Market Performance - The A-share market opened positively in the Year of the Horse, with major indices showing significant gains, including the Shanghai Composite Index rising by 0.87% to close at 4117.41 points and the Shenzhen Component Index increasing by 1.36% to 14291.57 points [2][4] - The trading volume in the Shanghai and Shenzhen markets reached 2.2 trillion yuan, an increase of 219.4 billion yuan compared to the previous trading day, indicating a strong market sentiment [6] Sector Analysis - The top-performing sectors included Oil & Petrochemicals, which rose by 5.53%, and Building Materials, which increased by 3.71% [3] - Conversely, sectors such as Media and Computer experienced declines, with the Media sector dropping by 3.20% [3] - Notable concept stocks included Combustible Ice and Cultivated Diamonds, which saw significant gains, while MLOps and AI Corpus concepts faced declines [4][3] Future Outlook - The report indicates a positive outlook for the A-share market, supported by strong performance in oil and gas stocks, chemical sectors, and precious metals [4] - The market is expected to benefit from favorable macroeconomic policies and the upcoming Two Sessions, which historically lead to a high probability of index increases post-Spring Festival [6] - Analysts suggest focusing on sectors such as dividends, TMT (Technology, Media, and Telecommunications), and power equipment for potential investment opportunities [6]

Group 1 - The core strategy for Yushu Prefecture in 2026 focuses on stabilizing and expanding domestic demand through a series of measures aimed at enhancing economic stability and promoting high-quality development [1] - The government plans to implement a special action to boost consumption, optimize policies, and advance the construction of county-level commercial systems, aiming to establish Yushu City as a regional consumption center [1] - The target for social retail sales is set to exceed 2.6 billion yuan, with an addition of three new retail enterprises in the market [1] Group 2 - The government aims to utilize central budget investments, long-term national bonds, and local bonds to implement over 300 new and ongoing projects with a total investment of 7.5 billion yuan [2] - Key infrastructure projects include the construction of major roads and the enhancement of rural roads, with a focus on improving project management and efficiency [2]

A股马年首个交易日迎来普涨，多数核心指数的涨幅都在1%～2%。从2010年以来的统计数据来看，春节假期过后，A股短期实现"开门红"的概率较高。 不过，今年春节假期期间，在港股市场大热的AI大模型、机器人，以及假期数据不错的消费板块今天在A股"意外"遇冷，真正领跑的却是石化、建材、基础 化工、有色金属、煤炭、钢铁等一众"老登"资产。 券商：春季行情仍将延续 今日，A股市场呈现普涨格局，多数核心指数的涨幅都落在1%-2%的区间，其中上证指数上涨 0.87%，收于 4117.41 点，重回 4100 点上方。相比之下，科技 板块走势相对偏弱，科创50、科创100指数分别下跌0.34%、1.55%。 | 指数 | T-20 | T-10 | T-5 | T+5 | T+10 | T+20 | T+ | | --- | --- | --- | --- | --- | --- | --- | --- | | 万得全A | -1.10% | 0.41% | 1.43% | 1.77% | 2.71% | 4.06% | 4.83 | | 上证指数 | -0.86% | 0.44% | 1.01% | 1.04% | 1.6 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 24 日 证券研究报告·中山每日点评 马年首日收涨 ——2 月 24 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.87 | 北证 50 | 0.37 | | 深证成指 | 1.36 | 万得全 A | 1.06 | | 沪深 300 | 1.01 | 中证 500 | 1.12 | | 科创 50 | -0.34 | 红利指数 | 1.86 | 资料来源：Wind，中山证券研 ...

今日沪深三大指数收红，两市成交2.2万亿。申万一级行业中，石油石化涨幅领先，涨幅5.53%。春节期 间，海外环境较为复杂，美伊局势持续紧张，双方谈判陷入僵局，地缘风险上升。特朗普政府对等关税 被美最高法院裁定违法，随即又宣布新关税，一系列事件对全球资产价格带来影响，原油与黄金均有所 上涨。美国经济韧性仍存，通胀回落、就业数据超预期，以及美联储1月会议纪要中偏鹰的表述，使得 美联储降息预期反复波动。国内方面，地方两会的情况显示，多数省份更加重视高质量发展，淡化经济 增长速度目标。从已发布经济增长目标的省份来看，今年全国的GDP 增长目标或为4.5%~5%的区间设 定，各省更加强调因地制宜发展经济，扩内需、促消费重要程度提升。国内权益市场方面，随着年报逐 渐披露，业绩确定性或将成为市场关注的核心。 消息面 美国最高法院裁定特朗普对等关税违法，特朗普随即宣布新关税。 美国最高法院2月20日裁定，特朗普政府依据《国际紧急经济权力法》征收的"对等关税"属非法，未获 国会授权。裁决不涉及针对特定行业（如汽车、钢铁、铝材）的关税。当晚，特朗普签署行政令，依据 《1974年贸易法》第122条征收10%的"全球进口关税"，为期 ...

证券研究报告 | 策略点评 2026 年 02 月 24 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260224 今日关注 指数涨跌情况：今日 A 股主要指数多数收涨。截止收盘，沪指上涨 0.87%，收 报 4117.41 点；深证成指涨 1.36%，收报 14291.57 点；创业板指涨 0.99%， 收报 3308.26 点；科创 50 指数跌 0.34%，收报 1465.37 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 4003 只个股上涨，仅 1388 只个股下跌， 86 只个股收平。沪深两市今日成交额合计 22021 亿元，较上个交易日放量 2194 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，石油石化、建筑材料、基础化 工、有色金属、煤炭等行业领涨，涨幅分别为 5.53%、3.71%、3.45%、3.31%、 3.10%，传媒、计算机、商贸零售、食品饮料、非银金融等行业领跌，跌幅分 别为 3.20%、1.81%、1.46%、0.86%、0.42%。 概念板块涨跌情况： ...

证券时报•数据宝统计，截至上午10:28，今日沪指涨1.00%，A股成交量659.97亿股，成交金额11539.61 亿元，比上一个交易日增加23.07%。个股方面，4188只个股上涨，其中涨停72只，1188只个股下跌， 其中跌停16只。从申万行业来看，石油石化、建筑材料、通信等涨幅最大，涨幅分别为4.95%、 4.10%、3.62%；传媒、计算机、商贸零售等跌幅最大，跌幅分别为3.90%、1.50%、1.19%。（数据宝） 今日各行业表现（截至上午10:28） | | 行业 涨跌 | | | | | | --- | --- | --- | --- | --- | --- | | 申万行业 | | 成交额 | 比上日 | 领涨（跌）股 | 涨跌幅 | | | | （亿元） | （%） | | （%） | | | （%） | | | | | | 石油石化 | 4.95 | 175.48 | 107.67 | 科力股份 | 22.04 | | 建筑材料 | 4.10 | 178.07 | 28.68 | 国际复材 | 19.98 | | 通信 | 3.62 | 956.26 | 39.82 | 润泽科技 | 1 ...

马年新春，永修年味氤氲。春节假期，永修县紧扣商贸零售、文旅体验、餐饮消费等核心领域，统筹市 场保供、消费促进与服务保障"三驾马车"，让县域消费市场暖意升腾、活力迸发，既攒足了群众的新春 年味，也为县域经济一季度"开门红"积蓄了强劲动能。 作为县域核心商业地标，永修新湾天地依托6万平方米全业态优势，在春节期间打出"民俗展演+新春让 利"组合拳，全新打造外广场"飞鸟集"、升级一楼"湾仔集"，把百货购物、特色餐饮、休闲娱乐等多元 体验融为一体，让市民逛得有新意、买得有实惠。 春节假期前四天，这里客流量突破23万人次，销售额超700万元，成为市民休闲购物的首选目的地。与 商圈的热闹相呼应，永修聚晖超市则守稳了民生底线。这家本地连锁超市提前备足粮油、肉蛋、生鲜及 新春礼盒等货品，以充足供给、亲民价格稳住群众的"米袋子""菜篮子"，让市民一站式购齐年货好物， 把"烟火气"揉进了日常的安心与便利里。 从商圈的人头攒动到景区的游人如织，从超市的满满货架到餐馆的欢声笑语，永修的新春消费市场，是 对百姓幸福感的生动诠释，也是县域经济活力的直观体现。 永修的新春消费热，不止在市井商圈，更在山水古镇间。 团圆饭是春节的"重头戏"，也 ...

Core Viewpoint - The A-share market in the lunar year of the Snake has shown a strong performance, with major indices experiencing significant increases, indicating a bullish trend in the market [3][5]. Market Performance - The A-share market recorded a cumulative increase of 25.58% for the Shanghai Composite Index, 38.84% for the Shenzhen Component Index, and a remarkable 58.73% for the ChiNext Index during the trading period from February 5, 2025, to February 13, 2026 [3]. - The CSI 2000 Index, which includes 2000 smaller-cap stocks, saw a cumulative increase of 50.39%, while the CSI 500 and CSI 1000 indices rose by 48.49% and 40.35%, respectively [3]. Sector Performance - The performance across various sectors was generally positive, with the non-ferrous metals sector leading with a cumulative increase of over 100%. The defense and military industry followed with an increase of nearly 80% [5]. - Other sectors such as telecommunications, electrical equipment, electronics, machinery, construction materials, basic chemicals, light industry manufacturing, and construction decoration also performed well, each with cumulative increases exceeding 50% [5]. - The banking sector lagged behind, with a cumulative increase of less than 10%, while sectors like food and beverage, non-bank financials, transportation, social services, and retail showed relatively weak performance [5]. Individual Stock Performance - Over 4600 A-shares increased in value during the trading period, accounting for nearly 90% of all A-shares, with more than 700 stocks doubling in value [7]. - Notable stocks that saw increases exceeding 500% include Upwind New Materials, Tianpu Co., and others, while stocks like *ST Aowei and *ST Yanshi experienced declines exceeding 50%, highlighting structural risks even in a bullish market [8]. Future Outlook - The market is expected to maintain a positive long-term trend due to reasonable valuations, ongoing supportive policies, and a solidifying macroeconomic recovery [8]. - Looking ahead to the Year of the Horse, it is anticipated that the A-share market will gradually stabilize and recover, with recommendations for investors to adopt a balanced and rational investment strategy focusing on fundamentally strong assets and growth sectors [9][10].

Investment Rating - The report gives a "Buy" rating for the company for the first time [5]. Core Views - The company is a leading commercial entity in Xinjiang, focusing on the low-altitude economy and enhancing its retail capabilities through digital transformation and supply chain optimization [2][8]. - The company has a stable business structure with supermarkets and department stores as core segments, and it is responding to consumer demand by accelerating business transformation [8][9]. - The retail industry is entering a new development phase supported by government policies aimed at boosting domestic consumption [8][48]. Financial Forecast and Investment Recommendations - The company’s revenue is projected to be 2,494 million yuan in 2023, with a growth rate of 30.8%, followed by a slight decline in 2024 to 2,409 million yuan [4]. - The net profit attributable to the parent company is expected to reach 162 million yuan in 2023, with a significant growth of 203.1% [4]. - The report forecasts earnings per share (EPS) of 0.18 yuan in 2025, 0.31 yuan in 2026, and 0.39 yuan in 2027, with a target price set at 12.09 yuan based on a 39x PE ratio for 2026 [4][8]. Company Overview - The company has been operating for 25 years, establishing itself as a leader in the Xinjiang retail market with a total of 5 shopping centers, 6 department stores, and 11 independent supermarkets, covering an area of over 1.07 million square meters [12][16]. - The company’s revenue structure shows that supermarkets contribute over 50% of total revenue, while department store revenue has decreased significantly due to changes in accounting standards [27][25]. - The management team has extensive experience in the industry, with a stable shareholding structure that supports long-term strategic planning [20][23]. Market and Policy Environment - Recent government policies have focused on enhancing domestic demand, positioning the retail sector as a key area for economic recovery [48][49]. - The company is leveraging its regional advantages and adapting to market changes by implementing AI-driven management systems and exploring low-altitude economic opportunities [8][9].