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 ...

证 券 研 究 报 告 杠杆资金净流出规模续创25年4月以来新高 ——流动性&交易拥挤度&投资者温度计周报 2026年2月24日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 资金流动性： 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 证 券 研 究 报 告 资金流动性：1）资金供给端：偏股型公募新发规模重回历史高位、杠杆资金净流出规模续创25年4月以来新高、 股票型ETF净流出规模扩大、回购金额收缩至历史低位；2）资金需求端：股权融资/产业资本净减持规模均小幅 扩张、南向资金净流入收缩至历史中高位。 | 资金供给 | | | | | --- | --- | --- | --- | | 资金供给主体(亿元) | 上 期 | 本 期 | 近 ...

Market Pricing Status: Trading Activity Slightly Decreased, Profitability Increased - The trading turnover rate has decreased, with the average daily trading volume for the entire A-share market dropping to 2.1 trillion yuan, and the average number of daily limit-up stocks decreasing to 60.8 [8][12] - The proportion of stocks that increased in value rose to 47.6%, while the median weekly return for A-share stocks increased to -0.1% [12][15] - The trading concentration in both primary and secondary industries has declined, with six industries having turnover rates in the historical top 90% [12][19] A-Share Liquidity Tracking: Foreign Capital Slightly Inflows, ETF Capital Slightly Outflows - Foreign capital inflow amounted to approximately 3.67 million USD, with the northbound trading volume accounting for 34.6% of total trading [29][46] - The new issuance scale of equity funds increased to 43.63 billion yuan, indicating a rise in overall stock positions of public funds [29][31] - ETF funds experienced a net outflow of 44.18 billion yuan, with the proportion of passive trading decreasing to 6.6% [29][25] A-Share Industry Allocation Tracking: Divergence in Movements of Foreign Capital, ETF Capital, and Financing Capital - Foreign capital saw net inflows in the non-ferrous metals (+39.1 million USD) and banking (+21.4 million USD) sectors [29][43] - Financing capital showed net inflows in the media (+2.88 billion yuan) and environmental protection (+0.24 billion yuan) sectors, while there were significant outflows in power equipment (-6.5 billion yuan) and non-bank financials (-4.56 billion yuan) [29][19] - The ETF sector experienced widespread outflows, particularly in electronics (-11.47 billion yuan) and power equipment (-4.94 billion yuan) [29][19] Hong Kong Stock and Global Liquidity Tracking: Slowing Inflows from Southbound Funds, Marginal Inflows of Global Foreign Capital into Developed Markets - Southbound fund inflows decreased to 27.8 billion yuan, representing the 76th percentile since 2022 [29][4] - The Hang Seng Index fell by 0.6%, while global markets showed mixed performance, with South Korea leading with a 5.5% increase [29][4] - Global foreign capital saw marginal inflows into developed markets, particularly in the US (+8.13 billion USD), Japan (+3.9 billion USD), and the UK (+2.11 billion USD) [29][4]

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 ...

Core Conclusions - In the second week of February, a total net outflow of funds amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1] - From an industry perspective, the highest trading volume share in the past week was seen in the communication, semiconductor, and electric equipment sectors [1] Fund Flow Analysis - In the second week of February, the total net outflow of funds was 72.3 billion yuan, compared to 52.2 billion yuan in the previous week. Fund inflows included a decrease in financing balance by 74.7 billion yuan, an increase in public fund issuance by 43.6 billion yuan, net redemption of ETFs by 23.1 billion yuan, and an estimated net inflow of northbound funds of 3 billion yuan. Fund outflows included IPO financing of 800 million yuan, net reduction of industrial capital by 10.1 billion yuan, and transaction fees of 10.3 billion yuan [8] Short-term Sentiment Indicators - The short-term sentiment indicators, which primarily consider turnover rate and financing transaction ratio, show that the recent weekly turnover rate (annualized) was 430%, currently at the 76th percentile historically. The recent weekly financing transaction ratio was 9.74%, currently at the 72nd percentile historically [15] Long-term Sentiment Indicators - The long-term sentiment indicators, which mainly look at the price comparison of major asset classes, indicate that the recent weekly A-share risk premium (the inverse of the overall A-share PE minus the yield of ten-year government bonds) was 2.52%, currently at the 45th percentile historically. Additionally, the recent weekly dividend yield of the CSI 300 index (excluding finance) compared to the yield of ten-year government bonds was 1.23, currently at the 5th percentile historically [15] Industry Performance - In terms of trading volume share, the top three industries with the highest historical percentile in the past week were communication (99%), semiconductor (98%), and electric equipment (97%). The lowest were real estate (1%), food processing (1%), and transportation (1%) [15] - The highest financing transaction ratio by industry was seen in machinery equipment (88%), electric equipment (80%), and social services (78%), while the lowest were banking (10%), coal (12%), and real estate (17%) [15]

Group 1 - The core conclusion indicates that in the second week of February, a total net outflow of funds amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1][2] - From an industry perspective, the highest transaction volume share in the past week was in the communication, semiconductor, and electric equipment sectors, with shares of 99%, 98%, and 97% respectively [2][15] Group 2 - In terms of fund inflows, the financing balance decreased by 74.7 billion yuan, public fund issuance increased by 43.6 billion yuan, ETF net redemptions were 23.1 billion yuan, and northbound funds estimated a net inflow of 3 billion yuan [8] - The long-term sentiment indicator shows that the recent A-share risk premium is 2.52%, placing it at the 45th percentile historically, while the dividend yield of the 300 index (excluding finance) is 1.23, at the 5th percentile historically [2][15] - The financing transaction share was highest in the machinery equipment, electric equipment, and social services sectors, with shares of 88%, 80%, and 78% respectively, while the lowest were in banking, coal, and real estate at 10%, 12%, and 17% respectively [2][15]

格隆汇2月24日丨风范股份(601700.SH)公布，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%。 ...

格隆汇2月24日丨风范股份(601700.SH)公布，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%。 ...

科创创业ETF国泰（588360）跟踪的是科创创业50指数（931643），单日涨跌幅限制达20%，该指数从 科创板与创业板中选取市值较大的50只新兴产业上市公司证券作为指数样本，以反映代表性新兴产业的 整体表现。指数聚焦于电子、电力设备、通信、医药生物等行业，强调科技属性和创新成长性，行业配 置相对均衡。 （文章来源：每日经济新闻） 2月24日，科技行情节后启动，科创创业ETF国泰（588360）收涨超1.1%。 华创证券指出，科技+顺周期仍是市场主线，节奏上科技有望率先启动。春节期间国内科技产业催化不 断：国产大模型的普及和应用显示居民对AI的接受度持续提升，中国AI大模型有望实现弯道超车；同 时，四家机器人企业登上春晚展示，显示出中国人形机器人产业在集群控制、硬件制造和量产能力上的 优势。从配置看，康波周期下的科技博弈有望继续打开估值上限，短期受益于产业催化，机器人、AI 相关产业链有望率先反应。结构上应关注算力硬件、AI应用、机器人、智能驾驶、储能等领域。 ...