东方证券指出，工业金属方面，本次关税裁决并不影响钢铝关税，而且未来铜等关键金属的关税可能依 据的是232等条款而非IEEPA，因此关税裁决对工业品影响暂时有限，工业品价格仍锚定自身供需。美 国1月SIM制造业PMI大幅回升至52.6，需求托底预期继续增强。国内方面，春节前一周铜铝累库幅度放 缓，加工企业开工率淡季表现尚可，而且跌价后下游接货力度较强。铜铝等工业品现实转强或可期待， 重点关注节后去库力度。拉长时间看，内外政策托底预期下，工业品下方支撑较强，在宏观利好释出， 供给扰动增加背景下，中低库将强化商品的价格弹性。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及铜、铝、铅锌、稀有 金属等矿产资源开发业务的相关企业证券作为指数样本，以反映有色金属矿采选行业的整体表现。根据 wind数据，2025年全年，矿业ETF（561330）年内涨幅全市场ETF第三，有色类ETF第一，具备龙头更 集中，【黄金+铜+稀土】占比更高的特点。 风险提示：数据来源：wind，提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等 短期涨跌仅供参考，不代表其未来表现，亦不构成对基金 ...

智通财经APP获悉，油服股逆市拉升，截至发稿，普达特科技(00650)涨10.91%，报0.305港元；山东墨 龙(00568)涨8.74%，报4.48港元；中石化油服(01033)涨4.17%，报1港元；中海油服(02883)涨1.78%，报 10.31港元。 东方证券发布研报称，受地缘冲突影响，市场对油气供应减少的担忧上升，导致油价回升。由于油服项 目的建设周期较长，因此业主公司往往需要观察油价的持续性。目前的地缘冲突担忧推升了油价和市场 的期待，但油服的景气度回升仍需要事件。我们预计从油价回升到油服景气传导至少需要半年左右。考 虑到下游公司对供应商的筛选会更加重视长期合作，因此我们认为高竞争力的企业更有望受益复苏。 消息面上，据报道，美国总统特朗普已告诉其顾问，他"倾向于在未来数日（对伊朗）进行初步打击"， 然后在未来数月发动一场更大规模的军事打击，迫使伊朗"屈服"并按美方要求达成协议。市场担忧美国 对伊朗采取军事打击，从而造成伊朗甚至波斯湾地区石油生产与物流中断。 ...

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]

长假期间，机器人大放异彩：2026年春晚，共有四家机器人企业—宇树科技、魔法原子、银河通用、松 延动力登台，其中宇树科技用武术表演吸引了全球关注。 公司方面，据上市公司互动平台表示， 利亚德：子公司虚拟动点是同时具备数据、服务以及算法能力的企业，已成功助力宇树机器人成功演 绎"云冈舞"-北魏力士舞。 华源控股：间接持有宇树科技小比例股权。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 数据显示，春晚开播两小时，京东机器人搜索量环比增长超300%，客服问询量增长460%，订单量增长 150%，新增订单覆盖全国100多座城市，从一线城市到大小县域均有分布。 东方证券认为，此次春晚机器人表演展现了国产机器人在运控、仿生、交互、精细操作、集群控制等关 键能力领域的进步，明显促进人形机器人销售订单增长以及体验中心、租赁、共享等商业模式的发展， 带动人形机器人产业向展览导购、家庭服务、家庭陪伴等场景服务加速落地。 另一方面，随着宇树等机器人本体公司推进上市进程，预计国内机器人产业链将迎来需求增长及投资扩 张共振，机器人本体及零部件公司均将有望受益。 此外，2月23日，智通财经报道，荣耀 ...

Core Viewpoint - The announcement details the launch of the CIB CSI Technology Advantage Growth 50 Strategy ETF, which will be listed on the Shanghai Stock Exchange on February 27, 2026, with the full disclosure available on the company's website and the China Securities Regulatory Commission's fund electronic disclosure website [1][2]. Group 1: Fund Information - The fund will open for regular subscription and redemption on normal trading days of the Shanghai and Shenzhen Stock Exchanges, with specific times outlined in the prospectus or related announcements [2]. - The minimum subscription unit for the fund is set at 1 million shares, and the fund manager may adjust this based on operational and market conditions [3][4]. - The fund manager can impose limits on daily subscription amounts and individual investor holdings to protect existing shareholders' interests [3][4]. Group 2: Fees and Charges - Subscription and redemption agents may charge a commission of up to 0.50% on the subscription amount, which includes fees from the stock exchange and registration institutions [5][7]. - The minimum redemption unit is also set at 1 million shares, with similar conditions for adjustments as in the subscription process [6]. Group 3: Fund Sales and Management - Investors must conduct subscription and redemption transactions through designated agents, which include various securities firms listed in the announcement [8]. - The fund manager is required to disclose the net asset value of the fund shares on the next trading day after transactions are processed [9][10]. Group 4: Additional Information - The announcement emphasizes that the fund's management will adhere to principles of honesty and diligence but does not guarantee profits or minimum returns [1][19]. - Investors are encouraged to read the fund contract, prospectus, and product information documents for detailed information [11].

Group 1 - The MSCI Nordic countries index experienced a significant drop of 2.4% on February 24, closing at 383.03 points, marking the largest single-day decline since July 29, 2025 [1] - The healthcare sector led the decline, with Novo Nordisk's stock plummeting by 16.5%, making it the worst-performing stock in the Nordic region [1] - The sharp volatility in Novo Nordisk's stock is attributed to disappointing clinical data for its new weight-loss drug CagriSema, which achieved a 23% weight loss over 84 weeks but failed to meet its primary endpoint [1] Group 2 - Morgan Stanley characterized the clinical data results as the "worst-case scenario," while Jefferies highlighted the high dependency of Novo Nordisk's valuation on amycretin, indicating increased commercialization uncertainty [2] - JPMorgan noted that the results confirm Eli Lilly's Zepbound as the clear market leader, which is expected to continue gaining market share [2] - The setback for CagriSema has caused a ripple effect on the European weight-loss drug and GLP-1 sectors, with other companies like Zealand Pharma and Bachem experiencing declines [2] Group 3 - The competitive landscape in the global weight-loss drug market is rapidly differentiating, with Eli Lilly's Zepbound projected to generate $4.2 billion in revenue by Q4 2025, reflecting a 122% year-over-year increase [2] - Eli Lilly has also introduced a new formulation of Zepbound, consolidating a month's dosage into a single injection pen, which has received FDA approval for label expansion [2] - According to Dongfang Securities, Eli Lilly's tirzepatide is expected to achieve sales of $36.507 billion in 2025, while Novo Nordisk's semaglutide is projected to reach approximately $34.606 billion, ranking second [3]

万家基金管理有限公司 2026年2月24日 为促进万家中证人工智能主题交易型开放式指数证券投资基金（以下简称：人工智能 ETF 万家）的市 场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规 定，自2026年2月24日起，本公司新增东方证券股份有限公司为人工智能 ETF 万家（代码：159248）流 动性服务商。 特此公告。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

消息面上，2月18日，特斯拉宣布首辆Cybercab在美国德州超级工厂下线，标志着Robotaxi开始向实车落 地阶段迈进，并将为其大规模铺开Robotaxi服务奠定基础。 智通财经APP获悉，智驾概念股表现亮眼，截至发稿，浙江世宝(01057)涨16.88%，报7.2港元；耐世特 (01316)涨3.88%，报8.03港元；均胜电子(00699)涨2.61%，报17.7港元；敏实集团(00425)涨1.49%，报 46.22港元。 东方证券发布研报称，随着实车落地完成，预计后续Cybercab按既定计划量产及后续爬坡的确定性较 高。根据特斯拉规划，Cybercab产量增长将遵循S曲线，长期目标产量将远超特斯拉所有其他车型总 和，预计进入Cybercab配套体系的汽零公司将有望持续迎来增量配套机会。 ...

【环球网财经综合报道】机构最新研报预计，2026将成为锂行业的现实拐点之年，由供给扰动与需求爆发共同推动。 东方证券发布研报认为，过去两年锂价格下行显著压缩了全球锂资源资本开支，核心锂企CAPEX已进入周期低谷水平；该机构测算2024— 2025年全球锂资源产能的增速仅为17.1%，明显低于此前几年高点；2026—2027年有效产能增速预计保持20%—25%，未来可供释放的增量相 对有限，供应压力陡然增长的可能性较小。此外，受政策等因素扰动，国内外部分存量与增量项目审批及建设节奏拉长，供给体系形成结构性 递延。 与此同时，风光建设延续高增、电网投资与AI相关基础设施建设带来储能需求爆发，行业对未来供需结构的预期正在改善；从中期维度测 算，东方证券预计2026年后储能占比将有望突破30%，成为仅次于动力电池的核心需求领域。随着市场认知从"现实宽松"转向"远期紧张"，锂 价中枢有望进入趋势性抬升阶段。 此前瑞银宣布上调锂价预测，最高上调幅度达74%，并预计2026年锂需求将增长14%，2027年增长16%，全球锂需求到2030年将翻倍至340万 吨。（闻辉） ...