| 行 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 业 | | | | | | | | | | 周 | | | | | | | | | | 报 | | | | | | | | | | 金融行业 | 行 | | | | | | | | | 业 | | | | | | | | | | 银行：超配（维持） | 金融行业双周报（2026/2/13-2026/2/26） | 研 | | | | | | | | 证券：标配（维持） | | | | | | | | | | 究 | | | | | | | | | | 保险：超配（维持） | 社融增速企稳回升，居民短贷改善显著 | | | | | | | | | 2026 | 年 | 2 | 月 | 27 | 日 | 投资要点： | 行情回顾：截至2026年2月26日，近两周银行、证券、保险指数涨跌幅 |  | | 分别为-1.61%、-1.61%、-4.91%，同期沪深300指数涨幅为0.15%。在 | 申万31个行业中，银行和非银板块涨跌幅分别排名第27、29位。 ...

智通财经APP获悉，广发证券发布研报称，股票和证券投资基金是2026年保险机构普遍看好的境内投资 资产。债券方面，今年保险机构更看好高等级产业债、银行永续债及二级资本债以及可转债。多数保险 机构对2026年A股市场持较乐观态度，多数机构计划小幅增配A股。中长期看，长端利率企稳叠加资本 市场上行驱动资产端改善，存量负债成本迎来拐点，报行合一优化渠道成本，上市险企中长期利费差趋 势有望改善。 广发证券主要观点如下： 境外投资方面 港股是2026年保险机构最看好的境外投资品种，同时黄金投资和美股投资也受到保险机构较多关注。半 数保险资产管理机构计划小幅增配港股，四成保险公司计划维持现有港股配置比例。 上市险企权益弹性持续提升，中长期利费差趋势有望改善 大类资产配置方面 股票和证券投资基金是2026年保险机构普遍看好的境内投资资产，部分机构意愿适度或微幅增加股票投 资，而银行存款和债券的配置比例预计与2025年保持持平。 债券市场方面 多数保险机构对2026年债券市场整体持中性态度，整体久期策略以基本维持现有不变为主。利率债方 面，预计10年期国债收益率将处于1.8%-1.9%区间，30年期国债收益率将集中在2.2% ...

Group 1: Market Overview - The Hang Seng Index opened high but closed down 384 points, or 1.44%, at 26,381 points, with significant selling pressure observed throughout the day [3][4] - The market saw a total turnover of 25.93 billion HKD, with net outflow from northbound trading amounting to 736.6 million HKD [3] Group 2: Company Performance - NIO's subsidiary GeniTech secured over 2.257 billion RMB in investment from Chinese investors, maintaining a 62.7% controlling stake post-transaction [12] - New World Department Store China reported a 3.93 times increase in interim profit to 15.327 million HKD, despite a 12.44% decrease in revenue to 536 million HKD [13] - Chow Tai Fook Jewelry Group announced a 15.26% increase in interim profit to 1.334 billion HKD, with revenue rising 5.9% to 12.827 billion HKD [14] - Baidu reported a 65.68% decrease in net profit to 1.782 billion RMB for the fourth quarter, with total revenue declining 4.06% to 32.74 billion RMB [15] Group 3: Industry Developments - Hong Kong Exchanges and Clearing is exploring the development of a multi-asset tokenization platform, contingent on technological capabilities and market demand [7] - The People's Bank of China issued a notice to enhance the management of RMB cross-border interbank financing, aiming to improve transparency and stability in offshore RMB liquidity [10] - The Hong Kong government plans to inject 10 billion HKD into the Hong Kong-Shenzhen Innovation and Technology Park and the New Territories Science Park to bolster public-private partnerships [9]

数据显示，截至2026年1月30日，中证A500指数(000510)前十大权重股分别为宁德时代、贵州茅台、中 际旭创、中国平安、紫金矿业、招商银行、新易盛、美的集团、长江电力、兴业银行，前十大权重股合 计占比19.39%。 A500ETF基金(512050)，场外联接(华夏中证A500ETF联接A：022430；华夏中证A500ETF联接C： 022431；华夏中证A500ETF联接Y：022979)，相关指数基金(华夏中证A500指数增强A：023619；华夏 中证A500指数增强C：023620)， A500增强ETF基金（512370）。 浦银国际证券指出，把握两会前后交易窗口期。对过去十年中国市场在全国两会期间及之后的表现进行 分析，发现中国市场在两会结束后一个月（3月中至4月中）均录得正回报，A股较港股表现稳健；市场 风格在两会前后切换明显，价值股赢率更高，信息科技板块的表现相对较佳，高弹性和前期落后板块涨 幅领先。由于A股受到政策面的利好更直接，资金面更充裕，若市场情绪提升，A股短期或能取得不错 表现。 A500ETF基金紧密跟踪中证A500指数，中证A500指数从各行业选取市值较大、流动性较好的 ...

产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 环球市场动态 2026 年全国 " 两 会 " 展 望 股 票 A 股周四窄幅震荡，AI、航天板块 强势；港股高开低走，大型科技股 继续承压；欧洲股市再度走强，强 劲财报支持多个市场再创新高；美 股英伟达 (NVDA US) 连续超预期 财报未获市场青睐，半导体科技股 大跌，金龙中国指数表现不佳。 外 汇 / 商 品 美伊核谈判据称进展良好，周四纽 约期油连跌 5 天。避险情绪降温， 金价微跌。日本央行货币政策委员 会委员高田创重申呼吁央行上调利 率，日元上升。政治不确定性拖累 英镑下跌。 固 定 收 益 美国国债上涨，10 年期国债收益率 跌至去年 11 月以来的最低水平，主 要受到科技股大幅下跌的带动。同 时，由于月底指数再平衡将纳入本 季度大量新发行的美债，被动型投 资者的买盘预期也推高了需求。 2026 年 2 月 27 日 ▪ 2026 年 3 月 4-5 日，全国政协十四届四次会议与十四届全国人大四次会议将在北京召开。我们认为 2026 年全 国 "两会" 的关注重点如下：预计 2026 ...

同时，平台贴心适配长辈模式，通过简洁界面、清晰字体等优化设计，充分兼顾老年用户使用体验，确 保全年龄段人群都能畅享流畅、安全、温暖的线上服务。在系统兼容方面，平台已完成对HarmonyOS NEXT的深度适配，实现安卓、iOS、鸿蒙三端全面覆盖。无论客户使用何种设备，始终都能提供无缝 衔接、安全可靠的数字化服务。 假期内，好福利APP服务热度持续攀升，累计迎来78万人次访问，其中企业年金线上服务达38万人次， 自助理赔使用超16万次，健康服务调用量高达42万人次；更有4万用户趁春节假期，为自己和家人完成 专属养老规划，彰显出全民养老储备意识的持续提升。 为增添新春趣味，好福利APP同步上线"抽职场福签，启马年新程"互动活动，以贴合职场场景的暖心祝 福、精致美观的签文海报，吸引超6万人参与互动。用户可将签文海报设为手机屏保，或分享至朋友 圈、社群，在趣味互动中传递新春祝愿，进一步拉近与平台的距离。 金马踏春归，服务暖人心。在2026马年春节假期里，平安养老险坚守服务一线，以客户为中心，持续保 障各项服务平稳运行。 依托线上平台好福利APP、专业服务体系"盈管家"与全国线下服务网络，平安养老险为广大客户及企业 职 ...

截至2026年2月26日 15:00，上证180指数(000010)下跌0.16%。成分股方面涨跌互现，东方电气领涨 10.01%，中天科技上涨10.01%，寒武纪上涨7.96%；宇通客车领跌4.66%，海螺水泥下跌2.92%，赛力斯 下跌2.80%。上证180ETF指数基金(530280)下跌0.95%，最新报价1.26元。拉长时间看，截至2026年2月 26日，上证180ETF指数基金本月以来累计上涨0.80%。（以上所列股票仅为指数成份股，无特定推荐之 意） 流动性方面，上证180ETF指数基金盘中换手0.08%，成交4.40万元。拉长时间看，截至2月26日，上证 180ETF指数基金近1年日均成交115.50万元。 规模方面，上证180ETF指数基金近1年规模增长3969.80万元，实现显著增长。 费率方面，上证180ETF指数基金管理费率为0.15%，托管费率为0.05%。 上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较 好的180只证券作为样本，反映上海证券市场核心上市公司证券整体表现。 数据显示，截至2026年1月30日，上证180指数(00 ...

Group 1 - The core index, the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000), has seen a decline of 0.79% as of February 27, 2026 [1] - Among the constituent stocks, Huatai Medical led with a gain of 1.53%, while Yingweike experienced the largest drop at 4.12% [1] - The Greater Bay Area ETF (512970) is currently experiencing a stalemate, with a latest quote of 0 yuan, and has accumulated a rise of 0.86% over the past two weeks [1] Group 2 - The Greater Bay Area ETF closely tracks the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, which reflects the overall performance of listed companies benefiting from the Greater Bay Area development [2] - As of January 30, 2026, the top ten weighted stocks in the index include China Ping An, Luxshare Precision, BYD, and others, accounting for a total of 44.55% of the index [2] - The index includes a maximum of 50 Hong Kong market securities, 300 companies from the Shanghai-Hong Kong-Shenzhen markets, and 100 mainland market securities that align with the Greater Bay Area development theme [2]

Group 1 - As of February 26, the margin trading balance in A-shares reached 26,670.4 billion yuan, an increase of 20.41 billion yuan from the previous trading day, accounting for 2.54% of the A-share circulating market value [1] - The trading volume of margin transactions on the same day was 2,572.58 billion yuan, an increase of 9.80 billion yuan from the previous trading day, representing 10.06% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 26 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.87 billion yuan [1] Group 2 - A total of 65 stocks had net financing inflows exceeding 100 million yuan, with Cambricon Technologies leading at a net inflow of 1.376 billion yuan [1] - Other notable stocks with significant net financing inflows included Sungrow Power Supply, Chipone Technology, CATL, Shenghong Technology, Northern Rare Earth, China Ping An, Baotou Steel, Haiguang Information, and Huafeng Technology [1][2] - Research from Shingang Securities indicates that the increase in demand for data calls and the improvement in monetization capabilities of domestic AI models are expected to benefit the domestic computing power industry chain [2]

Group 1: China Ping An - The core strategy of China Ping An is "comprehensive finance + medical care and elderly care," which aims to create a new value growth pole through a "product + service" model, leading to long-term stable profit growth [3][4] - The report suggests that the current market valuation of China Ping An is low, with a PEV of 0.75, and recommends a target market value of 1.6 trillion yuan, corresponding to a target price of 88.53 yuan per share [3][4] - The aging population in China and the increasing importance of commercial health insurance in medical payments are expected to enhance the effectiveness of the "product + service" model, positioning it as a new growth driver for the company [3][4] Group 2: Steel Research High Temperature Alloy - Steel Research High Temperature Alloy is a leading company in the high-temperature alloy sector, benefiting from strong demand in the aerospace industry and the trend towards technological self-sufficiency [5][6] - The company is expected to achieve steady growth in net profit, with forecasts of 132 million yuan, 152 million yuan, and 172 million yuan for 2025 to 2027, respectively [5][6] - The report highlights the resilience of the high-temperature alloy industry, driven by increasing defense budgets and the upgrade of aerospace equipment, which supports long-term demand [6][7] Group 3: CSPC Pharmaceutical Group - CSPC Pharmaceutical Group is recognized for its strong innovation capabilities, with a focus on oncology and chronic disease treatment pipelines, and has established an international business development ecosystem [8][9] - The company has entered a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs, which is expected to generate significant revenue potential [9][10] - The report predicts EPS growth of 48%, 36%, and -7% for 2025 to 2027, with a target price of 16.58 HKD per share [8][9] Group 4: Real Estate Market - The real estate market in China is currently in a deep adjustment phase, with only 19% of cities showing signs of bottoming out as of Q4 2025 [18][19] - New home prices are experiencing significant fluctuations, particularly in first-tier cities, while second-hand home prices are generally declining [19][20] - The report indicates that the inventory clearance cycle is extending, with first-tier cities reaching 19-28 months and some second-tier cities exceeding 38 months [20] Group 5: Robotics and Automation - The company is actively expanding into the humanoid robotics sector, with new product launches expected to drive growth [21][22] - The report forecasts EPS of 1.14, 1.47, and 1.83 yuan for 2025 to 2027, with a target price of 147.00 yuan per share [21][22] - The company is leveraging its expertise in micro-drive systems to enhance its competitive position in the robotics market [22][23] Group 6: Energy Storage Sector - The energy storage sector is anticipated to see significant growth, with the introduction of capacity pricing mechanisms in provinces like Qinghai [36][37] - The report suggests that the demand for energy storage systems and batteries will increase, recommending several key stocks in this sector [36][37] - The expected growth rate for energy storage demand in 2026 is projected to be around 50% [38]