Core Viewpoint - Zimbabwe's sudden ban on all raw mineral and lithium concentrate exports has triggered a significant market reaction, with lithium carbonate futures surging over 11% to exceed 160,000 yuan/ton, indicating a potential new cycle in the lithium market driven by supply disruptions and surging demand from energy storage batteries [1][2][3]. Supply Side - The ban from Zimbabwe is expected to have a short-term impact, with current compliant export capacity limited to 25,000 tons of lithium carbonate equivalent (LCE) in 2026, increasing to 60,000 tons in 2027 [3][5]. - The global lithium supply is projected to be approximately 202,000 tons of LCE in 2026, with demand expected to reach around 201.7 million tons, indicating a tight supply-demand balance [22]. - The recovery of lithium production in Australia is anticipated to take at least a quarter, with many projects still in the planning stages, which limits immediate supply response to rising prices [8][12]. Demand Side - The demand for lithium is increasingly driven by energy storage, with global shipments of storage batteries expected to reach 900 GWh in 2026, translating to a demand for approximately 540,000 tons of LCE, a 50% year-on-year increase [16][18]. - Despite a temporary slowdown in demand for power batteries due to policy changes, the overall demand for lithium is expected to rebound significantly in 2026, with projections of 1.9 million electric vehicles sold in China, a 15.2% increase year-on-year [16][18]. Pricing Dynamics - The current low inventory levels, with social stocks of lithium carbonate dropping to around 10,300 tons, have significantly amplified price elasticity, leading to a market that is trading on "shortage driven by restocking" rather than waiting for supply-demand equilibrium [18][24]. - The pricing logic in the lithium market is shifting from "current period looseness" to "future period tightness," as financial attributes of lithium are becoming more pronounced, with market participants pricing in future scarcity [25][26]. Geopolitical Factors - The emergence of a "Lithium OPEC" in South America, involving Argentina, Bolivia, and Chile, aims to regain pricing power over lithium resources, which could further complicate supply dynamics [6][7]. - Geopolitical and policy variables, such as nationalization efforts in Chile and Mexico's strategic designation of lithium, are expected to layer additional pricing options that could influence market dynamics over time [6][7]. Future Outlook - Analysts predict that lithium carbonate prices could exceed 200,000 yuan/ton in the short term, supported by low inventory, concentrated supply disruptions, and the upcoming demand peak [26]. - The long-term outlook remains uncertain, with differing views on whether prices above 200,000 yuan/ton will be sustainable or if they represent a temporary window before supply increases catch up [26].

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 广和通(00638) | 14.010 | 30.58 | 161.46% | 20.09% | | 国联民生(01456) | 5.020 | 9.85 | 135.06% | 14.43% | | 京城机电股份(00187) | 4.440 | 14.5 | 291.22% | 14.19% | | 东方证券(03958) | 6.170 | 10.13 | 96.60% | 13.22% | | 剑桥科技(06166) | 67.000 | 105.5 | 88.61% | 12.75% | | 康希诺生物(06185) | 35.480 | 72 | 143.07% | 11.24% | | 中州证券(01375) | 2.090 | 4.41 | 152.63% | 10.64% | | 中铝国际(02068) | 2.770 | 6.41 | 177.26% | 10.61% | | --- | --- | --- | --- | --- | | 龙旗科技(0 ...

Market Overview - The A-share market is experiencing a weak adjustment, with the Shanghai Composite Index down 0.17% and the Shenzhen Component Index down 0.68% as of the midday close. The ChiNext Index fell by 1.46% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.59 trillion yuan, a decrease of 53 billion yuan compared to the previous trading day [1] Key Sectors Power and Electric Equipment - The power and electric equipment sector is showing renewed activity, with stocks like Ganneng Co., Huayin Electric, and Beijing Keri hitting their daily limit. The sector is buoyed by the recent announcement from the National Energy Administration regarding the first batch of pilot projects for new power system construction [3] - A significant factor is the news that China's AI call volume has surpassed that of the U.S., with four major models ranking in the global top five. This increase in AI activity is linked to power and computing needs, leveraging China's lower electricity prices for international expansion [3] Rare Metals - The rare metals sector is also active, with stocks like Zhangyuan Tungsten and Xianglu Tungsten hitting their daily limit. The U.S. is planning to set reference prices for critical minerals, which is expected to drive demand and prices in this sector [4] Photovoltaic Sector - The photovoltaic sector is gaining momentum, with stocks such as Junda Co. and Shuangliang Energy reaching their daily limit. Analysts attribute this growth to the dual catalysts of Elon Musk's "space photovoltaic" strategy and the accelerated development of domestic satellite internet [5] Computing Hardware - The computing hardware sector is experiencing a pullback, with stocks in areas like optical modules and PCB showing weakness. Notably, stocks like Honghe Technology have hit their daily limit down [6] Institutional Insights - Dongfang Securities notes that the market's risk appetite is decreasing, although there is still potential for stock indices to rise. The firm suggests that investors should reduce positions in stocks that have performed too aggressively in the short term [7] - Yang Delong from Qianhai Kaiyuan believes that the current market is in the mid-stage of a slow bull market, emphasizing the importance of focusing on technology and resource sectors that are less likely to be replaced by AI [8] - CITIC Construction expresses optimism about the recovery of heavy asset industries, citing factors such as rising inflation expectations and improved profitability in sectors like chemicals and construction materials [9] - Everbright Securities highlights the transition from energy consumption control to carbon emission control in China, suggesting that assets with low or negative carbon attributes will gain a green premium [10]

2月27日，A股市场早盘呈现震荡分化态势，沪指及深成指低开高走高位震荡，创业板指冲高回落低位 震荡，截至午盘，沪指跌0.17%报4139.53点，深成指跌0.68%报14405.76点，创业板指跌1.46%报3296.23 点，科创50指数跌0.66%报1476.05点；沪深两市半日成交额1.59万亿，全市场超2900只个股下跌。 盘面热点快速轮动，算力（核心股）租赁概念集体爆发，华胜天成5天3板，拓维信息、利通电子、城地 香江封涨停。有色金属（核心股）板块反复活跃，章源钨业7天5板，翔鹭钨业、中稀有色涨停。AI编 程概念走强，金现代、普元信息双双20cm涨停。太空光伏（核心股）概念震荡反弹，钧达股份涨停。 受隔夜英伟达大跌拖累，CPO、PCB等算力硬件股普遍回调，存储芯片、PET铜箔等板块跌幅居前。 板块动态 稀有金属股集体狂飙 稀有金属股成为市场绝对焦点，集体强势走强，钨矿、稀土方向更是领涨全场。厦门钨业、中钨高新、 江钨装备、翔鹭钨业、章源钨业、北方稀土、东方钽业等多只个股均创出历史新高，其中东方锆业、翔 鹭钨业、章源钨业更是强势涨停，厦门钨业也逼近涨停。 消息面上，白宫拟利用美国防部开发的AI模型，为 ...

农业ETF(516810.SH)持仓生猪养殖、农业化工、种植业等多个细分板块龙头，充分受益反内卷、猪周期 反转、化工周期、种业安全等多重共振，目前估值处于历史低位水平。投资者可以借道ETF布局农业低 位反弹机会，ETF有低门槛、分散风险的优势，同时被动跟踪指数，持仓透明、风格不漂移。联接A： 016077；联接C：016078 近期市场板块轮动较快。东方证券表示，避险情绪助推消费，化工农业仍是重点。在全球不确定性增加 的背景下，粮食安全是国家战略底线。农业板块估值处于历史低位，同时内循环属性较强，具备较高的 安全边际和必选消费的抗通胀属性。 2026年2月27日，A股周期板块再度活跃，农业板块多股走强，截至10:32，农业ETF华夏(516810)上涨 1.25%， 冲击4连涨。持仓股亚盛集团上涨9.97%，利民股份上涨5.28%，立华股份上涨3.29%，牧原股 份，海南橡胶等个股跟涨。（以上所列股票仅为指数成份股，无特定推荐之意） 农业ETF华夏(516810)，场外联接(华夏中证农业主题ETF发起式联接A：016077；华夏中证农业主题 ETF发起式联接C：016078；华夏中证农业主题ETF发起式联接D ...

南方财经2月27日电，盈方微(000670.SZ)发布公告称，股东东方证券通过集中竞价交易方式实施减持。 减持期间为2025年11月27日至2025年12月18日，合计减持839.4798万股，占公司总股本的0.9938%。本 次减持均价为7.34元/股，减持价格区间为7.10元至7.73元/股，按成交均价测算，减持金额约6161万元。 减持后，东方证券持有盈方微股份3,532.2767万股，占总股本比例降至4.1816%。此次减持为东方证券 根据前期披露的减持计划进行，减持方式为集中竞价交易。 ...

资讯日报：美伊日内瓦会谈取得进展 股票市场概览 港股市场表现 美股市场表现 2026 年 2 月 27 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | 日常跌 | 間微跌 | 年初至今 湖铁 | | --- | --- | --- | --- | --- | | | | (%) | (%) | | | | | | | (%) | | 恒生指数 | 26.381 | (1.44) | (0.12) | 2.93 | | 恒生科技 | 5.109 | (2.87) | (1.96) | (7.37) | | 恒生国企 | 8.814 | (2.44) | (1.62) | (1.12) | | 上证指数 | 4.147 | (0.01) | 1.58 | 4.48 | | 日经225 | 58.583 | 0.29 | 3.39 | 16.71 | | 新加坡海峡 | 5.008 | (0.87) | (1.06) | 0.00 | | 标普500 | 6.946 | (0.54) | (0.01) | 0.93 | | 纳斯达克 | 23.152 | (1.18) | (0.03) | (1. ...

3月两会，3月底4月初中美关系观察窗口，可能都会演绎震荡市中的反弹波段。震荡波段中，最佳机会 是科技新方向，春节假期兑现新亮点的方向，就是短期结构性机会的主要来源，重点关注：机器人产业 (机器人尚未触及低性价比区域)、AI大模型(A股可能更多体现为AI应用的扩散机会)、存储。另外，美 伊冲突担忧升温，关注石油、油运。基于中期机会做配置，景气科技和周期Alpha仍是方向。另外，中 期看好非银金融的重估机会。 兴业证券：节后A股将进入一段高胜率窗口，继续看好A股节后迎来新一轮上行 兴业证券表示，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗 口，叠加海外美国关税违宪和特朗普访华日程敲定支撑风险偏好、国内宏观和产业层面的密集催化对结 构上形成指引，继续看好A股节后迎来新一轮上行。 A股三大股指集体低开，沪指跌0.43%，创业板指跌1.23%。盘面上，旅游板块表现活跃，三特索道涨超 3%;锂矿、半导体等板块大幅回调，盛鑫锂能、天齐锂业跌超2%。 机构看后市 申万宏源：春节假期，压制总体风险偏好的因素仍较多，节后可能延续短期调整 申万宏源表示，维持中期还有"第二阶段上涨"的判断，可能启动的窗 ...

资产配置 | 专题报告 低利率环境，红利投资需要择时 研究结论 风险提示 1、极端风险事件，例如中美关系、全球地缘出现超预期大事件等，相应风险难以事前预 判； 2、量化模型失效的风险，历史数据对未来的指引效果有限。 | | | 股债跷跷板的成因、影响和策略应对 2025-09-17 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 低利率环境下，红利并未持续占优，而是轮动表现。美国经验可得，红利在利率边 际下行幅度较大时明显占优，进入低利率环境后反而胜率不高。中国在 2024 年 12 月进入低利率环境后和美国类似，开始红利和宽基走势相近，9 个月后大幅跑输。 23 年都处于低利率环境中的日本经验具有较强的借鉴意义：红利风格在长期低利率 环境中轮动表现，而非持续占优。 ⚫ 红利投资应基于风格研究框架，而非股息率。股息率与红利股价表现并不直接相 关，分红收入只是财务表征且已在股价上体现。红利投资应从 DDM 模型出发，通过 研究各个变量发生变化的组合，找到红利风格占优的情景：1）从分子端看，在全市 场盈利预期下行时， ...

证券日报网讯 2月26日，盈方微发布公告称，股东东方证券减持计划届满，2025年11月27日至12月18日 通过集中竞价减持公司839.4798万股，占总股本0.9938%，减持后持股降至3，532.2767万股，占比 4.1816%，不再为持股5%以上股东。 （文章来源：证券日报） ...