Report Industry Investment Rating - No investment rating information is provided [1] Core Viewpoints - During the pre - holiday week from February 9th to February 13th, 2026, most major equity market indices rose, with the Science and Technology Innovation 50 having the largest increase of 3.37%. Among the 31 Shenwan primary industries, 18 industries rose, and the top five industries in terms of increase were comprehensive, computer, electronics, media, and building materials; the top five industries in terms of decline were textile and apparel, food and beverage, beauty care, agriculture, forestry, animal husbandry, and fishery, and commercial trade [1][12] - The overall capital of the ETF market had a net outflow of 1.3179 billion yuan during the pre - holiday week. Structurally, stock - type ETFs had a relatively large net outflow of 48.694 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 450.855 billion yuan, the average daily trading volume reached 162.268 billion shares, and the average daily turnover rate reached 7.24% [3][47] - In the pre - holiday week, 8 new funds were issued, 25 less than the previous period; 64 new funds were established, 24 more than the previous period. New funds raised a total of 58.33 billion yuan, 27.471 billion yuan more than the previous period [4][60] Summary by Directory 1. Market Review 1.1 Domestic Market Situation - During the pre - holiday week from February 9th to February 13th, 2026, most major equity market indices rose, with the Science and Technology Innovation 50 rising by 3.37%. Among the 31 Shenwan primary industries, 18 industries rose, and the top five industries in terms of increase were comprehensive, computer, electronics, media, and building materials; the top five industries in terms of decline were textile and apparel, food and beverage, beauty care, agriculture, forestry, animal husbandry, and fishery, and commercial trade. In the bond market, the ChinaBond Composite Full - Price Index rose by 0.11%, the ChinaBond Treasury Bond, Financial Bond, and Credit Bond Total Full - Price Indices rose between 0.06% and 0.13%, and the CSI Convertible Bond Index rose by 1.08%. In the commodity market, the Nanhua Commodity Index fell by 0.23% [12] 1.2欧美及亚太市场情况 - During the pre - holiday week, the major indices in the European, American, and Asia - Pacific markets rose and fell differently. In the US stock market, the S&P 500 index rose by 2.41%, the Dow Jones Industrial Average fell by 1.15%, and the Nasdaq index fell by 2.10%. In the European market, the French CAC40 rose by 0.46% and the German DAX rose by 0.78%. In the Asia - Pacific market, the Hang Seng Index rose by 0.03% and the Nikkei 225 rose by 4.96% [20] 1.3 Market Valuation Situation - During the pre - holiday week, the valuation quantiles of most major market indices rose. In terms of the historical quantiles of price - to - earnings ratio, the Science and Technology Innovation 50 had the highest increase, rising by 3.5 percentage points; in terms of the historical quantiles of price - to - book ratio, the Science and Technology Innovation 50 also had the highest increase, at 3.8 percentage points. Among industries, the top five industries with the highest historical quantiles of price - to - earnings ratio of the Shenwan primary index during the pre - holiday week were real estate, electronics, comprehensive, building materials, and chemical industry. The price - to - earnings ratio quantile of the real estate industry remained at a high level, and the price - to - earnings ratio quantile of the electronics industry reached 95.2%. The bottom five industries with low historical quantiles of price - to - earnings ratio were non - bank finance, agriculture, forestry, animal husbandry, and fishery, food and beverage, beauty care, and communication. The valuation of the non - bank finance industry was close to its historical low since 2013 [24] 2. Active - type Public - offering Fund Situation - Market hotspots: The Shanghai Stock Exchange and the Shenzhen Stock Exchange respectively released the "ETF Industry Development Report (2026)" and the "ETF Market Development White Paper (2025)". In 2025, the Chinese ETF market achieved a historical leap, with the total scale of domestic ETFs exceeding 6.02 trillion yuan, an annual increase of 62%. The scale of Shanghai - listed ETFs reached 4.2 trillion yuan, with the trading volume ranking first in Asia; the scale of Shenzhen - listed ETFs reached 1.79 trillion yuan, a year - on - year increase of 79%. The net inflow of funds into the domestic ETF market exceeded 1.16 trillion yuan, with Shanghai accounting for more than 65%. Four ETFs had a dividend scale of over 1 billion yuan [2][32][35] - Fund performance: The equity market oscillated and recovered. Among them, equity - biased funds had the largest increase, with an average increase of 1.48% and a positive return ratio of 75.86%; fixed - income + funds increased by an average of 0.28% with a positive return ratio of 87.14%; pure - bond funds increased by an average of 0.10% with a positive return ratio of 99.24%; pension - target FOFs increased by an average of 1.14% with a positive return ratio of 100.00%. In addition, QDII funds increased by an average of 0.72% with a positive return ratio of 51.70% [2] - Through the calculation of the industry positions of active equity funds, during the pre - holiday week, the industries with the highest increase in positions were building materials, comprehensive, and petroleum and petrochemical; the industries with the highest decrease in positions were electronics, pharmaceutical biology, and real estate. The overall position of active equity funds on February 13, 2026, was 76.37%, a decrease of 3.32 percentage points compared with the previous period [2][43][44] 3. ETF Fund Situation - During the pre - holiday week, the overall capital of the ETF market had a net outflow of 1.3179 billion yuan. Structurally, stock - type ETFs had a relatively large net outflow of 48.694 billion yuan. In terms of liquidity, the average daily trading volume of the overall ETF market reached 450.855 billion yuan, the average daily trading volume reached 162.268 billion shares, and the average daily turnover rate reached 7.24% [3][47] - In terms of individual bonds, during the pre - holiday week, broad - based indices such as the CSI A500, CSI 300, SSE Science and Technology Innovation 50 Component, and CSI Small - cap 500 Index showed a net outflow of funds, among which the net outflow of funds from the CSI A500 index exceeded 15 billion yuan. In contrast, sectors such as short - term financing, urban investment bonds, Hang Seng Technology, Internet, and robotics were the main capital inflow varieties [3][55] 4. Fund Issuance Situation Statistics - During the pre - holiday week, 8 new funds were issued in China, 25 less than the previous period; among them, there were 2 active equity - biased funds and 2 passive index funds. The two passive index funds were both stock - type, mainly tracking the CSI Hong Kong Stock Connect Technology and CSI A500 indices. Currently, the issuance share of active equity funds is still at a historical low, but there has been an obvious upward trend since this year [57] - During the pre - holiday week, 64 new funds were established in China, 24 more than the previous period. New funds raised a total of 58.33 billion yuan, 27.471 billion yuan more than the previous period; among them, the Peng'an Antai Interest - rate Bond A managed by Sun Chenge and Cai Yufei had the largest raised scale, about 6 billion yuan [60]

南方创业板2年定开混合（160143）成立日期2020年9月1日，最新规模3.5亿。今年以来收益6.32%，同 类排名3616/8889；近一年收益45.38%，同类排名1587/8136；成立以来收益43.74%。 2月25日，珂玛科技涨5.51%，截至发稿，报133.31元/股，成交7.78亿元，换手率4.16%，总市值581.23 亿元。 资料显示，苏州珂玛材料科技股份有限公司位于江苏省苏州高新区漓江路58号6#厂房东，成立日期2009 年4月27日，上市日期2024年8月16日，公司主营业务涉及先进陶瓷材料零部件的研发、制造、销售、服 务以及泛半导体设备表面处理服务。主营业务收入构成为：销售先进陶瓷材料零部件91.74%，提供表 面处理服务7.20%，其他(补充)0.57%，销售金属结构零部件0.49%。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓珂玛科技。南方创业板2年定开混合（160143）四季度持有股数 11.9万股，占基金净值比例为2.91%，位居第九大重仓股。根据测算，今日浮盈赚取约82.82万元。 南方创业板2年定开混合（160143）基金经理为应帅。 截至发稿，应帅累计任职 ...

Group 1 - The battery ETF Southern (159147) increased by 2.04% with a transaction volume of 27.09 million yuan, while key stocks in the index, such as Defu Technology, Tianhua New Energy, and Duofluoride, saw significant gains of 10.19%, 7.61%, and 6.32% respectively [1] - The U.S. government is considering imposing new tariffs on approximately six industries, including batteries, citing "national security" as the reason. This move follows the Trump administration's use of Section 232 to expand tariffs beyond the existing 15% global rate [1] - Analysts indicate that if tariffs are implemented, the President can unilaterally adjust them, providing greater operational flexibility in policy continuity and execution. The tariffs will significantly increase export costs, prompting overseas clients to accelerate orders [1] Group 2 - Sodium battery technology has shown breakthroughs and mass production capabilities, demonstrating resilience in supply diversity. Sodium batteries offer superior low-temperature performance and lower costs, complementing lithium batteries and showing promising prospects in energy storage and power battery applications [2] - The price of lithium carbonate has rebounded significantly, with battery-grade lithium carbonate increasing by 6.9% and industrial-grade by 7.46% in the last week. This price surge is driven by a temporary improvement in supply-demand dynamics, with downstream production expected to increase by over 15% starting in March [2] - The Southern Battery ETF (159147) closely tracks the CSI Battery Theme Index, which includes listed companies involved in power batteries, energy storage batteries, consumer electronics batteries, and related upstream and downstream industries. The top ten weighted stocks in the index include CATL, Sungrow Power, and others [2]

2月25日，中国出版涨6.35%，截至发稿，报7.54元/股，成交1.38亿元，换手率1.01%，总市值143.56亿 元。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年112天，现任基金资产总规模1370.2亿元，任职期间最佳基金回报 250.66%， 任职期间最差基金回报-15.93%。 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 资料显示，中国出版传媒股份有限公司位于北京市丰台区右外西路2号，成立日期2011年12月19日，上 市日期2017年8月21日，公司主营业务涉及图书、报刊、电子音像等出版物的出版、发行、物资供应、 印刷等。主营业务收入构成为：出版分部78.50%，物资分部14.54%，其他8.09%，发行分部7.02%，印 刷分部3.38%。 从中国出版十大流通股东角度 数据显示，南方基金旗下1只基金位居中国出版十大流通股东。南方中证1000ETF（5 ...

资料显示，合肥城建发展股份有限公司位于安徽省合肥市蜀山区潜山路100号琥珀五环国际A座9-14 层，成立日期1999年9月7日，上市日期2008年1月28日，公司主营业务涉及房地产开发、经营、销售、 出租及物业管理,经营业态涵盖住宅地产以及工业地产。主营业务收入构成为：房地产销售及租赁 99.87%，其他(补充)0.13%。 从合肥城建十大流通股东角度 数据显示，南方基金旗下1只基金位居合肥城建十大流通股东。南方中证房地产ETF发起联接A （004642）三季度减持3.73万股，持有股数508.25万股，占流通股的比例为0.63%。根据测算，今日浮 亏损失约421.85万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模1.79亿。今年以来收益 2.62%，同类排名3830/5570；近一年收益6.19%，同类排名3769/4305；成立以来亏损41.69%。 2月25日，合肥城建跌5.02%，截至发稿，报15.69元/股，成交4.62亿元，换手率3.61%，总市值126.04亿 元。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 截至发稿，罗文杰累 ...

2月25日，融捷股份涨5.04%，截至发稿，报56.74元/股，成交3.54亿元，换手率2.47%，总市值147.33亿 元。 资料显示，融捷股份有限公司位于广东省广州市天河区珠江西路5号广州国际金融中心45层04-05单元， 成立日期1998年8月21日，上市日期2007年12月5日，公司主营业务涉及以新能源锂电材料产业链为主 体,主要包括锂矿采选、锂盐加工及冶炼、锂电设备制造等业务,并参股镍钴锂湿法冶炼及深加工、锂电 池正极材料等业务板块。主营业务收入构成为：锂精矿86.31%，锂电池设备12.76%，锂盐0.66%，其他 0.28%。 从融捷股份十大流通股东角度 数据显示，南方基金旗下1只基金位居融捷股份十大流通股东。南方中证1000ETF（512100）三季度减 持1.57万股，持有股数189.89万股，占流通股的比例为0.73%。根据测算，今日浮盈赚取约516.5万元。 截至发稿，崔蕾累计任职时间7年112天，现任基金资产总规模1370.2亿元，任职期间最佳基金回报 250.66%， 任职期间最差基金回报-15.93%。 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 ...

Group 1 - The core viewpoint of the news is that Jiangsu Shagang Co., Ltd. has seen a stock price increase of 5.05%, reaching 5.83 yuan per share, with a trading volume of 223 million yuan and a turnover rate of 1.78%, resulting in a total market capitalization of 12.79 billion yuan [1] - Jiangsu Shagang Co., Ltd. was established on September 28, 1999, and listed on October 25, 2006, primarily engaged in the production and sales of special steel through black metal smelting and rolling processing [1] - The main business revenue composition of Jiangsu Shagang is 93.25% from steel and steel billet sales, while other sales account for 6.75% [1] Group 2 - From the perspective of the top ten circulating shareholders of Jiangsu Shagang, a fund under Southern Fund ranks among them, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 155,100 shares in the third quarter, now holding 16.0571 million shares, representing 0.73% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 78.996 billion yuan, achieving a year-to-date return of 9.26% and a one-year return of 30.14% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years and 112 days, with the fund's total asset scale at 137.02 billion yuan, achieving the best return of 250.66% and the worst return of -15.93% during the tenure [2]

2月25日，中国核建涨5.16%，截至发稿，报16.31元/股，成交4.52亿元，换手率0.94%，总市值491.56亿 元。 资料显示，中国核工业建设股份有限公司位于上海市青浦区蟠龙路500号中核科创园，成立日期2010年 12月21日，上市日期2016年6月6日，公司主营业务涉及军工工程、核电工程和工业与民用工程建设。主 营业务收入构成为：工业与民用工程56.81%，核电工程33.20%，其他9.99%。 从中国核建十大流通股东角度 截至发稿，罗文杰累计任职时间12年313天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 185.44%， 任职期间最差基金回报-47.6%。 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，南方基金旗下1只基金位居中国核建十大流通股东。南方中证500ETF（510500）三季度减持 43.25万股，持有股数1757.75万股，占流通股的比例为0.58%。 ...

2月25日，南京新百涨5.11%，截至发稿，报7.40元/股，成交1.61亿元，换手率1.90%，总市值99.54亿 元。 资料显示，南京新街口百货商店股份有限公司位于江苏省南京市中山南路1号，成立日期1991年5月14 日，上市日期1993年10月18日，公司主营业务涉及百货零售业务、脐带血存储业务、护理服务收入、养 老业务等。主营业务收入构成为：健康养老、护理业36.97%，医药制造业23.74%，医疗服务15.26%， 专业技术服务业14.97%，商业5.54%，科研服务3.03%，宾馆餐饮业0.50%。 南方中证1000ETF（512100）基金经理为崔蕾。 截至发稿，崔蕾累计任职时间7年112天，现任基金资产总规模1370.2亿元，任职期间最佳基金回报 250.66%， 任职期间最差基金回报-15.93%。 数据显示，南方基金旗下1只基金位居南京新百十大流通股东。南方中证1000ETF（512100）三季度新 进十大流通股东，持有股数615.41万股，占流通股的比例为0.53%。根据测算，今日浮盈赚取约221.55 万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模 ...

卢玉珊倾向于从更长远的视角观察市场。她将寻找"主航道"视为决策的起点，即关注那些在经济结构变 化、技术演进和社会发展中，可能具备较长期趋势的领域，而非仅聚焦于短期热点。 在市场波动中寻找"主航道" 在复杂多变的市场中，南方基金卢玉珊的投资方法体现出一种追求均衡与持续的风格。她的思路侧重于 构建一个能够适应多种情景的体系，以应对未来的不确定性，核心在于辨识趋势、精选企业和分散风 险。 通过分散与均衡管理风险 在她的投资方法中，对风险的关注与对收益的追求同样重要，这通常表现为"均衡成长"的风格： ·保持行业分散：单一行业在她的组合中配置通常不会太高，以降低对单一领域的依赖。 ·适时灵活调整：她会根据市场情况，动态评估股票和债券等资产的性价比，对仓位进行相应管理。 ·注重控制回撤：上述方法的一个目标是使组合在市场调整时，净值波动能够相对平缓一些。 总结 总体而言，卢玉珊的投资方法可以被看作是一套构建长期稳健性的体系。它不依赖于对短期行情的精准 判断，而是通过"把握趋势方向、聚焦企业价值、做好风险管理"三方面的结合，形成一套旨在穿越周 期、可持续增值的思路。对于投资者而言，理解这样的方法，或许有助于从一个更平和的视角 ...