2月24日，A股马年第一个交易日集体大幅高开。 截至午间休盘，沪指涨1.17%报4129.78点，深成指涨1.82%报14356.88点，创指涨1.76%报3333.62点。 盘面上，贵金属、油服工程、玻璃玻纤、通信服务、白酒等板块涨幅居前。 Wind统计显示，两市及北交所共4969家上涨，306家下跌，平盘有202家。 资金方面，央行公开市场开展5260亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，今日14524亿元逆回购到期，实现净回笼9264亿元。2月LPR 保持不变，1年期3.0%，5年期以上3.5%。 两融方面，两市融资余额较上日减少565.85亿元，合计25640.12亿元。 汇率方面，人民币对美元中间价报6.9414，调贬16个基点。 兴业证券表示，春节前A股跟随海外资产调整已释放了一定风险；春节后随着市场风险偏好提升和增量资金流入，A股将迎来全年胜率较高的一段窗口 期。叠加国内宏观经济和产业层面的密集催化，看好A股节后迎来新一轮上行。 光大证券则从日历效应角度分析，认为节后市场有望震荡上行。光大证券表示，从历史经验来看，受微观流动性好转及投资者风险偏好抬升影响，A股市 场在春节后 ...

汇率方面，人民币对美元中间价报6.9414，调贬16个基点。 兴业证券表示，春节前A股跟随海外资产调整已释放了一定风险；春节后随着市场风险偏好提升和增量 资金流入，A股将迎来全年胜率较高的一段窗口期。叠加国内宏观经济和产业层面的密集催化，看好A 股节后迎来新一轮上行。 光大证券则从日历效应角度分析，认为节后市场有望震荡上行。光大证券表示，从历史经验来看，受微 观流动性好转及投资者风险偏好抬升影响，A股市场在春节后的20个交易日里通常表现较好。2012年至 2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假期后表现同 样值得期待。除了日历效应之外，外围市场的上涨、国内产业端的催化等也将对行情产生积极影响。 智通财经记者 徐宏文 2月24日，A股马年第一个交易日集体大幅高开。其中，沪指涨1.15%报4129.13点，深成指涨1.52%报 14313.86点，创指涨1.7%报3331.79点。 从盘面上看，黄金、石油板块领涨，宇树机器人、能源金属、CPO、特高压、消费电子、半导体概念股 活跃；免税店、短剧游戏、seedance题材走弱。 Wind统计显示，两市及北交所共4969 ...

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 ...

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]

周恒 制图 □ 2012年至2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假 期后表现同样值得期待 □ 机构表示，央视2026年春晚科技感十足，人形机器人表现进步超预期，科技成为共识度较高的两大主 线之一，节后可关注机器人与AI技术应用板块 ◎记者 汪友若 马年A股的第一个交易日即将到来。春节长假期间，海外市场整体小幅反弹。美股止跌回升，大宗商品 表现强势，原油、黄金和铜价显著上涨。中国资产方面，富时中国A50指数期货上涨，港股主要指数震 荡整理。 光大证券则从日历效应角度分析，认为节后市场有望震荡上行。光大证券表示，从历史经验来看，受微 观流动性好转及投资者风险偏好抬升影响，A股市场在春节后的20个交易日里通常表现较好。2012年至 2025年，万得全A指数春节后20个交易日里上涨的概率达到75%。今年来看，A股在春节假期后表现同 样值得期待。除了日历效应之外，外围市场的上涨、国内产业端的催化等也将对行情产生积极影响。 "整体而言，资金流入和人心思涨的市场格局没有变化，节后春季行情有望延续。"中信证券在报告中提 示。该机构表示，配置型资金的流入趋势并未发生变化。中国人 ...

Core Viewpoint - The A-share market is expected to experience a new round of upward momentum after the Spring Festival, driven by improving macroeconomic fundamentals and positive market sentiment [2][3][4]. Group 1: Market Trends and Historical Data - Historical data from 2006 to 2025 shows a significant "Spring Festival effect," with the Shanghai Composite Index having an 80% probability of rising in the first five days and a 75% probability in the following five days after the festival [2]. - Research from multiple brokerages indicates that the market typically sees a surge in risk appetite and a transition from emotional-driven rallies to trend continuation in the weeks following the Spring Festival [3][4]. Group 2: Sector Focus and Investment Opportunities - Brokerages recommend focusing on high-quality blue-chip stocks and low-volatility sectors before the festival, while suggesting a shift towards technology growth, small-cap stocks, and policy beneficiaries (such as TMT and consumer sectors) after the festival [6][7]. - The semiconductor and AI-related sectors are highlighted as key areas of interest, with expectations of continued performance due to favorable industry trends [4][8]. Group 3: Economic Indicators and Policy Impact - The upcoming Two Sessions are expected to catalyze policy changes that will positively impact market performance post-festival [4]. - The first two months of the year are typically a data vacuum period, but current trends indicate a positive outlook for performance improvements in various industries [4][5]. Group 4: Risks and Market Dynamics - While there are short-term risks such as overseas market fluctuations and sector rotation, these are viewed as temporary disturbances that are unlikely to alter the overall positive trend for February [5][6]. - The white liquor sector is anticipated to see a valuation recovery as consumer demand rebounds, supported by favorable policies and improving fundamentals [7][8].

Market Outlook - The A-share market is expected to experience a low-volatility trend with a long-term decline in market volatility [2] - The upward trend in the stock market is not yet over, indicating further potential for growth [2] - A-shares are anticipated to maintain a fluctuating upward trend, with the importance of fundamentals increasing after a valuation adjustment [2][3] Capital Flow - The demand for asset allocation among domestic residents has been activated by profit effects, with various medium- to long-term funds entering the market, suggesting an active capital flow in 2026 [2][3] - Incremental capital is expected to cover a broader range, driven by increasing motivation among individual investors to enter the market [3] - Public funds and insurance capital are likely to continue increasing their allocation to equity assets, reshaping global capital flow logic [4] Key Investment Sectors - Key sectors to focus on include: - Non-ferrous metals, chemicals, and new energy [2] - Technology growth, manufacturing expansion, cyclical consumption transformation, and U.S. stocks [2] - New energy, non-ferrous metals, basic chemicals, oil and petrochemicals, non-bank financials, military industry, and machinery [3] - AI, new energy, military industry, innovative pharmaceuticals, price increase chains, and overseas expansion chains [4] - Technology innovation themes and consumption sectors [4] - TMT and advanced manufacturing sectors, with potential shifts towards cyclical and financial sectors [4]

Core Viewpoint - The company emphasizes its commitment to serving the real economy and enhancing its role in the capital market, while also focusing on risk management and high-quality development as it enters 2026, a pivotal year for China's economic modernization [6][8]. Group 1: Company Strategy and Goals - The company aims to build a first-class service-oriented investment bank, aligning its operations with national economic strategies and focusing on risk prevention while promoting high-quality development [6][13]. - The company will continue to expand its underwriting scale in stocks and bonds, enhance its intermediary service competitiveness, and deepen its comprehensive financial service ecosystem [6][13]. Group 2: Support for the Real Economy - The company plays a crucial role as a bridge between the capital market and the real economy, increasing support for key sectors such as technological innovation, advanced manufacturing, and green energy [7][13]. - It is committed to improving the full lifecycle service system for innovative enterprises and fostering a virtuous cycle of "technology-industry-finance" [7][13]. Group 3: Social Responsibility and Investor Protection - The company actively responds to the "one company, one county" pairing assistance initiative, focusing on rural revitalization and innovating projects that cover more market entities and farmers [7][14]. - It prioritizes investor protection by standardizing marketing practices and enhancing information disclosure to safeguard investor rights [7][14]. Group 4: Outlook for 2026 - As the start of the "15th Five-Year Plan" and a critical year for achieving socialist modernization by 2035, the company recognizes the increased responsibility of the capital market in supporting high-quality development [8][14]. - The company plans to deepen its focus on technology finance, green finance, inclusive finance, pension finance, and digital finance, while enhancing its core capabilities in underwriting, research, and wealth management [8][14].

Group 1 - The core viewpoint of the article highlights the increasing trend of "smart money" in the Hong Kong stock market, with southbound funds showing a pattern of buying more as prices drop, achieving a cumulative net purchase of 136.15 billion yuan year-to-date as of February 13 [1] - Southbound funds have focused on major technology stocks, with Tencent Holdings and Xiaomi Group being the primary targets, net buying 12.88 billion HKD and 12.13 billion HKD respectively, while China Life, China Construction Bank, Pop Mart, and Kuaishou each received over 5 billion HKD in net purchases, continuing the "technology + dividends" strategy [1] - According to Everbright Securities, the overall trend of the Hong Kong stock market is positive due to factors such as profit recovery, improved liquidity, low valuations, and policy support, indicating a market condition of "moderate fundamental recovery, synchronized internal and external liquidity, and neutral to warm sentiment" [1] Group 2 - The "Huitianfu Hong Kong Stock Technology Selection Mixed Fund C" (025545) focuses on high-quality technology theme assets within the Hong Kong Stock Connect range, with a clear investment logic and a minimum of 60% of its assets in stocks, and at least 80% of non-cash assets in Hong Kong Stock Connect stocks [1] - The "Huitianfu Hang Seng Technology ETF Linked Fund C" (013128) aims to balance the allocation of core assets in Hong Kong technology, representing the sector well and capturing the medium to long-term growth momentum of China's new economy [2] - The "Huitianfu Hang Seng Stock Connect China Technology ETF Linked Fund C" (025167) focuses on core assets in the "Hong Kong M7," covering the entire AI industry chain, and is designed to capture the core value of AI by excluding non-technology sectors [2]

报告聚焦美国缺电问题，指出数据中心建设是重塑美国电力格局的核心因素，剖析了缺电成因、区域特征及应对措施，并梳理了相关投资机会与风险，核心 结论为美国缺电的结构性问题已转化为燃气轮机、电力设备、储能等领域的长期投资机会。 美国缺电的核心原因是数据中心资本开支预期持续增强，叠加三重错配：资本开支预期与实际需求错配、实际需求与基建能力错配，且数据中心实际规划量 （245GW）远高于机构负荷增长预测。Grid Strategies 将 2025-2030 年美国夏季峰值负荷增长预测上调至 166GW，其中 55% 由数据中心驱动。美国电源结 构以气电为主，但 2026-2030 年仅气电有新增装机，煤电迎退役潮，叠加电网老旧、输电线路建设滞后，进一步加剧电力缺口。测算显示，若不考虑调节性 电源，不同数据中心建设节奏下 2030 年美国负荷缺口达 2-157GW，储能、SOFC 等调节性电源则可完全弥补缺口。 美国电力负荷增长呈现显著区域特征，主要集中在 PJM、ERCOT 两大数据中心建设密集区，2025-2030 年两者峰值负荷分别增长 29.7GW、53.2GW。PJM 因数据中心需求激增，夏季峰值负荷 2026 ...