编辑：何颖曦 盘面上看，石油板块大幅走高，煤炭、有色、建材、电力、化工、化纤等板块均走强，化肥概念、 黄金概念、光通信概念等活跃；传媒板块大幅下挫，旅游、保险、银行等板块走低。 中国经济周刊-经济网讯 截至收盘，上证综指报4117.41点，涨幅0.87%，成交额9386.11亿元；深证 成指报14291.57点，涨幅1.36%，成交额12634.50亿元；创业板指报3308.27点，涨幅0.99%，成交额 5933.53亿元。 ...

作为茌平区内唯一的药用玻璃制品企业，正信药用玻璃自2016年成立以来，深耕低硼硅药用玻璃领域，先后获评省级科技型企业、高新技术企业、专精特 新中小企业，还参与制定两项行业标准，手握2项发明专利、13项实用新型专利，年产能达10800吨，产品远销印度市场。 "2022年起，邮储银行给我们提供授信支持，帮我们解了燃眉之急。"公司总经理申英万坦言，企业搞研发、改设备时资金周转卡壳，是银行的支持让创新 脚步没停下来。2025年5月，一笔300万元的"信用E贷"在3个工作日内迅速到账，保障了企业日常经营的资金流畅，为其持续开展技术研发创造了有利条 件。 齐鲁晚报.齐鲁壹点国晓宁通讯员王冠军 近日，在山东正信药用玻璃有限公司车间内，高档电熔炉烈焰灼灼，全自动生产线有序运转，一根根符合国际标准的硼硅棕色药用玻璃管成型下线，将奔 赴国内外药企的生产一线。这家填补山东医药玻璃包装空白的专精特新企业，如今的稳健发展，离不开邮储银行（601658）聊城市茌平区支行一路相伴的 金融助力。 如今，正信药用玻璃的产品覆盖国内多家药企，研发的高强度棕色低硼药用冻干专用玻璃管等新产品，成为行业工艺标杆。2025年，企业销售额突破4300 万 ...

本文作者：龙玥 什么是HALO？ 高盛将这类公司称为HALO，它指的是"重资产"与"低过时"的结合体，即Heavy Assets, Low Obsolescence。 典型例子包括输电网、油气管道、公用事业、交通基础设施、关键设备，以及更换周期相对于数字创新 更为缓慢的各种工业产能类别。 来源：硬AI 当AI产品变得更容易复制，市场开始重新给电网、管道、基础设施与长期产能这类"难以复制的实体资 产"定价。 2月24日，高盛全球投资研究部发布最新报告《HALO影响力：AI领域的重资产、低淘汰》（The HALO effect: Heavy Assets, Low Obsolescence in the AI era）提出：在更高实际利率、地缘政治碎片化、供应链 重构与AI资本开支浪潮叠加之下，股市的核心定价逻辑正在从"可扩张的轻资产叙事"，转向"可建造、 难替代的实体产能与网络"。 高盛把这种变化概括为"稀缺性重新定价"。 "更高的实际收益率、地缘政治碎片化和供应链重构，正把股票领导权拉回到有形的生产性 资产。市场正在奖励产能、网络、基础设施和工程复杂度——这些资产复制成本高，也更不 容易被技术淘汰。" 这类资 ...

花旗发表研报指，渣打集团2025年第四季经调整税前利润(不包括重组及债务估值调整)为12亿美元，较 市场共识低6%，其中收入较预期低1%(净利息收入高8%，非利息收入低11%)，营运开支高4%，贷款减 值则优于预期36%。法定税前利润为8亿美元，较市场共识低23%，因重组开支增加。普通股权一级资 本比率为14.1%，即使股息和股票回购高于预期，仍保持按季稳定。 花旗指出，渣打新的2026财年目标显示市场共识营收将上调，但(基本)成本支出也将增加；而新的法定 有形股东权益报酬率目标为逾12%，与市场共识(11.7%)大致一致。整体而言，该行认为渣打业绩好坏 参半，重申"中性/高风险"评级，目标价为186港元。 ...

摩根大通研报指出，渣打2025年第四季收入大致符合预期，净利息收入好过预期，但受环球市场业务阶 段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期高4%。股息较市 场预期高40%，而15亿美元的回购计划则符合预期。花旗认为，渣打上季基本税前利润逊但资本回报较 佳。 渣打集团(02888)一度跌超4%，截至发稿，跌2.98%，报192港元，成交额1.24亿港元。 消息面上，渣打集团昨日发布2025年全年度业绩，按固定汇率基准，该集团取得经营收入209亿美元， 同比上升6%，倘剔除重大项目则增加8%；除税前基本溢利79亿美元，同比增加18%；除税前列账基准 溢利70亿美元，同比增加18%；每股基本盈利229.7美仙，拟派发末期股息每股49美仙，并宣布全新的 15亿美元股份回购。 ...

智通财经APP获悉，渣打集团(02888)一度跌超4%，截至发稿，跌2.98%，报192港元，成交额1.24亿港 元。 消息面上，渣打集团昨日发布2025年全年度业绩，按固定汇率基准，该集团取得经营收入209亿美元， 同比上升6%，倘剔除重大项目则增加8%；除税前基本溢利79亿美元，同比增加18%；除税前列账基准 溢利70亿美元，同比增加18%；每股基本盈利229.7美仙，拟派发末期股息每股49美仙，并宣布全新的 15亿美元股份回购。 摩根大通研报指出，渣打2025年第四季收入大致符合预期，净利息收入好过预期，但受环球市场业务阶 段性收入下降影响，非净利息收入逊预期。税前利润较市场预期低6%，因成本较预期高4%。股息较市 场预期高40%，而15亿美元的回购计划则符合预期。花旗认为，渣打上季基本税前利润逊 但资本回报 较佳。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 一场庞大的资本迁徙正在华尔街上演。机构数据显示，美国投资者正以至少16年来最快速度从本土股市 撤资并加速配置海外资产。外媒评论称，此举标志着曾主导全球市场的"买入美国"（buy America）策 略正在向"告别美国"（bye America）转变。 六个月撤资750亿美元 路透社近日援引伦敦证券交易所集团/理柏（LSEG/Lipper）的数据报道称，过去六个月内，美国投资者 从本土股票产品中撤资约750亿美元，仅2026年前八周就撤出520亿美元，为2010年以来年初八周内资金 流出最多的一次。 这一资金流向转变正值美元对其他货币汇率走弱之际，这原本会提高美国投资者购买海外资产的成本。 但资金依然流出的现实表明，过去一年，部分国际投资者通过减持美国资产进行多样化配置的操作，如 今此类操作正逐渐获得美国投资者更广泛的认同。 高盛的机构交易部门称，本月迄今，对冲基金一直在以自去年3月以来的最快速度净抛售美国股票。此 外，美国银行客户上周抛售了美国股票，单只股票的资金流出达到83亿美元，为2008年有记录以来的第 三高。另据美国主动投资管理 ...

星展银行同时指出，新年伊始黄金价格曾飙升至每盎司5595美元的历史新高，但随后因沃什被提名为下 一任美联储主席而大幅回调，跌幅超过15%。这种剧烈波动反映出在宏观政策风险和地缘政治不确定性 背景下，贵金属市场投机资金流动较为活跃。 国际贵金属期货价格2月25日呈现分化走势。纽约商品交易所黄金期货主力合约收跌1.25%，报每盎司 5160.50美元；白银期货则上涨0.57%，收于每盎司87.07美元。现货黄金价格日内一度从5250美元附近 高位回落，跌幅超过100美元，最终收于5144美元水平。 市场分析人士指出，美联储官员释放维持高利率信号，市场对降息预期有所降温，美元资产吸引力相对 增强，这在一定程度上削弱了黄金的避险需求。美元指数在97.87附近波动，10年期美债收益率报 4.0350%。 值得关注的是，星展银行近期发布研究报告，将黄金长期价格预期大幅上调。该行将2026年上半年和下 半年黄金目标价分别设定为每盎司5300美元和6250美元，并预计至2030年金价可能达到每盎司8060美 元。星展银行认为，各国央行持续购金构成结构性支撑因素，与其他投资需求相比，央行购金行为对价 格波动敏感度较低，有助于形 ...

Monetary Policy - The central bank will conduct a 600 billion MLF operation today, with 300 billion MLF maturing this month, marking the 12th consecutive month of increased operations, though the scale is smaller than last month's 700 billion[3] - The February LPR is set at 3.0% for 1-year and 3.5% for 5-year loans, remaining unchanged for 9 months[3] - The capital market is stable, with short-term monetary policy in an observation phase, and the central bank is leaning towards using OMO to adjust market liquidity[3] Global Trade and Tariffs - The U.S. has officially begun imposing a 10% global tariff, with plans to increase it to 15%, affecting various industries including large batteries and industrial chemicals[3] - China is closely monitoring the situation and may adjust its countermeasures regarding tariffs on U.S. products, including fentanyl[3] Market Performance - On February 24, the Shanghai Composite Index rose by 0.87%, and the Shenzhen Component Index increased by 1.36%, with total trading volume reaching 22,020.62 billion, an increase of 2,193.82 billion from the previous trading day[4] - The U.S. stock market saw gains, with the Dow Jones up 0.76%, S&P 500 up 0.77%, and Nasdaq up 1.04%[4] Bond and Interest Rates - The yield on the 10-year government bond is at 1.8053%, with a change of +0.92 BP[4] - The average rates for R001 and R007 are 1.4518% and 1.6102%, respectively[4] Sector Performance - The top-performing sectors include petroleum and petrochemicals (+5.53%), building materials (+3.71%), and basic chemicals (+3.45%), while media, computers, and retail sectors saw declines[4]

Group 1 - The total issuance scale of new funds in China has exceeded 209.4 billion yuan, with 227 new funds established as of February 24, 2026 [1] - 65 funds have raised over 1 billion yuan, with 15 funds exceeding 3 billion yuan, indicating strong market interest [1] - Insurance institutions are optimistic about the A-share market and plan to slightly increase their allocation to A-shares in 2026 [1] Group 2 - Over 93.2% of insurance asset management products have achieved positive returns this year, with nearly 20 products yielding over 10% [1] - The focus for insurance asset management institutions is expected to shift towards technology innovation and high-quality listed companies in key sectors [1] Group 3 - The private credit fund industry is facing warnings of potential defaults, with UBS predicting a default rate could reach 15% [2] - Concerns have been raised about the stability of private credit funds, particularly following redemption restrictions by Blue Owl Capital [2] Group 4 - The banking sector has seen a cold start to the year, with institutions expressing concerns over credit quality and lending trends [2] - Recent financial data indicates a rare year-on-year decline in credit issuance, raising questions about the banking sector's performance [2] Group 5 - The cancellation of export tax rebates for the photovoltaic industry is set to take effect on April 1, 2026, which may accelerate industry consolidation [3] - Companies are increasing production to maximize exports before the policy change, but there are concerns about demand in the second quarter [3] Group 6 - The global storage chip market is expected to see price increases starting in Q3 2025, driven by advancements in AI and computing power [4] - Chinese storage companies are making significant progress, positioning themselves as key players in the global market [4] Group 7 - HP reported a first-quarter revenue of $14.4 billion, a 6.9% increase year-on-year, with personal systems business revenue growing by 11% [6] - The company expects adjusted earnings per share for the fiscal year to be between $2.90 and $3.20 [6] Group 8 - Keep anticipates a narrowed loss of approximately 72 million yuan for the fiscal year ending December 31, 2025, compared to a larger loss in the previous year [6] - The company also expects to report an adjusted profit of around 25 million yuan for the same period [6] Group 9 - Huayi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [7] - The application is subject to approval from regulatory bodies, indicating potential future growth opportunities [8] Group 10 - Kaipu Cloud has terminated its major asset restructuring plan to acquire a 70% stake in Nanning Taike Semiconductor due to market changes [9] - The company has committed to not planning any major asset restructuring for at least one month following the announcement [9] Group 11 - Hualian Holdings plans to acquire 100% of Argentum Lithium S.A. for approximately $175 million, pending shareholder approval [10] - The transaction is not classified as a related party or major asset restructuring, but it carries uncertainties regarding implementation [10] Group 12 - Supor reported a slight increase in revenue for 2025, but a 6.58% decline in net profit, attributed to decreased export orders and rising sales expenses [11] - The company is focusing on cost reduction and efficiency improvements to enhance profitability [11] Group 13 - Aidi Pharmaceutical reported a revenue increase of 72.49% for 2025, but still incurred a net loss of approximately 19.73 million yuan [12] - The increase in revenue is linked to higher sales of innovative HIV drugs and the consolidation of Nanda Pharmaceutical's operations [12] Group 14 - Weidong Nano reported a revenue decline of 2.52% for 2025, with a net profit decrease of 6.12%, influenced by reduced acceptance of photovoltaic equipment [13] - The company continues to invest heavily in R&D to maintain its competitive edge in new photovoltaic technologies [13] Group 15 - U.S. stock markets saw collective gains, with the Nasdaq rising by 1.04%, driven by rebounds in software and AI-related stocks [14] - The dollar index rebounded, while gold and silver prices experienced declines after recent highs [14]