资产间相关性对A股的影响 策略专题研究 研究团队：邓宇林、包承超、肖遥志 报告日期：2026年02月27日 证券研究报告 * 请务必阅读最后一页免责声明 1 ➢ 1、美股对A股的影响：从相关性角度看，周度视角下，A股美股的相关性提升有利于A美共振上行；长期视角 下，A股需要一个A股美股长期低相关的环境。 ➢ 2、多权益资产相关性：长期看，欧美权益市场内部的相关性较高，亚洲市场内部的相关性较高。长期看，各国 权益间的低相关性对A股较为有利。 ➢ 3、多资产相关性：权益、黄金、银、铜、油等资产长期呈现明显正相关；美元指数、债券与以上资产负相关； 整体而言，长期看，A股市场的较好表现需要多资产相关性处于下降的过程或者处于中低位水平。 ➢ 风险提示：全球地缘政治出现重大变化，导致全球市场风险偏好急剧变化。市场流动性超预期变化。历史数据 不代表未来。 01 资产间相关性对A股的影响 02 风险提示 目 录 C O N T E N T S 证券研究报告 * 请务必阅读最后一页免责声明 摘要 图表：当前市场重新进入中波动阶段 资料来源：wind，国联民生证券研究所 证券研究报告 * 请务必阅读最后一页免责声明 证券研究报告 ...

来源：第一财经 恒指报26661.2点，跌0.39%，恒生科技指数报5173.65点，跌1.65%，农业产品、公用事业、综合企业板 块领涨，煤炭、石油及天然气、媒体及娱乐板块领跌。（AI生成） ...

来源：第一财经 恒指报26560.57点，跌1.93%，恒生科技指数报5258.33点，跌2.36%。半导体、化工板块活跃，传媒、 消费板块低迷。（AI生成） ...

每经AI快讯，2月24日，港股低开，恒生指数跌0.62%，恒生科技指数跌1.02%。 ...

责任编辑：尉旖涵 责任编辑：尉旖涵 ...

Group 1 - The Hong Kong stock market indices opened high and continued to rise, with all three major indices increasing by over 2%, and the Hang Seng Tech Index rising by 2.57% [1] - Technology stocks performed strongly, with Meituan, JD.com, BYD, and NetEase all rising over 3%, while Alibaba and Xiaomi Group saw increases of over 2% [1] - Chip stocks also experienced a broad rally, with Hua Hong Semiconductor rising by 4% and SMIC increasing by over 3% [1]

Core Viewpoint - The Hong Kong stock market opened on the first trading day of the Year of the Horse with the Hang Seng Index down by 0.18% and the Hang Seng Tech Index opening nearly 0.7% lower [1] Market Performance - The Hang Seng Index experienced a decline of 0.18% at the opening [1] - The Hang Seng Tech Index saw a decrease of nearly 0.7% at the start of trading [1]

Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

Group 1 - The Hong Kong stock market continues to decline, with the Hang Seng Index dropping by 1.8% [1] - The Hang Seng International Index decreased by 1.7% [1] - The Hang Seng Technology Index fell by 1.6% [1]

Group 1 - The Hong Kong stock market opened lower on February 13, with the Hang Seng Index declining by 1.45% [1] - The Hang Seng Tech Index also fell, decreasing by 1.59% [1]