市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 03 月 02 日 星期一 [Table_Summary] 概览 核心观点 【市场回顾】 上周五，A 股三大股指涨跌不一，截至收盘，上证指数收涨 0.39%， 报 4162.88 点，深证成指跌 0.06%，创业板指跌 1.04%。沪深两市 A 股成交额约 2.49 万亿元人民币，超 3100 股上涨。申万行业方面，钢 铁、煤炭行业领涨，建筑材料行业领跌；概念板块方面，金属铅、金 属锌概念涨幅居前。港股方面，香港恒生指数收盘涨 0.95%，恒生科 技指数涨 0.56%。美国三大股指全线收跌，道指跌 1.05%，标普 500 指数跌 0.43%，纳指跌 0.92%。欧洲股市收盘涨跌不一，亚太股市涨 跌互现。 【重要新闻】 【中共中央政治局 2 月 27 日召开会议，讨论"十五五"规划纲要草案 和政府工作报告】中共中央政治局 2 月 27 日召开会议，会议指出， 做好今年政府工作，要实施更加积极有为的宏观政策，增强政策前瞻 性针对性协同性，持续扩大内需、优化供给，做优增量、盘活存量， 因地制宜发展新质 ...

Group 1 - The company Hengji Daxin announced that its controlling shareholder, Zhuhai Shiyou Chemical Co., Ltd., has pledged part of its shares for a repurchase transaction with Wanlian Securities, involving 10 million shares [1] - As of the announcement date, Zhuhai Shiyou has cumulatively pledged 26.27 million shares, which accounts for 15.86% of its total holdings [1] - Zhang Xinyu has pledged a total of 9.15 million shares, representing 100% of his holdings [1] Group 2 - Investors Ge Weidong and Fang Wenyuan have jointly invested 1 billion yuan each in a company, leading to a significant increase in the company's stock price [1] - Historical analysis indicates that retail investors participating in private placements have experienced both gains and losses [1]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [7]. Core Insights - The effects of a moderately loose monetary policy in 2025 are gradually becoming evident, with the total financial volume maintaining rapid growth. By the end of the year, the social financing scale stock and broad money supply (M2) increased by 8.3% and 8.5% year-on-year, significantly higher than the nominal GDP growth rate. The growth of RMB loans, after adjusting for local government debt impacts, is around 7%, with strong credit support continuing [2]. - The comprehensive financing cost in society has further declined, with new corporate loan rates and personal housing loan rates around 3.1% in December. The credit structure continues to optimize, with year-end growth rates for technology loans, green loans, inclusive loans, elderly care industry loans, and digital economy industry loans at 11.5%, 20.2%, 10.9%, 50.5%, and 14.1% respectively, all maintaining double-digit growth, consistently exceeding the overall loan growth rate [2]. - Financial institutions' asset management products have accelerated growth since Q2 2025, with total asset management balance reaching 120 trillion yuan by the end of October, a year-on-year increase of 13.1%. The new assets of asset management products are primarily directed towards interbank deposits and certificates of deposit, altering the structure of bank deposits [3]. - The central bank's decision to lower the rates of various structural monetary policy tools by 0.25 percentage points reflects a focus on maintaining moderate overall liquidity while emphasizing structural adjustments. It is anticipated that the overall revenue and net profit growth rate of listed banks will stabilize in 2025 and the first half of 2026, with strong risk compensation capabilities [3]. Summary by Sections Monetary Policy and Financing - The central bank's report indicates a continued implementation of moderately loose monetary policy, supporting government bond issuance and enhancing financial institutions' risk appetite through measures like "re-lending + fiscal subsidies" [2]. Asset Management Growth - The asset management product scale has reached its highest growth rate since the implementation of new regulations, with a total asset balance increase of 13.8 trillion yuan year-on-year, reflecting a shift in bank deposit structures [3]. Investment Strategy - Long-term funds are expected to continue allocating towards the banking sector due to attractive dividend yields, which will help solidify the valuation floor for the sector [3].

根据上银基金管理有限公司（以下简称"本公司"）与万联证券股份有限公司、国泰海通证券股份有限公 司签署的销售协议和相关业务准备情况，自2026年1月19日起，上述机构将开始销售本公司旗下部分基 金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、万联证券股份有限公司 网站：www.wlzq.cn 客户服务电话：95322 2、国泰海通证券股份有限公司 网站：www.gtht.com 客户服务电话：95553/95521 3、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并 ...

Core Viewpoint - Shanghai Yufan Environmental Technology Co., Ltd. (referred to as "Yufan Technology" or "the Company") is set to list its ordinary shares on the Shenzhen Stock Exchange on December 30, 2025, following approval from the Shenzhen Stock Exchange [1] Group 1: Listing Details - Stock abbreviation: Yufan Technology [4] - Stock code: 001396 [4] - Total share capital after the initial public offering (IPO): 106,902,416 shares [4] - Number of shares offered in the IPO: 26,730,000 shares [4] Group 2: Pricing and Valuation - The IPO price is set at 22.29 yuan per share, which corresponds to a diluted price-to-earnings (P/E) ratio of 19.77, lower than the industry average P/E ratio of 35.36 as of December 15, 2025 [8][7] - The Company’s P/E ratio is significantly lower than the average for comparable companies in the professional technical services industry [8][7] Group 3: Market Risks - The initial trading period will not have a price limit for the first five trading days, followed by a 10% price limit thereafter, indicating potential for significant price volatility [3] - The stock will be available for margin trading from the first day of listing, which may introduce additional price fluctuation risks [4] - The number of freely tradable shares post-IPO is limited, with only 22,207,144 shares available, representing approximately 20.77% of the total share capital, which may lead to liquidity risks [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司股票将在深圳证券交易所主板市场上市，该市场具有一定的投资风险。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新股上市初期切忌盲目跟 风"炒新"，应当审慎决策、理性投资。具体而言，上市初期的风险包括但不限于以下几种： （一）本次发行有可能存在上市后非理性炒作风险 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 经深圳证券交易所审核同意，上海誉帆环境科技股份有限公司（以下简称"誉帆科技"、"发行人"或"本 公司"）发行的人民币普通股股票将于２０２５年１２月３０日在深圳证券交易所主板上市，上市公告 书全文和首次公开发行股票并在主板上市的招股说明书全文披露于中国证监会指定信息披露网站（巨潮 资讯网，网址ｗｗｗ．ｃｎｉｎｆｏ．ｃｏｍ．ｃｎ；中证网，网址ｗｗｗ．ｃｓ．ｃｏｍ．ｃｎ；中 国证券网，网址ｗｗｗ．ｃｎｓｔｏｃｋ．ｃｏｍ；证券时报网，网址ｗｗｗ．ｓｔｃｎ．ｃｏｍ；证 券日报网，网址ｗｗｗ．ｚｑｒｂ．ｃｎ；中国金融新闻网，网址ｗｗｗ．ｆｉｎａｎｃｉａｌｎｅｗ ｓ．ｃｏｍ．ｃｎ；经济参考网，网 ...

Core Insights - The report indicates a collective rise in A-share indices, with the Shanghai Composite Index increasing by 0.54%, the Shenzhen Component Index by 1.39%, and the ChiNext Index by 2.6% [2][9] - The total trading volume in the Shanghai and Shenzhen markets reached 20,365.14 billion yuan, with the telecommunications, comprehensive, and electronics sectors leading the gains, while coal, oil and petrochemicals, and food and beverage sectors lagged [2][9] - The report highlights a positive outlook on economic policies, emphasizing a focus on stable growth and quality improvement, with a target economic growth rate of around 5% for 2026 [3][12] Market Performance - The report details the performance of various indices, noting that the Hang Seng Index fell by 1.23%, while the Hang Seng Technology Index remained unchanged [6][9] - In the international markets, all three major U.S. indices experienced declines, with the Dow Jones down by 0.45%, S&P 500 down by 0.35%, and Nasdaq down by 0.14% [6][9] Trade Data - China's total goods trade value for the first 11 months of 2025 reached 41.21 trillion yuan, marking a year-on-year increase of 3.6%. Exports amounted to 24.46 trillion yuan, up by 6.2%, while imports were 16.75 trillion yuan, a slight increase of 0.2% [4][11] Policy Insights - The report discusses the Central Political Bureau's meeting, which emphasizes the need for proactive fiscal policies and moderate monetary policies to enhance macroeconomic governance effectiveness [3][10] - It highlights the importance of domestic demand, innovation-driven growth, and the need for reforms to boost high-quality development [3][10] Industry Analysis - The storage market is poised for a new cycle driven by AI, with significant growth in DRAM and NAND markets, indicating a strong demand for storage chips [16][20] - The report notes that major cloud service providers are increasing capital expenditures, which is expected to drive demand for server storage and related components [17][20] Investment Opportunities - The report suggests that the storage industry is likely to benefit from AI-driven demand, with potential price increases for storage products due to supply constraints and technological advancements [20] - It also points out that domestic storage manufacturers are expected to gain market share as they achieve technological breakthroughs [19][20]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the market over the next six months [5][8]. Core Insights - The monetary policy report suggests maintaining relatively loose financing conditions, with expectations of continued liquidity support in the fourth quarter. The report emphasizes the need for macro policy coordination to promote reasonable price recovery [3][4]. - The report highlights the importance of maintaining a reasonable interest rate relationship, which influences the allocation of financial resources. It calls for enhanced linkage between asset and liability interest rate adjustments to support banks in stabilizing net interest margins [4]. - The banking sector's profit growth in the third quarter is attributed to reduced provisioning, stabilized net interest margins, and improved wealth management-related income, indicating a cyclical recovery. Future focus should be on the impact of bond market fluctuations on revenue and asset quality trends [4]. Summary by Sections Monetary Policy and Economic Outlook - The report expresses a cautious view on the economic situation, noting insufficient global economic growth momentum and the need for stronger domestic economic recovery [3]. - It mentions that the total financial indicators should be viewed scientifically, with a shift in monetary policy targets from quantity to price [3]. Interest Rate Dynamics - The report stresses the significance of interest rate comparisons across various financial instruments, which dictate the flow of funds and resource allocation [4]. - It suggests that the adjustment of interest rates on both sides of banks' balance sheets should be coordinated to enhance the effectiveness of monetary policy [4]. Banking Sector Performance - The report indicates that the banking sector's revenue growth is expected to continue improving, with enhanced performance stability and increased attractiveness for high-dividend investments [4]. - It notes that the issuance of special refinancing bonds by local governments, amounting to 4 trillion yuan, is primarily aimed at repaying bank loans, reflecting a shift in leverage dynamics [3].

Core Insights - The A-share market experienced a slight fluctuation with the Shanghai Composite Index rising by 0.1% to 3916.23 points, while the Shenzhen Component Index fell by 0.25% and the ChiNext Index increased by 0.38% [2][8] - The total trading volume in the Shanghai and Shenzhen markets reached 1.93 trillion yuan, with coal, banking, and food and beverage sectors leading the gains, while steel, non-ferrous metals, and building materials sectors faced declines [2][8] - In the Hong Kong market, the Hang Seng Index closed down by 0.09% at 25888.51 points, and the Hang Seng Tech Index fell by 1.18% [2][8] Important News - Data from the State Taxation Administration indicates that equipment upgrades among enterprises have accelerated in the first three quarters of the year, with industrial enterprises' machinery and equipment purchases increasing by 9.4% year-on-year, and private enterprises' purchases rising by 13% [3][8] - The sales of new energy vehicles saw a significant increase of 30.1% year-on-year [3][8] - The Ministry of Industry and Information Technology announced the acceleration of standards for combined driving assistance and autonomous driving, as part of the 2025 World Intelligent Connected Vehicles Conference [9][8] Investment Highlights - In September, the social financing stock growth rate was 8.7%, a decrease of 0.1% from August, with new social financing amounting to 3.53 trillion yuan, which is a year-on-year decrease of 0.23 trillion yuan [11] - The net financing scale of new credit and government bonds in September was 1.61 trillion yuan and 1.19 trillion yuan, respectively, both showing a year-on-year decrease [11] - The total social financing stock reached 437.08 trillion yuan by the end of September, with a year-on-year growth rate of 8.7% [11] - The M1 money supply grew by 7.2% year-on-year, with a month-on-month increase of 1.2%, supported by fiscal net spending [12] - The report anticipates that policy financial tools will continue to accelerate in October, potentially providing support for credit [12]

光伏行业"内卷式"竞争的整治正在不断深化。 8月19日，工业和信息化部、中央社会工作部、国家发展改革委、国务院国资委、市场监管总局、国家 能源局联合召开光伏产业座谈会。相关光伏制造企业及发电企业、中国光伏行业协会、有关地方工业和 信息化主管部门负责人参加了会议。 屈放认为，在光伏行业"反内卷"的同时，企业还需通过产品升级和技术革新提升内部效率和利润率，促 进良性循环。 "光伏行业要实现高质量发展，必须彻底跳出'内卷'陷阱，摒弃单纯依靠低价竞争的市场策略，转向以 技术创新、品质提升和绿色低碳为核心的价值竞争。"协鑫科技控股有限公司相关负责人对《证券日 报》记者表示，呼吁全行业共同维护健康有序的市场环境，将竞争维度从低水平的"价格战"升级为高价 值的"技术战"和"绿色战"，重点关注低碳技术、产品质量和全生命周期效益等关键指标。 会议要求，光伏产业各方要深刻认识规范竞争秩序对光伏产业高质量发展的重要意义，共同推动产业健 康可持续发展。一是加强产业调控。强化光伏产业项目投资管理，以市场化法治化方式推动落后产能有 序退出。二是遏制低价无序竞争。健全价格监测和产品定价机制，打击低于成本价销售、虚假营销等违 法违规行为。三 ...