【环球网财经综合报道】2026年理财"开门红"未能如期而至。华源证券测算，截至2026年1月末，理财 规模合计32.5万亿元，较上年末下降0.8万亿元。市场观察认为，由于银行工作侧重存贷款、监管整 治"收益打榜"等影响，开年理财"开门红"落空，但节后居民资金大概率回流理财。 "2026年春节较晚，理财规模月度增长节奏可能与春节较晚的2021年类似。2021年1月理财规模下降了 0.66万亿元。1月份银行的工作重心往往在存贷款开门红上，理财经理可能会引导客户阶段性赎回理财 来冲存款规模。"华源证券研报分析表示，今年1月份理财收益"打榜"乱象规范可能也对理财增长产生了 暂时性的影响。预计2月理财规模将回升1万亿元左右。 展望全年，市场认为理财规模仍将保持增长态势。华西证券分析，2026年存款利率下行趋势可能持续， 叠加此前大额高息存款陆续到期，"存款脱媒"的逻辑将进一步强化，理财规模增势大概率将延续。然 而，在高息存款到期后的资金重配过程中，也面临来自其他金融产品的竞争。其中分红险可能对部分存 款资金形成一定分流，不过实际影响可能有限。在此背景下，华西证券测算2026年理财规模升幅或在 1.5万亿—2.3万亿元区 ...

（文章来源：每日经济新闻） 煤炭ETF（515220）跟踪的是中证煤炭指数（399998），该指数聚焦于煤炭开采及加工领域，精选行业 内代表性上市公司证券作为指数样本，并采用等权重分配策略，确保成分股间权重均衡，以有效分散风 险。该指数动态反映煤炭行业的整体表现，旨在体现相关上市公司证券的综合走势。 良性供给助节后煤价乐观，2月27日，煤炭板块大涨，煤炭ETF（515220）涨超3%。 华源证券指出，煤炭行业节前去库超预期，良性供给助节后煤价乐观。国内供给方面，元旦至春节前的 煤矿日均开工率处于近三年较低位。进口供给方面，截至2026年2月，进口煤海运发运量维持4年较低 位。需求方面，1月寒潮致需求较好，节前出现少有主动补库迹象。库存方面，全社会库存改善，港口 库存显著回落并处于近三年较低位。国际能源价格方面，春节期间布伦特原油期货突破70美元/桶，地 缘局势紧张推动能源供给价格上行，在全球能源联动的关系下，煤价节后有望获得更强支撑。 ...

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！ 马年A股"开门红"如期而至，点燃了市场对春季攻势的期待。 事实上，节前就有多家机构提出"春季行情提前启动"的预判。值得注意的是，为了接住这波"春潮"，不少券商研究所春节前后开启了"连轴 转"模式。 春节期间，有券商直接打出"春节不打烊"的口号，路演日程从除夕排到了大年初七。进门APP数据显示，2月16日至23日，券商研究所合计安 排了292场电话会议，日均超32场。 假期刚过，券商春季策略会又提上日程。节后第二天，天风证券（维权）、西部证券同日拉开春季策略会序幕。近两周内，还有开源证券、东 吴证券等多家券商将陆续召开策略会。 从已披露的会议安排来看，各家策略会呈现出鲜明的差异化定位，有的聚焦科技成长与资源周期，主打"小而美"；有的除了传统的宏观经济分 析，还覆盖商业航天、脑机接口等前沿赛道，尽显"全而新"。 展望后市，在市场活跃度进一步提高的共识下，化工、TMT等多个板块的投资线索正成为券商重点挖掘的方向。 图片来源：本报记者 梁远浩 摄 "春节不打烊" "春节八天不打烊，研究相伴不停歇！"春节前夕，一则券商电话会参会邀请截图在社交媒体 ...

Group 1 - The core viewpoint of the news is that securities firms are advancing their spring strategy meetings, reflecting a shift in the industry competition landscape and a transition from a traditional "research for commission" model to a "service for income" model [1][4][5] Group 2 - Securities firms are focusing on emerging sectors such as AI technology and non-ferrous metals, establishing specialized forums to discuss these areas [2] - Analysts predict significant growth in the semiconductor equipment market, with sales expected to reach $145 billion in 2026 and $156 billion in 2027, highlighting China's position as the largest semiconductor equipment market [2] - The commercial aerospace sector is anticipated to undergo transformative changes driven by technological advancements and new applications [2] Group 3 - Investment opportunities for 2026 are emerging, with a clear focus on technology sectors, particularly AI, which is seen as a core driver of market growth [3] - Analysts recommend attention to cyclical and value sectors, including non-ferrous metals and chemicals, due to ongoing geopolitical tensions affecting supply [3] - Predictions indicate a potential super cycle for oil prices in 2026, benefiting the refining sector, with recommendations to focus on oil and chemical sectors in the first half of the year [3] Group 4 - The early scheduling of strategy meetings is a response to intensified market competition and the need for securities firms to enhance their visibility and influence [4][5] - The shift from a one-way research output to a more interactive service model is driven by the pressure of reduced commissions in the public fund sector [5] - The "early bird" strategy in hosting meetings presents both opportunities and challenges, requiring firms to improve their research responsiveness and service value [5]

Core Viewpoint - The credit bond market is expected to experience a "mixed and structurally differentiated" trend post-Chinese New Year, influenced by liquidity support and supply pressures [1] Group 1: Positive Factors Supporting the Credit Bond Market - Multiple analysts predict a favorable investment "window" for credit bonds after the Spring Festival, supported by liquidity, demand for allocation, and a positive policy environment [2] - Historical data from the past decade indicates that the credit bond market typically performs better after the Spring Festival compared to before [2] - Significant net purchases of credit bonds were reported in January, with funds from various institutions contributing to strong buying support [3] Group 2: Supply Pressures and Constraints - Despite positive factors, supply pressures and valuation constraints are expected to limit the upward potential of the credit bond market [4] - The issuance of local government bonds is projected to increase significantly, which may lead to liquidity diversion and upward pressure on yields [4] - High-rated credit spreads have compressed to historical lows, indicating limited further downward movement potential [5] Group 3: Investment Strategies and Recommendations - The credit bond market is likely to maintain a range-bound and structurally differentiated pattern, suggesting a focus on "yield supremacy, moderate duration extension, and selective sectors" for investment [6] - Analysts recommend prioritizing the allocation of short to medium-term AAA or AA+ rated bonds, particularly high-quality urban investment bonds [6] - A cautious approach is advised, emphasizing high-grade, short-duration, and high-liquidity bonds to mitigate risks [6][7]

Core Viewpoint - The real estate ETF (512200) has shown a positive trend, with a 2.15% increase as of February 25, 2026, indicating a potential recovery in the real estate market following the Chinese New Year holiday [1]. Group 1: Market Performance - The real estate ETF (512200) recorded a trading volume of 69.0258 million yuan, with significant gains in constituent stocks such as Guangming Real Estate (up 10.07%), Chengdu Investment Holdings (up 9.96%), and I Love My Home (up 4.56%) [1]. - The market experienced a decline in overall trading volume during the previous week due to the Spring Festival holiday, but there was a rebound in market transactions compared to the same period in the previous year [1]. Group 2: Industry Outlook - Guotai Junan Securities suggests that the overall market transaction volume has shown signs of stabilization since the beginning of 2026, indicating a positive outlook for high-quality enterprises in the future [1]. - Huayuan Securities believes that the length and depth of the real estate adjustment in China have reached a relatively sufficient level, with current adjustments nearing historical averages in terms of both magnitude and duration [1]. - The central government's emphasis on "good housing" construction, accelerated REITs pilot programs, and expanded financial support for affordable housing are expected to contribute to the industry nearing the end of its adjustment phase [1]. Group 3: Investment Strategy - Bank of China Securities highlights the importance of early positioning for "policy turning points," while the "fundamental turning point" opportunities may last longer, requiring price stabilization for sustained recovery [2]. - The "policy turning point" may manifest through increased policy enthusiasm on both the supply and demand sides of the real estate market, while the "fundamental turning point" is indicated by a narrowing decline in second-hand housing prices [2]. - Some real estate companies have adequately accounted for impairments in 2025, which may reduce impairment pressure in 2026 and 2027, presenting potential for reversal [2]. - Companies holding commercial real estate have proactively adapted to new business models and consumption trends, positioning themselves to capitalize on opportunities in the new consumption era [2]. Group 4: ETF Composition - The real estate ETF (512200) closely tracks the CSI All Share Real Estate Index, which categorizes sample securities into various industry classifications, providing a comprehensive analysis tool for investors [2]. - The top ten weighted stocks in the index include Poly Developments, China Merchants Shekou, Vanke A, Zhangjiang Hi-Tech, Hainan Airport, Wantong Development, New City Holdings, Quzhou Development, Binhai Group, and Xianlead [2].

截至2月24日11点16分，上证指数涨1.15%，深证成指涨1.92%，创业板指涨1.99%。ETF方面，粮食ETF 广发（159587）涨2.84%，成分股和邦生物（603077.SH）、川发龙蟒（002312.SZ）涨停，泰禾股份 （301665.SZ）、云图控股（002539.SZ）、湖北宜化（000422.SZ）、云天化（600096.SH）、兴发集 团（600141.SH）、新安股份（600596.SH）、扬农化工（600486.SH）、川恒股份（002895.SZ）涨超 5%。 消息方面，据报道，春季田管有序推进，保障粮食稳产丰产。当前冬小麦由南向北陆续返青，是抓好春 季田管的关键时期。主产区因地制宜落实各项举措，保障粮食稳产丰产。随着小麦进入返青期，用肥高 峰期即将到来，全国供销合作社系统已采购肥料2000万吨，并抓好农资跨区域调运，加快下摆到基层网 点，确保农资供应及时到位。 国投证券表示，截至2025年底，转基因玉米种植已扩展至13个省份，全年种植面积达3000万亩-5000万 亩，占全国玉米总面积的10%-15%，在政策持续推进下2026年渗透率有望进一步提升，转基因种子价格 溢价将带动相 ...

新 春 快 乐 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限可能。 校对： 杨立林 百万用户都在看 利好来了！刚刚，重磅发布！事关AI 集体大涨！美国财长，突发重磅信号！ 突变！美联储，重磅来袭！ 今晚，突发公告！多只大牛股，紧急提示风险！ 开盘，"一字"封板！外围大利好，彻底引爆！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编：战术恒 排版：刘珺宇 武汉金控集团党委书记、董事长兼华源证券党委书记、董事长梅林在《预见金马》年终策划中表示，2025年，A股总市值跨越百万亿，我们见证 了历史。2026年，"十五五"大幕即将开启。我们既要"骏马扬蹄"，紧跟国家战略，书写"五篇大文章"；更要"老马识途"，严守风控，在不确定性 中寻找确定性。 以下为视频全文： 券商中国、券中社App的用户朋友们：大家过年 ...

Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

Core Viewpoint - Tungsten, known as "industrial teeth," is experiencing a surge in demand and price due to supply constraints and strong market demand [1][2]. Group 1: Price Increases - The long-term procurement prices for tungsten products have significantly increased, with 55% black tungsten concentrate rising by 28.1% to 670,000 CNY/ton and 55% white tungsten concentrate increasing by 28.2% to 669,000 CNY/ton [2][3]. - Ammonium paratungstate (standard grade zero) long-term procurement price rose by 27.6% to 970,000 CNY/ton [2]. Group 2: Supply and Demand Dynamics - Domestic mining operations are conservatively producing, leading to a weak market increment expectation and further price adjustments for long-term contracts [2]. - The supply side is facing tightening due to stricter safety and environmental regulations, resulting in decreased production and shipments from some mines [2][3]. - Demand remains stable, primarily driven by essential purchases, particularly in the PCB tool sector [2]. Group 3: Future Price Outlook - Institutions are optimistic about the future price of tungsten, with expectations for continued strong performance and new highs [3]. - The global tungsten production is projected to increase from 82,800 tons in 2025 to 89,900 tons by 2028, while demand is expected to rise from 102,100 tons to 110,000 tons, indicating a potential supply-demand gap [3]. Group 4: Stock Market Response - A-share tungsten concept stocks have reacted positively to the price increases and supply-demand changes, with several stocks hitting the daily limit [4]. - Notable performers include Xianglu Tungsten Industry and Zhangyuan Tungsten Industry, both of which saw significant price increases [4][5]. - Xianglu Tungsten Industry has achieved a cumulative increase of 166.32% this year, reflecting strong market interest [5].