Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising by 2.29%, the Hang Seng Tech Index increasing by 3.32%, and the Hang Seng China Enterprises Index up by 2.50% as of midday close [1] - The FTSE China A50 Index futures also saw an increase of over 1% [1] Sector Performance - The Hang Seng Tech Index experienced a significant rise of 3.32%, with only two constituent stocks declining. Notable gainers included Meituan-W, which rose nearly 7%, and several others such as Huahong Semiconductor, SMIC, JD.com, and Sunny Optical Technology, all increasing by over 4% [1][2] - The AI sector faced a setback, with stocks like Zhizhu falling by 23.72% and MINIMAX-WP down by 10.52% [2] - The metals sector performed strongly, with the Hong Kong Nonferrous Metals Index rising by 4.76%. Key stocks included Tongguan Gold, which surged by 11.01%, and others like Datang Gold and Chifeng Jilong Gold, both up by over 8% [5][7] Precious Metals - As of February 23, 2023, the spot price of gold in London increased by 1.11% to $5,167.610 per ounce, while COMEX gold futures rose by 2.16% to $5,190.6 per ounce. Silver prices also saw gains, with London silver up by 3.19% and COMEX silver futures up by 5.78% [5][7] - Zhongjin Securities expressed a positive long-term outlook for the precious metals sector, indicating that performance releases will support valuation recovery. They anticipate stable long-term gold price trends and potential short-term opportunities due to price fluctuations [9] Investment Opportunities - China Galaxy Securities highlighted three key sectors for investment: 1. Precious metals and energy sectors are expected to rise due to increased market risk aversion influenced by geopolitical factors 2. The consumer sector, currently at relatively low valuations, has potential for growth as policies strengthen and consumer activity rebounds 3. The technology sector remains a long-term investment focus, with recent corrections easing valuation pressures, particularly in the context of accelerated AI model iterations and applications [9]

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...

文 | 招商宏观张静静团队 核心观点 国内方面，或因天气原因，春节假期出行需求对相关消费拉动明显；春节假期原油等全球定价商品价格中枢保持强势，PPI同比于 Q2转正概率进一步增加。 海外方面，1）美最高院裁定特朗普关税非法，裁决结果出来后特朗普立即采取122关税征收150天的15%临时进口关税，2月24日 生效。2）美国Q4实际GDP环比折年率1.4%，预期2.8%，前值4.4%。投资是主要亮点，由0.8%升至2.6%。3）美联储1月纪要显示 内部分歧加大，总体来看，官员对就业市场的担忧有所减轻，而对通胀的担忧则有所增加。 资产方面，预计节后国内资本市场除关注春晚题材外，仍将加大对通胀（PPI）方向的配置。值得注意的是，即便国际油价受美伊 局势影响，但其价格中枢也将继续保持上移态势，上调WTI油价全年均值至65-70美元/桶区间。 1、春节经济数据看点：1）出行：春节居民出行意愿高涨，全国迁徙指数显著高于2019及2025年，自驾公路出行占主导，腊月二 十五至正月初四，全社会跨区域流量同比增长7.55%；国内出游占主导，出入境游进一步活跃，赴日旅行人数骤减；重点旅游地区 的游客数量、收入增长可观；2）票房：出 ...

Market Trends - After the Spring Festival, the market shows a pattern where small-cap stocks outperform large-cap stocks, with a higher probability of market gains over 5, 10, and 20 trading days[2] - The CSI 2000 index has a significant increase of 10.4% with a 91% probability of rising in the 20 trading days post-holiday[14] Sector Performance - Technology and cyclical sectors are expected to lead, with notable gains in computer, communication, environmental protection, non-ferrous metals, steel, and textile sectors[2] - Consumer staples like food and beverage, banking, and household appliances are expected to lag behind[2] Spring Rally Dynamics - Historical data from 2016 to present indicates that 6 out of 10 spring rallies have led to a second wave of gains after an initial pullback[3] - The second wave of gains is often more profitable and closely tied to the prevailing market themes, which currently favor technology[3] Investment Strategy - Investors are advised to maintain confidence in the bull market, as the core drivers remain intact, with a suggested securities ratio of over 1.1 as a bullish signal[6] - Recommended sectors include military, media (gaming), AI applications, and core AI hardware, alongside materials benefiting from PPI improvements[33] Risk Factors - Potential risks include unexpected macroeconomic policy changes, geopolitical tensions, and shifts in industrial policy[7][34][35]

编者按 辞蛇岁，迎马年。在2026年新春佳节之际，期货日报邀请各大机构相关专家，盘点当前大类资产市场态 势，掘金新一年核心配置机会与优质投资赛道。 马年首个交易日即将到来，新的一年该布局哪些板块，如何做好资产配置才能稳健获利？国投期货首席 宏观分析师李而实结合过去几年市场的行情脉络，针对马年资产配置逻辑、潜力板块及操作逻辑给出了 建议。 国内市场进入再通胀交易阶段 李而实表示，2024年以来，国内市场进入了再通胀交易阶段。 "去年国内宏观政策发力叠加美联储货币政策转向，使市场重估大中华区大类资产的价值。对大类资产 而言，必然是一个国债交易难度增加、股票市场表现强势、商品再通胀交易逻辑扩散的过程。"在李而 实看来，过去几年商品市场各板块表现分化，并未出现普涨行情。在宏观流动性充裕的背景下，商品市 场上金属板块表现强势，股票市场上科技板块领涨。 李而实认为，进入马年之后，市场有两个方向相对比较明确：一是随着人民币升值趋势确立，国内资产 偏积极的环境仍然存在；二是随着金融属性偏强的品种价格大幅上涨，市场结构大概率会进入一个再平 衡的过程，即"盈利交易兴起，再通胀交易扩散"。 "从股票市场来看，在科技板块和以有色金属 ...

前10大净流入比榜 | 股票名称 | 净流入比↓ | 净流入(元) | 收盘价 | | --- | --- | --- | --- | | 南方东西精选(03441) | 1937.29% | 1.88 亿 | 11.650（+0.52%） | | 远大医药(00512) | 149.39% | 3040.81 万 | 7.780（-1.52%） | | 安徽皖通高速公路 | 144.79% | 1238.33 万 | 13.580（+1.80%） | 药明生物（02269）、紫金矿业（02899）、南方恒生科技（03033）南向资金净流出金额位列市场前 三，分别净流出-4.93 亿、-4.57 亿、-3.63 亿 在净流入比方面，南方东西精选（03441）、远大医药（00512）、安徽皖通高速公路（00995）以 1937.29%、149.39%、144.79%位列市场前三。 在净流出比方面，北京首都机场股份（00694）、雅迪控股（01585）、中国能源建设（03996） 以-209.12%、-92.61%、-78.78%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 11 日 证券研究报告·中山每日点评 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 | 0.09 | 北证 50 | -0.44 | | 深证成指 | -0.35 | 万得全 A | -0.15 | | 沪深 300 | -0.22 | 中证 500 | 0.23 | | 科创 50 | -1.11 | 红利指数 | 0.90 | 资源类板块表现突出 ——2 月 11 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 资料来源：Win ...

根据国家统计局公布的数据，有色金属类别下的锌锭（0#）2026年1月下旬市场价格为24728.6元/吨， 同比上涨3.32%，环比上涨0.64%，纵观近5年同时期其价格，2022年1月下旬达到最大值，有24920元/ 吨。 相关报告：智研咨询发布的《2026-2032年中国有色金属行业市场发展现状及竞争格局预测报告》 数据来源：国家统计局 2020-2026年1月下旬锌锭（0#）市场价格变动统计图 ...

近期A股市场呈现横盘震荡格局，石油石化、有色金属等传统周期板块轮动走高，半导体、AI应用等科技题材则高位回落，主要股 指走势分化明显，沪深两市成交规模阶段性收窄至2万亿元以内。化工板块因细分产品供需格局变化反复活跃，相关个股连续4个交 易日价格走高，部分标的当日价格封至高位；商业航天概念也因行业关键试验取得突破出现局部异动。多家机构基于2010年以来的 历史行情数据观察，认为春节假期前后市场风格切换概率较高，节前价值与大盘风格占优，节后成长与中小盘风格或迎来表现窗 口，AI产业链、企业出海、涨价资源品被列为核心关注方向。面对板块快速轮动的市场环境，多数参与者仅依靠价格走势判断，往 往陷入追涨杀跌的循环，而量化大数据为观察市场核心行为提供了新的、更可靠的视角。 一、 高位波动下的行为识别 2025年10月，上证指数逼近4000点关口，近千家个股创下年内新高，但多数参与者的账户表现并未同步。从价格走势维度看，部分 个股两个月内价格走高超70%，但48个交易日中26天出现价格回落，占比超半数；且每创阶段新高后均进入阶段性调整，连续八轮 的波动使得多数参与者难以坚持持有，最终错失后续行情成果。 看图1： 某光通信概念 ...

Core Viewpoint - The article highlights the significance of the annual "破五" gathering in Henan, where provincial leaders engage with private enterprise representatives, signaling strong governmental support for the private sector and the commitment to high-quality economic development in the province [2][4]. Group 1: Event Overview - On February 21, the provincial leaders hosted a high-profile dinner with 17 representatives from prominent private enterprises in Henan, emphasizing the importance of this traditional event [2][3]. - The participating companies include major players such as Muyuan Foods, Luoyang Molybdenum, and Mijia Ice City, showcasing a diverse range of industries from agriculture to technology [3]. Group 2: Government Support and Policies - The provincial government has implemented a series of measures to promote high-quality development of the private economy, including the release of the "Henan Province Action Plan for Promoting High-Quality Development of the Private Economy" [5]. - The establishment of a leadership group co-chaired by the provincial governor and secretary aims to ensure the effective implementation of these policies [5][6]. Group 3: Economic Contributions - The private sector in Henan contributes over 55% of the province's GDP, approximately 65% of tax revenue, and 70% of total imports and exports, highlighting its critical role in the local economy [6]. - In 2025, Henan's GDP is projected to exceed 6.66 trillion yuan, with a year-on-year growth rate of 5.6%, indicating robust economic performance compared to other major provinces [6]. Group 4: Future Outlook - The gathering is expected to bolster the confidence of private entrepreneurs in Henan, providing them with the motivation to innovate and expand their market presence [6].