1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The global market is currently in an observational phase with no clear consensus-driven trends. The short - term market is unlikely to have a unilateral trend, and the Fed's interest - rate cut narrative may be the next potential catalyst [2]. - The RMB exchange rate has shown strength. Short - term strategies for export and import enterprises are proposed, such as export enterprises locking in forward exchange settlement and import enterprises adopting a rolling purchase strategy [3][4]. - The stock index is expected to be bullish, while the bond market should focus on the Two Sessions' news [5][6]. - The container shipping market for the European route is expected to be weak in the short term, with a shift in trading logic [7][10]. - In the new energy market, the speculative sentiment of lithium carbonate is strong, and industrial silicon and polysilicon are in a situation of weak supply and demand [12][15]. - In the non - ferrous metal market, copper prices are expected to fluctuate at a high level, aluminum and its related products are expected to fluctuate and consolidate, zinc is expected to fluctuate strongly, nickel - stainless steel is expected to fluctuate at a high level, tin is expected to fluctuate at a high level, and lead is expected to fluctuate and adjust [18][22][23][25][27][28]. - In the oil and fat feed market, oilseeds have strong expectations but weak reality, and oils are expected to improve [29][31]. - In the energy and oil and gas market, high - sulfur fuel oil is under pressure, low - sulfur fuel oil is strong, and asphalt prices may decline [34][35]. - In the precious metal market, platinum - palladium is expected to be in a long - term bull market, and gold - silver is strategically bullish in the short term [38][40][41][43]. - In the chemical market, pulp and offset paper are expected to fluctuate at a low level, pure benzene - styrene should pay attention to geopolitical trends, LPG is affected by geopolitics, PX - PTA is expected to be easy to rise and difficult to fall, MEG - bottle chips are expected to fluctuate widely, methanol can consider a positive spread strategy, plastics PP are expected to fluctuate and decline, and rubber is expected to fluctuate in a range [45][47][50][52][56][59][61][64]. - In the black market, rebar and hot - rolled coils are expected to be weak, iron ore may recover seasonally, coking coal and coke need to focus on the resumption rhythm, and ferrosilicon and ferromanganese should wait for the hedging opportunity [79][80][81][84]. - In the agricultural and soft commodity market, the price of live pigs may continue to decline, cotton is recommended to go long on dips, sugar's rebound space is limited, eggs may fluctuate at a low level in the short term and rise in the medium term, apples are supported by delivery contradictions, dates are expected to fluctuate at a low level, and logs can be observed [85][88][91][92][100][102][103]. 3. Summary by Relevant Catalogs Financial Futures - **Macro**: The indirect negotiation between Iran and the US ended with "significant progress". The US initial jobless claims were 212,000, the Bank of Korea maintained the benchmark interest rate at 2.5%, and the Bank of Japan may consider raising interest rates [1]. - **RMB Exchange Rate**: The on - shore and off - shore RMB against the US dollar both broke through the 6.84 mark. Short - term strategies for export and import enterprises are provided [3][4]. - **Stock Index**: The stock index is expected to be bullish, with attention on the sustainability of trading volume [5]. - **Treasury Bond**: The bond market is bearish, and attention should be paid to the news of the Two Sessions [5][6]. - **Container Shipping for European Route**: The market is weak, with a shift in trading logic from expecting price increases to facing price cuts in the off - season [7][10]. Commodities New Energy - **Lithium Carbonate**: The speculative sentiment is strong, and upstream enterprises are recommended to hedge by shorting at high prices [12][14]. - **Industrial Silicon & Polysilicon**: They are in a situation of weak supply and demand. Short - term prices may break through the support level, and medium - term strategies are to go long at low prices [15][16]. Non - ferrous Metals - **Copper**: Prices are expected to fluctuate at a high level, and different trading strategies are proposed [18][21]. - **Aluminum Industry Chain**: Aluminum, alumina, and cast aluminum alloy are expected to fluctuate and consolidate. Different trading strategies are recommended according to different products [22][23]. - **Zinc**: It is expected to fluctuate strongly, and attention should be paid to the negative feedback of tariff news [23][24]. - **Nickel - Stainless Steel**: They are expected to fluctuate at a high level, and attention should be paid to US tariff and Indonesian supply - side factors [25][26]. - **Tin**: It is expected to fluctuate at a high level, and attention should be paid to the approval progress in Indonesia and the actual resumption progress in Myanmar [27]. - **Lead**: It is expected to fluctuate and adjust, and interval operations are recommended [28]. Oil and Fat Feed - **Oilseeds**: They have strong expectations but weak reality. After the market returns to fundamentals, shorting and reverse - spread opportunities can be considered [29][30]. - **Oils**: They are expected to improve, and long - position opportunities at low prices can be considered for palm oil [31][32]. Energy and Oil and Gas - **Fuel Oil**: High - sulfur fuel oil is under pressure, and low - sulfur fuel oil is strong. The market shows a differentiated pattern [34]. - **Asphalt**: Prices may decline, especially when the demand after the Spring Festival is lower than expected [35]. Precious Metals - **Platinum - Palladium**: They are expected to be in a long - term bull market, but attention should be paid to various risk factors [38][40]. - **Gold - Silver**: They are strategically bullish in the short term, and long - position strategies on dips are recommended [41][43]. Chemicals - **Pulp - Offset Paper**: They are expected to fluctuate at a low level, and interval trading strategies are recommended [45][46]. - **Pure Benzene - Styrene**: Attention should be paid to geopolitical trends, and long - position strategies on dips are recommended for styrene [47][49]. - **LPG**: It is mainly affected by geopolitics, and the short - term pricing is dominated by the Iran - US situation [50][51]. - **PX - PTA**: They are expected to be easy to rise and difficult to fall, and long - position strategies on dips and short - spread strategies for processing fees are recommended [52][55]. - **MEG - Bottle Chips**: They are expected to fluctuate widely, and short - selling is not recommended in the short term [56][58]. - **Methanol**: A positive spread strategy for the 5 - 9 contract can be considered, and attention should be paid to geopolitical factors [59][60]. - **Plastic PP**: They are expected to fluctuate and decline, and attention should be paid to the demand after the resumption of work by downstream enterprises and the inventory removal speed [61][63]. - **Rubber**: It is expected to fluctuate in a range, and different trading strategies are recommended for different types of rubber [64][71]. - **Urea**: It is recommended to buy at a low price, and the market price is expected to rise steadily [72]. - **Glass and Soda Ash**: Soda ash is expected to fluctuate with limited price movement, and glass prices are restricted by supply recovery and high inventory in the middle - stream [74][75]. - **Propylene**: It is affected by cost and supply - demand factors, and the market is still supported fundamentally [76][77]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to be weak, and although the market may hype up expectations near the Two Sessions, the fundamentals are still weak [79]. - **Iron Ore**: It may recover seasonally, and low - buying opportunities or positive - spread strategies can be considered at low valuations [79][80]. - **Coking Coal & Coke**: They need to focus on the resumption rhythm of mines and steel mills after the Spring Festival, and the price may face short - term supply - demand mismatch or downward pressure [81][83]. - **Ferrosilicon & Ferromanganese**: They are affected by manganese ore news, and hedging opportunities after the emotional release can be waited for [84]. Agricultural and Soft Commodities - **Live Pigs**: The price is expected to continue to decline, and a sell - call option strategy is proposed [85][87]. - **Cotton**: It is recommended to go long on dips, and attention should be paid to the peak - season demand and US trade policy [88][90]. - **Sugar**: The rebound space is limited, although there is some upward driving force [91]. - **Eggs**: They may fluctuate at a low level in the short term and rise in the medium term [92][93]. - **Apples**: The short - term demand is weak after the Spring Festival, but the delivery contradiction provides support [100][101]. - **Dates**: They are expected to fluctuate at a low level, and attention should be paid to the post - festival replenishment demand [102]. - **Logs**: The futures price is expected to fluctuate weakly, and an observation strategy is recommended [103].

天通股份主要经营三款关键材料：1）软磁材料：1984年开始发展，业务稳定增长。 2）蓝宝石：2010年开始发展，2024年处于低点，目前接近扭亏为盈。 【中信新材料】天通股份更新20260226 天通股份主要经营三款关键材料：1）软磁材料：1984年开始发展，业务稳定增长。 2）蓝宝石：2010年开始发展，2024年处于低点，目前接近扭亏为盈。 3）铌酸锂/钽酸锂：2016年开始发展，其成长动力来自人工智能相关应用，包括光模块、光引擎以及AI眼镜的光 波导。 铌酸锂在数据中心有两个应用方向，一是柜内"光进 【中信新材料】天通股份更新20260226 薄膜铌酸锂与硅光集成主要有两种技术路径： Wafer to Wafer：在硅光芯片上直接集成薄膜铌酸锂。 Dieto Wafer：先制作好铌酸锂调制芯片，再贴合到硅光芯片上。 公司目前两种路径的产品均可供应。 3）铌酸锂/钽酸锂：2016年开始发展，其成长动力来自人工智能相关应用，包括光模块、光引擎以及AI眼镜的光 波导。 铌酸锂在数据中心有两个应用方向，一是柜内"光进铜退"的光引擎，二是3.2T光模块。 在1.6T速率下，硅光仍是主流，但存在成本高、产能受限的问 ...

主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 春节假期后市场成交 主要指数表现 上证综指：-0.08% 科创 50：+0.12% 上证 50：-0.76% 创业板指：-0.39% 沪深 300：-0.17% 中证 500：+0.40% 市场成交概况 总成交额（人民币万亿元）：1.65 日环比增长：+7.8% 市场走势与板块表现 在连续两日上涨后，A 股早盘出现回调。 宁德时代下挫近 5%，市场部分担忧锂原料成本压力。 另一方面，房地产板块在昨日上海购房政策松绑刺激上涨后今日回调。 此外，算力租赁业务重获市场信心推动 AIDC 板块强势上行。 而消费与保险板块今日表现逊于其他行业。 资金流向 春节假期后市场成交量持续呈上升趋势。 受英伟达业绩超预期提振，人工智能产业链全线走强，核心受益标的普遍录得可观涨幅。 PCB 板块连续第三日上攻，东山精密（002463 ...

【环球网财经综合报道】据Financial Times等外媒报道，近期受人工智能颠覆风险担忧影响，全球股市出现结构分 化，投资者纷纷减持高风险轻资产板块，转向公用事业、能源、材料等拥有实物资产的资产密集型股票寻求避险。 近期，标普500软件子指数跌至2025年4月美国关税政策以来最低水平，不到一个月内板块总市值蒸发1.2万亿美元。 市场对AI工具可能颠覆行业的担忧持续发酵，软件板块首当其冲，并波及财富管理、保险等领域。 瑞银衍生品策略主管格里·福勒表示，过去15年有效的轻资产、知识产权驱动模式当前最为脆弱，市场避险焦点转向 以实物资产为支撑的业务模式。低利率时代结束、利率走高持续压制轻资产估值，国防、基础设施等资本密集领域 投资力度提升，进一步推动资金转向。 与之形成鲜明对比，标普500公用事业子指数同期上涨超10%，能源股涨幅达到22%，在多年跑输轻资产科技股后， 重资产板块重新获得资金青睐。 高盛欧洲策略师表示，资产密集型企业具备难以复制、建设周期长的特点，对人工智能带来的颠覆性风险具备更强 抵御能力，可称之为具备防御属性的"光环股"。 个股方面，Intuit、AppLovin、Gartner、Workd ...

港股點評 2026年2月27日9:30 a.m 恒指跌 384 點，滬指跌 1 點，標普 500 跌 37 點 港股期指結算日早市高開低走。恒指高開 254 點後向下，尾市曾跌 392 點低見 26,373 點，全日跌 384 點或 1.4%，收 26,381 點；國指跌 220 點或 2.4%，收 8,814 點；恒生科指跌 151 點或 2.9%，收 5,109 點。大市全日成交總額 2,592.77 億元。 百度(09888.HK) 公布截至 2025 年 12 月底止第四季業績，非公認會計準則下淨 利潤錄 39.07 億元人民幣，按年跌 41.8%，高於本網綜合 8 間券商預測區間 28.05 億元至 38.75 億元的上限。第四季淨利潤為 17.82 億元，按年下跌 65.7%，差過 本網綜合 5 間券商介乎 20.12 億元至 25.66 億元預測。總收入達 327.4 億元，按 年跌 4.1%，按季增 5%，符合本網綜合 10 間券商介乎按年倒退 3.6%至 5.1%預 測。 新地(00016.HK) 公布截至去年 12 月底止中期業績，營業額 527.05 億元，按年 升 32%。純利 102 ...

2月25日，芯片载板大厂欣兴电子召开法说会，受益于AI需求旺盛，其2025年第四季净利同比暴涨6200%，环比大 涨61%。 虽然业绩表现出众，但欣兴电子警告称，由于玻璃纤维布（E-glass）供应短缺将会持续严峻，目前几乎所有客户 对于玻纤布的需求都受到供应限制，甚至需求远比现在看到的还要强劲。 2月25日，芯片载板大厂欣兴电子召开法说会，受益于AI需求旺盛，其2025年第四季净利同比暴涨6200%，环比大 涨61%。 虽然业绩表现出众，但欣兴电子警告称，由于玻璃纤维布（E-glass）供应短缺将会持续严峻，目前几乎所有客户 对于玻纤布的需求都受到供应限制，甚至需求远比现在看到的还要强劲。 欣兴电子还宣布2026年资本支出将大幅上修至新台币340亿元 ...

25年公司预告净利润6.8~8.2亿元，同比+647%~801%。公司净利润同比大幅提升主要系：1)公司电池销 量提升带动收入增长，且合营企业投资收益增加;2)公司通过人工智能驱动的闭环算法技术，提升产品 优率和产能利用率，规模效应逐渐显现;通过不断优化成本管控措施，毛利率进一步提高;3)公司落实精 细化费用管控，期间费用率同比大幅下降。 申万宏源发布研报称，维持正力新能(03677)"买入"评级。行业需求景气向上，公司动储放量后盈利可 期。目前锂电下游动力侧新能源乘用车逐步普及，储能侧迎来光储平价的建设爆发期。公司作为锂电行 业领军公司，在不断提升行业份额的同时有望充分受益于自身精益制造的价值创造。该行小幅上调25- 27年盈利预测，预计25-27年归母净利润分别为7.3/13.0/19.0亿元，对应PE为29/17/11倍。 申万宏源主要观点如下： 公司25年利润预告超预期 公司乘用车产品覆盖EV及PHEV，且公司与零跑、上汽及广汽等核心客户深度绑定，订单能见度显著提 升，产能稳步扩产同时为持续出货放量奠定基础。公司精益制造能力突出，平台化系统适配多场景需 求，规模效应推动单位成本持续优化。随着公司在乘用 ...

| 申万期货品种策略日报——股指 | 2026/2/27 | 星期五 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4731.40 | 4727.00 | 4696.40 | 4640.20 | 前日收盘价 | 4712.20 | 4706.60 | 4671.20 | 4614.80 | | | 涨跌 | -18.80 | -18.80 | -24.60 | -24.60 | 沪深300 | 涨跌幅 | ...

2026 年 2 月 27 日 碳酸锂：供需偏紧，关注市场情绪变化 | | 邵婉嫕 | | 投资咨询从业资格号：Z0015722 | | | shaowanyi@gtht.com | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 张 | 航 | 投资咨询从业资格号：Z0018008 | | | zhanghang2@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | | 碳酸锂基本面数据 | | | | | | | | | | | | | T | T-1 | T-5 | T-10 | T-22 | T-66 | | 2605合约（收盘价） | | | 173,660 | 7,180 | 23,400 | 26,440 | 26,400 | 81,620 | | 2605合约（成交量） | | | 402,461 | 79,734 | 50,584 | 90,564 | 73,335 | 19,960 | | 2605合约（持仓量） | | | 375,204 | -1,833 | 18,673 ...

【环球网财经综合报道】据TheKoreaTimes等外媒报道，尽管近期韩国股市跻身全球表现最佳市场行列，以交易活跃 著称的韩国散户投资者仍在大幅加仓中国人工智能及科技板块相关标的。 法国外贸银行亚太区高级经济学家Gary Ng表示，中国AI股票可对冲外部AI板块波动风险；南方东英资产管理公司董 事Lee Je-chung认为，2026年中国股市有望实现强势反弹，下半年表现有望跑赢新兴市场与发达市场。对于追求科技赛 道布局与风险分散的韩国投资者而言，当前中国科技资产估值具备吸引力，配置价值突出。 韩国证券存管局SEIBro数据显示，今年1月2日至2月23日，韩国散户净买入港股规模达5.07亿美元，净买入A股规模为 1.54亿美元。当前累计买入总额已与2025年前两个月持平，彼时受中国AI企业产品发布带动，中国科技股迎来一轮全 球行情。本轮买入集中投向人工智能与半导体赛道。 港股市场中，AI企业MiniMax AI最受青睐，自1月上市以来获韩国散户净买入2100万美元；澜起科技净买入额1900万 美元，位列第二。A股市场方面，北方华创成为首选标的，净买入额350万美元。 有韩国投资者表示，看好中国AI企业发展前景 ...