3月两会，3月底4月初中美关系观察窗口，可能都会演绎震荡市中的反弹波段。震荡波段中，最佳机会 是科技新方向，春节假期兑现新亮点的方向，就是短期结构性机会的主要来源，重点关注：机器人产业 (机器人尚未触及低性价比区域)、AI大模型(A股可能更多体现为AI应用的扩散机会)、存储。另外，美 伊冲突担忧升温，关注石油、油运。基于中期机会做配置，景气科技和周期Alpha仍是方向。另外，中 期看好非银金融的重估机会。 兴业证券：节后A股将进入一段高胜率窗口，继续看好A股节后迎来新一轮上行 兴业证券表示，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段高胜率窗 口，叠加海外美国关税违宪和特朗普访华日程敲定支撑风险偏好、国内宏观和产业层面的密集催化对结 构上形成指引，继续看好A股节后迎来新一轮上行。 A股三大股指集体低开，沪指跌0.43%，创业板指跌1.23%。盘面上，旅游板块表现活跃，三特索道涨超 3%;锂矿、半导体等板块大幅回调，盛鑫锂能、天齐锂业跌超2%。 机构看后市 申万宏源：春节假期，压制总体风险偏好的因素仍较多，节后可能延续短期调整 申万宏源表示，维持中期还有"第二阶段上涨"的判断，可能启动的窗 ...

2月26日，海外算力表现较强，通信ETF开盘后持续上行，收涨2.58%。创业板人工智能ETF同步上行，收涨1.73%。 资料来源：Wind 消息面上，2月26日凌晨英伟达发布FY26Q4财报。 从FY27Q1的指引看，同样表现亮眼。 -营收780亿美元±2%（不包含中国收入），超过市场预期的726亿美元。 -毛利率74.5%-75.5%，高位维持。 资料来源：nvdia 此外，英伟达GTC大会将在3月16日盛大开幕。众所周知，GTC大会是英伟达最为重要的发布会。从目前市场预期看，LPU、CPO、VR200 Superpod等产品 可能迎重磅更新或发布。 -单季总营收 681.3亿美元，qoq+20%，yoy+73%，超过市场预期的656.84亿美元。 -单季数据中心营收达623亿美元，qoq+22%，yoy+75%，高于市场预期的606.2亿美元。 -毛利率达75%，环比增长1.6%，同比增长2%。 -净利润从去年同期的 221 亿美元增至 430 亿美元（每股 1.76 美元）。 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行长期投资、平均投资成本的一种简单易行的 ...

截至2月13日，珂玛科技股东户数1.95万，较上期减少2.67%；人均流通股7502股，较上期增加2.74%。 2025年1月-9月，珂玛科技实现营业收入7.94亿元，同比增长28.86%；归母净利润2.45亿元，同比增长 8.29%。 分红方面，珂玛科技A股上市后累计派现8720.00万元。 机构持仓方面，截止2025年9月30日，珂玛科技十大流通股东中，国联安中证全指半导体产品与设备 ETF联接A（007300）、南方中证1000ETF（512100）、西部利得事件驱动股票A（671030）、宏利成长 混合（162201）、香港中央结算有限公司、国泰CES半导体芯片行业ETF（512760）退出十大流通股东 之列。 2月26日，珂玛科技跌4.04%，成交额18.77亿元。两融数据显示，当日珂玛科技获融资买入额1.78亿 元，融资偿还2.35亿元，融资净买入-5746.57万元。截至2月26日，珂玛科技融资融券余额合计5.64亿 元。 融资方面，珂玛科技当日融资买入1.78亿元。当前融资余额5.59亿元，占流通市值的3.00%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，珂玛科技2月26日融券 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我 一、违法违规终受处罚 华微电子在2025年2月23日披露了收到中国证券监督管理委员会吉林监管局《行政处罚决定书》的公 告。 华微电子违法事实已尘埃落定。经查明，公司在2015年至2023年期间，未按规定披露控股股东及其关联 方非经营性资金占用事项，导致历年年度报告存在重大遗漏。这种长期掩盖资金流向的行为，严重损害 了广大投资者的知情权与证券市场的公平性，反映出公司内部治理结构的严重缺失。 此外，华微电子在应对交易所问询函的回复以及相关临时公告中，被证实存在虚假记载。更具影响的 是，公司在2019年发布的《配股说明书》中同样存在重大遗漏。监管部门指出，这些行为违反了《证券 法》关于信息披露真实、准确、完整的要求。 基于上述违法事实，受损投资者已获得提起民事赔偿诉讼的法律依据，上海沪紫律师事务所已提交多批 次关于投资者诉华微电子的案件至法院立案审理，目前该 ...

| 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (%) | | 688088 | 虹软科技 | 华泰证券 | 买入 | 71.27 | 47.71 | | 601390 | 中国中铁 | 中信证券 | 买人 | 8.30 | 34.96 | | 002019 | 亿帆医药 | 国投证券 | 买入 | 17.40 | 32.82 | | 000776 | 广发证券 | 中信证券 | 增持 | 26.00 | 24.94 | | 601567 | 三星医疗 | 国泰海通证券 | 增持 | 32.40 | 22.13 | | 003021 | 兆威机电 | 国泰海通证券 | 增持 | 147.00 | 21.74 | | 301365 | 矩阵股份 | 国信证券 | 优于大市 | 31.15 | 20.92 | | 600966 | 博汇纸业 | 群益证券(香港) | 买进 | 1 0.00 | 20.19 | | 002126 | 银轮股份 | 中国国际金融 | 跑赢行 ...

热点聚焦 1、隔夜，国际原油期货小幅收跌。黄金期货跌0.45%，报5202.8美元/盎司；白银期货跌2.74%，报89.12 美元/盎司。此前消息称，伊美第三轮间接谈判在日内瓦举行。阿曼与伊朗外长相继释放"取得重大进 展"、"接近共识"的信号，也有匿名美国高级官员称谈判进展"积极"。而据美国官员当地时间26日透 露，美国海军第五舰队驻巴林总部已缩减至"关键任务"人员编制。据称，此举是为应对伊朗可能发动的 袭击。 2、2月26日，在岸人民币兑美元收盘报6.8397，涨275点，创2023年3月23日以来新高。节后三个交易 日，在岸、离岸人民币兑美元升值近600个基点，双双突破6.87、6.85乃至6.83关口，创下2023年4月以 来新高。26日当天，中国人民银行发文，支持境内银行按照依法合规、风险可控的原则开展人民币跨境 同业融资业务。 3、数据显示，9日-15日，中国模型以4.12万亿Token的调用量，首次超过同期美国模型的2.94万亿 Token。16日-22日，中国模型的周调用量进一步冲高至5.16万亿Token，三周大涨127%，而同期美国模 型调用量跌至2.7万亿Token。平台调用量排名前五的模 ...

Group 1 - In February, nearly 240 listed companies were surveyed by various institutions, with over half achieving positive returns during the same period, and some stocks seeing cumulative gains exceeding 80% [1] - The mechanical equipment and electronics sectors were the primary focus of institutional surveys, with significant attention also given to cyclical sectors like basic chemicals [1] - Institutions are optimistic about investment opportunities in humanoid robots, upstream AI infrastructure, and certain chemical sector stocks that offer high elasticity and dividends [1] Group 2 - In January 2026, domestic automobile sales reached 2.346 million units, with the top ten companies accounting for 1.962 million units, representing 83.6% of total sales, indicating a high concentration in the market [2] - The automotive market is characterized by "steady start and structural differentiation," with increased competition among top manufacturers as they launch new products and technologies [2] - The pharmaceutical and biotechnology sectors saw 80 companies receive institutional surveys, with a focus on brain-computer interface stocks and the trend of innovative drugs going global [2] Group 3 - Several securities firms have held spring strategy meetings earlier than usual, reflecting changes in the competitive landscape of the industry [3] - The shift from "commission for research" to "service for income" is becoming more pronounced among brokerage firms [3] - The AI industry is entering a more pragmatic phase, focusing on revenue and profit, with significant investment opportunities in AI inference computing and domestic AI chips [3] Group 4 - Lithium carbonate futures surged by 11.83% to a high of 187,700 yuan/ton, driven by Zimbabwe's adjustments to lithium export policies, which may tighten global supply in the short term [4] - UBS predicts a potential third price cycle for lithium, raising the average price expectation for 2026 to around 180,000 yuan/ton [4] Group 5 - The A-share merger and acquisition market remains vibrant, with over 500 transactions disclosed since the beginning of the year, totaling over 100 billion yuan [5] - More than 50% of these transactions are driven by industrial synergy, highlighting a core market trend [5] - The hard technology sector is a primary battleground for mergers and acquisitions, with increased participation from the Sci-Tech Innovation Board and the Growth Enterprise Market [5] Group 6 - The Hong Kong Stock Exchange reported record highs in trading volume and revenue for 2025, reaffirming its position as a global leader in new stock financing [6] - The exchange aims to enhance market convenience and competitiveness while continuing to invest strategically in emerging business areas [6] - Export-oriented companies are actively implementing measures to hedge against currency risks amid fluctuations in the renminbi exchange rate [6] Group 7 - Regions like Guangdong, Anhui, and Hubei are strategically positioning themselves in advanced fields such as AI, quantum technology, and high-end manufacturing [7] - The development of future industries relies heavily on original innovation and disruptive technologies, which are still in early stages [7] - Policies are increasingly systematic and comprehensive, supporting innovation from inception to market application [7] Group 8 - NIO's chip subsidiary, Anhui Shenji Technology Co., completed its first round of equity financing, raising 2.257 billion yuan, with a post-investment valuation nearing 10 billion yuan [8] - The financing attracted diverse capital participation, including state-owned capital and semiconductor industry funds, indicating market confidence in the company's technology and production capabilities [8] - The involvement of local state capital aligns with Hefei's ongoing investment in the integrated circuit industry [8]

Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - **Macro Outlook**: China's post - holiday market is active with increased trading volume and risk appetite. The A - share market is expected to see better performance from IC than IH. The bond market has limited short - term odds and should be traded with a band strategy. Global economic factors such as US - China trade talks, exchange rate fluctuations, and geopolitical events impact the market. The smartphone and automotive industries face challenges, while the real estate market shows signs of recovery in some areas [7][14][15]. - **Commodity Markets**: Different commodities have different trends. For example, steel and iron ore are expected to oscillate, and the future of these markets depends on demand. Some commodities like lithium carbonate are expected to be bullish in the short - term, while others like沪锌 and沪铅 may continue to be under pressure [16][25][29]. 3. Summary by Category **Macro News** - **Trade and Policy**: The sixth round of China - US economic and trade consultations is upcoming. The central bank supports cross - border RMB inter - bank financing. The RMB has appreciated rapidly against the US dollar [7]. - **Resource and Energy**: Zimbabwe bans the export of raw minerals and lithium concentrates, which impacts the lithium market. The third - round of indirect talks between Iran and the US ends, with significant differences remaining [7][8]. - **Financial and Market**: Compensation for investors affected by the valuation adjustment of Guotou Silver LOF starts. IDC predicts a 12.9% year - on - year decline in global smartphone shipments in 2026. Multiple smartphone brands plan price adjustments. The Chinese brand passenger vehicle sales decline in January 2026. The real estate market in some areas shows signs of recovery [8][9]. **Macro Finance** - **Stock Index Futures**: After the holiday, the A - share market is active. It is expected that IC will perform better than IH due to different sector performances and increased risk appetite [14]. - **Treasury Bond Futures**: The bond market is weak after the "Shanghai Seven" policy for the property market. Without interest - rate cut expectations, it is difficult for bond yields to decline further. Attention should be paid to the government's monetary and fiscal policies [15]. **Black Metals** - **Steel and Iron Ore**: The current supply - demand contradiction is limited, and there is unlikely to be a large price change. The future market depends on the start of steel demand. Iron ore supply is abundant [16]. - **Coking Coal and Coke**: Prices are expected to oscillate weakly in the short - term, and attention should be paid to the resumption of coal mines and downstream demand [19]. - **Ferroalloys**: For manganese silicon, it is not recommended to chase long positions after a large increase. Silicon iron long positions are recommended. Attention should be paid to the start - up of semi - coke plants [20]. - **Soda Ash and Glass**: Currently, it is advisable to wait and see. For soda ash, focus on the supply stability of leading enterprises and new production capacity. For glass, pay attention to the actual changes in production lines and demand [21]. **Non - ferrous Metals and New Materials** - **Copper**: In the short - term, copper prices will oscillate due to unstable macro - environment and inventory accumulation. In the long - term, tight raw material supply supports prices [23]. - **Zinc**: Domestic zinc inventories are increasing, and previous short positions should be held [25]. - **Lead**: Social lead inventories are at a 5 - month high. Previous short positions can be held, but lead consumption may improve in March [27]. - **Lithium Carbonate**: In the short - term, it is expected to be bullish due to increased demand and supply disruptions. Attention should be paid to buying opportunities on pull - backs [29]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate, and polysilicon will have a wide - range oscillation. Caution is advised in operation [31]. **Agricultural Products** - **Cotton**: Domestically, it is expected to be bullish, and low - buying and rolling operations are recommended. Attention should be paid to the demand after the holiday and international factors [34]. - **Sugar**: There is a short - term supply surplus, but the domestic sugar price may rebound due to restocking demand. It is in a low - level oscillation [35]. - **Eggs**: In the short - term, the spot price is weak, and the futures price will oscillate. Attention should be paid to inventory reduction and old - hen culling [37]. - **Apples**: High - quality apple prices will remain stable, and the overall price will oscillate in a range [38]. - **Corn**: The futures price will oscillate, and attention should be paid to the upper pressure. After the holiday, corn trading has not fully recovered, and there are supply pressures [39]. - **Jujubes**: Currently, the price is expected to oscillate weakly. Attention should be paid to the sales in the sales area and the mentality of buyers [40]. - **Hogs**: After the holiday, the market has a supply - demand imbalance with more supply. It is not recommended to short near - month futures contracts [41]. **Energy and Chemicals** - **Crude Oil**: The market is in a game between geopolitical risks and fundamental oversupply. The upside space is limited [43]. - **Fuel Oil**: The supply - demand situation has marginally improved, and the short - term focus is on the impact of oil prices dominated by geopolitics [44]. - **Plastics**: Polyolefins have large supply pressure but are slightly supported by rising raw material prices. An oscillating and weakening trend is expected [45]. - **Rubber**: In March, the downstream export orders are good, and there is support at the cost side. Caution is advised when chasing long positions [46]. - **Synthetic Rubber**: There is still room for decline in the short - term. Attention should be paid to the changes in butadiene and downstream devices [47]. - **Methanol**: The current supply - demand situation has slightly improved, but there may be a price correction. Attention should be paid to port inventory and Iranian supply [48]. - **Caustic Soda**: The futures price is expected to oscillate weakly. Attention should be paid to the recovery of demand and the impact of warehouse receipts [49]. - **Asphalt**: It follows oil price fluctuations, and attention should be paid to restocking demand after winter storage in March [51]. - **PVC**: In the short - term, it may be bullish, but the long - term supply - demand contradiction remains. Caution is advised [52]. - **Polyester Industry Chain**: In the short - term, the supply - demand situation is under pressure, and prices follow oil price fluctuations. Consider long - short spreads for PX and PTA 5 - 9 contracts [53]. - **Liquefied Petroleum Gas**: In the absence of further geopolitical escalation, the main contract is expected to be bearish [54]. - **Pulp**: The port inventory is at a new high, and the market sentiment has declined. Attention should be paid to inventory changes and price increases of finished products [56]. - **Logs**: The forward spot price is supported by cost, and attention should be paid to the impact of new delivery rules and market sentiment [57]. - **Urea**: The futures price is expected to oscillate bearishly. Attention should be paid to the difference between agricultural and industrial demand [57].

来源：市场资讯 （来源：科创100ETF基金） 英伟达股价盘中下跌5%，报185.790美元/股，总市值4.51万亿美元。 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：市场情绪谨慎，铜价维持震荡 周四晚沪铜主力小幅回调至102550元，伦铜震荡收于13270美金附近。 宏观中性。英伟达最新财报超预期增长，但AI担忧仍存，加之伊美第三轮间接谈判结束并将于下周继续进行技术会谈，市场情绪谨慎。不过盘后美联储主 席放鸽表态降息，铜价维持高位震荡。 基本面中性偏空。昨日上期所铜仓单增加1413吨至28.9万吨，LME铜累库3950吨至25.36万吨。国内现货供应压力主导、需求尚未回暖，现货贴水进一步走 软至-235元左右。 总体来看，国内下游复工与政策预期对铜价具备提振，但海外情绪谨慎，加之关税与地缘扰动仍存，预计短期铜价维持震荡。今日沪铜主力运行参考10.1 万-10.35万元/吨。策略上，日内区间为主，中长线逢低布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，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，也没有考虑到个别客户特殊的投资目标、财务状况或需要。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。（虞璐 彦/Z00 ...