马年A股首个交易日迎"开门红"。2月24日，A股主要指数大多收涨，数据显示，上证指数收涨0.87%， 深证成指收涨1.36%，创业板指涨0.99%，北证50涨0.37%。当日，A股成交额达2.22万亿元，环比增长 10.97%。 "当前能源、化工等品种估值与成本或已在偏底部区间，AI算力扩张与能源转型驱动的刚性需求，以及 部分品种的结构性供需缺口并未发生实质性变化，且美联储短期大幅缩表概率较低。"谈及周期股大涨 的原因，中金公司（601995）研究部首席国内策略分析师李求索对《证券日报》记者表示。 展望后市，市场普遍认为，短期内（春节后全国两会前），政策预期及资金回流等因素共同支撑风险偏 好，A股后市有望震荡上行；从中长期来看，A股驱动因素将转为基本面，预计更多行业出现盈利修 复。 星石投资相关负责人表示，春节后政策预期或迎来快速升温，资金风险偏好也有望提升，叠加两会公布 的定量目标和结构性方向会使得政策思路和力度更为清晰，有望出现新的催化，对节后A股市场持较乐 观态度。从中期视角看，A股市场后续的主要驱动将由流动性因素转为基本面因素，随着更多行业出现 盈利修复，股市上涨空间被进一步打开。 李求索表示，中长期 ...

比营收数字更值得关注的，是华为正在谋划一场生态的"合纵连横"。 2月24日，农历马年开工第一天，在广州举行的"2026广东省高质量发展大会"上，华为技术有限公司董事 长梁华对外透露了两个关键信息：2025年全年销售收入超过8800亿元人民币，经营保持稳健；同时，华为 未来的战略重心将明确锚定在共建开放、开源的AI生态与鸿蒙生态上。 数据显示，华为2025年销售收入突破8800亿元，较2024年的8621亿元实现稳步增长。回顾2024年，其终端 业务同比增长38.3%，智能汽车解决方案业务更是猛增474.4%。尽管2025年具体业务构成尚未公布，但超 过8800亿的营收规模，无疑为华为持续的高强度研发和生态建设打下了坚实的财务基础。 梁华在会上感谢了全球客户与伙伴，并强调公司将持续加大研发投入，通过一体机、集群、超节点等系列 化产品，满足快速增长的算力需求。 梁华系统阐述的三点意见，勾勒出华为下一阶段的核心战略： 1、数智基础设施是人工智能创新和应用的底座； 对华为而言，"共建生态"既是技术必然，也是市场使然。 2、打造开源、开放的AI生态，加速释放人工智能的产业价值； 3、共建鸿蒙操作系统生态，加速迈向好用爱 ...

记者从深圳市住房和建设局获悉，目前，该片区已完成80%土地出让；片区总投资约2100亿元，已累计 完成投资约1200亿元；吸引中国电子、招商银行、深投控、京东、恒力集团、中兴通讯、中信证券、欧 加(OPPO)、大疆等多家世界500强或创新型科技企业，截至目前已有19家企业总部入驻。 全力推进项目提速增效，力争实现新年"开门红" 2月24日是春节后上班第一天，深超总去年12月新出让的DU09-03项目，支护、桩基、土方施工火热进 行，抢抓新春建设黄金期。 "春节后首个工作日，我们第一时间完成各项自查与复工复产工作，期间，市区住建局等主管部门主动 靠前服务，为项目顺利复工提供了及时专业的指导。"该项目现场相关负责人林汉鑫表示，接下来将全 力推进项目提速增效，力争实现新年"开门红"。 新春伊始，深圳湾超级总部基地（以下简称深超总）建设全面提速，作为深圳创新高度的"城市封 面"——"未来总部"正从规划蓝图转化为现实场景，为深圳高质量发展注入强劲动力。 作为深圳市重要的总部企业聚集区、文化地标汇聚地、 滨海城市会客厅、国际交流中心，深超总是深 圳建设中国社会主义先行示范区的集中承载区，致力于打造全球城市"巅峰之作"，是 ...

| 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 ...

证券研究报告｜资产配置跟踪周报 2025 年 2 月 24 日 大同证券研究中心 分析师：景剑文 执业证书编号： S0770523090001 邮箱：jingjw@dtsbc.com.cn 地址：山西太原长治路 111 号 山西世贸中心 A 座 F12、F13 网址： 新年新气象 市场或迎"暖春" 【20260209-20260215】 核心观点 大类资产总览：节前仍显波动，但暖意初现。 节前一周，权益市场波动幅度仍然较大，叠加前期获利资金 的了结与板块的轮动，市场经历了频繁且大幅的波动，这种 波动在节前稍显缓和，但依旧存在，在长假期带来的不确定 性中，场内资金仍处于分歧与调整的阶段。但同样也可以看 出，在历经了为期两周的调整后，节前市场虽有波动，但暖 意初现，一方面，场内成交金额持续维持较高区间，对市场 形成有效支撑；另一方面，投资者虽对长假期所带来的短期 不确定性有一定担忧，但中长期对市场依然有较大信心，因 此，前期的回调并未对市场引起较大的扰动。而债市则迎来 短期"蜜月周期"，资金面的持续宽松和权益市场、商品市 场逸散的低风险资金，都为债市短期是上行带来了充足的资 金补充。商品市场仍在回落，贵金属前期过 ...

Group 1: Guangdong's Economic Development - Guangdong has maintained its position as the top province in China for 37 consecutive years in terms of GDP, leading in innovation capability for 9 years, foreign trade for 40 years, cultural industry scale for 22 years, and marine industry production value for 31 years, establishing a solid foundation for high-quality development [1] - The theme of the Guangdong High-Quality Development Conference is "Coordinated Development of Manufacturing and Service Industries," emphasizing the province's commitment to high-quality growth [1] - By 2025, the "Shenzhen-Hong Kong-Guangzhou" innovation cluster is expected to rank first globally, with key indicators such as high-speed rail operation mileage and offshore wind power installed capacity also projected to lead the nation [1] Group 2: Digital Transformation and Industry Support - China Mobile Guangdong aims to support the digital transformation of 27,000 industrial enterprises by providing solutions that lower the barriers to transformation, utilizing advanced technologies like 5G and AI [2] - The company plans to build a "platform + ecosystem" empowerment system to enhance resource integration and promote industrial clustering, aiming to boost the value of communication equipment, industrial manufacturing, and information consumption industries [3] Group 3: International Collaboration and Investment - Siemens has established a digital platform industry base in Shenzhen, leveraging the city's advantages in innovation and talent, and plans to enhance its presence in Guangdong by developing various operational and research facilities [4] - The company is focused on promoting industrial AI technology and its applications in Guangdong, contributing to the integration of manufacturing and service industries [5] - The founder of Shein highlighted Guangdong's supportive business environment and its role in the company's supply chain strategy, emphasizing the importance of deep integration between manufacturing and services for competitive advantage [5]

Market Overview - During the Spring Festival period (February 16 to 23), the Hong Kong stock market showed a fluctuating upward trend, with the Hang Seng Index rising by 1.94% [1] - The materials and energy sectors performed strongly, with increases of 7.37% and 4.66% respectively, driven by rising international precious metal and energy prices alongside heightened geopolitical risks [1] - In contrast, both essential and non-essential consumer sectors experienced slight declines, indicating cautious expectations regarding the pace of consumer recovery [1] Sector Performance - The technology sector underperformed overall, with the Hang Seng Technology Index only increasing by 0.47% for the week, although it showed signs of recovery with a significant rise of 3.64% on February 23 [1] - The structural characteristics observed in the Hong Kong market during the holiday period may also reflect in the A-share market post-holiday, with cyclical industries linked to resource sectors expected to gain traction [1][2] A-share Market Outlook - The A-share market is anticipated to focus on two main lines post-holiday: resource products and technology manufacturing [2] - The recent market differentiation is not merely a short-term rotation but reflects a shift in risk preference from high-valuation growth sectors to more comfortable valuation ranges [3] - The strong performance of resource sectors indicates a growing consensus among global investors regarding the strategic value of assets like precious metals and oil amid geopolitical risks and a weak dollar [5] Economic and Industry Fundamentals - The Chinese economy is at a convergence point between the bottom of the inventory cycle and a new round of industrial upgrades, with industrial profits expected to improve in 2026 [6] - High-tech manufacturing is projected to be a core support for profit recovery, with significant growth in profits expected in sectors like electronic equipment and smart consumer devices [7] - The liquidity environment remains supportive, with a stable monetary policy and a trend of declining risk-free interest rates enhancing the attractiveness of equity assets [7] Long-term Market Drivers - The market's cautious expectations regarding economic growth may lay the groundwork for future recovery, with policies aimed at boosting domestic demand and consumption being prioritized [8] - The ongoing evolution of new industries, particularly in technology, is expected to support long-term growth, with no significant bubbles observed in the technology sector despite recent valuation increases [8] - The market is likely to experience structural revaluation supported by a recovering profit cycle, declining interest rates, and the acceleration of new productive forces transitioning from policy planning to industrial implementation [9]

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 ...

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]