2月27日，A股震荡下跌，三大股指集体走低，创业板跌超1%，算力硬件股调整，CPO、PCB等方向领 跌，主要受到隔夜英伟达下跌影响。有色金属、稀土等板块拉升，继续受到涨价推动。 港股反弹，恒指、恒科指双双走高，科网股多数上涨，生物科技指数强势拉升，药明生物涨超4%。债 市方面，国债期货多数上涨。商品方面，国内商品期货大面积下跌，氧化铝跌超3%，焦煤、焦炭等走 低。核心市场走势： | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | WM | 4151.83 | 5.19 | 0.13% | | 399001 | 深证成指 | | 14451.78 | -52.00 | -0.36% | | 399006 | 创业板指 | 85 | 3307.27 | -37.72 | -1.13% | | 000300 | 沪深300 | W. | 4717.11 | -9.77 | -0.21% | | 000016 | FiFFS0 | Ni | 3041.41 | 6.34 | 0.21% | ...

来源：市值风云 2025年上半年利润大增110%。 作者 | 木盒 编辑 | 小白 2026年2月3日，金龙稀土（全称福建省金龙稀土股份有限公司）在福建监管局启动IPO辅导，拟北交所 上市，辅导机构为华泰联合证券。 | 公司基本情况 | | --- | | 辅 导 对 象 福建省金龙稀土股份有限公司 | | | | --- | --- | --- | | 成立日期 2000年3月3日 | | | | 注册资本 247,500万元 | 法定代表人 | 钟可祥 | | 求 報 地 址 | 福建省长汀县策武镇汀州大道南路 31号 | | | 控股股东及 | 控股股东:厦门钨业股份有限公司 | | | 持 股 比 例 持股比例:65.20% | | | | 计算机、通信和其他电子 行业分类 设备制造业(C39) | 在其他交易场 所(申请)挂牌 | 新三板(874673.N0) | | | 或上市的情况 | | | 各 枚 元 | | | 这是A股又一家稀土永磁的公司上市，对于金龙稀土，我们感兴趣的是，公司有没有稀土资源？财务数 据如何？在行业的排名情况？ 厦门钨业子公司，比亚迪参股 金龙稀土早在2024年10月就在 ...

Core Viewpoint - The Chinese rare earth market experienced a decline of 3.80% on February 26, with a trading volume of 3.392 billion yuan and a market capitalization of 64.023 billion yuan [1] Company Overview - The company primarily engages in the production and operation of rare earth oxides and provides rare earth technology research and consulting services [2][8] - The main products include high-purity rare earth oxides, with over 80% of products having a purity greater than 99.99%, and some reaching 99.9999% [2] - The company is controlled by the State-owned Assets Supervision and Administration Commission of the State Council, categorizing it as a state-owned enterprise [3][4] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 2.494 billion yuan, representing a year-on-year growth of 27.73%, and a net profit attributable to shareholders of 192 million yuan, up 194.67% year-on-year [8] - The company has distributed a total of 346 million yuan in dividends since its A-share listing, with 124 million yuan distributed in the last three years [9] Shareholder Structure - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.4669 million shares, and new entrants such as the Harvest CSI Rare Earth Industry ETF [10]

Domestic Financial Market - The Shanghai Composite Index closed at 4147.23, with an increase of 0.72% [4] - The Shenzhen Component Index closed at 14475.87, rising by 1.29% [4] - The ChiNext Index closed at 3354.82, up by 1.41% [4] Macro News Summary - On February 25, the central bank conducted a 600 billion MLF operation for a one-year term to maintain liquidity in the banking system [6] - The National Energy Administration is working to enhance oil and gas infrastructure connectivity while considering the needs for green hydrogen and ammonia transportation [6] - The Financial Secretary of Hong Kong announced that the Hong Kong Stock Exchange will consult the market on the implementation plan for the "T+1" settlement cycle in the first half of the year [6] Industry Dynamics - The domestic fertilizer market is experiencing a general price increase, with key stocks such as Liuguo Chemical and Chuanfa Longmang showing potential [7] - The State Council is focusing on the silver economy and the development of elderly care services, indicating significant potential in this sector, with related stocks including Innovation Medical and Kaidi Co. [7] - Google announced plans to build a new data center, advancing green electricity and energy storage initiatives, with related stocks like Sungrow Power Supply and Guodian NARI [7] Company Focus - Shunwang Technology is steadily advancing the construction of cloud-edge computing rooms, integrating more high-performance graphics card computing power to meet application demands [8] - Kaige Precision Machinery has delivered 800G and 1.6T optical module automation assembly product lines to overseas clients [8] - Yangdian Technology's dry-type transformer products are now being applied in data center infrastructure [8] - Ningbo Huaxiang is responsible for the OEM business of the Zhiyuan Expedition series, with the 6-degree-of-freedom dexterous hand product currently in the final stages of development and testing [8] Market Review and Outlook - The market showed a noticeable recovery post-holiday, with increased individual stock activity and the Shanghai Composite Index closing positively, indicating a solid foundation for future advances [9] - The market experienced a broad increase, with over 3700 stocks rising, and a significant number of stocks hitting the daily limit for two consecutive days, reflecting a general bullish trend [9] - Caution is advised as the index shows signs of divergence at higher time frames, and attention should be paid to the speed and volume of index rebounds [10]

Market Overview - On February 25, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.86 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total trading volume in the Shanghai and Shenzhen markets reached 2.46 trillion yuan, an increase of approximately 260.48 billion yuan compared to the previous trading day. A total of 3540 stocks rose, 1529 fell, and 121 remained unchanged, with thematic sectors showing strong performance [1]. Popular Stocks - The top ten popular stocks in A-shares include Baogang Group, Aerospace Development, Changchun High-tech, Yuntianhua, Hancable, Northern Rare Earth, Hebang Biotechnology, Jinzhengdai, Chuanjinnuo, and Lioo [1][2]. Baogang Group - Baogang Group's market attention is driven by its advantages in rare earth resources and the effectiveness of its strategic transformation. The price of rare earth concentrate has been raised for the sixth consecutive time, indicating an improvement in its bargaining power within the rare earth industry chain. The production of rare earth steel reached a historical high of 1.5 million tons, supported by its exclusive supply rights from the world's largest rare earth mine [3]. Aerospace Development - Aerospace Development's rise in popularity is attributed to dual advancements in governance optimization and strategic layout. The company has recently completed a standardized board of directors' restructuring and revised several management systems. Its subsidiary, Aerospace Tianmu, is advancing the "Tianmu No. 1" satellite project through capital increase and expansion, enhancing its strategic positioning in military informationization and commercial aerospace [3]. Changchun High-tech - Changchun High-tech is gaining attention due to significant breakthroughs in the innovative drug sector. The company has received clinical approval for the world's first ointment for treating pediatric micropenis and has strong sales for its IL-1β monoclonal antibody. Additionally, it secured a $1.365 billion overseas business development contract, marking a substantial business increment [4]. Yuntianhua - Yuntianhua's market interest stems from its resource advantages and external demand. The company possesses nearly 800 million tons of phosphate reserves with a self-sufficiency rate of 100%. The production of its 100,000-ton iron phosphate project has commenced, and the upcoming spring farming season is expected to boost phosphate fertilizer demand [4]. Hancable - Hancable's popularity is driven by technological advantages underpinned by policy support. The State Grid's investment plan of 4 trillion yuan is expected to stimulate demand for high-end cables, particularly in ultra-high voltage and flexible direct current sectors. The company has core technologies in ±535kV submarine cables and has optimized its governance structure to enhance competitiveness [5]. Northern Rare Earth - Northern Rare Earth's market focus is influenced by policy, supply-demand dynamics, and performance. As a leader in the rare earth industry, the company benefits from national protection policies and the tightening of supply controls, which have improved the supply-demand balance and driven up rare earth prices. The company's net profit is expected to increase by 116.67% to 1.346 billion yuan [5]. Hebang Biotechnology - Hebang Biotechnology's rise is linked to resource layout and positive business developments. The company has obtained exploration rights for over 1,000 square kilometers of gold mines in Australia and is advancing multi-metal mining projects in Xinjiang. Its methionine business is experiencing growth, and external factors such as rising commodity prices are enhancing profitability [6]. Jinzhengdai, Chuanjinnuo, and Lioo - Jinzhengdai is benefiting from increased attention in the fertilizer industry, with rising domestic urea prices and improved governance structure. Chuanjinnuo is seeing a significant profit increase of 144%-180% due to international phosphate prices exceeding $700 per ton. Lioo has capitalized on AI marketing and liquid cooling server trends, achieving a net profit increase of 469.1% [6].

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]

Market Overview - A-shares continued their strong performance, with the Shanghai Composite Index rising over 1% during the session and closing at 4147.23 points, up 0.72% [1] - The total trading volume in the Shanghai, Shenzhen, and North markets reached approximately 2.48 trillion yuan, an increase of over 260 billion yuan compared to the previous day [1] Resource Sector - The resource sector, particularly metals, showed strong performance, with over 3700 stocks in the A-share market gaining, and more than 100 stocks hitting the daily limit [1] - Notable stocks included Shenghong Technology, which surged over 10% with a total trading volume of 17.49 billion yuan, leading the A-share market in transaction value [1] Nonferrous Metals - The nonferrous metals sector exhibited remarkable strength, with cobalt, nickel, and rare earth concepts performing well. For instance, Hanrui Cobalt surged nearly 14% [2] - Several companies, including Huaxi Nonferrous and Yunnan Zinc Industry, reached their daily limit, indicating strong investor interest [2] - Prices for tungsten products have been on the rise, with black tungsten concentrate increasing by 53.26% year-to-date, and ammonium paratungstate up by 56.72% [2] Tungsten and Rare Earths - The tungsten supply side is facing continuous contraction, with environmental regulations and rising operational costs limiting capacity release. The demand surge, particularly in new energy and photovoltaic sectors, is driving tungsten prices higher [3] - Rare earth prices have also increased, with neodymium oxide averaging 882,000 yuan per ton, up 4.16 million yuan from before the Spring Festival [3] Commercial Aerospace - The commercial aerospace sector saw significant gains, with companies like Xinghuan Technology and Okoyi rising over 16%. Aerospace Development reached its daily limit [4] - The announcement of the recovery test for the reusable Zhuque-3 rocket in the second quarter of this year has generated positive sentiment in the market [4] - Analysts predict that 2026 will be a pivotal year for commercial aerospace, with advancements in reusable rocket technology and the acceleration of satellite constellation construction [5] Real Estate Sector - The real estate sector became active following the release of new policies in Shanghai aimed at optimizing housing regulations, which included adjustments to purchase limits and public fund policies [6] - A-share real estate stocks such as I Love My Home and Hualian Holdings reached their daily limit, while others like Zhujiang Shares and Teifa Services saw increases of over 5% [7] - The Hong Kong real estate market also performed well, with stocks like Beike-W and Country Garden showing significant gains [8] - Data from the National Bureau of Statistics indicates a narrowing decline in housing prices in major cities, suggesting a stabilizing market [8]

2月25日，A股三大指数集体上涨。截至收盘，沪指涨0.72%，报4147.23点点，深成指涨1.29%，报14475.87点，创业板指涨 1.41%，报3354.82点。从板块行情上来看，今日表现较好的是稀土永磁、小金属概念和PCB，而Web3.0、AI智能体和存储 芯片等板块下跌。 | | | | | Web3.0 净流入: -39.3亿 | | A1智能体 | | --- | --- | --- | --- | --- | --- | --- | | 稀土永磁 | РСВ | | | 涨跌幅:1.44% | | -37.240 -1.21% | | 净流入： 183.3亿 涨跌幅:+5.42% | 130.512 | | 第十原 59.756 +4.27% | | | | | | +4.37% | | | | | | | | | | | 多模态AI | Al语科 | | | | | | | -52.612 -1.41% | -29.542- | 线哈哈舰在 | | | | | | | -1.13% | | | 日本文 公共和 10 | | | | | | | | | | | | 旅游酒店 -9.342 - ...

Market Performance - The Shanghai Composite Index closed at 4147.23 points, with an increase of 0.72% and a trading volume of 1,085.97 billion yuan [1] - The Shenzhen Component Index closed at 14,475.87 points, rising by 1.29% with a trading volume of 1,376.58 billion yuan [1] - The ChiNext Index ended at 3,354.82 points, up by 1.41% and a trading volume of 622.23 billion yuan [1] Sector Performance - The chemical sector showed strong performance, with stocks like Chuanjin Nuo and Yuntianhua hitting the daily limit [1] - The steel sector also performed well, with Baogang Co. reaching the daily limit [1] - The rare earth permanent magnet concept surged, with Northern Rare Earth hitting the daily limit [1] - The commercial aerospace concept saw afternoon fluctuations, with Aerospace Development hitting the daily limit [1] - The film and television sector continued to adjust, with Bona Film and Hengdian Film both hitting the daily limit down [1] - Other sectors with notable gains included building materials, real estate, lithium mining, and storage chips, while sectors like computing power leasing, AIGC concepts, and advertising packaging experienced declines [1]

证券研究报告 | 策略点评 2026 年 02 月 25 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260225 今日关注 指数涨跌情况：今日 A 股主要指数普遍收涨。截止收盘，沪指上涨 0.72%，收 报 4147.23 点；深证成指涨 1.29%，收报 14475.87 点；创业板指涨 1.41%， 收报 3354.82 点；科创 50 指数涨 0.54%，收报 1473.28 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 3742 只个股上涨，仅 1609 只个股下跌， 127 只个股收平。沪深两市今日成交额合计 24625 亿元，较上个交易日放量 2605 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、有色金属、建筑材料、 房地产、基础化工等行业领涨，涨幅分别为 4.69%、3.48%、2.75%、2.53%、 2.16%，仅有传媒、银行领跌，跌幅分别为 1.15%、0.46%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀土、稀有金属精选、磷化 工、小金属、稀土永磁、 ...