2月25日，A股延续量价齐升态势，市场赚钱效应良好。板块方面，有色金属、钢铁等资源股持续走强，传媒板块则延续弱势。杠杆资金情绪回暖，三市 两融余额增至2.62万亿元。 受访人士指出，资源股领涨主要受政策利好、供需改善及产品涨价三重因素共振驱动；传媒板块回落则因影视院线板块连续调整、AI应用概念走弱，叠 加前期涨幅较大后资金获利了结，以及业绩兑现预期不足所致。预计短期A股大概率维持结构性轮动行情，建议布局上关注科技和资源股两大方向。 3748只个股收涨 市场赚钱效应良好，3748只个股收涨，涨停股101只；1609只个股收跌，跌停股4只。从活跃交易个股来看，7只个股日成交额超过100亿元，电子元件、稀 有金属等板块个股表现强势，胜宏科技（300476）、北方稀土（600111）、沪电股份（002463）等涨幅居前。 | 代码 | 名称 | . | 最新 | 涨幅% | 周涨幅% | 年初至今涨幅% | 成交额 ↓ | 总市值 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 300476 | 胜宏科技 | 44 | 292.58 | ...

Core Insights - AM/NS India has launched two high-end steel products, AM/NS Vibrance and AM/NS Optima, as part of its strategy to achieve a 75% revenue share from high-value steel products [1] - The company aims to strengthen its market position in high-profit downstream sectors, particularly in coated steel for appliances and industrial applications [1] Product Focus - AM/NS Vibrance is designed for appliance manufacturers, targeting the production needs of refrigerators, washing machines, and microwaves [2] - AM/NS Optima is a zero-zinc galvanized steel suitable for air conditioning systems, industrial panels, and cleanroom facilities [2] - The introduction of these products aims to reduce OEMs' reliance on imported coated steel, promoting domestic substitution and enhancing supply chain resilience [2] Market Growth Potential - The current annual consumption of coated steel in India is approximately 11.1 million tons, with an expected annual growth rate of 8%-10% [3] - The demand for coated steel in the appliance sector is projected to grow at around 10% annually, driven by urbanization, changing consumer preferences, and government incentives like the Production Linked Incentive (PLI) scheme [3] - In the industrial application sector, coated steel demand is expected to grow at a rate of 8%-12% annually until 2030, aligning with ongoing infrastructure development and manufacturing growth in India [3] Product Matrix Expansion - The new products complement AM/NS India's existing coated steel product matrix, which includes Optigal, Magnelis, Optiga Prime, and Optiga Pinnacle [4] - The durable consumer goods market in India is projected to rank fourth globally by the fiscal year 2026-2027, providing strong support for the company's transition to high-profit, high-value steel products [4] - This growth trend will further solidify AM/NS India's long-term expansion strategy in the domestic market [4]

今日A股高开高走，上证指数收涨0.72%报4147.23点，深证成指涨1.29%，创业板指涨1.41%，北证50涨 0.77%，科创50涨0.54%，中证A500涨0.96%。钢铁、有色等周期股走强，午后上海官宣楼市新政策，建 材板块活跃。A股全天成交2.48万亿元，上日成交2.22万亿元。风险偏好来看，今日风险偏好中性偏 强。全市场超3700只个股上涨。风格层面，小盘强于大盘但微盘稍弱，成长弱于价值，双创强于主板。 总体而言，今日风险偏好处于中性偏强状态。 春节后红包行情持续。我们统计2006—2025年历史数据进行复盘，发现： | | | | | 历年春节后A股涨跌明细(中证全指) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | स्टेसि | 1周 | 2問 | 1月 | W | स्टेसि | 1周 | 2周 | 1月 | W | | 2025 | +2.37% | +4.08% | +5.76% | | 2015 | +4.18% | +5.12% | +10.20 | | | 2024 | ...

国际上顺差数字看着亮眼，2025年前11个月破了1万亿美元大关，可欧美那边反倾销和关税壁垒来得越 来越密。国内不少行业供大于求的矛盾摆在那，低价倾销等于拿自家资源去贴补别人消费，长此以往谁 也扛不住。 破除低价恶性竞争 这几年制造业里价格战打得挺凶，企业一个劲往下压价抢订单，东西卖得便宜是便宜了，可问题也跟着 冒出来。利润越来越薄，研发投入跟不上，产品质量有时就出点岔子。 2025年7月1日中央财经委员会第六次会议开得及时。会议直接点明要依法依规治理企业低价无序竞争， 引导品质提升，落后产能有序退出。这话一落地，信号就传开了。 光伏玻璃行业头部企业很快达成一致，从7月起集体减产30%，供应量降到45GW左右。钢铁产区唐山那 边烧结机按30%限产执行，水泥协会发文强调自律反对低价倾销。 汽车行业推出价格行为合规指南，明确全链条管理要求。生猪养殖领域农业农村部多次约谈大型集团， 11月在广东开会商量产能调控，能繁母猪存栏往合理区间靠。这些动作连在一起，不是简单喊停加班， 而是从根子上规范竞争秩序。 2026年开年，监管部门行动密集，市场监管总局1月约谈光伏行业协会和部分企业，通报垄断风险并要 求整改。 全国统一大 ...

Core Viewpoint - The recent announcement of the "Shanghai Seven Measures" aims to optimize the city's real estate policies by reducing housing purchase restrictions and increasing financial support for homebuyers, thereby stimulating market demand and stabilizing expectations in the real estate sector [1][2]. Policy Adjustments - The new policy allows non-Shanghai residents who have paid social insurance or individual income tax for at least one year to purchase unlimited housing outside the outer ring and one unit within the inner ring. Those with three years of contributions can buy two units in the inner ring, while holders of a Shanghai residence permit for over five years can buy one unit citywide [1]. - The policy also raises the public housing fund loan limit for first-time buyers to 2.4 million yuan, with a maximum of 3.24 million yuan, and optimizes loan conditions to alleviate financial pressure on families [1]. Market Impact - The announcement is expected to boost housing transactions during the traditional peak season of "Golden March and Silver April," with the real estate sector and related industries, such as steel, experiencing significant stock price increases [2][3]. - The real estate sector accounts for approximately 25% of domestic steel consumption, making it a crucial demand driver for the black metal sector [3]. Inventory and Production Insights - As of February 23, 2026, social steel inventory was reported at 10.52 million tons, a year-on-year decrease of 10.8%, while member companies of the China Iron and Steel Association reported a steel inventory of 15.11 million tons, down 6.8% year-on-year [4]. - The reduction in high furnace loads in northern steel mills due to environmental regulations is expected to lead to a decrease in daily iron output, coinciding with the seasonal increase in downstream demand [5]. Future Outlook - The market sentiment is cautiously optimistic, with expectations of a stable demand environment as the policy effects take time to materialize. The focus will be on the sales data for March and April to determine if the anticipated demand growth is realized [6]. - The steel market is expected to maintain a strong performance due to cost support from supply constraints, although the potential for significant price increases will depend on the speed of demand recovery [6].

Market Overview - The A-share market continues to show a strong upward trend, with the three major indices collectively rising. The cyclical sectors, including real estate services, non-ferrous metals, and steel, lead the market, while the technology growth sector shows mixed performance [3][6] - As of the market close, the Shanghai Composite Index rose by 0.72% to 4147.23 points, the Shenzhen Component Index increased by 1.29% to 14475.87 points, and the ChiNext Index climbed by 1.41% to 3354.82 points. The total market turnover reached approximately 2.48 trillion, indicating a good profit effect with 3742 stocks rising and 1609 falling [2][3] Sector Performance - The cyclical stocks have shown significant strength, with steel, non-ferrous metals, real estate, building materials, and basic chemicals rising by 4.26%, 3.53%, 2.51%, 2.41%, and 2.37% respectively. The recent policy adjustments in Shanghai's real estate sector have further boosted these sectors [6][8] - The rare earth sector also experienced a surge, with prices for various rare earth products increasing significantly post-holiday. For instance, the average price of praseodymium and neodymium oxide rose by 4.16 million yuan/ton, while neodymium metal increased by 8 million yuan/ton [6][8] Investment Themes - The report identifies several key investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, robotics, consumer sectors, brokerage firms, precious metals, and non-ferrous metals. Each theme has specific core logic and follow-up points for future monitoring [9][10] - The AI application sector is highlighted for its potential growth driven by product application acceleration and technological upgrades. The commercial aerospace sector is supported by the establishment of a commercial aerospace office, while nuclear fusion and quantum technology are gaining traction due to industrialization and policy support [9][10] Market Sentiment and Future Outlook - The report suggests a shift in market sentiment from "concept-driven" to "price-driven" profit enhancement, indicating a balanced allocation between technology and consumer sectors. The upcoming "Two Sessions" may further influence the cyclical sectors, particularly in real estate policy implementation and commodity prices [8][11] - The bond market is experiencing adjustments, with the long-end bonds leading the decline. The report notes that the LPR rates remain unchanged, and the market is expected to maintain a stable liquidity environment in the short term [8][11]

黑色产业链日报 2026/02/25 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相 ...

投资咨询业务资格：证监许可【2011】1778 号 核心观点 作者声明 本人具有中国期货业协会 授予的期货从业资格证书，期 货投资咨询资格证书，本人承 诺以勤勉的职业态度，独立、 客观地出具本报告。本报告清 晰准确地反映了本人的研究观 点。本人不会因本报告中的具 体推荐意见或观点而直接或间 接接收到任何形式的报酬。 钢材&铁矿石 | 日报 2026 年 2 月 25 日 钢材&铁矿石日报 专业研究·创造价值 政策利好提振，钢矿低位回升 期货研究报告 姓名：涂伟华 宝城期货投资咨询部 从业资格证号：F3060359 投资咨询证号：Z0011688 电话：0571-87006873 邮箱：tuweihua@bcqhgs.com 螺纹钢：主力期价低位回升，录得 1.72%日涨幅，量增仓缩。现阶段， 供稳需弱局面下螺纹钢产业矛盾累积，钢价仍将承压，相对利好的是政 策预期与成本支撑，预期现实博弈下钢价延续震荡运行，关注国内政策 情况。 钢材&铁矿石 | 日报 一 产业动态 （1）崔东树：全国乘用车行业 2026 年 1 月末库存 357 万辆、库存 70 天 热轧卷板：主力期价有所走强，录得 1.19%日涨幅，量增仓稳 ...

半导体设备ETF（159516）今日开盘下杀后一路上扬，午后再度加速，收涨4.56%。消息面上，传存储 大客户订单即将落地。本轮半导体设备的叙事不同于以往的周期复苏或国产替代，而是实打实的受益于 全球AI驱动的高景气，有兴趣的投资者可持续关注半导体设备ETF（159516）。 上海午后出台"沪七条"楼市新政，主要包括：1）非沪籍家庭购买外环内住房所需社保年限由3年降至1 年；2）非沪籍家庭外环内可增购1套；3）居住证满5年可购买1套；4）首套公积金贷款额度从160万升 至240万；5）公积金"认房不认贷"。市场观点认为，上海楼市新政力度基本符合预期，一定程度上可以 释放刚需购房需求、降低购房资金门槛。预计楼市热度回升有望为建材、地产等板块带来催化，且或有 部分资金博弈两会的政策预期。建材板块在反内卷浪潮下，供需格局有望持续优化；目前拔估值进行 时，或有望重演2025年化工行情，投资者或可关注当前市场上最大的建材ETF（159745）。 今日A股高开高走，上证指数收涨0.72%报4147.23点，深证成指涨1.29%，创业板指涨1.41%，北证50涨 0.77%，科创50涨0.54%，中证A500涨0.96%。 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 热轧卷板产业链日报 2026/2/25 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任 自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任 何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引 用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | HC 主力合约收盘价(元/吨) | 3,236 | +41↑ HC 主力合约持仓量(手) | 1501203 | +323↑ +8↑ | | | HC 合约前20名净持仓(手) | 63,184 | -1870↓ HC5-10合约价差(元/吨) | -11 | | | | HC 上期所仓单日报(日， ...