分化的同时成交额大幅放量，也预示着机会，成交额的放量，有调仓换股，有节后布局。 对于接下来的市场，谨慎的同时保持谨慎，小跌小买择机布局。 同时对价值有一个合理的认知，价值并不是持有时间的问题，而是通过操作实现长期收益。 今天虽然三大指数集体收涨，但整体走势还是比较纠结，或者说走得比较谨慎。 同时出现了明显的二八分化，一方面是节后布局的需求，更为主要的还是部分权重蓝筹出现了回撤，带 动指数回调，其中券商、银行是关键。 ...

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 马年A股喜迎"开门红"，节后首个交易日，A股三大指数全线高开收涨。 针对节后A股市场行情，长城基金高级宏观策略研究员汪立表示，A股市场有望企稳回升，当前市场存 在多重积极支撑因素。一是无风险收益率下行与资本市场改革持续深化，贴现率下行对市场估值形成支 撑，为A股营造了良好的流动性环境；二是内需政策全面发力，经济工作将内需置于首要位置，市场对 传统内需板块的悲观预期有望逐步修正，消费与投资端均迎来政策与基本面共振；三是出口景气度向好 预期明确，叠加国内新技术产业突破与全球化扩张提速，共同推动2026年中国经济预期实质性企稳上 修，成为A股上行的关键动力。 投资思路上，汪立认为，新兴科技是主线，价值股也会有春天。中国经济工作的重心正转向内需主导， 并作为首要任务，内需复苏、物价回升与地产企稳"预期"会推动经济预期上修。目前内需板块预期与交 易出清，价值股有望迎来拐点。 军工，以及储能、电网等出海制造，因为中美的竞争不再只是贸易的竞争，更是生产效率的竞争；大金 融方向或可关注券商、保险等细分方向，作为市场稳定器，该板块将充分受益于财富管理需求的持续 ...

市场情绪继续低迷，港股上午盘三大指数呈现高开低走行情，恒生科技指数跌幅较大，午间收跌1.65% 刷新近期调整新低，恒生指数、国企指数分别下跌0.39%及1.29%。大型科技股、大金融股(保险、银 行、券商)等权重低迷拖累大市下行，非洲最大锂矿出口国宣布"断供"，锂电池股走势大肆分化，赣锋 锂业、天齐锂业走强，宁德时代、中创新航下挫。另外，机构看好国内内燃机及相关产业链出海，电力 设备股拉升明显，军工股、光通讯概念股部分活跃。(格隆汇) ...

2月26日早盘，沪指窄幅震荡，深证成指小幅走高，A股市场近3000股飘绿。 东莞证券表示，节前A股市场在跟随海外资产调整过程中已释放部分风险。节后市场有望进入一段高胜 率窗口。外部环境上，美国关税政策不确定性下降支撑风险偏好。内部层面，宏观政策与产业催化密集 出台对市场结构形成指引。展望后市，继续看好A股节后迎来新一轮上行行情。同时节前套现资金预计 将逐步回流市场，为后续上涨持续提供动能。板块选择方面，建议重点关注红利、TMT、电力设备等 板块。 截至午间收盘，沪指微跌0.08%，深证成指涨0.28%，创业板指跌0.39%，沪深北三市合计成交约1.65万 亿元。 盘面上看，保险、地产、石油、酿酒、券商等板块走低，电力、半导体、钢铁等板块拉升，CPO概念、 PCB概念、3D打印概念等活跃。 ...

广发证券：以史为鉴，A股将迎来"春季躁动"胜率最高的阶段，小盘风格占优 广发证券表示，历史看，2月份及春节前后是春季躁动日历效应最强阶段。市场高胜率、小盘风格占 优。以小盘指数为例，在春节到两会之间上涨概率为100%，在2月上涨概率为87.5%。在配置方向 上，"春季躁动"上涨方向并非是"炒小炒差"、与业绩无关。2019年以来，"春季躁动"涨幅与当年一季 报、一季报增速环比变化率的相关性逐步加强。参考26年年报预告及一季报前瞻，我们建议关注：存 储、锂电设备/材料、海外算力、非银(券商、保险)、计算机软件等行业，这些行业或维持景气预期、或 出现困境反转迹象。此外，一些产业趋势主题或者困境反转预期挂钩，那么即便没有一季报也会表现不 错，类似去年春季躁动的机器人。今年可能类似的方向包括字节产业链(春晚投流，对应AI应用和国产 算力)、机器人产业链、太空光伏等。 东方证券：新年连续两个交易日，市场量价齐升，交投信心明显提高 东方证券表示，从技术上来看，4160点~4170点是沪综指1月中旬以来的箱体上沿，昨日市场在该区域 出现明显回落，因此不排除未来几天多空展开争夺，对近期涨势较大的板块或个股可以适当减仓。 本文转 ...

华人置业(00127)预期2025年可能取得亏损减少75%至85%，但收入减少5%至15%，2024年其收入为3.37 亿港元，公司拥有人应占的综合亏损净额为21.08亿港元。 2月25日，港股集体高开，其中恒生指数涨0.58%报26745.2点，恒生科技指数涨0.86%报5316.09点，国 企指数涨0.68%报9069.19点，红筹指数涨0.41%报4464.07点；昨日港股三大指数集体走低，恒指再度失 守两万七大关、恒科指数跌超2%。 盘面上，大型科技股普遍走高，阿里巴巴涨1.22%，腾讯控股涨0.48%，京东集团涨1.03%，网易涨 1.51%，美团涨1.23%，快手涨0.38%；中资券商股活跃，中信建投证券涨超1%；有色金属板块高开， 中国宏桥涨超3%；半导体部分上涨，华虹半导体涨超1%。AI应用股走强，KEEP涨3.94%、出门问问涨 3.17%、范式智能涨2.82%、海致科技集团涨2.38%。 公司业绩有喜有忧 多家公司公布业绩情况 猫眼娱乐(01896.HK)表现亮眼，2025财年收入预计达46亿 - 47亿元，同比增长约12.7%至15.1%；净利润 5.4亿 - 5.9亿元，同比增长约19 ...

2026年02月14日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披露大额定增预案 ...

Core Insights - The report highlights the strong performance of the communication resources sector, leading the A-share market's upward trend, with a focus on investment opportunities in telecommunications and technology sectors [5][8][22] - The semiconductor industry is experiencing significant growth, driven by increased capital expenditure from major cloud companies and rising demand for AI-related hardware [31][34][35] - The agricultural sector, particularly in pig farming, shows signs of price stabilization and potential upward trends due to supply constraints [21][20] Domestic Market Performance - The Shanghai Composite Index closed at 4,117.41, with a slight increase of 0.87%, while the Shenzhen Component Index rose by 1.36% to 14,291.57 [3] - The A-share market is characterized by a mixed performance across sectors, with telecommunications, coal, and precious metals showing strength, while sectors like tourism and gaming lagged [5][9][10] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the S&P 500 and Nasdaq also experienced slight declines [4] - The international market reflects a cautious sentiment, with various indices showing mixed results, indicating potential volatility [4] Industry Analysis - The report discusses the strong performance of the AI sector, with significant advancements in AI models and applications expected to disrupt traditional industries such as media and software [17][19] - The telecommunications industry is projected to benefit from increased capital expenditures and technological advancements, with a focus on 5G and cloud integration [22][26] - The semiconductor industry is on an upward trajectory, with substantial growth in sales and capital investments anticipated, particularly in AI infrastructure [31][33][34] Investment Recommendations - Investors are advised to focus on sectors such as telecommunications, AI, and semiconductors, which are expected to yield strong returns due to ongoing technological advancements and market demand [19][34][35] - The report suggests a balanced investment strategy, emphasizing the importance of monitoring macroeconomic indicators and policy changes that could impact market dynamics [5][11][12]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the A-share market in China, focusing on market trends, sector performance, and investment opportunities post-Chinese New Year [1][2][3]. Key Points and Arguments Market Performance and Trends - The A-share market exhibited a strong oscillation pattern before the Chinese New Year, with the Shanghai Composite Index peaking at 4,142 points, aligning with the expected range of 4,000 to 4,150 points [2][3]. - Major indices failed to break above the 5-week moving average due to large funds suppressing market movements, indicating a preference for maintaining a range-bound market rather than a rapid upward trend [3][5]. - The market is currently in an ABC adjustment structure, with the B phase ongoing, suggesting that a clear upward movement is unlikely until the C phase is completed [9][14]. Sector Performance - Sectors that performed well before the holiday include technology growth, computing, electronics, media, and telecommunications, which are closely related to the mainstream market trends since September 24, 2022 [4]. - The consumer sector, particularly retail and general consumption, saw significant capital outflows, reflecting a lack of investor confidence in economic recovery [7]. - The food and beverage sector is not expected to experience a major upward trend, with a clear bearish pattern observed [8]. Investment Opportunities - Short-term investment strategies are recommended, focusing on sectors with lower price levels and potential for quick gains, such as brokers, building materials, and banks [20]. - The technology growth sector, including AI applications and robotics, may present localized investment opportunities, but significant upward trends are not anticipated [18]. - The first quarter of 2026 may see the non-ferrous metals sector forming a significant bottom, with a notable increase in the index by 97.5 points in 2025 [21]. Market Sentiment and Future Outlook - The market is expected to maintain a high-risk preference in the short term, with potential for continued focus on technology growth sectors, although caution is advised due to the last trading day before the holiday [6][15]. - New funds are advised to wait for clearer investment opportunities post-March, as the current environment does not favor long-term investments [19][16]. - The overall market structure is likely to remain balanced, with a mix of growth and value styles emerging [30]. Other Important Insights - The recent appreciation of the RMB, surpassing 6.89, is seen as beneficial for the A-share market, supporting a positive outlook for capital markets [11]. - The upcoming political events, such as the two sessions in March, are anticipated to provide clearer investment signals [16]. - The historical context of spring market movements suggests a potential for short-term volatility, but with a cautious approach to avoid chasing high prices [28][31]. This summary encapsulates the key insights from the conference call, providing a comprehensive overview of the current state and future outlook of the A-share market and relevant sectors.

非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 2026年02月14日 证券研究报告|行业研究|行业点评 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披露大额定增预案 ...