2月26日，华康股份涨5.21%，截至发稿，报17.16元/股，成交8109.59万元，换手率1.62%，总市值52.00 亿元。 资料显示，浙江华康药业股份有限公司位于浙江省开化县华埠镇华工路18号，成立日期2001年7月10 日，上市日期2021年2月9日，公司主营业务涉及木糖醇、山梨糖醇、麦芽糖醇、果葡糖浆等多种功能性 糖醇、淀粉糖产品的研发、生产、销售。主营业务收入构成为：晶体糖醇产品54.36%，液体糖、醇及 其他产品32.46%，其他13.18%。 华夏卓越成长混合A（024928）成立日期2025年8月12日，最新规模8.98亿。今年以来收益15.06%，同 类排名859/8887；成立以来收益33.45%。 华夏卓越成长混合A（024928）基金经理为钟帅。 截至发稿，钟帅累计任职时间5年215天，现任基金资产总规模119.14亿元，任职期间最佳基金回报 222.31%， 任职期间最差基金回报13.2%。 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@ ...

截至发稿，杨斯琪累计任职时间1年261天，现任基金资产总规模259.74亿元，任职期间最佳基金回报 78.06%， 任职期间最差基金回报-3.79%。 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。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金位居耐科装备十大流通股东。华夏上证科创板半导体材料设备主题 ETF（588170）三季度新进十大流通股东，持有股数25.81万股，占流通股的比例为0.84%。根据测算， 今日浮盈赚取约67.36万元。 华夏上证科创板半导体材料设备主题ETF（588170）成立日期2025年3月24日，最新规模36.77亿。今年 以来收益24.78%，同类排名51/5572；成立以来收益87.5%。 华夏上证科创板半导体材料设备主题ETF（588170）基金经理为杨斯琪。 2月26日，耐科装备涨5.23%，截至发稿，报52.48元/股，成交1.20亿元，换手率4.03%，总市值60.12亿 元。 资料显示 ...

Group 1 - The core viewpoint of the news is that Lianrui New Materials Co., Ltd. has seen a stock price increase of 5.05%, reaching 71.96 CNY per share, with a total market capitalization of 17.376 billion CNY [1] - Lianrui New Materials specializes in the research, manufacturing, and sales of inorganic fillers and particle carrier products, with its main business revenue composition being 57.16% from spherical inorganic powders, 26.39% from angular inorganic powders, and 16.32% from other products [1] Group 2 - According to data, Huaxia Fund holds a significant position in Lianrui New Materials, with its Huaxia Specialized and Innovative Mixed Fund A (018916) maintaining 17,000 shares, representing 5.83% of the fund's net value, making it the third-largest holding [2] - The Huaxia Specialized and Innovative Mixed Fund A has achieved a year-to-date return of 14.46% and a one-year return of 37.04%, ranking 994 out of 8,887 and 2,533 out of 8,134 respectively [2] Group 3 - The fund manager of Huaxia Specialized and Innovative Mixed Fund A is Tang Mingzhen, who has been in the position for 2 years and 169 days, with the fund's total asset size at 6.97 billion CNY [3] - During Tang Mingzhen's tenure, the best fund return was 109.88%, while the worst return was 32.1% [3]

Group 1 - On February 25, the A-share market saw all three major indices rise collectively, while the stock ETF market experienced a net outflow of approximately 1.4 billion yuan [1][3] - As of February 25, the total scale of 1,344 stock ETFs in the market reached 4.18 trillion yuan, with a reduction of 503 million fund shares, resulting in a net outflow of about 1.48 billion yuan [3] - The Hong Kong stock market ETFs led in net inflows, totaling 1.881 billion yuan, with the CSI 500 Index ETF seeing the highest inflow of 1.678 billion yuan [3] Group 2 - On February 25, 32 ETFs had net inflows exceeding 100 million yuan, with the CSI 500 ETF leading at 1.424 billion yuan, followed by the Electric Grid Equipment ETF and A500 ETF with inflows of 1.059 billion yuan and 618 million yuan, respectively [4][5] - The Electric Grid Equipment ETF and the Hang Seng Internet ETF were among the top gainers, with net inflows of 1.059 billion yuan and 603 million yuan, respectively [5] - Conversely, the ChiNext Index ETF experienced the largest net outflow, amounting to 1.946 billion yuan [5][6] Group 3 - The top 15 ETFs with net outflows included the ChiNext ETF with a net outflow of 1.684 billion yuan, followed by the Chemical ETF and Semiconductor Equipment ETF with outflows of 1.268 billion yuan and 757 million yuan, respectively [6] - The report indicates that major fund companies, such as E Fund and Huaxia Fund, continue to attract net inflows into their ETFs, reflecting investor confidence in specific sectors [4][5] - Looking ahead, ICBC Credit Suisse Fund expresses a positive outlook on A-shares, citing that total demand adjustments are nearing equilibrium and supply-side adjustments will enhance confidence in capital returns [5]

Group 1 - On February 25, the A-share market saw all three major indices rise, but the stock ETF market experienced a net outflow of approximately 1.4 billion yuan [1] - As of February 25, the total scale of 1,344 stock ETFs in the market reached 4.18 trillion yuan, with a reduction of 503 million fund shares, resulting in a net outflow of about 1.48 billion yuan [2] - The Hong Kong stock market ETFs led in net inflows, totaling 1.881 billion yuan, with the CSI 500 Index ETF seeing the highest inflow of 1.678 billion yuan [2] Group 2 - On February 25, 32 ETFs had net inflows exceeding 100 million yuan, with the CSI 500 ETF leading at 1.424 billion yuan, followed by the Electric Grid Equipment ETF and A500 ETF with inflows of 1.059 billion yuan and 618 million yuan respectively [2] - E Fund's ETFs continued to attract net inflows, with the Hang Seng Technology ETF receiving 270 million yuan, the SSE 50 ETF 229 million yuan, and the Artificial Intelligence ETF 203 million yuan [2] - The Electric Grid Equipment ETF and Hang Seng Internet ETF from Huaxia Fund saw significant net inflows of 1.059 billion yuan and 603 million yuan respectively, with their latest scales at 20.465 billion yuan and 37.213 billion yuan [3] Group 3 - The ChiNext Index ETF experienced the largest net outflow on February 25, amounting to 1.946 billion yuan [4] - ICBC Credit Suisse Fund remains optimistic about the A-share market in the medium term, citing that total demand adjustments are nearing equilibrium and supply-side adjustments will enhance confidence in capital return rates [4]

业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

消息面上，美东时间25日周三，英伟达公布，在截至2026年1月31日的公司2026财年第四财季（"四季 度"），Q4总营收和数据中心收入创新高，营收达创纪录的681亿美元，同比大增约七成，贡献超九成 营收的核心业务数据中心也创单季收入新高，均较分析师预期水平高逾3%。 黄仁勋在电话会上直言，Agentic AI已达到拐点，算力直接转化为收入。黄仁勋认为没有算力就无法生 成token，没有token就无法实现营收增长，云服务商的巨额资本开支最终将直接转化为收入。此外，公 司证实接近达成与OpenAI的巨额基建合作，订单需求已排至2027年。 华西证券表示，目前AI发展阶段仍处于Scale up和Scale out的关键加速期，伴随相关算力芯片的供应体 系逐渐丰富，应用发展对于token需求量仍在加速增加，相关底层算力基建仍然还在扩张期。仍坚定看 好Scale up的柜内光升级，电源、液冷等产业领域，包括芯片、交换机、服务器等需求放量，以及CSP 厂商资本开支加速带来的算力租赁和AIDC相关市场机遇。 2月26日早盘，A股光纤、光通信、CPO概念股盘初高开，杰普特、中天科技、亨通光电等多股涨停， 天孚通信、源杰科 ...

与此同时，国内首批自由现金流ETF"只争朝夕"的发售，一场跨越春节的募集拉开了帷幕。当"中长期资金入市"的严肃审美与"自由现金流选股"指数创新 策略在本土相遇，多少人心弦激荡。 一年多前的蛇年春节前夕，国新办举行新闻发布会，介绍大力推动中长期资金入市，领导人的一席话让人印象深刻："很多人已经进入了过年模式，但大 事不过夜，更不能过年，所以我们只争朝夕。" 转眼间又过了一个年。一年间，金融市场飞速发展，自由现金流策略工具从交易所走到场外的千家万户，2025年，也成为了A股指数投资领域的"自由现 金流"元年。此时此刻，审视这条净值曲线，脑海中反复盘旋那句歌词：像风一样自由。 自由现金流策略表现亮眼 数据来源： Wind，2015.1.1至2025.12.31，以上指数业绩计算均采用全收益指数（考虑了分红再投资收益的影响）。国证自由现金流指数基日为 2012.12.31，深圳证券信息有限公司于2024.8.15对指数进行修订，全收益指数2021-2025年涨跌幅分别为： 49.15%、 5.95%、 28.92%、32.44%、 17.85%， 价格指数2021-2025年涨跌幅分别为： 43.81%、 1.53% ...

● 本报记者 万宇 2月20日，春节假期后港股市场率先开盘。截至2月25日，恒生指数累计上涨0.22%，恒生科技指数累计 下跌近2%。同时，港股市场板块表现分化，电讯业、能源业、工业、原材料业等板块上涨，必需性消 费、综合企业、医疗保健业等板块出现调整。个股方面，大昌微线集团、玖源集团、普天通信集团、亚 博科技控股等大幅上涨，腾讯控股、阿里巴巴、泡泡玛特等下跌。 民生加银基金的基金经理刘欣也对港股市场保持相对乐观，但他同时提示，港股性价比相对低于A股市 场。 港股市场春节假期之后持续波动，部分板块表现分化。公募基金在市场调整之际布局港股，把握后市机 会。多家基金机构仍然对港股投资持相对积极的看法，看好科技与周期品种等。 资金持续布局 诺安基金认为，港股近期表现波动是市场担忧流动性收紧和港股特色结构吸引力下降的共同结果。在整 体信用周期震荡甚至阶段性走弱的情形下，市场指数层面上行空间有限，机会主要来自景气结构方面。 虽然近期港股表现不尽如人意，但资金近来持续积极布局港股。统计显示，截至2月24日，今年以来份 额增加前十的ETF中，有一半是投资港股市场的跨境ETF，华泰柏瑞恒生科技ETF份额增加134.36亿 份 ...

Market Overview - The Hong Kong stock market has shown volatility after the Spring Festival, with mixed performance across sectors. Public funds are actively positioning themselves in the market to seize future opportunities, particularly in technology and cyclical sectors [1][2]. Fund Flows - As of February 24, half of the top ten ETFs with increased shares this year are cross-border ETFs investing in the Hong Kong market. Notably, the Huatai-PB Hang Seng Technology ETF saw an increase of 13.436 billion shares, while several other ETFs also reported significant increases [2]. - Active funds are also adjusting their portfolios to include Hong Kong stocks, with notable holdings in major internet companies like Tencent, Alibaba, Meituan, and Xiaomi [2]. Long-term Investment Outlook - According to Huaxia Fund, the Hong Kong market may present a noteworthy investment window in 2026, driven by attractive valuations and expectations of improved liquidity. The current valuations are at historically low levels, providing a safety margin for investors [2]. - The market is experiencing a resurgence of foreign capital inflows, which is expected to support the Hong Kong stock market [2]. Sector Focus - The technology and cyclical sectors are identified as the main investment themes in the Hong Kong market, with a focus on the AI industry, which is anticipated to see explosive capital expenditure growth [3][4]. - The ongoing economic transformation and industrial upgrades in China are providing significant support for the valuation of the technology sector in Hong Kong [4]. Investment Sentiment - Fund managers express optimism about the Hong Kong market, citing the potential for valuation recovery linked to corporate performance and favorable macroeconomic conditions, including a potential decline in U.S. interest rates [3][4]. - The perception of AI is shifting towards a more rational assessment of return on investment, which is expected to reduce bubble risks and enhance long-term opportunities in the technology sector [4].