志特新材（300986.SZ）2月26日在投资者互动平台表示，公司未在合肥建设相关产线，亦未与宁德时代 签订战略合作协议，且未签署1亿元新材料订单。公司在沙特等中东地区有建筑主业相关业务拓展，但 未参与沙特NEOM项目，亦未签署题述1.2亿元订单。公司与PIVI签订的战略合作协议属于框架性协 议，实际情况以未来签订的具体采购协议、订单或有关书面文件为准。关于公司业务进展及订单情况， 请以公司在指定官方信息披露媒体发布的公告为准。敬请广大投资者秉持审慎原则，注意二级市场投资 风险，理性投资。 每经AI快讯，有投资者在投资者互动平台提问： 贵公司的合肥中试线日均3吨的产能是否已经达到？是 否和宁德时代签订了3亿元战略合作协议？目前1亿元新材料订单是否在执行中？是否和菲律宾PIVI签订 了4200万美元的框架协议？是否和沙特NEOM签订了1.2亿元订单，有没有在批量交付中？ （文章来源：每日经济新闻） ...

新华财经北京2月26日电四大证券报内容精华摘要如下： 中国证券报 ·有色和化工板块联袂大涨春季行情主线渐明 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。 ·公募积极布局港股科技与周期品种仍是投资主线 港股市场春节假期之后持续波动，部分板块表现分化。公募基金在市场调整之际布局港股，把握后市机 会。多家基金机构仍然对港股投资持相对积极的看法，看好科技与周期品种等。统计显示，截至2月24 日，今年以来份额增加前十的ETF中，有一半是投资港股市场的跨境ETF，华泰柏瑞恒生科技ETF份额 增加134.36亿份，华夏恒生科技ETF、华夏恒生互联网科技业ETF、富国中证港股通互联网ETF、易方 达恒生科技ETF份额均增加超70亿份。另外，天弘恒生科技ETF、广发中证港股通非银行金融主题ETF 份额增加也居前，今年以来份额均增加超5 ...

Market Overview - Year-to-date, stock ETFs have shown a net outflow of 187.3 billion yuan as of February 24, 2026[2] - The total return of the Wind All A-Share Index is 6.53% year-to-date, despite significant ETF outflows, indicating a shift in market sentiment[2] International Developments - German Chancellor Friedrich Merz visited China from February 25 to 26, accompanied by a high-level delegation of 30 representatives from the German business sector[3] - The U.S. Trade Representative, Katherine Tai, indicated ongoing investigations into China's compliance with the Phase One trade agreement, suggesting potential tariff measures[3] Stock Market Performance - On February 25, the Shanghai Composite Index rose by 0.72%, while the Shenzhen Component Index increased by 1.29%, with total trading volume reaching 24,625.48 billion yuan, an increase of 2,604.86 billion yuan from the previous trading day[4] - The ChiNext Index rose by 1.41%, and the STAR 50 Index increased by 0.54%[4] Bond Market Insights - The yield on the 10-year government bond is 1.8195%, with a change of +1.42 basis points[5] - The average rates for R001 and R007 in the interbank market were 1.4652% and 1.5869%, respectively[5] Sector Performance - The top-performing sectors included steel (4.69%), non-ferrous metals (3.48%), and building materials (2.75%), while banking and media sectors saw declines of 0.46% and 1.15%, respectively[5]

Market Overview - The market opened high and closed strong, with the ChiNext Index and Shenzhen Component Index both rising over 1% [2][3] - Major indices showed positive performance, with the Shanghai Composite Index closing at 4147.23, up 0.72%, and the Shenzhen Component Index at 14475.87, up 1.29% [2] Sector Performance - The top-performing sectors included Steel (up 4.69%), Non-ferrous Metals (up 3.48%), and Building Materials (up 2.75%) [2] - Conversely, sectors such as Media (down 1.15%) and Banking (down 0.46%) lagged behind [2] Concept Indices - Concept indices that performed well included Zinc Metals, Titanium Dioxide, and Phosphate Chemicals, with gains of 4.94%, 4.85%, and 4.51% respectively [2][3] - Underperforming concepts included Sora Concept (down 0.91%) and Military Restructuring Concept (down 0.89%) [2] Future Outlook - The market is expected to enter a high-probability window for upward movement post-holiday, supported by macro policies and industry catalysts [4] - The anticipated return of capital from pre-holiday cashing out is expected to provide ongoing momentum for future increases [4] - Key sectors to focus on include Dividends, TMT (Technology, Media, and Telecommunications), and Power Equipment [4]

个股层面呈现普涨格局，全天共计4006只个股收涨，涨停股109只；1392只个股收跌，21只个股跌停。 从热门交易个股来看，日成交额超100亿元的个股共计4只。CPO概念股"易中天"组合表现亮眼：中际旭 创收涨4.33%报554元/股，天孚通信收涨12.65%报351.01元/股。此外，润泽科技涨逾13%。 31个申万一级行业中，传媒板块跌幅超过3%，计算机、商贸零售、食品饮料也收跌。 2月24日，A股迎来马年首个交易日，市场呈现"开门红"态势。全天成交额放量至2.22万亿元，超过4000 只个股上涨，市场氛围积极。受访人士指出，A股节后有望延续震荡上行格局，但行情性质与核心驱动 力或将发生切换。 石油等资源股爆发 2月24日，A股高开高走，指数、板块及个股收涨居多，沪指涨0.87%报4117.41点，创业板指涨0.99%报 3308.26点，深证成指涨1.36%。上证50、北证50微红，沪深300涨幅超1%，科创50微跌。 市场交投活跃度提升，成交额较前一交易日增加2193亿元，全天成交达2.22万亿元。值得注意的是，春 节前杠杆资金热度持续降温，截至2月13日，沪深北三市两融余额降至2.59万亿元。 A股 ...

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 experienced a strong start to the new year, particularly in the cyclical sectors, with the oil and petrochemical sector leading the gains at 5.53% [1] Group 1: Market Performance - The oil and petrochemical sector topped the Shenwan first-level industry rankings with a 5.53% increase, while the basic chemical sector ranked third with a 3.45% increase [1] - Institutional consensus indicates a positive outlook for cyclical assets post-holiday, with expectations of a market rebound supported by policy expectations and liquidity [1] Group 2: Investment Opportunities - Key investment themes include the "anti-involution" concept driven by improved supply-demand dynamics and industry profit recovery, with a focus on sectors benefiting from price increases such as precious metals, oil and petrochemicals, and basic chemicals [1] - The global landscape shows increased macro risks due to geopolitical tensions and tariff policies, prompting a focus on "weak dollar assets" like precious metals, non-ferrous metals, and oil and gas [1] Group 3: ETF Performance - Penghua Fund's oil ETF (159697) is the first in the market to track the National Oil and Gas Index, covering key companies in the oil and gas industry, with a one-year increase of 31.43% compared to the 19.34% rise of the CSI 300 index [2] - The chemical ETF (159870) tracks a refined chemical industry index, achieving a one-year growth of 51.79%, effectively capturing structural opportunities in the transition from traditional capacity to high-end and new energy materials [2] Group 4: Liquidity and Market Acceptance - As of February 13, 2026, the oil ETF (159697) and chemical ETF (159870) ranked first in their respective categories with sizes of 1.828 billion and 35.533 billion, indicating strong liquidity and market recognition [3] - These ETFs provide investors with low-cost, high-transparency, and risk-diversified investment tools, addressing the complexities and risks associated with direct investments in cyclical stocks [3]

证券研究报告 | 策略点评 2026 年 02 月 25 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-20260225 今日关注 指数涨跌情况：今日 A 股主要指数普遍收涨。截止收盘，沪指上涨 0.72%，收 报 4147.23 点；深证成指涨 1.29%，收报 14475.87 点；创业板指涨 1.41%， 收报 3354.82 点；科创 50 指数涨 0.54%，收报 1473.28 点。总体上，全天个 股涨多跌少，Wind 数据显示，全市场 3742 只个股上涨，仅 1609 只个股下跌， 127 只个股收平。沪深两市今日成交额合计 24625 亿元，较上个交易日放量 2605 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，钢铁、有色金属、建筑材料、 房地产、基础化工等行业领涨，涨幅分别为 4.69%、3.48%、2.75%、2.53%、 2.16%，仅有传媒、银行领跌，跌幅分别为 1.15%、0.46%。 概念板块涨跌情况：今日涨幅居前的概念板块为稀土、稀有金属精选、磷化 工、小金属、稀土永磁、 ...

2月25日，建材ETF（159745）大涨超4%，资金抢筹，盘中净流入超1.1亿份，"反内卷"政策有望引 导行业中长期盈利改善。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数主要反映建筑材料行业的市场表 现，其成分股涵盖水泥、玻璃、新型建材等相关领域的上市公司证券，以全面表征建筑材料行业的整体 走势。 根据Wind数据，建材ETF（159745）盘中净流入1.15亿份，资金抢筹布局。 （责任编辑：董萍萍 ） 东吴证券指出，水泥行业供给侧主动调节的力度和持续性有望维持。产能置换加速落后/僵尸产能 退出，中期熟料产能利用率有望提升。判断2026年在龙头引领下供给自律共识强化，行业错峰力度不断 增强，提供盈利底部支撑，但需求不稳的背景下，行业供需需要频繁再平衡，制约行业盈利弹性。若实 物需求企稳改善，水泥旺季价格弹性可观。2026年行业盈利环比2025年下半年有望呈现震荡中改善的态 势，部分基建重点项目需求增量较大的省份景气有望明显领先全国整体水平。"反内卷"政策引导行业有 序竞争和落后低效产能退出，行业中长期盈利基础有望巩固。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对 ...

根据wind数据，建材ETF（159745）盘中净流入1.86亿份，资金抢筹布局。 细分行业中，水泥协同控产、超产治理、碳交易等有望提升旺季涨价韧性；消费建材存量翻新需求支 撑，功能性、消费属性愈发凸显，防水、石膏板已经提价，涨价逻辑逐步演绎中；玻璃"反内卷"供需有 望改善。 建材ETF（159745）跟踪的是建筑材料指数（931009），该指数主要反映建筑材料行业的市场表现，其 成分股涵盖水泥、玻璃、新型建材等相关领域的上市公司证券，以全面表征建筑材料行业的整体走势。 （文章来源：每日经济新闻） 消息面，上海市住房城乡建设管理委等五部门联合印发《关于进一步优化调整本市房地产政策的通 知》，自2026年2月26日起施行。进一步调减住房限购政策服务宜居安居，促进职住平衡，聚焦满足居 民合理住房需求，《通知》明确进一步调减住房限购政策。 相关机构表示，供给侧，近几年建材行业集中度逐步提升，水泥行业出清1.6亿吨产能，玻璃日熔量自 21年高点下降2.7万吨，防水行业、涂料、瓷砖等消费建材也有较大幅度产能出清。反内卷浪潮下，行 业供需格局有望迎来进一步优化。 需求侧，二手房占房产销售比重由2021年的45%增加至20 ...