Group 1 - The U.S. attack on Iran is expected to significantly impact defense stocks, potentially leading to increased military spending and stock performance in the defense sector [1] - Energy stocks are also likely to be affected due to the geopolitical tensions, which may result in fluctuations in oil prices and supply chain disruptions [1]

策略周报 A 股估值扩张，钢铁行业领涨 A 股 TTM&全动态估值全景扫描（20260228） 核心结论 本周 A 股总体估值扩张，钢铁行业领涨。今年钢铁冬储累库力度较弱，后续 库存压力较小，节后开工钢铁需求季节性提升，叠加 PPI 回升带来的价格回 升预期较强，而黑色板块位置相对较低，钢铁行业迎来补涨。从估值角度， 当前钢铁行业全动态估值处于历史 45.3%分位数，后续仍存在估值提升空 间。 主板和创业板 PE 扩张，科创板 PE 收缩。算力基建剔除运营商/资源类的相 对估值收缩。算力基建剔除运营商/资源类的相对 PE（TTM）从上周的 3.89 倍降至本周的 3.58 倍，相对 PB（LF）从上周的 4.12 倍降至本周的 3.97 倍。 观察行业绝对估值与相对估值的历史分位数—— （1）从静态的 PE（TTM）角度，大类行业中，可选消费、中游制造、周期 类、大消费、中游材料绝对估值和相对估值均高于历史中位数，其中可选消 费、中游制造绝对估值和相对估值均高于历史 90 分位数，必需消费、服务 业、金融服务相对估值低于历史 10 分位数。 （2）从 PB（LF）角度，大类行业中，大类行业中，资源类、周期类、 ...

欢迎加入交易理想国知识星球 编辑 | 杨兰 审核 | 浦电路交易员 这场突如其来的冲突，不仅是中东地缘政治的又一次剧烈地震，更在全球金融市场上投下了一枚深水炸弹。本文将梳理此次冲突的来龙去 脉，剖析伊朗真实的工业底牌，并详细解读其对大宗商品及其他大类资产的深远影响。 一、 历史的回响：美伊恩仇录与以色列的"先发制人" 要理解今日的战火，必须回溯那场持续了七十余年的爱恨情仇。美伊关系并非生来就是敌人，甚至曾有过短暂的"蜜月期"。1953年，美国中 央情报局联合英国情报机构，推翻了伊朗民选首相摩萨台，扶植了亲美的巴列维国王，这成为了两国关系裂痕的开端。此后，美国甚至深度 参与了伊朗的核能起步，在1957年的"原子用于和平"计划下向伊朗提供技术援助和核燃料。 然而，1979年的伊斯兰革命彻底改变了这一切。宗教领袖霍梅尼推翻了巴列维，建立了政教合一的共和国，美国被贴上了"大撒旦"的标签。 同年爆发的"伊朗人质危机"，更是让两国彻底断交，从此走向了长达四十多年的全面敌对。此后的几十年里，无论是美国在两伊战争中支持 伊拉克，还是1988年误击伊朗客机，亦或是2018年特朗普政府单方面退出伊核协议，都在不断加深这道裂痕。 ...

2026 年 2 月 28 日 分评级来看，债项评级高评级券（评级为 AAA）、中高评级券（评级为 AA+）、 中评级券（评级为 AA）、中低评级券（评级为 AA-）和低评级券（评级为 AA- 及以下）本周涨跌幅分别为-0.76%、-0.25% 、-1.57%、-1.53%、-0.42%，中 高评级券跌幅最小。 分转债规模看，大规模转债（债券余额大于 20 亿元）、中大规模转债（余额在 15 至 20 亿元之间）、中规模转债（余额在 10 至 15 亿元之间）、中小规模转 债（余额在 5 至 10 亿元之间）、小规模转债（余额小于 5 亿元）本周涨跌幅分 别为-0.80%、+0.02%、-2.84%、-1.34%、-0.89%，中大规模转债上涨，其余 均有所下跌。 总量研究 本周有所下跌 ——可转债周报（2026 年 2 月 24 日至 2026 年 2 月 27 日） 要点 1、市场行情 本周（2026 年 2 月 24 日至 2026 年 2 月 27 日，共 4 个交易日）中证转债指数 涨跌幅为-0.23%（上周涨跌幅为+1.08%），中证全指变动为+2.74%（上周涨 跌幅为+1.07%）。2026 ...

Tabl e_First|Tabl e_Summary 华福证券 策略点评报告：2026 年 2 月政治局会议精神学习点评 策略点评报告 2026 年 2 月 27 日 "十五五"蓝图绘就，宏观政策协同发力 投资要点： ➢ 事件：中共中央政治局2月27日召开会议，讨论国务院拟提请第十四 届全国人民代表大会第四次会议审查的"十五五"规划纲要草案稿和审议 的《政府工作报告》稿。中共中央总书记习近平主持会议 ➢ 本次政治局会议作为"十四五"收官、"十五五"开局的关键节点会 议，确立了"十五五"时期作为基本实现社会主义现代化"夯实基础、全 面发力"的历史定位。会议通稿在宏观政策、内需体系、新质生产力及风 险防范等方面的表述极为积极。 ➢ 我们认为，"更加积极有为"是理解2026年乃至"十五五"前期政 策取向的关键词。会议强调的"实施更加积极的财政政策和适度宽松的货 币政策"并强化与改革举措的协同，意味着政策组合拳继续发力，旨在确 保"十五五"实现良好开局。 ➢ 对于资本市场而言，宏观环境的确定性将显著提升，结构性的投资机 会持续孕育。 ➢ 投资建议：继续密切关注国家重点进行战略推进的相关前沿科技领 华福证券 域。这些 ...

Core Insights - The report anticipates a fluctuating upward trend in the index, with a primary focus on style rebalancing [4][5] - The A-share market has shown signs of recovery after initial volatility, with significant performance differences among major indices [5][6] Domestic Policy and Market Liquidity - The People's Bank of China conducted a 600 billion MLF operation and net injected 300 billion, marking the 12th consecutive month of increased liquidity to ensure reasonable liquidity before and after the Spring Festival [2] - The strengthening of the RMB has stabilized expectations for cross-border capital flows [2] Sector Performance - In the technology sector, midstream high-end manufacturing has led the gains, particularly in defense, machinery, and power equipment, driven by geopolitical tensions and domestic equipment renewal cycles [2] - In the cyclical sector, building materials, steel, and coal have outperformed, with glass fiber leading due to supply-side optimization and demand from AI and new energy [3] - Conversely, the non-ferrous metals sector has seen a pullback due to fluctuating expectations around U.S. Federal Reserve interest rate cuts and geopolitical disturbances [3] Market Trends and Historical Context - Historical data from 2010 to 2025 indicates a high probability of the Shanghai Composite Index rising in the month following the Spring Festival, particularly after a month of adjustment or fluctuation [6] - The report suggests that the market is likely to follow a "diffusion" model of industry rotation rather than a dramatic style switch, with a focus on moderate rebalancing [6] Investment Strategy - The report recommends focusing on "supply constraints + visible profits" as dual main lines, particularly in midstream high-end manufacturing [6] - The core trading logic around the AI chain continues to revolve around profit visibility and supply shortages, with a cautious approach to market liquidity [6] - Opportunities for Chinese manufacturing to expand overseas are highlighted, particularly in sectors like power equipment and engineering machinery [6] Recommended Stocks - The March stock selection includes a mix of sectors such as central enterprise dividend ETFs, hospitality, electronics, military, machinery, beverages, and communications [10]

Core Viewpoint - The global capital market is undergoing a profound restructuring since 2022, with a historical decoupling of gold from the dollar system, driven by structural fractures in the "three pillars" of dollar credit: institutional credit, economic productivity, and military deterrence [1][4][5] Group 1: Decoupling of Gold and Dollar - The report indicates that the traditional pricing logic of gold, which was tightly bound to the dollar framework, has been disrupted, particularly during the aggressive interest rate hikes by the Federal Reserve from 2022 to 2024 [5][8] - The decoupling is attributed to the simultaneous structural collapse of the three pillars supporting sovereign credit currency systems, including the erosion of institutional credit, hollowing out of economic productivity, and weakening of military power [8][9] Group 2: Shift in Global Credit System - The dollar is increasingly viewed as a geopolitical weapon rather than a shared global liquidity public good, accelerating the reconstruction of the global credit system [4][8] - Gold is re-emerging as a "shadow anchor" in the global monetary system, highlighting its ultimate value scale function beyond sovereign attributes [4][9] Group 3: A-Share Market Implications - The traditional macro analysis framework based on "growth-profit-valuation" is becoming obsolete, necessitating a shift towards a new paradigm centered on "safety-resilience-control" as core variables for asset pricing [14][16] - Investors are advised to focus on three main strategic lines: resource-based hard assets, core technology autonomy, and industries related to national security [16][17] Group 4: Investment Strategy - The first strategic line emphasizes resource and hard currency assets, including traditional precious metals and critical mineral resources essential for AI and energy transition [16][17] - The second line focuses on core technology assets, particularly in AI, semiconductors, commercial aerospace, and frontier energy technologies [16][17] - The third line pertains to security assets, which are essential for national security and have stable demand due to their reliance on government and state-owned enterprises [16][17]

韩国国防股周五上涨，因韩国和阿布扎比领导人正推动价值350亿美元的新防务合作项目。阿联酋 （United Arab Emirates）最近已成为韩国防空系统的主要买家，韩国正寻求向这个中东国家扩大其武器 销售——包括新开发的KF-21超音速战斗机。在周五的韩国综合指数（Kospi）交易中，战斗机制造商韩 国航空宇宙产业（Korea Aerospace Industries）一度跳涨7.7%，制导导弹供应商LIG Nex1在午后交易中 一度上涨5.4%。韩国综合指数下跌0.2%。国防股上涨的前一天，韩国总统李在明的特使表示，首尔和 阿布扎比已同意推进价值650亿美元的商业合作项目，其中包括国防领域的350亿美元。 责任编辑：王永生 责任编辑：王永生 韩国国防股周五上涨，因韩国和阿布扎比领导人正推动价值350亿美元的新防务合作项目。阿联酋 （United Arab Emirates）最近已成为韩国防空系统的主要买家，韩国正寻求向这个中东国家扩大其武器 销售——包括新开发的KF-21超音速战斗机。在周五的韩国综合指数（Kospi）交易中，战斗机制造商韩 国航空宇宙产业（Korea Aerospace Industr ...

Core Insights - The main focus of the news is on the significant inflow of capital into specific stocks, indicating strong investor interest and potential growth in these companies. Group 1: Stock Performance and Capital Inflow - Top stocks by capital inflow include: - Tuo Wei Information with 1.263 billion yuan and a 10% increase [1] - Baogang Co. with 1.028 billion yuan and a 7.72% increase [2] - Huasheng Tiancheng with 0.961 billion yuan and a 9.31% increase [2] - Shuangliang Energy with 0.668 billion yuan and a 9.43% increase [2] - Yuyin Co. with 0.621 billion yuan and a 9.99% increase [2] - Other notable stocks include: - Hailanxin with 0.615 billion yuan and a 12.12% increase [2] - Junda Co. with 0.591 billion yuan and a 10% increase [2] - Hangang Co. with 0.536 billion yuan and a 9.96% increase [2] - Xianglu Tungsten with 0.472 billion yuan and a 10.01% increase [2] - Luoyang Molybdenum with 0.453 billion yuan and a 3.65% increase [2] Group 2: Sector Analysis - The stocks are categorized into various sectors, including: - Computer sector: Tuo Wei Information, Huasheng Tiancheng, Yuyin Co., and Jinxi Modern [2][3] - Steel sector: Baogang Co. and Hangang Co. [2] - Power equipment sector: Shuangliang Energy, Junda Co., and Maiwei Co. [2][3] - Non-ferrous metals sector: Xianglu Tungsten, Luoyang Molybdenum, and Zinc Industry Co. [2][3] - Machinery equipment sector: Liou Co. [2] - Electronics sector: Xinwei Communication and BOE A [3]

2026 年 02 月 27 日 开源晨会 0227 ——晨会纪要 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2025-02 2025-06 2025-10 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | 2.842 | | 电子 | 1.981 | | 国防军工 | 1.515 | | 机械设备 | 1.410 | | 钢铁 | 1.326 | 数据来源：聚源 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 房地产 | -2.247 | | 传媒 | -1.453 | | 非银金融 | -1.425 | | 商贸零售 | -1.221 | | 食品饮料 | -1.198 | 数据来源：聚源 晨 会 纪 要 晨会纪要 期-20260226 【金融工程】分钟主动资金流中的选股信息——开源量化评论（122）-20260225 行业公司 沪深300 及创业板指数近1年走势 【通信】英伟达业绩超预期，坚定看好全球 AI 算力链——行业点评报告-20260226 【汽车】伯特利拟收购豫 ...