金工量化周报 稀有金属精选指数：本周机构参与水平增速显著 热门概念与行业机构参与情况跟踪（2026.02.24-2026.02.27） 核心结论 热门概念机构参与情况跟踪： 本周（2026.02.24-2026.02.27，下同）， 半导体设备指数、ASIC 芯片指数和高送转预期指数，机构参与占比靠前， 且均达到近 20 周最高位。 稀有金属精选指数、航运精选指数、光伏逆变器指数，机构参与增速最高； 而黄金珠宝指数、短剧游戏指数与房地产精选指数，机构参与降幅靠前。 雅江水电站指数、操作系统指数和房地产精选指数，个人-机构参与分歧程度 位于前列。 行业机构参与情况跟踪： 分析师 冯佳睿 S0800524040008 13564917688 fengjiarui@research.xbmail.com.cn 联系人 张逸飞 18916386581 本周， 电子、医药和机械，机构参与占比靠前；其中，电子和医药，机构参与占比 达到近 20 周最高位。 钢铁、综合金融、交通运输，机构参与增速最高；而传媒、房地产与消费者 服务，机构参与降幅靠前。 煤炭、建材和房地产，个人-机构参与分歧程度位于前列。 风险提示：本报告是根 ...

Core Viewpoint - The article focuses on the analysis of companies that reported better-than-expected earnings in their Q3 2025 financial disclosures, highlighting the importance of analyst reports that indicate "earnings exceed expectations" as a comprehensive judgment based on both objective earnings data and subjective research tracking [1][33]. Q3 Financial Disclosure Situation - As of October 31, 2025, a total of 5,401 A-share companies listed before July 1, 2025, disclosed their Q3 2025 financial reports [2][34]. - Among different indices, the median year-on-year net profit growth rate for the CSI 500 index constituents was the highest at 10.27% [7]. - The financial sector reported a median year-on-year net profit growth rate of 10.97%, which is relatively high, while the consumer sector reported a decline of 4.27% [8][34]. - In terms of industry performance, non-bank financial, steel, and non-ferrous metals sectors showed higher median year-on-year net profit growth rates [11][34]. - Hot concept indices with high public fund holdings, such as the NVIDIA industry chain index and semiconductor selection index, reported median year-on-year net profit growth rates exceeding 40% [13][34]. - Representative industry-themed ETFs tracking indices like securities companies and CSI 300 non-bank also showed high median year-on-year net profit growth rates [16][34]. Q3 Earnings Exceeding Expectations - The proportion of companies exceeding expectations in the CSI 300 index was the highest at 21.65% [3][22]. - The financial sector had the highest proportion of companies exceeding expectations, reaching 13.11% [22][34]. - Non-bank financial and food and beverage industries had a higher proportion of companies exceeding expectations [25][34]. - Among hot concepts with high public fund holdings, the Moutai index and cyclical index had a higher number of companies exceeding expectations [35]. - The representative ETF indices with a high number of companies exceeding expectations included CSI 300 non-bank and securities companies [28][35]. Selected Companies - Based on the analysis of Q3 earnings reports and analyst comments, companies such as Sunshine Power and Shengyi Technology were identified as exceeding expectations for Q3 2025 [36][36].

Core Viewpoint - The article focuses on the analysis of companies that reported better-than-expected earnings in their Q1 2025 financial disclosures, highlighting the importance of analyst reports that indicate "earnings exceed expectations" as a comprehensive judgment based on both objective earnings data and subjective research tracking [1][30]. Q1 Financial Disclosure Situation - As of April 30, 2025, a total of 5,360 A-share companies had disclosed their Q1 2025 financial reports [2][30]. - Among different indices, the median year-on-year net profit growth rate for the CSI 300 index constituents was the highest at 6.41% [5][30]. - The technology sector reported a median year-on-year net profit growth rate of 8.20%, while the pharmaceutical sector had a negative growth rate of -4.01% [6][30]. - In terms of industry performance, non-bank financial, agriculture, forestry, animal husbandry, and fishing, as well as steel sectors showed relatively high median year-on-year net profit growth rates [9][30]. - Hot concept indices with high public fund holdings, such as the semiconductor selection index and the national big fund index, reported median year-on-year net profit growth rates exceeding 20% [12][31]. Q1 Earnings Exceeding Expectations - The proportion of companies exceeding expectations in the CSI 300 index was the highest at 21.69% [20][31]. - The consumer sector had the highest proportion of companies exceeding expectations at 19.77% [21][31]. - In terms of specific industries, the home appliances, food and beverage, and agriculture sectors had a higher proportion of companies exceeding expectations [23][31]. - Among hot concept indices with high public fund holdings, the Moutai index, air energy heat pump index, and white goods selection index had a higher number of companies exceeding expectations [24][31]. - The representative ETF indices with a high proportion of companies exceeding expectations included the 800 consumer index, technology leaders, and the China Securities wine index [25][31]. - Selected companies that exceeded expectations based on their Q1 reports and analyst comments included Yara International, Juhua Co., and Dongpeng Beverage [27][31].