| 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 ...

上周市场回顾 关键词：市场普涨 节前一周权益市场收涨，上证指数上涨0.4%，深证指数上涨1.4%，沪深300上涨0.4%，创业板指上涨 1.2%，科创50上涨3.4%。 债市收涨，10年国债收益率收于1.79%左右，下行约2bp，7年国债收益下行1.4bp左右，1年国债收益率 下行约0.6bp，3年期中债企业债收益率下行约3bp。 行业涨跌榜 | 序号 | 让季代码 | 山存间称 | 区间涨跌幅 [区间景日] 2026-02-09 | | | --- | --- | --- | --- | --- | | | | | [×间属日] 2026-02-14 | | | | | | [单位] % ↓ | | | 1 | 801230.SI | 综合(申万) | | 15.2753 | | 2 | : 801750.SI | 计算机(申万) | | 4.3462 | | 3 | : 801080.SI | : 电子(申万) | | 3.5160 | | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | | | | [区间首日] 2026-02-09 『区间尾日] 2026-02-14 | | | | | ...

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]

著名投资人段永平和李录的2025年第四季度13F报告均已披露，两人的最新投资动向也随之浮出水面。 段永平管理的H&H International Investment持仓总市值约174.89亿美元，约合人民币超1204亿元。 李录执掌的Himalaya Capital Management持仓总市值约35.7亿美元，约合人民币246亿元。 尽管两者都深耕价值投资，但面对2025年底AI产业的急剧变革，以及中概股的波动，段永平选择了"激进转型"，而李录似 乎更倾向于"结构性微调"，用谷歌这一AI业务最全面的公司来作为对科技各赛道的投资。 图为：段永平Q4美股全部持仓 来源：SEC，制图：投资报，数据截止：2026.2.23，下同 两者都体现出了投资人与时俱进的一面；价值投资绝不是对新兴产业视而不见，死抱着原有已无多少成长空间的"茅资 产"。 四季度，段永平美股持仓组合中，苹果被小幅减持，但仍是第一大重仓，占组合半壁江山，新进三家AI相关公司，分别为 CoreWeave、Credo和Tempus。 同时，大幅加仓英伟达664万股，股份环比暴增1110%，持有占比7.72%，跃升为第三大重仓股。 前五大重仓股中，伯 ...

近期，美国的贸易政策出现了剧烈震荡。美国联邦最高法院以6:3的表决结果裁定，特朗普政府依据 《国际紧急经济权力法》推行的大范围关税措施缺乏法律授权，本质上属于违法行为。这一裁定彻底打 破了特朗普政府对华极限施压的核心筹码，也使得其随即以《1974年贸易法》为依据，重新启动全球 15%的统一关税。这一举动不仅在美国盟友阵营中引发了强烈反响，同时也让中国在战略上更加主动。 在美国最高法院裁决之后，中国所承受的外部压力发生了明显变化。此前，中国面临的美国关税税率更 高，且覆盖范围更广，而如今裁定取消了旧有的高税率，统一税率也有所下调，使得中国所面对的关税 压力得到大幅缓解。与此同时，特朗普的关税政策合法性遭到严重质疑，政策的持续性也变得更加不确 定，这使得美国在全球范围内的贸易威慑力大打折扣。在中美经贸博弈中，中国的地位发生了变化，从 最初的被动应对转向主动塑造，逐步占据了规则、道义和市场的优势，博弈的主动权逐渐转向中国。 然而，特朗普政府并未就此放弃，反而迅速通过《1974年贸易法》重启全球15%的统一关税。虽然看似 强硬，实则暴露出其贸易政策的投机与短视。这一轮关税措施对全球主要经济体造成了截然不同的冲 击，形 ...

Group 1: Travel and Tourism Data - During the Spring Festival holiday, a total of 596 million domestic trips were made in China, with total spending reaching 803.48 billion yuan, both figures marking historical highs [1] - The average daily number of trips during the Spring Festival increased by 3.5% compared to the previous year, with significant growth in cultural and traditional tourism [16] - In Shenzhen, over 10.54 million tourists were received, a 17.9% increase from the previous year, generating tourism revenue of 11.845 billion yuan, up 19.8% [8][10] Group 2: Payment and Consumption Trends - During the 2026 Spring Festival, UnionPay and Wanglian processed 39.302 billion transactions amounting to 13.12 trillion yuan, with daily transaction volume and amount increasing by 37.45% and 19.26% respectively compared to 2025 [3] - WeChat Pay reported over 20% year-on-year growth in offline transactions for travel and entertainment during the Spring Festival [5] - Alipay noted a nearly 90% increase in transaction volume from foreign tourists in China, with spending up over 80% compared to the previous year [7] Group 3: Regional Highlights - In Hubei, over 22.8 million tourists visited 600+ A-level tourist attractions, a 28.27% increase from 2025, with popular sites like Yellow Crane Tower and Wudang Mountain seeing significant visitor numbers [22] - Shanghai received 21.67 million tourists, a year-on-year increase of 8.36%, with total tourism consumption reaching 25.614 billion yuan, up 20.9% [18] - In Chongqing, over 2,000 promotional consumption activities were organized, leading to a 7.8% increase in total consumption, with retail sales and nighttime consumption also showing growth [20] Group 4: Emerging Consumer Trends - The trend of "reverse reunion" saw a significant increase, with young adults bringing their parents to major cities for the holiday, particularly in first-tier cities like Beijing and Shanghai [21] - County-level hotels experienced a surge in bookings, with occupancy rates increasing over 60% in non-tourist areas, driven by returning young people [24] - New consumption habits emerged, with a notable interest in purchasing technology products and gold jewelry during the Spring Festival [10][14]

Summary of Conference Call Records Industry and Company Involved - The conference call primarily discusses the semiconductor industry, specifically focusing on storage, PCB (Printed Circuit Board), and AI-related sectors. - Key companies mentioned include C1 Technology, Su Ning International, and various passive component manufacturers. Core Points and Arguments 1. **Investment Recommendations in Storage and PCB Sectors** - The company recommends focusing on the storage sector and upstream PCB components, including copper foil and related equipment, which are expected to see price increases in Q1 2023 [1][2]. - C1 Technology has raised prices in Q4 2022, indicating a positive price trend for the PCB upstream sector [2]. 2. **Focus on Autonomous and Controllable Technologies** - Emphasis on investing in semiconductor equipment, materials, and domestic computing chips, which are seen as critical for future growth [1][3]. - The demand for domestic chips is expected to rise due to increased capital expenditure in the sector [4]. 3. **Opportunities in AI and Testing Sectors** - The second half of 2023 and 2024 presents opportunities in AI testing, with expectations of new product launches from companies like OpenAI [5]. - The performance of Apple and its ecosystem is anticipated to improve, benefiting from the AI advancements [5]. 4. **Passive Components and Market Dynamics** - The rise in prices of high-end products from overseas competitors is expected to create a ripple effect, leading to price increases for A-share companies in the passive components sector [3]. 5. **Cloud Services and Pricing Trends** - The cloud services sector is experiencing price increases driven by demand, with major players like AWS and Google raising prices significantly [16][17]. - The introduction of AI agents is democratizing access to cloud services, allowing non-programmers to utilize these technologies [17]. 6. **Growth in Capex and Network Connectivity** - Continuous growth in capital expenditure (capex) is noted, particularly in network connectivity, with a shift towards optical solutions due to their superior long-term performance [11][12]. 7. **Upcoming Industry Events** - The North American OFC event in March is expected to showcase advancements in NPU and optical module technologies, which could influence market dynamics [15]. Other Important but Overlooked Content - The conference highlights the importance of monitoring market trends and the performance of specific companies within the semiconductor and cloud service sectors, suggesting that investors should remain vigilant for emerging opportunities [4][19]. - The discussion also touches on the competitive landscape of the gaming industry, indicating that companies with strong product pipelines are likely to perform well in upcoming quarters [10]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current state and future outlook of the semiconductor and cloud service industries.

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 ...

卢玉珊倾向于从更长远的视角观察市场。她将寻找"主航道"视为决策的起点，即关注那些在经济结构变 化、技术演进和社会发展中，可能具备较长期趋势的领域，而非仅聚焦于短期热点。 在市场波动中寻找"主航道" 在复杂多变的市场中，南方基金卢玉珊的投资方法体现出一种追求均衡与持续的风格。她的思路侧重于 构建一个能够适应多种情景的体系，以应对未来的不确定性，核心在于辨识趋势、精选企业和分散风 险。 通过分散与均衡管理风险 在她的投资方法中，对风险的关注与对收益的追求同样重要，这通常表现为"均衡成长"的风格： ·保持行业分散：单一行业在她的组合中配置通常不会太高，以降低对单一领域的依赖。 ·适时灵活调整：她会根据市场情况，动态评估股票和债券等资产的性价比，对仓位进行相应管理。 ·注重控制回撤：上述方法的一个目标是使组合在市场调整时，净值波动能够相对平缓一些。 总结 总体而言，卢玉珊的投资方法可以被看作是一套构建长期稳健性的体系。它不依赖于对短期行情的精准 判断，而是通过"把握趋势方向、聚焦企业价值、做好风险管理"三方面的结合，形成一套旨在穿越周 期、可持续增值的思路。对于投资者而言，理解这样的方法，或许有助于从一个更平和的视角 ...

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 ...