据交易所数据显示，截至2月24日午间收盘，大盘主力资金净流入122.98亿元。主力资金流入前十大板块分别为：电子（80.30亿元）、 通信设备（61.74亿 元）、通信（57.85亿元）、通信网络设备及器件（55.10亿元）、 有色金属（50.11亿元）、元件（36.64亿元）、 电力设备（36.36亿元）、印制电路板 （34.30亿元）、 电网设备（33.06亿元）、 建筑装饰（32.31亿元）。 | | 板块名称 涨跌幅 (%) 板块资金流向 | | 净流入最大 | | --- | --- | --- | --- | | 电子 | 2 | 80.30亿元 | 沪电股份 | | 通信设备 | 2.76 | 61.74亿元 | 中际旭创 | | 通信 | 1.84 | 57.85亿元 | 中际旭创 | | 通信网络设 备及器件 | 3.62 | 55.10亿元 | 中际旭创 | | 有色金属 | 3.42 | 50.11亿元 | 湖南白银 | | 元件 | 3.91 | 36.64亿元 | 沪电股份 | | 电力设备 | 2.22 | 36.36亿元 | 协鑫集成 | | --- | --- | --- | ...

Core Viewpoint - The A-share market experienced a collective rise on the first trading day after the Spring Festival, with the ChiNext Index increasing by 2%, driven by strong performance in hard technology sectors and the Double Innovation Leader ETF (588330) showing significant gains [1][5]. Market Performance - On February 24, the A-share market saw all three major indices rise, with the ChiNext Index's gains reaching 2% and the Double Innovation Leader ETF (588330) peaking at a 2.12% increase during trading [1]. - The ETF's price rose by 1.8% during the session, recovering its 5-day and 20-day moving averages [1]. Sector Highlights - Leading stocks in the optical module sector surged, with Tianfu Communication rising over 14% to reach a historical high, while Zhongji Xuchuang and Xinyi Sheng increased by over 7% and 4%, respectively [1][3]. - Other notable performers included Runze Technology, which rose over 14%, and Sanhuan Group, which increased by over 12% [1][3]. Fund Inflows - The total inflow of new capital from public funds into the market exceeded 90 billion CNY, with a focus on technology growth sectors [3]. - CITIC Securities noted that the overall strong performance of global markets during the Spring Festival period contributed to a positive market sentiment in A-shares, suggesting a potential new upward trend [3]. ETF Performance - The Double Innovation Leader ETF (588330) has achieved a cumulative increase of 60.86% year-to-date, outperforming major indices such as the ChiNext 50 (57.45%) and the ChiNext Index (49.57%) [5]. - The ETF is designed to track a selection of 50 large-cap strategic emerging industry companies from the STAR Market and ChiNext, focusing on sectors like optical modules, semiconductors, and photovoltaic equipment [5]. Historical Trends - Historical data indicates that the probability of the Shanghai Composite Index and ChiNext Index rising on the first trading day after the Spring Festival is around 60% [4]. - Analysis from Zhongyuan Securities suggests that the market's upward trend is likely to continue in the following trading days, aligning with the "14th Five-Year Plan" and global monetary easing trends [4].

商务部公告，根据《中华人民共和国出口管制法》和《中华人民共和国两用物项出口管制条例》等法律法规有关规定，为维护 国家安全和利益，履行防扩散等国际义务，决定将三菱造船株式会社等参与提升日本军事实力的20家日本实体列入出口管制管 控名单（见附件），并采取以下措施： 一、禁止出口经营者向上述20家实体出口两用物项，禁止境外组织和个人将原产于中华人民共和国的两用物项转移或提供给上 述20家实体；正在开展的相关活动应当立即停止。 二、特殊情况下确需出口的，出口经营者应当向商务部提出申请。 本公告自公布之日起正式实施。 商务部 2026年2月24日 附件 出口管制管控名单 （2026年2月24日） 1. 三菱造船株式会社（Mitsubishi Heavy Industries Shipbuilding Co.） 2. 三菱重工航空发动机株式会社（Mitsubishi Heavy Industries Aero Engines， Ltd.） 3. 三菱重工海洋机械株式会社（Mitsubishi Heavy Industries Marine Machinery & Equipment Co.， Ltd.） 4. 三菱重工发 ...

Market Overview - The Shanghai Composite Index increased by 0.41% to close at 4082.07 points, with a weekly high of 4142.56 points [1] - The Shenzhen Component Index rose by 1.39% to 14100.19 points, reaching a peak of 14296.48 points [1] - The ChiNext Index saw a 1.22% increase, closing at 3275.96 points, with a high of 3348.48 points [1] - In the global market, the Nasdaq Composite fell by 2.1%, the Dow Jones Industrial Average decreased by 1.23%, and the S&P 500 dropped by 1.39% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 0.03%, while the Nikkei 225 Index increased by 4.96% [1] New Stock Issuance - Two new stocks were issued during the week: Tongbao Optoelectronics (920168.BJ) on February 9, 2026, and Tongling Technology (920187.BJ) on February 11, 2026 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets was 25,797.58 billion yuan, with a financing balance of 25,640.12 billion yuan and a securities lending balance of 157.46 billion yuan [3] - The margin trading balance decreased by 752.4 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 13,113.7 billion yuan, down by 356.66 billion yuan, while the Shenzhen market's balance was 12,683.88 billion yuan, down by 395.74 billion yuan [3] - A total of 3,486 stocks had margin buying, with 184 stocks having over 1 billion yuan in buying amounts, led by Xinyi Technology (103.25 billion yuan), Zhongji Xuchuang (98.63 billion yuan), and Wangsu Science and Technology (74.22 billion yuan) [3] Fund Issuance - Seven new funds were issued during the week, including Guoshou Anbao Enhanced Return Bond E, Huafu Anhua Bond D, Dongfanghong Monetary F, Bank of China Health Life Mixed C, Huitianfu Tiantianle Double Win Bond E, Nuoan Selected Return Mixed C, and Changsheng Electronic Information Theme Mixed C [5] Share Buybacks - Eight companies announced share buybacks, with the highest amounts executed by Luxshare Precision (002475), Hengyi Petrochemical (000703), Linyang Energy (601222), Kaiying Network (002517), and Huitai Medical (688617) [7] - The industries with the highest buyback amounts were electronics, petroleum and petrochemicals, and public utilities [8]

当前，以人工智能、高端芯片、商用航天等为代表的硬科技领域，正迎来前所未有的聚焦。这为资本市场 注入了长期且坚实的成长内核，代表创新前沿与产业升级方向的成长板块，或有望成为这轮行情的核心主 线之一。 宏观上，随着传统经济风险逐步出清、新动能持续显现，企业盈利或步入修复通道。流动性上，随着全球 降息周期步入下半场，宏观流动性仍维持宽松，社会财富向权益资产配置的趋势方兴未艾。政策上，"十 五五"规划强调科技产业、居民消费与全国统一市场建设，为成长板块提供持续的催化。 指数工具优势：高效透明，聚焦龙头 近年来，指数化投资以其规则清晰、持仓透明、成本较低的特点，日益成为投资者进行资产配置、把握市 场贝塔收益的重要工具。 创业板50指数成分股集中于电力设备、通信、电子、医药生物等符合国家产业升级方向的战略新兴领域， 前三大行业占比约72%。自基日2010年5月31日以来，创业板50指数累计上涨238.58%，长期回报具有优 势，弹性收益明显。（数据来源：Wind，截至2026.2.6） 在日益复杂的宏观环境中，创业板50指数成分股凭借技术壁垒和商业模式创新，展现出较强的盈利韧性与 增长潜力。（数据来源：Wind，截至20 ...

截至2月13日，市场最新融资余额为25723.79亿元，较上个交易日环比减少569.58亿元，分行业统计，申 万所属一级行业有4个行业融资余额增加，建筑材料行业融资余额增加最多，较上一日增加1.22亿元； 融资余额增加居前的行业还有石油石化、环保、综合等，融资余额分别增加7072.76万元、4292.50万 元、3971.27万元；融资余额减少的行业有27个，电子、电力设备、计算机等行业融资余额减少较多， 分别减少73.80亿元、57.32亿元、49.84亿元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 建筑材料 | 139.02 | 1.22 | 0.88 | | 石油石化 | 222.84 | 0.71 | 0.32 | | 环保 | 202.74 | 0.43 | 0.21 | | 综合 | 50.06 | 0.40 | 0.80 | | 钢铁 | 169.16 | -0.42 | -0.25 | | 交通运输 | 414 ...

数据显示，春节假期，武汉百货、电子商品、体育用品、礼品用品、衣着服饰、家用电器等重点品类消 费均实现较快增长。其中，体育用品消费同比增长196.6%，健康运动成为新春消费新时尚；电子商品消费同 比增长89.18%，智能数码产品走俏市场；礼品用品消费同比增长56.48%；衣着服饰消费同比增长36.65%；家 用电器消费同比增长31.25%。 2月23日从武汉市商务局获悉，春节假期，全市实体店营业额总计228.11亿元，同比增长26.73%；消费笔 数为4769.28万笔，同比增长17.93%；消费人次为4296.56万人次，同比增长17.17%。这个假期，武汉消费市场 亮点纷呈、结构优化，多个领域呈现强劲增长态势。 2月19日是正月初三，在武商梦时代广场华为专卖店内，大批市民前来选购心仪的产品。店员介绍，春节 假期，智能手表、折叠屏手机等产品销量稳步增长，不少家庭将数码产品作为新年礼物。 编辑：胡之澜 武商梦时代广场各种马年装饰品吸引顾客选购。 从消费结构来看，品质化、升级型消费特征鲜明。母婴用品、珠宝钟表、食品烟酒消费保持稳步增长。 春节假期，武汉以系列创新举措激活文旅消费活力，通过地标焕新、民俗联动、消费惠 ...

Investment Rating - The industry is rated positively, with a focus on AI-related sectors, particularly in PCB and core computing hardware, semiconductor equipment, and the Apple supply chain [4][27]. Core Insights - The upcoming GTC 2026 conference is expected to showcase groundbreaking new chips from NVIDIA, which could drive significant advancements in AI infrastructure [1][4]. - The demand for storage solutions is surging due to AI applications, leading to continuous price increases in DRAM and NAND, with limited supply expected to persist throughout the year [1][4]. - Major tech companies like Amazon, Google, and Meta are projected to increase capital expenditures significantly, indicating strong demand for AI-related hardware [1][4]. - The semiconductor industry is experiencing a recovery, with expectations of rising prices and demand driven by cloud computing and consumer electronics [21][23]. Summary by Sections 1. Consumer Electronics - The expansion of AI applications is expected to drive growth in the Apple supply chain and smart glasses, with a focus on enhancing processing power and memory [5]. - AI mobile applications are anticipated to grow, with several manufacturers releasing AI smart glasses and other innovative products [5]. 2. PCB - The demand for copper-clad laminates is increasing, with a high level of industry activity expected to continue due to AI and automotive applications [6]. 3. Components - The AI data center sector is seeing growth in SOFC (Solid Oxide Fuel Cell) projects, with companies like Sanhua Group positioned to benefit from this trend [19][34]. - The demand for passive components, particularly MLCCs, is rising due to increased usage in AI mobile devices [19]. 4. IC Design - The storage sector is expected to see upward trends, with DRAM prices projected to rise due to increased demand from cloud service providers and consumer electronics [21][23]. 5. Semiconductor Equipment - The semiconductor industry is experiencing a shift towards domestic production and self-sufficiency due to export controls, with companies like North Huachuang and Zhongwei Company positioned to benefit [24][26]. - The demand for advanced packaging and HBM (High Bandwidth Memory) is strong, with companies in this space expected to see significant growth [24][25]. 6. Specific Companies - Victory Technology is expected to see substantial profit growth due to its leadership in PCB manufacturing and its alignment with AI infrastructure demands [28]. - North Huachuang is expanding its semiconductor equipment offerings, enhancing its competitive position in the market [29]. - Jiangfeng Electronics is focusing on domestic production of static suction cups to reduce reliance on foreign suppliers, addressing a critical supply chain issue [35].

春节假期最后一天港股的亮眼表现，令机构们对A股马年"开门红"充满期待。 "2026年的春晚是AI含量浓度最高的一年，也是AI应用的重要分水岭与节点。"华鑫证券传媒新消费首席 分析师朱珠在研报中称，AI未来的竞争将更加激烈，各家将持续推出新模型、新产品，春节后的AI板 块有望持续演绎，传媒有望承接AI应用新红利。 机构普遍指出，春节后A股科技行情的驱动核心主要来自两方面：一是节后将迎来政策的密集落地，例 如"人工智能+"、数字经济发展规划等节后预期将加速推进；二是美股与港股的映射效应显著，春节期 间海外市场表现强势的科技板块，节后通常能带动A股相关标的走强。 此外，春节后短期市场风格往往向科技成长倾斜。据华金证券统计，春节后5或10个交易日内科技成长 行业走势相对占优。近10年内春节后5个交易日内涨幅进入前三次数最多的行业主要为计算机（5次）、 电子（4次）、通信（3次）、传媒（3次）等科技成长行业，春节后10个交易日内的涨幅榜也由科技成 长行业主导。 2月23日，恒生指数、恒生科技指数双双走强。截至收盘，恒生指数上涨2.53%，报27081.91点；恒生科 技指数涨3.34%，报5385.35点。港股科技股、 ...

Core Insights - The report suggests adopting a "steady first, with growth in mind" approach to maintain gains in the second half of the spring market and to reserve space for future positioning [2][15] - The spring market of 2026 began on December 17, 2025, driven by favorable policies and early capital allocation, leading to a strong performance in the A-share market, with the Shanghai Composite Index achieving 17 consecutive days of gains [9][13] - The convertible bond market experienced rapid growth followed by volatility, with median prices and conversion premiums reaching historical highs, indicating a significant reduction in the safety cushion of bonds [9][10] Market Trends - Historical data from 2017 to 2025 indicates that the market typically experiences a "rise then fall" pattern from the Spring Festival to the National People's Congress (NPC) [13][14] - The report highlights that during the period from the Spring Festival to the NPC, the market is likely to see a "spring surge," with small-cap growth stocks outperforming, particularly in TMT and high-end manufacturing sectors [13][14] - As the NPC approaches, the market may shift towards defensive sectors like pharmaceuticals and utilities, with high valuations in convertible bonds facing potential compression due to stock adjustments [13][14] Investment Strategy - The report recommends a balanced investment strategy, transitioning from aggressive profit-seeking to balancing returns and risks as the market moves into the NPC and Q1 earnings preview phase [15] - It emphasizes the importance of selecting convertible bonds with solid performance and reasonable pricing, while also considering high-quality, high-priced convertible bonds with clear growth prospects [15] - The report identifies sectors such as AI computing, semiconductors, non-ferrous metals, and post-cycle industries like consumption and real estate as favorable for convertible bonds due to improving supply-demand dynamics and favorable policy catalysts [15]