流动性方面，截止2月27日，港股消费ETF银华（159735）近20个交易日累计成交金额18.08亿元，日均 成交金额9040.49万元；今年以来，34个交易日，累计成交金额29.13亿元，日均成交金额8567.66万元。 港股消费ETF银华（159735）现任基金经理为李宜璇。李宜璇自2021年5月25日管理（或拟管理）该基 金，任职期内收益-14.04%。 最新定期报告显示，港股消费ETF银华（159735）重仓股包括泡泡玛特、百胜中国、安踏体育、农夫山 泉、万洲国际、海尔智家、申洲国际、美的集团、李宁、蒙牛乳业，持仓占比如下。 来源：新浪基金∞工作室 2月27日，港股消费（159735）收盘涨0.48%，成交额5056.65万元。 港股消费ETF银华（159735）成立于2021年5月25日，基金全称为银华中证港股通消费主题交易型开放 式指数证券投资基金，基金简称为港股消费。该基金管理费率每年0.50%，托管费率每年0.10%。港股 消费ETF银华（159735）业绩比较基准为经估值汇率调整的中证港股通消费主题指数收益率。 规模方面，截止2月26日，港股消费ETF银华（159735）最新份额为10.91 ...

摘要 ■ 投资逻辑 基于大模型对券商年度展望的全面解析 每年的年底到年初，各券商会密集发布关于总量、行业等年度报告。对投资者而言，难以整合大量研报信息从而提取共识点，此外分歧点也同样缺乏量化 对比。大模型工具的出现解决了这一难点，大模型可以帮助分析师快速完成研报数据预处理、观点精准抓取与分类；大模型通过确定共识点与分歧点的判 定规则，系统整合分散观点，量化呈现各券商对板块不同观点的支持率，清晰核心分歧维度。本次研究以大模型为核心分析工具，全面剖析2026年各大板 块年度展望，梳理宏观、策略、固收及七大细分行业的共识与分歧，为投资者提供高效精准的决策参考。 总量观点总结 对于总量观点，我们分别从宏观经济、年度策略、固定收益三个方面分别剖析了各券商分析师的年度展望。 在宏观经济方面，大多数券商认为随着"十五五"政策发力，2026年GDP目标为5%左右；CPI、PPI从低位逐步修复，国内通货膨胀的压力得到缓解；货币 政策维持适度宽松基调，流动性保持合理充裕；财政政策延续积极取向，赤字率维持合理高位；出口保持稳健，贸易顺差维持历史较高水平；国外环境虽 然出现波动，但整体风险可控。 作者：高智威、许坤圣 在年度策略方面 ...

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies. Group 1: Recent Increases in Holdings - VITASOY INT'L (00345) saw an increase of 0.09%, bringing its latest holding percentage to 3.75% [1] - 恒生科技ETF (03032) increased by 0.04%, with a current holding of 18.49% [1] - 永升服务 (01995) experienced a rise of 0.01%, now holding 4.57% [1] - 南方东西精选 (03441) had the largest increase over five days at 18.46%, reaching 41.03% [4] - 喜相逢集团 (02473) increased by 10.04%, with a holding of 45.14% [4] - 兆易创新 (03986) rose by 4.95%, now at 6.65% [4] Group 2: Recent Decreases in Holdings - 南方恒生科技 (03033) experienced the largest decrease of -0.14%, with a current holding of 68.87% [2] - 医渡科技 (02158) decreased by -0.03%, now at 22.59% [2] - 盈富基金 (02800) saw a reduction of -0.02%, with a holding of 3.49% [2] - 山东墨龙 (00568) had a five-day decrease of -1.30%, now at 53.56% [5] - 亿华通 (02402) decreased by -1.00%, with a holding of 27.49% [5] - 国富氢能 (02582) saw a reduction of -0.90%, now at 20.14% [5] Group 3: Long-term Trends in Holdings - Over a 20-day period, 喜相逢集团 (02473) had the highest increase of 42.45%, reaching 45.14% [6] - 南方东西精选 (03441) increased by 27.31%, now at 41.03% [6] - 钧达股份 (02865) rose by 15.74%, with a holding of 64.80% [6] - 天齐锂业 (09696) experienced a significant decrease of -6.48%, now at 31.50% [6] - 金风科技 (02208) decreased by -5.88%, with a holding of 42.49% [6]

Group 1 - The Hong Kong Consumption ETF (159735) closed down 0.58% on February 24, with a trading volume of 75.27 million yuan [1] - The fund was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2023, the fund's latest share count was 1.09 billion shares, with a total size of 937 million yuan, reflecting an 18.49% increase in shares and a 29.01% increase in size year-to-date [1] Group 2 - The current fund manager is Li Yixuan, who has managed the fund since its inception, with a return of -14.04% during the management period [2] - Major holdings in the fund include Pop Mart (10.42%), Yum China (9.09%), Anta Sports (7.76%), Nongfu Spring (6.50%), and others, with respective market values and share counts detailed [2] - The fund's recent trading activity shows a cumulative trading amount of 2.004 billion yuan over the last 20 trading days, averaging 100 million yuan per day [1]

申洲国际集团控股有限公司是一家主要从事生产和销售针织服装产品的投资控股公司。该公司的主营业 务是从事以代工（OEM）及委托设计（ODM）相结合的方式为客户制造针织品。该公司的产品类别包 括运动类、休闲类、内衣类等其他针织品产品。该公司通过其子公司还从事贸易业务和物业管理业务。 该公司主要在国内和国外市场开展其业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，2月23日南向资金增持1.72万股申洲国际（02313.HK）。近5个交易日中，获南向资金增 持的有3天，累计净增持96.71万股。近20个交易日中，获南向资金减持的有11天，累计净减持165.51万 股。截至目前，南向资金持有申洲国际（02313.HK）1.04亿股，占公司已发行普通股的6.88%。 ...

Group 1 - The U.S. government is considering a military strike against Iran if diplomatic efforts fail, with a potential first strike planned in the coming days [1][3] - Trump has indicated that if initial precision strikes do not compel Iran to abandon its nuclear program, a larger military action may be considered later this year [1][3] - U.S. and Iranian representatives are set to meet in Geneva for what appears to be the final round of negotiations to avoid military conflict [1][3] Group 2 - Iran's Foreign Minister has stated that diplomatic solutions to the nuclear issue are still viable and emphasized the importance of negotiations over military actions [4][12] - Iran is preparing a proposal to submit to the U.S. and believes that an agreement could be reached soon, potentially better than the 2015 nuclear deal [4][12] Group 3 - The U.S. Supreme Court ruled that the government's imposition of tariffs under the International Emergency Economic Powers Act was unlawful, prompting a response from the Chinese government [2][10] - China opposes unilateral tariff measures and emphasizes that trade wars have no winners, urging the U.S. to eliminate such tariffs [2][10] Group 4 - The Hong Kong stock market saw significant movements, with the Hang Seng Index rising by 2.531% and the Hang Seng Tech Index increasing by 3.336% [5][14] - Notable stock performances included Zijin Mining up by 5.347% and NIO-SW up by 5.290% [6][14] Group 5 - The AI model company Kimi has achieved rapid growth, becoming the fastest domestic company to reach a valuation of over $10 billion, with significant revenue growth driven by international users [7][15] - Kimi's recent funding rounds have exceeded $1.2 billion, and its revenue in the last 20 days surpassed its total revenue for the previous year [7][15] Group 6 - The AI sector experienced volatility, with significant declines in stock prices for companies like Zhiyu and Haizhi Technology, attributed to a recent apology letter addressing user concerns [8][16] - Zhiyu's market value dropped by over 700 billion HKD following the announcement, despite previous strong performance [8][16]

Market Overview - Cooling inflation signals have led to a valuation recovery in overseas consumer assets, with the U.S. bipartisan push for credit card interest rate cap legislation creating uncertainty in the credit card sector[1] - Weekly performance of sectors shows U.S. hotels leading with a 3.1% increase, followed by overseas sportswear at 2.5% and luxury goods at 2.2%[11] Sector Performance - The U.S. hotel sector's strong performance is attributed to Marriott and Hilton, with Marriott's Q4 2025 adjusted EBITDA exceeding market expectations, reaching $5.84 billion to $5.93 billion[6] - Overseas sportswear saw a 2.5% increase, driven by a lower-than-expected January CPI of 2.4%, enhancing Fed rate cut expectations[13] - Luxury goods increased by 2.2%, with Hermès up 4.5% due to better-than-expected FY2025 results, while LVMH fell by 4.1% due to disappointing performance in key segments[8] Consumer Trends - The jewelry sector has shown resilience, with a year-to-date increase of 13.7%, outperforming other sectors[11] - Domestic sportswear increased by 0.3%, with Anta Sports rising 4.6% following the acquisition of a stake in PUMA[13] Challenges - The credit card sector faced a significant decline of 5.5%, influenced by proposed legislation to cap interest rates, which could severely impact profitability[14] - The snack sector dropped by 4.6%, with companies like Three Squirrels experiencing a 6.2% decline due to substantial drops in e-commerce sales across major platforms[14] Valuation Insights - Valuations across various sectors remain below the historical five-year averages, with overseas sportswear expected PE at 30.1x, only 57% of the past average[9] - The luxury sector's expected PE is 26.2x, representing 49% of its historical average, indicating potential for future growth as market conditions stabilize[9]

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group, among others [5][10][31]. Core Insights - The textile and apparel industry is experiencing a steady growth in exports from Southeast Asian countries, particularly Vietnam, which continues to outperform China in this regard [2][21]. - The report anticipates a recovery in orders for apparel manufacturing companies in 2026, with an expectation of improved profitability quality compared to previous periods [1][22]. - The sportswear segment is expected to show resilience and long-term growth potential, with companies like Li Ning and Anta Sports being highlighted for their strong inventory management and marketing strategies [3][28]. Summary by Sections Weekly Topic - Several apparel manufacturers reported their January 2026 revenue, with Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group showing year-on-year changes of -1.8%, +7.6%, and +0.6% respectively [1][13][14]. - The overall performance of apparel manufacturing shipments is expected to be flat in Q4 2025, with short-term profit margins under pressure due to order fluctuations [1][22]. Industry Export Performance - In 2025, China's apparel and accessories export value is projected to be $151.2 billion, down 5.0% year-on-year, while textile yarns and fabrics are expected to see a slight increase of 0.5% [2][21]. - Vietnam's textile exports in January 2026 reached $3.25 billion, up 8.3% year-on-year, and footwear exports were $2.05 billion, up 7.8% [2][21]. Company Recommendations - Li Ning is recommended due to its anticipated brand strength during the Olympic cycle, with expected net profit growth of 5.8% in 2026 [3][28]. - Anta Sports is highlighted for its excellent operational capabilities, with a projected net profit increase of 6.4% in 2026 [3][28]. - Shenzhou International is recommended for its cost-effective valuation and expected stable growth in revenue and profit in 2026 [30][31]. Inventory and Order Trends - The industry inventory is considered healthy, with expectations for steady improvement in downstream orders [30]. - Key brands are expected to see a recovery in orders, with some brands outperforming market expectations [22][24]. Market Dynamics - The report notes that brand clients are expected to adopt a more flexible ordering rhythm due to cautious economic outlooks, which may lead to differentiated performance among brands [22][27]. - The overall competitive landscape is expected to optimize in the medium to long term, benefiting integrated and internationalized manufacturers [27].

紫金矿业涨5.347%，蔚来-SW涨5.290%，美团-W涨5.263%，中芯国际涨5.022%，申洲国际涨4.921%， 比亚迪股份涨4.872%，信义光能涨4.816%。 来源：滚动播报 ...

客户端 申洲国际（02313）午后股价上涨4.76%，现报66港元，成交额2.165亿港元。 近日，据市场媒体报道，鞋材大厂日胜化年前（2025年）法说会上指出，随下半年Nike等国际大厂鞋材 订单回温，加上新产品今年陆续发酵，营收、获利均看正向。花旗此前表示，耐克指引2026财年第三季 收入将有低单位数下跌，符合市场预期的下跌1%。在第二财季业绩中，北美市场呈现强劲复苏，收入 上升9%，主要由批发业务增长24%带动，但增长很大程度上被大中华区收入下跌16%所抵消。该行认为 若申洲国际股价因耐克的谨慎展望而出现回调，将会是更好的买入机会。 客户端 申洲国际（02313）午后股价上涨4.76%，现报66港元，成交额2.165亿港元。 近日，据市场媒体报道，鞋材大厂日胜化年前（2025年）法说会上指出，随下半年Nike等国际大厂鞋材 订单回温，加上新产品今年陆续发酵，营收、获利均看正向。花旗此前表示，耐克指引2026财年第三季 收入将有低单位数下跌，符合市场预期的下跌1%。在第二财季业绩中，北美市场呈现强劲复苏，收入 上升9%，主要由批发业务增长24%带动，但增长很大程度上被大中华区收入下跌16%所抵消。该行认为 ...