Monetary Policy - The central bank will conduct a 600 billion MLF operation today, with 300 billion MLF maturing this month, marking the 12th consecutive month of increased operations, though the scale is smaller than last month's 700 billion[3] - The February LPR is set at 3.0% for 1-year and 3.5% for 5-year loans, remaining unchanged for 9 months[3] - The capital market is stable, with short-term monetary policy in an observation phase, and the central bank is leaning towards using OMO to adjust market liquidity[3] Global Trade and Tariffs - The U.S. has officially begun imposing a 10% global tariff, with plans to increase it to 15%, affecting various industries including large batteries and industrial chemicals[3] - China is closely monitoring the situation and may adjust its countermeasures regarding tariffs on U.S. products, including fentanyl[3] Market Performance - On February 24, the Shanghai Composite Index rose by 0.87%, and the Shenzhen Component Index increased by 1.36%, with total trading volume reaching 22,020.62 billion, an increase of 2,193.82 billion from the previous trading day[4] - The U.S. stock market saw gains, with the Dow Jones up 0.76%, S&P 500 up 0.77%, and Nasdaq up 1.04%[4] Bond and Interest Rates - The yield on the 10-year government bond is at 1.8053%, with a change of +0.92 BP[4] - The average rates for R001 and R007 are 1.4518% and 1.6102%, respectively[4] Sector Performance - The top-performing sectors include petroleum and petrochemicals (+5.53%), building materials (+3.71%), and basic chemicals (+3.45%), while media, computers, and retail sectors saw declines[4]

中信证券首席经济学家明明、创金合信基金首席经济学家魏凤春、粤开证券首席经济学家罗志恒、川财 证券首席经济学家陈雳、东吴证券首席经济学家芦哲等五位资深专家普遍认为，面对国内外复杂的经济 金融环境，进一步巩固市场稳中向好的势头，需要市场多维发力、综合施策，既要以"稳"化解内外风 险，又要以"改"激发市场活力，持续引"长钱"入市降低市场非理性波动，同时提升市场回报能力增强投 资者信心，通过系统施策，夯实市场长期健康发展根基，更好助力经济高质量发展。（证券日报） ...

作者：申万宏源研究非银金融团队 生于昆明，长在盘龙江畔，总觉得四季繁花环绕的春城，蕴藏着最为温柔的烟火气息。春节沿江漫步， 逛翠湖、走夜市，一时嗅到街巷间飘荡的咖啡与茶叶香气，便知是与春城独有的家乡味道撞了个满怀。 欣喜间，浓浓乡情画卷徐徐展开。 一、文旅经济为帆、特色产业为桨，西南春城正以独特活力魅力焕新启航 市中心南强街的夜晚，是昆明夜间文旅经济最鲜活的缩影。规整划分的地摊区域里，炸洋芋、特色鲜花 饼、现烤乳扇、滇绣手作等食品、商品琳琅满目。摊主的吆喝叫卖伴着冬夜微风，热闹却不喧嚣。细细 看，各类网红小吃车一字排开，泡鲁达、木瓜水、官渡小锅米线等滇味小吃一应俱全；还有年轻人支起 的咖啡摊，十几元即可品尝到现磨云南小粒咖啡的春城味道。望向熙攘人群，既看到本地居民带娃逛 吃，亦瞧见外地游客慕名纷至，人群与美景生动交融，共同勾勒出昆明夜间文旅经济的火热景象。 图1：夜晚的南强街景色 资料来源：实地拍摄，申万宏源研究 图2：翠湖公园中的红嘴鸥 资料来源：昆明市翠湖公园，申万宏源研究 旅游经济的火爆，离不开特色产业的支撑。其中，茶与咖啡是昆明两张亮眼的产业名片。作为云南咖啡 走向世界的中转站和集散地，昆明是中国咖啡 ...

Group 1 - The article highlights the vibrant night economy in Kunming, showcasing a blend of cultural tourism and local specialties, with a focus on the bustling atmosphere of South Qiang Street [1][3] - Kunming's night economy has evolved into a diverse ecosystem, with the city establishing 4 national, 9 provincial, and 12 municipal night economy clusters, leading to significant revenue growth and job creation [3][4] - The tourism sector in Kunming has seen a remarkable increase, with a 46% year-on-year growth in overall tourism orders during the Spring Festival, and a 35% increase in flight bookings [4][6] Group 2 - The coffee and tea industries are pivotal to Kunming's economy, with the city serving as a major hub for coffee distribution and the largest tea market cluster in Southwest China, contributing to a projected tea industry output value of 9.871 billion yuan in 2024, a 14.92% increase [6][8] - The service sector is a core pillar of Kunming's economy, with its GDP share rising from 51% in 2014 to an expected 67% by 2025, driven by the integration of cultural tourism and specialty industries [8][10] - The number of listed companies in Yunnan province is 39, with 29 based in Kunming, indicating a need for further development in the capital market to support local industries and enhance economic growth [17][19]

春节余韵未散，资本市场已将目光聚焦于节后A股走势。其中最受关注的焦点问题莫过于：春节后A股是否会受到美国关税政策变动的影响？ 经过全面分析特朗普政府关税操作逻辑及其对中国企业与资本市场的实际影响，可以明确得出结论——这种影响基本可以忽略，但背后蕴含的深层逻辑值得 细细拆解。 自2025年特朗普重掌白宫以来，美国对中国商品接连加征"芬太尼关税"与"对等关税"。这两项政策看似突然，实则深植于美国国内政治土壤：通过贸易保护 措施扶持本土产业、缩小贸易逆差，是特朗普一贯推行的经济民族主义政策延续。经过多轮中美经贸磋商，美方最终将这两项关税税率设定为各10%，叠加 后形成20%的额外关税壁垒。 然而，戏剧性转折发生在美国最高法院，该机构以程序瑕疵为由裁定两项关税无效，理论上让税率瞬间归零。特朗普政府随即援引《贸易法》第122条紧急 加征15%临时关税，形成"先减后增"的税率波动。 从数字表面看，20%关税撤销后新增15%关税，实际税率净减5%，这种微小变动对贸易流量影响微乎其微。 更值得关注的是美国贸易代表办公室启动的301调查程序。 这一调查机制在美国贸易工具箱中具有特殊地位，其设计初衷正是通过法律化、制度化的调查流 ...

吴说获悉，据阿根廷国家证券委员会（CNV）公告，CNV 批准第 1108 号一般决议，以落实《第 27.799 号税务善意原则法》及其实施法令，允许选择"简化所得税申报制度"的资金进入资本市场及已注册虚拟 资产服务提供商（PSAV）。相关资金可通过受监管机构进行存入及资产转移，但来源司法辖区不得属 于不合作或高风险地区。该框架旨在推动资金回流阿根廷金融体系，并在合规前提下扩大资本市场与加 密资产市场的参与度。 （来源：吴说） ...

Core Viewpoint - The Chinese economy has demonstrated strong resilience amidst a complex international environment, achieving high-quality development with GDP surpassing 140 trillion yuan for the first time [4][5]. Economic Outlook - The outlook for the new year is optimistic, with China's economy characterized by strong resilience, a complete industrial system, a vast market, and continuously improving technological innovation capabilities [5][14]. - The capital market is expected to play a more significant role in supporting technological innovation, promoting industrial upgrades, and enhancing consumption upgrades [5][14]. Market Trends - The A-share and Hong Kong stock markets will focus on the "New Four Bulls" logic, advancing along three main lines: technological self-reliance, industrial upgrades, and strategic resource security [6][15]. - The stock market is anticipated to continue a slow upward trend, with capital and liquidity concentrating on endogenous economic growth [6][15]. Investment Opportunities - Key sectors expected to shine in the new year include AI, semiconductors, computers, primary products, minor metals, new energy, high-end manufacturing, humanoid robots, low-altitude economy, military industry, and pharmaceuticals [6][15]. - The bond market is entering a low-interest-rate era, with a long-term downward trend in yields expected, particularly in the short to medium term [6][15]. Commodity Insights - Gold and silver are viewed as long-term investment opportunities, with recent price fluctuations driven by geopolitical factors rather than traditional economic indicators [7][16]. - Central banks and investors are increasing their holdings of gold and silver due to concerns over geopolitical tensions, rising debt levels, and the weaponization of the dollar [7][16].

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国盛证券研究所 责任编辑：杨赐 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国盛证券研究所 责任编辑：杨赐 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 前海开源基金首席经济学家杨德龙送来新春祝福。他表示，马年即将到来，值此新春佳节之际，祝各位 投资者马到成功、马上有钱。2026年我国资本市场有望延续向上的趋势，在政策支持居民储蓄大转移的 背景之下，A股市场港股市场投资机会明显增多，赚钱效应明显提升。各位投资者要坚持战略投资理 念，通过用闲钱投资配置优质股票或者优质基金来抓住这轮行情的机会。祝愿大家在马年身体健康，投 资顺利。 MACD金叉信号形成，这些股涨势不错！ 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 前海开源基金首席经济学家杨德龙送来新春祝福。他表示，马年即将到来，值此新春佳节之际， ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 富国基金总经理陈戈送来新春祝福。他表示，值此新春佳节，我谨代表富国基金全体员工，向大家致以 最诚挚的问候与祝福：祝大家在新的一年里，春风策马，骏程万里；事业马到功成，投资硕果盈仓！ 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 富国基金总经理陈戈送来新春祝福。他表示，值此新春佳节，我谨代表富国基金全体员工，向大家致以 最诚挚的问候与祝福：祝大家在新的一年里，春风策马，骏程万里；事业马到功成，投资硕果盈仓！ ...