Core Insights - The report emphasizes that the current environment is favorable for allocating resources in cyclical sectors, particularly in the first quarter of 2026, due to rising overseas uncertainties and the expected resumption of domestic activities after the Spring Festival [1][2]. Group 1: Market Performance - The cyclical sector performed well, with significant gains in industries such as oil and petrochemicals, construction materials, basic chemicals, non-ferrous metals, and coal, driven by geopolitical tensions, U.S. tariff policy uncertainties, and domestic supply-demand expectations [2]. - The escalation of the U.S.-Iran situation has led to rising oil prices, with global crude oil prices reaching a six-month high during the Spring Festival, positively impacting the domestic oil and petrochemical sector [2]. - Uncertainties surrounding tariffs have provided strong support for precious metal prices, with international gold prices continuing to rise amid renewed global trade uncertainties [2]. Group 2: Supply Constraints and Price Expectations - Coal prices are expected to recover due to supply constraints, with domestic coal inventories at major ports dropping to low levels and signals of reduced coal supply from Indonesia, which may create price space for domestic coal [2]. - The resumption of work after the Spring Festival is anticipated to boost demand expectations, further supporting coal prices [2]. Group 3: Strategic Outlook - The report reiterates that the first quarter is a critical time for resource allocation, with the recent rise in overseas uncertainties likely to catalyze a new round of resource price movements [2]. - The evolution of the U.S.-Iran situation will be a significant factor influencing oil and precious metal prices, while the restart of U.S. trade policy uncertainties may provide strong support for precious metals [2]. - Domestic construction activity and macroeconomic policy developments ahead of the Two Sessions will significantly impact the sustainability of the coal sector and other domestic resource prices [2].

华泰证券认为，主题投资和景气策略仍优于高股息，主题投资关注出口链、服务型消费、机器人应 用等，景气投资关注通信设备、小金属、稀有金属、电池、建材等。 国盛证券表示，有四大变量或成影响节后市场走势的关键。一是美国关税政策仍存不确定性，意味 着贸易摩擦将长期化，短期内将对市场风险偏好形成压制，但出口链企业的韧性已经显现；二是国内人 工智能（AI）大模型与机器人借春晚实现全民出圈，京东等平台销量数据更是提供了业绩验证，上周 五港股相关板块大涨，A股智能机器人、算力设备、AI应用等板块有望迎来资金追捧；三是以人民币计 价资产的吸引力将提升，尤其是权益市场，外资净流入中国资产已成为大趋势；四是地缘政治不确定性 加剧，推升全球避险情绪。 刚刚结束的马年春节假期可谓"马力十足"。交通运输部发布的数据显示，2026年春节前20天，全社 会跨区域人员流动量超50亿人次，创下了新的历史纪录。同时，国家移民管理局预计今年春节假期全国 口岸日均出入境人员同比增长14.1%，日均超205万人次，比2023年春节增长近5倍。此外，消费也迎来 了"开门红"。今年春节首批以旧换新补贴提前下达，叠加地方政府的消费补贴资金共同为假期消费注入 动 ...

截至10:19，成分股仅做展示使用，不构成投资建议。 2月25日，A股市场震荡上行，油气板块再度冲高！截至10:09，高纯度的油气ETF汇添富（159309）涨超2.5%，续创历史新高，盘中强势吸金近5000万元， 延续前两日吸金势头！ 油气ETF汇添富（159309）标的指数成分股多数冲高，通源石油涨超14%，潜能恒信涨超11%，招商轮船、中远海能、洲际油气、招商南油等涨停，杰瑞股 份、中国石油等微涨，中国海油略有回调。 | 序号 | 代码 | 名称 | 甲万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 002353 | 态瑞股份 | 机械设备 | 0.24% | 11.30% | | 2 | 600938 | 中国海油 | 石油石化 | -0.32% | 9.89% | | 3 | 601857 | 中国石油 | 石油石化 | 0.72% | 8.54% | | 4 | 600028 | 中国石化 | 石油石化 | 1.06% | 8.34% | | 5 | 601872 | 招商轮船 | 交通运输 | 9.99% | 7. ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 来源：华泰期货 作者： 汪雅航 市场分析 关注贸易问题。宏观方面，国务院常务会议部署做好春节假期后政府工作，要求着力抓好重点任务落 实，支持地方和企业积极探索打造新增长点。会议研究推进银发经济和养老服务发展有关工作，指出要 进一步释放银发消费需求，发挥消费补贴等政策牵引作用，推动普惠养老服务供给提质扩面。经文化和 旅游部数据中心测算，春节假日9天，全国国内出游5.96亿人次，较2025年春节假日8天增加0.95亿人 次；国内出游总花费8034.83亿元，较2025年春节假日8天增加1264.81亿元，假日游客人数和花费均创历 史新高。海外方面，美国正式开始征收10%全球关税，白宫正在准备把税率提高到15%的正式命令。美 国白宫就伊朗问题表示，特朗普总统的首选方案永远是外交手段，但必要时也愿意使用致命武力。 指数收涨。现货市场，A股三大指数收红，上证指数涨0.87%收于4117.41点，创业板指涨0.99%。行业 方面，板块指数涨多跌少，石油石化、建筑材料、基础化工、有色金属行业领涨，传媒、计算机、商贸 零售行业跌幅居前。成交小幅放量，当日沪深两 ...

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]

Market Overview - As of February 24, 2026, the China Petroleum and Chemical Industry Index (H11057) increased by 4.10%, with significant gains from companies such as Andong Biological (up 10.08%), Xingfa Group (up 10.01%), Yuntianhua (up 10.01%), Chuanfa Longmang (up 10.00%), and China National Offshore Oil Corporation (up 8.23%) [1] - The Petrochemical ETF (159731) rose by 4.14%, with a latest price of 1.06 yuan, and recorded a turnover rate of 9.16% during the trading session. Over the past 20 trading days, the ETF attracted a total of 1.239 billion yuan in capital inflow [1] Key News Highlights - The main crude oil futures on the INE rose by 28.70 yuan per barrel, a 6.18% increase, closing at 493.30 yuan per barrel. Related refined oil futures also saw gains, with high-sulfur fuel oil up by 79.00 yuan per ton (2.76%) and low-sulfur fuel oil up by 192.00 yuan per ton (5.84%) [1] - The main synthetic rubber futures increased by 3.74%, with mainstream prices in Shandong rising to 13,300 yuan per ton. The market outlook for synthetic rubber is expected to remain strong due to high raw material costs and recovering demand [1] - The PTA2605 main contract saw an increase of 2.88%. Supply-side data indicates that several facilities are undergoing maintenance, with expectations for operating rates to rise to around 78% post-holiday [2] Institutional Insights - Guotou Securities notes a "rise of the East and fall of the West" trend in the global chemical industry, with European companies reducing production due to high energy and environmental costs. Chinese private refining enterprises are gaining a competitive edge through cost advantages and integrated supply chains [3] - The "PX-PTA-Polyester Filament" industry chain is expected to see improved supply-demand dynamics, leading to enhanced investment elasticity [3] Popular ETFs - The Petrochemical ETF (159731) and its linked funds closely track the China Petroleum and Chemical Industry Index, with the basic chemical industry accounting for 60.02% and the oil and petrochemical industry for 32.43%. This positioning allows for participation in the profit recovery of downstream chemical products [4] - The long-term narrative for the industry is improving due to structural adjustments in supply and demand [4]

Market Performance - The A-share market opened positively in the Year of the Horse, with major indices showing significant gains, including the Shanghai Composite Index rising by 0.87% to close at 4117.41 points and the Shenzhen Component Index increasing by 1.36% to 14291.57 points [2][4] - The trading volume in the Shanghai and Shenzhen markets reached 2.2 trillion yuan, an increase of 219.4 billion yuan compared to the previous trading day, indicating a strong market sentiment [6] Sector Analysis - The top-performing sectors included Oil & Petrochemicals, which rose by 5.53%, and Building Materials, which increased by 3.71% [3] - Conversely, sectors such as Media and Computer experienced declines, with the Media sector dropping by 3.20% [3] - Notable concept stocks included Combustible Ice and Cultivated Diamonds, which saw significant gains, while MLOps and AI Corpus concepts faced declines [4][3] Future Outlook - The report indicates a positive outlook for the A-share market, supported by strong performance in oil and gas stocks, chemical sectors, and precious metals [4] - The market is expected to benefit from favorable macroeconomic policies and the upcoming Two Sessions, which historically lead to a high probability of index increases post-Spring Festival [6] - Analysts suggest focusing on sectors such as dividends, TMT (Technology, Media, and Telecommunications), and power equipment for potential investment opportunities [6]

有色金属板块中，宜安科技涨逾17%，晓程科技涨逾15%，白银有色、湖南白银、江南新材、盛达资 源、四川黄金等多股涨停。消息面上，春节假期期间，贵金属板块表现亮眼，COMEX白银期货主力合 约、COMEX黄金期货主力合约均有明显上涨。 领跌的传媒板块中，光线传媒20%跌停，幸福蓝海跌逾18%，博纳影业、横店影视、上海电影、视觉中 国、人民网、中国电影等多股跌停。 资金情绪有所回暖 2月24日是丙午马年首个交易日，A股市场三大指数上涨，石油石化、建筑材料、基础化工、有色金属 等板块表现活跃，深证成指涨逾1%。整个A股市场超4000只股票上涨，逾100只股票涨停。市场成交放 量，成交额为2.22万亿元。资金面上，资金情绪回暖，沪深300主力资金净流入超51亿元。 分析人士认为，市场资金流入和人心思涨的格局未发生变化，节后风险偏好有望修复，春季行情有望延 续。 ● 本报记者 吴玉华 超4000只股票上涨 2月24日，A股市场三大指数集体高开，上证指数、深证成指、创业板指开盘均涨逾1%。Wind数据显 示，截至收盘，上证指数、深证成指、创业板指、北证50指数分别上涨0.87%、1.36%、0.99%、 0.37%，科创 ...

Market Overview - The A-share market experienced a "good start" on the first trading day of the Year of the Horse, with a total trading volume of 2.22 trillion yuan, and over 4,000 stocks rising, indicating a positive market atmosphere [1][4] - The Shanghai Composite Index rose by 0.87% to 4,117.41 points, while the ChiNext Index increased by 0.99% to 3,308.26 points, and the Shenzhen Component Index saw a rise of 1.36% [4] Sector Performance - Resource stocks, including oil, petrochemicals, chemicals, non-ferrous metals, and coal, led the market with significant gains, while the media and consumer sectors showed relative weakness [1][8] - The oil and petrochemical sector saw an increase of 5.53%, with 13 stocks hitting the daily limit up, driven by international oil prices surpassing $80 per barrel [9][15] - The construction materials sector rose by 3.71%, with several stocks also reaching their daily limit up [11] - The basic chemicals sector increased by 3.45%, with multiple stocks experiencing significant gains [12] - The non-ferrous metals sector rose by 3.31%, with several stocks also hitting the daily limit up [13] Individual Stock Highlights - Notable individual stock performances included Zhongji Xuchuang (300308) rising by 4.33% to 554 yuan per share, and Tianfu Communication (300394) increasing by 12.65% to 351.01 yuan per share [5][14] - The CPO concept stocks, particularly the "Yizhongtian" combination, showed strong performance, with Runze Technology (300442) rising over 13% [5][14] Market Sentiment and Future Outlook - Analysts suggest that the A-share market is likely to continue a volatile upward trend post-holiday, with the nature and driving forces of the market expected to shift [3][17] - The upcoming National People's Congress is anticipated to influence market dynamics, with a focus on policy hotspots and rapid sector rotation [3][17] - Investors are advised to maintain moderate positions and focus on structural opportunities, particularly in resource and "anti-involution" sectors [19][20]

A股马年首个交易日迎来普涨，多数核心指数的涨幅都在1%～2%。从2010年以来的统计数据来看，春节假期过后，A股短期实现"开门红"的概率较高。 不过，今年春节假期期间，在港股市场大热的AI大模型、机器人，以及假期数据不错的消费板块今天在A股"意外"遇冷，真正领跑的却是石化、建材、基础 化工、有色金属、煤炭、钢铁等一众"老登"资产。 券商：春季行情仍将延续 今日，A股市场呈现普涨格局，多数核心指数的涨幅都落在1%-2%的区间，其中上证指数上涨 0.87%，收于 4117.41 点，重回 4100 点上方。相比之下，科技 板块走势相对偏弱，科创50、科创100指数分别下跌0.34%、1.55%。 | 指数 | T-20 | T-10 | T-5 | T+5 | T+10 | T+20 | T+ | | --- | --- | --- | --- | --- | --- | --- | --- | | 万得全A | -1.10% | 0.41% | 1.43% | 1.77% | 2.71% | 4.06% | 4.83 | | 上证指数 | -0.86% | 0.44% | 1.01% | 1.04% | 1.6 ...