Market Overview - A-shares welcomed a strong start to the year with all three major indices rising, and over 3,700 stocks closing in the green on February 25, with a total trading volume of 2.48 trillion yuan, an increase of 262.8 billion yuan from the previous day [1][24]. Sector Performance - The cyclical leaders continued to perform well, with the non-ferrous ETF (159876) rising by 4.02% after a previous increase of 3.18%, driven by the U.S. government's intervention in key mineral pricing [1][25]. - The chemical ETF (516020) also saw a significant increase of 1.6%, reaching its highest point since January 2022, following the inclusion of key herbicides in national defense materials [1][25]. - The real estate ETF (159707) surged by 2.33% after Shanghai announced new housing purchase policies, recovering four moving averages [1][25]. - The military industry ETF (512810) rose by 1.84%, marking its fourth consecutive day of gains, fueled by SpaceX's lunar plans and China's upcoming rocket recovery tests [1][25][34]. - The "full-chip" technology ETF (589190) saw a peak increase of 1.45%, reflecting a renewed price surge in the global storage market [1][25]. Investment Trends - There is a strong capital inflow into AI sectors, with the entrepreneurial AI ETF (159363) receiving a net subscription of 78 million units, and the sci-tech AI ETF (589520) attracting over 30 million yuan in two trading days [2][25]. - The market sentiment is optimistic, with expectations for a "spring market" driven by historical performance trends during the period from the Spring Festival to the Two Sessions [3][26]. Strategic Recommendations - Investment strategies suggest a "barbell strategy," focusing on technology growth in AI and manufacturing, while defensive positions should include high-dividend assets and quality cyclical leaders benefiting from policy expectations [4][27]. - The non-ferrous metal sector is highlighted for its strong performance, with predictions of continued price increases for key minerals like tungsten, which has seen a price increase of over 220% in the past year [29][30]. Sector-Specific Insights - The military sector is expected to benefit from a significant increase in demand due to the growth of commercial aerospace and military trade, with projections for defense spending to maintain a growth rate of around 7% [10][35]. - The semiconductor industry is experiencing a systemic price increase across all segments, driven by low inventory levels and high demand, with major companies like SK Hynix indicating a shift to a seller's market [12][36].

围绕项目全生命周期管理，会议要求严格落实政府投资项目全过程管控，做到规划有安排、投资有必 要、资金有来源、成本可管控、运营可持续，坚决守住安全、环保、债务风险底线，提升项目质量与投 资效益。 2月24日春节后首个工作日，省政府召开"重大项目建设年"活动暨"两重""两新"工作推进会，对全年项 目建设、投资稳增长、转型发展进行再动员、再部署。省委副书记、省长卢东亮主持会议并讲话，强调 以高水平项目建设支撑高质量发展，确保实现一季度"开门红"，为"十五五"良好开局筑牢坚实支撑。董 晓宇、汪海洲、汤志平、景普秋、朱晓东等省领导出席会议。 会议指出，2026年是"十五五"开局之年，开展"重大项目建设年"是山西扩内需、稳增长、促转型的关键 抓手。全省上下迅速收心归位、进入状态，立足资源型经济转型综改试验区定位与能源革命综合改革试 点使命，把项目建设作为经济工作的主战场，以投资提质增效带动产业升级、动能转换、民生改善。 会议明确，要锚定目标、细化举措，优化实施"两重"项目、"两新"政策，聚焦国家战略与本省优势领域 系统谋划项目储备，精准开展招商引资，推动审批流程全面提速，强化土地、能耗、资金等要素非均衡 支持与竞争性配置， ...

Core Viewpoint - Tungsten has experienced a significant price surge, with a year-on-year increase of over 220% in 2025 and a continued upward trend in early 2026, overshadowing gold's market position [1][3]. Supply Side Analysis - The tungsten market is facing a supply crunch due to strict quota controls, with China holding over 80% of global tungsten supply and reducing its mining quotas by 6.5% in 2025 [7]. - The average grade of domestic tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing extraction costs and difficulties [8]. - New overseas tungsten mining projects are insufficient to meet global demand, with only about 5,000 tons of new capacity expected by 2026, and export restrictions from China further exacerbate supply issues [10]. Demand Side Analysis - Demand for tungsten is being driven by technological advancements in sectors like photovoltaics and AI, with tungsten wire for solar cells expected to see a demand increase from 8,300 tons in 2024 to 16,000 tons in 2025, a growth of 198% [13]. - The AI server market is also contributing to demand, with high-precision tungsten tools being essential for advanced PCB manufacturing [15]. Company Performance - Xiamen Tungsten and China Tungsten High-Tech are the leading companies in the tungsten industry, with Xiamen Tungsten focusing on diversified operations and China Tungsten High-Tech specializing in deep integration of the tungsten supply chain [19][20]. - In 2025, Xiamen Tungsten reported a net profit of 2.311 billion yuan, a 3508% increase, while China Tungsten High-Tech's net profit surged by 407.52% in the same period [22]. Market Outlook - The tungsten price is expected to remain high in 2026, with a projected supply-demand gap increasing from 18,500 tons in 2026 to 19,200 tons by 2028, driven by sustained demand from the photovoltaic and AI sectors [23].

中国发展改革报社记者 王斌 新春的甘肃成县山区，空气中仍然透着寒意。但在甘肃成州锌冶炼厂的生产车间里，却是另一番火热景象：机械 臂有序挥舞，数据流在中央控制屏上实时跳动，通红的金属溶液在自动化槽体中缓缓流转——这里，没有因春节 而放缓节奏，反而以一场高质量的生产"开门红"，迎接"十五五"的开局之年。 成州锌冶炼厂车间生产忙 刘建军摄 "稳产104%，提质62%，这不仅是数字，更是我们向'新质生产力'要答案的初步成果。"站在智慧管控中心大屏 前，成州锌冶炼厂装备工程部主任陈小飞指着跳动的生产曲线对记者说道。2026年首月，该厂电锌产量就达到了 8412吨，完成计划104%；硫酸产量13838吨，完成计划118%，其中高品质锌锭占比达到62%，实现了产量与质量 的"双突破"。 智慧炼锌：生产线上的"数字工匠" 安全管理部负责人乔旭介绍，现在他的工作不再是"满场跑"，而是通过"日调度-周协调-月总结"的数字化闭环平 台，实时监控各网格状态。"你看，冶金炉窑区域的温度、气体浓度数据一切正常。系统一旦发现异常，就会自动 预警。" 质量检验部主任曾潮琳的战场，在电子显微镜与光谱仪之间。春节期间，她的团队正加紧对一批发往台 ...

行情回顾及主要观点： 节前一周A股市场整体呈现上涨趋势：沪深300涨0.36%，中证1000涨1.90%，创业板50涨1.10%，科创50 涨3.37%。春节休市期间全球股市多数上涨，全球风险偏好较优。流动性层面，美联储降息路径虽存变 数，但市场对全年流动性预期未显著恶化；离岸人民币汇率假期运行平稳。产业趋势层面，机器人、国 产大模型在内的科技热点持续发酵。后续来看，两会临近将进一步强化市场维稳预期，白宫官员确认特 朗普拟于3月底访华，有助于稳定市场对外部环境预期。配置结构上，建议关注中期产业趋势确定性较 高的科技成长板块，如涵盖AI、光通信、新能源领域的创业板50指数。 创业板为主要"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"的成长型创新创 业企业提供直接融资平台。权重行业方面，创业板50指数聚焦信息技术+新能源+金融科技+医药四大新 质生产力赛道，科技成长属性纯粹。 数据来源：Wind，华安 图：创业板50指数四大赛道 基金，截至2026-2-14 创业板50指数：追"光"识"新"更掘"金"。横向对比来看，创业板50指数的光模块含量、新能源光伏含量 以及金融科技含量优于创业板指以及主 ...

锡业股份在机构调研时表示，长期来看，全球环保要求强化、地缘冲突风险与勘探投资不足等多重因素 影响下，新增大型矿山项目较少、供给增长偏弱的格局或将仍将延续，不排除面临结构性的短期风险， 特别是锡的上游集中度比较高可能会导致供给扰动的外溢。需求方面，锡金属作为新能源领域和电子通 讯领域中不可替代的金属原料，在当前全球新能源行业蓬勃发展、人工智能日新月异及新质生产力提质 增效的过程中，能源转型、人工智能、数字化浪潮等新兴技术发展将为锡中长期需求提供主要增长动 能。整体上，全球供需紧平衡与宏观波动交织的震荡格局或将延续。 ...

锡业股份在机构调研时表示，长期来看，全球 环保要求强化、地缘冲突风险与勘探投资不足等多重因 素影响下，新增大型矿山项目较少、供给增长偏弱的格局或将仍将延续，不排除面临结构性的短期风 险，特别是锡的上游集中度比较高可能会导致供给扰动的外溢。需求方面，锡金属作为 新能源领域和 电子通讯领域中不可替代的金属原料，在当前全球新能源行业蓬勃发展、 人工智能日新月异及 新质生 产力提质增效的过程中，能源转型、人工智能、数字化浪潮等新兴技术发展将为锡中长期需求提供主要 增长动能。整体上，全球供需紧平衡与宏观波动交织的震荡格局或将延续。 ...

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1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The BOC GEM 50 Index (026770/026771) is an over - the - counter passive index product of BOC Fund, which focuses on the GEM, selects stocks with strong liquidity, and has prominent technology - growth attributes, high R & D investment, and high - quality fundamentals. It performs well in a growth - dominant environment and has an advantage in rebound strength. The fund manager, BOC Fund, has rich experience and management scale [2][39]. 3. Summary According to the Directory 3.1 Index Features - **Index Compilation Method**: The GEM 50 Index consists of 50 stocks with large average daily trading volume in the GEM market, focusing on sample stock liquidity and highlighting investment attributes. It selects stocks by considering the average daily trading volume in the past 6 months and industry coverage, using free - float market capitalization weighting and adjusting every six months [7][8]. - **Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks, with the top ten constituent stocks accounting for 65.27% of the total weight. The weight is highly concentrated in stocks such as CATL, Zhongji Xuchuang, and Xinyisheng. The average free - float market value of constituent stocks is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan, mainly concentrated between 2 billion and 5 billion yuan [9][12]. - **Industry Characteristics**: The index has prominent technology - growth attributes and is highly in line with new - quality productivity. The constituent stocks are concentrated in the power equipment and communication industries, with 9 stocks in each, accounting for 31.03% and 24.91% respectively. Compared with the GEM Index, it excludes industries with less prominent technology attributes such as agriculture, forestry, animal husbandry, and fishery, and has stronger growth attributes [17][22]. - **Fundamental Characteristics**: The GEM 50 Index further strengthens the innovation - growth attribute on the basis of the GEM Index. The R & D investment as a proportion of operating income reaches nearly 6%, and the annual return on net assets from 2020 to 2024 is between 14% and 20%, surpassing other representative broad - based indices [23][27]. 3.2 Index Investment Value Analysis - **Outstanding Performance in a Growth - Dominant Environment**: The GEM 50 Index focuses on GEM stocks with technology - growth attributes and performs well in a growth - dominant environment. Its cumulative returns in a growth - dominant environment far exceed those of the GEM Index and the China Securities Growth Index. The weekly average return in a growth - dominant environment since 2014 is 2.56%, higher than other indices [28][32]. - **Advantage in Rebound Strength**: Affected by the sector attributes, the GEM 50 Index is unique in the environment of sharp rises or rebounds. In the rebounds in 2022.4, 2024.9, and 2025.4, it shows a high rebound strength, and the rebound interval returns generally exceed those of comparable indices [36]. 3.3 BOC GEM 50 Index (026770/026771) - It is an over - the - counter passive index product of BOC Fund, starting to be raised on February 24, 2026, with a raising period from February 24 to March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The fund closely tracks the underlying index, aiming to minimize the tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [39]. 3.4 Fund Manager and Fund Manager Information - **Fund Manager Introduction**: BOC Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products, with a total scale of 1.0043 billion yuan [41]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, with a total scale of 299 million yuan in managed products. Mr. Yao Jin has 12 years of securities experience, with a total scale of 278 million yuan in managed products [43][44].

Core Viewpoint - The article emphasizes the strategic focus of Jiangsu, Zhejiang, and Anhui provinces in enhancing the business environment, advancing artificial intelligence, and deepening new quality productivity as part of their development plans for 2026, marking the beginning of the "14th Five-Year Plan" [1] Business Environment Upgrade - The business environment is identified as a core competitive arena for regional development, with various cities in the Yangtze River Delta prioritizing its optimization through institutional innovation and improved services [2] - Jiangsu's provincial meeting highlighted the importance of creating a favorable entrepreneurial ecosystem, focusing on resource allocation to meet enterprise needs and promoting institutional openness [2] - Nanjing's action plan for 2026 reflects a significant upgrade in its business environment policies, evolving from version 1.0 to 8.0, which has become a driving force for urban development [2] - Changzhou's conference aimed at enhancing the business environment through five dimensions, including market and legal environments, and emphasized the importance of transparent policies and efficient service [3] - Anhui's latest economic stabilization policies focus on stimulating business vitality and supporting high-quality mergers and acquisitions, with a budget of at least 350 million yuan for consumer promotion [4] Artificial Intelligence Advancement - Artificial intelligence is recognized as a key driver of technological revolution and industrial transformation, with local governments implementing "AI+" initiatives to empower various sectors [5] - Jiangsu plans to enhance AI innovation and application, aiming to cultivate leading AI enterprises and integrate AI deeply with the real economy [5] - Hangzhou aims to become a leading city in AI innovation, targeting a 20% revenue growth in core AI industries [5][6] - Anhui is focusing on AI as a major project, with plans to establish 14,000 5G base stations and enhance computing power to support AI industry development [6] New Quality Productivity Development - New quality productivity is viewed as a central theme in the regional development strategy, with a focus on technological innovation and modern industrial system construction [7] - Jiangsu is working towards a modern industrial system centered on advanced manufacturing, promoting the integration of technology and industry [7] - Anhui has reported significant growth in technology-based SMEs and high-tech enterprises, with a focus on enhancing innovation capabilities and establishing high-level scientific platforms [8] - Zhejiang emphasizes the integration of new quality productivity with common prosperity, with local strategies supporting balanced development and public service improvements [9]