智通财经APP获悉，广发证券发布研报称，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。债券方面，今年保险机构更看好高等级产业债、银行永续债及二级资本债以及可转债。多数保险 机构对2026年A股市场持较乐观态度，多数机构计划小幅增配A股。中长期看，长端利率企稳叠加资本 市场上行驱动资产端改善，存量负债成本迎来拐点，报行合一优化渠道成本，上市险企中长期利费差趋 势有望改善。 广发证券主要观点如下： 境外投资方面 港股是2026年保险机构最看好的境外投资品种，同时黄金投资和美股投资也受到保险机构较多关注。半 数保险资产管理机构计划小幅增配港股，四成保险公司计划维持现有港股配置比例。 上市险企权益弹性持续提升，中长期利费差趋势有望改善 大类资产配置方面 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，部分机构意愿适度或微幅增加股票投 资，而银行存款和债券的配置比例预计与2025年保持持平。 债券市场方面 多数保险机构对2026年债券市场整体持中性态度，整体久期策略以基本维持现有不变为主。利率债方 面，预计10年期国债收益率将处于1.8%-1.9%区间，30年期国债收益率将集中在2.2% ...

消息面上，春节过后，居民闲置资金集中进入配置窗口，银行理财市场迎来新一轮布局热潮。多家理财 公司抢抓开工季节点，密集推出各类理财产品，一场面向节后回流资金的理财"抢客战"正式打响。 光大证券指出，银行板块进入"春播"时间窗口，收获时间需等风格切换。基本面角度看，银行经营业绩 稳定性强，3月财报季具有坚实支撑。一方面，商业银行25Q4经营指标及上市银行业绩快报披露情况显 示，随着息差收窄压力边际缓释，2025年全年经营业绩稳中向好；另一方面，从2026年开年以来银行运 行态势看，信贷"开门红"相对温和，全年扩表仍将保持一定强度，叠加息差收窄压力同比缓释，将对利 息收入形成有力支撑，手续费也有望延续回暖态势，预估上市银行2026年营收增速小幅上修至2%附 近。经济发达地区的优质中小行信贷投放景气度更高、盈利能力更强。从估值角度看，银行板块"高股 息、低估值"属性再度凸显，"两会"临近有助于改善市场预期。 截至2026年2月26日 09:47，中证银行指数(399986)上涨0.31%，成分股民生银行上涨1.03%，江苏银行上 涨0.97%，南京银行上涨0.90%，沪农商行上涨0.72%，江阴银行上涨0.66%。银 ...

A股市场方面，多数保险机构对2026年A股市场持较乐观态度。2026年，保险机构更看好科创50、沪深 300、中证A500和创业板等相关股票，看好电子、有色金属、电力设备、计算机、通信、医药生物和基 础化工等行业，关注芯片半导体、国防军工、AI算力、机器人、能源金属、商业航天、高股息、医药 生物与创新药和企业出海与全球化等投资主题，认为企业盈利修复和流动性环境是影响A股市场的主要 因素。资产配置上，多数保险机构计划小幅增配A股。 基金投资方面，2026年，保险资产管理机构倾向配置股票型基金、二级债基、混合偏股型基金、指数型 基金和ETF基金；保险公司偏好配置二级债基、股票型基金、混合偏股型基金、成长型基金和ETF基 金。近半数保险机构计划小幅增配公募基金。 据中国银行保险资产管理业协会网站，该协会近日发布的"保险机构2026年资产配置展望调查结果"显 示，大类资产配置方面，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，部分机构有意 愿适度或微幅增加股票投资。 债券市场方面，多数保险机构对2026年债券 ...

来源：中国能源网 华鑫证券近日发布基础化工行业周报：工业级碳酸锂（四川99.0%min，7.58%），电池级碳酸锂（新疆 99.5%min，7.46%），PVC（CFR东南亚，6.06%），氯化铵（农湿）（华东地区，5.71%），硫酸（双 狮98%，3.85%），磷酸二铵（美国海湾，3.71%），尿素（河南心连心(小颗粒)，3.41%），PA6切片 （华东地区，3.30%），国际汽油（新加坡，3.13%），国际石脑油（新加坡，3.06%）。 判断理由：截至2026-02-23收盘，布伦特原油价格为71.49美元/桶，相较上周+4.14%；WTI原油价格为 66.31美元/桶，相较上周+3.98%。预计2026年国际油价中枢值将维持在65美金。鉴于当前国际局势不确 定性和对油价下降的预期，我们看好具有高股息特征，同时受益原材料降价的中国石化等。 化工产品价格方面，本周部分产品有所反弹，其中本周上涨较多的有：工业级碳酸锂上涨7.58%，电池 级碳酸锂上涨7.46%，PVC上涨6.06%，氯化铵（农湿）上涨5.71%等，但仍有不少产品价格下跌，其中 液氯跌幅-46.95%，硝酸跌幅-8.00%，冰晶石跌幅-6.76 ...

华鑫证券近日发布基础化工行业周报：工业级碳酸锂（四川99.0%min，7.58%），电池级碳酸锂（新疆 99.5%min，7.46%），PVC（CFR东南亚，6.06%），氯化铵（农湿）（华东地区，5.71%），硫酸（双 狮98%，3.85%），磷酸二铵（美国海湾，3.71%），尿素（河南心连心(小颗粒)，3.41%），PA6切片 （华东地区，3.30%），国际汽油（新加坡，3.13%），国际石脑油（新加坡，3.06%）。 以下为研究报告摘要： 投资要点 工业级碳酸锂、电池级碳酸锂等涨幅居前，液氯、硝酸等跌幅较大 本周跌幅较大的产品：液化气（长岭炼化，-3.98%），合成氨（江苏新沂，-4.46%），硫磺（高桥石化 出厂价格，-4.61%），锂电池电解液（全国均价/磷酸铁锂电解液，-4.62%），盐酸（华东合成 酸，-4.65%），二氯甲烷（华东地区，-5.16%），天然气（NYMEX天然气(期货)，-5.99%），冰晶石 （河南地区，-6.76%），硝酸（安徽98%，-8.00%），液氯（华东地区，-46.95%）。 本周观点：受地缘局势影响，国际油价震荡运行，建议关注进口替代、纯内需、高股息等方向 判断理 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Xin Yang Feng, Sen Qi Lin, Rui Feng New Material, Sinopec, Ju Hua Co., Yang Nong Chemical, China National Offshore Oil Corporation, Tong Kun Co., and Dao Tong Technology [11]. Core Insights - The report highlights significant price increases for industrial-grade lithium carbonate (up 7.58%) and battery-grade lithium carbonate (up 7.46%), while liquid chlorine and nitric acid experienced substantial declines [4][18]. - The report suggests focusing on investment opportunities in areas such as import substitution, domestic demand, and high-dividend stocks, particularly in light of fluctuating international oil prices [6][18]. - The chemical industry is currently facing a mixed performance, with some sectors showing resilience while others struggle due to overcapacity and weak demand [21]. Summary by Sections Chemical Industry Investment Recommendations - The report emphasizes the importance of monitoring price trends in key chemical products, noting both significant increases and decreases in various sectors [4][18]. - It recommends focusing on sectors like glyphosate, fertilizers, and companies with strong domestic demand and import substitution potential [21]. Price Trends - Key products that saw price increases include industrial-grade lithium carbonate, battery-grade lithium carbonate, PVC, and ammonium chloride, while products like liquid chlorine and nitric acid saw significant price drops [4][5][18]. - The report indicates that the overall chemical industry remains weak, with performance varying across sub-sectors due to past capacity expansions and weak demand [21]. Market Outlook - The report predicts that international oil prices will stabilize around $65 per barrel, influenced by geopolitical uncertainties and expectations of price declines [6][18]. - It highlights the potential for certain sectors, such as the lubricants and chemical fertilizers, to benefit from domestic demand and import substitution strategies [21].

Group 1 - The core viewpoint of the article is that Panjing Investment, with the addition of veteran investor Zhan Hongfeng, aims to leverage the undervalued Hong Kong stock market while focusing on key investment themes such as AI and high-dividend stocks [1][2][9] - Zhan Hongfeng has over 20 years of experience in Hong Kong stock investments and has consistently outperformed the Hang Seng Index for seven consecutive years, achieving a doubling of returns during a period of market volatility [2][3] - The investment strategy includes a concentrated portfolio of high-quality stocks, a "barbell strategy" to mitigate risks, and a focus on left-side deep value investing to control costs and reduce volatility [4][5] Group 2 - The investment focus for 2026 will remain predominantly on Hong Kong stocks, with a target allocation of over 60%, while also considering A-shares and overseas assets [6][7] - The outlook for the Hong Kong stock market in 2026 is optimistic, with expectations of an upward trend supported by earnings recovery, valuation advantages, and potential market catalysts [9][10] - Seven key investment directions have been identified for 2026, including the AI industry chain, precious metals, high-dividend stocks, select consumer stocks, export industries, anti-involution sectors, and certain local Hong Kong stocks [12]

每日经济新闻 截至午间收盘，国证自由现金流指数上涨3.2%，国证成长100指数上涨2.9%，国证价值100指数上涨2.6%。 天风证券表示，在产业主线景气度确凿的背景下，大盘成长可能同步走强；"高股息"资产作为长期底仓的配置逻辑依然坚固，节后风格可能是"成长与红利 共舞"，而非简单的完全切换。 ...

海外供给扰动叠加库存低位，煤炭板块迎来结构性修复窗口，煤炭ETF（515220）盘中涨超3.2%。 节后资金风格再度向资源方向回流，煤炭板块表现活跃。煤炭ETF（515220）盘中上涨超3.2%，成交额 明显放大，量价同步走强。资金层面看，煤炭板块在高股息与周期弹性双重属性驱动下重新获得增量关 注。在海外供给不确定性加剧的背景下，市场对煤炭价格中枢上修预期增强，板块风险偏好明显修复。 从产业格局看，行业集中度持续提升，龙头企业盈利稳定性强化。煤炭行业已由高速扩张阶段进入高质 量发展阶段，在供给受限的结构下，盈利中枢稳定性提升。 高股息底仓+海外弹性进攻，关注煤炭ETF（515220） 当前煤炭板块具备双重逻辑支撑。 本轮煤炭行情的核心催化来自海外供给端。印尼作为全球最大的动力煤出口国，其出口审批与产量政策 对全球煤炭贸易格局影响显著。近期海外市场供给扰动预期升温，国际煤价持续上行，进口煤性价比快 速下降，内贸煤需求边际改善。 同时，海外能源价格整体处于震荡上行区间。油价受地缘政治影响走强，欧洲煤炭价格亦出现回升。在 能源价格联动效应下，市场对动力煤价格形成上行预期。报告指出，今年煤炭市场的核心关注点在海 外， ...

Core Viewpoint - The market has become more challenging in 2023, with increased volatility and a shift from broad market gains to sector-specific performance [4][5]. Market Dynamics - Last year saw a general rise in stock prices, but this year has experienced a more differentiated market where some sectors thrive while others falter [5][10]. - The performance of stocks is now heavily influenced by tangible orders and earnings rather than speculative narratives [9][10]. Sector Performance - Certain sectors, such as AI computing power, optical modules, and storage chips, are experiencing strong demand with orders extending into the end of the year [5]. - Conversely, stocks driven by hype without solid fundamentals, such as some AI applications and non-core technology companies, are facing significant volatility [5][7]. Stock Examples - Companies like Zhihui Technology and MiniMax have seen drastic declines of 22% and 13% respectively due to overvaluation and unmet expectations [6][7]. - In contrast, companies like Huagong Technology, which have solid orders, are maintaining stable stock prices [8]. Investment Strategy - Investors are advised to focus on stocks with real orders and performance metrics, rather than those reliant on market sentiment [10][13]. - Maintaining a low cost basis is crucial, as high entry costs can lead to panic during market fluctuations [11]. - It is recommended to avoid full positions and to keep cash available for future opportunities, as the market will continue to present chances for investment [12][14]. Actionable Steps - Review and adjust holdings to prioritize stocks with tangible performance over speculative ones [13]. - Control trading rhythm by avoiding high-risk purchases and being strategic about selling and buying [14]. - Exercise patience, as significant market movements are expected to unfold over time rather than in a straight line [15].