Market Overview - The A-share market experienced a strong opening for the Year of the Horse, with the Shanghai Composite Index rising 0.87% to close at 4117.41 points, surpassing the 4100 mark. The Shenzhen Component Index increased by 1.36% to 14291.57 points, and the ChiNext Index rose by 0.99% to 3308.26 points. Over 4000 stocks gained, with a trading volume of 2.22 trillion yuan, an 11% increase from the previous trading day [2][5][7]. Sector Performance - Cyclical sectors led the market rally, with significant gains in oil and petrochemicals (up 5.25%), building materials (up 3.50%), non-ferrous metals (up 3.34%), coal (up 3.14%), and basic chemicals (up 2.85%). Notable stocks included Tongyuan Petroleum and China National Petroleum, which hit the daily limit [5][7]. - AI hardware stocks showed strong performance, with Tianfu Communication rising nearly 13% to a new historical high. The cultivated diamond index surged by 12.05%, indicating a transformative opportunity in the diamond industry for applications in AI chips and new energy vehicles [5][7]. Economic Indicators - The bond market saw a comprehensive rise, with the 30-year main contract closing at 112.96 yuan, up 0.20%. The People's Bank of China conducted a significant reverse repo operation, resulting in a net withdrawal of 926.4 billion yuan, indicating a tightening liquidity environment [7][11]. - The LPR remained unchanged, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, reflecting the central bank's focus on targeted measures rather than broad monetary easing [7][11]. Commodity Market - The commodity index rose by 3.05%, led by precious metals, with silver and lithium carbonate increasing by 12.84% and 10.56%, respectively. Crude oil prices also surged, closing at 493.30 yuan per barrel, up 6.18%, driven by geopolitical tensions in the Middle East [7][11]. - The uncertainty surrounding U.S. tariffs has led to a resurgence in precious metal prices, with gold and silver showing strong upward trends [7][11]. Investment Opportunities - The report suggests a balanced allocation in technology and consumer sectors, with a focus on cyclical stocks as the spring market is expected to continue its upward trajectory. Key sectors to watch include photovoltaic technology, commercial aerospace, and non-ferrous metals, which may see new catalysts in the near future [7][11].

ETF Industry News - The three major indices collectively rose, with oil and gas ETFs leading the gains. The Shanghai Composite Index increased by 0.87%, the Shenzhen Component Index by 1.36%, and the ChiNext Index by 0.99%. Notably, oil and gas ETFs such as Yinhua (563150.SH) rose by 9.53%, Bosera (561760.SH) by 8.42%, and Huatai-PB (159309.SZ) by 7.72% [1][4][13] - Concerns over reduced oil and gas supply due to geopolitical conflicts have led to a rise in oil prices. However, the recovery in oil service sector sentiment is expected to take at least six months to materialize [1][4] Fund Performance - A total of 481 funds that reported negative returns last year have turned positive in net value growth this year, with 19 funds showing a difference of over 20 percentage points. The majority of these funds are medium to long-term pure bond funds and mixed equity funds, accounting for 57.1% and 10.6% respectively [2] Storage Industry Insights - SK Hynix has indicated that the global memory chip industry has shifted to a seller's market, with price increases expected to continue throughout 2026. The HuaTai-PB China-Korea Semiconductor ETF has seen a year-to-date increase of 25.65% [3] - Investment opportunities in the semiconductor supply chain, particularly in high-end equipment and key components, are anticipated to be significant in 2026, providing market resilience and certainty [3] Market Overview - The overall performance of ETFs shows that commodity ETFs had the best average daily increase of 3.36%, while cross-border ETFs had the worst performance with an average decline of 0.49% [10] - The top-performing ETFs today included oil and gas ETFs, with significant gains noted for Yinhua, Bosera, and Huatai-PB [13] Trading Activity - The top three ETFs by trading volume were the A500 ETF Fund (512050.SH) with a trading volume of 8.372 billion, A500 ETF Huatai-PB (563360.SH) with 7.928 billion, and the China A500 ETF (159338.SZ) with 6.344 billion [16]

今日沪深三大指数收红，两市成交2.2万亿。申万一级行业中，石油石化涨幅领先，涨幅5.53%。春节期 间，海外环境较为复杂，美伊局势持续紧张，双方谈判陷入僵局，地缘风险上升。特朗普政府对等关税 被美最高法院裁定违法，随即又宣布新关税，一系列事件对全球资产价格带来影响，原油与黄金均有所 上涨。美国经济韧性仍存，通胀回落、就业数据超预期，以及美联储1月会议纪要中偏鹰的表述，使得 美联储降息预期反复波动。国内方面，地方两会的情况显示，多数省份更加重视高质量发展，淡化经济 增长速度目标。从已发布经济增长目标的省份来看，今年全国的GDP 增长目标或为4.5%~5%的区间设 定，各省更加强调因地制宜发展经济，扩内需、促消费重要程度提升。国内权益市场方面，随着年报逐 渐披露，业绩确定性或将成为市场关注的核心。 消息面 美国最高法院裁定特朗普对等关税违法，特朗普随即宣布新关税。 美国最高法院2月20日裁定，特朗普政府依据《国际紧急经济权力法》征收的"对等关税"属非法，未获 国会授权。裁决不涉及针对特定行业（如汽车、钢铁、铝材）的关税。当晚，特朗普签署行政令，依据 《1974年贸易法》第122条征收10%的"全球进口关税"，为期 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信资源行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：航天传媒行业领涨 A 股小幅上 行》 2026-02-10 《市场分析：成长行业领涨 A 股震荡上行》 2026-02-09 《市场分析：电池电子行业领涨 A 股先抑后 扬》 2026-02-06 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 02 月 24 日 投资要点： ◼ A 股市场综述 周二（02 月 24 日）A 股市场跳空高开、小幅震荡上行，早盘股指高 开后震荡回落，盘中沪指在 4105 点附近获得支撑，随后股指企稳回 升，盘中煤炭、石油、贵金属以及通信设备等行业表现较好；影视 院线、旅游零售、软件开发以及游戏等行业表现较弱，沪指全天基 本呈现小幅震荡上扬的运行特征。创业板市场周二震荡上行，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 ...

今日，A股迎来马年"开门红"。 盘面呈现板块普涨、多点开花的特征，科技成长、周期资源、新能源等多个板块协同发力。 个股方面，上涨股票数量超过4000只，逾百股涨停。贵金属与石油石化板块爆发，通源石油20cm涨停，湖南白银、中油工程、准油股份、中曼石油、中 海油服等多只股票涨停。化工板块走强，美邦股份4连板，红宝丽、红墙股份、澄星股份、金浦钛业涨停。培育钻石概念大涨，四方达20cm涨停，黄河旋 风涨停。玻纤概念反复活跃，国际复材涨超4天2板。下跌方面，影视院线概念股集体大跌，光线传媒、中国电影等多股跌停。 国内商品期货收盘，主力合约多数上涨。涨幅方面，沪银涨近13%，碳酸锂涨超10%，欧线集运涨近7%，原油涨超6%，低硫燃油涨近6%，铂涨超5%， 钯、丁二烯胶涨超4%，20号胶、橡胶涨近4%，棉花、苯乙烯、沪金、棉纱、对二甲苯等涨超3%，纯苯、丙烯、PTA涨近3%，燃油、LPG、短纤、聚丙 烯、瓶片等涨超2%，不锈钢涨近2%，沥青、菜油、尿素、沪镍、乙二醇涨超1%；跌幅方面，多晶硅跌超4%，焦炭、生猪跌超2%，烧碱跌近2%，铁矿 截至收盘，沪指涨0.87%，收报4117.41点；深证成指涨1.36%，收报142 ...

Market Performance - The A-share market experienced a collective rise on the first trading day of the Year of the Horse, with the Shanghai Composite Index closing at 4117.41 points, up 0.87% [1] - The Shenzhen Component Index closed at 14291.57 points, up 1.36%, and the ChiNext Index closed at 3308.26 points, up 0.99% [1] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets was approximately 22020.62 billion yuan, an increase of about 2193.82 billion yuan compared to the previous trading day [2] - A total of 4006 stocks rose, while 1392 stocks fell, with 109 stocks hitting the daily limit up and 21 stocks hitting the daily limit down [2] Sector Performance - Industries such as MLCC, fiberglass, cultivated diamonds, precious metals, petroleum and petrochemicals, and coal mining saw significant gains [2] - Conversely, sectors like short dramas, intellectual property, film and television, film theaters, cultural media, and computers experienced notable declines [2] Individual Stock Highlights - The precious metals and petroleum sectors saw substantial increases, with Tongyuan Petroleum hitting the daily limit up, along with several other stocks such as Hunan Silver, China Oil Engineering, and Zhongman Petroleum [2] - The chemical sector also performed well, with Meibang Co. achieving a four-day limit up streak, and stocks like Hongbaoli, Hongqiang Co., Chengxing Co., and Jinpu Titanium hitting the daily limit up [2] - In contrast, film and theater concept stocks collectively fell, with companies like Light Media and China Film hitting the daily limit down [2]

证券研究报告 | 策略点评 2026 年 02 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260224 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指上涨 0.87%，收 报 4117.41 点；深证成指涨 1.36%，收报 14291.57 点；创业板指涨 0.99%， 收报 3308.26 点；科创 50 指数跌 0.34%，收报 1465.37 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 4003 只个股上涨，仅 1388 只个股下跌， 86 只个股收平。沪深两市今日成交额合计 22021 亿元，较上个交易日放量 2194 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，石油石化、建筑材料、基础化 工、有色金属、煤炭等行业领涨，涨幅分别为 5.53%、3.71%、3.45%、3.31%、 3.10%，传媒、计算机、商贸零售、食品饮料、非银金融等行业领跌，跌幅分 别为 3.20%、1.81%、1.46%、0.86%、0.42%。 概念板块涨跌情况： ...

今日，A股迎来马年开门红。截至收盘，沪指涨0.87%，收报4117.41点；深证成指涨1.36%，收报14291.57点；创业板指涨0.99%，收报3308.27点。沪深京三 市成交额达到22184亿元，较上一交易日放量2193亿元，重回万亿成交区间。 停。玻纤概念反复活跃，国际复材涨超4天2板。下跌方面，影视院线概念股集体大跌，光线传媒、中国电影等多股跌停。 国内商品期货收盘，主力合约多数上涨。涨幅方面，沪银涨近13%，碳酸锂涨超10%，欧线集运涨近7%，原油涨超6%，低硫燃油涨近6%，铂涨超5%，钯、 丁二烯胶涨超4%，20号胶、橡胶涨近4%，棉花、苯乙烯、沪金、棉纱、对二甲苯等涨超3%，纯苯、丙烯、PTA涨近3%，燃油、LPG、短纤、聚丙烯、瓶 片等涨超2%，不锈钢涨近2%，沥青、菜油、尿素、沪镍、乙二醇涨超1%；跌幅方面，多晶硅跌超4%，焦炭、生猪跌超2%，烧碱跌近2%，铁矿石、焦煤、 苹果跌超1%。 来源：读创财经 行业板块多数收涨，贵金属、石油石化、玻璃玻纤、农化制品、化学原料、非金属材料板块涨幅居前，影视院线、传媒、旅游及景区、软件开发板块跌幅居 前。 个股方面，上涨股票数量超过4000只，逾百 ...

格隆汇2月24日｜化工板块表现亮眼，云天化涨8%，盐湖股份、万华化学分别涨4%和2%，带动化工 ETF天弘（159133）标的指数涨3.28%，盘中获资金净申购1250万份，已连续33日获资金净申购，净流 入额达20亿元。 资金持续流入得益于化工ETF天弘（159133）跟踪标的指数囊括基础化工、石油石化等主流领域及磷氟 化工、新能源材料等热门赛道，大中小市值均衡搭配，既包含万华化学、盐湖股份、天赐材料等龙头公 司，又涵盖细分领域优质中小企业，周期属性与成长动能兼备，场外联接C类：015897。 ③"金三银四"是化纤行业的传统需求旺季，每年的3月至4月期间，下游纺织企业集中采购化纤原料，以 满足春夏季节服装、家纺等产品的生产需求。 中信证券指出，化工反内卷持续加码，多行业发起行业自律，化工品价格有望底部回暖；叠加化工品行 业自身高景气，主营业务有望保持高增长。 ①2月18日，美国宣布将磷和草甘膦列入战略资源。 ②随着美国和伊朗冲突加剧，国际原油价格持续上涨，WTI原油主力合约累计涨幅达5.8%左右。 消息面上： ...

Core Viewpoint - The spring market excitement for 2026 has partially shifted to January, with a round of growth style realization before the festival, combined with regulatory easing and significant ETF outflows. It is expected that the overall index in February will mainly fluctuate, with a stronger performance anticipated after the festival. In this environment, a "structure-first, index-second" approach may be more suitable [1][8]. Group 1: Investment Focus Areas - **Technology Growth: AI + Humanoid Robots**: Focus on midstream components (gear reducers, servo motors, sensors, actuators), core materials, and some main body manufacturers. The resonance between the Spring Festival Gala and overseas world model progress may lead to a shift from "event-driven" to "scene landing" throughout the year. The computing chain includes storage chips, optical modules, PCB/IC substrates, and data center distribution and liquid cooling in power equipment, directly supporting the capital expenditure expansion of overseas cloud vendors. It is recommended to focus on large-cap leaders and some high-growth niche leaders while controlling overall valuation and position concentration to prevent short-term crowded trades and overseas volatility-induced pullbacks [2][9]. - **Cyclical Price Increases: Oil, Petrochemicals + Non-ferrous Metals + Building Materials/Chemicals**: Due to the rebound in oil prices and bulk commodity prices, marginal improvement in PPI, and the rhythm of the "14th Five-Year Plan" infrastructure commencement, it is suggested to pay attention to oil, petrochemicals, and oil and gas services. Additionally, focus on non-ferrous metals like copper and aluminum, steel building materials, and some chemical products with more sustainable price increases [3][10]. - **High Dividend Yield: Banks + Energy + Telecom/Public Utilities**: Before the festival, A-shares showed a clear preference for dividend and defensive sectors due to external disturbances and regulatory easing, with banks and food and beverage sectors being favored. After the festival, it may be beneficial to continue using high-dividend sectors like banks, energy, telecom, and public utilities as a base, which can hedge against overseas volatility and geopolitical risks while providing stable absolute returns in the context of macroeconomic stabilization and strong dividend yield and valuation attractiveness [4][11]. - **Domestic Consumption: Automotive Chain + Home Appliances + Travel Consumption**: Supported by the old-for-new policy and Spring Festival consumption data, the automotive and automotive electronics, home appliances, and white goods components benefit from the old-for-new policy and sales recovery. In the context of rising external demand and tariff uncertainties, these consumption directions, which are mainly driven by domestic demand and are policy-friendly, may exhibit both defensive and offensive characteristics [5][12].