兴业基金多元业务部、指数与量化业务部总经理助理徐成城认为，2026年权益市场的投资主线依然将围 绕科技展开，后续科技风格的演绎更多体现在产业成长趋势与业绩实际兑现的相互印证，业绩的确定性 有望成为2026年科技主题投资的核心线索。 本报讯(记者昌校宇)2月27日，兴业基金旗下兴业中证科技优势成长50策略ETF正式在上海证券交易所上 市交易。 从产品设计来看，兴业中证科技优势成长50策略ETF可以助力投资者跳出传统的特定行业选择逻辑，在 A股中直接配置计算机、半导体、电子、通信设备、数字媒体、生物科技、航空航天与国防等"硬科 技"含量较高的行业；还能在上述行业中通过复杂精细的指数量化手段，为投资者遴选出兼具成长性和 一定安全边际的优质资产。 兴业中证科技优势成长50策略ETF较为契合当下科技投资主线，其跟踪的中证科技优势成长50策略指数 在A股科技板块中采用成长、创新、质量等因子进行量化选股和加权，并创新性地引入了分析师一致预 期因子，来增强对上市公司未来营收、业绩变化的预测能力，为投资者提供了多因子策略的投资工具。 ...

每经编辑｜金冥羽 商务部今天发布公告2026年第11号，公布将20家日本实体列入出口管制管控名单。 根据《中华人民共和国出口管制法》和《中华人民共和国两用物项出口管制条例》等法律法规有关规定，为维护国家安全和利益，履行防扩散等国际义 务，决定将三菱造船株式会社等参与提升日本军事实力的20家日本实体列入出口管制管控名单（见附件），并采取以下措施： 一、禁止出口经营者向上述20家实体出口两用物项，禁止境外组织和个人将原产于中华人民共和国的两用物项转移或提供给上述20家实体；正在开展的相 关活动应当立即停止。 二、特殊情况下确需出口的，出口经营者应当向商务部提出申请。 本公告自公布之日起正式实施。 商务部 2026年2月24日 出口管制管控名单 （2026年2月24日） 出口经营者向上述实体出口两用物项，不得申请通用许可或者以登记填报信息方式获得出口凭证；申请单项许可时，应当提交对列入关注名单实体的风险 评估报告，并提供不将两用物项用于一切有助于提升日本军事实力用途的书面承诺。许可审查期限不受《中华人民共和国两用物项出口管制条例》第十七 条第一款规定期限的限制。 商务部将对关注名单中实体的两用物项出口实施更严格的最 ...

Core Viewpoint - The A-share market experienced a significant upward trend during the Snake Year trading cycle, with the Shanghai Composite Index rising by 25.58% from February 5, 2025, to February 13, 2026 [1] Industry Performance - The non-ferrous metals sector outperformed all others, with a cumulative increase of over 100% during the trading cycle [1] - The defense and military industry followed closely, achieving a cumulative increase of nearly 80% [1] - Other sectors such as telecommunications, power equipment, electronics, machinery, building materials, basic chemicals, light industry manufacturing, and construction decoration also performed well, each with cumulative increases exceeding 50% [1] - The banking sector lagged behind, with a cumulative increase of less than 10% [1] - Sectors such as food and beverage, non-bank financials, transportation, social services, and retail also showed relatively weak performance during this period [1]

Market Performance Overview - In the week from February 2 to February 6, 2025, gold prices increased while domestic equity market indices experienced fluctuations downward [4] - The food and beverage, beauty care, and power equipment sectors showed the highest gains, while non-ferrous metals, communication, and electronics sectors faced the largest declines [4] Fund Product Issuance - A total of 40 new funds were established in the domestic market this week, with a combined issuance of 30.859 billion units [5] - The breakdown of new funds includes 9 FOF funds, 16 equity funds, 7 bond funds, and 8 mixed funds [5] - Across the entire market, 33 new funds were issued, comprising 14 equity funds, 7 mixed funds, 6 FOF funds, and 6 bond funds [5] Fund Product Performance Tracking - Long-term thematic fund indices showed that consumer and new energy thematic funds increased in net value, while other thematic funds performed poorly, with TMT thematic funds experiencing significant declines [6] - As of February 6, 2026, the net value changes for various thematic funds were as follows: consumer (+0.94%), new energy (+0.38%), financial real estate (-0.03%), pharmaceuticals (-0.61%), national defense and military (-1.37%), industry rotation (-2.23%), industry balance (-2.56%), cyclical (-4.60%), and TMT (-5.74%) [6] ETF Market Tracking - This week, the pace of profit-taking in equity ETFs slowed, with a total outflow of 24.3 billion yuan from small and large-cap thematic ETFs, while Hong Kong stock ETFs saw a net inflow exceeding 10 billion yuan [7] - The median return for equity ETFs was -1.75%, with a net outflow of 7.801 billion yuan [7] - Hong Kong stock ETFs had a median return of -2.12% and a net inflow of 18.493 billion yuan, while cross-border ETFs had a median return of -2.51% with a net inflow of 3.210 billion yuan [7] - Commodity ETFs recorded a median return of -6.07% and a net outflow of 2.887 billion yuan [7] Broad-based ETF Insights - The week saw significant net inflows into the Sci-Tech Innovation Board thematic ETFs, totaling 5.507 billion yuan [8] - TMT thematic ETFs also experienced notable net inflows, amounting to 9.964 billion yuan [8] ESG Financial Product Tracking - This week, 21 new green bonds were issued, with a total issuance scale of 20.191 billion yuan [9] - The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.26 trillion yuan and a total of 4,548 bonds issued as of February 6, 2026 [9] - The existing ESG funds in the domestic market total 211, with a combined scale of 156.021 billion yuan [9] - In terms of fund performance, the median net value changes for active equity, passive stock index, and bond ESG funds were -1.15%, -0.84%, and +0.05%, respectively, with low-carbon economy, clean energy, and carbon neutrality thematic funds performing well [9]

2025年7月23日 武昌船舶重工集团有限公司 "员工多看了一眼 为企业挽损1800万被奖1万" 登上热搜 引发网友围观 "隐患猎人"某员工在分段合拢区巡检时 发现大型支撑架出现明显变形 立即叫停作业并上报 经技术团队评估 该隐患若未及时处理 可能导致价值1800万元的船舶分段倒塌 造成重大人员伤亡 公司认定该隐患为特别重大级别 奖励该员工10000元 并授予"黄金猎人"称号 将其先进事迹制作成安全教育片在全公司播放 近日 山东、广西、广东 陆续公布了一批 企业内部隐患报告典型案例 一起来看 山东：8家企业2025年累积发放 隐患报告奖励超200万元 案例一 2025年10月，济宁市山东胜华国宏新材料有限公司碳酸酯车间装置主操李某，通过监控发现特种化学品 车间二甲基亚砜装置的硫醚反应器下封头发生泄漏，导致保温铝皮异常变黄。该反应器运行温度达 390℃，内部介质为易燃易爆危险化学品，一旦泄漏扩大，极易引发火灾爆炸。李某第一时间通知操作 室内的特种化学品车间主操，车间立即组织现场核查并启动应急预案，迅速消除漏点后恢复生产。 事后，公司依据《事故隐患内部报告奖励制度》，对李某给予5000元奖励。2025年以来，山东 ...

Group 1 - The core viewpoint of the report indicates that the overall A-share pre-announcement rate has improved, suggesting a potential recovery in profitability for 2025 [2][5][15] - As of February 3, 2026, approximately 3,000 out of 5,478 A-share listed companies have disclosed their performance forecasts, resulting in a disclosure rate of 54.0% and a pre-announcement rate of 37.0%, an increase from 33.7% in 2024 [5][15] - The number of companies expecting profit increases in 2025 is 623, while 378 companies anticipate profit decreases [5][15] Group 2 - In terms of market style, large-cap companies are expected to show better profitability than small-cap companies, with the ChiNext board having a higher pre-announcement rate [6][18] - The net profit maximum fluctuation for major indices in 2025 is projected to be 55.2% for CSI 300, 82.8% for SSE 50, 54.7% for CSI 500, and 50.8% for CSI 1000 [6][18] - The pre-announcement rates for these indices are 63.2% for CSI 300, 83.3% for SSE 50, 59.0% for CSI 500, and 49.4% for CSI 1000 [6][18] Group 3 - Industry-wise, the defense and electronics sectors have shown a high level of disclosure and pre-announcement rates, indicating a strong possibility of improved performance [7][21] - As of February 3, 2026, the highest disclosure rates among primary industries are coal (81%), real estate (78%), agriculture, forestry, animal husbandry, and fishery (74%), and computer (72%) [7][21] - The highest pre-announcement rates are seen in non-bank financials (96.2%), non-ferrous metals (67.6%), automotive (52.7%), and steel (50.0%) [7][21] Group 4 - The report anticipates a gradual bull market in 2026, driven by a recovery in profitability and favorable liquidity conditions [8] - The valuation of stocks is expected to remain near historical averages, with low interest rates continuing to provide upward momentum for valuations [8] - The report suggests focusing on technology, domestic circulation, strategic security, and opening up as key investment directions [8]

Group 1 - The market sentiment has improved significantly due to the easing of overseas geopolitical conflicts and trade friction, with US stocks rising and Chinese concept stocks performing well, particularly the Nasdaq China Golden Dragon Index which increased by 1.58% [1] - Alibaba has decided to support its subsidiary, Pingtouge, in pursuing an independent IPO, which is expected to have significant implications for both Alibaba and the Chinese semiconductor industry [1] - The Hong Kong stock market has shown volatility, with the Hong Kong Internet ETF (513770) experiencing a slight decline of 0.18%, but it has seen a net inflow of 1.425 billion yuan over the past 20 days, indicating strong buying interest [1] Group 2 - The commercialization of AI applications is accelerating, with Hong Kong internet stocks positioned as core beneficiaries, expected to receive ongoing catalysts [3] - Alibaba's Qianwen has integrated into the Taobao ecosystem to create a one-stop AI service application, while Kuaishou's AI model has surpassed 12 million active users, and Meituan has upgraded its app with AI search capabilities [3] - Analysts suggest that AI applications will become a core theme in the 2026 market, with a focus on internet platform companies that have traffic entry advantages [3] Group 3 - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba-W being the largest weighted stock at 14.71%, and the top ten weighted stocks collectively accounting for nearly 77% of the index [3][5] - For investors looking to reduce volatility while still gaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, which combines high-growth tech stocks with stable dividend-paying companies [5]

Summary of Key Points Core Viewpoint - On January 20, a total of 47 stocks were involved with institutional investors, with 25 showing net buying and 22 showing net selling. Group 1: Institutional Net Buying - The top three stocks with the highest net buying by institutions were Vision China, Cangzhou Dahua, and Hunan Silver, with net buying amounts of 112.25 million, 104.37 million, and 80.83 million respectively [1][2]. - Vision China experienced a price drop of 5.77% on the day, while Cangzhou Dahua and Hunan Silver both saw price increases of 10.00% and 10.03% respectively [2]. Group 2: Institutional Net Selling - The top three stocks with the highest net selling by institutions were Boqian New Materials, Sanwei Communication, and Tongfu Microelectronics, with net outflows of 294.30 million, 193.60 million, and 116.59 million respectively [1][4]. - Boqian New Materials had a price increase of 6.77%, while Sanwei Communication and Tongfu Microelectronics experienced price drops of 9.98% and 5.85% respectively [4].

Market Overview - On January 19, the Shanghai Composite Index rose by 0.29%, the CSI 300 increased by 0.05%, the STAR Market 50 fell by 0.48%, the CSI 1000 rose by 0.4%, the ChiNext Index decreased by 0.7%, and the Hang Seng Index dropped by 1.05% [3][4] - The best-performing sectors on January 19 were basic chemicals (+2.7%), oil and petrochemicals (+2.08%), electric equipment (+1.84%), automobiles (+1.7%), and social services (+1.63%). The worst-performing sectors were computers (-1.55%), telecommunications (-0.96%), banking (-0.6%), pharmaceuticals and biology (-0.52%), and electronics (-0.49%) [3][4] - The total trading volume for the A-share market on January 19 was 27,322 billion yuan, with a net inflow of 2.292 billion Hong Kong dollars from southbound funds [3][4] Important Insights Macroeconomic Analysis - Latin America is characterized as an export-oriented economy for agricultural and mineral products while importing manufactured goods. The commodity cycle significantly influences total demand through both export and capital expenditure channels [5] - The market anticipates that exports may drive economic growth in 2026 [5] Fixed Income Analysis - The current R007 weighted interest rate is around 1.50%, which reflects both the central bank's preferred pricing (DR007) and liquidity friction between banks and non-banks (the spread between R007 and DR007). It is advised not to hold overly optimistic expectations [7][8] - The market sentiment is relatively optimistic, but there is a cautious stance compared to previous assessments [10]

Core Insights - The report emphasizes a multi-cycle resonance upward trend, suggesting that the index space may be further opened by profit recovery in 2026 [2][5] - It predicts that major economies will likely enter a destocking phase in 2026, following the current proactive restocking phase [5] - The report indicates that the overall profit recovery trend is expected to continue into 2026, with non-financial A-share companies' cumulative profit growth projected to be in the range of 2.4%-5.5% [5] Market Performance - The report highlights the performance of various indices, with the Computer index showing a rise of 3.42%, while the Banking index fell by 1.88% [4] - Other sectors such as Comprehensive and Communication also showed positive growth, while Real Estate and Non-bank Financials experienced declines [4] Investment Strategy - The recommended asset allocation for 2026 is A-shares > Chinese bonds, US bonds > US stocks, indicating a preference for A-shares due to stabilizing corporate earnings [5] - The report suggests that despite high valuations in A-shares, the market has not entered a bubble phase similar to 2007 or 2015, leaving ample room for growth in 2026 [5] Sector Focus - The report identifies AI as a key area of focus, noting that the current AI market does not exhibit significant bubble characteristics and that hardware demand remains strong [6] - It highlights investment opportunities in AI-related sectors, particularly in areas experiencing shortages such as optical communication and storage chips [6] - The report also emphasizes the potential for new consumption trends driven by policy support and a recovering CPI, focusing on emotional consumption, value-for-money consumption, and service-oriented consumption [6] Thematic Investment - The report anticipates a concentrated investment structure in 2026 around three main themes: AI, consumption, and pharmaceuticals, with AI infrastructure and digital economy being high-growth areas [7] - It suggests a systematic approach to technology investments, covering key technologies and advanced manufacturing, while also recommending attention to policy-driven sectors [7]