1. Report Industry Investment Rating There is no information provided in the text about the report industry investment rating. 2. Core Viewpoints of the Report - In the fourth week of February, the post - Spring Festival resumption of work was not weak. The construction site resumption rate and labor attendance rate were higher than those in the same lunar period of 2025, likely due to the approaching end - of - quarter month after the Spring Festival [5][30]. - In terms of inflation, food prices declined after the Spring Festival. The 200 - index of agricultural product wholesale prices and the wholesale price index of vegetable basket products decreased by 1.72% and 1.96% respectively [5][10]. - Regarding exports, the freight volume weakened significantly during the holiday week, but the year - on - year figures for January - February were high, and export readings were expected to be good [5][11]. - For investment, the downstream construction site resumption rate was 1 - 2 percentage points higher than the same lunar period. It was expected that the resumption of work would accelerate further by early March, while the demand for investment products such as cement and rebar had not significantly recovered, mainly characterized by accelerated inventory accumulation [5][30]. - In the real estate sector, the post - holiday transactions of new and second - hand houses accelerated. Attention should be paid to the boosting effect of Shanghai's "Seven Measures" on the "Little Spring" market in March [5][30]. - For the bond market, the short - term repair slope of investment resumption and transaction rhythm needed to be closely monitored. The resumption of work was expected to accelerate further by early March, and the "Seven Measures" might lead to a concentrated release of second - hand housing transaction demand. The policy expectations of the Two Sessions were likely to be favorable to the bond market [5][31]. 3. Summary according to the Directory (1) Inflation - related: Food prices fell after the Spring Festival - The average wholesale price of pork in the country decreased by 1.39% compared with the week before the holiday, and the price of vegetables decreased by 2.9% compared with before the holiday. The 200 - index of agricultural product wholesale prices and the wholesale price index of vegetable basket products decreased by 1.72% and 1.96% respectively [10]. (2) Import and export - related: Export volume in February decreased slightly month - on - month but remained high year - on - year - The CCFI index decreased by 4.0% month - on - month, while the SCFI index increased by 6.5%. During the Spring Festival holiday week from February 16th to 20th, the port container throughput and cargo throughput decreased by 13.6% and 21.8% respectively month - on - month, and 5.5% and 23.6% respectively year - on - year. The monthly average in February increased by 19.3% and 15.1% respectively year - on - year [11]. - The BDI index increased by 2.9% month - on - month, and the CDFI index increased by about 7.5% compared with before the holiday [11]. (3) Industry - related: Industrial production resumed work slightly slowly - The price of thermal coal at Qinhuangdao Port increased by 1.9% week - on - week. Industrial demand recovered, downstream replenishment willingness increased, and supply was tight, pushing up coal prices [16]. - The spot price of rebar remained stable, and the social inventory of rebar increased by 14.7% week - on - week, with the social inventory of major steel products increasing by 26.3% [16]. - The asphalt plant operating rate decreased by 0.3 percentage points to 21.4% compared with the week before the holiday, and the resumption of work was slow after the holiday [2][16]. - The average price of copper in the Yangtze River Non - ferrous Metals market increased by 0.6% week - on - week. The glass futures price decreased compared with before the holiday, and inventory accumulation pressure still existed [18]. (4) Investment - related: Second - hand housing transactions increased after the Spring Festival - The cement price index decreased by 0.4% compared with before the holiday. As of February 25th, the national construction site resumption rate was 8.9%, 1.5 percentage points higher than the same lunar period, and the labor attendance rate was 15.5%, 3.7 percentage points higher than the same lunar period [20]. - The transaction area of new houses in 30 cities increased by 25.8% week - on - week. As of February 27th, the 7 - day rolling sum of new house transaction area in 30 cities was 769,600 square meters, a year - on - year increase of 48.1% [23]. - The transaction area of second - hand houses in 17 cities increased by 107.4% week - on - week. As of February 27th, the 7 - day rolling sum of second - hand housing transactions was 61,300 square meters, a year - on - year increase of 31.5% [23]. (5) Consumption: Post - holiday travel enthusiasm continued to rise, and international oil prices rose slightly - Affected by the resumption of work, the subway passenger volume in 29 cities increased by 24.8% week - on - week. As of February 27th, the travel volume increased by 28.9% year - on - year according to the Baidu Migration Index [4][25]. - As of February 27th, Brent crude oil and WTI crude oil prices increased by 1.0% and 0.8% respectively compared with last Friday, and the upward trend continued [4][29].

供给收缩叠加大宗叙事，持续看好煤炭板块表现 煤炭 证券研究报告/行业定期报告 2026 年 02 月 28 日 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 20,999.46 | | 行业流通市值(亿元) | 20,568.53 | 布局弹性标的》2026-02-07 有望上行推荐弹性》2026-02-07 2026-02-02 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 202 ...

| 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601001 | 晋控煤业 | 16.95 | 1.68 | 1.01 | 1.32 | 10 | 17 | 13 | 推荐 | | 600546 | 山煤国际 | 11.79 | 1.14 | 0.67 | 1.17 | 10 | 18 | 10 | 推荐 | | 601699 | 潞安环能 | 14.89 | 0.82 | 0.74 | 1.01 | 18 | 20 | 15 | 推荐 | | 600348 | 华阳股份 | 10.09 | 0.62 | 0.47 | 0.67 | 16 | 21 | 15 | 推荐 | | 600188 | 兖矿能源 | 17.72 | 1.44 | 0.94 | 1.18 | 12 | 19 | 15 | 推荐 | | 6010 ...

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、 ...

证券研究报告 | A 股策略周报 | 中国策略 本周市场继续偏强震荡，主要宽基指数明显分化。展望后市，考虑到当前市场主线并 不彰显、"炒后排"特征明显，我们认为后市仍有横盘震荡、继续夯实的需要；从主要 宽基指数走势看，市场趋势性机会或在三月中旬之后，在此之前大概率呈现"三角形 震荡"走势。恒生科技指数受部分权重股影响走势趋弱，需密切关注 20 月线和 500 天 线得失。配置方面，基于"主线不彰震荡未完，趋势机会静待 3 月"的判断，我们建 议：择时方面，中线仓维持当前持仓弹性，多看少动、等待趋势性机会，短线仓适当 选择后排低位品种、快进快出；行业方面，继续持有相对低位的证券、建材、银行等， 增加对石油石化行业事件性机会的关注；个股方面，优先选择在"924 行情"以来涨 幅落后、具有补涨潜力且能站上年线的个股，适当关注周期性行业中涨幅相对落后的 "后排品种"。 ❑ 本周（2026-02-24 至 2026-02-27）行情概况 （1）主要指数：市场继续偏强震荡，主要宽基指数明显分化。（2）板块观察： 有色反弹策动周期，传媒消费金融走弱。（3）市场情绪：两市成交额明显放大， 股指期货大多升水。（4）资金流向：两 ...

行 业 研 究 4022 煤炭 2026 年 02 月 28 日 内外煤倒挂，煤价仍有上行动能 投资要点： 动力煤 行 业 定 期 报 告 截至 2 月 27 日，秦港 5500K 动力末煤平仓价 745 元/吨，周环比 +18 元/吨，内蒙古、山西、陕西产地价持平。截至 2 月 27 日，动力 煤 462 家样本矿山日均产量 491.4 万吨，环比+51.5 万吨，年同比 +11.7%。本周电厂日耗大涨，电厂库存微跌，动力煤库存指数微跌， 秦港库存小涨，截至 2 月 9 日，动力煤库存指数为 173.6（-0.6）。非 电方面，甲醇、尿素开工率分别为 92.8%（持平）和 93.2%（持 平），仍处于历史同期偏高水平。 焦煤 截至 2 月 27 日，京唐港主焦煤库提价 1660 元/吨，周环比持平， 山西产地价大跌，河南产地价持平、安徽产地价格持平。截至 2 月 27 日，523 家样本矿山精煤日均产量 64.9 万吨（+19 万吨），年同比- 11.4%，523 家样本矿山精煤库存 264.7 万吨（-2.5 万吨），年同比- 30.6%；截至 2 月 27 日，中国日均铁水产量 257.7 万吨（+6 ...

策 略 研 究 春节旅游景气提升，科技和资源涨价 [Table_Authors] 方奕(分析师) 春节中观景气跟踪 本报告导读： 2026 年超长春节假期提振出行需求，春运客流显著提升，但居民消费内生动能仍偏 弱；存储等科技硬件及化工/有色等资源品延续涨价。 投资要点： 策略研究 /[Table_Date] 2026.02.28 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@gtht.com | | 登记编号 | S0880125070014 | | | 张逸飞(分析师) | | | 021-38038662 | | | zhangyifei@gtht.com | | 登记编号 | S0880524080008 | [Table_Report] 相关报告 外资延续流入，公募新发积极 2026.02.24 主动外资加速流入 A 股与港股 2026.02.10 成交活跃度下降，万得全 A 估值微 ...

【东财策略】每日复盘20260227 一、市场概况 2月27日A股结构分化，三大指数涨跌不一。 截至收盘，沪指涨0.39%收报4162点，深证成指跌0.06%，创业板指跌1.04%；两市成交额2.49万亿，较昨日放量超 500亿。 全天上涨3271家，下跌2068家。 二、行业表现 分行业看，申万一级行业中，涨幅前五位是钢铁（+3.37%）、煤炭（+3 【东财策略】每日复盘20260227 一、市场概况 2月27日A股结构分化，三大指数涨跌不一。 截至收盘，沪指涨0.39%收报4162点，深证成指跌0.06%，创业板指跌1.04%；两市成交额2.49万亿，较昨日放量超 500亿。 全天上涨3271家，下跌2068家。 二、行业表现 三、市场要闻 1）中国央行27日发布消息称，为促进外汇市场发展，支持企业管理好汇率风险，决定自2026年3月2日起，将远期 售汇业务的外汇风险准备金率从20%下调至0。 2）据中国载人航天工程办公室消息，2026年将深入贯彻落实"十五五"规划部署，深化推进空间站应用与发展和载 人月球探测两大任务。 计划实施2次载人飞行任务、1次货运飞船补给任务，来自港澳地区的航天员有望最早于今年执 ...

国家统计局： 2025全年全国国有建设用地供应总量47.1万公顷，比上年下降22.2%。其中，工矿仓储用 地13.8万公顷，下降10.8%；房地产用地6.2万公顷，下降14.4%；基础设施用地27.2万公顷，下降 28.4%。 煤炭消费量占能源消费总量比重为51.4%，比上年下降1.8个百分点；天然气、水电、核电、风电、太阳 能发电等清洁能源消费量占能源消费总量比重为30.4%，上升1.8个百分点。 初步测算，扣除原料用能和非化石能源消费量后，全国万元国内生产总值能耗比上年下降5.1%。全国 碳排放权交易市场碳排放配额成交量2.35亿吨，成交额146.3亿元。 全年完成造林面积356万公顷，其中人工造林面积83万公顷，占全部造林面积的23.2%。种草改良面积 493万公顷。截至年末，共有国家公园5个。 初步核算，全年能源消费总量61.7亿吨标准煤，比上年增长 3.5%。煤炭消费量增长0.1%，原油消费量增长3.6%，天然气消费量增长2.0%，电力消费量增长5.0%。 重点耗能工业企业单位电石综合能耗下降0.7%，单位合成氨综合能耗下降2.3%，吨钢综合能耗上升 1.9%，单位电解铝综合能耗下降0.9%，每千瓦 ...

初春时节，记者来到贵州林华煤矿，只见工作人员在地面集控中心的电脑上点击启动按钮，位于地 下数百米的智能化采煤设备开始飞速运转，素有"工业粮食"之称的煤炭被源源不断地开采出来。 林华煤矿是贵州有序推进煤矿智能化改造的一个缩影。近年来，贵州省坚持因地制宜、先易后难原 则，大力推进5G、人工智能等新兴技术运用，推动贵州煤矿逐步实现从"传统开采"到"智能开采"的蝶 变，传统煤炭产业焕发出新的勃勃生机。 从"人控"到"数控"的跃升 走进位于贵州省金沙县的贵州林华矿业有限公司林华煤矿安全生产调度中心，只见墙上的巨大曲面 屏和室内电脑上，煤矿的各项设备数据、监控画面实时显示，矿井下的生产情况、设备运行状况一目了 然。 在林华煤矿安全生产调度中心的井下集控操控室，林华煤矿年轻员工范美杰和王程成在工位上操作 电脑，就可以启动井下的采煤机、皮带运输机等设备。 与"煤矿工人"给人的传统印象不同，范美杰不但衣着干净整洁，而且还拥有高等教育经历。"一开 始想着来煤矿工作肯定会下井。"范美杰说，工作后，才发现这个煤矿的工作环境早已今非昔比。 例如，通过工人佩戴的智能矿灯，就能实现人员定位、实时通话等功能，调度指挥更加方便快捷。 远程集控 ...