商务部2月24日对外发布两则公告，决定将20家日本实体列入出口管制管控名单，同时决定将20家日本 实体列入关注名单，两则公告均自公布之日起正式实施。 公告表示，依据《中华人民共和国出口管制法》与《中华人民共和国两用物项出口管制条例》等法律法 规，为维护国家安全利益、履行防扩散等国际义务，将三菱造船株式会社、三菱重工航空发动机株式会 社、川崎重工航空宇宙系统公司等20家参与提升日本军事实力的日本实体列入出口管制管控名单，并同 步采取系列严格管控措施。 一是将三菱造船株式会社等20家参与提升日本军事实力的实体列入管控名单。列单后的措施主要包括两 个方面，一方面是禁止出口经营者向上述实体出口两用物项。另一方面是禁止境外组织和个人将原产于 中华人民共和国的两用物项转移或提供给上述实体。正在开展的相关活动应当立即停止。 二是将斯巴鲁株式会社等20家无法核实两用物项最终用户、最终用途的日本实体列入关注名单。列单 后，出口经营者向上述实体出口两用物项，不得申请通用许可或者以登记填报信息方式获得出口凭证； 申请单项许可时，应当提交对列入关注名单实体的风险评估报告，并提供不将两用物项用于一切有助于 提升日本军事实力用途的书面承 ...

（文章来源：第一财经） 据上海海关信息，2026年春节期间（2月15日-2月23日），上海口岸累计进出境旅客113.1万人次，日均 达12.57万人次，日均较2025年春节期间增长2.7%；累计进出境交通工具6316架艘次，日均超700架次， 日均较2025年春节期间增长1.2%。其中，浦东机场口岸进出境航空旅客突破100万人次，上海吴淞口国 际邮轮港进出境邮轮旅客4.8万人次。进出境客流量的增长带动消费热潮，今年春节期间，上海海关累 计验核离境退税5640票，日均达626票，日均票数较2025年春节期间增长3倍。 ...

Core Insights - The 2026 Spring Festival holiday, known as the "longest ever," saw a record high in travel activity, with a significant increase in both traditional homecoming and tourism [1][3] - The trend of "reverse reunion," where young people invite their parents to urban areas for the holiday, has gained popularity, leading to substantial savings on travel costs [4] Group 1: Travel Trends - The overall travel enthusiasm during the Spring Festival reached historical highs, with both major tourist attractions and local county-level destinations experiencing unprecedented visitor numbers [1] - Hotel bookings in non-tourist county areas surged over 60% during the holiday, with specific counties like Anhui's Fuyang and Hunan's Changde seeing booking increases of 140% and 130% respectively [2] - The trend of combining family visits with tourism has become a new standard, with early travel departures observed, particularly on the first day of the festival [3] Group 2: Cultural and Thematic Travel - The three main themes driving domestic tourism during the Spring Festival were traditional cultural experiences, ice and snow tourism, and warm-weather retreats [5][6] - Popular cultural activities included visiting historical cities and participating in traditional events, which attracted significant tourist interest [6] - Ice tourism saw a notable increase, particularly among southern tourists, with destinations like Harbin and other northeastern cities becoming hotspots [6] Group 3: International Tourism - There was a 20% increase in foreign visitors booking domestic flights in China during the Spring Festival, with major cities like Shanghai and Beijing being the top destinations [8] - Foreign tourists are increasingly exploring multiple cities rather than staying in one, with a notable interest in culturally rich and unique local experiences [8]

| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | 目 录 | | 每日报告精选（2026-02-13 09:00——2026-02-24 15:00） 3 | | | --- | --- | --- | |  | 宏观专题：《有多少存款：可供"搬家"》2026-02-22 3 | | |  | 宏观专题：《关税一周年：全球贸易重塑的"真相"》2026-02-22 3 | | |  | 宏观周报：《春节期间：海外有何变化》2026-02-22 4 | | |  | 宏观周报：《新春经济温和修复》2026-02-22 5 | | |  | 宏观快报点评：《特朗普关税被否：后续如何演绎》2026-02-21 5 | | |  | 宏观快报点评：《"K 型分化"的边际收敛》2026-02-21 6 | | |  | 宏观快报点评：《超级核心通胀压力仍存》2026-02-14 7 | | |  | 宏观快报点评：《M2 增速：创新高的背后》2026-02-14 8 | | |  | 策略专题报告：《中国股市上升的关键动力三：中国内需提振的"有力转折"》2 ...

春节假期出行旺盛，航空票价升幅扩大 [Table_Industry] 航空 ——2026 年"春运"系列报告之（四） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | 本报告导读： 2026 年春运需求旺盛，航空客流增幅领跑，且客座率票价同比上升。其中，春节假 期票价升幅扩大，节后趋势或继续向好。叠加油价降低，料春运航司盈利同比改善。 投资要点： [Table_Report] 相关报告 航空《节前将现客流高峰，票价趋势有望向好》 2026.02.14 航空《春运客流逐步启动，官方预期再创新高》 2026.02.02 航空《航空春运预售启动，预计因私需求旺盛》 2026.01.23 航空《春运预售开始启动，预计需求保持旺盛》 2026.01.20 航空《预计元旦假期出游旺盛 ...

当金银铜的价格在狂欢中屡创新高，资金已经开始寻找下一个洼地。 2月22日，长江证券发布了一份长达42页的深度策略报告，抛出了一个极其直白的问题：资源大时代，下一个战略品种在哪里？ 以往，大宗商品价格一涨，企业就会加码建厂扩产，最后产能过剩、价格崩盘。 但现在，时代变了。 长江证券指出，在当下的宏观环境中，"逆全球化地缘主义掣肘出海+双碳管控，催生第二类稀缺资源"。 第二，全球性。需求遍布全球，受益于全球降息和补库周期。 海外降息范式下，金融流动性逐步传导至实体经济修复，全球制造业需求企稳复苏，大宗轮动周期一般为"有色-化工原油"，后续品种空间 值得期待。 第三，最关键的一点，价格在低位，利润高弹性。 换句话说，哪怕现在利润再高，你想扩产也扩不了。 哪些行业正在变成这种"第二类稀缺资源"？报告点名了四个领域：电解铝、化工石化、航空、油运。 它们的共同特征非常明显： 第一，战略性。要么是中国拥有绝对定价权，要么是美国的高精尖垄断产业。 一类是中国具备"全产业链和成本优势"的制造业，并且"成功攫取上游海外原料和下游出口海外两端利润"，形成"供给定价权"的战略制造 （电解铝、化工&石化、油运等）；另一类是美国部分高精 ...

今日早参 2026 年 2 月 24 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：美国高院驳回"特朗普关税"后的波折与推演 继美国国际贸易法院与联邦巡回上诉法院先后裁定"特朗普关税"违法后 （参见《法院裁决能阻止特朗普加征关税吗？》，2025/5/30），当地时间 2026 年 2 月 20 日（周五），美国最高法院判定特朗普依据《国际紧急经济 权力法》（IEEPA）征收的"对等关税"和"芬太尼关税"违法。如我们此前 预测，最高法院判决后，特朗普政府当日提出替代性关税政策，表示将依据 美国《1974 年贸易法》第 122 条在常规关税基础上对全球商品加征 10%的 关税，并很快次日在社交媒体 Truth Social 上表示将对部分国家关税上调至 15%，但未公布具体国家列表（参见《最高法院挑战"特朗普关税"后续如 何？》，2025/11/12）。然而，我们认为特朗普关税风波并不会由此平息，不 仅后续关税政策仍有变数，围绕已征收的大量关税返还的机制和体量也仍悬 而未决。IEEPA 关税被驳回彰显了美国"三权分立"体 ...

春节假期出行旺盛，看好全年表现 华泰研究 2026 年 2 月 24 日│中国内地 动态点评 交通运输 增持 (维持) 证券研究报告 交通运输 | 沈晓峰 | 研究员 | | --- | --- | | SAC No. S0570516110001 | shenxiaofeng@htsc.com | | SFC No. BCG366 | +(86) 21 2897 2088 | | 林霞颖 | 研究员 | | SAC No. S0570518090003 | linxiaying@htsc.com | | SFC No. BIX840 | +(86) 10 6321 1166 | | 黄凡洋，CFA | 研究员 | | SAC No. S0570519090001 | huangfanyang@htsc.com | | SFC No. BQK283 | +(86) 21 2897 2228 | 耿岱琳 联系人 gengdailin@htsc.com +(86) 21 2897 2228 行业走势图 (10) (2) 6 13 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 交通运输 沪深 ...

消息面上，国泰股东特别大会中以99.9968%赞成，通过回购卡塔尔航空所持股份的决议案。据悉，国 泰航空去年11月宣布，将与卡塔尔航空签署回购协议，回购卡塔尔航空持有的全部国泰股份，约占公司 已发行股份总数的9.57%，作价达到69.69亿元。 智通财经APP获悉，国泰航空(00293)早盘涨超4%，截至发稿，涨3.97%，报13.35港元，成交额1.18亿港 元。 根据港交所披露文件，2月12日，Cathay Pacific Airways Limited增持国泰航空6.43亿股普通股股份，每 股均价10.8374港元，价值约69.69亿港元。增持后，Cathay Pacific Airways Limited最新持股数目为6.43 亿股股份，好仓比例由0.00%升至9.56%。 ...

Group 1 - The core investment theme post-Spring Festival revolves around "price increases" and "revaluation of physical assets," particularly in resource, chemical, and midstream manufacturing sectors, leveraging China's pricing power amid global uncertainties [1][2] - The technology sector, particularly driven by AI, remains a key focus, with sub-sectors like computing power, applications, and robotics expected to remain active due to industrial catalysts [1][2] - The recovery of export chains, non-bank financials, and certain consumer and real estate chains are seen as important supplements to market trends under the backdrop of internal and external demand recovery [1] Group 2 - CITIC Securities emphasizes that price increases are a core configuration clue for Q1, with a focus on sectors like chemicals, non-ferrous metals, power equipment, and new energy, while also increasing exposure to undervalued insurance and brokerage stocks [2] - Historical data indicates that February and the period around the Spring Festival are strong for market movements, with small-cap stocks showing a 100% probability of rising from the Spring Festival to the Two Sessions [3] - Guojin Securities highlights the importance of balancing global physical assets against Chinese assets, recommending commodities like copper, aluminum, and oil, as well as sectors with global comparative advantages like equipment exports and domestic manufacturing [4] Group 3 - Industrial sectors experiencing structural price increases due to supply-demand gaps are primarily in midstream materials and manufacturing, with a focus on chemicals, steel, and high-end manufacturing [5] - The potential for recovery in the export chain is noted, particularly in industries with significant exposure to the U.S. market that will benefit from reduced tariffs [5] - The policy uncertainty surrounding tariffs and trade is expected to favor gold as a risk hedge, with market participants anticipating potential shifts in U.S. trade policy [6] Group 4 - Attention is drawn to the post-holiday inventory replenishment in commodities, with a continued positive outlook on technology applications, particularly in semiconductors and AI [7] - Quantum technology is highlighted as a sector receiving dual catalysts from policy and technological advancements, with significant developments in quantum key distribution networks [8] - The AI industry revolution is identified as a key investment theme, focusing on computing power, storage, and applications, with a strong emphasis on the performance of high-growth sectors [9] Group 5 - Localized opportunities are expected in AI applications linked to overseas trends and robotics associated with the Spring Festival, with a cautious approach to market movements anticipated [10] - The current bull market logic remains intact, with a recommendation for investors to maintain confidence despite short-term volatility, focusing on sectors with high securities ratios [11]