华泰证券认为，主题投资和景气策略仍优于高股息，主题投资关注出口链、服务型消费、机器人应 用等，景气投资关注通信设备、小金属、稀有金属、电池、建材等。 国盛证券表示，有四大变量或成影响节后市场走势的关键。一是美国关税政策仍存不确定性，意味 着贸易摩擦将长期化，短期内将对市场风险偏好形成压制，但出口链企业的韧性已经显现；二是国内人 工智能（AI）大模型与机器人借春晚实现全民出圈，京东等平台销量数据更是提供了业绩验证，上周 五港股相关板块大涨，A股智能机器人、算力设备、AI应用等板块有望迎来资金追捧；三是以人民币计 价资产的吸引力将提升，尤其是权益市场，外资净流入中国资产已成为大趋势；四是地缘政治不确定性 加剧，推升全球避险情绪。 刚刚结束的马年春节假期可谓"马力十足"。交通运输部发布的数据显示，2026年春节前20天，全社 会跨区域人员流动量超50亿人次，创下了新的历史纪录。同时，国家移民管理局预计今年春节假期全国 口岸日均出入境人员同比增长14.1%，日均超205万人次，比2023年春节增长近5倍。此外，消费也迎来 了"开门红"。今年春节首批以旧换新补贴提前下达，叠加地方政府的消费补贴资金共同为假期消费注入 动 ...

省交通运输厅相关负责人表示，将继续优化服务供给，强化运输组织调度，加强城乡客运与公铁水 航等干线运输的信息共享和衔接，加大城市公交和出租汽车运力投放，切实做好农民工、学生等重点群 体返岗返校服务；全力保障电煤等能源物资、春耕备耕物资和民生物资运输高效安全畅通。 假期出行，最怕拥堵。针对京哈、沈阳绕城高速等8个高速公路易拥堵路段，沈阳、桃仙等15个大 流量收费站，凌海、兴城等8个易拥堵服务区，我省一对一制定疏堵保通方案，强化路网运行调度监测 和交通事故定责赔偿等"快处快通"，多渠道、多路径实时发布出行路况信息，保障交通大动脉安全畅 通。 此外，我省还加大重点地区、热点线路、高峰时段运力供给。全省开通旅游直通车、农村大集、机 场火车站衔接等客运线路142条，累计运送旅客179.2万人次。扎实开展"春暖农民工""春风行动"等活 动，完成1000余人次"点对点"专车返乡返岗服务。严厉打击客车超员、大货车超限超载等违法违规行 为。 春节假期，全省交通运输营运性客运量1282.9万人次，日均同比增长2.3%。全省高速出口流量 1079.4万台次，日均同比增长36.0%。为保障群众出行需求和行业运行平稳有序，我省在春节前开 ...

2月23日，"史上最长春节假期"结束。交通运输部数据显示，春节假期期间，全社会跨区域人员流动量 累计超28亿人次，日均3.11亿人次，同比增长8.2%，出行规模创历史新高。其中，全国铁路累计发送旅 客1.21亿人次；民航累计发送旅客2205万人次。 文化和旅游部数据显示，春节假日9天，全国国内出游5.96亿人次，较2025年春节假日8天增加0.95亿人 次；国内出游总花费8034.83亿元，较2025年春节假日8天增加1264.81亿元。 假期多出1天，让2026年春节假期整体出游热度创历史新高。出外"旅游式过年"，与返乡"过年式旅 游"双双爆火，全国不仅各大知名景区人从众，"家门口旅游"也带火了县城里的景区，一批小城迎来了 始料未及的"泼天流量"。更多返乡过年的城里人，也把新的生活方式带进了村里，热门县城春节期间酒 店预订量翻倍增长。 出入境旅游也是双向火爆。泰国重回出境游榜首，冬奥会带动中国—意大利机票量增2倍；越来越多的 外国朋友来体验中式"年味儿"，春节期间使用非中国护照预订国内航班数量同比增长两成，足迹覆盖 107个中国城市。 传统民俗是"大菜" 过年不再围着饭桌转，而是主打舒服随心。陪爸妈city ...

2月24日，河南纵深推进融入服务全国统一大市场大会召开。从会议名称看，以"纵深"破题，意味着这 并非简单的工作部署，而是河南对自身在全国统一大市场中价值定位的再锚定、使命担当的再明确、深 度发力的再动员。 市场，是商品交换的场所、渠道和纽带。融入服务全国统一大市场，从来不是单点优势的比拼，而是全 维度发展的较量。从这个意义上看，"纵深"二字，切中肯綮——河南在全国统一大市场中的价值与定 位，从来不止于"居天下之中"的区位禀赋，更在于经年累月构筑的产业结构、制度优势和开放能级等。 纵深推进融入服务全国统一大市场，就要把国家所需、河南所能、经营主体所盼紧密结合起来，更好地 服务发展大局。 很多人对河南的认知，仍停留在"承东启西、连南贯北"这一标签上。事实上，区位，只是发展的起点； 真正的竞争力，在于如何打造成要素流通通道、产业循环枢纽。"米"字形高铁四通八达，高速公路通车 总里程突破1万公里，郑州机场跻身全球航空货运百万吨级俱乐部，沙颍河黄金水道托起中原"出海 口"……如今，河南已搭建起"空铁公水"立体交通网络，物理意义上的"大纵深"，为要素高效流通铺就 了康庄大道。 大市场里有大纵深。此次大会传递的信号清晰而明 ...

Group 1 - The A-share market opened strong in the Year of the Horse, with the Shanghai Composite Index rising by 0.87%, the Shenzhen Component Index by 1.36%, and the ChiNext Index by 0.99% on February 24, 2026, with a total trading volume of 2.2 trillion yuan, an increase of 219.4 billion yuan from the previous trading day [1] - The 2026 Spring Festival box office reached 5.752 billion yuan, with a total of 120 million viewers, marking a significant performance for the film industry during this period [4] - The domestic tourism market saw 596 million trips during the Spring Festival holiday, an increase of 95 million trips compared to the previous year, with total spending reaching 803.483 billion yuan, up by 126.481 billion yuan [6] Group 2 - The number of cross-regional movements during the Spring Festival exceeded 2.8 billion, with an average of 311 million movements per day, reflecting an 8.2% year-on-year growth [5] - The number of electric vehicle charging sessions on highways reached 6.021 million, with a total charging volume of 14.97675 billion kilowatt-hours, representing a 52.01% increase in daily average charging volume compared to the previous year [8] - International gold and silver prices surged during the Spring Festival due to geopolitical tensions and inflation pressures, with gold futures rising by 3.55% and silver futures by 11.04% over five trading days [12]

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

2月21日起，春节假日期间，受寒潮冷空气影响，内蒙古自治区多地出现大风沙尘和降温降雪天气。内 蒙古自治区气象局于2月20日启动重大气象灾害（大风、寒潮）四级应急响应命令，并发布大风蓝色、 大风黄色、沙尘暴黄色、寒潮黄色预警。 内蒙古自治区气象部门密切监测天气形势，及时发布内蒙古旅游景点24小时天气预报、全区环境空气质 量监测与预报等服务产品，并联合内蒙古自治区公安厅交通管理总队、自治区综合交通运行监测与应急 指挥中心发布内蒙古交通气象服务专项产品，为春节假期公众返程保驾护航。 同时，包头市、乌海市、乌兰察布市等地文旅部门根据气象部门发布的沙尘天气影响，临时关闭南海湿 地、乌海湖、乌兰哈达火山等多处景区。 （作者：李云逸 高菲 责任编辑：郭曼如） 鄂伦春自治旗7个监测站出现暴雪，针对此次天气过程，自治旗气象局将暴雪灾害四级应急响应提升为 三级。根据气象预警信息，各部门、各乡镇迅速响应、高效联动，交通部门对旗内1条省道、2条县道实 施交通管制及限行措施，全旗客运车辆全部停运；文旅部门及时启动应急预案，1处红色文化旅游景区 临时闭园，切实保障游客与工作人员安全；供热单位开展供热指标调整和调配热源供应，加强管线巡 护 ...

此外，省气象部门聚焦高速路网、机场、铁路枢纽及"哈亚雪"热门旅游线路等重点区域，提供逐小时预 报预警，针对冰雪大世界等热门景区开展递进式气象服务，及时发布《气象服务专报》等，为道路清雪 调度、春运路网通行和旅游景区运行安全以及畜牧养殖、设施农业等提供气象支撑。同时，通过气象专 家做客省交通广播频道解读天气、联合社会主流媒体以及通过微信、抖音、微博等渠道及时发布气象预 报预警和科普解读，提示公众合理规划春节假期返岗和出行旅游等行程。 2月21日至23日，黑龙江省出现大范围雨雪、寒潮、大风灾害性天气。受天气影响，全省30条高速公路 封闭，对春运返程有较大影响。 （作者：张晓卿 责任编辑：郭曼如） 黑龙江省气象局迅速反应、积极应对，加强天气监测和会商研判，提前9天预判此次天气过程，提前3天 发布《重大气象信息专报》，提前1天发布暴雪、大风、寒潮、道路结冰预警，并滚动更新预报预警信 息，精准研判灾害性天气影响落区及影响时段，确保早预警、早行动。根据气象信息，省气象局与省安 全生产委员会、公安、交通运输、文化和旅游、交投集团等部门提前启动全省低温雨雪冰冻灾害天气道 路交通安全防范应对联动机制，并联合文化和旅游、公安、交 ...

Core Conclusions - In the second week of February, a total net outflow of funds amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1] - From an industry perspective, the highest trading volume share in the past week was seen in the communication, semiconductor, and electric equipment sectors [1] Fund Flow Analysis - In the second week of February, the total net outflow of funds was 72.3 billion yuan, compared to 52.2 billion yuan in the previous week. Fund inflows included a decrease in financing balance by 74.7 billion yuan, an increase in public fund issuance by 43.6 billion yuan, net redemption of ETFs by 23.1 billion yuan, and an estimated net inflow of northbound funds of 3 billion yuan. Fund outflows included IPO financing of 800 million yuan, net reduction of industrial capital by 10.1 billion yuan, and transaction fees of 10.3 billion yuan [8] Short-term Sentiment Indicators - The short-term sentiment indicators, which primarily consider turnover rate and financing transaction ratio, show that the recent weekly turnover rate (annualized) was 430%, currently at the 76th percentile historically. The recent weekly financing transaction ratio was 9.74%, currently at the 72nd percentile historically [15] Long-term Sentiment Indicators - The long-term sentiment indicators, which mainly look at the price comparison of major asset classes, indicate that the recent weekly A-share risk premium (the inverse of the overall A-share PE minus the yield of ten-year government bonds) was 2.52%, currently at the 45th percentile historically. Additionally, the recent weekly dividend yield of the CSI 300 index (excluding finance) compared to the yield of ten-year government bonds was 1.23, currently at the 5th percentile historically [15] Industry Performance - In terms of trading volume share, the top three industries with the highest historical percentile in the past week were communication (99%), semiconductor (98%), and electric equipment (97%). The lowest were real estate (1%), food processing (1%), and transportation (1%) [15] - The highest financing transaction ratio by industry was seen in machinery equipment (88%), electric equipment (80%), and social services (78%), while the lowest were banking (10%), coal (12%), and real estate (17%) [15]

Group 1 - The core conclusion indicates that in the second week of February, a total net outflow of funds amounted to 72.3 billion yuan, an increase from the previous week's outflow of 52.2 billion yuan [1] - Short-term sentiment indicators are at a medium-high level since 2005, while long-term sentiment indicators are at a medium-low level since 2005 [1][2] - From an industry perspective, the highest transaction volume share in the past week was in the communication, semiconductor, and electric equipment sectors, with shares of 99%, 98%, and 97% respectively [2][15] Group 2 - In terms of fund inflows, the financing balance decreased by 74.7 billion yuan, public fund issuance increased by 43.6 billion yuan, ETF net redemptions were 23.1 billion yuan, and northbound funds estimated a net inflow of 3 billion yuan [8] - The long-term sentiment indicator shows that the recent A-share risk premium is 2.52%, placing it at the 45th percentile historically, while the dividend yield of the 300 index (excluding finance) is 1.23, at the 5th percentile historically [2][15] - The financing transaction share was highest in the machinery equipment, electric equipment, and social services sectors, with shares of 88%, 80%, and 78% respectively, while the lowest were in banking, coal, and real estate at 10%, 12%, and 17% respectively [2][15]