证券之星消息，2月24日河南国企改革板块较上一交易日上涨3.41%，森源电气领涨。当日上证指数报 收于4117.41，上涨0.87%。深证成指报收于14291.57，上涨1.36%。河南国企改革板块个股涨跌见下 表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日河南国企改革板块主力资金净流入1.55亿元，游资资金净流出4459.87万元，散 户资金净流出1.11亿元。河南国企改革板块个股资金流向见下表： ...

2月24日，A股三大指数集体上涨。截至收盘，沪指涨0.87%，报4117.41点，深成指涨1.36%，报14291.57点，创业板指涨 0.99%，报3308.26点。从板块行情上来看，今日油服工程板块涨幅居前，其次表现较好的有玻璃玻纤、油气开采、农化制 品、贵金属，元器件，而影视院线、旅游零售、数字媒体、软件开发等板块下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要参考依据。基金经理的变动 很大程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。2.14-2.24日共有49位基金经理发生任职变动。 根据巨灵统计的数据，近30天（1.25-2.24）共有504只基金产品的基金经理发生离职。其中2.14-2.24日有52只基金产品发布 基金经理离职公告，涉及15名基金经理。从变动原因上来看，有4位基金经理是由于个人原因而从管理的16只基金产品中离 职。有9位基金经理是由于工作变动而从管理的32只基金产品中离职。有2位基金经理是由于产品到期而从管理的4只基金 ...

转债个券研究系列 华辰转债 江苏华辰：变压器出海赛道的成长力量 glmszqdatemark | 分析师 | 徐亮 | | --- | --- | | 执业证书： S0590525110037 | | | 邮箱： | xliang@glms.com.cn | | 分析师 | 林浩睿 | | 执业证书： S0590525110039 | | | 邮箱： | linhaorui@glms.com.cn | 相关研究 中国变压器行业在过去十年经历了由稳步增长转向加速腾飞的强势发展历程，其 增长轨迹与全球能源转型和电网投资浪潮高度共振。在 2016-2020 年间出口额从 28.44 亿美元增长到 32.64 亿美元，在此期间，2018 年受全球工业复苏影响取得 9.5% 的较快增长，但 2020 年受公共卫生事件影响出现 2.1%的微幅下滑，整体表现平稳。 从 2021 年开始出口额进入了快速增长的阶段，从 36.72 亿美元上升 至 2025 年的 90.36 亿美元，五年间规模扩张近 2.5 倍，增长势头逐年增强，特 别是 2024-2025 年，在 26.6%的高基数上进一步跃升至 34.9%的惊人增速，显示 ...

Group 1 - The Hang Seng Index fell by 1.93%, dropping 521 points to close at 26,560 points, while the Hang Seng Tech Index decreased by 2.36%. The early trading volume in Hong Kong stocks was HKD 138.7 billion [1] - Major AI companies saw a rebound, with Zhihui (02513) rising over 20% and MINIMAX-WP (00100) increasing by more than 7%. After a profit warning, Kintor Group (00148) rose by 4.5%, while Kintor Laminates (01888) surged over 11% due to rising prices and volumes of copper-clad laminates and upstream materials [2] - Tongguan Gold (00340) increased by over 5%, with expected profit growth of approximately 289% to 298% year-on-year. Dongfang Electric (600875) (01072) rose over 6%, driven by a long-term supply-demand gap in gas turbines and potential export expansion [3] - Changfei Optical Fiber (601869) saw its optical cable stock (06869) rise over 5%, reaching a new high, indicating a sustained upward trend in the optical fiber and cable market [4] Group 2 - China Duty Free Group (601888) (01880) fell over 9%, with a cumulative drop of more than 20% over three days, as institutions stated that the stock price has already reflected the strong performance of Hainan's duty-free sales [5] - Gaming stocks collectively declined, with Macau's average daily gaming revenue during the Spring Festival falling short of expectations, leading Citigroup to lower its February revenue forecast. MGM China (02282) dropped by 4.2% [6] - Insurance stocks experienced a broad decline, with New China Life Insurance (601336) (01336) falling over 5%, as insurers may face short-term profit fluctuations due to investment volatility in Q4 [7] - Maoyan Entertainment (01896) dropped over 7%, reaching a nine-month low, attributed to weak box office performance during this year's Spring Festival [8]

截至发稿，姚晨曦累计任职时间10年317天，现任基金资产总规模19.48亿元，任职期间最佳基金回报 89.22%， 任职期间最差基金回报-35.91%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，中海基金旗下1只基金重仓特变电工。中海环保新能源混合（398051）四季度减持39.85万 股，持有股数115.61万股，占基金净值比例为3.13%，位居第四大重仓股。根据测算，今日浮盈赚取约 167.63万元。 中海环保新能源混合（398051）成立日期2010年12月9日，最新规模8.22亿。今年以来收益14.26%，同 类排名548/8994；近一年收益62.51%，同类排名837/8199；成立以来收益171.1%。 中海环保新能源混合（398051）基金经理为姚晨曦。 2月24日，特变电工涨5.04%，截至发稿，报30.20元/股，成交44.28亿元，换手率2.96%，总市值1525.94 亿元 ...

南方财经 21世纪经济报道记者郑青亭、实习生陈俊康报道 马年新春的喜庆气氛尚未散去，又一位七国集团（G7）领导人即将开启访华行程。 2月23日，外交部发言人宣布，德国总理默茨将于2月25日至26日对中国进行正式访问。这不仅是默茨就 任总理后的首次中国之行，更被视为观察中德关系能否在复杂多变的国际格局中重回务实、稳健发展轨 道的关键节点。 据央视新闻，就在启程前夕，默茨2月17日在社交媒体平台X送上马年新春祝福。他表示，当前中国和 亚洲许多地区正在庆祝马年新年的开始，愿马年"为德中关系注入力量，注入新动力"。这份特意选在中 国农历正月发出的祝福，既表达了对东道主文化的尊重，也为即将展开的访问增添了一抹温情。 对于此次访问，中德双方均给予高度关注与重视。据中国外交部消息，2月14日，正在德国出席第62届 慕尼黑安全会议的中共中央政治局委员、外交部长王毅便已为此次高层互动提前铺路。王毅表示，中德 加强合作是基于两国现实需求的战略选择，愿推动中德全方位战略伙伴关系迈上新水平。 事实上，中德经贸关系的韧性在数据中得到了充分印证。德国联邦统计局最新数据显示，2025年德国对 华贸易额达2530亿欧元，同比增长约2.7%。 ...

当下全球格局中，美国的关税政策反复无常，早已让曾经的盟友德国看清了现实：所谓的盟友情谊，在 利益面前不堪一击。 当地时间2月18日，德国总理默茨公开通告全球，将于下周开启访华行程，核心就是要寻求与中国的深 度合作，为德国寻找新的发展出路。 与此同时，德国前总理默克尔或将复出的传闻也悄然发酵，引发各界广泛关注。 小李发现，这两件事凑到一起，恰恰暴露了德国当下的处境与诉求，默茨此次访华，到底要寻求怎样的 合作来破解德国的困境？默克尔真的会复出吗？ 美国靠不住？ 曾经德国与美国是紧密的盟友，双方在贸易、外交等多个领域保持着密切合作，德国也一度将美国视为 最可靠的伙伴。 但近年来，美国的一系列操作，彻底打破了这份"信任"，让德国逐渐意识到，美国从来都不是可以长期 依靠的对象。 最直接的冲击，就是美国的关税政策。 2月20日报道，美国最高法院裁定特朗普政府此前依据相关法律实施的大规模关税违法，但特朗普随即 又签署行政令，计划对全球所有国家和地区的商品加征10%的关税，继续挥舞关税大棒搅乱全球贸易秩 序。 德国作为典型的出口导向型国家，经济高度依赖外贸和制造业，美国的关税政策直接冲击到德国的核心 利益，不少德国企业因此遭 ...

其中，德国从中国进口了价值139亿欧元的机械设备，同比增长11.6%；电气设备的进口增幅更为显 著，增长14.8%，达到328亿欧元；而数据处理设备、电子和光学产品在德国从中国的进口商品中占比 最大，进口额增长4.9%，达到509亿欧元。 另一方面，德国对中国出口额为813亿欧元，比上一年减少9.7%。 【文/观察者网 齐倩】 当地时间2月20日，德国联邦统计局网站最新数据显示，2025年，中国超越美国，再次成为德国最重要 的贸易伙伴。中国在2016年至2023年期间一直是德国最大贸易伙伴，但这一地位在2024年被美国取代。 根据数据，2025年，德国与中国双边进出口总额达2518亿欧元，较前一年增长2.1%；而德美贸易额则 因关税争端下降了5%，至2405亿欧元。荷兰是继中美之后的德国第三大贸易伙伴。 自2015年以来，中国一直是德国最重要的进口供应国。2025年，大部分德国进口商品来自中国，总价值 达1706亿欧元。这一数字比上一年增长了8.8%。 "最新的贸易数据反映了德国工业日益受到地缘经济格局变化的影响，"德国宏观经济与商业周期研究所 （IMK）科学主任塞巴斯蒂安·杜利恩向德国NTV电视台表示，"中 ...

Group 1 - In 2025, China's foreign trade showed strong resilience, with total exports reaching a historical high, growing by 5.5% year-on-year, despite a complex external environment [1][57] - China's trade surplus exceeded $1 trillion for the first time, marking a significant increase of 19.8% year-on-year [1][57] - The net export of goods and services contributed 1.64 percentage points to GDP growth, the second-highest level since 2007, only behind 2021 [3] Group 2 - The diversification of external demand has strengthened, with emerging markets compensating for the decline in exports to the US, which fell by 19.79% year-on-year [6] - Exports to ASEAN, Africa, and the Middle East saw significant growth rates of 25.9%, 13.64%, and 9.7% respectively, contributing positively to the overall export scale [6] - The share of US exports in China's total exports decreased by 3.53 percentage points to 11.15% [6] Group 3 - The product structure of China's foreign trade is shifting towards higher value chains, with high-end products like electrical machinery, machinery, automobiles, and ships being the main export drivers [8] - Traditional light industrial products such as furniture and toys have seen a decline in export scale due to tariff friction and industrial chain relocation [8] Group 4 - The restructuring of global supply chains is creating significant opportunities for Chinese companies, with a notable increase in the number of Chinese enterprises establishing production capacities abroad, reaching 229 in 2025, nearly doubling from 2024 [18] - ASEAN, Mexico, and India are the primary destinations for Chinese production capacity outflows, with ASEAN covering a wide range of industries [18] Group 5 - The AI expansion cycle is a core focus in the Chinese capital market, with significant growth expected in AI computing hardware, supported by macro investment scales and healthy balance sheets of major tech companies [29][30] - The capital expenditure of major cloud service providers is projected to increase significantly, reflecting strong demand for AI computing [35] Group 6 - Cultural and technological value output is becoming a major trend for Chinese enterprises going abroad, with significant growth in IP exports and innovative products in sectors like gaming and new dining [39][41] - The Chinese innovative pharmaceutical sector is increasingly integrated into the global supply chain, with more products commercialized in the US and Europe [41] Group 7 - Key sectors with strong overseas expansion opportunities in 2026 include new energy (batteries, grid equipment), machinery, TMT (technology, media, telecommunications), and innovative pharmaceuticals [46] - The gaming industry is also highlighted for its potential, with significant overseas revenue growth expected [49]

Core Viewpoint - The Hong Kong stock market experienced a collective decline on the first trading day of the Year of the Horse, with significant interest in robotics stocks following their appearance at the Spring Festival Gala, which led to a strong performance in this sector [1][5]. Market Performance - The Hang Seng Index fell by 0.6%, the Hang Seng Tech Index dropped by 2.28%, and the Hang Seng China Enterprises Index decreased by 0.59% [1]. - Major tech stocks faced pressure, with Baidu Group-SW down 5.67%, Kingdee International down 5.47%, Bilibili-W down 5.12%, and JD Health down 5.03%. Alibaba-W also saw a decline of 3.75% [3][1]. Sector Highlights - Robotics stocks surged, with notable gains including Yujian up over 19%, Suten up over 9%, and UBTECH and Sanhua Intelligent Control both up over 6% [5]. - The electric equipment sector also performed well, with China High-Speed Transmission up over 17%, Shanghai Electric up over 6%, and Harbin Electric up over 4% [7][9]. - The semiconductor sector saw fluctuations, with Lanke Technology rising nearly 2% before retreating, while Tensu Zhixin fell over 6% after reaching a historical high [9]. Investment Recommendations - Haitong Securities suggests focusing on three key areas for future investments: 1. Semiconductor hardware, particularly storage, which is expected to benefit from ongoing global demand [10]. 2. Specialty consumption sectors, such as dining and innovative pharmaceuticals, which are anticipated to see improved market conditions [10]. 3. The electric equipment sector, driven by the need for upgrades in power systems and the influx of passive funds following the inclusion of CATL in the Hang Seng Index [10].