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]

上证报中国证券网讯（刘禹希 记者 徐蔚）截至2月24日，A股两融余额为26227.57亿元，较上一交易日增加346.32亿元，占A股流通市值比例为2.52%。当日 两融交易额为2281.23亿元，较上一交易日增加482.89亿元，占A股成交额的10.28%。 资金流向方面，申万31个一级行业中有26个行业获融资净买入，其中，电子行业获融资净买入额居首，当日净买入65.39亿元；获融资净买入的行业还有计 算机、有色金属、电力设备、通信等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期 ◀ | | 7 | 300308.SZ | 中际旭创 | 2026-02-24 | | 2 | 688111.SH | 金山办公 | 2026-02-24 | | ന | 600176.SH | 中国巨石 | 2026-02-24 | | ব | 000021.SZ | 深科技 | 2026-02-24 | | 5 | 300442.SZ | 润泽科技 | 2026-02-24 | | 6 | 600519.SH | 贵州茅台 | 2026-02 ...

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]

◎记者 王子霖 马年首个交易日，A股上市公司回购增持热潮仍在延续。2月24日晚，一批上市公司披露了新一轮回购 增持计划及最新进展。其中，中顺洁柔、元力股份披露回购方案，海螺水泥、华能水电发布控股股东及 一致行动人的增持计划，九典制药和兴瑞科技等企业发布了最新的回购进展。 中顺洁柔最新发布的回购方案显示，公司拟使用自有资金以不超过12.4元/股的价格回购股份，资金总 额不低于6000万元且不超过1.2亿元。公司表示，此次回购旨在建立健全长效激励机制，将股东、公司 与核心团队利益深度绑定，同时也基于对公司长期价值的认可及对未来发展的信心。 2月24日盘后，还有多家上市公司披露了回购和控股股东增持的最新进展。福光股份公告称，公司控股 股东中融（福建）投资有限公司于2025年11月20日至2026年2月19日期间，通过集中竞价方式累计增持 股份23.33万股，耗资676.12万元。福光股份表示，目前该增持计划尚未完成，后续公司控股股东还将继 续实施。 艾迪精密于2月24日以集中竞价交易方式首次回购公司股份20.9万股，支付资金总额为508.78万元（含交 易费用）。公司此前披露的回购方案显示，计划回购资金总额区间为1 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the A-share market in China, focusing on market trends, sector performance, and investment opportunities post-Chinese New Year [1][2][3]. Key Points and Arguments Market Performance and Trends - The A-share market exhibited a strong oscillation pattern before the Chinese New Year, with the Shanghai Composite Index peaking at 4,142 points, aligning with the expected range of 4,000 to 4,150 points [2][3]. - Major indices failed to break above the 5-week moving average due to large funds suppressing market movements, indicating a preference for maintaining a range-bound market rather than a rapid upward trend [3][5]. - The market is currently in an ABC adjustment structure, with the B phase ongoing, suggesting that a clear upward movement is unlikely until the C phase is completed [9][14]. Sector Performance - Sectors that performed well before the holiday include technology growth, computing, electronics, media, and telecommunications, which are closely related to the mainstream market trends since September 24, 2022 [4]. - The consumer sector, particularly retail and general consumption, saw significant capital outflows, reflecting a lack of investor confidence in economic recovery [7]. - The food and beverage sector is not expected to experience a major upward trend, with a clear bearish pattern observed [8]. Investment Opportunities - Short-term investment strategies are recommended, focusing on sectors with lower price levels and potential for quick gains, such as brokers, building materials, and banks [20]. - The technology growth sector, including AI applications and robotics, may present localized investment opportunities, but significant upward trends are not anticipated [18]. - The first quarter of 2026 may see the non-ferrous metals sector forming a significant bottom, with a notable increase in the index by 97.5 points in 2025 [21]. Market Sentiment and Future Outlook - The market is expected to maintain a high-risk preference in the short term, with potential for continued focus on technology growth sectors, although caution is advised due to the last trading day before the holiday [6][15]. - New funds are advised to wait for clearer investment opportunities post-March, as the current environment does not favor long-term investments [19][16]. - The overall market structure is likely to remain balanced, with a mix of growth and value styles emerging [30]. Other Important Insights - The recent appreciation of the RMB, surpassing 6.89, is seen as beneficial for the A-share market, supporting a positive outlook for capital markets [11]. - The upcoming political events, such as the two sessions in March, are anticipated to provide clearer investment signals [16]. - The historical context of spring market movements suggests a potential for short-term volatility, but with a cautious approach to avoid chasing high prices [28][31]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the A-share market and relevant sectors.

| 创业板ETF易方达 低费率 | | | | | --- | --- | --- | --- | | 跟踪创业板指数 | | | | | 该指数由创业板中市值大、流 | マ日 | 该指数 | 该指数自2 | | 动性好的100只股票组成,战 | 该指数涨跌 | 滚动市盈率 | 发布以来估 | | 略新兴产业占比较高,电力设 | | | | | 备、通信、电子行业合计占比 | 1.0% | 42.1倍 | 38. 8 | | 近60% | | | | | 创业板200ETF易方达 低费率 | | | | | 跟踪创业板中盘200指数 | | | | | 该指数由创业板中市值中等、 | マ日 | 该指数 | 该指 | | 流动性较好的200只股票组成, | 该指数涨跌 | 滚动市盈率 | | | 反映创业板市场中盘代表性公 | | | | | 司的整体表现,信息技术行业 | 0. 4% | 113.0倍 | 2023年11 | | 占比超40% | | | 发布 | | 创业板成长ETF易方达 | | | | | 跟踪创业板成长指数 | | | | | 该指数由创业板中成长风格突 | | | | | 出、业绩增 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 24 日 证券研究报告·中山每日点评 马年首日收涨 ——2 月 24 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.87 | 北证 50 | 0.37 | | 深证成指 | 1.36 | 万得全 A | 1.06 | | 沪深 300 | 1.01 | 中证 500 | 1.12 | | 科创 50 | -0.34 | 红利指数 | 1.86 | 资料来源：Wind，中山证券研 ...

证券研究报告|策略定期研究 2026年02月24日 QFII等主题右侧突破 ——主题形态学输出0222 证券分析师： 研究助理： 周浦寒 S0210524040007 杨逸帆 S0210124110046 请务必阅读报告末页的重要声明 华福证券 华福证券 投资要点 Ø 风险提示：历史经验不代表未来;行业不确定性风险;国内经济复苏速度不及预期;海外 降息节奏不及预期;地缘政治风险。 2 华福证券 华福证券 Ø 主题形态学，0222最新输出： l 1）右侧突破，新增：QFII，智谱AI。 l 2）右侧趋势，持续：光伏，POE胶膜，BC电池，靶材，电力物联网等。 l 3）底部企稳，持续：仿制药，智能物流，电动车，服务机器人，消费金融，白 酒，葡萄酒等。 l 4）底部反转，持续：六氟磷酸锂，锂电电解液，手机电池，白酒，品牌龙头。 录 n 主题形态学最新输出 n 风险提示 目 3 华福证券 华福证券 主题形态学的最新输出 4 华福证券 华福证券 l 1）右侧突破，新增：QFII，智谱AI。 l 2）右侧趋势，持续：光伏，POE胶膜，BC电池，靶材，电力物联网等。 l 3）底部企稳，持续：仿制药，智能物流，电动车，服务机 ...

2月24日，马年第一个交易日，A股喜迎开门红，三大指数集体上涨，上证指数收涨0.87%，深成指收涨 1.36%，创业板指收涨0.99%，北证50指数收涨0.37%，沪深京三市成交额22182亿元，较前一个交易日 放量2192亿元，三市超4000只个股上涨，逾百股涨停。盘面上，地缘风险升级，贵金属与石油石化板块 迎来爆发，中曼石油等10余股涨停。 节后A股即将进入高胜率窗口 消息面上，2月24日，现货黄金盘中冲上5200美元。此前，现货黄金连续四个交易日上涨。 据央视新闻，美国和伊朗新一轮谈判将于2月26日在瑞士日内瓦举行。而在准备新一轮谈判的同时，"福 特"号航母已抵达东地中海重要基地，多架美军机降落以色列本-古里安机场，美国务院更官宣在黎巴嫩 开始"撤人"。 华西证券研报认为，资源品方面，贵金属和石油上涨，或与美伊谈判反复的背景相关。由于关键议题仍 未达成协议，美伊局势恶化，伦敦金现货价接连上涨，重新冲上5200美元/盎司大关。在此背景下，有 色和石油板块的修复趋势有望延续。行业层面，需关注资源品，例如贵金属、工业有色和原油，其行情 由商品市场涨价逻辑推动。 AI催化不断，科技主线仍获聚焦 与此同时，随着春 ...

春节前一周美元有所回落，中美利差"倒挂"程度继续收敛。10Y 美债名义/实际利率均回落，通胀预期同样有所回落。 离岸美元流动性边际有所收紧，国内银行间资金面均衡，期限利差(10Y-1Y)收窄。 交易热度、波动与流动性： 市场交易热度继续回落，多数指数的波动率回升。传媒、建材、轻工、通信等板块的交易热度均处于 90%分位数以上。 军工板块的波动率处于 80%分位数以上。 机构调研： 银行、电子、计算机、电新、军工等板块调研热度居前，纺服等板块的调研热度环比仍在上升。 分析师预测： 宏观流动性： 全 A 的 26/27 年净利润预测分别被下调/上调。行业上，有色、传媒、建材、化工、电子等 26/27 年净利润预测均被 上调。指数上，中证 500、创业板指、上证 50 的 26/27 年净利润预测均被上调，沪深 300 的 26/27 年净利润预测分别 被下调/上调。风格上，大盘/中盘价值 26/27 年净利润预测被上调，大盘成长、小盘价值均被下调，中盘/小盘成长 的 26/27 年净利润预测分别被下调/上调。 北上活跃度有所回落，重新小幅净买入 A 股 基于前 10 大活跃股口径，北上在通信、电子、电新等板块的买 ...