北交所策略专题报告 2026 年 03 月 01 日 2025 北交所业绩快报：五大行业均增收，化工新材利润修复领跑 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025 年北交所业绩快报出炉，化工新材实现营收+归母净利润同比增长 截至 2025 年 2 月 28 日北交所 2025 年业绩快报披露完毕，整体企业营收增速为 5.79%，归母净利润增速为-8.68%。从收入端来看，2025 年北交所企业营业收入 均值为 7.36 亿元，同比 2024 年均值增长 5.79%；中值为 4.19 亿元，同比 2024 年中值增长 0.05%。从利润端来看，2025 年北交所企业归母净利润均值为 4337 万元，同比 2024 年均值下滑 8.68%；中值为 2979 万元，同比 2024 年中值下滑 23.56%。从营收增速的分布维度来看，北交所 2025 年营收实现正增长的企业占 比 62.71%。2025 年北交所共有 185 家公司营收同比正增长，20 家公司增速超 40%。从归母净利润增速的分布维度来看，北交所 20 ...

证券研究报告 策略点评（R2） 中东冲突升级，关注商品、军工及"HALO 交易" 财信证券宏观策略周报（3.2-3.6） 2026 年 03 月 01 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 0.73 7.73 23.15 沪深 300 0.08 4.27 18.96 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 投资要点 请务必阅读正文之后的免责声明 大势研判。后续行情走向仍存在两点隐忧：一是海外局势动荡加剧，中东冲 突、美国关税走势均存在较大不确定性，将对市场风险偏好产生影响。二是 "日历效应"支撑作用减弱。随着春季躁动行情临近尾声、业绩披露季到来， 预计市场走势将回归基本面。长期来看，我们维持"春节后至 4 月底 A 股指 数走势将逐步回归市场内在动能，整体呈现宽幅震荡走势，双向波动幅度可 能加大，指数级别机会仍需等待"的判断，静待两会政府工作报告指引以及 4 月底 A 股业 ...

Market Strategy - The market is expected to experience a slight upward trend amidst a sideways movement, with a focus on mid-cap stocks while maintaining operational rhythm [2] - The index showed a pattern of initial decline followed by recovery in February, aligning with the expectation of a "sideways trend with slight strengthening" [2] - The improvement in domestic risk assessment is seen as a long-term confidence restoration rather than a catalyst for a strong market rally [2] Style Strategy - Mid-cap blue chips are trending positively, while technology growth stocks are expected to experience rotation [3] - Chemical and non-ferrous metals mid-cap blue chips have continued to lead the market in February, consistent with previous assessments since November [3] Industry Strategy - The transportation sector is witnessing high passenger flow and diversified demand, with significant inter-regional mobility becoming the norm [4] - As of now, railway passenger volume has increased by 4.1% year-on-year, while road mobility has risen by 5.1%, both lower than the 5.3% increase in civil aviation passenger volume [4] - The preference for self-driving travel remains high, with 86% of road mobility attributed to non-commercial vehicles, reflecting consumer demand for comfort and in-depth travel experiences [4] Thematic Strategy - The commercial aerospace sector presents rebound opportunities, particularly in inflation-related leading companies [5] - Despite lower-than-expected launch numbers in February, the commercial aerospace sector is anticipated to rebound due to ongoing domestic and international industry development [5] - Key developments in the commercial aerospace sector, including the potential for intensive verification of reusable rocket tests from March to June, are expected to catalyze growth [5]

业内人士表示，这与去年以来A股市场的强劲表现和各方对市场的信心愈发充足有着密切关系。 值得注意的是，今年以来，行业头部效应显著。在发行产品的基金管理人中，中欧基金以5只产 品、76.70亿元规模居首，万家基金、中银基金则以48.93亿元、35.49亿元的成绩紧随其后。头部公司凭 借品牌与投研优势，单只产品平均规模达15.34亿元，显著高于行业均值的8.57亿元。中小机构则聚焦细 分领域，如东财基金（5.57亿元）、中航基金（2.40亿元）通过主题基金实现差异化突围。 展望节后市场，博时基金认为，春节期间海外股市表现稳中有进，春节前市场担忧的风险因素在假 期期间基本没有发生。同时，春节期间出行、餐饮消费表现旺盛。 宏利基金权益投资部执行总经理李坤元认为，海外方面，今年美联储降息预期较强，全球将进 入"降息+流动性宽松"局面，整体对权益类资产有利；同时，国内各项经济指标好转，企业盈利明显改 善，将对A股市场形成有利支撑。在她看来，随着2026年企业盈利企稳、PPI改善、外资回流，高质量 风格（高ROE标的、行业龙头）风格有望回归。李坤元表示，宏利基金新发产品将聚焦于"科技成 长"与"中国优势"两大核心主线。一是A ...

经济观察网 八亿时空（688181）近期股价表现活跃，近5个交易日累计上涨3.75%。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势八亿时空（688181）在近一周内股价表现活跃。2026年2月25日，该股收盘报36.00元，单 日涨幅1.90%，成交金额约2.02亿元，换手率达4.22%。近5个交易日累计上涨3.75%，但近20日仍下跌 3.49%。资金流向方面，2月25日主力资金净流出511.23万元，散户资金呈净流入状态。公司主营业务为 液晶材料，所属电子板块近期整体上涨，光学光电子板块近5日涨幅0.85%。 近期事件A股市场在2026年2月25日前后热度回升，成交额放量至2.46万亿元，周期品如有色金属、化工 等板块集体上涨，受福建、河南等多地发布汽车以旧换新补贴细则等政策推动。公募基金高管对2026年 A股结构性机会持乐观态度，强调科技成长、能源转型等领域潜力，可能间接利好科技类股票。 ...

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index up 0.72% to 4147.23 points, the Shenzhen Component Index up 1.29%, and the ChiNext Index up 1.41% [2][7] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 24,809 billion yuan, an increase of 2,627 billion yuan compared to the previous trading day, with over 3,700 stocks rising and a significant increase in market profitability [2][7] Driving Forces - The core driving force behind today's market performance is attributed to liquidity easing and a shift in capital between high and low sectors. The central bank's MLF (Medium-term Lending Facility) has injected ample liquidity, while northbound capital has steadily flowed in, providing solid financial support for the market [3][7] - Market sentiment has shifted rapidly towards cyclical stocks and resource price increases, with funds withdrawing from high-position technology sectors such as AI applications and film industries, and flowing into undervalued cyclical sectors like non-ferrous metals, rare earths, chemicals, oil and gas, and steel [3][7] Sector Performance - Rare earth permanent magnets, phosphorus chemicals, and small metals have all surged, with stocks like Northern Rare Earth and Baogang Co. receiving significant net inflows, becoming the strongest leaders in the market [3][7] - Growth sectors such as semiconductor equipment, energy storage, and electric power equipment have also become active, resonating with cyclical stocks to support the index's upward movement [3][7] Market Logic - The sector differentiation reflects a defensive offensive logic in the current market. On one hand, the recovery in global resource prices and the rising expectations for domestic economic recovery have enhanced the certainty of cyclical stock profit recovery and opened up valuation repair space [8] - On the other hand, after the Spring Festival, market risk appetite has gradually improved, but funds are more inclined to invest in sectors with solid fundamentals and lower positions to avoid risks associated with high-position themes [8] Future Outlook - The rebound in the A-share market has a foundation for continuation, with cyclical and growth sectors remaining the core configuration direction. Short-term attention should be paid to the sustainability of trading volume and the rhythm of sector rotation, as the resource price increase theme is expected to continue to develop, while technology growth will focus on structural opportunities [4][8]

sui[Table_Title] 研究报告 Research Report 24 Feb 2026 国泰海通香江策论 Global Macro Strategy 美股分化显著，成长有望回归 U.S. Stocks Showed Notable Divergence, Growth Stocks Poised for a Comeback 张忆东 Yidong Zhang 刘念芸 Nianyun Liu 李加惠 Jiahui Li, CFA yd.zhang@htisec.com ny.liu@htisec.com jh.li@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [(Table_summary] Please see APPENDIX 1 for English summary) 一、宏观经济数据韧性仍在，但动能放缓 美国四季度实际 GDP 年化季环比初值 1.4%，明显低于市场的预期 2.8%和前值 4.4%，显示美国经济增速在高基数后 出现一定降温。1 月 CPI 数据整体低于预期，核心通胀延续温和下行趋势，为美联储未来数月的政策空间提供一定 余地 ...

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 双轮驱动特征明显 "A股马年首个交易日整体呈现出全线高开、放量走强的行情，上证指数等主要指数同步走高，市场交 投活跃度显著提升。"畅力资产董事长宝晓辉表示，结合春节假期外围市场整体偏暖、资金回流预期较 强的大背景，A股的表现基本符合市场的普遍预期。 奶酪基金投资经理李铭洛则观察到盘面的双轮驱动特征，24日盘面呈现清晰的"资源品+科技成长"双轮 驱动格局——油气能源、贵金属等资源板块与AI算力、半导体、机器人等硬科技赛道领涨，前期涨幅 较大的影视、短剧游戏等题材则有所回调。"这一表现基本兑现了节前市场对'红包行情'的预期，主要 驱动力来自假期期间海外科技股上涨、地缘风险推升避险资产价格以及 ...

中国银行保险资产管理业协会(以下简称"银行保险资管业协会")近日发布的"保险机构2026年资产配置展 望调查结果"显示，保险机构今年普遍看好的境内投资资产是股票和证券投资基金。其中，多数保险机 构对2026年A股市场持较乐观的态度，并计划小幅增配A股。同时，2026年保险机构最看好的境外投资 品种是港股，黄金投资和美股投资也受到保险机构较大关注。 此外，银行保险资管业协会发布的银行保险资产管理行业投资信心指数显示，权益投资信心指数显著上 升。 境外投资看好港股 银行保险资管业协会表示，此次调查更加突出"资产配置"导向。127家保险机构参与反馈，包括36家保 险资产管理机构和91家保险公司。 调查结果显示，从大类资产配置来看，股票和证券投资基金是2026年保险机构普遍看好的境内投资资 产。多数保险机构预计对银行存款、债券、证券投资基金及其他金融资产的配置比例与2025年基本持 平，部分保险机构有意愿适度或微幅增加股票投资。 从债券配置来看，多数保险机构对2026年债券市场持中性态度。利率债方面，保险机构预计10年期国债 收益率将处于1.8%—1.9%(含)，30年期国债收益率将集中在2.2%—2.4%(含)。信 ...

Core Viewpoint - The A-share market has become active since 2026, driven by liquidity and sentiment recovery, leading to the launch of the Fuguo Core Power Mixed Securities Investment Fund on February 24 [1] Group 1: Fund Overview - The Fuguo Core Power Mixed Fund is positioned for flexible growth across the entire market, focusing on high-prosperity sectors and selecting individual stocks for investment [1] - The fund will be managed by Wu Dongdong, who has 9 years of experience in the securities industry and 4 years in fund management, with a research background spanning multiple sectors including machinery, electronics, photovoltaics, lithium batteries, and consumption [1] Group 2: Investment Strategy - Wu Dongdong's investment framework is based on four core elements: industry prosperity, development trends, business models, and company quality [2] - The strategy emphasizes dynamic adjustments to investment layouts based on changing industry trends and supply-demand structures, avoiding static reliance on any single segment [2] - The focus is on balanced allocation and risk diversification, with an aim to provide a stable long-term holding experience for investors [2] Group 3: Performance and Market Conditions - As of February 13, the Fuguo Quality Growth Fund managed by Wu achieved a nearly 45% return over the past year, significantly outperforming its benchmark [2] - The current A-share market is entering an "opportunity diffusion" phase, with technology growth sectors aligned with new productive forces presenting substantial investment opportunities [2] Group 4: Targeted Sectors - The fund will focus on five key sub-sectors: 1. AI hardware, which is experiencing a surge in demand due to increased computational power and cooling technology [3] 2. Semiconductor equipment, benefiting from the rebound in storage chip prices [3] 3. Humanoid robots, which are entering a critical application phase with increasing domestic shipments [3] 4. AI applications, particularly in AI healthcare, marketing, and software programming [3] 5. Commercial aerospace, which has long-term growth potential but requires careful selection due to prior price increases [3]