文｜着陆 01手搓万物：当"制造"门槛变低 2026年春节前夕，小红书上的新年手工话题浏览量突破10.2亿，讨论量达91.9万。用户们不再满足于购买现成的年货，而是转向自己动手制作马年贴画、特 色挂件和创意春联。与此同时，抖音上#手搓万物#话题的播放量已超过50亿。从手工艺品到智能硬件，从实用工具到情感服务，一场以"手搓"为核心的文化 与经济活动正在中国年轻人中悄然兴起。 年初，一款名为"死了么"的App引发了现象级讨论。三名95后程序员精准捕捉到都市独居青年的"孤独与安全焦虑"，利用AI工具短时间内"搓"出一个情感解 决方案：用户每天点击"我还活着"签到，一旦失联时则通知紧急联系人。这款"粗糙"的产品，迅速成为年轻人自嘲与互助的社交符号。 "死了么"APP官方微博发布的声明 图源 | 智通财经 而00后高星宇在宿舍用胶板"手搓"的精良机甲模型，不仅承载了弥补童年盗版模型遗憾的情感，更获得了资本市场的认可，其创立的品牌"波动幻想"已与上 市公司签约。 高星宇在宿舍用"胶板"手搓精良机甲模型 图源｜湖南日报 "手搓"浪潮震动了产业链上游。电子元器件小批量定制平台"嘉立创"，属于最直接受益于"手搓经济"的企业之一 ...

华泰证券认为，主题投资和景气策略仍优于高股息，主题投资关注出口链、服务型消费、机器人应 用等，景气投资关注通信设备、小金属、稀有金属、电池、建材等。 国盛证券表示，有四大变量或成影响节后市场走势的关键。一是美国关税政策仍存不确定性，意味 着贸易摩擦将长期化，短期内将对市场风险偏好形成压制，但出口链企业的韧性已经显现；二是国内人 工智能（AI）大模型与机器人借春晚实现全民出圈，京东等平台销量数据更是提供了业绩验证，上周 五港股相关板块大涨，A股智能机器人、算力设备、AI应用等板块有望迎来资金追捧；三是以人民币计 价资产的吸引力将提升，尤其是权益市场，外资净流入中国资产已成为大趋势；四是地缘政治不确定性 加剧，推升全球避险情绪。 刚刚结束的马年春节假期可谓"马力十足"。交通运输部发布的数据显示，2026年春节前20天，全社 会跨区域人员流动量超50亿人次，创下了新的历史纪录。同时，国家移民管理局预计今年春节假期全国 口岸日均出入境人员同比增长14.1%，日均超205万人次，比2023年春节增长近5倍。此外，消费也迎来 了"开门红"。今年春节首批以旧换新补贴提前下达，叠加地方政府的消费补贴资金共同为假期消费注入 动 ...

Core Viewpoint - The technology sector has experienced a convergence of excess returns over the past month (January 15, 2026 - February 13, 2026), but not all sub-sectors are weakening uniformly. The excess drag is attributed to AI applications influenced by overseas SaaS, while optimistic earnings guidance from recent financial reports has stabilized SaaS stock prices, indicating that the phase of panic may be nearing its end [1][3][9]. Group 1: Market Performance and Trends - Since mid-January, the technology sector has shown relative convergence with the broader market, but not all sub-sectors are experiencing weakness. AI computing reached new highs in the last trading week before the holiday, while AI applications have shown deeper corrections and weaker recoveries, remaining over 5% below their mid-January peak [3][10]. - The software development sector in A-shares has retreated over 13% from its January 14 high, influenced by rapid declines in U.S. SaaS stocks on January 12 and January 25 due to the impact of ClaudeCowork and OpenClaw [3][10]. - The technology sector's ability to remain a key theme for the year will depend on industry trends and actual earnings performance, with a dual drive from technology and cyclical recovery expected to favor technology if earnings verification occurs [3][10]. Group 2: Sector Allocation and Configuration - The current allocation in the electronics industry exceeds 20%, with the overall TMT sector over-allocated by more than 17 percentage points. However, the current level of allocation does not directly impact future excess returns [4][11]. - The marginal changes in allocation are more closely linked to the current quarter's excess, with limited significance for the next quarter's guidance. The excess return convergence threshold for technology sub-sectors is at 2.5 or higher, with most sub-sectors below this level [4][11]. Group 3: Identifying Certainty in Technology - To identify certainty within the technology sector, two dimensions can be explored: forward-looking financial indicators and industry cycle trends. The "deferred revenue + contract liabilities" metric can provide insights into order conditions, highlighting sectors with accelerating improvements or sustained high growth over the past two quarters [5][12]. - Key sectors showing accelerated improvement include semiconductors, communication equipment, and digital chip design, while those with sustained high growth include consumer electronics and optical components. The DRAM and NAND Flash contract prices have been rising rapidly since Q4 2025, supported by long-term demand in AI servers and enterprise storage [5][12].

在经历了春节长假的休整之后，2月24日A股市场量价齐升，资金入场意愿较为强烈。 与此同时，结构性分化的暗流也在涌动。油气、有色、化工等资源品板块全线走强，影视院线、AI应 用等题材则显著回调。这种"冰火两重天"的格局，使得A股在马年的平稳开局中暗藏分歧。多家一线私 募机构在接受中国证券报记者采访时表示，马年A股首日走势验证了节前的乐观预期，但市场主线也在 逐步切换，投资者需要在"科技"与"资源"的双线逻辑中重新校准攻守节奏。 ● 本报记者 王辉 马科伟同样坚持"左手高质量成长、右手大空间赛道"的均衡思路。他认为，近期海外科技股的震荡反映 出市场对AI的审视正从"讲故事"转向"看业绩"。国内投资机会将更聚焦于能够看到实际订单、具备明确 商业化路径的细分领域，如机器人和国产算力。在地缘风险支撑下，叠加全球流动性宽松预期，贵金 属、石油、有色、化工等资源品板块当前具备持续的上涨驱动力。 也有机构显现出谨慎态度。宝晓辉坦言，她更看好有色金属与石油能源板块的阶段性投资机会，对科技 板块则保持相对谨慎。"科技板块近期震荡幅度偏大，多空分歧突出。虽然长期来看，科技赛道依然是 优质方向，但不适合在当前阶段重仓参与。"宝晓辉表 ...

截至收盘，中证A500指数上涨1.2%，沪深300指数、创业板指数均上涨1.0%，上证科创板50成份指数下跌0.3%，恒生中国企业指数下跌2.1%。 作为跟踪对应指数的核心工具，A500ETF易方达（159361）、沪深300ETF易方达（510310）同步跟随指数上涨。A500ETF易方达（159361）紧密跟踪中证 A500指数，全日成交额达31.66亿元，成交活跃；沪深300ETF易方达（510310）紧密跟踪沪深300指数，一键覆盖沪深市场核心龙头资产，兼顾价值与成 长。 2月24日，A股三大指数集体上涨，沪指涨0.87%，全市场成交额超2.2万亿元，较前一交易日放量约2200亿元，超4000只个股收红。板块题材上，油气开采 及服务、贵金属、培育钻石、草甘膦、化肥、煤炭开采加工、光纤、电网设备、港口航运板块涨幅居前；影视院线、AI应用、算力租赁、旅游及酒店、保 险、白酒、免税店、脑机接口板块跌幅居前；港股表现弱势，科技、医药、大金融等板块集体下挫。 | 沪深300指数由沪深市场中规 | 令日 | 该指数 | 该指数 | | --- | --- | --- | --- | | 模大、流动性好的300只股 ...

2月24日，A股市场冲高回落，创业板指盘中一度涨超2%，截至收盘，沪指涨0.87%，深成指涨1.36%，创业板指涨0.99%。沪深两市成 交额2.2万亿，较上一个交易日放量2194亿。 综合市场消息面来看，今日A股大幅高开，是多重利好因素共振的结果： 春节假期期间，外围市场整体平稳向好，港股与富时中国A50指数稳中有升，为A股开盘营造了良好的外部环境。 国内方面，流动性保持合理充裕，节前逆回购操作有效维护市场资金面稳定，节后资金回流意愿增强，为市场上行提供资金支撑。 同时，宏观经济稳步复苏、产业政策持续落地，进一步提振了市场风险偏好，投资者对马年资本市场表现预期乐观。 盘面上，三大主线表现强势。 首先是周期股，油气开采、有色金属、化工等板块大涨。油气板块全天领涨，通源石油、中油工程、准油股份等十余股封板；贵金属、 有色金属板块拉升走高，湖南白银、白银有色封板；农药、化工、染料等集体走强，和邦生物、美邦股份等多股涨停。 其次是算力产业链。光模块、光纤光缆、MLCC、PCB等方向表现活跃，长江通信、风华高科、华工科技等多股封板。 最后是电力基建产业链。电网设备震荡上行，白云电器、保变电气等封板。 下跌方面，影视传 ...

新华财经北京2月24日电长假后首个交易日，A股主要股指普遍显著高开。沪深两市三大股指在开盘后 涨幅有所收窄，10时后开始震荡上扬，午后略有回落，随后整体呈窄幅整理态势，收盘时均显著上涨。 科创50指数早盘盘初回落幅度较大，一度下跌1.14%，此后整体呈冲高回落态势，收盘时小幅下跌。北 证50指数全日呈宽幅震荡态势，收盘时小幅上涨。 板块方面，油气开采、贵金属、CPO概念、建材等板块在早盘期间整体涨幅靠前，培育钻石、磷化工、 化肥、天然气、盐湖提锂、商贸代理等板块在午后有进一步拉升，收盘时油气开采、培育钻石、贵金属 板块领涨。AI应用相关股和影视院线股则遭遇较大幅度调整，传媒娱乐、Sora概念、AI语料、旅游等板 块均有显著调整。 截至收盘，沪指报4117.41点，涨幅0.87%，成交额约9386亿元；深成指报14291.57点，涨幅1.36%，成 交额约12635亿元；创业板指报3308.26点，涨幅0.99%，成交额约5970亿元；科创综指报1798.21点，跌 幅0.61%，成交额约2298亿元；北证50指数报1535.43点，涨幅0.37%，成交额约163.8亿元。 机构观点 巨丰投顾：周二市场震荡运行 ...

| 上证指数 | 深证成指 | 北证5( | | --- | --- | --- | | 4117.41 | 14291.57 | 1535.4 | | +35.34 +0.87% +191.38 +1.36% +5.66 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1465.37 | 3308.26 | 6828.5 | | -4.97 -0.34% +32.31 +0.99% +71.78 +1 | | | | 沪深300 | 中证500 | 中证A5( | | 4707.54 | 8392.91 | 5910.7 | | +47.14 +1.01% +93.32 +1.12% +70.01 +1 | | | | 中证1000 | 中证2000 | 中证红 | | 8299.77 | 3536.69 | 5754.4 | | +94.94 +1.16% +43.51 +1.25% +86.19 +1 | | | 马年首个交易日，A股三大指数今日集体走高，截至收盘，沪指涨0.87%报4117点，深证成指涨1.36%，创业板指涨0.99%。全市场成交额2.22万亿元，较前 一交易日增量 ...

Market Performance - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index increasing by 1.17%, the Shenzhen Component Index by 1.82%, and the ChiNext Index by 1.76% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 15,210 billion yuan, an increase of 3,074 billion yuan compared to the previous day [1] - Over 4,200 stocks in the market experienced gains [1] Sector Performance - The sectors that saw significant gains included oil and gas extraction and services, precious metals, fiber optics, phosphorus chemicals, chemical raw materials, electric grid equipment, coal mining and processing, CPO, and port shipping [1] - Conversely, sectors that faced declines included film and cinema, AI applications, cloud computing, tourism and hotels, insurance, and liquor [1] Key Drivers - Resource cyclical stocks, including oil, natural gas, and gold, surged due to concerns over Trump's tariff policies and escalating tensions in the US-Iran situation [1] - Notable stocks such as Zhongman Petroleum, Hunan Silver, and Jinniu Chemical reached their daily limit [1] - The demand driven by AI led to strong performance in computing hardware stocks, with Longfei Fiber Optics hitting a historical high and stocks like Tianfu Communication, Zhongji Xuchuang, and Xinyi Sheng showing significant gains [1] Notable Declines - The film and cinema sector experienced a sharp decline, with companies like Light Media hitting a 20% limit down, and others such as China Film, Hengdian Film, and Bona Film also facing significant drops [1] - According to the National Film Administration, the box office for the 2026 Spring Festival reached 5.752 billion yuan [1] - Many AI application concept stocks also saw declines, with companies like Meiri Interactive and Jin Modern leading the losses [1]

Investment Rating - The report suggests an "Overweight" rating for humanoid robots, AI applications, innovative drugs, and new consumption sectors [5][19]. Core Insights - The report highlights a strong growth potential in humanoid robots, with a projected shipment of nearly 18,000 units globally by 2025, representing a year-on-year increase of 508% [5]. - AI applications are expected to maintain steady growth, supported by the Ministry of Industry and Information Technology's initiative to build a national computing network [5]. - The innovative drug sector is experiencing a shift towards platform capabilities, as evidenced by a significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion [9]. - New consumption trends are emerging, with adjustments in CPI statistics reflecting the inclusion of new categories such as dishwashers and medical beauty services [5]. Summary by Category Humanoid Robots - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Medium, stable growth anticipated - Key Data: IDC forecasts a shipment of nearly 18,000 humanoid robots by 2025, a 508% increase year-on-year [5]. AI Applications - Rating: Neutral + Overweight - Technical Indicators: Weak, but stabilizing - Growth Expectation: Medium, slight downward adjustment expected - Key Data: The Ministry of Industry and Information Technology has initiated the construction of a national computing network [5]. Innovative Drugs - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, upward revision expected - Key Data: Significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion, marks a new phase in China's innovative drug export strategy [9]. New Consumption - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, stable growth anticipated - Key Data: CPI adjustments include new consumption categories, indicating a shift in consumer behavior [5].