有股民表示："太神奇了，春晚那么多机器人表演，以为要大涨呢，还想着把压岁钱都买相关股票，看不懂这个逻辑了，现在不敢买了。" 作者：蔡越坤封图：图虫创意 A股马年首个交易日，迎来开门红行情。 截至2月24日收盘，上证指数上涨0.87%，收于4117.41点；深证成指上涨1.36%，收于14291.57点；创业板指上涨0.99%，收于3308.26点。A股全天成交2.22 万亿元，上个交易日成交2万亿元。 马年春晚，人形机器人组团登上舞台，再次引起广泛关注。2月20日港股率先开盘，尽管恒生指数和恒生科技指数当日双双收跌，但受春晚机器人震撼表 演的催化影响，人形机器人概念股收红，受到资金追捧。 然而，2026年春晚后首个交易日，最值得期待的机器人板块并未如期大涨，上演高开低走行情。A股开盘后，机器人指数（884126）上涨近1.5%，然而截 至收盘，该指数仅上涨0.65%。 有股民表示："太神奇了，春晚那么多机器人表演，以为要大涨呢，还想着把压岁钱都买相关股票，看不懂这个逻辑了，现在不敢买了。" 展望后市，方正证券认为，国内方面，2026年开年以来，A股市场表现总体强势，春季行情拉开帷幕。往后看，随着新质生产力领域 ...

截至收盘，中证消费电子主题指数上涨1.8%，中证物联网主题指数上涨1.0%，中证智能电动汽车指数上涨0.3%，国证机器人产业指数下跌0.6%，资金逆势 布局，机器人ETF易方达（159530）全天净申购约7000万份。Wind数据显示，该ETF节前已连续10个交易日获资金布局，合计超11亿元。 中信建投证券研报认为，春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后A股有望开启新一轮上行。行业配置上继续坚持"科 技+资源品"双主线。其中科技主线以AI、人形机器人、新能源和创新药为核心，资源品主线以贵金属、石油石化、基础化工为核心。 该指数聚焦的AI硬件是目前 主要的智能终端品类,由业 务涉及元器件生产、整机品 牌设计及生产等消费电子相 关公司股票组成。 日报 2017 跟踪中证智能电动汽车指数 该指数聚焦的智能电动汽 车有望成为具身智能落地 的代表性方向之一,覆盖 动力系统、感知系统、决 策系统、执行系统、通讯 系统、整车生产等产业链 环节。 �日 该指数涨跌 0.3% 消费电子ETF易方达 雙 跟踪中证消费电子主题指数 �H 该指数涨跌 1.8% 物联网ETF易方达 MR 老室 每日经济新 ...

Market Performance - A-shares opened strong on the first trading day after the Lunar New Year, with the Shanghai Composite Index rising by 0.87% to 4117.41 points, and the Shenzhen Component Index increasing by over 1% [1][3] - The total market turnover exceeded 2 trillion yuan, with over 4,000 stocks rising and 111 stocks hitting the daily limit [1] Sector Performance - Defensive sectors showed strong performance, with resource stocks experiencing a rebound; indices for energy equipment, oil and gas, and precious metals led the gains [1][4] - The hard technology sector also performed well, particularly in optical modules (CPO) and optical communication concepts, while several large model concepts, including AI applications and the film and media sector, saw declines [3][4] Analyst Insights - Analysts noted that the overall market performance was impressive, with resource-heavy stocks significantly supporting the indices; the Shenzhen Component Index rose by 1.36% and the ChiNext Index by 0.99% [3] - Geopolitical risks and inflation expectations have driven a collective surge in resource sectors, while AI application and media sectors experienced notable pullbacks [4] Future Market Outlook - Analysts predict that the market will continue to show upward momentum, particularly as the "Two Sessions" approach, with a focus on structural opportunities rather than broad index movements [6] - The expectation of a stronger renminbi and the upcoming policy drivers from the "Two Sessions" are seen as supportive factors for the A-share market [6]

Core Viewpoint - The A-share market experienced a strong performance on the first trading day of the Year of the Horse, with all three major indices closing higher, driven by resource sectors and policy expectations as the Two Sessions approach [3][15]. Market Performance - On February 24, the Shanghai Composite Index rose by 0.87% to 4117 points, the Shenzhen Component increased by 1.36% to 14291 points, and the ChiNext Index gained 0.99% to 3308 points [3][15]. - The total trading volume for the day reached 2.2 trillion yuan, an increase of 219.2 billion yuan compared to the previous trading day, indicating heightened market activity [3][15]. Sector Analysis - Resource sectors, particularly oil and gas, led the market rally, with multiple oil and gas ETFs hitting the daily limit [4][16]. - In contrast, the film and media sector saw significant declines, with related ETFs dropping over 7% due to disappointing box office performance during the Spring Festival [4][17]. ETF Market Insights - Oil and gas ETFs showed remarkable performance, with several reaching the daily limit and an average increase of around 10% [5][18]. - The Standard & Poor's Oil and Gas ETF recorded a trading volume of 1.117 billion yuan and a turnover rate of 152.76%, reflecting strong market interest in this sector [5][18]. Investment Themes - Analysts suggest that resource products and technology sectors may become the main themes for the spring market, driven by policy expectations and industry trends [3][11]. - The focus on stable growth policies ahead of the Two Sessions is expected to benefit infrastructure and resource sectors [11][24]. Market Sentiment - Despite the overall market rally, there is a notable divergence in sector performance, with technology stocks experiencing mixed results [21][23]. - Southbound capital flows showed a "buy the dip" strategy, with net purchases of 3.131 billion Hong Kong dollars on February 24, indicating continued interest in the market despite fluctuations [22][24].

Unitree As2自重18kg，体重105kg的成人站上去后，其依然能保持稳定。 视频Demo中，Unitree As2挑战了多种复杂路况和恶劣天气，能在河沟、雪地、丛林、乱石路中自由穿行。 2月24日，宇树科技发布新款四足机器人Unitree As2，称其动力性能约为当前主力四足机器人Go2的两倍。 参数显示，Unitree As2具备90N.m峰值扭矩，空载续航超4小时，采用IP54防雨水设计，极限速度达5米/秒，负载15kg时续航超13km。 此外，Unitree As2可选配加载7轴灵巧机械臂等配件，多出"一只手"后，它便成了能对打网球的伙伴。 上证聚焦｜人形机器人崛起 （文章来源：上海证券报） 软件方面，Unitree As2配备仿生具身大模型，并升级了智能伴随系统，可以随着人类方位行进，并根据人类手势移动、跳起，呈现类似人与宠物狗一样的 交互。 ...

有人调侃 "今年春晚的 AI 率比我论文都高"，也有人吐槽 "看了一场科技发布会"，但不可否认的是，当松延动力的机器人讲冷笑话、宇树的机器人完成 3 米弹射空翻、火山引擎的 AI 模型让舞者指尖生花，我们正亲眼见证着科技从实验室走向大众视野的历史性时刻。这届春晚的科技狂欢，藏着人形机器 人、AI 大模型的技术突破，更预示着一个硬科技深度融入生活的新时代已经到来。 机器人霸屏：从 "脑瘫式笨拙" 到 "十八般武艺"，一年完成史诗级进化 如果说去年春晚的机器人还带着 "刚学会走路" 的笨拙，让网友直呼 "像脑瘫"，那么 2026 年的春晚舞台，机器人已经完成了从 "入门选手" 到 "武林高手" 的史诗级蜕变。从北京主会场到宜宾、义乌、合肥分会场，人形机器人、四足机器人、无人机集群轮番登场，演小品、耍武术、做燃面、跳群舞，把 "科 技感" 三个字刻进了春晚的每一个角落。 这届春晚的机器人舞台，不再是单一企业的独角戏，而是中国机器人企业的集体秀场。央视主会场被松延动力、宇树科技、魔法原子、银河通用承包，地 方卫视春晚更是被智元、众擎、鹿明等企业 "包圆"，南方电网的巡检机器人、峰飞航空的 eVTOL 机场、航空工业的 ...

马年首个交易日，A股迎来开门红，三大指数集体高开，全天震荡走强。 港口航运板块中，中远海能（600026）、招商轮船（601872）等个股涨停。消息面上，春节期间，超大型油轮运价高位大涨，创下2020年4月以来新高。 方正证券表示，超大型油轮供需基本面强劲为核心驱动力，美洲稳定增产与OPEC（石油输出国组织）政策性增产周期继续形成共振催化，同时"双轨 制"下俄伊非合规贸易制裁趋紧，一方面利好合规市场需求份额结构性替代，另一方面利好有效运力减少。 同时，化工板块再度走强，美邦股份（605033）4连板，六国化工（600470）、红宝丽（002165）、三友化工（600409）、兴发集团（600141）等近20只 个股涨停。 一方面，在磷酸盐已被纳入关键矿产清单的基础上，美国宣布将元素磷及草甘膦等关键除草剂纳入关键战略物资，此举导致全球磷供应链重构，国际磷肥 价格突破700美元/吨。另一方面，自国内《化工行业产能置换实施细则》出台以来，有机硅、己内酰胺到PTA（精对苯二甲酸）聚酯等多个子行业已相继 出台或正在制定行业自律文件，严控新增产能投放，推动行业"反内卷"。 瑞银证券指出，历经四年深度调整，化工行业已处于历 ...

"荆楚"机器人在现场展示抓取豆腐肖艺九摄 "神农"人形机器人 另一款机器人"神农"的关节自由度由23个增加到43个，并搭载了自主研发的全国爆发力最强的旋转关节电机（550Nm）。 2月24日，春节假期后上班第一天，湖北召开全省加快建成中部地区崛起的重要战略支点推进大会。今年的湖北"新春第一会"现场，13款、31台各类人形 机器人组团亮相。相比去年10位"楚才"人形机器人的首秀，经过一年的学习，今年的机器人明显更加"聪明"。 去年能微笑互动的"荆楚"机器人，今年在"身体素质"上大幅提升，搭载了自研的行星滚柱丝杠直线模组，推力达12000N，续航时间超过6小时。现场演示 中，"荆楚"机器人在摆放整齐的豆腐"福"字前，小心翼翼地抓取一块嫩豆腐，精准添上最后一笔，全程平稳流畅，未对豆腐造成丝毫破损。 据介绍，该款机器人搭载了华威科自主研发的全球最"小巧"多维电子皮肤，一平方厘米里面集成了近100个触觉点。通过压力感知系统，可以实时传回它 的大脑，轻松帮助"灵巧手"判断该用多大的力度拿起这块豆腐，使豆腐不会被抓碎。一只"灵巧手"上布置超过1000个感应点，能感受压力、温度等各种外 界变化，让人形机器人拥有了"触觉"。目 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - After the Spring Festival, the equity market generally performs well, with small - cap and growth stocks having relative advantages. The Wind All - A Index usually has about 15 - 20 trading days of upward movement, with an average increase of about 5%. Small - cap stocks maintain an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth sectors may be the main trading directions, but small - cap stocks may be more suitable for short - term trading due to high valuations [1][10]. - Convertible bonds also perform well after the Spring Festival, but mainly focus on digesting high valuations. After the valuation increase from late December to before the Spring Festival, it is advisable to take profits at the right time [1][20]. - The seasonality of convertible bond terms is not obvious. The frequency of forced redemptions is relatively low in the second quarter, and the probability and frequency of downward revisions are more related to the equity market. Attention should be paid to the possible forced redemption wave in March [1][21]. - The issuance of convertible bonds has obvious seasonality, mainly concentrated around the annual and semi - annual reports. It is expected that there will be a relatively dense listing of convertible bonds around April 2026 [2][27]. - In terms of convertible bond strategies in March, it is recommended to take profits at the right time and maintain a balanced allocation. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Pay attention to undervalued individual bonds in the medium - and low - parity range [3] Summary According to the Table of Contents I. Historical Seasonality of Equity and Convertible Bonds after the Spring Festival - **Equity Market**: After the Spring Festival, the Wind All - A Index generally rises, with an average increase of about 5% in about 15 - 20 trading days. Small - cap stocks have an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth may be the main trading directions, and small - cap stocks are suitable for short - term trading due to high valuations [1][10]. - **Convertible Bonds**: They perform well after the Spring Festival, benefiting from the strength of the equity market. However, they mainly digest high valuations after the pre - festival increase. It is recommended to take profits at the right time [1][20]. - **Terms**: The seasonality of forced redemptions and downward revisions is not obvious. The frequency of forced redemptions is low in the second quarter. Pay attention to the forced redemption wave in March [1][21]. - **Issuance**: The issuance has obvious seasonality, concentrated around the annual and semi - annual reports. It is expected that there will be a large number of convertible bonds listed around April [2][27] II. Convertible Bond Strategy: Take Profits at the Right Time in March and Maintain a Balanced Allocation - **Equity Market Outlook**: After a brief adjustment, the A - share market rebounded before the Spring Festival. In March, the equity market is expected to perform well. It is recommended to focus on technology and growth sectors, as well as sectors such as non - ferrous metals, cycles, energy, and mid - stream manufacturing [37]. - **Convertible Bond Valuation and Strategy**: The convertible bond valuation reached a new high. It is recommended to take profits at the right time. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Adopt a balanced allocation strategy and pay attention to undervalued individual bonds in the medium - and low - parity range [3][40][41] III. Market Review: Convertible Bonds Rose Weekly, and Valuations Increased (一) Weekly Market Performance: The Convertible Bond Market Rose, and Most Equity Sectors Performed Strongly - **Index Performance**: Most major stock indexes rose last week. The CSI 300 Index rose 0.36%, the CSI 500 rose 1.88%, the CSI 1000 rose 1.90%, the CSI 2000 rose 1.17%, and the CSI Convertible Bond Index rose 1.08%. The convertible bond market followed the small - and medium - cap stocks [46]. - **Concept Performance**: Different concepts had different performances. Glass fiber, contribution to rising points, copper - clad laminates, etc. rose, while space photovoltaics, anti - tariff, etc. fell [49] (二) Valuation Performance: The Premium Rates of Convertible Bonds of All Ratings and Sizes Increased - **Convertible Bond Type Performance**: The closing price of equity - biased convertible bonds increased by 11.64%, that of debt - biased convertible bonds increased by 0.74%, and that of balanced convertible bonds increased by 0.02%. The proportion of bonds in the 120 - 130 yuan range increased significantly [52]. - **Rating, Size, and Parity Interval**: The premium rates of convertible bonds of all ratings and sizes increased. The AAA - rated bonds increased by 3.1pct, and the bonds with a size of over 5 billion yuan increased by 3.47pct. The premium rate of the over - 130 - yuan parity interval increased by 5.27pct [52] IV. Terms and Supply: Three Convertible Bonds Announced Forced Redemption, and the Total Newly Promoted Scale was about 2.475 billion yuan (一) Terms: Three Convertible Bonds Announced Forced Redemption, and the Board of Bairun Convertible Bond Proposed a Downward Revision - **Forced Redemption**: As of February 13, Linuo, Xinfu, and Zhonghe convertible bonds announced early redemption. Shuangliang convertible bond triggered the redemption conditions but did not announce. Many convertible bonds announced non - early redemption or expected to meet the forced redemption conditions [4][71]. - **Downward Revision**: Bairun convertible bond proposed a downward revision, Longda convertible bond announced the downward revision result. Three convertible bonds announced no downward revision, and ten convertible bonds were expected to trigger the downward revision [4][71] (二) Primary Market: No Convertible Bonds were Issued Last Week, and the Total Newly Promoted Scale was about 2.475 billion yuan - **Issuance and Listing**: No convertible bonds were issued last week, and Longjian convertible bond was listed with a scale of 100 million yuan. There are 376 issued and non - expired convertible bonds with a balance of 526.565 billion yuan. Aiwei convertible bond will be listed on February 26 [5][74]. - **New Progress**: Five companies added board proposals, one company passed the general meeting, three companies passed the CSRC review committee, and no company was approved by the CSRC. As of February 13, seven listed companies obtained approval for convertible bond issuance with a proposed scale of 536.3 million yuan. Four companies newly passed the CSRC review committee with a total scale of 696.6 million yuan, and five companies added board proposals with a total scale of 1.242 billion yuan [5][76][81]

成交金额方面，投资者交易氛围浓厚。截至收盘，沪市成交金额9386.11亿元，深市成交金额12634.5亿元，北交所当日成交金额163.79亿元，沪深北三市合 计成交额约为2.22万亿元。 从单只个股成交金额来看，中际旭创居首，达196.93亿元。交易行情显示，中际旭创2月24日高开2.07%，开盘后公司股价短暂下挫后迅速拉升，盘中一度涨 近8%，截至收盘，公司股价收涨4.33%，报554元/股，总市值约为6156亿元。 位居中际旭创之后的为新易盛，当日成交额为173.26亿元。除上述两股外，当日成交金额破百亿元的还有天孚通信、润泽科技，公司当日成交金额分别为 126.33亿元、105.04亿元。 个股表现方面，赚钱效应明显。截至收盘，A股4006股飘红，其中109股涨停。此外，1392股飘绿，其中21股跌停。 国联民生研报显示，市场默认地缘事件已成为影响全球风险偏好的核心风向标，其对商品价格的脉冲式冲击尤为显著。 分析认为，当前市场担忧美伊冲突，影响霍尔木兹海峡原油供应，推动油价短期冲高。 油服工程板块之外，采掘行业、油气开采、MLCC、贵金属等板块也涨幅居前。影视院线、旅游零售、MLOps概念等板块则跌幅居 ...