"我发小在央企干了十五年，上周被谈话了，领导说他那个部门要撤销，让他要么转岗去一线，要么拿补偿走人。" 这是昨天晚上我跑步时碰见邻居老赵，他一边喘气一边跟我说的第一句话。我差点没站稳——他说的那个发小我认识，当年可是他们单位的"先进工作者"， 奖状贴了一墙，怎么说优化就优化了？ 老赵叹了口气："现在不一样了，央国企也在改革，铁饭碗不铁了。" 这话让我愣了好一会儿。在大多数人的印象里，央国企不就是"进去了就能干到退休"的地方吗？啥时候也开始动真格的了？ 回去一查才知道，2026年这波改革，确实不一般。 先说几个数字：官方数据显示，央企管理人员已经有6%完成了调整。啥概念？就是一百个当官的里头，有六个人要么下去了，要么转岗了，要么走了。这 个比例看着不高，但放在千万级的央企队伍里，那就是几十万人。 我表弟就在一家建筑类央企上班，他们单位去年开始搞"末位淘汰"。他跟我说："哥，以前我们单位有句老话，叫'只要不犯法，干到六十八'。现在变了， 叫'今天工作不努力，明天努力找工作'。" 这话虽然是玩笑，但反映的是实情。以前央国企的"铁饭碗"，靠的是身份——你是正式工，你就是铁饭碗。现在呢？靠的是能力和业绩。你行你就上，不 ...

"中国刚刚庆祝了春节，迎来了马年，我在此向中国致以诚挚祝福。这是我就任联邦总理以来首次访问 中国，我谨在此感谢习主席在这个特别的日子里接待我访华。" 据中央广播电视总台CMG国际时讯报道，当地时间2月24日，德国总理默茨启程访华。在柏林机场发表 讲话时，默茨再次向中国人民致以新春祝福，并感谢中方在春节这一特别的日子里接待他访问。此时， 距离默茨当选总理已近9个月。 此前，马年春节期间，默茨在社交平台"X"上也表达了对中国的新春祝福，"愿马年为德中关系注入力 量、带来新动力"，并对访华表示期待。 2月20日，默茨在基民盟党代会上以91.2%的高票连任党主席，前任总理默克尔亲自到场支持。这为默 茨落实2026年"改革年"规划，促进欧洲格局稳定，积极应对欧美冲突及乌克兰危机，以及布局下一轮总 理竞选，无疑奠定了良好的党内基础。 另据中国青年报报道，德国《商报》对默茨此次访华分析称，西方国家频繁向中国示好；在美国疏远传 统盟友之际，中国通过魅力攻势吸引了它们。"这些国家与美国渐行渐远，但与中国保持务实关系。"德 国《商报》援引专家观点称。 根据德国总理府此前公布的消息，在北京，默茨将出席德中经济顾问委员会座谈会，并与 ...

2月25日，港股通红利ETF广发（520900）交投活跃，盘中涨幅超1.5%，截至发稿涨0.18%，成交额9123 万元。中银国际证券表示，一季度为资源品重要配置时点，近期海外不确定性的升温有望为本轮资源品 行情带来新一轮催化。短期来看，美伊局势的演变为油价及贵金属价格重要影响因素。而美国贸易政策 不确定性的重启，或将再度对贵金属价格形成较强支撑。此外，春节复工后，国内开工情况及两会前夕 的宏观政策落地情况对于煤炭为代表的内需资源品行情的持续性有着较为重要的影响。总体来看，一季 度资源品配置正当时。资料显示，港股通红利ETF广发（520900）及其场外联接（022719/022720）紧 密跟踪中证国新港股通央企红利指数（931722.CSI），重仓三桶油、三大电信运营商、中国神华等龙头 央企，呈现出显著的价值风格和防御性特征。为投资者提供了一键布局港股红利资产的便捷入口，让稳 健收益与长期价值兼得。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After the Spring Festival, the stock market showed a mixed performance with some sectors rising and others falling. The futures market also had different trends in various products, influenced by factors such as supply - demand, geopolitical situations, and policy changes [20][21][25]. - The bond market sentiment was not weak, but the market might become more cautious as the "Two Sessions" approached. The medium - term outlook for the bond market was relatively optimistic [25][26]. - In the agricultural product market, the supply and price trends of different products varied. For example, the supply of protein meal increased, and the price oscillated; the international sugar price bottomed out and oscillated [30][35]. - In the black metal market, steel faced post - holiday pressure, while the performance of coking coal and iron ore was affected by factors such as production resumption and supply - demand changes [62][65][71]. - In the non - ferrous metal market, precious metals like gold and silver were in high - level oscillations due to macro uncertainties, and other non - ferrous metals also had different price trends influenced by factors such as tariffs and supply - demand [76][79][84]. - In the shipping and carbon emission market, the container shipping market was in short - term oscillations, the dry bulk freight market showed a positive trend after the holiday, and the carbon price in the domestic market oscillated while the EU carbon price was affected by policies and public opinions [122][124][126]. - In the energy and chemical market, the prices of various products were affected by factors such as geopolitical situations, supply - demand, and cost. For example, crude oil was in high - level oscillations, and asphalt was supported by cost but with weak demand [132][136]. Summary by Relevant Catalogs Financial Derivatives Stock Index Futures - After the Spring Festival, the stock index rose across the board, but the trading volume was slightly insufficient. The market showed a clear differentiation, with some sectors rising and others falling. The trading strategy was to be bullish on the trend, buy on dips, and consider arbitrage and option strategies [20][21][23]. Treasury Bond Futures - On Tuesday, the bond futures contracts of various tenors generally strengthened. The central bank's large - scale net withdrawal of short - term liquidity after the holiday and the approaching of the "Two Sessions" affected the bond market sentiment. The trading strategy was to be neutral - bullish and wait and see for arbitrage [25][26][28]. Agricultural Products Protein Meal - The supply increased overall, and the price oscillated. The trading strategy was to short at high levels and wait and see for arbitrage [30][31]. Sugar - The increase in Indian sugar production was revised down, and the international sugar price bottomed out and oscillated. The domestic sugar market was in a bottom - oscillation trend. The trading strategy was to wait and see for arbitrage and sell put options in the short term [32][35][36]. Oilseeds and Oils - The domestic oil market made up for losses and maintained oscillations. The trading strategy was to wait and see for arbitrage and consider reverse arbitrage for some contracts [38][39][40]. Corn/Corn Starch - The spot price in the production area was stable, and the futures price was in high - level oscillations. The trading strategy was to buy on dips for the outer - market corn and short lightly on rallies for domestic corn, and consider expanding the spread between corn and starch [41][43]. Live Pigs - The supply increased gradually, and the price continued to decline. The trading strategy was to buy a small amount of the 05 contract and wait and see for arbitrage [44][46]. Peanuts - The spot price was stable, and the futures price oscillated in a narrow range. The trading strategy was to buy lightly on dips and sell put options [47][48]. Eggs - After the holiday, it entered the off - season, and the egg price was stable with a slight decline. The trading strategy was to short the June contract on rallies and wait and see for arbitrage [50][51][52]. Apples - The market performance varied after the year, with the western region performing slightly better than the eastern region. The trading strategy was to go long on the 5 - month contract on dips and consider a long - 5 short - 10 arbitrage [54][55][56]. Cotton - Cotton Yarn - The fundamentals changed little, and the cotton price was supported. The trading strategy was to go long on dips and wait and see for arbitrage [58][59][60]. Black Metals Steel - There was still pressure on steel after the holiday. The trading strategy was to maintain a weak - oscillation trend, hold short positions, and wait and see for arbitrage [62][63]. Coking Coal and Coke - Coal mines were gradually resuming production. The trading strategy was to consider going long on dips and wait and see for arbitrage [64][65][67]. Iron Ore - The fundamentals continued to weaken, and the ore price was in a weak - running state. The trading strategy was to be bearish and wait and see for arbitrage [70][71]. Ferroalloys - The cost support was strong, and it could be used as a long - position configuration on dips. The trading strategy was to go long on dips and wait and see for arbitrage [72][73][74]. Non - Ferrous Metals Gold and Silver - The macro uncertainties continued, and the prices were in high - level oscillations. The trading strategy was to hold long positions cautiously and consider option strategies [76][79][80]. Platinum and Palladium - Supported by macro and geopolitical factors, platinum could be bought on dips, and palladium could be traded in bands. Consider a long - platinum short - palladium arbitrage [80][81][83]. Copper - Affected by continuous tariff disturbances, the copper price was in a strong - oscillation state. The trading strategy was to be bullish in the long - term and consider option strategies [84][85]. Alumina - After the decline in the supply - side operating rate, the spot price was supported. The trading strategy was to be bullish in the short - term [86][87]. Electrolytic Aluminum - Tariff disturbances did not change the supply - demand support pattern. The trading strategy was to wait and see for both arbitrage and options [89][91][92]. Cast Aluminum Alloy - It oscillated with the aluminum price. The trading strategy was to wait and see for both arbitrage and options [93][95]. Zinc - After the correction stabilized, it could be bought on dips. The trading strategy was to wait and see for both arbitrage and options [96][97]. Lead - It oscillated in a range. The trading strategy was to go long lightly on dips and consider option strategies [99][100]. Nickel - The macro factors dominated the price fluctuations. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [101][103][104]. Stainless Steel - Supported by cost, it followed the nickel price. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [106]. Industrial Silicon - Attention should be paid to the resumption rhythm of large factories. The trading strategy was to rebound in the short - term and short on rallies in the medium - term [107][108]. Polysilicon - Driven by merger news, it might rebound in the short - term, and the spot price should be focused on in the medium - term [110][111]. Lithium Carbonate - The demand was good, and the price was at a high level. The trading strategy was to wait and see [113][115]. Tin - Attention should be paid to macro - policy trends. The trading strategy was to hold long positions at low levels and wait and see for arbitrage [118][120]. Shipping and Carbon Emissions Container Shipping - It was mainly in short - term oscillations, and attention should be paid to Maersk's opening - cabin price. The trading strategy was to wait and see for both single - side trading and arbitrage [121][122][124]. Dry Bulk Freight - After the holiday, the demand recovery drove the spot price to improve. Attention should be paid to the impact of the US Maritime Action Plan. The trading strategy was to wait and see [124][125][126]. Carbon Emissions - The domestic carbon price oscillated, and the EU carbon price was affected by policies and public opinions. The trading strategy was to wait and see [126][127][128]. Energy and Chemicals Crude Oil - The API inventory increased more than expected. The trading strategy was to be bullish on the trend, consider the bullish spread, and buy out - of - the - money call options [132][133]. Asphalt - The cost supported the spot price, but the rigid demand had not recovered. The trading strategy was to go long on the BU2606 contract on dips and wait and see for arbitrage [134][136][137]. Fuel Oil - The high - sulfur supply increased, and the low - sulfur price strengthened in the near - term. The trading strategy was to be bullish on the trend, consider expanding the spread between high - and low - sulfur fuel oil, and wait and see for options [139][140][141]. LPG - It was still dominated by geopolitical factors. The trading strategy was to wait and see for both single - side trading and arbitrage [142]. Natural Gas - It was waiting for geopolitical guidance. The trading strategy was to hold short positions on the HH second - quarter contract and wait and see for both arbitrage and options [145][146][147]. PX & PTA - Driven by cost. The trading strategy was to hold long positions, consider positive arbitrage, and wait and see for options [149][150]. BZ & EB - There was a supply vacuum in the overseas market. The trading strategy was to oscillate and consider reverse arbitrage [151][152]. Ethylene Glycol - There was obvious inventory - accumulation pressure. The trading strategy was to oscillate in a range and wait and see for both arbitrage and options [154][157]. Short - Staple Fiber - The polyester raw materials strengthened. The trading strategy was to be bullish on the price, consider narrowing the processing fee on rallies, and wait and see for options [158]. Bottle Chips - The supply was expected to be tight. The trading strategy was to be bullish on the price and wait and see for both arbitrage and options [160][162]. Propylene - The supply - demand support was acceptable. The trading strategy was to hold long positions and wait and see for both arbitrage and options [163]. Plastic PP - The L plastic was bullish on the trend, and the PP was to wait and see. The trading strategy was to go long on the L 2605 contract on dips and wait and see for both arbitrage and options [165][166]. Caustic Soda - The price was weakening. The trading strategy was to wait and see [168][169]. PVC - It was mainly in oscillations. The trading strategy was to go long on dips and wait and see for both arbitrage and options [170][173]. Soda Ash - The price was bullish on the trend. The trading strategy was to be bullish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [174][175]. Glass - The price was bearish on the trend. The trading strategy was to be bearish in the short - term, consider a long - soda - ash short - glass arbitrage, and wait and see for options [176][178]. Methanol - It was in a strong - oscillation state. The trading strategy was to go long on dips, consider a 5 - 9 positive arbitrage, and sell put options on corrections [179][180]. Urea - It was rising strongly. The trading strategy was to go long cautiously and wait and see for both arbitrage and options [182][183]. Pulp - The US dollar quotation increased, but the high inventory suppressed the rebound. The trading strategy was to hold long positions and consider option strategies [184][185][187]. Offset Printing Paper - The inventory was high, and the market rebound was limited. The trading strategy was to short on rallies and consider option strategies [188][189]. Logs - The supply and demand were both weak. The trading strategy was to wait and see and consider a 3 - 5 reverse arbitrage [190][192][193]. Natural Rubber and No. 20 Rubber - The gross profit of concentrated latex decreased for consecutive months. The trading strategy was to go long on the RU 05 contract and consider arbitrage strategies [194][196][197]. Butadiene Rubber - The growth rate of butadiene production slowed down. The trading strategy was to short the BR 04 contract lightly and wait and see for both arbitrage and options [198][200][201].

今 日 早 评 重点品种： 【短评-白银】美国政府计划利用五角大楼开发的人工智能 项目，为关键矿产制定参考价格，以支撑其构建全球金属贸易 集团的计划，首批将聚焦锗、镓、锑、钨四种金属，随后将逐 步扩大覆盖范围。评：稀有金属需求持续有支撑，但是白银更 多关注黄金的波动，节假日期间市场风险偏好有所减弱，白银 做多力量小于黄金。关注后续美联储政策预期，白银跟随黄金 被动波动，中期暂看高位震荡。关注黄金、白银相互影响。 【短评-黄金】美联储理事库克表示，AI已引发美国劳动力 市场的代际更迭，可能导致失业率上升，美联储可能无法以降 息应对，货币政策可能陷入两难，降息既无法有效应对结构性 失业，又可能推高通胀。评：美联储理事库克及芝加哥联储主 席古尔斯比均表示，只是降息不能解决所有问题，市场对降息 预期有所减弱。黄金进一步上涨动力不足，关注美国关税及地 缘扰动，黄金中期或依然高位震荡。 投资咨询中心 2026年02月25日 研究员 姓名：师秀明 邮箱：shixiuming@nzfco.com 期货从业资格号：F0255552 期货投资咨询从业证书号：Z0010784 姓名：曹宝琴 邮箱：caobaoqin@nzfco.c ...

前二十大仓位一览 来源：中文投资网 根据最新披露的13F文件显示，伯克希尔·哈撒韦Berkshire Hathaway在沃伦·巴菲特卸任CEO前的最后一 个季度（2025年Q4）依然是股票净卖方。公司继续大幅减持苹果（AAPL）和美国银行（BAC），几乎 清仓亚马逊（AMZN），同时显著增持雪佛龙（CVX）和Chubb（CB），并新建纽约时报（NYT）小 额仓位。截至季度末，公司股票投资组合总市值约为2741.6亿美元。 这是95岁的巴菲特在正式卸任CEO后留下的最后一份持仓成绩单。他于2026年初将CEO职位交棒给Greg Abel，而公司的现金储备在第三季度末已膨胀至创纪录的3816亿美元，因市场的高估值令巴菲特始终难 觅合适的"象级"并购机会。 PART.01 前五大重仓股为： Apple Inc.（22.6%） American Express（20.46%） Bank of America（10.38%） The Coca-Cola Company（10.20%） Chevron Corporation（7.24%） 从行业分布来看，金融板块以40.92%的占比高居首位，科技板块以24.64%位列第 ...

一、马年春节全球资产表现：股指分化，商品市场成最大赢家 （来源：策略优基基） 商品市场 白银领涨，能源走强，避险情绪推动价格攀升 春节期间，商品市场成为全球资本市场的"最大赢家"，尤其是贵金属和能源 板块，涨幅十分显著，与你之前关注的资产涨跌幅数据完全吻合，具体表现如下： —— 贵金属迎来狂欢：伦敦银累计上涨13.9%，创下近年来春节期间的最大涨幅；COMEX白银上涨10.91%，价格突破86美 元/盎司，盘中高点一度达到88.86美元/盎司，最大涨幅达13.98%；伦敦金上涨3.7%，COMEX黄金上涨3.6%，黄金作为传 统的"避险之王"，吸引了大量资金流入，价格稳步攀升。 —— 韩股一骑绝尘：韩国综合指数（KOSPI）累计上涨6.2%，领跑全球主要股指，创下春节期间全球股指的最大涨幅。核 心原因在于，韩国半导体、AI产业链表现强劲，三星电子、SK海力士等科技巨头股价创下新高，叠加外资大幅流入，带动 整个市场情绪升温，推动股指持续上涨。 —— 欧洲股指普遍上涨：法国CAC40指数上涨2.23%，英国富时100指数上涨2.28%，德国DAX指数上涨0.31%，欧洲主要 股指均实现不同程度的上涨。这主要得益于 ...

证券日报网讯2月24日，胜通能源（001331）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司股东总数为19478户。 ...

2026 年 2 月 24 日，美国海关与边境保护局（CBP）发布 CSMS#67834313 公告，宣布自美东时间当日 0 点 起，正式终止依据《国际紧急经济权力法》（IEEPA）征收的所有额外从价税。这一决定意味着特朗普政府 此前推出的针对中国等多国的对等关税、芬太尼供应链相关关税等多项措施正式废止，全球贸易格局迎来 阶段性调整，但紧随其后的新关税政策又让市场充满不确定性。 此次关税终止并非偶然，而是美国最高法院司法裁决后的直接结果。2 月 20 日，美国联邦最高法院以 6:3 的投票结果裁定，特朗普政府援引 IEEPA 实施的大规模关税政策缺乏法律依据，属于越权行为。值得注意 的是，参与投票的 9 名大法官中包括 3 名特朗普提名的保守派法官，这一裁决也被视为美国司法体系对行 政权边界的明确界定，标志着围绕总统紧急权力的法律博弈进入新阶段。 根据公告，此次终止的关税覆盖七大总统行政令相关措施，涉及领域广泛且针对性极强。其中包括为解决 美北部、南部边境非法药物流入的关税措施，针对中国合成阿片供应链的关税，对进口委内瑞拉石油国家 的惩罚性关税，为纠正美国贸易逆差设置的对等关税，以及针对巴西、俄罗斯的针对性关 ...

中国外交部发言人2月23日宣布，德国总理默茨将于25日至26日应邀对中国进行正式访问。默茨上周在 社交平台X上发文称，"愿马年为德中关系注入力量、带来新动力"，并表示期待不久后启程访华。欧洲 问题专家23日对《环球时报》记者表示，这是一次迟来但意义重大的访问，近期国际形势的变化，让德 国及默茨政府逐渐意识到，必须进一步提升对华关系的重要性。对默茨本人而言，这次访华也是一次重 要的认知更新契机。 青木、丁雅栀、邓孝慈/环球网 2026年2月11日，德国柏林，德国总理默茨出席内阁会议。视觉中国 资料图 根据德国总理府网站公布的访华行程，默茨24日从德国启程，将于25日在北京出席德中经济顾问委员会 座谈会，并与中国领导人举行会晤。在北京访问期间，他还将参观故宫以及德国车企梅赛德斯-奔驰。 之后，默茨将前往杭州，访问中国机器人企业宇树科技以及德国企业西门子能源。 据欧洲新闻台20日报道，默茨在基民盟党代会上宣布访华消息时表示："我们需要与全球各国发展经济 关系，这当然包括中国这样的国家。"他同时强调，将率领一支"庞大的商务代表团"一同访华。他表 示："当今的外交政策同样也是对外经济政策，而对外经济政策是我们经济政策的 ...