证券研究报告 | 策略点评 2026 年 02 月 27 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指上涨 0.39%，收 报 4162.88 点；深证成指跌 0.06%，收报 14495.09 点；创业板指跌 1.04%， 收报 3310.3 点；科创 50 指数涨 0.15%，收报 1488.02 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 3267 只个股上涨，2066 只个股下跌，146 只个股收平。沪深两市今日成交额合计 24880 亿元，较上个交易日缩量 504 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、煤炭、有色金属、公用 事业、农林牧渔等行业领涨，涨幅分别为 3.37%、3.20%、3.10%、2.27%、2.06%， 建筑材料、通信、电子、汽车、家用电器等行业领跌，跌幅分别为 1.45%、1.38%、 0.71%、0.41%、0.39%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀有金属精选、稀土、培育 钻石、小金 ...

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41]

证券研究报告 | 2026年02月04日 金融工程日报 沪指午后上行重回 4100 点，光伏、煤炭领涨 市场表现：20260204 规模指数中上证 50 指数表现较好，板块指数中上证综 指表现较好，风格指数中沪深 300 价值指数表现较好。煤炭、建材、房地产、 交通运输、食品饮料行业表现较好，传媒、通信、计算机、电子、基础化工 行业表现较差。央企煤炭、光伏玻璃、机场精选、BC 电池、甲醇等概念表 现较好，拼多多合作商、小红书平台、Kimi、智谱 AI、快手平台等概念表现 较差。 市场情绪：20260204 收盘时有 77 只股票涨停，有 16 只股票跌停。昨日涨 停股票今日收盘收益为 3.15%，昨日跌停股票今日收盘收益为-0.83%。今日 封板率 74%，较前日下降 4%，连板率 18%，较前日下降 18%。 市场资金流向：截至 20260203 两融余额为 27066 亿元，其中融资余额 26898 亿元，融券余额 167 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.6%。 折溢价：20260203 当日 ETF 溢价较多的是沪港深 300ETF 易方达，ETF 折价较多的 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index rising by 0.85% to close at 4102.20 points, while the Shenzhen Component Index increased by 0.21% to 14156.27 points. In contrast, the Sci-Tech 50 Index fell by 1.20% to 1453.48 points, and the ChiNext Index decreased by 0.40% to 3311.51 points. Overall, 3252 stocks rose, 2126 fell, and 94 remained unchanged, with a total trading volume of 2481 billion yuan, down by 632 billion yuan from the previous trading day [1][12]. Industry Performance - Among the Shenwan first-level industries, coal, building materials, real estate, transportation, and food and beverage sectors led the gains, with increases of 7.58%, 3.48%, 2.97%, 2.82%, and 2.33% respectively. Conversely, the media, communication, computer, and electronics sectors experienced declines, with decreases of 3.12%, 2.73%, 1.70%, and 1.55% respectively [1][12]. Concept Sectors - The top-performing concept sectors today included central enterprise coal, selected coal mining, photovoltaic glass, selected air transportation, BC batteries, silicon energy, selected power equipment, photovoltaic rooftops, selected real estate, new energy, TOPcon batteries, photovoltaic, energy overseas, HJT batteries, and perovskite batteries [2][11].

- The report does not contain any quantitative models or factors for analysis

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 1.09% to close at 4165.29 points, the Shenzhen Component Index rising by 1.75% to 14366.91 points, the Sci-Tech 50 up by 2.43% to 1511.84 points, and the ChiNext Index gaining 1.82% to 3388.34 points [1][10] - Overall, 4141 stocks rose while 1179 stocks fell, with a total trading volume of 3601.4 billion yuan, an increase of 478.7 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Media, Computer, National Defense and Military Industry, Social Services, and Communication, with respective increases of 7.80%, 7.26%, 5.66%, 3.21%, and 2.74% [1][14] - Conversely, the Oil and Petrochemical, Coal, and Real Estate sectors experienced declines, with decreases of 1.00%, 0.47%, and 0.29% respectively [1][14] Concept Sectors - The top-performing concept sectors today included Kimi, Pinduoduo partners, Xiaohongshu platform, Satellite Internet, ChatGPT, Intelligent Agents, Virtual Humans, DeepSeek, Chinese Corpus, AIGC, Internet Celebrity Economy, Douyin Doubao, Multimodal Models, WEB3.0, and Commercial Aerospace [2][12]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.39% closing at 4002.76 points, the Shenzhen Component Index down by 1.03% at 13289.01 points, and the ChiNext Index down by 1.40% at 3134.32 points. Overall, 2784 stocks rose while 2500 fell, with a total trading volume of 19936 billion yuan, a decrease of 1809 billion yuan from the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, sectors such as retail, real estate, steel, basic chemicals, and agriculture showed positive growth, with increases of 1.43%, 0.81%, 0.62%, 0.61%, and 0.60% respectively. Conversely, industries like telecommunications, electronics, computers, coal, and defense showed declines, with decreases of 2.20%, 1.74%, 1.41%, 1.34%, and 1.18% respectively [1][2]. Concept Sector Performance - The leading concept sectors today included cultivated diamonds, superhard materials, lithium battery electrolytes, germanium-gallium-antimony inks, calcium titanate batteries, HJT batteries, BC batteries, SPD, Pinduoduo partners, TOPcon batteries, dairy industry, cross-strait integration, high turnover, energy exports, and PEEK materials [2].

Market Overview - The A-share market showed a mixed performance today, with the Shanghai Composite Index rising by 0.22% to close at 3922.41 points, and the Shenzhen Component Index also increasing by 0.22% to 13025.45 points. However, the Sci-Tech 50 Index fell by 0.30% to 1401.26 points, while the ChiNext Index saw a slight increase of 0.09% to 3062.16 points. Overall, 2991 stocks rose, 2301 fell, and 143 remained unchanged, with a total trading volume of 16439 billion yuan, a decrease of 239.47 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, coal, oil and petrochemicals, social services, non-ferrous metals, non-bank financials, and media sectors experienced the highest gains. Conversely, the telecommunications, real estate, building materials, electronics, pharmaceutical biology, and national defense industries faced the most significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included ice and snow tourism, lithium mining, central enterprise coal, near-term new stocks, short drama games, lithium extraction from salt lakes, quantum technology, selected chemical fibers, cybersecurity, operating systems, cross-strait integration, selected coal mining, Kimi, aluminum industry, and lithium battery electrolyte sectors [2].

- The Shanghai Composite Index experienced a slight increase of 0.10% on October 16, 2025[5] - The CSI 300 Value Index performed well, rising by 0.64% on the same day[5] - The coal, banking, and food & beverage sectors showed strong performance with returns of 2.49%, 1.41%, and 0.98% respectively[6] - The ETF with the highest premium on October 15, 2025, was the CSI A100 Index ETF with a premium of 2.38%[22] - The ETF with the highest discount on the same day was the STAR Market Composite Index ETF Xingye with a discount of 0.68%[22] - The financing balance as of October 16, 2025, was 24,401 billion yuan, while the securities lending balance was 171 billion yuan[17] - The financing and securities lending balance accounted for 2.6% of the market's total circulating market value as of October 16, 2025[21] - The financing and securities lending transactions accounted for 11.1% of the market's total transaction volume on the same day[21] - The median annualized discount rates for the main contracts of the SSE 50, CSI 300, CSI 500, and CSI 1000 stock index futures over the past year were 0.05%, 2.72%, 10.32%, and 12.84% respectively[27] - On October 16, 2025, the annualized discount rate for the main contract of the SSE 50 stock index futures was 0.04%, at the 51st percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 300 stock index futures on the same day was 3.34%, at the 44th percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 500 stock index futures on the same day was 12.74%, at the 36th percentile over the past year[27] - The annualized discount rate for the main contract of the CSI 1000 stock index futures on the same day was 14.45%, at the 39th percentile over the past year[27]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index down 0.18% closing at 3821.83 points, and the Shenzhen Component Index down 0.29% closing at 13119.82 points. The ChiNext Index increased by 0.21% to close at 3114.55 points. Overall, 4264 stocks fell while 1107 stocks rose, with a total trading volume of 24944 billion yuan, an increase of 3729 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the Shenwan first-level industries, only five sectors including banking, coal, electric equipment, public utilities, and home appliances saw gains, while the rest experienced declines. The sectors that led the decline included social services, retail, computer, comprehensive, steel, and pharmaceutical biology [1][2]. Sector Highlights - The top-performing concept sectors today included semiconductor equipment, semiconductor silicon wafers, advanced packaging, central enterprise banks, photolithography machines, the SMIC industrial chain, EDA, selected banks, Moore Threads, selected central enterprise coal, semiconductor industry, semiconductor materials, the National Big Fund, selected coal mining, and photovoltaic inverters [2].