证券研究报告 | 2026年02月26日 2026年02月27日 策略月报 一页纸精读行业比较数据：2 月 投资链：2 月以来有色价格全面上升。25 年 12 月固定资产投资累计同比增 速下降至-3.80%，房地产开发投资累计同比降幅下降至-17.20%，制造业固 定资产投资累计同比增速下降至 0.60%，基础设施建设投资累计同比增速下 降至-1.48%。26 年 2 月以来铜、铝、锌、铅、锡、镍、黄金、白银价格上升； 26 年 2 月动力煤价格持平于 685 元/吨，焦煤价格持平；26 年 2 月普通水泥 平均价格下降；26 年 2 月以来钢材价格下降；26 年 2 月以来轻质纯碱价格 下降；26 年 1 月大型、轻型客车销量当月同比增速下降，中型客车当月同比 增速上升。 消费链：1 月汽车销量同比增速小幅回升。2025 年 12 月社消额当月名义同 比增速回落至 0.90%，累计名义同比增速回落 3.70%；25 年 12 月消费者信心 指数下降至 89.50；2025 年 12 月商品房销售面积累计同比增速降幅扩大， 增速下降至-9.53%；2026 年 1 月汽车销量当月同比增速上升至-3.18%；2 ...

Group 1 - The core viewpoint of the articles highlights a significant inflow of funds into the Hang Seng Technology Index, exceeding 10.2 billion yuan over the past five trading days, indicating strong investor interest in technology and internet sectors [1][2][3] - On August 4, the overall stock ETF market saw a net inflow of 551 million yuan, marking the second consecutive day of net inflows in August, with 19 ETFs experiencing net inflows exceeding 100 million yuan [2][3] - The top three ETFs by net inflow on August 4 were the Hang Seng Technology ETF, Securities ETF, and Hong Kong Stock Connect Internet ETF, each attracting over 500 million yuan [2][3] Group 2 - Conversely, certain broad-based and sector-specific ETFs experienced significant outflows, with 16 ETFs seeing net outflows exceeding 100 million yuan, particularly in the Sci-Tech 50, Shanghai Stock Exchange 50, and gaming sectors [5][6] - The Sci-Tech 50 ETF had a combined net outflow of over 1 billion yuan, while the Shanghai Stock Exchange 50 ETF saw net outflows exceeding 300 million yuan [6][7] - Market analysts suggest that the recent adjustments in the A-share market are normal after a period of continuous gains, with a focus on policy support and growth sectors such as technology innovation and consumer chains [6][7]