国投证券指出，科技风格有望卷土再来。基于历史复盘，春节前后发生成长和价值风格切换的概率 极高，整体呈现"春节前偏向价值与大盘，春节后偏向成长和中小盘"的特征。目前看，随着海外市场企 稳，春节期间机器人和大模型再次迎来催化以及海外AI巨头业绩影响，科技成长风格将有望卷土再 来。在结构层面，科技内部存在再均衡："新"的本质是"AI科技向下游走"，将向第四阶段供需缺口环节 逐渐过渡，其下游缺口包括AI应用、元器件等。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承受能力匹 ...

相较沪深300而言，中证A500强调行业均衡与细分龙头，其风格更分散、成长性暴露更高，能在产业结 构升级周期提供更优的Beta底盘。所以，其指数历史走势更优。截至2025年末，中证A500指数基日以 来涨幅高达464.28%，而同期沪深300指数为361.15%，超额为103.13%。 从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多，更多 人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 （文章来源：每日经济新闻） 2月24日，沪指突破4100，中证A500ETF（159338）涨超1%，科技成长风格有望卷土重来。 国投证券指出，基于2010年至2025年总计16年春节前后行情对比，历史上春节前后发生大小盘切换概率 偏高，且切换方向无一例外是由大盘向中小盘切换。这说明若节前偏大盘，那么节后偏向中小盘的定价 概率很高。从春节前的行情看，市场风格开始向价值风格倾斜，科技成长风格相对回落。随着海外市场 企稳及AI领域迎来催化，倾向于认为在春节后科技成长风格将有望卷土再来，市场风格可能呈现"春节 前偏向价值与大盘，春节 ...

节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗口，叠加海外美国 关税违宪和特朗普访华日程敲定支撑风险偏好、国内宏观和产业层面的密集催化对结构上形成指引，继 续看好A股节后迎来新一轮上行。 国投证券：科技成长风格将有望卷土再来 从春节前的行情看，春节前一个月市场风格开始向价值风格倾斜，科技成长风格相对回落。目前看随着 沃什边际影响减弱，海外市场企稳，春节机器人和大模型再次迎来催化以及海外AI巨头业绩影两大领 域的担忧明显缓解，节后科技成长风格将有望卷土再来。 凤凰网财经讯 2月24日，A股三大指数集体高开，沪指涨1.15%，深成指涨1.52%，创业板指涨1.7%。有 色金属、油气、算力等板块指数涨幅居前。 机构观点 兴业证券：继续看好节后新一轮上行 市场风格再平衡的核心，从来不是AI的泡沫存在与否，而在于AI的宏观影响叠加货币政策、大国政策 选择，主要矛盾正在发生变化，紧缺环节已经转移：投资活动由过去单一的AI驱动向更广谱的实体部 门扩散；而未来美国降息路径的相对顺畅，也在为全球制造业周期修复这一重要主线提供顺风环境。实 物资产的重估逻辑从流动性和美元信用切换至产业低库存和需求企稳： ...

（原标题：券商晨会精华 | 科技成长风格将有望卷土再来） 从春节前的行情看，春节前一个月市场风格开始向价值风格倾斜，科技成长风格相对回落。目前看随着沃什边际影响减弱，海外市场企稳，春节 机器人和大模型再次迎来催化以及海外AI巨头业绩影两大领域的担忧明显缓解，节后科技成长风格将有望卷土再来。 国金证券：把握全球实物资产主线 市场风格再平衡的核心，从来不是AI的泡沫存在与否，而在于AI的宏观影响叠加货币政策、大国政策选择，主要矛盾正在发生变化，紧缺环节已 经转移：投资活动由过去单一的AI驱动向更广谱的实体部门扩散；而未来美国降息路径的相对顺畅，也在为全球制造业周期修复这一重要主线提 供顺风环境。实物资产的重估逻辑从流动性和美元信用切换至产业低库存和需求企稳：铜、铝、锡、原油及油运、稀土、金；具备全球比较优势 且周期底部确认的中国设备出口链——电网设备、储能、工程机械、晶圆制造，以及国内制造业底部反转品种——石油化工、印染、煤化工、农 药、聚氨酯、钛白粉等；抓住资金回流+缩表压力缓解+人员入境趋势的消费回升通道——航空、免税、酒店、食品饮料；受益于资本市场扩容与 长期资产端回报率见底的非银金融。 本文转载自"智通财 ...

机构认为，科技成长风格有望在春节假期后卷土重来。 【财经日历】 国家统计局公布70个大中城市住宅销售价格月度报告 恒指公司宣布2025年第四季度恒指系列检讨结果 美国1月CPI 财报发布：爱彼迎 ►►外交部发言人林剑主持2月12日例行记者会。会上有记者提问，有报道称特朗普总统预计将访华，与中方领导人举行会晤。报道还称，美方预计贸易休 战将会延长。请问中方对此有何评论？林剑表示，元首外交对中美关系发挥不可替代的战略引领作用。不久前的两国元首通话中，特朗普总统再次表达了4 月访华的愿望，习近平主席重申了对特朗普总统访华的邀请，双方就此保持沟通。中美经贸关系的本质是互利共赢，双方可以共同落实好两国元首达成的共 识，为中美经贸合作和世界经济注入更多确定性和稳定性。 ►►商务部消息，调查机关最终裁定，原产于欧盟的进口相关乳制品存在补贴，中国国内相关乳制品产业受到实质损害，而且补贴与实质损害之间存在因果 关系。根据《反补贴条例》第三十九条的规定，商务部向国务院关税税则委员会提出对原产于欧盟的进口相关乳制品征收反补贴税的建议。国务院关税税则 委员会根据商务部的建议作出决定，自2026年2月13日起，对原产于欧盟的进口相关乳 ...

Group 1 - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech 50 Index both increasing by over 1%, and the total trading volume in the Shanghai and Shenzhen markets reaching 2.14 trillion yuan, an increase of 157.5 billion yuan compared to the previous trading day [1] - The computing power industry chain experienced a collective surge, with strong performance in computing power leasing concepts, rapid gains in CPO concepts, and afternoon increases in computing power chip concepts, while the liquid cooling server concept was also active [1] - The consumer sector saw a collective decline, with significant drops in the film and television, tourism and hotel, retail, and food and beverage sectors [1] Group 2 - The computing power center sector is gaining attention due to the dual drivers of AI computing demand and policy infrastructure, entering a golden growth cycle characterized by simultaneous increases in volume and price [2] - There is a continuous explosion in global demand for AI large model training and inference, with a surge in demand for 800G/1.6T high-speed optical communication, high-density servers, and advanced liquid cooling systems, leading to rapid growth in the computing power leasing and scheduling markets [2] - The industry is experiencing a high level of prosperity, with a resonance between industry growth and capital preferences, supported by policy implementation, technological iteration, and performance realization, indicating a sustained and explosive growth potential for the computing power center [2]

Market Overview - The three major indices showed mixed performance, with the ChiNext and Sci-Tech 50 indices dropping over 1%. The trading volume in the Shanghai and Shenzhen markets fell below 2 trillion yuan for the first time in 31 trading days, decreasing by 121.3 billion yuan compared to the previous trading day. Over 3,200 stocks in the market declined, while the chemical sector showed strength, and the glass fiber concept surged. The closing figures were: Shanghai Composite Index up 0.09%, Shenzhen Component Index down 0.35%, and ChiNext down 1.08% [1]. Investment Insights National Investment Securities - National Investment Securities predicts a resurgence of the technology growth style after the Spring Festival, suggesting that historical trends indicate a significant style switch is likely. If the market leans towards value and large caps before the festival, it is expected to shift towards technology growth and small caps afterward. The firm believes that the technology growth style will likely prevail post-Spring Festival, supported by liquidity easing and weak macro fundamentals [2]. CITIC Securities - CITIC Securities notes that precious metals have experienced significant adjustments due to panic triggered by Kevin Warsh's nomination. However, the firm maintains that precious metals will continue to trend upward due to high global debt and increasing geopolitical risks. Basic industrial metals are expected to return to their supply-demand pricing after a brief adjustment, supported by genuine demand from downstream entities. Additionally, the U.S. has initiated a critical mineral reserve plan, highlighting the importance of mineral resources and driving up valuations for resource-related assets [3]. Guosheng Securities - Guosheng Securities highlights six key signals from the central bank's fourth-quarter monetary policy report. Notably, the report emphasizes promoting stable economic growth as a crucial consideration for monetary policy, indicating that a weakening fundamental outlook will likely trigger monetary easing. The report also reflects a cautious approach to interest rate cuts, with a shift from "promoting cost reduction" to "facilitating low-cost operation" in social financing. Furthermore, the report discusses the impact of resident deposit "loss" on liquidity and emphasizes the need for coordinated monetary and fiscal policies to enhance policy effectiveness [4].

Core Viewpoint - The article discusses the increasing complexity of selecting mutual funds in a growing market, highlighting the role of Fund of Funds (FOF) as a guide for investment decisions, particularly focusing on the popularity of quantitative and conservative fund strategies [3][4][5]. Group 1: FOF and Fund Performance - FOFs are seen as "smart money" due to their backing by institutional research systems, which provide them with a keen market sense and professional selection logic [4][5]. - The article analyzes quarterly holdings data from FOFs to reveal institutional fund flows and market style shifts [6]. - The top actively managed equity fund by FOF holdings is the Baodao Jiuhang C (008319.OF), which has been included in the portfolios of 22 FOFs and achieved over 40% returns last year [7][9]. Group 2: Fund Performance Metrics - Baodao Jiuhang C has shown significant performance metrics, with a return of 40.14% in 2025, outperforming its benchmark and the CSI 300 index [8]. - The second fund, Baodao Growth Zhihang C (013642.OF), managed by Yang Meng, also performed well with nearly 50% returns last year, but its quarterly holding change dropped by 49.4%, indicating some profit-taking [10]. - The third fund, Fuguo Stable Growth C (010625.OF), managed by Fan Yan, is known for its balanced and stable approach, being favored by 17 FOFs [11][12]. Group 3: Investment Strategies and Trends - The article notes a trend where FOF managers prefer C-class shares for tactical allocations due to their lower transaction costs and flexibility, especially in volatile sectors like technology [31][32]. - A-class shares are typically seen as long-term holdings, while C-class shares are favored for short-term strategies, reflecting a tactical approach by FOFs [30][34]. - The upcoming regulatory changes may blur the lines between A-class and C-class shares, potentially impacting FOF strategies in the future [35].

Group 1 - Jieqiang Equipment and its actual controller Pan Feng were sentenced for unit bribery, with the company fined 1.5 million yuan and Pan receiving a prison sentence of 1 year and 9 months, which may impact the company's brand reputation and business expansion, although control remains unchanged and operations are normal [2] - The National Integrated Circuit Fund is intensifying its reduction of shares in semiconductor companies, with a focus on core segments such as semiconductor equipment and materials, as it enters a recovery phase [2] - BlackRock China suggests that gold has long-term allocation value, while the A-share market's bull run requires several conditions to continue, including sufficient liquidity and a phase of profit realization [2] Group 2 - Guotai Junan predicts a high probability of style switching in A-shares after the Spring Festival, with a potential return of technology growth stocks, indicating a shift from value and large-cap stocks to growth and small-cap stocks [3] - The net value of Guotai Junan's silver futures LOF plummeted by 31.5% in a single day, leading to investor dissatisfaction over perceived double standards in pricing strategies [3] - The U.S. Treasury Secretary indicated that the Federal Reserve will not rapidly reduce its balance sheet, which may take about a year to decide, raising concerns about market volatility and the Fed's independence [3] Group 3 - As the Spring Festival approaches, banks are intensifying their deposit acquisition competition, with some small banks raising specific deposit product rates close to 2%, while large banks offer incentives [4] - Barclays warns that quantum computing may achieve "quantum advantage" by 2026-2027, potentially creating a market exceeding 100 billion dollars for chip giants [5] - The upcoming U.S. non-farm payroll report may reveal stagnation in employment growth, which could influence the Federal Reserve's interest rate policy [5] Group 4 - The Shanghai, Shenzhen, and Beijing Stock Exchanges announced optimized refinancing measures to support quality listed companies in innovative development, enhancing review efficiency and accommodating the needs of tech enterprises [5]

Core Insights - The ChiNext ETF Tianhong (159977) has seen significant trading activity, with a transaction volume of 117 million yuan and a strong increase of 3.06% in the tracked ChiNext Index (399006) [1] - The ChiNext ETF Tianhong (159977) has experienced a substantial growth of 11.76 million shares over the past six months, with a total net inflow of 44.08 million yuan in the last four days [2] Product Highlights - The ChiNext ETF Tianhong (159977) offers several advantages: it bundles a variety of ChiNext stocks, has a daily price fluctuation limit of ±20%, requires no asset or investment duration for account opening, and allows for convenient trading like stocks [3] Industry Events - The Shanghai government highlighted its strengths in the artificial intelligence sector, including collaborative industrial clusters, large market scenarios, talent supply, and a complete financial system. Shanghai accounts for nearly 10% of the national computing power and has launched various initiatives to support AI development [4] Institutional Views - Guotai Junan Securities noted that the market remains in a high volatility state before the Spring Festival, suggesting that the next wave of market activity will likely be based on logic rather than sentiment. They anticipate a potential resurgence of technology growth stocks after the Spring Festival [5]