2026.02.25 本文字数：2600，阅读时长大约4分钟 作者 |第一财经 黄思瑜 春节前大幅离场后，A股节后的资金回流态势已成为市场关注焦点。 两融资金在春节前大幅净流出后，节后首个交易日大幅回流了346亿元，其中融资资金回流了338.89亿 元。杠杆资金的持仓偏好，春节前后也截然相反，此前大笔净卖出的行业在节后被大笔净买入。在业内 看来，回流方向与市场热点不尽相同，反映融资资金还是偏好科技类弹性品种。 不同于融资资金大幅回流，主力资金在近两个交易日仍旧连续净流出，从高位题材转向顺周期涨价板 块。 在多位券商分析师看来，节后短期流动性可能继续宽松，股市资金可能加速回流，节后居民储蓄存款搬 家、"固收+"资金入市、理财资金入市等多重因素或利好A股。 杠杆资金单日回流346亿元 春节前最后一个交易日（2月13日），两融资金单日缩水574.77亿元，其中融资资金净流出569.58亿元， 成为2025年以来净流出金额最大的一天。当周（2月9日～2月13日），两融资金净流出755.35亿元，其 中融资金额净流出746.66亿元，创2025年4月以来新高。 春节后，两融资金的回流情况备受市场关注。根据Wind数据， ...

Report Industry Investment Rating No information provided in the report about the industry investment rating. Report's Core View The report analyzes the investment value of the Bank of China GEM 50 Index (026770/026771). It points out that the GEM 50 Index features high - tech growth and high - quality fundamentals, and performs well in growth - dominant environments and market rebounds. The Bank of China Fund, as the fund manager, has rich experience in managing passive index products [2]. Summary According to the Directory 1. Highlight the Characteristics of the Growth Enterprise Market and Focus on the Broad - based Index of New - Quality Productivity - **Index Compilation Method**: Composed of the 50 stocks with the largest average daily trading volume in the GEM market, it focuses on the liquidity of sample stocks and combines industry coverage, using free - float market capitalization weighting and adjusting every six months [5][6]. - **Index Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks. The weight is concentrated in the top ten constituent stocks, accounting for 65.27%. The average free - float market value is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan. Both are mainly concentrated between 2 billion and 5 billion yuan [7][10]. - **Index Industry Characteristics**: The constituent stocks are concentrated in the power equipment and communication industries, with a high degree of industry concentration. Compared with the GEM Index, it has more prominent high - tech growth attributes and is highly compatible with new - quality productivity [14][21]. - **Fundamental Characteristics**: The R & D investment as a proportion of operating income is close to 6%, higher than that of other broad - based indexes. The annual return on net assets from 2020 to 2024 is between 14% and 20%, showing high - quality characteristics [22][26]. 2. Index Investment Value Analysis: Prominent Growth Style and Elasticity - **Outstanding Performance in Growth - Dominant Environments**: The GEM 50 focuses on GEM stocks with high - tech growth attributes. In growth - dominant environments, its cumulative return far exceeds that of the Guozheng Growth Index, and the weekly average return since 2014 is 2.56% [27][31]. - **Superior Rebound Strength**: Due to the wider daily price limit of GEM constituent stocks, in several market rebounds since 2022, the GEM 50 Index shows high rebound strength, and the rebound interval returns generally exceed those of comparable indexes [35]. 3. Bank of China GEM 50 Index (026770/026771) It is an over - the - counter passive index product of the Bank of China Fund, which started raising funds on February 24, 2026, with a raising period until March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The management fee rate is 0.50%, and the custody fee rate is 0.10% [38]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: The Bank of China Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products with a total scale of 10.043 billion yuan [40]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, and the total scale of her managed products is 299 million yuan. Mr. Yao Jin has 12 years of securities experience, and the total scale of his managed products is 278 million yuan [42][43].

春节前大幅离场后，A股节后的资金回流态势已成为市场关注焦点。 杠杆资金单日回流346亿元。 其中，前期累计涨幅较多的电子、电力设备、计算机、有色金属、通信等行业遭受资金明显减仓，融资 资金净卖出金额在33亿元～74亿元之间。 节后首个交易日，杠杆资金的持仓偏好截然相反。节前受到偏爱的行业出现大幅卖出，并流向节前遭到 减仓的行业。 根据Wind数据，2月24日，有26个行业获得杠杆资金回补仓位。电子、计算机、有色金属、电力设备、 通信、国防军工等板块获得融资资金大笔买入，净流入金额均超20亿元。而公用事业、石油石化、建筑 装饰、综合、煤炭5个行业遭到杠杆资金减仓。 这与当日的市场表现并不完全一致。24日，石油石化、煤炭行业领涨，建筑材料和公用事业也表现不 俗；有色金属行业涨幅居前，但计算机行业则处于跌势。25日，有色金属、建筑材料涨幅依旧居前，国 防军工、电子、电力设备行业涨幅超过1%，计算机和通信行业涨幅靠后，均微涨0.2%。 两融资金在春节前大幅净流出后，节后首个交易日大幅回流了346亿元，其中融资资金回流了338.89亿 元。杠杆资金的持仓偏好，春节前后也截然相反，此前大笔净卖出的行业在节后被大笔净买入。 ...

Market Performance - The Hong Kong stock market showed a positive performance during the Spring Festival, with the Hang Seng Technology Index rising over 3% and the overall Hang Seng Index increasing by 1.4% [1] - The A-share market also experienced a "New Year opening red," with the Shanghai Composite Index surpassing 4100 points [1] - Despite the initial positive performance, the Hong Kong market faced a downturn post-holiday, particularly in internet stocks, while sectors like materials, real estate, energy, and healthcare supported the market [1] Sector Performance - The performance of various sectors in the Hong Kong market is as follows: - Materials: +21.60% - Real Estate and Construction: +19.06% - Energy: +18.94% - Industrial: +16.70% - Healthcare: +10.39% - Financials: +6.10% - Information Technology: -8.77% [2] Investment Opportunities - There are significant investment opportunities in the Hong Kong market, particularly in sectors like industrial metals, high-end manufacturing, and innovative pharmaceuticals [3][16] - The influx of southbound capital has led to a change in pricing logic for Hong Kong stocks, making them more sensitive to changes in risk appetite from mainland investors [4] - The appreciation of the Renminbi since December 2024 has increased the attractiveness of Chinese assets, benefiting companies listed in Hong Kong that report earnings in Renminbi [5] Economic Factors - The Federal Reserve is in a rate-cutting cycle, and the expected changes in liquidity are limited, indicating a stable environment for the Hong Kong market [9] - The correlation between Hong Kong stocks and A-shares has strengthened, suggesting that Hong Kong stocks may experience passive increases alongside A-shares [4] Fund Management Insights - Fund manager Zhou Hanying, with extensive experience in global investments, is optimistic about sectors such as non-ferrous metals, AI, and innovative pharmaceuticals [3][16] - The upcoming fund, 景顺长城衡瑞精选混合, will focus on a balanced investment strategy, allowing for a maximum of 50% allocation to Hong Kong stocks to leverage Zhou's expertise [11]

恒生指数今日涨0.66%，报26765.72点，大市成交2367.65亿港元。 本文源自：市场资讯 作者：智投君 港股通成交数据披露（沪深合计） 证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070063.68亿港元8.18亿港元522.50港元0.48%美团－Ｗ 036909.38亿港元6.78亿港元82.70港元1.60%阿里巴巴－Ｗ 0998837.67亿港元6.06亿港元148.30港元0.20%小米集团－Ｗ 0181022.13亿港元5.38亿港元35.60港元-0.39%长飞光纤光缆 0686927.59亿港元1.82亿港元131.30港元1.63%中芯国际 0098126.75亿港元1.68亿港元69.85港元0.65%中国海洋石油 0088315.28亿港元-0.88亿港元25.48港元-0.39%南方恒生科技 0303326.75亿港元-3.01亿港元5.14港元-0.10%中远海能 0113815.19亿港元-3.58亿港元19.02港元0.96%恒生中国企业 0282811.38亿港元-11.37亿港元92.84港元0.61%盈富基金 0280044.36亿港元-44.10亿港元26. ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The BOC GEM 50 Index (026770/026771) is an over - the - counter passive index product of BOC Fund, which focuses on the GEM, selects stocks with strong liquidity, and has prominent technology - growth attributes, high R & D investment, and high - quality fundamentals. It performs well in a growth - dominant environment and has an advantage in rebound strength. The fund manager, BOC Fund, has rich experience and management scale [2][39]. 3. Summary According to the Directory 3.1 Index Features - **Index Compilation Method**: The GEM 50 Index consists of 50 stocks with large average daily trading volume in the GEM market, focusing on sample stock liquidity and highlighting investment attributes. It selects stocks by considering the average daily trading volume in the past 6 months and industry coverage, using free - float market capitalization weighting and adjusting every six months [7][8]. - **Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks, with the top ten constituent stocks accounting for 65.27% of the total weight. The weight is highly concentrated in stocks such as CATL, Zhongji Xuchuang, and Xinyisheng. The average free - float market value of constituent stocks is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan, mainly concentrated between 2 billion and 5 billion yuan [9][12]. - **Industry Characteristics**: The index has prominent technology - growth attributes and is highly in line with new - quality productivity. The constituent stocks are concentrated in the power equipment and communication industries, with 9 stocks in each, accounting for 31.03% and 24.91% respectively. Compared with the GEM Index, it excludes industries with less prominent technology attributes such as agriculture, forestry, animal husbandry, and fishery, and has stronger growth attributes [17][22]. - **Fundamental Characteristics**: The GEM 50 Index further strengthens the innovation - growth attribute on the basis of the GEM Index. The R & D investment as a proportion of operating income reaches nearly 6%, and the annual return on net assets from 2020 to 2024 is between 14% and 20%, surpassing other representative broad - based indices [23][27]. 3.2 Index Investment Value Analysis - **Outstanding Performance in a Growth - Dominant Environment**: The GEM 50 Index focuses on GEM stocks with technology - growth attributes and performs well in a growth - dominant environment. Its cumulative returns in a growth - dominant environment far exceed those of the GEM Index and the China Securities Growth Index. The weekly average return in a growth - dominant environment since 2014 is 2.56%, higher than other indices [28][32]. - **Advantage in Rebound Strength**: Affected by the sector attributes, the GEM 50 Index is unique in the environment of sharp rises or rebounds. In the rebounds in 2022.4, 2024.9, and 2025.4, it shows a high rebound strength, and the rebound interval returns generally exceed those of comparable indices [36]. 3.3 BOC GEM 50 Index (026770/026771) - It is an over - the - counter passive index product of BOC Fund, starting to be raised on February 24, 2026, with a raising period from February 24 to March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The fund closely tracks the underlying index, aiming to minimize the tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [39]. 3.4 Fund Manager and Fund Manager Information - **Fund Manager Introduction**: BOC Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products, with a total scale of 1.0043 billion yuan [41]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, with a total scale of 299 million yuan in managed products. Mr. Yao Jin has 12 years of securities experience, with a total scale of 278 million yuan in managed products [43][44].

激光凭借高亮度、强方向性与优异的单色性，成为理想的通信载体。在卫星通信领域，目前广泛采用的 微波技术虽成熟可靠，但难以满足日益增长数据的传输需求。因此，以激光为信号载波的星间与星地高 速通信技术正快速发展，因其能提供更大的通信容量，已成为未来空间信息网络的关键发展方向。 技术机理：动态建链与智能调度赋能高速星间网络 卫星互联网利用激光在卫星间构建高速"信息公路"。每颗卫星需与周边四颗卫星建立连接：同轨道面内 的链路相对固定，而不同轨道面间的卫星因相对运动，链路需进行动态建链与断链。在卫星稀疏的星座 中，需依靠轨道预测结合扫描来捕获并建立连接；而在类似"星链"的高密度星座中，卫星在光学视场内 即可实现类似Wi-Fi的"随遇接入"。整个系统还需一套复杂的路由与交换协议，以调度这些高速链路， 应对动态变化的网络拓扑。 应用蓝图：从全球无缝覆盖到空天一体化智能服务 激光通信为低轨星座构建了覆盖全球的"天基Wi-Fi"。它不仅提供随时随地的宽带覆盖与低延迟通信， 更通过星间链路，将陆、海、空、天连成一张实时响应的智能网络。其已成为重要的数字生命线，可在 灾区快速恢复通信，为偏远地区输送教育、医疗资源。未来，借助低轨卫星 ...

| 中微公司 | 5.99 | 5.57亿元 | 电子 | | --- | --- | --- | --- | | 杉杉股份 | 9.96 | 5.09亿元 | 电力设备 | | 华友钻业 | 5.88 | 4.83亿元 | 有色金属 | | 云南错业 | 10.01 | 4.68亿元 | 有色金属 | | 金风科技 | 4.64 | 4.68亿元 | 电力设备 | | 紫金矿业 | 1.14 | 4.24亿元 | 有色金属 | | 有研新材 | 10 | 4.12亿元 | 电子 | | 中钨高新 | 10 | 4.11亿元 | 有色金属 | | 拓荆科技 | 10.72 | 4.08亿元 | 电子 | *数据仅供参考，不构成投资建议 据交易所数据显示，截至2月25日午后一小时，主力资金流入前20的股票分别为： 北方稀土（30.50亿元）、 胜宏科技（17.73亿元）、 包钢股份（17.03亿 元）、 航天发展（14.72亿元）、 工业富联（13.75亿元）、 沪电股份（9.39亿元）、 菲利华（7.25亿元）、 新易盛（6.84亿元）、 神剑股份（6.76亿元）、 盛和资源（5.97亿元）、 中国稀土（5. ...

| 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 昆仑万维 | -7.83 | -18.26亿元 | 传媒 | | 兆易创新 | -3.77 | -11.75亿元 | 电子 | | 天孚通信 | -3.57 | -10.77亿元 | 通信 | | 协鑫集成 | 3.16 | -9.07亿元 | 电力设备 | | 蓝色光标 | -2.37 | -7.86亿元 | 传媒 | | 亨通光电 | -4.74 | -7.61亿元 | 通信 | | 网宿科技 | -4.69 | -7.20亿元 | 计算机 | | 三花智控 | -1.29 | -7.16亿元 | 家用电器 | | 润泽科技 | -1.06 | -6.08亿元 | 通信 | | 嘉美包装 | -9.99 | -6.06亿元 | 轻工制造 | | 光线传媒 | -5.51 | -5.83亿元 | 传媒 | 据交易所数据显示，截至2月25日午后一小时，主力资金流出前20的股票分别为： 昆仑万维（-18.26亿元）、 兆易创新（-11.75亿元）、 天孚通信（-10.77亿 元）、 协鑫集 ...

A股市场方面，多数保险机构对2026年A股市场持较乐观态度。2026年，保险机构更看好科创50、沪深 300、中证A500和创业板等相关股票，看好电子、有色金属、电力设备、计算机、通信、医药生物和基 础化工等行业，关注芯片半导体、国防军工、AI算力、机器人、能源金属、商业航天、高股息、医药 生物与创新药和企业出海与全球化等投资主题，认为企业盈利修复和流动性环境是影响A股市场的主要 因素。资产配置上，多数保险机构计划小幅增配A股。 基金投资方面，2026年，保险资产管理机构倾向配置股票型基金、二级债基、混合偏股型基金、指数型 基金和ETF基金；保险公司偏好配置二级债基、股票型基金、混合偏股型基金、成长型基金和ETF基 金。近半数保险机构计划小幅增配公募基金。 据中国银行保险资产管理业协会网站，该协会近日发布的"保险机构2026年资产配置展望调查结果"显 示，大类资产配置方面，股票和证券投资基金是2026年保险机构普遍看好的境内投资资产。多数保险机 构预计对银行存款、债券、证券投资基金及其他金融资产的配置比例与2025年基本持平，部分机构有意 愿适度或微幅增加股票投资。 债券市场方面，多数保险机构对2026年债券 ...