证券研究报告 | 策略点评 2026 年 02 月 27 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 指数涨跌情况：今日 A 股主要指数涨跌不一。截止收盘，沪指上涨 0.39%，收 报 4162.88 点；深证成指跌 0.06%，收报 14495.09 点；创业板指跌 1.04%， 收报 3310.3 点；科创 50 指数涨 0.15%，收报 1488.02 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 3267 只个股上涨，2066 只个股下跌，146 只个股收平。沪深两市今日成交额合计 24880 亿元，较上个交易日缩量 504 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、煤炭、有色金属、公用 事业、农林牧渔等行业领涨，涨幅分别为 3.37%、3.20%、3.10%、2.27%、2.06%， 建筑材料、通信、电子、汽车、家用电器等行业领跌，跌幅分别为 1.45%、1.38%、 0.71%、0.41%、0.39%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀有金属精选、稀土、培育 钻石、小金 ...

证券研究报告 | 策略点评 2026 年 02 月 25 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260225 今日关注 指数涨跌情况：今日 A 股主要指数普遍收涨。截止收盘，沪指上涨 0.72%，收 报 4147.23 点；深证成指涨 1.29%，收报 14475.87 点；创业板指涨 1.41%， 收报 3354.82 点；科创 50 指数涨 0.54%，收报 1473.28 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 3742 只个股上涨，仅 1609 只个股下跌， 127 只个股收平。沪深两市今日成交额合计 24625 亿元，较上个交易日放量 2605 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、有色金属、建筑材料、 房地产、基础化工等行业领涨，涨幅分别为 4.69%、3.48%、2.75%、2.53%、 2.16%，仅有传媒、银行领跌，跌幅分别为 1.15%、0.46%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀土、稀有金属精选、磷化 工、小金属、稀土永磁、 ...

Market Overview - The A-share market saw all major indices close higher today, with the Shanghai Composite Index up 0.05% at 4134.02 points, the Shenzhen Component Index up 0.86% at 14283.00 points, the Sci-Tech 50 Index up 1.78% at 1480.99 points, and the ChiNext Index up 1.32% at 3328.06 points [1][12] - Overall, there were 2107 stocks that rose and 3273 stocks that fell, with a total trading volume of 21,417 billion yuan, an increase of 1,575 billion yuan compared to the previous trading day [1][12] Industry Performance - Among the Shenwan first-level industries, the top gainers included the comprehensive sector (up 5.31%), electronics (up 1.73%), electric equipment (up 1.65%), and computers (up 1.58%). The sectors that saw the largest declines were beauty care (down 1.77%), retail (down 1.57%), textiles and apparel (down 1.49%), and agriculture, forestry, animal husbandry, and fishery (down 1.49%) [1][12] Concept Sector Performance - The leading concept sectors today included optical modules (CPO), optical chips, optical communications, AI computing power, IDC (computing power leasing), ultra-high voltage, GPU, selected rare metals, fiberglass, cloud computing, DeepSeek, liquid-cooled servers, East Data West Computing, Huakun Zhenyu, and charging piles [2]

- The report does not contain any quantitative models or factors for analysis [1][2][3][4]

Market Overview - The A-share market saw mixed performance today, with the Shanghai Composite Index rising by 0.09% to close at 4131.98 points, while the Shenzhen Component Index fell by 0.35% to 14160.93 points. The ChiNext Index decreased by 1.08% to 3284.74 points. Overall, there were 2047 stocks that rose and 3236 that fell, with a total trading volume of 19843 billion yuan, down by 1213 billion yuan from the previous trading day [1][10]. Industry Performance - Among the Shenwan first-level industries, construction materials, non-ferrous metals, and petroleum and petrochemicals showed the highest gains, with increases of 3.29%, 2.39%, and 2.18% respectively. Conversely, the communication, media, and electronics sectors experienced the largest declines, with decreases of 2.17%, 1.99%, and 1.74% respectively [1][10]. Concept Sector Performance - The top-performing concept sectors today included fiberglass, selected rare metals, cobalt mines, lithium battery electrolytes, small metals, lithium mines, selected chemical fibers, copper-clad boards, rare earths, nickel mines, lithium extraction from salt lakes, rare earth permanent magnets, and cement manufacturing [2].

- Quantitative model and factor construction - Model name: None mentioned - Factor name: None mentioned - Model backtesting results - None mentioned - Factor backtesting results - None mentioned

Domestic Market Overview - The domestic market experienced a pullback after an initial rise, with the Shanghai Composite Index closing at 4132.61 points, down 0.09%, and the Shenzhen Component Index at 14316.64 points, down 0.85% [1][4][7] - Among the 30 sectors tracked, 9 sectors saw gains, with non-ferrous metals, oil, petrochemicals, and coal leading the increases, while defense, automotive, and comprehensive finance sectors faced significant declines [1][4][7] - The total trading volume of the A-share market reached 32,806 billion, showing a slight increase compared to the previous day [1][4][7] Overseas Market Overview - The three major U.S. stock indices all closed higher, with the Dow Jones up 0.64%, the S&P 500 up 0.5%, and the Nasdaq up 0.43%. Notably, Cisco rose over 3% and Apple nearly 3%, leading the Dow [2][4] - The Nasdaq Golden Dragon China Index fell by 0.6%, with Baidu dropping over 3% and Xpeng Motors down over 2% [2][4] Key News Highlights - The Ministry of Commerce announced plans to optimize the implementation of the old-for-new consumption policy [3][9] - By 2025, domestic residents are expected to travel 6.522 billion times, a year-on-year increase of 16.2% [11] - The Ministry of Foreign Affairs stated that the establishment of a new strategic partnership between China and Canada is beneficial for global peace and stability [12] Driving Factors - Recent policies aimed at fostering new growth points in service consumption are set to be introduced, including measures to expand inbound consumption and optimize the old-for-new consumption policy for durable goods like automobiles and home appliances [8] - On the same day, 1,604 stocks rose while 3,771 fell, indicating a market in consolidation with a focus on macroeconomic data [8]

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index slightly down by 0.09% closing at 4132.61 points, the Shenzhen Component Index down by 0.85% at 14316.64 points, the ChiNext Index down by 0.91% at 3319.15 points, and the STAR 50 Index down by 1.35% at 1532.8 points [1] - Overall, there were 1602 stocks that rose and 3767 stocks that fell, with a total trading volume of 32,482 billion yuan, an increase of 1630 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, non-ferrous metals, petroleum and petrochemicals, coal, agriculture, forestry, animal husbandry, and fishery led the gains with increases of 4.57%, 3.18%, 2.07%, 0.85%, and 0.79% respectively [1] - Conversely, industries such as defense and military, automotive, social services, electronics, and real estate experienced declines, with decreases of 4.47%, 2.31%, 2.30%, 2.24%, and 2.23% respectively [1] Concept Sector Performance - The top-performing concept sectors included gold and jewelry, vaccines, selected rare metals, animal health, blood products, industrial metals, nickel ore, rare earths, influenza, cobalt ore, small metals, and biotechnology [2] - Sectors such as satellite internet, commercial aerospace, satellite navigation, and military information technology experienced pullbacks [2]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index up by 0.08% closing at 4116.94 points, the Shenzhen Component Index up by 0.70% at 14255.13 points, the Sci-Tech 50 Index up by 3.53% at 1535.39 points, and the ChiNext Index up by 0.54% at 3295.52 points [1][10] - Overall, 3095 stocks rose while 2195 stocks fell, with a total market turnover of 26,006 billion yuan, a decrease of 1,770 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included non-ferrous metals (up 2.79%), electronics (up 2.62%), machinery and equipment (up 1.50%), steel (up 1.39%), and building materials (up 1.35%) [1][10] - Conversely, the banking, coal, and food and beverage sectors experienced declines, with decreases of 1.58%, 1.57%, and 1.53% respectively [1][10] Concept Sector Performance - The leading concept sectors today included GPU, advanced packaging, selected rare metals, lithium mining, gold and jewelry, circuit boards, copper industry, optical modules (CPO), HBM, analog chips, small metals, ASIC chips, copper-clad laminates, selected semiconductors, and automotive chips [2]

Market Overview - The A-share market showed a general upward trend today, with the Shanghai Composite Index rising by 0.92% to close at 4120.43 points, and the Shenzhen Component Index increasing by 1.15% to 14120.15 points [1] - The ChiNext Index rose by 0.77% to 3327.81 points, while the Sci-Tech 50 Index increased by 1.43% to 1475.97 points [1] - Overall, 3918 stocks rose, while 1344 stocks fell, with a total trading volume of 31,227 billion yuan, an increase of 3,224 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, sectors such as Media, Comprehensive, National Defense and Military Industry, Computer, and Nonferrous Metals led the gains, with increases of 5.31%, 3.60%, 3.29%, 2.90%, and 2.78% respectively [1] - Conversely, the Banking and Non-Banking Financial sectors experienced declines of 0.44% and 0.20% respectively [1] Concept Sector Performance - The top-performing concept sectors today included Pinduoduo partners, Xiaohongshu platform, Kimi, Douyin Doubao, WEB3.0, Virtual Humans, ChatGPT, AIGC, Internet Celebrity Economy, Rare Metals Selection, Multimodal Models, Short Drama Games, Intelligent Agents, Chinese Corpus, and Live Streaming E-commerce [2] - In contrast, sectors such as Silicon Energy, Power Equipment Selection, Photovoltaic Glass, Insurance Selection, and Banking Selection saw a pullback [2]