▍脑机接口进入3.0时代，百花齐放指日可待。 脑机接口（brain-computer interface，BCI）是指在大脑与外部设备之间建立直接交互的通信和控制通 道。据中国信通院，目前脑机接口进入3.0时代："感知+刺激+控制"深度融合。从产业发展维度看：脑 机接口进入突破落地阶段，脑机接口主要可分为有创和无创两大类，有创还可分为全侵入式、半侵入式 和介入式。在有创领域，国产厂商逐步推进临床转化；无创领域相关公司正逐步推进产品的上市注册， 商业化放量指日可待。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|陈竹 宋硕 曾令鹏 陈逸飞 国产首款植入式脑机接口产品近期将申请上市注册，料国内脑机接口行业将迎来DeepSeek时刻。在"政 策+资本+技术"等多重因素催化下，国内脑机接口商业化进程加速推进，料未来将逐步从"神经康 复"到"认知提升"再到"脑机融合"时代迈进。上游技术瓶颈正突破，中游中美齐头并进，下游星辰大 海。我们综合梳理三条投资主线：1）有创领域取得技术突破或优异临床效果的龙头企业。2）无创领域 应用落地场景多元化，具备较强商业化销售能力的龙头企业。3 ...

近日，证监会发布了《关于核准中信证券股份有限公司变更业务范围的批复》，核准中信证券变更业务 范围，将"融资融券"变更为"融资融券（限广东省（深圳市除外）、广西壮族自治区、海南省、云南 省、贵州省、山东省、河南省、浙江省天台县、浙江省苍南县以外区域）"。中信证券应当平稳做好后 续工作，确保客户合法权益不受损害。与此同时，深圳证监局也发布了《关于核准中信证券股份有限公 司变更经营证券期货业务范围的批复》。 点评：此次业务范围变更标志着监管层对两融业务差异化管理的深化。对中信证券而言，区域限制虽短 期影响业务拓展空间，倒逼其优化风控体系。两融板块受此波及，行业分化格局加剧，中小券商或面临 重塑竞争策略。整体来看，此举措精准把脉市场风险，利于股市生态的长期净化与稳健运行。 ｜2026年2月24日星期二｜ 点评：东北证券股权转让因审计保留意见受阻，凸显券商股权变更的合规门槛。亚泰集团财务整改存 疑，交易不确定性陡增，或引发市场对相关方治理能力的担忧。此事件提醒投资者，在并购重组题材 中，需警惕财务与合规隐患，短期市场情绪可能面临波动与重新定价。 NO.1中信证券业务发生变更 NO.2东北证券股份转让迎最新进展 东北证券 ...

近日，银行业理财登记托管中心发布《中国银行业理财市场年度报告（2025年）》（以下简称"报 告"）。报告显示，截至2025年末，理财市场存续规模达33.29万亿元，较去年初增长11.15%；理财产品 全年为投资者创造收益7303亿元，平均收益率为1.98%。更多投资者进入银行理财市场"掘金"，截至 2025年末，持有理财产品的投资者数量已达1.43亿，较年初增长14.37%。 "2025年，理财市场规模实现较快增长，创历史新高。在债市波动增加以及监管趋严的背景下，银 行理财经营模式持续调整，资产配置与产品结构均出现明显变化。"民生银行首席经济学家温彬表示， 展望2026年，银行理财有望再次迎来规模增长大年，理财机构需把握窗口期。 市场规模与投资者数量"双增" 根据普益数据测算，截至2025年末，"固收+"理财存续规模同比增长16%至10.8万亿元，高于固定 收益类10.9%的整体增速。 素喜智研高级研究员苏筱芮认为，固收类理财产品存在较高的占比，较为契合理财市场主流客群的 理财需求。"个人投资者占据绝大多数与产品以固收类为主，是当下银行理财市场最为典型的两个特 征。个人投资者多具有较低的风险偏好，以追求绝对收 ...

Overall Market Outlook - The tourism market is experiencing a significant boom during the extended Spring Festival holiday, which lasts for 9 days, benefiting from favorable weather conditions and travel patterns [1][8] - The demand for travel is expected to exceed expectations, driven by service consumption policies and the trend of multi-destination travel [1][8] Travel Trends - The extended holiday has reshaped travel structures, leading to a rise in multi-segment trips, with users averaging 5.9 days of travel, an increase of 1.1 days year-on-year [2] - There is a notable increase in travelers visiting multiple destinations, with a 19 percentage point rise in the proportion of tourists visiting two destinations [2] - The flow of travelers is shifting, with a significant increase in "reverse urbanization" as older generations travel to cities [2] Hotel Performance - Hotel occupancy rates (Occ) averaged 50.0% during the first seven days of the holiday, up 3.1 percentage points year-on-year, with an average daily rate (ADR) of 300.4 yuan, an increase of 11.0% [3] - The average revenue per available room (RevPAR) reached 150.4 yuan, reflecting an 18.6% year-on-year growth, significantly surpassing pre-holiday expectations [3] Duty-Free Sales - Duty-free sales in Hainan have seen substantial growth, with sales reaching 13.8 billion yuan and 17.7 million visitors during the first five days of the holiday, marking increases of 19% and 24.6% respectively [5] - Sanya's duty-free sales exceeded 2 billion yuan on the first day of the Lunar New Year, maintaining above 2 billion yuan for several consecutive days, with year-on-year growth rates ranging from 18.2% to 36.7% [5] Scenic Spots - Tourist traffic at scenic spots has been robust, leading to several locations issuing crowd control notices [6] - Notable increases in visitor numbers have been reported at various attractions, with some locations experiencing double-digit growth year-on-year [6] Gaming Industry - Macau's visitor numbers during the holiday period showed a 7.9% increase year-on-year, with mainland visitors up 9.7%, indicating a strong recovery [7] - The gaming revenue growth rate for February is projected to be around 5%, supported by the holiday's long tail effect [7] Investment Strategy - The service industry is expected to benefit from supportive policies, with a focus on leisure travel and consumption [8] - Recommended investment themes include high-quality leisure travel stocks, stable and growth-oriented companies in the cyclical leisure sector, and companies with high demand elasticity in the recovering market [8]

来源：新浪证券-红岸工作室 2月13日，中信证券跌0.90%，成交额30.33亿元。两融数据显示，当日中信证券获融资买入额3.05亿 元，融资偿还5.06亿元，融资净买入-2.02亿元。截至2月13日，中信证券融资融券余额合计188.05亿 元。 融资方面，中信证券当日融资买入3.05亿元。当前融资余额187.85亿元，占流通市值的5.59%，融资余 额超过近一年70%分位水平，处于较高位。 融券方面，中信证券2月13日融券偿还1.48万股，融券卖出5.18万股，按当日收盘价计算，卖出金额 143.07万元；融券余量71.02万股，融券余额1961.57万元，低于近一年30%分位水平，处于低位。 资料显示，中信证券股份有限公司位于广东省深圳市福田区中心3路8号中信证券大厦,北京市朝阳区亮 马桥路48号中信证券大厦,香港中环添美道1号中信大厦26层，成立日期1995年10月25日，上市日期2003 年1月6日，公司主营业务涉及证券经纪、证券承销与保荐、证券资产管理、证券自营等业务等。主营业 务收入构成为：证券投资业务43.88%，经纪业务28.21%，资产管理业务18.21%，证券承销业务6.22%， 其他业务 ...

| 美股重要指数区间涨跌幅（%） | 2月16日-2月20日 | | --- | --- | | 费城半导体指数 | 1.51 | | 纳斯达克指数 | 1.51 | | 标普500 | 1.07 | | 罗素2000指数 | 0.65 | | 道琼斯工业指数 | 0.25 | | 纳斯达克中国金龙指数 | -0.55 | 【环球网财经综合报道】Wind数据显示，近十年春节假期后A股首个交易日，上证指数、创业板指上涨 概率均达六成，与此同时，多家券商机构针对节后A股行情做出预判。 开源证券复盘春节后市场规律发现，节后5个、10个、20个交易日内，市场上涨概率逐步提升，大盘日 渐回暖；风格上，呈现"中小盘优于大盘，成长占优"的特征，市场以追求超额为目的。 东吴证券提出，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有 望迎来积极开局；产业趋势层面，机器人、国产大模型在内的科技主线在假期期间持续发酵。 中信建投也认为，春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后A股有 望开启新一轮上行。行业配置上继续坚持"科技 资源品"双主线；其中科技主线以AI、人形机器人 ...

中信证券首席经济学家明明、创金合信基金首席经济学家魏凤春、粤开证券首席经济学家罗志恒、川财 证券首席经济学家陈雳、东吴证券首席经济学家芦哲等五位资深专家普遍认为，面对国内外复杂的经济 金融环境，进一步巩固市场稳中向好的势头，需要市场多维发力、综合施策，既要以"稳"化解内外风 险，又要以"改"激发市场活力，持续引"长钱"入市降低市场非理性波动，同时提升市场回报能力增强投 资者信心，通过系统施策，夯实市场长期健康发展根基，更好助力经济高质量发展。（证券日报） ...

Group 1: Market Influences - The key events impacting the market during the holiday include the Trump tariff situation, the "Robot + AI Technology Spring Festival Gala," the strong appreciation of the RMB to the 6.89 range, and escalating changes in the Middle East situation [1] - The "2026 Spring Festival box office surpassing 5 billion" is highlighted as an industry bright spot that will positively catalyze related A-share sectors [1] Group 2: Trump Tariff Situation - The U.S. Supreme Court ruled that tariffs imposed by Trump under the IEEPA were unconstitutional, leading to a new 10% temporary import tariff effective February 24, with certain exemptions [3] - Analysts predict that the average tariff rate on China may temporarily decrease by 5 percentage points, while specific estimates suggest a potential 34% reduction in tariffs faced by mainland China [4] Group 3: Human-shaped Robot Industry - The 2026 Spring Festival Gala showcased several domestic humanoid robots, significantly boosting interest in the humanoid robot sector, with related stocks in Hong Kong experiencing a surge [5] - Reports indicate that the Spring Festival Gala has catalyzed significant attention and investment in the humanoid robot industry, with expectations for accelerated production and improved technology [5] Group 4: RMB Exchange Rate - The RMB showed strong appreciation during the holiday, entering the 6.89 range against the USD, primarily due to a weakening dollar rather than a strengthening RMB [7] - Analysts forecast that the RMB could reach an extreme value of 6.8 against the USD, with long-term appreciation expected as a result of ongoing dollar weakness [7] Group 5: Middle East Situation - The geopolitical tensions in the Middle East have increased demand for safe-haven assets, with U.S. military forces gathering in the region, impacting oil prices positively [8] - The uncertainty surrounding the Middle East situation is expected to benefit sectors such as gold and oil, which may see short-term market opportunities [9] Group 6: A-share Market Outlook - Multiple brokerages express a cautious optimism regarding the A-share market post-holiday, with expectations of a "systematic slow bull" opportunity [10] - Analysts suggest that the strong performance of the Spring Festival box office indicates a recovery in the film industry, recommending attention to quality film production companies and leading cinema chains [12]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The insurance industry has seen total assets surpassing 41 trillion yuan, with significant growth in equity allocation [1][26]. - The securities sector is experiencing a decline in trading volume, while refinancing efforts continue to advance [1][18]. - The multi-financial sector is transitioning into a stable growth phase, with trust assets and futures trading volumes showing varying performance [1][34]. Summary by Sections Non-Bank Financial Sector Performance - In the recent five trading days (February 9-13, 2026), all non-bank financial sub-sectors underperformed compared to the CSI 300 index, with the securities sector down 1.04%, multi-financial down 1.45%, and insurance down 2.52% [10][11]. Securities Sector - Trading volume has decreased month-on-month, with February's average daily trading volume at 26,496 billion yuan, a 30.04% increase year-on-year but a 23.74% decrease month-on-month [16]. - The refinancing measures introduced by the Shanghai and Shenzhen Stock Exchanges aim to enhance flexibility and efficiency in capital markets [18][21]. - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026, indicating potential value in quality firms like CITIC Securities and Tonghuashun [25]. Insurance Sector - The total assets of insurance companies reached 41.3 trillion yuan by the end of 2025, reflecting a 15.1% increase from the beginning of the year [26][27]. - The insurance sector's average comprehensive solvency ratio stands at 181.1%, indicating strong financial health [27]. - The allocation to equities and funds has increased significantly, with stocks comprising 10.1% of total investments, up 2.5 percentage points from the start of the year [28][29]. Multi-Financial Sector - The trust industry reported a total asset scale of 32.43 trillion yuan by mid-2025, marking a 20.11% year-on-year increase [34]. - The futures market saw a significant rise in trading volume and value, with January 2026 figures showing a 65.09% increase in volume and a 105.14% increase in value year-on-year [38][41]. - The report suggests that innovation in risk management will be a key focus for the futures industry moving forward [42].

Investment Rating - The industry investment rating is positive, with recommendations to buy or hold based on expected performance exceeding market averages [49]. Core Insights - The report highlights the introduction of a package of refinancing optimization measures by the Shanghai, Shenzhen, and Beijing stock exchanges aimed at improving market efficiency and supporting technology innovation companies [38]. - It emphasizes the importance of quality companies and technology firms in attracting liquidity and enhancing capital market structure, aligning with a healthy market trend [2][38]. - The report suggests focusing on three main investment lines: undervalued quality brokerages, companies benefiting from technology sector listings, and firms with strong performance in diversified finance [3]. Summary by Sections Market Review - The A-share market showed a slight increase with the CSI 300 index up by 0.4%, while the non-bank financial sector underperformed, declining by 1.6% [11]. Data Tracking - Brokerage firms reported a decrease in average daily trading volume to 21,111 billion yuan, down 12.3% week-on-week [19]. - The report notes significant growth in new equity fund issuance, with a total of 812 million shares issued in January 2026, up 186.9% year-on-year [19]. - The total asset management scale for public non-monetary funds reached 22.2 trillion yuan, with a slight decrease of 1.9% from the previous month [19]. Industry Dynamics - The report discusses the refinancing measures aimed at supporting quality listed companies and enhancing the efficiency of the refinancing process [38]. - It also mentions the ongoing trend of insurance funds increasing their stakes in various companies, with a total of 52 companies being targeted for increased holdings in 2024 [33].