软件ETF（515230）跟踪的是软件指数（H30202），该指数从沪深市场中选取涉及软件开发、软件服务 等业务的上市公司证券作为指数样本，以反映软件相关上市公司证券的整体表现。软件指数主要追踪与 软件开发及服务相关的上市公司表现，成分股涵盖广泛，包括但不限于应用软件、系统软件等领域的代 表性企业。该指数侧重于反映软件行业的整体发展状况和市场趋势，是衡量信息技术领域内软件板块的 重要指标之一。 2月27日，软件板块开盘走高，软件ETF（515230）涨超1.5%，AI产业深化继续 东方财富证券指出，国内方面，AI产业深化继续，中国在大模型、AI应用包括机器人等进展继续符合 或略超预期，春节前后大模型与应用密集上新，应用DAU与渗透加速，验证C端场景变现与工具链迭代 节奏。大模型竞争或从流量入口端重塑竞争格局。虽然产业变革带来行业竞争格局进一步分化，但整体 产业牛的逻辑在加强。 （文章来源：每日经济新闻） ...

A股疲弱之际，有色金属大肆"杀"回来了。 周五，小金属、贵金属、稀土永磁、铅、锌、铜、钴等有色方向全线爆发。 其中，多股盘中创下历史新高。 截止发稿，章源钨业7天5板，中钨高新、锌业股份3天2板，东方锆业、厦门钨业、翔鹭钨业、贵研铂业、中 稀有色、锡业股份、宝钛股份、宝武镁业等十余股涨停；湖南黄金涨超9%，北方稀土涨超5%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 > | 总市值 | 年初至今涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 002167 | 东方错业 | 15.58 | +1.42 | 10.03% | 120.69亿 | 26.15% | | 002842 | 翔鹭钨业 | 41.56 | +3.78 | 10.01% | 135.97亿 | 187.41% | | 600549 | 厦门铝业 | 70.15 | +6.38 | 10.00% | 1113.69亿 | 70.85% | | 600459 | 贵研铂业 | 25.85 | +2.35 | 10.00% | 196.41 亿 | 38.90% | | 600 ...

消息面上，据证券时报，昨日华为云码道（CodeArts）代码智能体公测版发布，集代码大模型、IDE、 自主开发模式为一体，覆盖代码生成、研发知识问答、单元测试用例生成、专家技能Skills、Codebase 代码库索引、规范驱动开发等AI Coding技术，同时接入开源模型GLM-5.0、DeepSeek-V3.2以及华为自 研模型，并提供鸿蒙的专属模型，可为开发者提高研发效率，提供智能化编码体验。 南方财经2月27日电，华为算力概念反复走强，华胜天成走出5天3板，拓维信息涨停，云天励飞涨超 10%，润和软件、软通动力、常山北明、神州数码、拓尔思跟涨。 平安证券表示，当前我国国产大模型持续迭代，能力持续提升，将进一步推动国产大模型从"可 用"到"好用"，加快国产大模型在千行百业应用场景的落地，加快我国大模型产业的发展。我们坚定看 好我国AI产业的发展前景，建议持续关注AI主题的投资机会。标的方面，1）AI算力：推荐海光信息、 龙芯中科、工业富联、浪潮信息、紫光股份、中科曙光、神州数码、深信服，建议关注寒武纪、摩尔线 程、沐曦股份、华勤技术、景嘉微、软通动力、拓维信息。2）AI算法和应用：强烈推荐恒生电子、中 ...

智通财经APP讯，星环科技(688031.SH)披露2025年度业绩快报，2025年度实现营业总收入4.48亿元，同 比增长20.47%;归属于母公司所有者的净利润亏损2.45亿元，同比减亏。 报告期业绩同比增加，主要系公司坚守"自主研发、领先一代"的技术发展战略，紧抓AI产业发展机遇， 持续推进产品迭代升级，夯实核心技术竞争壁垒，深化与生态合作伙伴的协作，收入规模实现稳步增 长;同时，公司通过优化组织架构、提升运营效率、精细化费用管控等举措，有效改善成本费用结构， 三费费率显著降低且毛利率提升，为整体经营表现提供了积极支撑。报告期内，公司重点推进应收款管 理，加强应收账款的催收和客户信用管理，保障公司资金及时回笼，销售回款显著增长。 ...

星环科技发布业绩快报，2025年度实现营业总收入4.48亿元，同比增长20.47%；净利润亏损2.45亿元， 同比减亏9829.26万元。本报告期业绩同比增加，主要系公司坚守"自主研发、领先一代"的技术发展战 略，紧抓 AI产业发展机遇，持续推进产品迭代升级，夯实核心技术竞争壁垒，深化与生态合作伙伴的 协作，收入规模实现稳步增长；同时，公司通过优化组织架构、提升运营效率、精细化费用管控等举 措，有效改善成本费用结构，三费费率显著降低且毛利率提升，为整体经营表现提供了积极支撑。 ...

【编者按】 2026年是"十五五"开局之年，中国经济步入新发展阶段。 新形势下，外资投行唱多中国的声音不绝于耳。高盛2026年建议高配A股和港股；摩根大通将中国内地 与香港股市评级调升至"超配"；瑞银认为，政策支持、企业盈利改善及资金流入等因素可能推动A股估 值提升。这些判断均反映出国际资本对中国经济转型方向与2026年发展前景的认同，更预示着冬去春 来，全球资本有望流向东方。 智通财经"首席连线"2026年市场展望以《春水向东流》为题，取的也是此意。展望中，"首席连线"工作 室将访谈数十位权威经济学家、基金经理和分析师，请他们谈谈对新一年中国经济的判断，解析投资新 机遇。 近日，东方财富证券研究所副所长、首席策略官陈果做客智通财经"春水向东流——《首席连线》2026 年市场展望"专题，带来分析和展望。 马年A股或会走出类"N"形走势 陈果进一步指出，从目前的情况看，中国的内需正在修复过程中，即便美联储、美股有所波动，A股市 场自身向上的趋势也不会被逆转。因此，下半年市场大概率依然会有一些比较好的表现。 那么也许我们到今年的二季度，市场可能要迎来一定程度的震荡或者是整固，但是从目前的情况来看， 基于我们认为中 ...

Core Viewpoint - The article highlights the optimistic outlook of foreign investment banks towards China's economy in 2026, suggesting a favorable environment for A-shares and Hong Kong stocks due to policy support, improving corporate profits, and capital inflows [1] Group 1: Market Trends - The A-share market is expected to exhibit a "N" shaped trend in 2026, with a continuation of the upward trend from late last year into the Spring Festival [2] - External liquidity easing may be nearing its end, and while the AI industry shows medium-term promise, short-term discrepancies between reality and expectations may impact the market [2] - Despite potential market fluctuations in the second quarter, the upward trend of the A-share market is likely to remain intact due to the ongoing recovery of domestic demand [2] Group 2: Key Focus Areas - Investors should pay attention to the development of the AI industry, particularly innovations in AI applications, as this is crucial for the A-share market in 2026 [3] - Marginal improvements in China's macroeconomy, including real estate and consumption, are also significant, with indicators showing positive trends [3] - The relationship between global re-inflation and liquidity is important, as the global inflation cycle is ahead of China's, and the Federal Reserve's interest rate decisions will be key indicators to watch [3] Group 3: Capital Inflows - The overall upward trend in the market since the "924" rally has created a profit-making effect, attracting more capital recognition towards A-shares due to China's competitive advantages and economic resilience [3] - There is a clear trend of incremental capital inflows into A-shares, with both domestic and foreign investors viewing opportunities as outweighing risks [3] Group 4: Currency and Asset Revaluation - The trend of RMB appreciation is expected to be sustained, positively impacting the capital market [4] - The expectation of RMB appreciation may lead to a return of funds previously allocated to global assets, contributing to a potential "Asset Revaluation 2.0" in China [5] Group 5: Investment Opportunities - Investment opportunities are concentrated in three areas: the AI industry, particularly infrastructure and hardware; cyclical sectors with ongoing commodity price increases; and the pharmaceutical sector, which may benefit from AI advancements [6] - The technology sector is highlighted as requiring careful selection for investment, with significant opportunities anticipated in technology, cyclical sectors, real estate, and certain consumer segments [6]

每经AI快讯，有投资者在投资者互动平台提问：董秘您好，请简要分析一下今年行业需求与贵司相关 业务可否延续去年供不应求状态；目前贵司FCBGA封装基板业务与相关客户的验测状况是否顺利，今 年可否扭亏为盈？最后一个问题，目前最新股东人数是多少？感谢董秘！ 兴森科技（002436.SZ）2月24日在投资者互动平台表示，尊敬的投资者，您好！2025年以来全球PCB行 业仍延续结构分化的复苏态势，AI产业仍为主要驱动力。根据Prismark报告，预计2025年全球PCB行业 的产值为848.91亿美元、同比增长15.4%。公司CSP封装基板业务行业整体需求较好，后期公司将根据 市场需求情况适时启动扩产。公司FCBGA封装基板业务市场拓展、客户认证均按计划稳步推进中，具 体业务情况请关注公司定期报告。截至2026年2月10日，公司股东总户数为十二万七千余户。感谢您的 关注。 （文章来源：每日经济新闻） ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 美国关税"内乱"，大类资产有何影响？ ——海外利率与大类资产配置周报 报告要点 [Table_Summary] 春节假期中，海外关注三大事件：第一，美国最高法判决芬太尼关税和全球对等关税无效，特 朗普加征 15%全球关税应对，边际利好我国出口，预计今年增速中枢或在 5%以上。第二，美国 四季度 GDP 增速超预期回落，经济 K 型分化显著。第三，美伊分歧严重，中东局势再度升级。 大类资产多数共振回升，原油表现最为强势，商品仍然维持超高波动。综合考虑假期相关海外 事件，贵金属与原油短期最受益。长期而言，年内更看好黄金和铜。前者涨价根本逻辑没有变 化，而对于后者，在供给端中长期刚性的背景下，需求端叙事仍在，年内涨幅或超黄金。 分析师及联系人 [Table_Author] 赵增辉 马骏 SAC：S0490524080003 SAC：S0490525120004 SFC：BVN394 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 美国关税"内乱"，大类资产有何影响？ 2] —— ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report This year's Spring Festival holiday had unique advantages, including the longest duration in history and a consumption - stimulating activity. It showed excellent performance in multiple dimensions, especially in travel and consumption. The real - estate market showed signs of hitting the bottom, while the film market was dismal. Overseas capital markets had various trends due to factors like Fed's FOMC meeting minutes, geopolitical conflicts, and AI industry development [2][8]. 3. Summary by Related Catalogs Travel - The Spring Festival travel rush saw a continuous increase in long - distance travel. The total cross - regional passenger flow from February 2nd to 21st this year increased by 5.4% compared to the same period in 2025 and 26.3% compared to 2019, reaching a record high. The number of passengers in various transportation modes increased by about 5% - 6%. The self - driving travel enthusiasm was significantly boosted, with the national population migration scale index from the 15th day of the twelfth lunar month to the fifth day of the first lunar month increasing by 22.2% this year compared to 2025 [3][9][12]. - The difference in growth rates between the data from the Ministry of Transport and Baidu Migration was likely due to statistical methods. The non - operational passenger volume on roads accounted for 81.3% of the total cross - regional passenger flow, indicating that self - driving was the main mode of travel during the Spring Festival [16][17]. Consumption - Retail, catering, and service consumption were active. The average daily sales of key retail and catering enterprises in the first four days of the holiday increased by 8.6% compared to the same period in 2025, higher than the growth rates during the May Day and National Day holidays in 2025. The consumption of domestic tourism on key platforms increased by 4.5% in the first three days of the holiday. The rental car order volume on key platforms increased by 26%, and the north - south cross - region orders increased by 196% [4][19][22]. - The "trade - in" policy continued to release consumer demand. By February 19th, the trade - in of consumer goods benefited 28.88 million people, driving sales of 198.02 billion yuan. Smart devices maintained high growth, and Hainan's duty - free sales increased rapidly [22]. Film Market The film market continued its dismal performance since 2025, hitting a new low in the Spring Festival season in the past 7 years. As of the afternoon of the sixth day of the first lunar month, the cumulative box office of this year's Spring Festival season was 4.91 billion yuan, and it was unlikely to exceed 6 billion yuan. The number of screenings reached a new high, but the number of movie - goers hit a new low, mainly due to the lack of high - quality works [25]. Real - Estate Market The real - estate market showed a weak rebound at the bottom, with first - tier cities having a stronger rebound than second - and third - tier cities. From the first to the fifth day of the first lunar month, the average daily sales volume of commercial housing in 30 large and medium - sized cities was 1.04 million square meters, a 24.9% increase compared to the same period last year. The transaction and listing prices of second - hand houses in January also showed signs of stabilization. If the trend in the past 1 - 2 months continues, the real - estate sales may have hit the bottom [5][29]. Overseas Capital Markets - Most overseas bond yields declined. The 10 - year US Treasury yield adjusted upwards due to the hawkish FOMC meeting minutes and tariff policy fluctuations. European bond markets generally strengthened under the expectation of easing. The 10 - year Japanese government bond yield declined by 10.9bp, while the 10 - year Indian government bond yield increased by 4.8bp [6][32]. - The US dollar index strengthened, and the copper - gold ratio fluctuated weakly. Most overseas commodities rose, with oil and coal prices rising by more than 5%. Precious metals and some agricultural products also had varying degrees of increase [35][37]. - European and American stock markets rose collectively, while Asian stock markets were divided. The US stock market rebounded strongly, and European stock markets followed suit. The South Korean stock market hit a record high, while the Hong Kong and Japanese stock markets were weak. The FTSE A50 index rose 0.3% during the holiday [40].