[证券分析师： Table_Authors] [Table_Reportdate] 2026年02月25日 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260225 [table_summary] 重点推荐 财经要闻 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 ➢ 1.春节假期期间重要事件一览 ➢ 2.关注节后商品补库存行情，持续看好科技应用方向不变——资产配置周报（2026/02/16- 2026/02/20） ➢ 3.剔除政府关停影响后，美国经济依然保持相对稳健——海外观察：美国2025年四季度 GDP数据点评 ➢ 1.我国将20家日本实体列入出口管制管辖名单 ➢ 2.美拟以国家安全为由推出新关税 ➢ 3.美国海关：对相关商品加征1 ...

【中泰策略】假日期间重大事项有哪些"预期差"与节后市场的演绎 1.结论：特朗普袭击伊朗风险被显著高估，贵金属、能化不能追高；最高法的判决不影响关税实际税率，特朗普 可轻易找其他理由再出新关税行政令；从资金流入和拥挤度及节日期间海外/港股科技股表现看，春节后至2月 底，市场依然将向上，科技—机器人、AI应用依然是主线，而非"利多兑现"，商业航天和半导体设备或活跃，但 需注意拥挤度过高问题。 1.节前市场整体反弹，且科技占优，但节前最后一天受 从信息面看，美国方面明确，谈判的重点是聚焦核问题的部分协议（而非伊朗不能接受的长程导弹等问题），周 四双方将进行新一轮谈判，这些基本是缓和局势的信号，实际上，周五和周一，全球油价已出现顶部回落信号。 3.特朗普关税：为何最高法判决实际影响有限？与社会普遍认为的"三权分立"不同，过去几十年来，白宫行政权逐 渐独大，在特朗普第一任期，尽管发起的"行政令"诉讼数以百起，实际上，能够起到作用的仅有1起。针对此次最 高法对依据ieepa征收的全球对等关税无效的判决，并不难阻拦特朗普寻找一个新的所谓法律理由继续加关税（实 际其也是这么做的，依据1974年《 查找图书 》第122条，立即 ...

[Table_Reportdate] 2026年02月23日 [关注节后商品补库存行情，持续看好科 Table_NewTitle] 技应用方向不变 ——资产配置周报（2026/02/16-2026/02/20） [table_main] 投资要点 略 研 究 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn 策 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [证券分析师 Table_Authors] [Table_Report] ➢ 全球大类资产回顾。春节假期期间，全球股市多数收涨，美国最高法院裁定特朗普贸易关 税非法提振风险偏好；主要商品期货中原油、黄金、铜、铝均上涨；美元指数上涨，离岸 ...

Market Overview - The new stock sector is expected to remain structurally active despite slight disturbances in short-term sentiment, with a focus on AI applications and other emerging themes[1] - The average increase of new stocks listed since 2025 is approximately -0.8%, with about 35.4% of new stocks achieving positive returns[1][29] Recent Performance - In the last trading week, the average first-day increase for newly listed stocks was around 237%, compared to 145% in the previous week, indicating a rise in trading enthusiasm[4][26] - The average first-day trading volume for newly listed stocks was 75.7%, with a notable structural difference in performance among various sectors[26] Upcoming Listings - Two new stocks are set to be listed this week, both from the North Exchange, with an average issuance price-earnings ratio of 14.4X[34] - The upcoming stocks include Tongbao Optoelectronics and Tongling Technology, both in the automotive sector, with expected earnings growth rates of 69.65% and 72.95% respectively[39][37] Investment Recommendations - Focus on technology sectors such as AI, robotics, and commercial aerospace, which have significant long-term growth potential and event-driven catalysts[2] - Consider rotating investments in sectors like innovative pharmaceuticals, new consumption, and new energy, which have shown recent performance stabilization[2] Risk Factors - Potential changes in historical volatility patterns of new stocks, data inaccuracies, systemic risk impacts, and sudden market sentiment shifts pose risks to investors[10]

证券研究报告 | 2026年02月13日 金融工程日报 沪指震荡下行收跌逾 1%，存储器、半导体设备逆势拉升 核心观点 金融工程日报 市场表现：20260213 市场全线下跌，规模指数中中证 2000 指数表现较好， 板块指数中科创100指数表现较好，风格指数中沪深300成长指数表现较好。 国防军工、消费者服务、食品饮料、电子、农林牧渔行业表现较好，有色金 属、石油石化、建材、钢铁、电新行业表现较差。中航系、航空发动机、半 导体设备、通用航空、航母等概念表现较好，光纤、玻璃纤维、钨矿、PTA、 稀土等概念表现较差。 市场情绪：20260213 收盘时有 46 只股票涨停，有 17 只股票跌停。昨日涨 停股票今日表现低迷，赚钱效应较弱，高开低走，收盘收益为-1.10%，昨日 跌停股票今日收盘收益为-2.67%。今日封板率 78%，较前日提升 0%，连板 率 16%，较前日下降 20%。 市场资金流向：截至 20260212 两融余额为 26456 亿元，其中融资余额 26293 亿元，融券余额 163 亿元。两融余额占流通市值比重为 2.5%，两融 交易占市场成交额比重为 10.0%。 折溢价：20260212 ...

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 1.26% to close at 4082.07 points, and the Shenzhen Component Index dropping by 1.28% to 14100.19 points. The ChiNext Index decreased by 1.57% to 3275.96 points. Overall, there were 1537 stocks that rose while 3824 stocks fell, with a total trading volume of 198.27 billion yuan, a decrease of 15.91 billion yuan from the previous trading day [1][10]. Industry Performance - In the industry sector, the top performers included the comprehensive and defense industries, which rose by 2.06% and 0.65% respectively. Conversely, the non-ferrous metals, construction materials, petroleum and petrochemicals, steel, and electric equipment sectors saw significant declines, with drops of 3.36%, 3.10%, 3.09%, 2.46%, and 2.03% respectively [1][10]. Concept Sector Performance - The leading concept sectors today included the aviation system, semiconductor equipment, general aviation, aircraft carriers, and aquaculture, among others. These sectors showed positive performance, while sectors such as fiberglass, rare earths, and selected shipping experienced declines [2][11].

Group 1 - In January, the A-share market saw increased trading activity and risk appetite, with all three major indices achieving gains, notably the Shanghai Composite Index rising by 3.76% and the CSI 500 Index increasing by 12.12% [1] - The rise in cyclical industries such as precious metals, non-ferrous metals, chemicals, and oil and gas was driven by multiple factors including complex international dynamics, a weakening US dollar, and domestic industrial policy support, although there was significant volatility at the end of the month [1] - The technology sector, particularly AI applications, is expected to enter a critical validation window as large model technologies mature, with strong demand for computing power and investments in AI hardware like storage chips and semiconductor equipment [1] Group 2 - As of January 2026, the total number of bank wealth management products in the market reached 46,845, an increase of 553 from December 2025, with fixed-income products making up the majority at 43,215 [2] - In January, 2,969 new wealth management products were launched, a decrease of 305 from the previous month, with wealth management subsidiaries of banks accounting for 76.56% of the new issuances [2] - The overall risk level of wealth management products in January increased significantly, with 51 products rated as medium risk and 4 additional products rated as medium-high risk compared to the previous month [12] Group 3 - The asset allocation of wealth management products in January showed a high proportion of bonds and public funds, with a focus on cash, bank deposits, and short-term bond ETFs for liquidity and low risk [17] - Mixed wealth management products had diverse asset allocations, covering debt, convertible bonds, equity assets, and gold, with many products cautiously investing in gold ETFs to capture commodity investment opportunities [18] - The top five institutions accounted for 43.81% of the products listed, indicating a competitive advantage for state-owned and joint-stock bank wealth management subsidiaries [14]

经济观察网 近7天（截至2026年2月13日），中科飞测（688361）股价波动显著，整体呈现回调态势。 根据内部数据库，2月13日最新股价为188.00元，较7日前（2月6日收盘价192.0元）下跌2.08%，区间振 幅达7.64%。其中，2月9日股价一度上涨3.75%至199.20元，但随后连续回调，2月13日单日跌幅为 2.19%。 板块变化情况 板块层面，半导体设备板块近期受行业热点催化，但中科飞测同期表现弱于板块（半导体板块近5日跌 0.75%），需关注个体与板块的分化。 以上内容基于公开资料整理，不构成投资建议。 资金面情况 资金面方面，2月11日主力资金净流出3135.42万元，而2月13日早盘主力净流出进一步扩大至约289.71万 元，资金面承压迹象明显。成交额在2月9日放大至11.23亿元后逐步收缩，2月13日早盘成交额仅927万 元，市场活跃度下降。 ...

Market Overview - The market experienced fluctuations with all three major indices declining: Shanghai Composite Index down 0.7%, Shenzhen Component Index down 0.67%, and ChiNext Index down 0.96% [1] - The overall market saw over 2600 stocks decline [1] Sector Performance - The military industry sector led the gains with an increase of 2.09%, highlighted by Yaxing Anchor Chain (601890) hitting the daily limit [2] - The semiconductor sector showed strong performance, with notable stocks like Guofeng New Materials (000859) achieving significant gains over four days [1][2] - The paper-making sector also performed well, with Wuzhou Special Paper (605007) reaching the daily limit [1] Declining Sectors - The oil and gas extraction and port shipping sectors faced significant declines, with China Merchants Energy (600026) and China Merchants Industry (601872) experiencing substantial drops [3] - The oil and gas extraction and service sector fell by 2.14%, while the port shipping sector decreased by 1.88% [4] Hong Kong Market - The Hang Seng Index dropped by 1.79%, and the Hang Seng Technology Index fell by 1.65% [5] - Gold stocks declined, with Zijin Mining (601899) down over 5% and Shandong Gold (600547) down more than 4% [5] - The semiconductor sector in Hong Kong saw significant gains, with stocks like Aixin Yuan Zhi rising over 15% [5] Company Highlights - Zhizhu continued its strong performance, reaching a new high of 492 HKD per share, with a market capitalization exceeding 200 billion HKD [7] - The company announced two major developments: the launch of its next-generation flagship model GLM-5 in overseas markets and a structural price adjustment for its GLMCodingPlan packages [9]

Market Overview - On February 13, A-shares experienced a collective decline, with the ChiNext Index leading the drop, closing at a decrease of 0.96% [1] - The Shanghai Composite Index fell by 0.7%, while the Shenzhen Component Index decreased by 0.67% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.2 trillion yuan, with over 2,600 stocks declining [1][2] Index Performance - Shanghai Composite Index: 4105.04, down 28.98 points (-0.70%) [2] - Shenzhen Component Index: 14187.44, down 95.55 points (-0.67%) [2] - ChiNext Index: 3295.99, down 32.07 points (-0.96%) [2] - Total A-shares: 6800.24, down 33.64 points (-0.49%) [2] Sector Performance - The military industry sector showed strong performance, with stocks like Yaxing Anchor Chain hitting the daily limit [3] - The semiconductor sector was active, with significant gains in stocks related to photolithography machines and materials, such as Guofeng New Materials and Fuchuang Precision [3] - Storage prices continued to rise in January, with DRAM and NAND Flash industries reaching record high outputs [3] Declining Sectors - The port and shipping sector saw a collective decline, with stocks like COSCO Shipping Energy and China Merchants Jinling experiencing significant drops [4] - The photovoltaic equipment sector weakened, highlighted by the sharp decline of Shuangliang Energy, which saw a market value loss of 2 billion yuan in one day [4] Hong Kong Market - The Hang Seng Index fell by 1.8%, with the Hang Seng Tech Index down by 1.6% [4] - Major tech stocks in Hong Kong, including Tencent Music and Meituan, experienced declines of over 10% and 4%, respectively [4][6] Notable Stock Movements - Semiconductor stocks like Aixin Yuan Zhi and Tian Shu Zhi Xin saw gains of over 16% and 9%, respectively [7] - The new stock Haizhi Technology Group had a remarkable debut, surging over 268% on its first day of trading [8] Market Sentiment - Current market sentiment in Hong Kong is relatively low, with short-selling transactions accounting for about 19.2%, indicating potential for a short-term rebound [8]