证券研究报告 2026 年 03 月 01 日 湘财证券研究所 策略研究 策略周报 两会临近，A 股实现开门红 ——2026.02.24-2026.02.27 日策略周报 核心要点： A 股实现开门红，指数震荡上行 分析师：仇华 据 Wind 数据，2026.02.24-2026.02.27 日，A 股在春节后第一周实现了开门 红，我们关注的 6 个 A 股指数震荡上行，最终：上证指数上涨 1.98%、深 证成指上涨 2.80%、创业板指上涨 1.05%、沪深 300 上涨 1.08%、科创综指 上涨 2.24%、万得全 A 上涨 2.75%。周振幅最大的是科创综指的 3.73%。 A 股指数上周总体呈现震荡上行态势，主要原因在于：一是春节期间，国 内消费数据温和上升；二是两会临近，市场对"十五五"规划重点方向的关 注度再次上升，科技、"反内卷"板块再次走强。 二级行业中，小金属、玻璃玻纤涨幅居前 据 Wind 数据，31 个申万一级行业上周数量上涨多跌少。累计涨幅居前的 板块是：钢铁、有色金属，分别上涨了 12.27%、9.77%；而跌幅居前的是 传媒和商贸零售，分别下跌了 5.10%和 1.64%。 据 ...

玻璃玻纤低开低走陷入调整，截止午盘下跌3.17%，其中国际复材、宏和科技等股跌停活跌幅在10%上 方。电子布概念持续调整，其中宏和科技跌停。元件、PCB、造纸等行业板块紧随其后。 消息面：节后钨原料价格持续飙升，钨粉已突破1800元/公斤。华为云码道代码智能体公测版2月26日发 布，覆盖代码生成等AI编程技术。中国商业航天企业代表蓝箭航天宣布，我国重复使用火箭朱雀三号 计划今年第二季度再次开展回收试验。 欢迎您在评论中分享自己的看法，大家一起学习和讨论。 冲高回落，截止午盘三大指数均回到中轴下方，其中沪指下跌0.17%，深成指下跌0.68%，创业板指下 跌1.46%。两市合计超2900只个股下跌，合计成交额1.59万亿。 算力租赁概念集体爆发，其中华胜天成5天3板，拓维信息、利通电子、城地香江封涨停。有色金属板块 反复活跃，其中章源钨业7天5板，翔鹭钨业、中稀有色涨停。AI编程概念走强，其中金现代、普元信 息双双20cm涨停。太空光伏概念震荡反弹，其中钧达股份涨停。 ...

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.39% closing at 4162 points, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index dropped by 1.04% [1] - Rare metal stocks experienced a surge, with several stocks hitting the daily limit up, including Hunan Gold, Zhangyuan Tungsten, and Xianglu Tungsten, among others [1] - Tungsten prices have skyrocketed, prompting downstream hard alloy manufacturers to raise prices, with companies like Xinrui Co. and Huarui Precision announcing price adjustments [1] Group 2 - The computing power leasing sector continued its strong performance, with stocks like Yuntian Lifa and Tuowei Information hitting the daily limit up [2] - Hetzner, a major European data center operator, announced a price increase for all products and services effective April 1, marking the second price hike within the month [2] Group 3 - YN Energy Holdings saw a significant increase of 115%, ranking first in monthly gains [3] - Limin Co., a leading pesticide manufacturer, announced a long-term supply contract with Bayer, with an estimated contract value of 800 million yuan over three years [3] - The glass fiber sector faced declines, with companies like International Composites dropping nearly 10% [3] Group 4 - Hong Kong's innovative drug sector rebounded, with companies like WuXi AppTec and CanSino Biologics seeing gains of nearly 8% and over 6% respectively [4] - The recent adjustment in the innovative drug and CRO sectors is viewed as a short-term correction, not affecting the long-term growth prospects of the industry [4]

| 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 4162.88 | 14495.09 | 1537.1 | | +16.25 +0.39% -8.69 -0.06% -7.78 -0 | | | | 科创20 | 创业板指 | 万得全/ | | 1488.02 | 3310.30 | 6942.4 | | +2.16 +0.15% -34.68 -1.04% +28.02 +0 | | | | 沪深300 | 中证500 | 中证A5( | | 4710.65 | 8658.45 | 5965.3 | | -16.23 -0.34% +101.23 +1.18% +3.84 +0 | | | | 中证1000 | 中证2000 | 中证红和 | | 8560.84 | 3630.83 | 5826.7 | | +70.23 +0.83% +28.94 +0.80% +57.79 +1 | | | A股三大指数今日涨跌不一，截至收盘，沪指涨0.39%报4162点，深证成指跌0.06%，创业板指跌1.04%。全市场成交额2.51万亿元，较前一交易日缩量512亿 元，超32 ...

再升科技涨停走出2连板，国际复材、耀皮玻璃、长海股份、九鼎新材、山东玻纤、北玻股份等跟涨。 (本文来自第一财经) ...

玻璃玻纤板块走高，再升科技涨停，国际复材、长海股份、九鼎新材、山东玻纤、北玻股份等跟涨。 ...

Market Overview - The Shanghai Composite Index opened significantly higher, then experienced a pullback before a slight rise, closing up 0.87% with a total trading volume of 938.6 billion, an increase of 91.8 billion from the previous trading day [2] - The Shenzhen Component Index also opened high, fluctuated, and closed up 1.36% with a trading volume of 1.26 trillion, an increase of 120 billion from the last trading day [2] Technical Analysis - The Shanghai Composite Index is showing a strong upward trend, relying on the 5-day moving average, with a healthy volume-price relationship, indicating a low probability of significant fluctuations [5] - The Shenzhen Component Index remains in an upward channel, but the potential for a large increase is limited without significant new capital inflow [5] Market Sentiment - Approximately 4,006 stocks rose while about 1,392 fell, resulting in a bullish sentiment with a rise-to-fall ratio of roughly 4:1 [6] - A total of around 124 stocks hit the daily limit up, while 36 non-ST stocks hit the limit down, indicating increased short-term market activity [6] Major Events - The U.S. government is considering imposing new tariffs on about six industries under the guise of "national security," which may include large batteries, iron castings, plastic pipes, industrial chemicals, and telecommunications equipment [7] Summary of Market Performance - The market experienced a broad-based rally with over 4,000 stocks rising, although the overall capital inflow strength remains limited [8] - Key sectors leading the gains include oil and gas, chemicals, and precious metals, while sectors like film and media experienced significant declines [10] Hot Sectors - The oil service engineering sector saw a rise of 12.08%, while oil and gas extraction increased by 7.53% [9] - Precious metals and chemical raw materials also showed strong performance, with increases of 7.01% and 4.20% respectively [9]

Group 1: Core Insights - The stock price of Kaisheng New Energy (600876.SH) has shown volatility recently, with a closing price of 10.85 yuan on February 13, 2026, reflecting a daily decline of 2.52% and a year-to-date increase of 10.04% [2][3] - The company held its annual work meeting on February 5-6, 2026, focusing on three major strategic battles and aiming for a "224" operational target, emphasizing lean management and digital transformation to enhance competitiveness [3] - According to the 2025 Q3 report, Kaisheng New Energy's revenue for the first three quarters was 2.677 billion yuan, a year-on-year decrease of 27.55%, with a net loss of 596 million yuan, an increase of 141.12% year-on-year [4] Group 2: Financial Performance - The third quarter showed a year-on-year revenue growth of 40.15%, indicating a partial alleviation of operational pressure, although the company is projected to report a full-year net loss of 700 million to 900 million yuan for 2025 [4] - Institutions predict that the company could turn a profit in 2025, with an expected net profit of 98 million yuan, representing a year-on-year increase of 116.07% [4] Group 3: Institutional Perspectives - Institutions have a neutral rating on Kaisheng New Energy, with a target price of 12.58 yuan, suggesting a potential upside of approximately 20.04% from the current stock price [5] - Analysts note that the tight supply-demand situation in the glass fiber cloth market may indirectly benefit the glass fiber sector, but the company's stock performance is more dependent on its operational improvements [5]

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The building materials industry is experiencing an optimization in supply and demand dynamics due to the "anti-involution" policies, with expectations for price increases in electronic fabrics [2][4]. - The cement sector is anticipated to see a further contraction in total production capacity in 2026, driven by regulatory measures and a potential recovery in real estate sales in key cities [4][39]. - The flat glass market is showing signs of recovery with a slight increase in production and prices, although short-term demand remains weak due to seasonal factors [4][40]. - The photovoltaic glass market is facing challenges with excess supply and ongoing losses, but long-term demand is expected to be supported by the development of new energy bases [4][40]. - The glass fiber industry is in a structural recovery phase, with increasing demand for high-end products driven by advancements in AI and 5G technologies [4][40]. Summary by Sections Cement - The Ministry of Industry and Information Technology has implemented measures to control cement production capacity, leading to an expected reduction in total capacity in 2026 [4][39]. - Recent data indicates a recovery in real estate sales, which, combined with major infrastructure projects, may improve the supply-demand balance in the cement industry [4][39]. - Recommended stocks include Shangfeng Cement, Taipai Group, and Huaxin Cement, which have favorable fundamentals and high dividend yields [4][39]. Glass and Fiberglass - The flat glass production in 2025 is projected to be 97,591 million weight boxes, a 3% decrease year-on-year, but December 2025 saw a 3.4% increase compared to the previous year [4][40]. - The price of float glass has shown a slight recovery, with expectations for price stabilization due to supply-side adjustments [4][40]. - The fiberglass market is benefiting from increased demand for low-DK glass fabrics, with Taiwanese manufacturers shifting production to meet this demand [4][40]. - Recommended stocks in the fiberglass sector include China Jushi, which is expected to benefit from the structural recovery in the industry [6][40]. Consumer Building Materials - Leading companies like Keshun and Sankeshu have announced price increases due to rising raw material costs, indicating a trend of price stabilization in the industry [6][42]. - The demand for new construction is weakening, but renovation and urban renewal projects are expected to drive growth [6][42]. - Recommended stocks include Beixin Building Materials, Tubaobao, and Sankeshu, which are well-positioned to recover ahead of their peers [6][42].

Market Performance - On the last trading day before the holiday, all three major A-share indices fell collectively, with the Shanghai Composite Index down 1.26% to 4082 points, the Shenzhen Component Index down 1.28%, and the ChiNext Index down 1.57% [1] - The total market turnover approached 2 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day, with over 3800 stocks declining [1] Sector Performance - The CPO concept saw a significant decline, with Changxin Bochuang dropping over 11% [1] - The photovoltaic equipment sector weakened, with Shuangliang Energy hitting the daily limit down [1] - The small metals sector experienced widespread declines, with Yunlu Co. and Longci Technology both falling over 5% [1] - The glass and fiberglass sector also weakened, led by Shandong Pharmaceutical Glass [1] - The shipping and port, F5G concept, titanium dioxide, and Kimi concept sectors had notable declines [1] - Conversely, the shipbuilding sector rose, with Yaxing Anchor Chain hitting the daily limit up [1] - The commercial aerospace sector surged following the successful completion of China's first rocket first-stage body sea recovery mission, with Hangfa Power hitting the daily limit up [1] - The robotics sector was active, led by Wuzhou New Spring [1] - The aquaculture, motor, and reducer sectors showed notable gains [1] Index Performance - Shanghai Composite Index: 4082.07, down 51.95 points (-1.26%) [1] - Shenzhen Component Index: 14100.19, down 182.81 points (-1.28%) [1] - ChiNext Index: 3275.96, down 52.10 points (-1.57%) [1] - Other indices such as the CSI 300, CSI 500, and others also reported declines [1]