2月24日，市场早盘高开回落后震荡回升，三大指数午盘均涨超1%，创业板指半日上涨1.76%，全市场 超4200只个股飘红。在此带动下，创业板50ETF（159949）午盘收涨1.95%，报1.567元，换手率 2.81%，半日成交额6.62亿元，成交规模居同类ETF首位。 | 代码 | 名称 | 现价 | 涨跌幅 IOPV | 溢折率 | 换手率 | | 成交金额 ▼ 5日涨跌幅 60日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 159949 | 创业板50ETF | 1.567 | 1.95% 1.5682 | -0.08% | 2.81% | 6.62 Z | -0.06% | 8.82% | | 159682 | SIZINESDELL 当前 | 1.520 | 1.88% 1.5161 | 0.26% | 2.88% | 1.38亿 | -0.07% | 8.96% | | 159681 | SUSOETF | 1.539 1.79% | | 1.5399 -0.06% | 3.13% | 5592.79万 | 0 ...

春节动向与资金流向：主被动外资均放缓 港股被动外资流入同样放缓，为9.3亿美元（vs. 上周17.9亿），但流出A股1.6亿美元（vs. 上周流入2.6亿）。 资金来源上，专注新兴市场的基金流入最多，亚洲除日本基金同样转为流入。 2南向：尚未开通，将于2月24日初八重启。 主动外资已连续六周流入，但港股依然疲弱，尤其是恒科，春节期间甚至2月以来都表现垫底，主要是受权 重股如腾讯和阿里拖累，若不是周一大幅反弹，那恒科的落后与"新老科技"的分化将更显著。 得益于9天长假，春节期间旅游消费餐饮和出行均至少实现温和的高个位数增长，不过人均支出预计基本持平甚至 可能小幅低于2025年（2025年春节总消费6770亿，人均1351元，日均169元），票房则因去年高基数下滑40%。 1外资：EPFR口径（截至周三），主动外资第6周流入，但继续放缓，港股流入3.6亿美元（vs. 上周4.4亿），A股 流入0.9亿美元（vs. 上周1.1亿）。 港股被动外资流入同样放缓，为9.3亿美元（vs. 上周17.9亿），但流出A股1.6亿美元（vs. 上周流入2.6亿）。 资金来源上，专注新兴市场的基金流入 春节动向与资金流向：主被动 ...

Core Viewpoint - The industrial mother machine ETF (159667) has seen a rise of over 2% with a net inflow of over 10 million units, indicating a potential gradual recovery in manufacturing industry sentiment [1][2]. Group 1: Market Performance - The industrial mother machine ETF (159667) recorded a net inflow of 11 million units during trading, reflecting strong capital interest [2]. - The ETF tracks the China Securities Machine Tool Index (931866), which includes listed companies involved in the manufacturing and servicing of machine tools and key components [2]. Group 2: Industry Outlook - Domestic policies and measures aimed at reducing competition are expected to enhance the profitability of the manufacturing sector, leading to a gradual recovery in manufacturing sentiment [2]. - The global trends in artificial intelligence and data center construction are driving rapid price increases in storage and chips, which is likely to accelerate production expansion in the semiconductor industry [2]. - The upcoming 2026 CCTV Spring Festival Gala is anticipated to showcase humanoid robots from leading companies, potentially boosting product shipment volumes significantly [2]. - The development of Tesla's Optimus V3 is expected to enter mass production, which could lead to explosive growth in the production and sales of humanoid robots globally, thereby increasing demand for upstream core components [2].

Core Insights - In January, the mechanical industry index (Shenwan classification) rose by 6.32%, outperforming the CSI 300 index by 4.66 percentage points [2] - The TTM price-to-earnings ratio and price-to-book ratio for the mechanical industry are approximately 41.85 and 3.38 times, respectively, showing a month-on-month increase [2] - The price index changes for steel, copper, and aluminum in January were -0.74%, +6.92%, and +4.78%, respectively [2] Manufacturing and Economic Indicators - The manufacturing PMI for January was reported at 49.30%, a decrease of 0.8 percentage points month-on-month, indicating a contraction in the manufacturing sector [2] - High-tech manufacturing continues to expand, with a PMI of 52.00%, remaining above the critical point [2] Sales Data - In January 2026, a total of 18,708 excavators were sold, marking a year-on-year increase of 49.5% [2] - Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4% year-on-year, while exports reached 9,985 units (including 11 electric excavators), up 40.5% year-on-year [2] Investment Recommendations - Key growth and forward-looking stocks include: Boying Welding (301468), Feirongda (300602), Hanzhong Precision (002158), Yingliu Co. (603308), Wanze Co. (000534), Gaolan Co. (300499), and others [3] - Long-term recommended stocks include: Huace Testing (300012), Guangdian Measurement (002967), Yizhiming (300415), and others [3] Sector Focus - AI Infrastructure: Focus on the gas turbine and liquid cooling sectors, with key companies such as Yingliu Co., Wanze Co., and others highlighted for their roles in the energy supply chain [4] - Humanoid Robots: The sector is moving towards commercialization, with several companies receiving large orders, indicating a growing market [5] - Commercial Aerospace: The sector is recognized as an emerging industry, with ongoing technological breakthroughs and upcoming IPOs [6] Specific Company Focus - For humanoid robots, key components include joint modules (Hengli Hydraulic, Huichuan Technology), dexterous hands (Feirongda, Zhaowei Electromechanical), and other critical parts [7] - In AI infrastructure, focus on gas turbine components and cooling systems, with companies like Ice Wheel Environment and Han Zhong Precision being significant players [7] Additional Sector Insights - Autonomous Forklifts: Key companies include Hangcha Group and Anhui Heli [9] - Engineering Machinery: Recommended companies include XCMG, SANY Heavy Industry, and others [10] - Nuclear Power and Controlled Nuclear Fusion: Companies like Jiadian Co. and Zhongmi Holdings are highlighted [11]

21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 2月23日，问界汽车官微发布《关于广东省惠州市车辆起火的说明》。其中称，2026年2月21日，一辆问界M9在广东省惠州市附 近起火，事件未造成人员伤亡。经初步调查，车辆三电系统状态正常，且未见车辆其它自身异常，判断事件非车辆自身原因导 致。说明称，将密切配合有关部门完成后续调查并积极协助用户处理后续事宜。请大家不信谣，不传谣。 问界通报"广东惠州车辆起火事件" 2月22日，智谱发布技术报告，全面解读GLM-5的技术细节。据称，GLM-5是一款旨在推动编程范式从"Vibe Coding"（氛围编 程）转向"Agentic Engineering"（智能体工程）的下一代基础模型。GLM-5 在前代模型 GLM-4.5 的智能体、推理与编程 （Agentic, Reasoning and Coding, ARC）能力基础上，采用稀疏注意力（DeepSeek Sparse Attention，DSA）以大幅降低推理成 本，同时保持长上下文能力无损。为了让 ...

值得注意的是，首程控股参投的三家机器人企业亮相2026马年春晚。高盛最新研报中表示，马年春晚成 为中国人形机器人技术的重要展示平台，宇树、诺特力、Magic Lab和Galbot等民营企业的机器人表演 展现了硬件和全身控制的重大进步。但高度编排的表演难以充分评估其底层AI能力。 消息面上，据上海证券报消息，今年春节档的机器人租赁基本上提前一个月已经订满，如果临近春节下 单，价格可能从之前的几千元/天上涨到1万元/天，但机器人租赁价格却一路下跌。有机器人租赁从业 者表示，目前不同厂商产品差异并不明显，主要是跳舞和不跳舞的机器人的区别，价格下行的核心原因 在于供需关系缓解。京东提供的数据也显示，租赁价格大幅下调成为眼下机器人消费市场的重要趋势。 智通财经APP获悉，首程控股(00697)早盘跌超9%，截至发稿，跌8.51%，报2.15港元，成交额2.06亿港 元。 ...

Morning session notice 联系方式：yujunli@greendh.com 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 2 月 24 日 星期二 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 早盘提示 | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、美国最高法院裁决，美国政府援引《国际紧急经济权力法》（IEEPA）所实施的 | | | | | 关税措施，缺乏明确法律授权。在法律压力之下，美国政府发布行政令，宣布终止 | | | | | 一系列关税措施。 | | | | | 2、美国政府转而援引《1974 年贸易法》第 122 条。对进口商品征收 10%的所谓"临 | | | | | 时关税"，为期 150 天，仅有部分商品豁免。十几个小时后，美方又声称将其提高 | | | | | 至 15%。 | | | | | 3、巴克莱数据，标普 500 指数今年以来的交易区间创下 1960 年代以来最窄纪 ...

Group 1 - The A-share market opened higher but showed mixed performance, with oil and gas, as well as non-ferrous metals leading the gains, while sectors like film and television and AI applications faced declines [1] - The humanoid robot concept showed limited decline despite opening high, indicating strong capital support [1] - The robot ETF, Fuguo (159272), saw significant trading volume, exceeding 74 million yuan by 10:00, approaching the total trading volume of the previous day [1] Group 2 - The ETF tracks the National Robot Industry Index, selecting 50 leading companies in the robot industry chain, with top holdings including companies related to humanoid robots and focusing on upstream core components [2]

Core Viewpoint - Shanghai Electric has shown a mixed performance in stock price and financial results, with a notable increase in net profit year-on-year, indicating potential growth opportunities in the renewable energy and industrial equipment sectors [1][2]. Financial Performance - As of September 30, 2025, Shanghai Electric achieved a revenue of 81.79 billion yuan, representing a year-on-year growth of 7.50% [2]. - The net profit attributable to shareholders reached 1.065 billion yuan, marking a significant increase of 40.49% compared to the previous year [2]. Stock Market Activity - On February 24, Shanghai Electric's stock price increased by 2.06%, reaching 8.90 yuan per share, with a trading volume of 581 million yuan and a turnover rate of 0.52% [1]. - The stock has seen a year-to-date increase of 3.37%, a 5-day increase of 1.25%, a 20-day decrease of 4.30%, and a 60-day increase of 2.65% [1]. Shareholder Information - The number of shareholders as of September 30, 2025, was 727,700, an increase of 3.31% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 166 million shares, an increase of 28.2851 million shares from the previous period [3]. Business Overview - Shanghai Electric, established on March 1, 2004, and listed on December 5, 2008, operates in sectors including renewable energy and environmental equipment, efficient clean energy equipment, industrial equipment, and modern services [1]. - The company's revenue composition includes 81.52% from product sales, 9.43% from service provision, 4.56% from engineering construction, and 4.49% from other businesses [1]. Dividend Information - Since its A-share listing, Shanghai Electric has distributed a total of 9.973 billion yuan in dividends, with no dividends paid in the last three years [3].

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Viewpoints - The lithium battery storage sector is expected to enter a peak season, with significant growth anticipated in 2026. The humanoid robotics and AIDC (Automated Identification and Data Capture) sectors are also evolving rapidly [1] - The report highlights the strong demand for energy storage systems, particularly in the U.S., where the installation of large-scale storage systems is projected to grow significantly [8] - The electric vehicle market is showing signs of recovery, with expectations for increased sales in March following a slow January [27] Industry Trends - The electric power equipment sector has shown a 1.13% increase, outperforming the broader market. Key segments include new energy vehicles, lithium batteries, and power generation equipment, with notable performances from companies like Zhongcai Technology and Dongfang Electric [4] - The U.S. has released details on the OBBB Act, which clarifies cost calculation models for energy storage, indicating a competitive pricing environment for capacity [4] - The report notes that Tesla, along with other major players, is leading the global energy storage market, with significant shipments expected in 2025 [4] Market Data - In January, domestic electric vehicle sales reached 945,000 units, with a year-on-year decline of 45%. However, electric heavy truck sales surged by 191% [4][27] - The report provides detailed pricing data for lithium carbonate and other battery materials, indicating price increases for various components, such as lithium hydroxide and battery-grade materials [4] - The report anticipates a 60%+ growth in energy storage demand in 2026, driven by new policies and market dynamics [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and strong growth prospects [7] - Other companies such as Sungrow (阳光电源) and Sany (三花智控) are also recommended for their strong market positions and growth potential in the energy sector [7] - The report emphasizes the importance of technological advancements in humanoid robotics and AIDC, with companies like Tesla expected to lead the market [11]