1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall domestic and overseas macro - environment in China remains stable. Domestically, the approaching "Two Sessions" brings positive policy expectations that strongly support the market. Overseas, the planned visit of Trump from March 31 to April 2 and the potential Sino - US summit reduce the short - term possibility of trade risks. The risk preference of the equity market is expected to remain strong. It is recommended to continue holding long - term long positions in stock index futures [6] 3. Summary by Related Catalog 3.1 Macro - financial Data - DRO01 closed at 1.37, down 1.71bp from the previous value; DR007 closed at 1.48, down 2.31bp [3] - GC001 closed at 1.55, unchanged; GC007 closed at 1.59, down 0.50bp [3] - SHBOR 3M closed at 1.57, down 0.30bp; LPR 5 - year remained at 3.50, unchanged [3] - 1 - year treasury bond closed at 1.30, unchanged; 5 - year treasury bond closed at 1.54, down 0.20bp; 10 - year treasury bond closed at 1.79, down 2.10bp; 10 - year US treasury bond closed at 4.05, up 1.00bp [3] - The central bank conducted 320.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. The bid volume, winning bid volume were both 320.5 billion yuan. With 400 billion yuan of reverse repurchases maturing, the net withdrawal on the day was 79.5 billion yuan [3] - In February, the LPR rate remained unchanged: the 1 - year LPR was 3.0%, and the 5 - year and above LPR was 3.5%. During the week after the Spring Festival holiday (February 24 - 28), 2.2524 trillion yuan of reverse repurchases will mature in the central bank's open market. Additionally, 300 billion yuan of MLF and 150 billion yuan of treasury cash fixed - term deposits will mature on February 25 [4] 3.2 Stock Index Futures Market - The CSI 300 closed at 4727, down 0.19%; IF current - month contract closed at 4712, down 0.4% [5] - The SSE 50 closed at 3035, down 0.65%; IH current - month contract closed at 3035, down 0.8% [5] - The CSI 500 closed at 8557, up 0.35%; IC current - month contract closed at 8537, up 0.1% [5] - The CSI 1000 closed at 8491, up 0.76%; IM current - month contract closed at 8443, up 0.4% [5] - The trading volume of IF was 85,824, down 19.3%; the open interest was 269,977, down 4.7% [5] - The trading volume of IH was 42,698, down 19.0%; the open interest was 105,405, down 3.3% [5] - The trading volume of IC was 114,851, down 9.6%; the open interest was 290,740, down 2.6% [5] - The trading volume of IM was 145,580, down 12.6%; the open interest was 357,540, down 4.0% [5] - The turnover of the Shanghai, Shenzhen and Beijing stock markets was 2.5568 trillion yuan, an increase of 75.6 billion yuan from the previous day. Industry sectors showed mixed performance, with electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment sectors leading the gains, while film and television theaters, rare earths, insurance, and real estate development sectors leading the losses [5] 3.3 Stock Index Futures Premium and Discount Situation - IF premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 5.15%, 3.13%, 3.80%, and 4.24% respectively [7] - IH premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 0.26%, - 0.32%, 0.43%, and 2.23% respectively [7] - IC premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 3.84%, 3.60%, 4.90%, and 5.42% respectively [7] - IM premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 9.23%, 7.95%, 8.76%, and 8.78% respectively [7]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 27 日 星期五 [Table_Summary] 概览 核心观点 纺织服饰：行业整体盈利状况边际改善，纺织制造板块预盈率较高 传媒：2026 年春节档票房回落，档期内马太效应加剧 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 4,146.63 | -0.01% | | 深证成指 | 14,503.79 | 0.19% | | 沪深 300 | 4,726.87 | -0.19% | | 科创 50 | 1,485.86 | 0.85% | | 创业板指 | 3,344.98 | -0.29% | | 上证 50 | 3,035.07 | -0.65% | | 上证 180 | 10,389.00 | -0.16% | | 上证基金 | 7,226.58 | -0.33% | | 3071 国债指数 | 225.82 | -0.04% | 【市场回顾】周四 ...

Group 1 - The South Korea-China Semiconductor ETF (513310) surged by 9.64%, leading the market on February 26, with a premium rate of 21.10% and a turnover rate exceeding 125% [2][3] - The semiconductor equipment sector continues to rise, driven by a sustained "supply-demand imbalance" in the global storage industry, which is expected to maintain its upward trend until after 2027 [2] - The strong performance of the semiconductor design sector is attributed to Nvidia's impressive earnings report and the ongoing demand for AI computing power, alongside accelerated domestic industry development and supportive policies [2] Group 2 - The short-term bond ETF Hai Futong (511360) recorded a transaction volume exceeding 66 billion yuan, ranking first in the market [3] - Several A500 ETFs, including A500 ETF Fund (512050) and A500 ETF Huatai Baichuan (563360), saw significant trading volumes, indicating renewed investor interest in broad-based ETFs [3] - There was a notable net inflow into the Hang Seng Technology and Hong Kong internet-themed ETFs, suggesting a shift in investor sentiment despite market volatility [4] Group 3 - The market is expected to transition from valuation-driven logic to earnings-driven logic, with a focus on the quality of earnings, cash flow, and dividend capabilities of listed companies [5] - The dual focus on cyclical and technology sectors is emerging, with the performance of both sectors likely to depend on the verification of fundamental strengths [5][6] - In the context of economic recovery, the market is anticipated to maintain a volatile upward trend, favoring large and mid-cap blue-chip stocks [6]

（来源：南京晨报） 转自：南京晨报 晨报讯（南京晨报/爱南京记者 许崇静）2月26日，A股三大指数收盘涨跌不一。盘面看，元件、风电设 备、其他电源设备等行业涨幅居前，影视院线、保险、地产等板块跌幅靠前，概念板块中，CPO、光纤 概念、铜缆高速连接、液冷服务器等板块表现活跃，海南自贸区、短剧游戏、免税店等板块震荡调整。 截至收盘，上证指数微幅下探0.01%，报收4146.63点。深证成指报收14503.79点，整日呈横盘震荡态 势，微幅上涨0.19%。创业板指下跌0.29%。沪深两市成交额为25383.61亿元，较前个交易日呈上升态 势，整体增加了3.09%，两市成交量稍有提升。 从行情看，市场整体以震荡整理为主，深成指表现相对略好，盘中创出近期的新高，沪指窄幅整理，持 续在4100点上方整固，创业板指数表现较弱，盘中跌幅一度超过1%，从创业板指数分时图看，白线弱 于黄线，权重股表现相对不振。从盘面看，资源周期板块有所分化，部分科技题材方向表现活跃，算力 硬件概念走高。 华泰证券分析师表示，从春节长假后的市场表现看，马年市场迎来不错的开局，沪指逼近前期高点附 近，随着节前相对谨慎的资金回流市场，市场情绪回暖，交 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信电子行业领涨 A 股震荡整固 ——市场分析 投资要点： ◼ A 股市场综述 相关报告 《市场分析：资源电池行业领涨 A 股震荡上 行》 2026-02-25 《市场分析：通信资源行业领涨 A 股震荡上 行》 2026-02-24 《市场分析：航天传媒行业领涨 A 股小幅上 行》 2026-02-10 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 26 日 周四（02 月 26 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡回落，盘中沪指在 4127 点附近获得支撑，午后股指维持震 荡，盘中电子元件、通信设备、电源设备以及电网设备等行业表现 较好；影视院线、旅游零售、保险以及房地产等行业表现较弱，沪 指全天基本呈现小幅震荡整理的运行特征。创业板市场周四震荡回 落，创业板成分指数全天表现弱于主板市场。 ◼ 后市 ...

Investment Rating - The report maintains a "Buy" rating for the media sector, indicating a strong performance compared to the market, with a 3.5% increase in the media index, outperforming the Shanghai Composite Index by 3.1% [5][11]. Core Insights - The media sector is experiencing significant growth, with a notable increase in trading volume, reaching 715.2 billion yuan, marking the second-highest trading week in 26 years [5][11]. - The report highlights a K-shaped recovery in the gaming industry, with high-end and cost-effective games performing well, while mid-tier games lag behind [8][11]. - The competition for AI super applications is intensifying among major internet companies, with ByteDance, Alibaba, and Tencent emerging as key players in the market [6][30]. Summary by Sections Weekly Market Review - The media index increased by 3.5%, outperforming the Shanghai Composite Index by 3.1%, with a trading volume of 715.2 billion yuan, the second-highest in 26 years [5][11]. - Sub-sectors such as film and television, digital media, and publishing led the gains, with notable individual stock performances, including a 61% increase for Zhangyue Technology [5][11]. AI Spring Festival Special - The report discusses the concentrated iteration of AI models during the Spring Festival, with a focus on multi-modal generation and agent capabilities [6][26]. - Major internet companies are competing for the "AI super entrance," with significant user engagement and promotional activities during the Spring Festival [30][31]. Film Spring Festival Box Office - The overall box office for the Spring Festival reached 5.752 billion yuan, marking a decline compared to previous years, with a significant drop in audience numbers [8][11]. - The report notes strong performances from top films, with "Flying Life 3" leading the box office and "Biao Ren" breaking records for martial arts films [8][11]. Gaming Spring Festival Special - The gaming sector shows a clear K-shaped recovery, with high-end and cost-effective games thriving, while mid-tier games struggle [8][11]. - Tencent continues to dominate the market with multiple high DAU products, while innovative gameplay and sports events are expected to boost performance in the gaming sector [8][11].

Market Performance - The A-share market showed mixed performance with the Shanghai Composite Index down 0.01% at 4146.63 points, the Shenzhen Component Index up 0.19% at 14503.79 points, and the ChiNext Index down 0.29% at 3344.98 points [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,568 billion yuan, an increase of 756 billion yuan compared to the previous day [1] Sector Performance - The electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment sectors saw the largest gains [1] - The film and television, rare earth, insurance, and real estate development sectors experienced the largest declines [1] Investment Insights - According to institutional views, the overall market trend remains upward, with resource stocks like energy metals, steel, and rare earths undergoing corrections while sectors like computing hardware and commercial aerospace are gaining traction [3] - Investors are advised to focus on low-entry opportunities in previously popular sectors after corrections, with a long-term view on high-growth areas such as semiconductors, consumer electronics, artificial intelligence, and robotics [3] Lithium Market Impact - Zimbabwe's Ministry of Mines announced a ban on lithium ore exports, which is expected to significantly impact lithium prices as 19% of China's lithium concentrate imports come from Zimbabwe [3][5] - Companies with lithium mining interests in Zimbabwe, such as Shengxin Lithium Energy and Yahua Group, have stated that they are currently assessing the impact of this ban on their operations [5] Nvidia Financial Performance - Nvidia reported record revenue for the fourth quarter and the entire fiscal year 2026, with fourth-quarter revenue reaching 68.1 billion USD, a 20% increase from the previous quarter and a 73% increase year-over-year [6] - The company's full fiscal year revenue was 215.94 billion USD, a 65% increase from fiscal year 2025, with net profit for the fourth quarter at 42.96 billion USD, up 94% year-over-year [6] - Nvidia's data center business was a significant driver of this growth, with expectations for first-quarter revenue in fiscal year 2027 projected at 78 billion USD [6]

Group 1 - A-shares showed mixed performance on February 26, with the ChiNext Index dropping over 1% at one point, while the Sci-Tech Innovation Board rose by 1.29%. Over 2800 stocks in the market declined [1] - The computing hardware sector led the gains, with strong performances from PCB, CPO, liquid cooling servers, and computing chip concepts. Notable stocks included ShenNan Circuit, Han's Laser, and Guanghe Technology, all hitting the daily limit [1] - The computing rental concept expanded its gains, with Runze Technology hitting the daily limit and closing up 17.7%. Other stocks like Zhongbei Communication and Huasheng Tiancheng also reached their daily limits [1] Group 2 - The power sector strengthened due to the AI wave, with Ganneng Co. achieving two consecutive limits and Huayin Power hitting the daily limit. The wind power sector also saw gains, with stocks like Xinqianglian and Dajin Heavy Industry rising significantly [2] - The commercial aerospace sector experienced a surge, with stocks like Chunhui Zhikong hitting a 20% limit and many others seeing substantial increases [2] - Conversely, the film and insurance sectors faced declines, with the film industry continuing to adjust, leading to significant drops in stocks like Bona Film and Hengdian Film [2] Group 3 - In the Hong Kong market, the Hang Seng Index fell over 0.8%, and the Hang Seng Tech Index dropped over 2% [3] - Tech stocks in Hong Kong collectively declined, with companies like Hua Hong Semiconductor and Xpeng Motors dropping over 4%, while Baidu and Kuaishou fell over 3% [4] Group 4 - The Asia-Pacific market saw the Nikkei 225 index rise by 0.29%, closing at 58753.39 points, while the KOSPI index increased by 3.67%, reaching a new historical high of 6307.32 points [6]

Market Overview - The A-share market showed mixed performance on February 26, with the Shanghai Composite Index down 0.01% to 4146 points, the Shenzhen Component Index up 0.19%, and the ChiNext Index down 0.29% [1] - The total market turnover reached 2.56 trillion yuan, an increase of 757 billion yuan compared to the previous trading day, with over 2800 stocks declining [1] Sector Performance - AI hardware sectors, including CPO concepts, copper cable high-speed connections, and liquid-cooled servers, experienced significant gains, with multiple stocks hitting the daily limit [2][4] - The PCB and electronic components sectors also saw increases, with several stocks reaching their daily limit [2] - The controllable nuclear fusion sector strengthened, with stocks like Dongfang Electric hitting the daily limit [2] - Fertilizer, wind power, and rare metals sectors performed well, while the real estate sector opened high but closed lower, with Huazhong Holdings down over 7% [2] - The film and media sector continued to decline, with Bona Film Group hitting the limit down [2] Notable Stocks - Stocks such as Jieput, Juchang Optoelectronics, and Hengtong Optoelectronics saw significant gains, with Jieput rising 20% to 242.46 yuan [5] - The wind power equipment sector also showed strength, with Feiwo Technology rising over 7% [7] - The lithium mining sector surged, with Jinyuan Holdings hitting the daily limit and other stocks like Yalake Holdings and Rongjie Holdings also rising [9] External Influences - Nvidia reported a record quarterly revenue of $68.127 billion, with a year-on-year growth of 73%, significantly exceeding its guidance [4] - Zimbabwe announced an immediate suspension of all lithium ore and concentrate exports, which is expected to reduce global lithium supply and increase prices [8] - Goldman Sachs raised its forecast for global data center electricity demand growth from 175% to 220% by 2030, indicating a "super cycle" in infrastructure reliability driven by AI investments [6] Future Outlook - Dongguan Securities noted that A-shares often see a high win rate window after the Spring Festival, with expectations of policy support ahead of the Two Sessions [18] - The report suggests focusing on sectors such as dividends, TMT (Technology, Media, and Telecommunications), and power equipment for potential investment opportunities [18]

A股收评：沪指微跌0.01% CPO、PCB等算力硬件股集体爆发 南方财经2月26日电，市场探底回升，三大指数涨跌不一，创业板指盘中一度跌超1%，黄白线分化。截 至收盘，沪指跌0.01%，深成指涨0.19%，创业板指跌0.29%。沪深两市成交额2.54万亿，较上一个交易 日放量759亿。盘面上，市场热点快速轮动，全市场超2800只个股下跌。从板块来看，算力硬件方向涨 幅居前，PCB、CPO、液冷服务器、算力芯片概念均表现强势，深南电路、大族激光、广合科技、川润 股份涨停。电力板块走强，赣能股份2连板，华银电力涨停。燃气轮机概念集体大涨，应流股份、万泽 股份、东方电气、常宝股份封涨停。小金属概念表现活跃，云南锗业、章源钨业双双2连板。环保股尾 盘拉升，中科环保、启迪环境封涨停。下跌方面，影视院线、保险、房地产等板块跌幅居前。其中影视 院线概念股连续大跌，博纳影业触及跌停。 相关股票： 华银电力东方电气大族激光广合科技启迪环境赣能股份应流股份川润股份常宝股份中科环 保云南锗业东方电气博纳影业深南电路章源钨业万泽股份 相关快讯 21世纪经济报道 21快讯 2026-02-26 15:04 相关文章 南方财经2月26 ...