来源：源达 投资要点 机构调研热门行业情况 本周（2026/2/23-2026/2/27），一级行业中，按机构被调研总次数从高到低排序，电子、机械设备、汽 车、轻工制造的关注度较高，其中电子、轻工制造的近5天调研机构家数较多。对比春节前一周的调研 情况，本周电子行业关注度提升，此外轻工制造调研机构家数增多，行业可能受益于出口复苏或内需政 策预期。 近30天（2026/1/28-2026/2/27），一级行业中，按机构被调研总次数从高到低排序，机械设备、电子、 医药生物、基础化工的关注度较高，其中电子、机械设备的近一个月调研机构家数较多。 机构调研热门公司情况 本周机构调研情况，按照近5天机构调研次数排名，调研次数较多且机构评级家数大于10家的公司为杰 瑞股份、锡业股份、京东方A；按照近5天机构调研家数排名，调研机构家数较多且机构评级家数大于 10的公司为杰瑞股份、锡业股份、京东方A等。 近30天机构调研情况，按照近30天机构调研次数排名，调研次数较多且机构评级家数大于10的公司为大 族激光、杰瑞股份、杭州银行等；按照近30天机构调研家数排名，调研机构家数较多且机构评级家数大 于10的公司为九号公司-WD、晶科 ...

油服设备行业深度报告 投资要点： 2026 年 2 月 27 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 机械设备（申万）指数走势 资料来源：iFind，东莞证券研究所 相关报告 机械设备行业 标配 （维持） 供需共振紧抓放量机遇，油服设备将迎新周期 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 ◼ 多因素托底，支撑油价修复。全球经济温和复苏为原油需求提供坚实支撑， 美元流动性边际宽松利好油价估值修复。全球主要产油国主动控量导致供给 弹性受限，推动市场处于紧平衡格局，叠加地缘局势等因素影响共同托底油 价，有望中期维持偏强运行趋势。 ◼ 需求温和复苏，去库格局确立。全球原油需求呈温和复苏、结构分化态势， 2025-2026年需求增速稳步增长，印度为全球边际增量核心，中国稳健增长形 成支撑，欧美凭借高基数提供存量托底，区域需求特征明确且韧性凸显。库 存端完成关键格局切换，2025年原油市场因供给 ...

消息面上，委内瑞拉石油部已暂停在马杜罗执政期间与私营公司签署的19份石油产量分成合同。据悉， 合同暂停尚未对委内瑞拉的石油和天然气产量造成影响；在合同暂停期间，委内瑞拉国家石油公司仍在 出售这些合同项下生产的原油。委内瑞拉和美国将对合同进行审查，并可能建议撤销部分合同；签署合 同公司的资质也将被评估。此外，美伊局势仍不明朗，地缘局势升温支撑石油价格。 国信证券指出，国内油气对外依赖度较高，国家将海洋能源作为保障能源安全的战略重点，通过税收优 惠降低海洋油气勘探装备进口成本，旨在提升国内油气自主供给能力，保障国家能源安全。进口天然气 在我国天然气供应中扮演重要角色，但价格相对较高，且波动性大。对符合条件的进口天然气按比例返 还进口环节增值税，有助于保障能源安全。 截至2026年2月27日 14:16，国证石油天然气指数(399439)强势上涨1.99%，成分股和顺石油上涨 10.00%，水发燃气上涨9.60%，杰瑞股份上涨7.69%，九丰能源，迪威尔等个股跟涨。石油ETF鹏华 (159697)上涨2.16%，最新价报1.46元。 石油ETF鹏华紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天 ...

来源：新浪基金∞工作室 2月27日，油气ETF华泰柏瑞（561570）开盘跌0.76%，报1.442元。油气ETF华泰柏瑞（561570）重仓股 方面，中国海油开盘涨0.03%，中国石油跌0.09%，中国石化涨0.15%，杰瑞股份跌0.33%，招商轮船涨 2.50%，广汇能源涨0.35%，中远海能涨0.29%，恒力石化跌0.47%，荣盛石化跌0.13%，洲际油气跌 0.16%。 油气ETF华泰柏瑞（561570）业绩比较基准为中证油气产业指数收益率，管理人为华泰柏瑞基金管理有 限公司，基金经理为李沐阳，成立（2024-10-09）以来回报为45.25%，近一个月回报为10.11%。 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 中证500成长ETF银华（562340）业绩比较基准为中证500质量成长指数收益率×100%，管理人为银华基 金管理股份有限公司，基金经理为张亦驰，成立（2024-04-25）以来回报为42.66%，近一个月回报为 0.43%。 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。 2月27日，截止午间收盘，中证500成长ETF银华（562340）涨0.70%，报1.440元，成交额52.87万元。中 证500成长ETF银华（562340）重仓股方面，巨人网络截止午盘跌0.53%，西部矿业涨1.33%，天山铝业 跌0.23%，厦门钨业涨8.20%，通富微电跌2.26%，宏发股份跌0.35%，杰瑞股份涨3.19%，睿创微纳跌 1.61%，豪迈科技跌2.04%，金诚信涨0.03%。 ...

Group 1 - The geopolitical tensions between the US and Iran are increasing, leading to a normalization of risk premiums in oil transportation and raising freight rates [1] - In the short term, the crisis in the Strait of Hormuz is expected to trigger a large-scale rush for oil transport, resulting in a spike in oil and freight prices [1] - In the medium to long term, Iran may shift towards compliant markets, improving the supply-demand dynamics for VLCCs (Very Large Crude Carriers) [1] Group 2 - Sinokor, a South Korean shipowner, is significantly increasing its VLCC capacity, controlling/operating 120 VLCCs, which accounts for 18% of the compliant VLCC market capacity and 14% of the global VLCC capacity [1] - By the end of 2026, Sinokor's capacity is expected to reach approximately 158 VLCCs, representing 24% of the compliant VLCC market capacity [1] - The VLCC market is transitioning from a relatively fragmented structure to an oligopoly, with stricter sanctions from the US and Europe on non-compliant capacities, making compliant capacity a core asset and enhancing shipowners' bargaining power [1] Group 3 - As of February 27, 2026, the Guozheng Oil and Gas Index (399439) has risen by 0.86%, with significant increases in stocks such as Shun Oil (+10.00%) and Zhenwei (+6.30%) [2] - The Guozheng Oil and Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry in the Shanghai and Shenzhen stock exchanges [2] - The top ten weighted stocks in the Guozheng Oil and Gas Index account for 66.76% of the index, including major companies like China National Petroleum, CNOOC, and Sinopec [2]

2月27日，A股市场震荡，油气板块冲高，截至10:24，油气ETF汇添富（159309）涨0.67%，盘中价创新高，冲击四连阳，资金持续涌入油气板 块，油气ETF汇添富（159309）盘中获1800万元，此前已连续4日强势吸金超1.6亿元！ 油气ETF汇添富（159309）标的指数成分股涨跌不一，杰瑞股份涨超3%，招商轮船涨超2%，广汇能源、招商南油上冲，中国海油、中国石 化、中国石油等回调。 【油气ETF汇添富（159309）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 002353 | 杰瑞股份 | 机械设备 | 3.54% | 11.74% | | 2 | 600938 | 中国海滩 | 石油石化 | -0.23% | 9.20% | | 3 | 601872 | 招商轮船 | 交通运输 | 2.05% | 9.03% | | 4 | 601857 | 中国石油 | 石油石化 | -0.28% | 8.19% | | 5 | 600028 | 中国石化 | 石油 ...

Core Insights - The geopolitical situation is intensifying, leading to a continuous inflow of funds into the oil sector, with the Penghua Oil ETF (159697) seeing a net subscription of 14 million units during trading [1] Group 1: Industry Overview - Domestic oil and gas dependency is high, prompting the government to prioritize marine energy as a strategic focus for energy security [1] - Tax incentives are being implemented to reduce the import costs of marine oil and gas exploration equipment, aiming to enhance domestic oil and gas supply capabilities [1] - A VAT rebate on imported natural gas is being offered to stabilize price fluctuations and ensure energy supply stability [1] Group 2: Market Performance - As of February 27, 2026, the Guozheng Oil and Gas Index (399439) increased by 0.59%, with significant gains in constituent stocks such as Shun Oil (+10.00%), Diwei Er (+6.45%), and Hupu Co. (+6.07%) [1] - The Penghua Oil ETF (159697) rose by 0.70%, with the latest price reported at 1.44 yuan [1] - The Guozheng Oil and Gas Index reflects the price changes of listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1] Group 3: Major Holdings - As of January 30, 2026, the top ten weighted stocks in the Guozheng Oil and Gas Index include China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [1]

Summary of Key Points from Conference Call Records Industry and Company Overview - **Technology Sector**: The technology sector, particularly driven by Nvidia's strong performance, has seen a resurgence in investor interest, leading to a two-day rally in U.S. stocks, with the Nasdaq rising by 1% and software ETFs increasing by 3% [1][1]. - **Cryptocurrency Market**: Bitcoin experienced a significant increase of nearly 8%, approaching $70,000, indicating a rebound in the cryptocurrency market [1][1]. - **Real Estate Market**: New policies in Shanghai aimed at loosening restrictions for non-local homebuyers and increasing public housing loan limits have been introduced, which may impact the real estate sector positively [2][2]. Core Insights and Arguments - **Nvidia's Earnings**: Nvidia's earnings report exceeded expectations, leading to a temporary increase in its stock price by approximately 3.5% before a slight pullback [1][1]. - **Lithium Market**: Zimbabwe's immediate suspension of exports for unprocessed minerals and lithium concentrates is expected to elevate lithium carbonate prices, with related stocks experiencing a surge [5][5]. - **Gas Turbine Demand**: The partnership between Weichai Power and Generac has led to an upward revision of data center business guidance, indicating increased demand for gas turbines in North America due to power shortages [7][7]. Other Important but Potentially Overlooked Content - **Market Trends**: The A-share market continued to rise with a trading volume of 2.48 trillion yuan, reflecting strong investor sentiment, particularly in cyclical resource stocks such as chemicals, non-ferrous metals, and steel [2][2]. - **Environmental Regulations**: The release of a new air quality standard in China tightening PM2.5 concentration limits may impact industries related to air quality management and pollution control [4][4]. - **Stablecoin Performance**: Circle's fourth-quarter performance exceeded expectations, resulting in a 35% stock price increase, highlighting the potential for stablecoins to become a focal point in the market [7][7].

Group 1 - The core viewpoint of the articles highlights the ongoing geopolitical tensions between the US and Iran, which are significantly impacting the oil market, leading to increased volatility and a shift from supply-demand dynamics to geopolitical risk-driven factors [1] - Iran has rejected transferring its enriched uranium abroad during indirect negotiations with the US, insisting on its right to peaceful nuclear technology and the ability to produce nuclear fuel, while demanding the lifting of US sanctions [1] - The market is expected to experience high volatility in oil prices over the next month, with a tendency for prices to rise due to geopolitical issues, suggesting a focus on upstream companies with oil and gas resources and offshore oil and gas service engineering sectors [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum, China National Offshore Oil, and Sinopec, collectively accounting for 66.76% of the index [2] - The National Petroleum and Natural Gas Index reflects the price changes of publicly listed companies related to the oil and gas industry on the Shanghai and Shenzhen stock exchanges [1][2]