Group 1 - The year 2026 marks the beginning of a new five-year plan, creating numerous trading opportunities related to policy implementation [1] - Despite an increase in resident incremental funds, significant reductions in major ETF investments have offset this inflow, leading to a challenging liquidity environment before the Spring Festival [1] - The market is expected to experience volatility in February, with a potential rebound in indices post-holiday, focusing on sectors like oil, food and beverage, AI, and semiconductors [1] Group 2 - The "Shengong-Hua Tuo" brain-controlled acupuncture and neuro-rehabilitation platform has been launched, targeting patients with neurological injuries, indicating advancements in brain-machine interface technology [3] - Quantum technology has reached a strategic height in policy, with significant funding growth, totaling approximately 34.9 billion yuan by Q3 2025, surpassing previous years [3] - The quantum computing market is projected to grow from $5 billion to over $800 billion between 2024 and 2035, with a CAGR exceeding 55% [5] Group 3 - The short-term market trend is strong, but the influx of incremental funds remains limited, indicating a cautious approach from investors [7] - The Shanghai Composite Index has been rising, primarily driven by the energy sector, while the demand for funds remains stable despite an increase in net reductions by major shareholders [9] - February's investment strategy should focus on cyclical and technology sectors, with an emphasis on electronics, media, machinery, and power equipment [9]

Group 1 - The core viewpoint of the articles indicates that insurance institutions are optimistic about domestic investments in stocks and securities investment funds for 2026, with a tendency to slightly increase stock investments [1] - Most insurance institutions plan to maintain their allocation ratios for bank deposits, bonds, securities investment funds, and other financial assets similar to 2025, with some intending to moderately increase stock investments [1] - In the bond market, insurance institutions hold a neutral outlook for 2026, favoring high-grade corporate bonds, perpetual bonds, subordinated debt, and convertible bonds, primarily focusing on bonds with maturities between 10 to 30 years [1] Group 2 - Regarding the A-share market, insurance institutions are generally optimistic for 2026, favoring indices such as the Sci-Tech Innovation 50, CSI 300, and ChiNext, and industries like electronics, non-ferrous metals, and pharmaceuticals [1] - The main factors influencing the A-share market are expected to be corporate profit recovery and liquidity conditions, with most insurance institutions planning to slightly increase their allocation to A-shares [1] - In terms of fund investments, insurance asset management institutions prefer equity funds, secondary bond funds, and mixed equity funds, with nearly half planning to slightly increase their allocation to public funds [2] Group 3 - For overseas investments, Hong Kong stocks are the most favored by insurance institutions for 2026, with gold and US stocks also receiving attention [2] - About half of the insurance asset management institutions plan to slightly increase their allocation to Hong Kong stocks, while 40% of insurance companies intend to maintain their current allocation levels [2]

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [7] Core Views - The cancellation of IEEPA tariffs and the introduction of a 15% tariff under the 122 clause could lead to a marginal improvement of 5% to 10% in tariffs for various components, benefiting companies like Ningde Times, Sunshine Power, and others [2][10] - The potential for the Trump administration to implement additional tariffs under clauses 201, 232, 301, and 338 could maintain the overall tariff levels, impacting the competitiveness of domestic products against overseas counterparts [4][10] - The demand for electric new equipment in the U.S. remains strong, with a projected revenue share of 16% or less for sample companies in 2026, indicating resilience against tariff fluctuations [5] Summary by Sections Tariff Changes and Impacts - The report outlines two scenarios regarding tariff changes: an optimistic scenario with a 15% tariff leading to a 5% to 10% reduction in marginal tariffs for various components, and a pessimistic scenario where additional tariffs could keep overall levels unchanged [2][4] - The U.S. Supreme Court's ruling is expected to narrow the tariff gap between domestic and overseas production by 1% to 5% due to the new uniform 15% tariff [3] Company Recommendations - The report highlights several companies as favorable investment opportunities, including: - Ningde Times (300750 CH) with a target price of 566.18 - Sunshine Power (300274 CH) with a target price of 198.63 - Yihua Lithium Energy (300014 CH) with a target price of 96.96 - TBEA (600089 CH) with a target price of 33.31 - Foster (603806 CH) with a target price of 19.97 [14] Market Dynamics - The electric new equipment sector is experiencing high demand due to the inability of overseas suppliers to meet urgent needs, particularly in the transformer market, which is expected to have a supply gap until at least 2027 [5] - The report emphasizes that the tariff adjustments will have a limited impact on the main photovoltaic industry, while auxiliary materials and lithium battery sectors may benefit significantly [3][10]

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 ...

展望2026年，AIDC行业仍将保持高景气，一方面国内外头部互联网厂商纷纷公布2026年资本开支计 划，海外厂商CAPEX指引普遍高于50%，另一方面维谛、西门子、Flunce等海外头部电力设备厂商业绩 表现亮眼，AIDC行业高成长性或已反应在业绩端。而美国需求端因数据中心增长带来的用电量增长与 供给端电力设备老旧现象严重的矛盾为国内电力设备出海厂商带来机会。 根据IEA数据，2020年以来全球电网投资额快速增长，2024年全球电网投资达到3900亿美元，2025年预 计超过4000亿美元。美国能源基础设施状况大多处于标准以下水平，叠加AI用电需求明显增加，美国 电网设备有望开启强制更新周期。 美国变压器的交付周期已经从50周延长至120周以上。中国电网设备相关企业在交付时间、技术、成本 等方面具备相对优势，变压器等设备的出口订单有望持续受益。 根据海关总署数据，2025年全年变压器累计出口金额为90.36亿美元，累计增速34.83%，金额创历史新 高。2025年12月重点电力设备出口产品中，变压器、电线电缆、铜制绕组电线、低压开关、绝缘子的出 口金额当月同比分别为31.92%、22.20%、11.71%、1 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [10]. Core Insights - In the short term, the electricity gap in North America continues to widen, leading to a supply-demand imbalance for gas turbines, which presents an opportunity for gas generator sets to become the primary power source [3][9]. - In the medium to long term, gas generator sets are expected to become a preferred choice for small to medium-sized data centers due to their advantages in speed of delivery and operational efficiency [3][9]. - Domestic companies, such as Weichai Power and Yinlun Co., are well-positioned to benefit from this opportunity due to their production capacity and quick delivery capabilities [3][9]. Summary by Sections Background - The demand for AI computing power has surged, resulting in a projected electricity gap of approximately 73.2 GW in the U.S. from 2025 to 2030, which could increase to 201 GW if data center growth exceeds expectations [6][27]. Demand - Gas generator sets are expected to experience explosive growth in the short term due to the electricity shortage, with a projected demand of about 9 GW for gas generator sets in North America by 2026 [7][56]. - The medium to long-term outlook indicates that gas generator sets will be favored for their modularity and lower redundancy costs, particularly for data centers with capacities around 100 MW [8][58]. Supply - There is a significant supply shortage of gas generator sets from overseas manufacturers, while domestic companies like Weichai Power can deliver quickly due to their ample production capacity [8][73]. Investment Recommendations - The report suggests a strong growth cycle for gas generator sets in North America, driven by the ongoing electricity shortage and the limited supply of gas turbines [9][3].

一、中标项目概况 本次中标人公示平台是中国南方电网有限责任公司供应链统一服务平台，招标人为中国南方电网有限责 任公司，详情请查阅中国南方电网有限责任公司供应链统一服务平台相关公告： 证券代码：601700 证券简称：风范股份 公告编号：2026-020 常熟风范电力设备股份有限公司 关于南方电网项目中标的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 2026年2月13日，中国南方电网有限责任公司在其供应链统一服务平台 （https://www.bidding.csg.cn/）公 布了《南方电网公司2025年主网线路材料第二批框架招标项目中标公告》。 在南方电网公司2025年主网线路材料第二批框架招标项目活动中，常熟风范电力设备股份有限公司（以 下简称"公司"）中标产品为500kV变电站钢结构广东标包3；35kV-220kV交流角钢塔海南标包3；500kV 交流钢管塔广东标包4；35kV-220kV交流钢管塔广东标包3，中标金额约1.84亿元，约占公司2024年经审 计的营业收入的5.70%，现将相关情况提示如下 ...

| 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 ...

有股民表示："太神奇了，春晚那么多机器人表演，以为要大涨呢，还想着把压岁钱都买相关股票，看不懂这个逻辑了，现在不敢买了。" 作者：蔡越坤封图：图虫创意 A股马年首个交易日，迎来开门红行情。 截至2月24日收盘，上证指数上涨0.87%，收于4117.41点；深证成指上涨1.36%，收于14291.57点；创业板指上涨0.99%，收于3308.26点。A股全天成交2.22 万亿元，上个交易日成交2万亿元。 马年春晚，人形机器人组团登上舞台，再次引起广泛关注。2月20日港股率先开盘，尽管恒生指数和恒生科技指数当日双双收跌，但受春晚机器人震撼表 演的催化影响，人形机器人概念股收红，受到资金追捧。 然而，2026年春晚后首个交易日，最值得期待的机器人板块并未如期大涨，上演高开低走行情。A股开盘后，机器人指数（884126）上涨近1.5%，然而截 至收盘，该指数仅上涨0.65%。 有股民表示："太神奇了，春晚那么多机器人表演，以为要大涨呢，还想着把压岁钱都买相关股票，看不懂这个逻辑了，现在不敢买了。" 展望后市，方正证券认为，国内方面，2026年开年以来，A股市场表现总体强势，春季行情拉开帷幕。往后看，随着新质生产力领域 ...

证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 社融同比增速放缓，权益基金发行回暖 ——流动性周报 2 月第 3 期 2026 年 02 月 24 日 策略周报 研究所： 风险提示：历史数据仅供参考，样本代表性不足的风险，数据处理统计 方法可能存在误差，基于主观认知划分产生的偏差，外部环境变化影响 结论适用性，指标选取不全面风险。 相关报告 《年报预报落地后，市场如何演绎？*赵阳》—— 2026-02-01 《流动性周报 1 月第 3 期：宏观资金均衡偏松，ETF 继续大幅净流出*赵阳》——2026-01-28 袁野》——2026-01-26 1. 本周（2026/02/09-2026/02/13，下同）宏观资金面均衡偏松，央行通 过公开市场操作开展逆回购净投放 12089 亿元，开展 10000 亿元 6 个月 买断式逆回购操作。资金价格方面，短端利率、长端利率均小幅下行， 期限利差有所走阔。2026 年 1 月社融规模增量大幅上升至 72208 亿元， 存量同比增长 8.2%，较 2025 年 12 月增速下降 10BP。结构上，新增人 ...