2月25日，A股市场震荡上行，主要股指全线收涨。有色金属与化工板块联袂大涨，成为当日市场最亮 眼的"双子星"。与此同时，市场交投热度提升，成交额较前一个交易日明显增加，个股涨多跌少。 分析人士认为，随着政策预期升温、流动性环境宽松、产业趋势催化三大支撑因素共同发力，春季攻势 有望延续。在配置方面，"资源品+科技"双主线已成为多家机构的共识。 ● 本报记者 刘英杰 主要股指全线上涨 截至2月25日收盘，上证指数、深证成指、创业板指、北证50指数分别上涨0.72%、1.29%、1.41%、 0.77%。 大盘股走势相对稳健。大盘股集中的创业板50指数、科创50指数、上证50指数、沪深300指数分别上涨 1.32%、0.54%、0.45%、0.60%；小微盘股集中的中证1000指数、中证2000指数分别上涨1.52%、 1.04%。 个股涨多跌少，整个A股市场有3748只股票上涨，101只股票涨停，1609只股票下跌，4只股票跌停。当 日A股市场成交额为2.48万亿元，较前一个交易日增加2627亿元，市场成交放量。 此外，万得海运行业指数中也有多只个股表现亮眼，招商轮船涨停，中远海能涨超8%，招商南油、海 通发展、 ...

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1]. Group 1: Top Performing Funds - The top 10 mutual funds with the highest net value growth include: Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A (5.8790, +6.20%), Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed C (5.8180, +6.19%), and Dongfang Artificial Intelligence Theme Mixed A (2.0655, +5.79%) [2]. - Other notable funds in the top 10 are: Dongfang Artificial Intelligence Theme Mixed C, Jiashi Zhongzheng Rare Earth Industry ETF Link C, and Jiashi Zhongzheng Rare Earth Industry ETF Link A, among others [2]. Group 2: Bottom Performing Funds - The bottom 10 mutual funds with the lowest net value growth include: Changcheng Jiuxiang Mixed C (1.7937, -2.97%), Changcheng Jiuxiang Mixed A (1.8273, -2.97%), and Dongfang Innovation Growth Mixed A (1.2713, -2.78%) [3]. - Other funds in this category are: Dongfang Innovation Growth Mixed C, Yifangda Zhongzheng Overseas Internet 50 ETF Link (USD) C, and Jinxin Core Competitiveness Mixed A, among others [3]. Group 3: Market Overview - The Shanghai Composite Index opened high and closed with a small gain, while the ChiNext Index also experienced a similar trend, with a total trading volume of 2.48 trillion [5]. - Leading sectors included steel, mineral products, and non-ferrous metals, with gains exceeding 3%, while the advertising packaging sector lagged behind [5]. Group 4: Fund Strategy Analysis - The Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A fund has a significant focus on resource industries, with a top holding concentration of 62.30% [6]. - The top holdings include Zijin Mining, Xiamen Tungsten, and Northern Rare Earth, with notable price increases observed in these stocks [6]. - The fund's performance is characterized as outperforming the market, particularly in the rare resources sector [6]. Group 5: Fund Style and Changes - The fund's style has shifted from a focus on artificial intelligence to a more resource-oriented approach, as indicated by the recent changes in holdings [7]. - The current fund size is reported at 0.49 billion, reflecting a potential change in investment strategy [7].

证券研究报告|宏观点评报告 [Table_Date] 2026 年 02 月 25 日 [Table_Title] 资产配置日报：再战前高 2 月 25 日，权益市场放量上涨。万得全 A上涨 1.05%，全天成交额 2.48 万亿元，较昨日（2 月 24 日）放量 2627 亿元。港股方面，恒生指数上涨 0.66%，恒生科技下跌 0.19%。南向资金净流出 40.57 亿港元，其中腾讯控 股和美团分别净流入 8.18 亿港元和 6.78 亿港元，而中远海能则净流出 3.58 亿港元。 指数面临前高的考验。万得全 A 放量上涨，触及 1 月 14 日和 1 月 26 日前高，且这两天的成交额分别为 4 万 亿元和 3.28 万亿元，意味着有较多的筹码在此时进场，随着行情回落遭遇亏损。今日早盘大涨后，这些筹码成功 扭亏，部分资金或选择兑现，形成午后指数回落的局面。往后看，若强势突破前高，则确认反弹趋势；若行情回 落，意味着市场短期内或仍将震荡。 资源品&PCB 及其上游，仍是主要线索。资源品方面，工业有色继续受益于涨价逻辑， Wind 稀土和铜产业指 数分别上涨 8.45%和 3.67%。同时，磷化工指数上涨 6 ...

Summary of Key Points Group 1: Share Buybacks - Jinkai New Energy plans to repurchase company shares worth between 500 million to 600 million yuan and subsequently cancel them [3] - Sainuo Medical intends to repurchase company shares valued at 15 million to 30 million yuan [3] - Guotai Environmental aims to repurchase shares worth 50 million to 100 million yuan for employee stock ownership plans or equity incentives [3] - Wens Foodstuff Group plans to repurchase shares valued at 800 million to 1.2 billion yuan for employee stock ownership plans or equity incentives [3] Group 2: Share Reductions - Fuda Co. plans to reduce its holdings by no more than 1% of the repurchased shares [5] - Taoli Bread's controlling shareholder and concerted parties plan to reduce their holdings by no more than 3% [5] - Tuo Ri New Energy's controlling shareholder Aoxin Investment intends to reduce its holdings by no more than 3% [5] - Huasheng Technology's deputy general manager plans to reduce holdings by no more than 0.0417% [5] - Sichuan Gold's shareholder Beijing Jinyang plans to reduce holdings by no more than 2.12% [5] - Longhua New Materials' shareholder Xinyu Longzhen intends to reduce holdings by no more than 1.63% [5] - Bidding Co.'s shareholder Longhai Investment plans to reduce holdings by no more than 3% [5] - Tianshan Aluminum's actual controllers intend to reduce holdings by no more than 2% [5] - Baisheng Intelligent's shareholder Xi Weining plans to reduce holdings by no more than 3% [5] - Gree Electric's largest shareholder Zhuhai Mingjun intends to reduce holdings by no more than 2% [5]

2月25日，周期股延续强势，化工、稀土、有色金属、钢铁、建材等行业大涨。截至收盘，中证稀土产业指数上涨6.1%，中证石化产业指数上涨1%。 （文章来源：每日经济新闻） ...

2026 年 02 月 26 日 开源晨会 0226 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -1.155 | | 银行 | -0.456 | | 汽车 | 0.056 | | 家用电器 | 0.130 | | 石油石化 | 0.190 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 钢铁 | 4.694 | | 有色金属 | 3.478 | | 建筑材料 | 2.749 | | 房地产 | 2.533 | | 基础化工 | 2.162 | | 数据来源：聚源 | | 开 源 证 券 证 券 研 究 报 wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【固定收益】上清所托管量环比减少，债市整体杠杆率持平——2026 年 1 月债市 托管数据点评-20260225 事件：1 月末，上清所债 ...

Core Viewpoint - The A-share market continues to show a strong upward trend, driven by resource stocks, while the media sector remains weak due to profit-taking and insufficient earnings expectations [3][12]. Market Performance - On February 25, the A-share market saw 3,748 stocks rise, with the Shanghai Composite Index up 0.72% to 4,147.23 points, and the ChiNext Index up 1.41% to 3,354.82 points [4][5]. - The total trading volume increased by 262.8 billion yuan, reaching 2.48 trillion yuan, with margin trading balances in the three major markets rising to 2.62 trillion yuan [4][5]. Sector Analysis - Resource stocks, particularly in non-ferrous metals and steel, are leading the market due to favorable policies, improved supply-demand dynamics, and rising product prices [3][12]. - The media sector is experiencing a downturn, attributed to continuous adjustments in the film and theater sector, weakening AI application concepts, and profit-taking after significant prior gains [3][12]. Investment Recommendations - The market is expected to maintain a structurally rotating trend in the short term, with a focus on technology and resource stocks as key investment directions [3][12][15]. - Analysts suggest that the core investment themes should revolve around resource stocks (steel, non-ferrous metals, chemicals) and hard technology (semiconductors, commercial aerospace) [15].

有色金属日报 | | 操作评级 | 2026年02月25日 | | --- | --- | --- | | 铜 | な女女 | 肖静 首席分析师 | | 铝 | ななな | F3047773 Z0014087 | | 氧化铝 | な女女 | 刘冬博 高级分析师 | | 铸造铝合金 文文文 | | F3062795 Z0015311 | | | 女女女 | 吴江 高级分析师 | | 铝 | ななな | F3085524 Z0016394 | | 镇及不锈钢 ☆☆☆ | | 张秀睿 中级分析师 | | 锡 | ななな | F03099436 Z0021022 | | 碳酸锂 | ななな | 孙芳芳 中级分析师 | | | | F03111330 Z0018905 | | 工业硅 | ななな | | | 多晶硅 | 女女女 | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【铜】 周三沪铜震荡收阳，短线倾向稳固在短期均线水平。SMM现铜102065元，上海贴水180元、广东贴水幅度扩至220 元。市场权衡国内节后旺季消费强弱并评估美国关税变动风险,且当下全球 ...

Group 1 - A-shares have seen a significant capital inflow after the Spring Festival, with margin financing returning 346 billion yuan on the first trading day after the holiday, indicating a shift in market sentiment [2][3] - The preference for leveraged funds has changed dramatically, with sectors that were previously sold off seeing substantial buying, particularly in technology-related stocks [4][5] - Despite the inflow of margin funds, main capital has continued to flow out, indicating a shift from high valuation sectors to cyclical and undervalued sectors [7][8] Group 2 - On February 24, 26 sectors received capital replenishment from leveraged funds, with significant inflows into electronics, computers, and defense industries, while sectors like utilities and oil & gas saw reductions [5][6] - The overall market sentiment has improved, with major indices showing gains, yet main capital has been net outflowing, particularly from high valuation sectors like media and computing [7][8] - Analysts suggest that the liquidity environment may remain loose post-holiday, with multiple factors such as household savings moving into the market and increased foreign investment potentially benefiting A-shares [9]

Core Viewpoint - The A-share market has experienced a significant surge, with public equity funds seeing a strong start to the year, as nearly half of these products have reached historical net asset value highs, and over 90% have achieved positive returns [1][2]. Group 1: Market Performance - The A-share market has shown a strong upward trend, with over 3,700 stocks rising and more than 100 hitting the daily limit in the last two days [6]. - The trading volume has increased significantly, surpassing 2 trillion yuan, reaching 2.48 trillion yuan [6]. - The performance of the non-ferrous metal sector has been particularly strong, with a year-to-date increase of 21.94%, and 18 constituent stocks within this sector have seen gains exceeding 50% [3]. Group 2: Fund Performance - Among 4,780 comparable active equity funds, 2,347 have achieved historical net asset value highs this year, representing 49.1% of the total [2]. - Over 90% of active equity funds have recorded positive returns since the beginning of the year, with 149 funds showing gains of over 20% [2]. - The top-performing funds, managed by the same fund manager, have achieved returns of 52.64%, 51.95%, and 46.61% respectively [2]. Group 3: Investment Strategies - Investment strategies are shifting from liquidity-driven to profit-driven, with a recommendation for investors to maintain a contrarian mindset as market leadership may rotate quickly [1]. - The focus on resource-related sectors has provided significant advantages in the current market environment, with many top-performing funds heavily invested in non-ferrous metals and technology stocks [3][4]. - Analysts suggest that the market may stabilize and recover post-Spring Festival, with emerging technologies and value stocks expected to perform well [7].