证券研究报告 | 2026年02月27日 热点追踪周报 由创新高个股看市场投资热点（第 232 期） 乘势而起：市场新高趋势追踪：截至 2026 年 2 月 27 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 0.06%、0.06%、1.67%、0.00%、0.00%、0.00%、 2.30%、4.37%。中信一级行业指数中机械、电力及公用事业、钢铁、基 础化工、建筑行业指数距离 250 日新高较近，食品饮料、银行、医药、 非银行金融、综合金融行业指数距离 250 日新高较远。概念指数中，储 能、万得全 A 等权、金属非金属、万得全 A、钢铁、电子设备和仪器、 光伏等概念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 2 月 27 日，共 1370 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、基础化工、电子行业，创新高个股数量占比最高的是有色金属、石 油石化、钢铁行业。按照板块分布来看，本周制造、周期板块创新高股票数 量最多；按照指数 ...

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been proven effective in various studies[11][18]. - **Model Construction Process**: The 250-day new high distance is calculated as follows: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price falls from the high, the distance is a positive value, representing the degree of decline[11]. - **Model Evaluation**: The model effectively identifies stocks and indices with strong momentum and highlights market leaders, aligning with the principles of momentum investing[11][18]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model focuses on selecting stocks that exhibit stable price paths and consistent momentum, as smoother price trajectories tend to yield stronger momentum effects[24]. - **Model Construction Process**: Stocks are filtered from the pool of those that hit a 250-day high in the past 20 trading days. The selection criteria include: - Analyst attention: At least 5 buy or overweight ratings in the past 3 months - Relative strength: Top 20% in 250-day price performance - Price stability: Evaluated using the following metrics: - Absolute value of price changes over the past 120 days - Sum of absolute daily price changes over the past 120 days - Momentum continuity: - Average 250-day new high distance over the past 120 days - Average 250-day new high distance over the past 5 days The top 50 stocks based on these criteria are selected[24][26]. - **Model Evaluation**: The model emphasizes smooth price trajectories and consistent momentum, which are less likely to attract excessive attention, thereby enhancing the momentum effect[24]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance (as of February 13, 2026)**: - Shanghai Composite Index: 2.00% - Shenzhen Component Index: 2.35% - CSI 300: 2.72% - CSI 500: 3.51% - CSI 1000: 3.14% - CSI 2000: 2.54% - ChiNext Index: 3.32% - STAR 50 Index: 5.50%[12][13]. 2. Stable New High Stock Selection Model - **Selected Stocks**: 50 stocks were identified, including Zhongtung High-tech, Dike Co., and Xiechuang Data. - **Sector Distribution**: - Technology: 21 stocks (most from the electronics industry) - Manufacturing: 16 stocks (most from the machinery industry)[27][32]. --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: Measures the relative position of a stock's price to its 250-day high, capturing momentum and trend-following characteristics[11]. - **Factor Construction Process**: $ 250\text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor effectively identifies stocks with strong momentum and aligns with established momentum strategies[11][18]. 2. Factor Name: Price Stability - **Factor Construction Idea**: Evaluates the smoothness of a stock's price trajectory, as smoother paths are associated with stronger momentum effects[24]. - **Factor Construction Process**: - Absolute value of price changes over the past 120 days - Sum of absolute daily price changes over the past 120 days[24]. - **Factor Evaluation**: The factor highlights stocks with stable price movements, which are less likely to attract excessive attention, enhancing the momentum effect[24]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance (as of February 13, 2026)**: - Shanghai Composite Index: 2.00% - Shenzhen Component Index: 2.35% - CSI 300: 2.72% - CSI 500: 3.51% - CSI 1000: 3.14% - CSI 2000: 2.54% - ChiNext Index: 3.32% - STAR 50 Index: 5.50%[12][13]. 2. Price Stability Factor - **Selected Stocks**: 50 stocks were identified, including Zhongtung High-tech, Dike Co., and Xiechuang Data. - **Sector Distribution**: - Technology: 21 stocks (most from the electronics industry) - Manufacturing: 16 stocks (most from the machinery industry)[27][32].

证券研究报告 | 2026年02月13日 **Makel'sid.** **Hil's.Makel's.** **Hil's.Makel's. **Hil's.Makel's. 乘势而起：市场新高趋势追踪：截至 2026 年 2 月 13 日，上证指数、深证 成指、沪深 300、中证 500、中证 1000、中证 2000、创业板指、科创 50 指数 250 日新高距离分别为 2.00%、2.35%、2.72%、3.51%、3.14%、2.54%、 3.32%、5.50%。中信一级行业指数中建材、机械、轻工制造、石油石化、 传媒行业指数距离 250 日新高较近，食品饮料、银行、综合金融、医药、 农林牧渔行业指数距离 250 日新高较远。概念指数中，造纸、互联网、 万得微盘股日频等权、云计算、储能、工程机械、电气部件与设备等概 念指数距离 250 日新高较近。 见微知著：利用创新高个股进行市场监测：截至 2026 年 2 月 13 日，共 1390 只股票在过去 20 个交易日间创出 250 日新高。其中创新高个股数量最多的 是机械、电子、基础化工行业，创新高个股数量占比最高的是有色金属、石 油石化、钢铁行业。 ...

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of February 13, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 2.00%, Shenzhen Component Index 2.35%, CSI 300 2.72%, CSI 500 3.51%, CSI 1000 3.14%, CSI 2000 2.54%, ChiNext Index 3.32%, and STAR 50 Index 5.50% [5][24] - Among the CITIC first-level industry indices, construction materials, machinery, light industry manufacturing, petroleum and petrochemicals, and media industries are closest to their 250-day new highs, while food and beverage, banking, comprehensive finance, pharmaceuticals, and agriculture indices are further away [8][24] Group 2 - As of February 13, 2026, a total of 1,390 stocks reached a 250-day new high in the past 20 trading days, with the most new highs in the machinery, electronics, and basic chemicals sectors [2][12] - The highest proportion of new high stocks is found in non-ferrous metals, petroleum and petrochemicals, and steel industries, with respective proportions of 66.67%, 62.75%, and 39.62% [12][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with 433 and 396 stocks respectively [15] Group 3 - The report identifies 50 stocks with stable new highs, including Zhongtung High-tech, Dike Co., and Xiechuang Data, primarily from the technology and manufacturing sectors [3][20] - The technology sector has the most new high stocks, particularly in the electronics industry, while the manufacturing sector has the most in the machinery industry [20][25]

========= - Model Name: 250-Day New High Distance; Model Construction Idea: The model aims to track the market trend by monitoring stocks that hit new highs, based on the effectiveness of momentum and trend-following strategies[11]; Model Construction Process: The 250-day new high distance is calculated as follows: $ 250 \text{ Day New High Distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price, and ts_max(Close, 250) is the maximum closing price over the past 250 trading days[11]; Model Evaluation: The model is effective in identifying market trends and hotspots[11] - Factor Name: Stable New High Stocks; Factor Construction Idea: The factor focuses on stocks that have hit new highs and exhibit stable price paths, leveraging the "boiling frog" effect and smooth price paths for stronger momentum effects[25]; Factor Construction Process: Stocks are selected based on analyst attention, relative strength, price path stability, and new high continuity. Specific conditions include: - Analyst attention: At least 5 buy or hold ratings in the past 3 months - Relative strength: Top 20% in market performance over the past 250 days - Price stability: Evaluated using the sum of absolute daily returns over the past 120 days and the ratio of price path length to displacement - New high continuity: Average 250-day new high distance over the past 120 days - Trend continuity: Average 250-day new high distance over the past 5 days[27] Model Backtest Results: - 250-Day New High Distance Model, 250-Day New High Distance for major indices as of February 6, 2026: Shanghai Composite Index 2.39%, Shenzhen Component Index 3.69%, CSI 300 Index 3.07%, CSI 500 Index 5.29%, CSI 1000 Index 4.95%, CSI 2000 Index 3.67%, ChiNext Index 4.48%, STAR 50 Index 8.58%[12][13][15] Factor Backtest Results: - Stable New High Stocks Factor, Number of stocks hitting new highs in the past 20 trading days: 1641; Highest number of new high stocks by industry: Machinery 238, Electronics 196, Basic Chemicals 176; Highest proportion of new high stocks by industry: Nonferrous Metals 69.92%, Defense & Military 63.11%, Petroleum & Petrochemicals 60.78%[19][20] - Stable New High Stocks Factor, Number of stable new high stocks selected this week: 50; Highest number of stable new high stocks by sector: Manufacturing 18, Technology 16[28] =========

========= - The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, emphasizing the effectiveness of momentum and trend-following strategies[11] - The 250-day new high distance is calculated as $ 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and ts_max(Close, 250) is the maximum closing price over the past 250 trading days[11] - As of February 6, 2026, the 250-day new high distances for major indices such as the Shanghai Composite Index, Shenzhen Component Index, CSI 300, CSI 500, CSI 1000, CSI 2000, ChiNext Index, and STAR 50 Index are 2.39%, 3.69%, 3.07%, 5.29%, 4.95%, 3.67%, 4.48%, and 8.58% respectively[12][13][15] - The report identifies 1641 stocks that reached a 250-day new high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the non-ferrous metals, defense and military, and petroleum and petrochemical industries[19] - By sector, the manufacturing and technology sectors have the most new high stocks this week, with 523 and 513 stocks respectively[20] - The report also tracks "stable new high" stocks based on analyst attention, relative stock strength, trend continuity, price path stability, and new high sustainability[25][27] - The screening criteria include the absolute value of the past 120-day price change, the sum of the absolute values of the past 120-day daily price changes, and the number of buy or overweight ratings in the past three months[27] - This week, 50 stable new high stocks were selected, including Mingyang Smart Energy, Universal Scientific Industrial, and Hengtong Optic-Electric, with the most in the manufacturing and technology sectors[28][31] - The 250-day new high distances for major indices are: Shanghai Composite Index 2.39%, Shenzhen Component Index 3.69%, CSI 300 3.07%, CSI 500 5.29%, CSI 1000 4.95%, CSI 2000 3.67%, ChiNext Index 4.48%, STAR 50 Index 8.58%[12][13][15] - The highest proportions of new high stocks by index are: CSI 2000 30.10%, CSI 1000 35.00%, CSI 500 41.80%, CSI 300 27.33%, ChiNext Index 34.00%, STAR 50 Index 44.00%[20][23][24] - The highest proportions of new high stocks by industry are: non-ferrous metals 69.92%, defense and military 63.11%, petroleum and petrochemical 60.78%[19][22][24] =========

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots, with a focus on the effectiveness of momentum and trend-following strategies [1][4][13] - As of February 6, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index at 2.39%, Shenzhen Component Index at 3.69%, CSI 300 at 3.07%, CSI 500 at 5.29%, CSI 1000 at 4.95%, CSI 2000 at 3.67%, ChiNext Index at 4.48%, and STAR 50 Index at 8.58% [6][26] - Among the CITIC first-level industry indices, textiles and apparel, petroleum and petrochemicals, building materials, light industry manufacturing, and machinery are closest to their 250-day new highs, while banking, comprehensive finance, pharmaceuticals, food and beverage, and agriculture are further away [9][27] Group 2 - A total of 1,641 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the machinery, electronics, and basic chemicals sectors [2][14][27] - The highest proportion of new high stocks is found in non-ferrous metals, defense and military, and petroleum and petrochemicals, with respective proportions of 69.92%, 63.11%, and 60.78% [14][27] - The manufacturing and technology sectors had the most new high stocks this week, with 523 and 513 stocks respectively, while the proportion of new high stocks in the indices is as follows: CSI 2000 at 30.10%, CSI 1000 at 35.00%, CSI 500 at 41.80%, CSI 300 at 27.33%, ChiNext at 34.00%, and STAR 50 at 44.00% [17][27] Group 3 - The report identifies 50 stocks with stable new highs, including Mingyang Smart Energy, Huanxu Electronics, and Hengtong Optic-Electric, primarily from the manufacturing and technology sectors [3][22][27] - The manufacturing sector had the most new high stocks, particularly in the machinery industry, while the technology sector's highest new highs were in the electronics industry [22][27]

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Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots [1][4] - As of January 30, 2026, the distance to the 250-day new high for major indices is as follows: Shanghai Composite Index 1.14%, Shenzhen Component Index 1.62%, CSI 300 1.76%, CSI 500 2.68%, CSI 1000 2.55%, CSI 2000 3.34%, ChiNext Index 1.24%, and STAR 50 Index 2.99% [6][26] - Among the CITIC first-level industry indices, the sectors closest to their 250-day new highs are Communication, Oil & Petrochemicals, Building Materials, Nonferrous Metals, and Light Industry Manufacturing [9][26] Group 2 - A total of 1,606 stocks reached a 250-day new high in the past 20 trading days, with the highest number of new highs in the Machinery, Electronics, and Basic Chemicals sectors [2][14] - The sectors with the highest proportion of new high stocks are Nonferrous Metals (70.73%), National Defense & Military Industry (63.11%), and Oil & Petrochemicals (62.75%) [14][26] - The manufacturing and technology sectors had the most new high stocks this week, with 513 and 497 stocks respectively [17][26] Group 3 - The report identifies 50 stocks with stable new highs, including Purun Co., Yaxiang Integration, and Yuanjie Technology, primarily from the cyclical and technology sectors [3][22] - The cyclical sector had the most new high stocks, particularly in the Basic Chemicals industry, while the technology sector saw the most in the Electronics industry [22][27]

Group 1 - The report tracks stocks, industries, and sectors reaching new highs, indicating market trends and hotspots, with a focus on the effectiveness of momentum and trend-following strategies [1][4] - As of January 23, 2026, the Shanghai Composite Index, Shenzhen Component Index, and other major indices have varying distances from their 250-day highs, with the Shanghai Composite at 0.70% and the Shenzhen Component at 0.00% [5][25] - Among the CITIC first-level industry indices, sectors such as machinery, automotive, non-ferrous metals, textiles, and steel are closest to their 250-day highs, while food and beverage, banking, agriculture, pharmaceuticals, and non-bank financials are further away [8][25] Group 2 - A total of 1,464 stocks reached 250-day highs in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals sectors [2][13] - The highest proportion of new high stocks is found in the defense, non-ferrous metals, and oil and petrochemicals sectors, with respective proportions of 63.11%, 61.79%, and 48.00% [13][15] - The manufacturing and technology sectors have the most stocks reaching new highs this week, with respective counts of 482 and 459 [15] Group 3 - The report identifies 50 stocks with stable new highs, focusing on analyst attention, relative strength, price path stability, and continuity of new highs, with the most stocks from the cyclical and technology sectors [3][20] - The cyclical sector has the highest number of new highs in the basic chemicals industry, while the technology sector has the most in the electronics industry [20][26]