国际三大评级公司（标普、穆迪和惠誉）首次对香港 中资机构管理的公募基金进行评级，也是首次对在港运作的美元货币基金进行评级。 两只基金均为华泰 ...

展望后市，华泰证券在研报中预计，2026年险资仍将积极入市，二级权益类仓位将继续上升，但上升幅 度将较2025年有所收敛，二级权益和债券的配置将较2025年更为均衡。此外，业内人士表示，保险资管 机构将继续加强对科技创新、新质生产力等重点领域优质上市公司的跟踪和挖掘。 数据显示，截至2月24日，今年以来已披露最新净值的保险资管产品共有1602只，其中今年以来实现区 间正收益的产品占比高达93.2%。 分类型来看，固收类保险资管产品仍占据较多席位，业绩表现整体较为稳健，在1098只固收类产品中， 有1038只产品今年以来实现正收益；权益类保险资管产品有269只，今年以来有245只产品实现正收益； 混合类保险资管产品有220只，今年以来有195只产品实现正收益。 （来源：财闻） 在1098只固收类产品中，有1038只产品今年以来实现正收益。 ...

2023年10月，中央金融工作会议首次提出做好科技金融、绿色金融、普惠金融、养老金融、数字金 融"五篇大文章"，为我国金融行业高质量发展指明方向。2025年2月，证监会发布《关于资本市场做好 金融"五篇大文章"的实施意见》，从监管层面为资本市场参与绿色金融实践提供明确指引。 证券公司作为现代金融体系的关键枢纽，是连接资本市场与实体经济的核心中介，其深度参与绿色金融 实践，是书写好绿色金融这篇"大文章"的核心力量。例如，证券公司通过创新资本工具，将绿色发展政 策转化为市场信号，引导金融活水精准灌溉绿色科技研发与传统产业低碳转型；借助专业风险定价能 力，为生态环境的生态价值、经济价值科学"明码标价"，推动全社会重估经济发展的环境成本，实现未 来生态生存权的合理贴现，最终构建支撑生态文明建设的新金融基础设施，以市场之力定义自身在时代 变革中的核心价值。 证券行业深入参与绿色金融的顶层设计 要将绿色金融从发展理念转化为行业实效，证券公司需从内部开展系统性规划与核心能力建设，为业务 有序推进筑牢根基。 在战略层面，部分中大型券商率先将绿色金融提升至公司核心战略高度，纳入顶层设计与长期规划。兴 业证券作为行业先行者，设立 ...

产业策略 [table_Header]2026.02.25 证券公司服务绿色金融高质量发展的现状和展望 产业研究中心 摘要： | [Table_Authors] | | | --- | --- | | | 蔡晨(分析师) | | | 021-38031023 | | | caichen@gtht.com | | 登记编号 | S0880525080002 | | | 赵子健(分析师) | | | 021-38032292 | | | zhaozijian@gtht.com | | 登记编号 | S0880520060003 | [Table_Report] 往期回顾 医药产业运行数据专题：减速提质，创新渐入佳 境 2026.02.03 走向积极所有权：治理觉醒与价值重塑——2026 年全球可持续投资趋势展望 2026.01.12 国企竞争力提升与上海国资实践 2025.12.22 呼吸系统专题（一）：慢阻肺治疗缺口突出， PDE3/4 及多疗法共破局 2025.09.26 医药上市公司 2025 中报专题：创新药报表质量全 面提升 2025.09.10 请务必阅读正文之后的免责条款部分 1 of 8 [Tab ...