证券研究报告 2026 年 2 月 25 日 星期三 【A 股市场大势研判】 A 股马年开门红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4117.41 | 0.87% | 35.34 | | | 深证成指 | 14291.57 | 1.36% | 191.38 | | | 沪深 300 | 4707.54 | 1.01% | 47.14 | | | 创业板 | 3308.26 | 0.99% | 32.31 | | | 科创 50 | 1465.37 | -0.34% | -4.97 | | | 北证 50 | 1535.43 | 0.37% | 5.66 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万一级涨幅前五 | | | 申万一级跌幅前五 | 热点板块 n | 涨幅前五 | 热点板块跌幅前五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 石油石化 | 5.53% | 传媒 | -3.20 ...

新华财经北京2月24日电长假后首个交易日，A股主要股指普遍显著高开。沪深两市三大股指在开盘后 涨幅有所收窄，10时后开始震荡上扬，午后略有回落，随后整体呈窄幅整理态势，收盘时均显著上涨。 科创50指数早盘盘初回落幅度较大，一度下跌1.14%，此后整体呈冲高回落态势，收盘时小幅下跌。北 证50指数全日呈宽幅震荡态势，收盘时小幅上涨。 板块方面，油气开采、贵金属、CPO概念、建材等板块在早盘期间整体涨幅靠前，培育钻石、磷化工、 化肥、天然气、盐湖提锂、商贸代理等板块在午后有进一步拉升，收盘时油气开采、培育钻石、贵金属 板块领涨。AI应用相关股和影视院线股则遭遇较大幅度调整，传媒娱乐、Sora概念、AI语料、旅游等板 块均有显著调整。 截至收盘，沪指报4117.41点，涨幅0.87%，成交额约9386亿元；深成指报14291.57点，涨幅1.36%，成 交额约12635亿元；创业板指报3308.26点，涨幅0.99%，成交额约5970亿元；科创综指报1798.21点，跌 幅0.61%，成交额约2298亿元；北证50指数报1535.43点，涨幅0.37%，成交额约163.8亿元。 机构观点 巨丰投顾：周二市场震荡运行 ...

2月24日，马年首个交易日，A股三大指数集体高开，沪指高开1.15%，深成指高开1.52%，创业板指高开1.70%；科创综指高开1.16%。 内地股票 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4129.13 | 14313.86 | 1830.15 | | +47.06 +1.15% +213.67 +1.52% +20.97 +1.16% | | | | 万得全A | 创业板指 | 北证50 | | 6844.78 | 3331.79 | 1547.04 | | +87.98 +1.30% +55.84 +1.70% +17.27 +1.13% | | | | 沪深300 | 中证500 | 中证A500 | | 4727.30 | 8403.31 | 5931.03 | | +66.89 +1.44% +103.73 +1.25% +90.31 +1.55% | | | | 中证1000 | 深证100 | 中证红利 | | 8319.69 | 5896.85 | 5721.58 | | +114.86 +1.4 ...

Group 1 - The report anticipates an increase in market liquidity post-holiday, driven by expectations of capital inflow and policy guidance from important meetings that will take place after the Spring Festival [2][10] - The overall market is expected to become more active with the return of funds and rising policy expectations, creating potential investment opportunities in related sectors [2][10] - Investors are advised to focus on liquidity trends and policy developments, adopting a rational investment approach by considering opportunities in small-cap growth stocks and sectors with clear industrial catalysts [2][10] Group 2 - The last trading day before the Spring Festival saw a decline in major indices, with the Shanghai Composite Index closing at 4082.07 points, down 1.26% [4] - The last trading week before the holiday showed a mixed performance, with the Shanghai Composite Index increasing by 0.41% and the Shenzhen Component Index rising by 1.39% [5] - Key sectors such as shipbuilding and aerospace saw gains, while sectors like photovoltaic equipment and shipping ports experienced declines [3][4] Group 3 - The military industry has shown strong performance, with significant gains in previous years, and is expected to continue attracting attention due to stable policy support and geopolitical tensions [6] - The semiconductor sector is highlighted as a long-term investment opportunity, benefiting from domestic policy support and the trend towards self-sufficiency in semiconductor production [8] - The AI theme has been active, with expectations for growth in applications and hardware, although caution is advised due to potential overvaluation and rapid technological changes [9]

经济观察网 根据2026年2月24日的市场数据，人民网（603000）股价出现显著下跌。截至当日10:13， 其最新价格为23.23元，较前一交易日收盘价下跌9.68%。该股当日开盘价为24.35元，最高触及24.44 元，最低下探至23.15元（即跌停价格），成交金额约为14.79亿元，换手率为5.65%。 股价异动原因 公司基本面 基本面上，根据公司2025年三季报，前三季度营业收入同比下降3.29%，归母净利润同比下降40.10%。 公司正通过多元业务布局应对行业压力，内容科技、数据及信息服务等延展业务收入占比已提升至 47.43%。此外，公司于2月7日完成治理结构优化，包括取消监事会、修订制度及新聘高管等举措，以 强化战略稳定性。 行业政策现状 宏观层面，春节后市场流动性面临逆回购到期等因素影响，而机构观点显示，科技成长板块在经历前期 强势后进入高位震荡格局，可能对传媒、AI相关题材股情绪产生一定影响。 以上内容基于公开资料整理，不构成投资建议。 此次股价波动发生在特定市场环境下。2月10日，人民网曾因治理结构优化、业务聚焦内容科技赛道以 及传媒板块集体走强等因素涨停，收盘报26.27元，主力资金当日 ...

Group 1 - The AI content sector has undergone significant adjustments, leading to a sharp decline in stock prices for several companies [1] - Zhangyue Technology experienced a limit-down, while Zhongwen Online fell over 10% [1] - Other companies such as Vision China, Shanghai Film, People's Daily Online, Dook Cultural, Huace Film & TV, and Jiecheng Co. also saw declines in their stock prices [1]

Group 1 - China's January CPI increased by 0.2% year-on-year, which is lower than expected [1] - The A-share market showed mixed results, with the Shanghai Composite Index rising by 0.09% to 4131.99 points, while the Shenzhen Component Index fell by 0.35% and the ChiNext Index dropped by 1.08% [1] - The total market turnover was 2 trillion yuan, a decrease of 123.7 billion yuan compared to the previous trading day, with over 3200 stocks declining [1] Group 2 - The glass fiber sector saw a surge, with leading companies like Guangyuan New Materials and International Composite raising prices for electronic fabrics, leading to stock price limits for several companies [1] - The small metals sector also performed well, with multiple stocks hitting their price limits [1] - The phosphate chemical and fertilizer sectors experienced gains, with Jinzhengda reaching its price limit [1] Group 3 - Conversely, sectors such as cultural media, film concepts, AI corpus, and Sora concepts saw declines, with stocks like Hengdian Film and Zhejiang Culture Industry hitting their price limits [1] - The tourism sector declined, with Haikan Co. dropping over 11% [1] - The cultivated diamond sector faced widespread declines, with Sifangda leading the drop [1]

Group 1: Strong Stocks - As of February 10, the Shanghai Composite Index rose by 0.13% to 4128.37 points, while the Shenzhen Component Index increased by 0.02% to 14210.63 points. The ChiNext Index fell by 0.37% to 3320.54 points. A total of 71 stocks in the A-share market hit the daily limit up [1] - The top three strong stocks based on consecutive limit-up days and trading data are: Jiecheng Co., Ltd. (300182), Zhongwen Online (300364), and Fengyuzhu (603466) [1] - Detailed data for the top 10 strong stocks includes Jiecheng Co., Ltd. with 2 consecutive limit-ups and a turnover rate of 20.41%, Zhongwen Online with 2 consecutive limit-ups and a turnover rate of 35.61%, and Fengyuzhu with 2 consecutive limit-ups and a turnover rate of 8.26% [1] Group 2: Strong Concept Sectors - The top three concept sectors with the highest gains are: Short Drama Games, Sora Concept (Text-to-Video), and Intellectual Property Protection [2] - The Short Drama Games sector increased by 5.32%, while the Sora Concept (Text-to-Video) rose by 5.08%, and the Intellectual Property Protection sector saw a gain of 4.49% [3] - Additional notable sectors include Cultural Media Concept with a gain of 3.72% and Mobile Games with an increase of 3.57% [3]

2月10日，AI语料概念迎来集体爆发行情。东方财富数据显示，截至收盘，AI语料板块指数涨幅超 7%。其中，读客文化、捷成股份、中文在线、荣信文化20cm涨停，华策影视、果麦文化涨超10%，国 安股份、新华网、人民网、掌阅科技、视觉中国等10cm涨停，中信出版、慈文传媒、芒果超媒等涨超 5%。 中银证券指出，当前市场情绪已处于低点，大模型"春节档"带来密集产业催化，Seedance2.0 带动AI多 模态产业链，各项因素有望催化AI应用触底反弹。 语料加工与影视素材类公司同样迎来需求增量。捷成股份主营业务包含新媒体版权运营，其在影视拍摄 中产生的大量素材，可通过清洗、标注等加工处理成为优质AI语料，为Seedance 2.0等模型提供训练支 撑，公司明确表示相关素材具备极高的语料利用潜力。视觉中国则为Seedance 2.0提供正版图片训练数 据及版权合规服务，成为模型语料合规化的重要支撑。 在影视IP运营与内容变现领域，上海电影、博纳影业等头部影视公司凭借与即梦AI的深度战略合作， 成为核心受益者。 在算力与数据服务领域，Seedance 2.0的规模化应用也间接带动相关公司需求。作为字节跳动第一大 IDC/ ...

Market Overview - On February 10, the A-share market experienced narrow fluctuations, with the Shanghai Composite Index rising by 0.13% to 4128.37 points, the Shenzhen Component Index increasing by 0.02% to 14210.63 points, and the ChiNext Index declining by 0.37% to 3320.54 points [1]. Sector Performance - The film and television sector saw a surge, with a significant number of stocks hitting the daily limit up, while AI corpus and interactive short drama games also performed well. Conversely, sectors such as perovskite batteries, aerospace concepts, and HIT batteries faced declines [1]. - The film and television sector recorded a net inflow of 14.82 billion, reflecting an increase of 6.25%, while the HIT battery sector experienced a net outflow of 5.51 billion, with a decrease of 1.90% [2]. Fund Manager Changes - On February 10, there were 31 fund manager changes across various funds, with 25 funds announcing departures involving 14 fund managers. The reasons for these changes included personal reasons for one manager and job changes for 13 others [3][4]. - In the past 30 days (January 11 to February 10), a total of 655 fund managers left their positions, indicating a significant turnover in the industry [3]. New Fund Managers - On February 10, 33 funds announced new fund manager appointments, involving 17 managers. Notably, Tianhong Fund's new manager, Sha Chuan, oversees funds with a total asset scale of 35.41 billion, with the highest return product being Tianhong Shanghai Gold ETF, which achieved a return of 178.64% over 4 years and 220 days [5][6]. Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 55 listed companies, followed by Huaxia Fund with 49 and Penghua Fund with 40. The consumer electronics sector was the most researched, with 165 instances, followed closely by the semiconductor sector with 162 [7]. - In the last week (February 3 to February 10), the most researched company was Naipu Mining, with 40 fund institutions participating in the research, followed by Ruiming Technology and Huanyu Electronics [8].