Core Viewpoint - The China Petroleum and Chemical Industry Index has shown an upward trend, increasing by 1.22% as of February 26, with leading stocks such as Salt Lake Potash, Bluestar Technology, and Cangge Mining showing significant gains [1] Group 1: Market Performance - The petrochemical ETF (159731) has followed the index's upward movement, achieving three consecutive days of gains and attracting a total of 146 million yuan over the past 12 trading days [1] - Overall, the global stock market has been strong during the Spring Festival, with no major risk events, leading to high market sentiment and the potential for a new upward trend in A-shares post-holiday [1] Group 2: Investment Strategy - The industry allocation continues to focus on a dual mainline strategy of "technology + resource products," with technology focusing on AI, humanoid robots, new energy, and innovative pharmaceuticals, while resource products emphasize precious metals, oil and petrochemicals, and basic chemicals [1] - The petrochemical ETF and its linked funds closely track the China Petroleum and Chemical Industry Index, driven by both basic chemicals and oil and petrochemicals, while also including high dividend and high growth assets [1] Group 3: Key Stocks - Major weighted stocks in the index include Wanhua Chemical (global leader in MDI), China Petroleum (domestic oil and gas leader), China Petrochemical (domestic refining leader), and Salt Lake Potash (domestic potassium fertilizer leader) [1]

Group 1 - The total margin balance of A-shares reached 26,466.26 billion yuan on February 25, increasing by 238.70 billion yuan from the previous trading day, accounting for 2.52% of the A-share circulating market value [1] - The margin trading volume on the same day was 2,474.56 billion yuan, an increase of 193.33 billion yuan from the previous trading day, representing 9.97% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries in Shenwan, 25 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 4.096 billion yuan [3] - Other industries with significant net financing inflows included non-ferrous metals, basic chemicals, defense and military industry, non-bank financials, and communications [3] Group 3 - A total of 76 stocks had net financing inflows exceeding 100 million yuan, with Northern Rare Earth leading at a net inflow of 936.31 million yuan [4] - Other notable stocks with high net financing inflows included Tongfu Microelectronics, Huagong Tech, Shenghong Technology, Feilihua, Baosteel, Yuntianhua, Zijin Mining, Yongtai Technology, and China Rare Earth [4]

【市场复盘】 【机构观点】 西南证券认为，全球视角来看，化工行业已经处于新一轮景气周期的起点。我国化工企业在过去几年从 做大到做强，具备了更为坚实的利润基础和更为可观的利润弹性。展望2026年，美国进入降息通道，经 济出现衰退的风险较小，而我国2026年重点经济工作中将提振内需放在任务首位，政策工具充足，所以 认为2026年化工行业的供需改善有望超预期。 1. 上一交易日，INE主力原油期货收跌1.60元/桶，跌幅0.33%，报488.30元/桶；相关成品油主力期货高 硫燃料油收跌10.00元/吨，跌幅0.34%，报2943.00元/吨；低硫燃料油收跌41.00元/吨，跌幅1.18%，报 3436.00元/吨。 2. 上一交易日，天胶主力合约收涨2.10%，20号胶主力收涨2.34%，上海现货价格上调至16300元/吨附 近，基差持稳。节中外盘胶价上涨叠加原油走高，预计橡胶类品质表现延续偏强震荡，后续关注库存拐 点以及产区动态。 3. 上一交易日，乙二醇主力合约上涨，涨幅0.38%。供应端方面，CCF数据显示，乙二醇装置整体变化 不大，其中几套EO-EG联产装置在春节期间有不同程度的调整。3月份进口预计环比下 ...

Core Conclusions - The report emphasizes the importance of focusing on high-end equipment and new materials that align with national industrial upgrading trends, while monitoring market liquidity and the impact of main board hot spots on the capital flow of the Beijing Stock Exchange [1][5]. Domestic Market Indices - The Shanghai Composite Index closed at 4,147.23, up by 0.72% - The Shenzhen Component Index closed at 14,475.87, up by 1.29% - The CSI 300 Index closed at 4,735.89, up by 0.60% - The Shanghai 180 Index closed at 10,405.99, up by 0.53% - The SME Index closed at 8,787.92, up by 1.12% - The ChiNext Index closed at 3,354.82, up by 1.41% [2]. Industry Review - On February 24, the trading volume of the Beijing Stock Exchange A-shares reached 16.379 billion yuan, a decrease of 0.057 billion yuan from the previous trading day - The Beijing Stock Exchange 50 Index closed at 1,535.432, up by 0.37%, with a PE_TTM of 64.51 times - The specialized and innovative index closed at 2,566.43, up by 0.36% - Among 294 companies listed on the Beijing Stock Exchange, 242 saw their stock prices rise, 4 remained flat, and 48 experienced declines [3]. News Summary - The report highlights a potential price increase in MLCCs, with major manufacturers like Murata and Samsung Electronics considering double-digit price hikes due to rising demand from AI infrastructure investments - The Ministry of Commerce has placed 20 Japanese entities under export control to safeguard national security [4]. Investment Recommendations - The market is currently driven by "resource price increases" and "technology growth," with cyclical sectors like oil, petrochemicals, and precious metals leading the gains - Companies in the phosphorus chemical and industrial metal supply chains on the Beijing Stock Exchange may benefit from price elasticity - The technology sector shows divergence, with AI computing hardware performing well ahead of the NVIDIA GTC conference, while AI applications face challenges post-Spring Festival - The report suggests focusing on high-end equipment and new materials that align with national industrial upgrading, while keeping an eye on market liquidity and the rotation of main board hot spots affecting capital flow to the Beijing Stock Exchange [5].

Market Overview - The market opened high and closed strong, with the ChiNext Index and Shenzhen Component Index both rising over 1% [2][3] - Major indices showed positive performance, with the Shanghai Composite Index closing at 4147.23, up 0.72%, and the Shenzhen Component Index at 14475.87, up 1.29% [2] Sector Performance - The top-performing sectors included Steel (up 4.69%), Non-ferrous Metals (up 3.48%), and Building Materials (up 2.75%) [2] - Conversely, sectors such as Media (down 1.15%) and Banking (down 0.46%) lagged behind [2] Concept Indices - Concept indices that performed well included Zinc Metals, Titanium Dioxide, and Phosphate Chemicals, with gains of 4.94%, 4.85%, and 4.51% respectively [2][3] - Underperforming concepts included Sora Concept (down 0.91%) and Military Restructuring Concept (down 0.89%) [2] Future Outlook - The market is expected to enter a high-probability window for upward movement post-holiday, supported by macro policies and industry catalysts [4] - The anticipated return of capital from pre-holiday cashing out is expected to provide ongoing momentum for future increases [4] - Key sectors to focus on include Dividends, TMT (Technology, Media, and Telecommunications), and Power Equipment [4]

个股层面呈现普涨格局，全天共计4006只个股收涨，涨停股109只；1392只个股收跌，21只个股跌停。 从热门交易个股来看，日成交额超100亿元的个股共计4只。CPO概念股"易中天"组合表现亮眼：中际旭 创收涨4.33%报554元/股，天孚通信收涨12.65%报351.01元/股。此外，润泽科技涨逾13%。 31个申万一级行业中，传媒板块跌幅超过3%，计算机、商贸零售、食品饮料也收跌。 2月24日，A股迎来马年首个交易日，市场呈现"开门红"态势。全天成交额放量至2.22万亿元，超过4000 只个股上涨，市场氛围积极。受访人士指出，A股节后有望延续震荡上行格局，但行情性质与核心驱动 力或将发生切换。 石油等资源股爆发 2月24日，A股高开高走，指数、板块及个股收涨居多，沪指涨0.87%报4117.41点，创业板指涨0.99%报 3308.26点，深证成指涨1.36%。上证50、北证50微红，沪深300涨幅超1%，科创50微跌。 市场交投活跃度提升，成交额较前一交易日增加2193亿元，全天成交达2.22万亿元。值得注意的是，春 节前杠杆资金热度持续降温，截至2月13日，沪深北三市两融余额降至2.59万亿元。 A股 ...

2026 年 02 月 26 日 开源晨会 0226 ——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 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -1.155 | | 银行 | -0.456 | | 汽车 | 0.056 | | 家用电器 | 0.130 | | 石油石化 | 0.190 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 钢铁 | 4.694 | | 有色金属 | 3.478 | | 建筑材料 | 2.749 | | 房地产 | 2.533 | | 基础化工 | 2.162 | | 数据来源：聚源 | | 开 源 证 券 证 券 研 究 报 wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【固定收益】上清所托管量环比减少，债市整体杠杆率持平——2026 年 1 月债市 托管数据点评-20260225 事件：1 月末，上清所债 ...

Core Viewpoint - The A-share market continues to show a strong upward trend, driven by resource stocks, while the media sector remains weak due to profit-taking and insufficient earnings expectations [3][12]. Market Performance - On February 25, the A-share market saw 3,748 stocks rise, with the Shanghai Composite Index up 0.72% to 4,147.23 points, and the ChiNext Index up 1.41% to 3,354.82 points [4][5]. - The total trading volume increased by 262.8 billion yuan, reaching 2.48 trillion yuan, with margin trading balances in the three major markets rising to 2.62 trillion yuan [4][5]. Sector Analysis - Resource stocks, particularly in non-ferrous metals and steel, are leading the market due to favorable policies, improved supply-demand dynamics, and rising product prices [3][12]. - The media sector is experiencing a downturn, attributed to continuous adjustments in the film and theater sector, weakening AI application concepts, and profit-taking after significant prior gains [3][12]. Investment Recommendations - The market is expected to maintain a structurally rotating trend in the short term, with a focus on technology and resource stocks as key investment directions [3][12][15]. - Analysts suggest that the core investment themes should revolve around resource stocks (steel, non-ferrous metals, chemicals) and hard technology (semiconductors, commercial aerospace) [15].

春节前大幅离场后，A股节后的资金回流态势已成为市场关注焦点。 杠杆资金单日回流346亿元。 其中，前期累计涨幅较多的电子、电力设备、计算机、有色金属、通信等行业遭受资金明显减仓，融资 资金净卖出金额在33亿元～74亿元之间。 节后首个交易日，杠杆资金的持仓偏好截然相反。节前受到偏爱的行业出现大幅卖出，并流向节前遭到 减仓的行业。 根据Wind数据，2月24日，有26个行业获得杠杆资金回补仓位。电子、计算机、有色金属、电力设备、 通信、国防军工等板块获得融资资金大笔买入，净流入金额均超20亿元。而公用事业、石油石化、建筑 装饰、综合、煤炭5个行业遭到杠杆资金减仓。 这与当日的市场表现并不完全一致。24日，石油石化、煤炭行业领涨，建筑材料和公用事业也表现不 俗；有色金属行业涨幅居前，但计算机行业则处于跌势。25日，有色金属、建筑材料涨幅依旧居前，国 防军工、电子、电力设备行业涨幅超过1%，计算机和通信行业涨幅靠后，均微涨0.2%。 两融资金在春节前大幅净流出后，节后首个交易日大幅回流了346亿元，其中融资资金回流了338.89亿 元。杠杆资金的持仓偏好，春节前后也截然相反，此前大笔净卖出的行业在节后被大笔净买入。 ...

金融工程 证券研究报告 |深度研究报告 2026/2/25 金融工程指数量化系列—— 高值偏离修复模型（突破型双位点） 证券分析师: 刘晓锋 执业资格证书编码: S1190522090001 证券分析师: 孙弋轩 执业资格证书编码: S1190525080001 P2 目录 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 1、分档止损策略（突破型单位点） 2、分档止损策略（双位点） 3、后续展望 4、风险提示 1、分档止损策略（突破型单位点） 分档止损策略（突破型单位点）： 8、X取5-10分别进行测试。 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 1、计算单个行业指数相对沪深300收盘价cl，以及cl对应的回撤曲线W。 2、使用迭代法计算cl的有效回撤V，若无法得到V，则直接判定该行业不适合此策略。 3、选取V的最大值的80%作为阈值T（T为正数），当W值大于T时，信号值s为1（看多），当W值 为0时，信号值s为0（平仓），当W为其他值时，信号值s等于前值。 4、将每次买入点b0与前高h0之间的空间化为X等分，则每一等分的空间为s0。 5、买入后，当收盘价cl首次高于b0+2*s0时 ...