来源：新浪证券-红岸工作室 2月27日，海尔智家跌1.00%，成交额10.05亿元，换手率0.62%，总市值2410.05亿元。 异动分析 主力持仓 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-1.04亿，占比0.14%，行业排名9/10，连续3日被主力资金减仓；所属行 ...

Market Overview - The A-share market continues to show a strong upward trend, with the three major indices collectively rising. The cyclical sectors, including real estate services, non-ferrous metals, and steel, lead the market, while the technology growth sector shows mixed performance [3][6] - As of the market close, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.87 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total market turnover reached approximately 2.48 trillion, indicating a good profit effect with 3742 stocks rising and 1609 falling [2][3] Sector Performance - The cyclical stocks have shown significant strength, with steel, non-ferrous metals, real estate, building materials, and basic chemicals rising by 4.26%, 3.53%, 2.51%, 2.41%, and 2.37% respectively. The recent policy adjustments in Shanghai's real estate sector have further boosted these sectors [6][8] - The rare earth sector also experienced a surge, with prices for various rare earth products increasing significantly post-holiday. For instance, the average price of praseodymium and neodymium oxide rose by 4.16 million yuan/ton, while neodymium metal increased by 8 million yuan/ton [6][8] Investment Themes - The report identifies several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, robotics, consumer sectors, brokerage firms, precious metals, and non-ferrous metals. Each theme has specific core logic and follow-up points for future monitoring [9][10] - The AI application sector is highlighted for its potential growth driven by product application acceleration and technological upgrades. The commercial aerospace sector is supported by the establishment of a commercial aerospace office, while nuclear fusion and quantum technology are gaining traction due to industrialization and policy support [9][10] Market Sentiment and Future Outlook - The report suggests a shift in market sentiment from "concept-driven" to "price-driven" profit enhancement, indicating a balanced allocation between technology and consumer sectors. The upcoming "Two Sessions" may further influence the cyclical sectors, particularly in real estate policy implementation and commodity prices [8][11] - The bond market is experiencing adjustments, with the long-end bonds leading the decline. The report notes that the LPR rates remain unchanged, and the market is expected to maintain a stable liquidity environment in the short term [8][11]

[Table_Title] 研究报告 Research Report 25 Feb 2026 中国香港服装、鞋类及配饰设计 China (A-share) Hong Kong Apparel, Footwear & Acc Design 2026 大消费渠道专家会：伯希和维持高增长态势，始祖鸟和萨洛蒙持续拓圈 2026 Big Consumption Channel Expert Meeting: Pelliot Maintains High Growth Momentum, Arc'teryx and Salomon Continue to Expand Consumer Reach 寇媛媛 Yuanyuan Kou 林泽宇 Caleb Lin yy.kou@htisec.com caleb.zy.lin@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海 ...

来源：新浪证券-红岸工作室 2月25日，海尔智家涨0.35%，成交额16.80亿元，换手率1.03%，总市值2448.50亿元。 异动分析 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全球 零售量份额为10.2%，连续六年蝉联全球大型家电第一品牌。 2、公司前十大流通股东中包含中央汇金资产管理有限责任公司或中国证券金融股份有限公司。 3、控股股东海尔集团旗下的海尔无线专注无线充电,参与制定了无线电能传输在电磁兼容性电磁辐射等 方面的国家行业标准,并投资前Intel无线充电技术团队成为其控股股东 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-8290.32万，占比0.05%，行业排名9/10，该股当前无连续增减仓现象，主力趋势 ...

来源：新浪证券-红岸工作室 2月24日，海尔智家涨1.25%，成交额9.59亿元，换手率0.59%，总市值2440.06亿元。 异动分析 4、公司的主营业务是家电的研发、生产及销售工作，涉及冰箱/冷柜、厨电、空调、洗衣设备、水家电 及其他智能家庭业务，以及提供智能家庭全套化解决方案。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-872.37万，占比0.01%，行业排名8/10，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入9724.01万，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入1114.80万700.45万-1008.13万1.89亿2.53亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1.01亿，占总成交额的3.71%。 技术面：筹码平均交易成本为25.85元 超级品牌+证金持股+无线充电+家用电器 1、海尔集团创立于1984年，从开始单一生产冰箱起步，拓展到家电、通讯、IT数码产品、家居、物 流、金融、房地产、生物制药等领域，成为全球领先的美好生活解决方案提供商。2014年海尔品牌全 ...

Market Analysis - The A-share market experienced a volume contraction and adjustment on the last trading day before the Spring Festival, with the Shanghai Composite Index falling by 1.26% to 4082.07 points, below the 4100-point mark [4] - The Shenzhen Component Index decreased by 1.28% to 14100.19 points, while the ChiNext Index dropped by 1.57% to 3275.96 points, indicating a broad market decline with 3824 stocks falling and only 1537 rising [4] - For the entire year, the Shanghai Composite Index rose by 25.28%, the Shenzhen Component Index by 38.84%, and the ChiNext Index by 58.73% [4] Sector Performance - The defense and military sector was the only one to gain, up 0.46%, driven by advancements in commercial aerospace technology and geopolitical tensions [6] - Semiconductor equipment index rose by 1.65%, benefiting from increased demand for storage chips and AI computing power [6] - The non-ferrous metals sector saw a significant decline of 3.31%, influenced by fluctuations in international precious metal prices [6] Bond Market - The bond futures market showed mixed performance, with the 30-year main contract rising by 0.04% to 112.84 yuan, while the 10-year contract fell by 0.10% to 108.505 yuan [8] - The central bank conducted a net injection of 613.5 billion yuan, leading to a significant decline in short-term interest rates [8] - The market is expected to remain confident in the central bank's moderately loose monetary policy, which may support bond market recovery [8] Commodity Market - The commodity index fell by 1.69%, with industrial products leading the decline, particularly in precious metals and energy [8] - The main crude oil contract dropped by 4.22% to 456.3 yuan per barrel, amid concerns over supply surplus [8] - Soybean prices surged to a one-year high, driven by supply-demand factors and weather conditions in Brazil [8] Investment Opportunities - The report suggests a balanced allocation in technology and consumer sectors, with a focus on sectors like photovoltaic technology, commercial aerospace, and non-ferrous metals for future growth [8][12] - The report highlights several hot investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and robotics, indicating strong future potential [10][12]

Core Viewpoint - Haier Smart Home's stock experienced a slight decline of 0.73% on February 13, with a trading volume of 688 million yuan and a market capitalization of 241.005 billion yuan [1]. Company Overview - Haier Group, founded in 1984, has expanded from producing refrigerators to a wide range of sectors including home appliances, IT, logistics, finance, real estate, and biopharmaceuticals, becoming a global leader in providing solutions for a better life [2]. - The company holds a 10.2% share of the global retail volume in 2014, maintaining its position as the world's largest home appliance brand for six consecutive years [2]. Shareholder Structure - The top ten circulating shareholders include Central Huijin Asset Management Co., Ltd. and China Securities Finance Corporation [3]. - Haier Wireless, a subsidiary focused on wireless charging, has participated in setting national industry standards for wireless energy transmission and has invested in Intel's wireless charging technology team [3]. Business Operations - Haier Smart Home's main business involves the research, production, and sales of home appliances, including refrigerators, kitchen appliances, air conditioners, washing machines, and smart home solutions [3][7]. - The revenue composition includes: refrigerators 27.17%, air conditioners 20.94%, washing machines 20.22%, kitchen appliances 13.10%, equipment and channel services 11.97%, water appliances 6.11%, and others 0.48% [7]. Financial Performance - For the period from January to September 2025, Haier Smart Home achieved a revenue of 234.054 billion yuan, representing a year-on-year growth of 15.31%, and a net profit attributable to shareholders of 17.373 billion yuan, up 14.64% year-on-year [7]. - The company has distributed a total of 48.662 billion yuan in dividends since its A-share listing, with 24.273 billion yuan distributed in the last three years [8]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth largest circulating shareholder with 361 million shares, a decrease of 89.039 million shares from the previous period [9]. - China Securities Finance Corporation is the sixth largest circulating shareholder with 183 million shares, unchanged from the previous period [9].

数据说明：截至2025.12.31，崔志鹏具有8.4年证券从业经历，其中6.5年证券研究经历，1.9年证券投资 经历。崔志鹏历任基金：华商消费行业股票2024.1.3至今，华商甄选回报混合2024.1.3至今。文中观点来 自基金定期报告，仅为基金经理投资理念，基金的投资策略、费率信息详见基金招募说明书等法律文 件。 风险提示：本基金管理人承诺以诚实信用、恪尽职守、谨慎勤勉的态度管理和运用基金资产，但不保证 基金一定盈利，也不保证最低收益。投资者购买基金时，请认真阅读基金合同、招募说明书等基金法律 文件。敬请投资者选择符合风险承受能力、投资目标的产品。以上观点不代表投资建议，市场有风险， 基金投资需谨慎。 (责任编辑：叶景) 华商基金崔志鹏是清华大学金融硕士，2017年毕业后加入华商基金先后担任行业研究员、基金经理助 理，同时担任公司行业研究消费组组长，2024年1月起担任基金经理至今，是华商基金专业投研体系培 养的优秀人才。 多年来，华商基金崔志鹏一直专注深耕大消费领域，研究员阶段深度覆盖轻工、建材、食品饮料、纺织 服装、零售、社服等消费行业，基金经理助理阶段在"A+H"泛消费行业积累较广，研究范围下沉度较 ...

中原期货研究咨询部 晨会纪要 2026 第（30）期 发布日期：2026-02-13 | 中原期货研究咨询部 | | | --- | --- | | 0371-58620081 | 0371-58620083 | | 公司官方微信 | | 公司官方微信 1 中原期货研究咨询部 | 化工 | 主力合约 | 2026/2/13 | 2026/2/12 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 1,121.00 | 1,120.00 | 1.0 | 0.089 | | | 焦炭 | 1,665.00 | 1,664.00 | 1.0 | 0.060 | | | 天然橡胶 | 16,485.00 | 16,450.00 | 35.0 | 0.213 | | | 20号胶 | 13,385.00 | 13,370.00 | 15.0 | 0.112 | | | 塑料 | 6,720.00 | 6,734.00 | -14.0 | -0.208 | | | 聚丙烯PP | 6,633.00 ...

【导读】花小伟加盟国盛证券研究所 （图片来源：陆家嘴金融沙龙） 公开履历显示，花小伟具有十余年券商从业和产业研究经历，曾在银河证券、中信建投、红塔证券、德邦证券等多家券商任职，长期深耕大消费领域，覆 盖纺织服装、零售、轻工家居、食品饮料等多个细分行业。 在中信建投期间，其所在研究小组曾在轻工造纸领域连续四年登榜新财富分析师评选，并在2017年和2018年均获得第三名的成绩。 2020年底，在短暂加入红塔证券后，花小伟选择与红塔证券原研究所所长任志强一同转战德邦证券，出任研究所副所长兼大消费组组长及食品饮料、轻工 制造首席分析师。2022年12月，花小伟正式出任上海证券研究所所长，全面主持研究团队的运营管理、人才建设与战略规划。 记者注意到，此次花小伟还担任服务江西实体经济小组负责人。据了解，这是国盛证券研究所新设立的一个小组，职能类似其他券商旗下的产业研究院。 分析人士告诉记者，分析师的工作早已不再局限于个股与行业分析，而是深度参与国家战略、区域经济与产业发展研究，为政府决策、企业战略规划提供 专业支持。尤其是区域券商的研究所，纷纷担起当地"智库"的重任。例如，西南证券将研究所升级为研究院，利用卖方研究资源开 ...