春节的喜庆氛围尚未完全散去，A股市场已经蓄势待发，即将迎来马年首个交易日。在假期休市期间，虽然A股大门紧闭，但全球市场的其他角落却是暗流 涌动，尤其是港股市场的率先开市，为节后A股的走势提供了宝贵的"风向标"。 面对"持股还是持币"的节前老问题，随着节后交易窗口的开启，答案似乎正逐渐明朗。综合多家机构的观点，在流动性宽裕、历史规律加持以及产业趋势的 多重共振下，A股节后行情值得期待，而科技线有望成为贯穿行情的主线。 当国内投资者沉浸在节日氛围中时，海外资金已经用真金白银表达了对中国资产的看好。 在A股休市期间，富时A50期指延续升势，累计上涨超过 1.7%，屡创新高，这直观地反映出海外资金对中国核心资产的乐观态度。与此同时，港股市场的表 现更是引人注目。2月23日，港股开盘走强，恒生指数与恒生科技指数盘初涨幅双双扩大，科技风格明显占据主导地位。其中，半导体、硬件设备等板块涨 幅居前，中芯国际、华虹半导体等科技龙头普遍上涨。 外围暖意浓：港股与A50期指提前"抢跑" 这种强势表现并非孤立事件。回顾春节假期港股的交易，机器人、半导体、AI应用等科技细分领域即使在震荡行情中也显得异常活跃。特别是机器人板 块，受益于 ...

Industry Insights - The U.S. has released details on the OBBB Act, clarifying the MACR cost calculation model, which needs to penetrate into MP and MPC [3] - The State Council is exploring competitive pricing to form capacity electricity prices, allowing users above 10kV to directly participate in the electricity market [3] - In 2025, the top five global energy storage system shipments are expected to be Tesla, Sunshine, BYD, Huawei, and CRRC [3] - Poland has introduced a subsidy policy for household energy storage systems from 2026 to 2030, with a total budget of 1 billion Polish zloty, targeting 62,500 units for systems above 12kWh [3] Company Insights - CATL plans to publicly issue a science and technology corporate bond with a coupon rate of 1.69% [4] - Huichuan Technology expects 2025 revenue to be between 42.97 billion to 46.67 billion yuan, with a year-on-year growth of 16% to 26% [4] - New Zobang anticipates achieving 9.6 billion yuan in revenue in 2025, driven by increased demand for battery materials and organic fluorochemicals [5] - Trina Solar faced regulatory warnings due to incorrect claims of collaboration with SpaceX, clarifying that no such business exists [5] - Lin Yang Energy's controlling shareholder plans to increase holdings between 50 million to 100 million yuan within the next 12 months [5] Investment Strategy - The energy storage sector is expected to see over 60% growth in 2026, driven by strong demand and the impact of the U.S. Inflation Reduction Act [6] - The domestic electric vehicle market showed a total of 945,000 units sold in January, with a year-on-year increase of 45% [6] - The battery and separator sectors are recommended for investment, with a focus on leading companies such as CATL and Yiwei Lithium Energy [6] - The wind power sector is projected to grow significantly, with domestic offshore wind expected to reach over 12GW in 2026, a year-on-year increase of over 50% [6] - The photovoltaic sector is currently facing weak demand, but potential growth is anticipated from space photovoltaic projects [6]

影响股市利好与利空消息 宏观新闻 3、外交部网站2月23日消息，外交部发言人宣布：应国务院总理李强邀请，德国总理默茨将于2月25日 至26日对中国进行正式访问。 4、玉渊谭天22日发文称，美国最新加征的所谓"临时关税"，很可能像此前一样面临被起诉的风险。 1、2月16日出版的第4期《求是》杂志发表中共中央总书记、国家主席、中央军委主席习近平的重要文 章《当前经济工作的重点任务》。文章强调，2026年经济工作头绪多，要抓住关键、纲举目张。坚持内 需主导，建设强大国内市场。统筹促消费和扩投资，用好我国超大规模市场优势。深入实施提振消费专 项行动，制定实施城乡居民增收计划，扩大优质商品和服务供给，优化"两新"政策实施，清理消费领域 不合理限制措施，释放文旅等服务消费潜力。 2、美东时间2月20日，美国最高法院公布关税诉讼案裁决结果，判定美国政府依据《国际紧急经济权力 法》对相关贸易伙伴加征的对等关税、芬太尼关税等相关关税违法。商务部新闻发言人表示，中方一贯 反对各种形式的单边加征关税措施，反复强调贸易战没有赢家，保护主义没有出路。中方敦促美方取消 对贸易伙伴加征的有关单边关税措施。 5、当地时间2月21日，美国总统 ...

Core Viewpoint - The robot concept sector in the Hong Kong stock market has shown significant growth, driven by the visibility and popularity of robots showcased during the 2026 CCTV Spring Festival Gala, indicating a shift towards commercialization and public acceptance of robotics technology [1][2][3]. Group 1: Market Performance - The robot concept sector (887755.WI) rose by 1.76% on February 23, with notable gains from ASMPT (5.27%) and Huahong Semiconductor (4.83%) [1]. - On February 20, despite a general market decline, robot stocks surged, with Yujian (21.4% increase) and Sutech (9.24% increase) leading the gains [1]. - E-commerce platforms experienced explosive growth in robot product sales, with Douyin reporting a 1680% increase in GMV and a 655% increase in order volume from February 16 to 18 [3]. Group 2: Technological Advancements - The Spring Festival Gala featured advanced robotics, including Utree Technology's G1 and H2 humanoid robots performing complex stunts, showcasing the capabilities of modern robotics [2]. - The event marked a significant step for the industry, indicating a transition from laboratory development to mainstream visibility and application [2]. Group 3: Industry Outlook - Analysts from Guohai Securities highlighted the potential for humanoid robots to create a market space larger than that of automobiles, suggesting a pivotal investment opportunity as the industry evolves [4]. - Dongwu Securities noted that Tesla's Optimus robot is set for large-scale production in 2026, indicating a tightening supply chain and potential growth for leading domestic players like Utree and Zhiyuan [4]. Group 4: Company Highlights - Sutech announced a profit forecast of at least 60 million RMB for Q4 2025, marking its first quarterly profit and signaling a new phase in its business development [3]. - Yujian has initiated mass production of its Atom humanoid robots, indicating a shift towards large-scale application in various scenarios [3]. Group 5: Stock Performance - Notable stocks in the robot sector include: - Tianqi Co. (57.56% increase) for its collaboration with Ubiquity in humanoid robot applications [5]. - Wuzhou New Spring (29.52% increase) for its success in developing domestic harmonic reducers [5]. - Green's Harmonic (26.17% increase) as a core supplier of robotic joint components [5].

Macro - The consumption sentiment during the 2026 Spring Festival has improved, significantly driven by the long holiday and supportive consumption policies from nine ministries, which include financial subsidies [3][6] - Key retail and catering enterprises reported an average daily sales increase of 8.6% during the first four days of the holiday compared to the same period in 2025, marking a high growth rate compared to previous long holidays [3][6] - The first three days of the holiday saw a 10.6% increase in average daily sales for key retail and catering enterprises compared to the same period last year [3] Tourism and Hospitality - The Spring Festival holiday has led to a significant increase in travel, with a total of 5.08 billion people traveling across regions during the first 20 days of the Spring Festival, a year-on-year increase of 5.5% [4] - The average travel days for users on Tuniu during the Spring Festival reached 5.9 days, an increase of 1.1 days compared to last year [4] - The relaxation of visa policies has contributed to a rapid growth in inbound tourism, with a predicted daily average of over 2.05 million people entering and exiting the country during the holiday, a 14.1% increase year-on-year [5] Retail and Consumer Goods - The retail and catering sectors have shown strong performance, with a notable increase in sales of smart wearable devices, which saw a 20% increase in sales during the first three days of the holiday [33] - The demand for traditional cultural IP and duty-free sales has also performed well, with duty-free sales in Hainan reaching 970 million yuan during the first four days of the holiday, a 15.8% increase year-on-year [34] - The consumption of intelligent products has surged, with sales of smart cleaning appliances like window-cleaning robots and vacuum robots increasing by 209% and 59% respectively [34] Market Strategy - The market is expected to remain stable post-holiday, with growth sectors such as AI and humanoid robots likely to become highlights [19] - Companies are advised to focus on sectors experiencing growth, such as AI technology, consumer electronics, and innovative pharmaceuticals, as well as traditional sectors that may benefit from policy support [20] - The overall economic environment remains supportive of consumption, with various measures in place to stimulate demand during the holiday period [6][19]

【中信建投：Optimus V3持续预热 建议聚焦优质环节】智通财经2月24日电，中信建投研报称， Optimus V3持续预热，建议聚焦优质环节。特斯拉Gen3发布节奏等整体符合预期，产品量产规划明 确。Optimus将是通用机器人，可以通过观察人类行为等方式来学习完成任务。特斯拉正引领全球"物理 AI"产业变革，人形机器人作为其核心支柱之一，持续进行"数据-算法-硬件"闭环迭代。产品也有望逐 步从B端向C端延伸，逐步打开人形百万台预期空间。展望板块后续，Gen3定点、新品发布、春晚机器 人表演、国产机器人厂商IPO进展等事件催化值得重点关注，底部建议聚焦优质环节，把握确定性和灵 巧手等核心变化。 转自：智通财经 ...

Market Overview - The upcoming National People's Congress is expected to signal the end of the spring market rally, with A-shares likely to experience a wide range of fluctuations from post-Spring Festival to the end of April, driven by internal market dynamics and regulatory adjustments [1][4] - The external tariff risks are currently manageable and do not pose a significant obstacle to the A-share market [1][4] - The market is expected to accumulate energy for future trends, awaiting guidance from the government work report and concentrated earnings disclosures at the end of April [1][4] Investment Recommendations - Focus on sectors benefiting from price increases, such as non-ferrous metals, chemicals, storage chips, and consumer electronics [1][18] - Pay attention to trends driven by human-shaped robots and AI applications [1][18] - Consider export industry chains, including those related to Apple, NVIDIA, and Tesla [1][18] - High dividend yield assets such as banks, coal, oil, public utilities, and transportation are also recommended [1][18] Global Market Trends - During the Spring Festival holiday, major global stock markets mostly rose, with European markets reaching historical highs due to reduced internal economic pressures [2][6] - The U.S. tariff situation remains uncertain, with recent court rulings questioning the legal basis for certain tariffs, potentially impacting global trade dynamics [9] Consumer Behavior Insights - The 2026 Spring Festival saw a significant increase in consumer activity, with a 1.9% month-on-month rise in cross-regional movement and an 11.7% year-on-year increase [10] - Retail and catering sales during the holiday period increased by 8.6% compared to the previous year, indicating resilience in consumer spending [10] Structural Changes in the Market - The impact of AI on market dynamics is notable, with disruptive technologies leading to systemic restructuring and short-term adaptation costs [7] - The narrative around AI has shifted from empowerment to potential replacement of traditional software, causing significant market reactions [8] Economic Policy Outlook - The upcoming National People's Congress will set the tone for economic growth targets, with many provinces adjusting their GDP growth targets to around 5% [11] - Investment growth targets have also been revised downwards, reflecting a shift from expansion to efficiency [11] Commodity Market Developments - The commodity market is experiencing fluctuations, with precious metals and energy prices showing signs of strength amid geopolitical tensions and economic data [13]

Group 1 - A joint statement from foreign ministers of 19 countries, including Qatar, Saudi Arabia, and Egypt, condemns Israel's increased control over the West Bank [2] - Trump criticizes the U.S. Supreme Court's tariff ruling, suggesting it grants him more power to impose strict tariffs on foreign industries, including batteries and telecommunications [2] - The European Parliament's International Trade Committee has decided to suspend the approval process for the EU-U.S. trade agreement [2] Group 2 - U.S. stock markets saw a collective decline, with the Dow Jones down 1.66%, Nasdaq down 1.13%, and S&P 500 down 1.04% [3][5] - Major tech stocks mostly fell, with Microsoft and Netflix dropping over 3%, while Nvidia and Apple saw slight gains [3][5] - The Nasdaq China Golden Dragon Index fell by 0.95%, with mixed performance among popular Chinese stocks [4] Group 3 - Gold prices increased by 2.52%, reaching $5,227.43 per ounce, while silver rose by 4.49% to $88.01 per ounce [5][7] - WTI crude oil futures fell by $0.17, or 0.26%, closing at $66.31 per barrel, while Brent crude oil futures dropped by $0.27, or 0.38%, to $71.49 per barrel [5][7] Group 4 - South Korea's exports reached a historical high of $43.5 billion from February 1 to 20, with semiconductor exports surging by 134.1% [26] - The U.S. Federal Reserve's interest rate decision in March will depend on February labor market data, with a strong data potentially leading to a rate hold [25] Group 5 - The Chinese film box office surpassed 8 billion yuan in 2026, with the Spring Festival box office exceeding 5.4 billion yuan [27] - Morgan Stanley predicts a 130,000-ton copper supply deficit in 2026, with copper prices expected to be $13,500 per ton in Q2 [28]

春节假期结束，今日A股将正常开市。 回顾节前A股表现，沪指（2月13日）跌1.26%失守4100点，深证成指跌1.28%，创业板指跌1.57%。 本周，特朗普将发表国情咨文，同时将"全球关税"加码至15%于2月24日生效；德国总理默茨或于24日 至26日访华。 AI巨头英伟达及百度发布重磅财报；苹果年度股东大会与iOS 26.4测试版发布在即。此外，伊朗局势、 美联储官员讲话、中国LPR及香港财政预算案等事件也值得关注。 后市市场将如何演绎？且看最新十大券商策略汇总。 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。重点关注板块包括： 1.广发策略：A股将迎来"春季躁动"胜率最高的阶段 历史看，2月份及春节前后是春季躁动日历效应最强阶段。市场高胜率、小盘风格占优。以小盘指数为 例，在春节到两会之间上涨概率为100%，在2月上涨概率为87.5%。 在配置方向上，"春季躁动"上涨方向并非是"炒小炒差"、与 ...

今日热点导览 TOP 3 大新闻 三亚飞北上广深机票逼近万元，官方出手 2月23日，春节假期进入尾声。海南三大机场将迎来整个春运期间客流峰值日，预计运送旅客将突破 23.2万人次。记者查询 多家在线旅游平台发现，2月22日至23日期间，从三亚飞往北京、上海等核心城 市的直飞航班经济舱几乎全部售罄，仅剩的公务舱票价普遍逼近万元大关。 与此同时，三亚至广州的直飞航班在23日已显示"售罄"；旅客只能选择耗时更久、价格仍高达近万元的 中转方案。深圳航线也不例外，2月22日、23日三亚飞往深圳的直飞机票全部售罄，一直到24号才有直 飞深圳的航班，售价仍超8000元。 面对"天价机票"，航司方面也给出了回应。根据"海口发布"消息，海南航空工作人员表示，春运期间机 票价格受市场供需关系影响出现波动，属于正常现象。所有国内航班经济舱票价均严格按备案价格体系 执行。"我们通过内部系统实时监控票价波动，确保春运期间票价处于合理区间。"另据新华社消息，中 国民航局已批复多个批次航班增加计划，在海口增加超110架次航班，精准执飞上海、北京、成都等热 门目的地。（智通财经、新华社） 史上最贵iPhone要来了，苹果首发折叠屏定价或冲2 ...