上证指数月K线图 张大伟 制图 A股二月收官 沪指月线三连阳 涨价主线大幅领跑 ◎记者 徐蔚 2月27日，A股2月行情收官。截至收盘，上证指数报4162.88点，涨0.39%；深证成指报14495.09点，跌 0.06%；创业板指报3310.30点，跌1.04%；科创综指报1849.77点，涨0.36%。全月来看，沪指累计上涨 1.09%，月线斩获三连阳；深成指累计上涨2.04%，创业板指小幅回调1.08%，科创综指累计上涨 0.94%。 交易层面，春节假期后A股交投持续活跃，沪深北三市成交额连续4个交易日突破2.2万亿元，2月27日当 日成交额约2.51万亿元，虽较前一交易日略有缩量，但仍处于近期高位水平。全市场个股涨多跌少，昨 日3271只个股上涨，91只个股涨停。增量资金入场趋势明确，两融余额节后连续3个交易日单日增长超 200亿元。 涨价题材全线爆发 2月市场热点聚焦度显著提升，涨价题材成为贯穿全月的核心投资逻辑，化工、有色金属两大板块轮番 走强，成为资金抱团的核心方向。 化工板块内部轮动快速，细分领域多点开花。染料赛道受益于行业供需格局改善，醋化股份月度涨幅超 32%；磷化工板块在春耕备肥启动、化工 ...

| 第一部分 前言概要 | 2 | | --- | --- | | 【行情回顾】 | 2 | | 【市场展望】 | 2 | | 【策略推荐】 | 2 | | 第二部分 1 | 月行情回顾 3 | | 一、股票市场——指数表现分化 | 3 | | 二、股指期货——贴水扩大，成交萎缩 | 4 | | 第三部分 后市展望及投资策略 | 7 | | 一、涨价题材的背后是资金充裕 | 7 | | 二、政策预期充满期待 | 9 | | 三、后市策略 | 9 | | 风险提示与免责声明 | 10 | 股指期货研发报告 股指期货月报 2026 年 2 月 27 日 涨价主线助力 A 股 第一部分 前言概要 【行情回顾】 2 月，A 股市场整体上继续震荡上行，指数表现有所分化。受制于大金 融板块拖累，上证 50 指数春节前后表现不佳；而中证 500 和中证 1000 指 数则由于中小值个股的活跃表现表现强势。2 月，股指期货贴水较上月明显 扩大，行情波动是使股指期货基差变化的重要原因；春节前后市场交投清淡 使股指期货成交持仓明显下降。 【市场展望】 涨价题材成为 A 股市场的重要主线，背后有产品供求关系改善也有社 会资金充裕的 ...

板块概念方面，有色金属、稀土永磁、算力租赁、黄金等板块涨幅居前，玻纤、半导体设备、PCB、锂 电池等板块跌幅居前。 两市共3164只个股上涨，91只个股涨停，1884只个股下跌，1只个股跌停，15只股票炸板，炸板率 19%。 沪指本月累计涨1.09%，呈现"冲高后窄幅震荡"的走势，月线斩获3连阳。深成指累计涨2.04%，创业板 指累计跌1.08%。 成交额方面，"日成交超万亿"已成常态，春节后市场交投持续活跃，沪深两市成交额连续4个交易日突 破2万亿。 从板块来看，热点聚焦度显著提升，受涨价催化影响，化工、有色金属等涨价题材股表现突出。化工板 块内部轮动较快，分散染料概念股醋化股份涨超32%，磷化工概念股金 正大涨超58%，百川股份涨近 50%。 凤凰网财经讯 2月27日，市场全天震荡分化，三大指数涨跌互现。有色板块集体走强，章源钨业、翔鹭 钨业等多股涨停。稀土永磁板块拉升，中稀有色涨停，包钢股份触及涨停。算力租赁概念活跃，城地香 江、利通电子等涨停。 下跌方面，玻纤概念股下挫，国际复材跌近10%。个股涨多跌少，沪深京三市约3300股飘红，今日成交 2.51万亿。 截至收盘，沪指涨0.39%，深成指跌0.06 ...

其中，PCB龙头胜宏科技上涨9.23%，上午成交额为168.75亿元，居A股第一。Wind数据显示，胜宏科技本周3个交易日累计上涨22.98%，最新市值为2789 亿元。此外，沪电股份涨停，股价创历史新高。英维克、生益科技、东山精密等个股上涨。 今天上午，A股市场的关注点主要集中在两方面。 一方面是此前被网友调侃成"古典算力"的算力龙头股纷纷走强。 算力产业链上午大涨，光模块、铜缆高速连接、PCB等板块涨幅居前。 另一方面是涨价题材继续活跃，光纤、培育钻石、数控刀具等板块上涨。 不过，涨价效应的正反面显现出来。今天上午，宁德时代、阳光电源、亿纬锂能等锂电、储能板块的龙头股跌幅较大。 有观点认为，面对近来锂电产业链上游不断涨价的情况，市场担忧涨价效应能否顺畅传导，中下游环节的盈利稳定性面临考验。 | 融 300739 | | | | | --- | --- | --- | --- | | 德邦科技 | 69.00 | 12.95% | 98.2 亿 | | 融 688035 | | | | | 威尔高 | 69.50 | 11.02% | 37.5 Z | | 融 301251 | | | | | 万源通 | ...

Market Performance - The market opened high on February 25, with a slight pullback in the afternoon before rising again, leading to the ChiNext Index and Shenzhen Component Index both increasing by over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.46 trillion yuan, an increase of 260.5 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index rose by 0.72%, the Shenzhen Component Index by 1.29%, and the ChiNext Index by 1.41% by the end of the trading day [1] Sector Movements - The market saw rapid rotation of hot sectors, with over 3,700 stocks rising, including 101 stocks hitting the daily limit [1] - The phosphate chemical sector experienced a surge, with stocks like Chengxing Co., Liuguo Chemical, and Hebang Bio achieving consecutive limit-ups [1] - The rare earth permanent magnet concept continued to rise, with Zhongce Co. and Baogang Co. hitting the limit [1] - The lithium mining sector also strengthened, with Dazhong Mining hitting the limit [1] - The semiconductor industry chain was active, with Youyan Silicon and Helin Micro hitting the 20% limit [1] - The real estate sector showed strong performance, with I Love My Home and Urban Investment Holdings hitting the limit [1] Limit-Up Stocks - A total of 75 stocks hit the limit today (excluding ST and delisted stocks), with 18 stocks achieving consecutive limit-ups [1] - Key stocks included YN Holdings with five consecutive limit-ups, Hanlan Co. in the power grid equipment sector with four consecutive limit-ups, and Jiangtong Equipment in the rare earth permanent magnet sector with four limit-ups in five days [1] Price Trends - Recent price increases have been observed in tungsten, rare earths, and dyes [13] - The international price of phosphate fertilizer has surpassed $700 per ton following the U.S. designation of key herbicides as strategic materials [13] - The demand for semiconductor chips is rising, with Shenghe Crystal Micro's IPO approved to raise 4.8 billion yuan for advanced packaging projects [13] - The demand for computing hardware is surging, leading to supply imbalances and continuous price increases in various sub-products like optical fibers and glass fibers [13]

消息面上，上海发布楼市"沪七条"，符合条件非沪籍居民可在外环内增购1套住房；持《上海市居住证》满5年及以上群体可在本市购买住房。 影视股再跌，博纳影业、横店影视2连跌停，中国电影跌超8%，光线传媒跌超5%。 | | 影视传媒 | | | | | --- | --- | --- | --- | --- | | | 901.75,-0.65% | | | | | 新闻 大V | 成分 资金 | | | | | 博纳影业 | | 10.34 | -10.01% | 0.00% | | SZ001330 | | | | | | 横店影视 | | | | | | SH603103 | | 28.27 | -10.00% | 0.00% | | 市值龙头10 | | | | | | 中国电影 | | | | | | SH600977 | | 15.32 | -8.26% | +0.39% | | 市值龙头5 | | | | | | 果麦文化 | | 43.05 | -6.62% | -0.02% | | 创 SZ301052 | | | | | | 光线传媒 | | | | | | 创 SZ300251 | | 20.6 ...

（文章来源：每日经济新闻） 每经AI快讯，2月25日，沪指全天冲高回落，深成指、创业板指涨超1%。受涨价催化影响，磷化工、航 运、稀土、油气等涨价题材表现强势。磷化工板块再度大涨，川金诺、清水源等近10股涨停。稀土永磁 板块拉升，包钢股份、中色股份等涨停。半导体产业链午后走强，和林微纳、有研硅20%涨停。截止收 盘沪指涨0.72%，深成指涨1.29%，创业板指涨1.41%。 ...

Market Overview - The market experienced a strong upward trend with all three major indices rising over 1%: Shanghai Composite Index increased by 1.2%, Shenzhen Component Index by 1.47%, and ChiNext Index by 1.43% [1] - Nearly 4,000 stocks in the market saw gains [1] Sector Performance - The sectors that performed strongly included rare earths, phosphorus chemicals, shipping, and oil and gas, driven by price increases [1] - Conversely, the film and cinema sector saw a significant decline [1] Lithium and Phosphorus Chemicals - The lithium mining sector surged, with major companies like Dazhong Mining hitting the daily limit [3] - The price of lithium carbonate futures reached 170,000 yuan/ton [3] - The phosphorus chemical sector continued its strong performance, with companies like Chengxing Co., Liuguo Chemical, and Hebang Bio achieving consecutive gains [3] - The U.S. has classified elemental phosphorus and glyphosate as critical defense materials, leading to a global restructuring of the phosphorus supply chain and pushing international phosphorus fertilizer prices above 700 USD/ton [3] Rare Earths - The rare earth permanent magnet sector was active, with companies like Northern Rare Earth and Baogang Co. hitting the daily limit [3] - Prices for heavy rare earths have significantly increased, with yttrium reaching 850 USD/kg and dysprosium at 1,100 USD/kg, marking the highest levels since 2015 [3] Film and Cinema Sector - The film and cinema sector faced a downturn, with companies like Hengdian Film and Television experiencing consecutive declines [3][6]

（文章来源：每日经济新闻） 每经AI快讯，2月25日，市场早盘震荡拉升，三大指数均涨超1%。沪深两市半日成交额1.52万亿元，较 上个交易日放量104亿元。盘面上，全市场近4000只个股上涨，受涨价催化影响，稀土、磷化工、航 运、油气等涨价题材股表现强势。从板块来看，锂矿概念快速拉升，大中矿业涨停。磷化工板块延续强 势，澄星股份、六国化工、和邦生物2连板。稀土永磁概念表现活跃，北方稀土、包钢股份涨停。油气 股反复走强，洲际油气2连板。下跌方面，影视院线概念再度下挫，横店影视2连跌停。截至收盘，沪指 涨1.2%，深成指涨1.47%，创业板指涨1.43%。 ...

2月25日，市场早盘震荡拉升，三大指数均涨超1%。沪深两市半日成交额1.52万亿，较上个交易日放量104亿。 盘面上，全市场近4000只个股上涨，受涨价催化影响，稀土、磷化工、航运、油气等涨价题材股表现强势。 从板块来看，锂矿概念快速拉升，大中矿业涨停。磷化工板块延续强势，澄星股份、六国化工、和邦生物2连板。稀土永磁概念表现活跃，北方稀土、包钢 股份涨停。油气股反复走强，洲际油气2连板。下跌方面，影视院线概念再度下挫，横店影视2连跌停。 截至收盘，沪指涨1.2%，深成指涨1.47%，创业板指涨1.43%。 78.00% 封板 68 触及 19 昨涨停今表现 4.14% 高开率 72% 获利率 涨停表现 封板率 ...