27日早盘，沪指盘中窄幅震荡，创业板指弱势下探，失守3300点；A股市场超2900股飘绿。 东莞证券表示，进入2026年，宏观政策围绕"十五五"规划开局部署，以财政金融协同扩大内需为主线， 在货币政策、财政政策、进出口调控与房地产市场等领域精准协同、综合发力，统筹短期稳增长与长期 育动能。随着结构性货币政策工具落地、财政补贴直达与地方细则实施，内需潜力有望持续释放， 为"十五五"起步之年实现经济质的有效提升与量的合理增长奠定坚实基础。板块选择方面，建议重点关 注红利、TMT、电力设备等板块。 截至午间收盘，沪指跌0.17%报4139.53点，深证成指跌0.68%，创业板指跌1.46%，沪深北三市合计成交 约1.6万亿元。 盘面上看，造纸、半导体、建材等板块走低，电力、煤炭、有色、钢铁、农业等板块拉升，算力、AI 应用、稀土概念等活跃。 ...

21世纪经济报道记者 刘夏菲 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、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。 "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上广泛传播。多位业内人士指出该 机构或为西部证券。 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。 图：网传券商电话会参会邀请截图 ...

Market Overview - The market opened high and closed strong, with the ChiNext Index and Shenzhen Component Index both rising over 1% [2][3] - Major indices showed positive performance, with the Shanghai Composite Index closing at 4147.23, up 0.72%, and the Shenzhen Component Index at 14475.87, up 1.29% [2] Sector Performance - The top-performing sectors included Steel (up 4.69%), Non-ferrous Metals (up 3.48%), and Building Materials (up 2.75%) [2] - Conversely, sectors such as Media (down 1.15%) and Banking (down 0.46%) lagged behind [2] Concept Indices - Concept indices that performed well included Zinc Metals, Titanium Dioxide, and Phosphate Chemicals, with gains of 4.94%, 4.85%, and 4.51% respectively [2][3] - Underperforming concepts included Sora Concept (down 0.91%) and Military Restructuring Concept (down 0.89%) [2] Future Outlook - The market is expected to enter a high-probability window for upward movement post-holiday, supported by macro policies and industry catalysts [4] - The anticipated return of capital from pre-holiday cashing out is expected to provide ongoing momentum for future increases [4] - Key sectors to focus on include Dividends, TMT (Technology, Media, and Telecommunications), and Power Equipment [4]

证券研究报告 2026 年 2 月 25 日 星期三 【A 股市场大势研判】 A 股马年开门红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4117.41 | 0.87% | 35.34 | | | 深证成指 | 14291.57 | 1.36% | 191.38 | | | 沪深 300 | 4707.54 | 1.01% | 47.14 | | | 创业板 | 3308.26 | 0.99% | 32.31 | | | 科创 50 | 1465.37 | -0.34% | -4.97 | | | 北证 50 | 1535.43 | 0.37% | 5.66 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 石油石化 | 5.53% | 传媒 | -3.20 ...

Summary of Conference Call Notes Industry Overview - The fiber optic industry is experiencing price increases similar to the storage sector, driven by high-end capacity crowding out lower-end products. This results in significant price hikes for lower-end products as well. [1] - The trajectory of leading companies in the fiber optic sector mirrors that of their counterparts in the TMT (Technology, Media, and Telecommunications) space, with examples including Changfei equating to Xuchuang, Hengtong to Xinyi, and Teifa potentially becoming Tianfu. [1] Key Insights - Many manufacturers are inflating their production capacity claims without naming specific figures. It is suggested to examine construction projects and depreciation to verify these claims, as capital expenditures for hundred-ton level optical rods can reach several hundred million. [1] - There is a desire for a sector effect within fiber optics, with a preference for promoting standout companies rather than those that have merely seen price increases in 2023. The focus is on identifying companies with strong fundamentals rather than those that are simply riding the wave of market trends. [1] - Not all fiber optic products are created equal, emphasizing that not all A2 fiber optics can penetrate the North American market. [1]

Market Performance Overview - In the week from February 2 to February 6, 2025, gold prices increased while domestic equity market indices experienced fluctuations downward [4] - The food and beverage, beauty care, and power equipment sectors showed the highest gains, while non-ferrous metals, communication, and electronics sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 30.859 billion units [5] - The breakdown of new funds includes 9 FOF funds, 16 equity funds, 7 bond funds, and 8 mixed funds [5] - Across the entire market, 33 new funds were issued, comprising 14 equity funds, 7 mixed funds, 6 FOF funds, and 6 bond funds [5] Fund Product Performance Tracking - Long-term thematic fund indices showed that consumer and new energy thematic funds increased in net value, while other thematic funds performed poorly, with TMT thematic funds experiencing significant declines [6] - As of February 6, 2026, the net value changes for various thematic funds were as follows: consumer (+0.94%), new energy (+0.38%), financial real estate (-0.03%), pharmaceuticals (-0.61%), national defense and military (-1.37%), industry rotation (-2.23%), industry balance (-2.56%), cyclical (-4.60%), and TMT (-5.74%) [6] ETF Market Tracking - This week, the pace of profit-taking in equity ETFs slowed, with a total outflow of 24.3 billion yuan from small and large-cap thematic ETFs, while Hong Kong stock ETFs saw a net inflow exceeding 10 billion yuan [7] - The median return for equity ETFs was -1.75%, with a net outflow of 7.801 billion yuan [7] - Hong Kong stock ETFs had a median return of -2.12% and a net inflow of 18.493 billion yuan, while cross-border ETFs had a median return of -2.51% with a net inflow of 3.210 billion yuan [7] - Commodity ETFs recorded a median return of -6.07% and a net outflow of 2.887 billion yuan [7] Broad-based ETF Insights - The week saw significant net inflows into the Sci-Tech Innovation Board thematic ETFs, totaling 5.507 billion yuan [8] - TMT thematic ETFs also experienced notable net inflows, amounting to 9.964 billion yuan [8] ESG Financial Product Tracking - This week, 21 new green bonds were issued, with a total issuance scale of 20.191 billion yuan [9] - The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.26 trillion yuan and a total of 4,548 bonds issued as of February 6, 2026 [9] - The existing ESG funds in the domestic market total 211, with a combined scale of 156.021 billion yuan [9] - In terms of fund performance, the median net value changes for active equity, passive stock index, and bond ESG funds were -1.15%, -0.84%, and +0.05%, respectively, with low-carbon economy, clean energy, and carbon neutrality thematic funds performing well [9]

Core Viewpoint - The recent trend of the ChiNext 50 ETF (159949) has shifted from net outflows to net inflows, indicating a potential recovery in investor sentiment and market conditions [1][5]. Fund Flow - As of February 6, 2026, the ChiNext 50 ETF has a circulating scale of 23.148 billion yuan. Over the past 60 trading days, there has been a net outflow of 3.39 billion yuan, while the last 10 days saw a net outflow of 1.04 billion yuan, and the last 5 days experienced a net inflow of 190 million yuan [1][6]. Institutional Perspectives - Industrial insights from Xinyu Securities suggest that the recent global asset adjustment is more about narrative-driven emotional digestion rather than fundamental or policy changes. The market is expected to recover due to increased event catalysts and the "Spring Festival effect" [3][8]. - The report emphasizes a shift from defensive strategies to focusing on the Spring Festival market, particularly in sectors like technology manufacturing and resource-based infrastructure, which are expected to outperform post-holiday [3][8]. - Huaxi Securities notes that despite short-term pressure on the China-US tech sector due to overseas AI expectations, a rebound in US tech stocks on February 6 may lead to a recovery in domestic related sectors [3][8]. ETF Performance - The ChiNext 50 ETF has delivered a return of 36.20% over the past three years, outperforming its benchmark and ranking 435th among 1,634 similar products. It is recommended for investors looking to access China's technology growth sector [4][9]. - Investors can trade the ETF directly through stock accounts or via linked funds, with suggestions to adopt a dollar-cost averaging strategy to mitigate short-term volatility [4][9].

- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]

Core Viewpoint - The company, Shanghai Yingfang Software Co., Ltd., is actively participating in the domestic software ecosystem and focuses on data replication and protection software, which is crucial for various industries, including finance and healthcare [2][3][7]. Company Overview - Shanghai Yingfang Software Co., Ltd. was established on August 12, 2011, and went public on January 19, 2023. The company specializes in providing data replication software, integrated hardware and software solutions, and related services [7]. - The revenue composition of the company includes 60.37% from software products, 20.57% from software-related services, 15.97% from integrated hardware and software products, and 3.09% from other sources [7]. Product and Market Position - The company is one of the top three suppliers in the domestic data replication and protection software market, with its products widely used in financial institutions such as securities companies, banks, insurance companies, and asset management firms [2][3]. - The software products are designed for deployment on clients' data servers, with a primary application in disaster recovery to ensure data security and continuity of information systems [2]. Technological Compatibility - The company has developed various data replication technologies that are compatible with both domestic and international software brands, including certifications with Kunpeng chips, servers, cloud platforms, and virtual platforms [3]. - The products are also compatible with databases and operating systems such as GaussDB, openGauss, and openEuler, indicating a strong focus on integration within the digital economy [3]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 132 million yuan, representing a year-on-year growth of 11.26%. However, the net profit attributable to the parent company was a loss of 14.71 million yuan, although this reflects a 53.56% improvement compared to the previous year [8].

Core Viewpoint - The stock price of Zhiwei Intelligent has experienced a decline of 2.25% on February 6, with a current price of 52.10 yuan per share, reflecting a market capitalization of 13.142 billion yuan [1]. Group 1: Stock Performance - Since the beginning of the year, Zhiwei Intelligent's stock price has increased by 1.94%, but it has seen a decline of 8.74% over the last five trading days, 3.84% over the last 20 days, and 9.03% over the last 60 days [1]. Group 2: Company Overview - Zhiwei Intelligent, established on September 7, 2011, and listed on August 15, 2022, is located in the Nanshan District of Shenzhen. The company focuses on the research, production, sales, and service of various electronic devices, including educational, consumer, network equipment, network security, retail, and other products [1]. - The revenue composition of Zhiwei Intelligent includes: 53.57% from industry terminals, 15.78% from ICT infrastructure, 15.31% from intelligent computing business, 7.88% from others, and 7.46% from industrial IoT [1]. - The company belongs to the Shenwan industry classification of computers - computer equipment - other computer equipment, and is part of the TMT, buyback, fund heavy positions, and mid-cap concept sectors [1]. Group 3: Financial Performance - As of September 30, 2025, Zhiwei Intelligent achieved an operating income of 2.973 billion yuan, representing a year-on-year growth of 6.89%. The net profit attributable to shareholders reached 131 million yuan, with a significant year-on-year increase of 59.30% [1]. - The company has distributed a total of 60.0569 million yuan in dividends since its A-share listing [2]. Group 4: Shareholder Information - As of September 30, 2025, Zhiwei Intelligent had 48,800 shareholders, an increase of 27.30% from the previous period, with an average of 2,442 circulating shares per person, up by 25.36% [1]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 1.0057 million shares, a decrease of 226,900 shares from the previous period. Other notable shareholders include Baoying Strategy Growth Mixed Fund and Baoying Technology 30 Mixed Fund, with stable holdings [2].