截至收盘，中证A500指数上涨1.2%，中证A100指数上涨1.1%，中证A50指数上涨0.7%。 中国银河证券称，节后，随着政策窗口开启、风险偏好回升，市场焦点可能重新转向具备产业催化、业绩确定性的成长板块，如AI应用、高端制造、新能 源等。节奏将更趋温和，慢牛行情更加稳健。 每日经济新闻 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明 示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

兴业证券发布研报称，股票方面，25Q4险资连续7个季度增持，但加仓斜率较前三季度有所放缓。25Q4险资持有股票比例较25Q3小幅提升0.1pct至 10.1%，已连续7个季度增配股票，显示出持续性的权益资产增配趋势，估算加仓规模达706亿元。不过，经历此前大幅、集中增配后，保险权益资产配置 比例已处于历史较高水平，因此25Q4险资对于股票的配置比例和加仓规模较前三季度均有所放缓。 兴业证券主要观点如下： 权益资产方面，25Q4险资持有股票+基金的比例小幅下滑，主因基金持有规模有所回落。25Q4险资持有权益资产(股票+基金)的比例由25Q3的15.49%小幅 下滑至15.38%，其中持有股票规模稳步提升，持有基金规模有所回落，反映出近年来险资参与权益投资的方式正逐步由委外转向直投。 近期，金监局披露去年四季度险资资金运用余额情况。大类资产方面，25Q4险资持有债券和股票的比例小幅提升，持有基金和长期股权的比例下滑。 25Q4险资持有存款、债券和股票比例提升，分别环比变动+0.3pct/+0.1pct/+0.1pct;持有基金和长期股权的比例下降，分别变动-0.2pct/-0.3pct。 股票方面，25Q4险资连 ...

春节前一周（2月9日至2月13日），公募REITs市场回暖，数据中心、消费、能源等板块涨幅靠前。 国信证券数据显示，从主要指数周涨跌幅对比来看，中证转债>沪深300>中证REITs>中证全债。 据Wind数据，已上市的79只公募REITs产品中，环比上涨的大幅增加至60只。涨幅最大的三只产品为工银蒙能清洁能源REIT、中银中外运仓储物流REIT和 华泰南京建邺REIT，周内分别上涨3.47%、3.11%和3%。 行业方面，商业不动产REITs密集上报，最新申报项目已增至12单，两单新项目均为上交所项目。另外，首单IDC公募REITs——南方润泽数据中心REIT拟 扩募，标的为润泽（廊坊）国际信息港A-7、A-8数据中心，与首发资产（国际信息港A-18数据中心）高度可比。 节前二级市场回暖，数据中心、消费、能源REITs涨幅靠前 | 基金简称 | 基金成立日 | 上市日期 | | | --- | --- | --- | --- | | 华安外高桥REIT | | 2024-12-12 2024-12-25 | 刘得 | | 华夏金隅智造工场REIT | 2025-01-23 | 2025-02-26 | 莫- ...

【中泰研究丨晨会聚焦】固收吕品：节后还会延续修复吗？ 证券研究报告/晨会聚焦 2026 年 02 月 24 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】银行戴 志锋：银行 2025 年 4 季度经营数据： 净息差保持平稳，净利润增速转正》 2026-02-23 2、《【中泰研究丨晨会聚焦】宏观张 德礼：中国出口份额还有多大提升空 间？》2026-02-11 3、《【中泰研究丨晨会聚焦】固收吕 品：多空互加筹码，债市迎来"验牌 时刻"》2026-02-09 今日预览 【固收】吕品：节后还会延续修复吗？ 在过去一个多月，债市意外的走出了修复的行情，10 年下破 1.8%，TL 也站上 112.8 关键阻力位。 回顾年初以来的债市行情，基本多数品种都较 1 月初高点下行了 10BP 以上，5 年、7 年国债收益 率下行 14bp、13bp，7 年、10 年二永更是下行 20BP 以上。 我们在一月下旬就提示本轮修复行情，并在二月初《避险资产不避险，债市风景独好？》中提示 本轮 10 ...

（文章来源：证券日报） 证券日报网讯 2月24日，东北证券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 总人数为89402户。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Travel increased significantly during the Spring Festival in 2026, with 5.5 billion cross - regional trips during the first 21 days of the Spring Festival travel rush, a 6% year - on - year increase. The daily flow exceeded 300 million after February 18, and approached 400 million on February 22 [1][11]. - Policies such as "Happy Shopping during the Spring Festival" drove strong consumption. The average daily sales of key retail and catering enterprises in the first four days of the Spring Festival holiday increased by 8.6% compared to the same period in 2025. The passenger flow and turnover of 78 key pedestrian streets (business districts) monitored by the Ministry of Commerce increased by 4.5% and 4.8% respectively in the first three days of the holiday [1][14]. - The U.S. Supreme Court ruled the IEEPA tariffs illegal, but Trump ordered a 15% tariff on all imported goods. The U.S. Q4 GDP growth rate was only 1.4%, and the core PCE was 3%, higher than the previous value [1][19]. - During the Spring Festival, most major global assets rose. Crude oil and natural gas in commodities increased significantly, and the stock markets in South Korea, the Eurozone, and the UK rose by 5.5%, 2.4%, and 2.3% respectively, while the Hong Kong stock market underperformed, with the Hang Seng Tech Index falling 2.8% [2][19]. - The capital market remained stable, and the bond market may fluctuate. The 10Y Treasury bond rate broke below 1.8% before the holiday, and the further downward space of interest rates is limited. It is recommended to focus on coupon strategies and opportunities for narrowing spreads [2][20]. 3. Summary by Directory 3.1 Review and Outlook of the Bond Market - Before the holiday, institutional willingness to hold bonds increased, and the central bank's net injection led to a decline in bond yields. The 10Y and 30Y Treasury bond yields decreased by 2bp and 0.5bp respectively. The bond market showed different trends on different days of the week [10]. - The Spring Festival travel rush had a large passenger flow, and consumption was strong. Movie box office and real - estate sales had different performances. Overseas, the U.S. economy slowed down, and inflation remained high [11][14][19]. - The capital market remained stable, and the bond market may fluctuate. It is necessary to pay attention to policy expectations during the Two Sessions, external tariff changes, and the equity market [20]. 3.2 Bond Market Review 3.2.1 Capital Market - The central bank's net injection before the holiday was 139.69 billion yuan. After the holiday, the maturity volume of reverse repurchase was larger. The capital interest rate decreased, and the 3M certificate of deposit issuance rate and FR007 - 1Y swap rate showed different trends [28][29]. 3.2.2 Secondary Market Trends - Bond yields declined before the holiday. Except for the 3m Treasury bond, the yields of other key - term Treasury bonds decreased. Most of the term spreads of Treasury bonds widened [38]. - The spread between new and old 10Y Treasury bonds continued to decline, and the negative spread of 10Y China Development Bank bonds widened. The spread between the second - active and active 30Y Treasury bonds fluctuated narrowly [40]. 3.2.3 Bond Market Sentiment - As of February 14, the weekly turnover rate of 30Y Treasury bonds decreased, the 50Y - 30Y and 30Y - 10Y Treasury bond spreads widened, the inter - bank leverage ratio decreased to 107.3%, the exchange leverage ratio increased to 123.5%, the median duration of medium - and long - term pure bond funds decreased, and the median duration of interest - rate bond funds increased slightly. The implied tax rate of 10 - year China Development Bank bonds widened [45]. 3.2.4 Bond Supply - The net financing of interest - rate bonds increased before the holiday. The net financing of Treasury bonds and local government bonds decreased, while that of policy - financial bonds increased. The issuance scale of Treasury bonds will increase in the last week of February, and that of local bonds will decrease [61][64][65]. - The inter - bank certificate of deposit changed from net financing to net repayment before the holiday, and the average issuance rate decreased slightly [66]. 3.3 Economic Data - The Spring Festival month - shift affected the CPI decline, and the PPI improved year - on - year. The financial data in January had a stable start [70]. - Since February, movie consumption was weaker than the seasonal level, and the freight rate index improved marginally. Real - estate transactions were weak, and industrial production weakened marginally [71]. - Recent infrastructure and price high - frequency data showed that production indicators decreased month - on - month, and most price indicators weakened [75]. 3.4 Overseas Bond Market - The U.S. core PCE returned to 3%, and the economic growth rate slowed down. The Fed had different views on future policies [80]. - The U.S. bond market declined, and emerging markets had more declines than increases. The spread between Chinese and U.S. 10Y Treasury bonds narrowed [81][83]. 3.5 Major Assets - The CSI 300 index rose slightly before the holiday. Shanghai gold rose, and the Nanhua crude oil index adjusted. The performance of major assets was: CSI 1000 > Shanghai gold > Convertible bonds > CSI 300 > Chinese - funded U.S. dollar bonds > China bonds > Shanghai copper > Rebar > U.S. dollar > Live pigs > Crude oil [87]. 3.6 Bond Market Calendar - There are reverse repurchase maturities, MLF maturities, and government bond issuances from February 24 to February 28. There are also important economic data releases and corporate earnings calls during this period [92].

证券日报网讯 2月24日，山西证券（002500）在互动平台回答投资者提问时表示，截至2026年2月13 日，公司股东人数为105428户。 ...

国外 1. 瑞银：美联储降息及地缘政治风险加剧的背景下，金价将升至6200美元 瑞银重申对黄金的积极立场，预计未来数月国际现货黄金目标价达6200美元/盎司。分析师认为，在美 国与伊朗紧张局势下，地缘政治风险将持续高企，而美联储宽松周期预计将继续，对实际利率构成压 力。分析师指出，2025年全球黄金需求突破5000吨，瑞银预计，在更强劲的投资流动和各国央行持续购 买的推动下，金价将进一步上涨。供应方面，增长似乎受限。虽然金价高企可能激励勘探活动，但咨询 公司伍德麦肯兹估计，到2028年，约有80座矿山将耗尽当前的生产计划，这表明短期内供应弹性有限。 2. 高盛：央行购金叠加私人投资，金价年底前将缓慢攀升至5400美元 高盛预计，黄金价格将逐步攀升，到2026年底达到5400美元/盎司，多元化配置将带来上行空间。与此 同时，高盛预计2026年央行购金活动将以2025年所见的步伐再度加速。其核心观点是，央行需求加上私 人投资者增加持仓（主要因应对美联储降息而增持）支撑金价稳步上涨。高盛指出，如果私营部门的多 元化举措（尤其是看涨期权结构）有所增加，那么市场将面临显著的上行风险。此外，中期趋势虽仍呈 上升态势，但可 ...

证券日报网讯2月24日，国投资本（600061）在互动平台回答投资者提问时表示，公司旗下国投证券持 续推动经纪与机构、投行与投资、资管与信用业务等条线的均衡协同发展，着力构建收益多元、业绩稳 健的经营格局；国投泰康信托则聚焦资产服务信托领域，深耕以家庭金融、资产配置为特色的财富管理 业务，不断提升专业化服务能力与盈利水平。 ...

证券分析师： 赵阳 S0350525100003 zhaoy05@ghzq.com.cn [Table_Title] 社融同比增速放缓，权益基金发行回暖 ——流动性周报 2 月第 3 期 2026 年 02 月 24 日 策略周报 研究所： 风险提示：历史数据仅供参考，样本代表性不足的风险，数据处理统计 方法可能存在误差，基于主观认知划分产生的偏差，外部环境变化影响 结论适用性，指标选取不全面风险。 相关报告 《年报预报落地后，市场如何演绎？*赵阳》—— 2026-02-01 《流动性周报 1 月第 3 期：宏观资金均衡偏松，ETF 继续大幅净流出*赵阳》——2026-01-28 袁野》——2026-01-26 1. 本周（2026/02/09-2026/02/13，下同）宏观资金面均衡偏松，央行通 过公开市场操作开展逆回购净投放 12089 亿元，开展 10000 亿元 6 个月 买断式逆回购操作。资金价格方面，短端利率、长端利率均小幅下行， 期限利差有所走阔。2026 年 1 月社融规模增量大幅上升至 72208 亿元， 存量同比增长 8.2%，较 2025 年 12 月增速下降 10BP。结构上，新增人 ...