Group 1 - The core viewpoint of the news is that Shan Jin International (000975) has shown significant financial growth in its recent quarterly report, with a notable increase in both revenue and net profit [2] - As of February 24, 2026, Shan Jin International's stock closed at 30.71 yuan, reflecting a 4.0% increase, with a trading volume of 374,600 hands and a total transaction amount of 1.152 billion yuan [1] - The company reported a main revenue of 14.996 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 24.23%, and a net profit attributable to shareholders of 2.46 billion yuan, up 42.39% year-on-year [2] Group 2 - In the third quarter of 2025, Shan Jin International achieved a single-quarter main revenue of 5.75 billion yuan, which is a 3.3% year-on-year increase, and a net profit of 864 million yuan, reflecting a 32.43% increase year-on-year [2] - The company has a debt ratio of 19.16%, with investment income of 10.58 million yuan and financial expenses of 30.25 million yuan, resulting in a gross profit margin of 28.39% [2] - Over the past 90 days, four institutions have provided ratings for the stock, with three giving a "buy" rating and one an "increase" rating, while the average target price set by institutions is 26.75 yuan [2]

巴克莱将力拓欧股目标价从6,885便士下调至6,600便士，评级从"增持"下调至"持股观望"。分析师认 为，铁矿石价格已接近季节性峰值，通常价格会逐步下跌直至第四季度，这意味着力拓的盈利动能可能 从此减弱。 ...

一般在 A 股春节休市期间，外围走势都偏好，但一开市，就开始砸盘，港股也是如此，今天跌 1.82％ ，A 股整体还好，顶住了压力，但跳空缺口也是较大隐忧。 梳理一下港股春节的表现：首先炒了机器人，如越疆(02432)大涨了近 24％ ，不过，两天就打回了原 形。原因是春晚机器人虽然比上一次进步了很多，但更多的是带表演性质，都是按照固定的程序在走， 而离真正的进入 C 端，还差老远，大脑不解决，始终还无法大规模进入家庭。这需要时间，因此热闹 之后回归理性，砸盘就变成必然。再是大模型的智谱(02513)，其新一代旗舰模型 GLM-5 确实给力，极 大拉小了和 Claude Opus 4.6 之间的距离，还有一个MINIMAX-WP(00100)：MiniMax M2.5 以 2.45 万亿 token 空降榜首。这都是硬实力，在调整一天后今天继续上涨。 2 月 20 日，美国最高法院裁决，美国政府援引《国际紧急经济权力法》（IEEPA）所实施的关税措施， 缺乏明确法律授权。宣布终止一系列关税措施。美国政府不可能就这样暂停，最新应对是援引《1974 年贸易法》第 122 条，特朗普 21 日宣布对输美商品征收的 " ...

2026年开年以来，随着创新成果的商业化落地及全球化运营的深入，复星国际核心主业延续了此前 强劲的增长势头，在文旅、消费、创新药等赛道迎来新突破。 文旅消费作为复星的核心主业之一，马年春节期间多条产品线展现了出强劲的增长势头。其中，上 海豫园商城新春假期累计接待客流近120万人次，同比提升超20%；Club Med国内五家精致"一价全 包"度假村春节核心假期六日平均入住率达90%；三亚·亚特兰蒂斯春节假期九日总营业额突破1.24亿 元，同比增长20%，创下历史最佳春节表现。 与此同时，春节期间，复星的创新药赛道也好消息不断。旗下的生物医药研发平台复宏汉霖宣布其 研发的HLX15-SC（重组抗CD38全人单克隆抗体注射液-皮下注射）1期临床试验申请分别获中国国家药 监局批准和美国食品药品管理局（FDA）批准。据了解，HLX15是达雷妥尤单抗生物类似药，目标市 场潜力较大，2024年全球销售额约128.8亿美元。而在2月22日，中国首个自主研发的利妥昔单抗生物类 似药——汉利康迎来上市七周年，该药曾一举填补了国产CD20单抗的空白，作为复星医药"十年磨一 剑"的成果，其标志着中国生物药研发迈出了从跟随到并跑的关键 ...

指引。(格隆汇) 格隆汇2月24日｜昨日收涨1.68%的智利矿业化工(SQM.US)今日美股盘前续涨2.23%，报74.7美元。消息 面上，在全球供应过剩局面逐步缓解之际，智利矿业化工与智利国家铜业公司(Codelco)的锂业合作项目 去年生产的锂略高于此前预测。据悉，双方的合资企业NovaAndino Litio SpA在2025年生产了23.3万吨 碳酸锂当量，这一产量高于2024年水平，也略高于智利矿业化工在去年11月给出的"接近23万吨"的最新 | SQM 智利矿业化工 | | | | --- | --- | --- | | 73.070 + +1.210 +1.68% | | 收盘价 02/23 16:00 美东 | | 74.700 + 1.630 +2.23% | | 盘前价 02/24 04:56 美东 | | ■ 24 5 ~ 9 同 0 自选 | | ● 快捷交易 | | 最高价 73.240 | 开盘价 71.990 | 成交量 74.84万 | | 最低价 71.080 | 昨收价 71.860 | 成交额 5424.01万 | | 平均价 72.471 | 市盈率 TM 12.91 ...

文旅消费作为复星的核心主业之一，马年春节期间多条产品线展现了出强劲的增长势头。其中，上海豫 园商城新春假期累计接待客流近120万人次，同比提升超20%；Club Med国内五家精致"一价全包"度假 村春节核心假期六日平均入住率达90%；三亚·亚特兰蒂斯春节假期九日总营业额突破1.24亿元，同比增 长20%，创下历史最佳春节表现。 与此同时，春节期间，复星的创新药赛道也好消息不断。旗下的生物医药研发平台复宏汉霖宣布其研发 的HLX15-SC（重组抗CD38全人单克隆抗体注射液-皮下注射）1期临床试验申请分别获中国国家药监局 批准和美国食品药品管理局（FDA）批准。据了解，HLX15是达雷妥尤单抗生物类似药，目标市场潜 力较大，2024年全球销售额约128.8亿美元。而在2月22日，中国首个自主研发的利妥昔单抗生物类似药 ——汉利康迎来上市七周年，该药曾一举填补了国产CD20单抗的空白，作为复星医药"十年磨一剑"的 成果，其标志着中国生物药研发迈出了从跟随到并跑的关键一步。 创新药等进入密集收获期，创新引擎动力强劲 2025年，复星的创新研发以肉眼可见的速度推进，尤其以创新药为代表，已取得了全球范围内的商业落 地 ...

21世纪经济报道记者董鹏 2月24日早盘，中国中铁迅速涨停。 此次异动，源于春节期间其H股的大幅上涨，使得本就处于五年低位的A/H溢价率进一步走低，并在节后刺激其A股出现涨停。 Wind数据显示，节前最后一个交易日，中国中铁A/H溢价率已经降至1.39倍，为2020年7月以来的最低值，而在A股休市期间，其H股又取得了11.5%左右的 涨幅，促使中国中铁节后首日涨停。 而更深层次的原因，则是中国中铁极为明显的估值优势。作为一家营收过万亿、利润稳定在300亿级别的巨无霸，中国中铁此前A股总市值不过1350亿元左 右。 在2025年A股上涨行情中，公司股价反而出现一定幅度的下跌，并且长期处于"破净"状态，2025年至今其市净率始终保持在0.5倍以下。 H股股价大涨助推A股估值 春节前后，中国中铁的基本面并无明显变化，仅有部分卖方机构关注到公司的矿业权竞拍事件。 2月12日，内蒙古兴安盟自然资源局公示，科尔沁右翼前旗复兴屯银铅锌多金属矿1区探矿权，以78.7亿元的价格由中金（兴安盟）矿业有限公司竞得。 中金（兴安盟）矿业有限公司，为中国中铁旗下参股企业，后者通过子公司中铁资源集团持有其30%股权。 对此中信建投发布研 ...

Codelco持有NovaAndino锂资产的控股权，而智利矿业化工负责智利北部广阔的阿塔卡马盐沼的运营。 NovaAndino拥有全球最大的盐湖卤水锂资源来源。该公司押注低成本优势以及电池需求的乐观前景， 正在扩大产能，目标是在未来几年将产量提高约30%。NovaAndino首席执行官Carlos Díaz上月表示，年 产量将在本十年末前逐步提升至30万吨。 在全球供应过剩局面逐步缓解之际，智利矿业化工(SQM.US)与智利国家铜业公司(Codelco)的锂业合作 项目去年生产的锂略高于此前预测。据悉，双方的合资企业NovaAndino Litio SpA在2025年生产了23.3 万吨碳酸锂当量，这一产量高于2024年水平，也略高于智利矿业化工在去年11月给出的"接近23万吨"的 最新指引。 与此同时，NovaAndino董事长Máximo Pacheco表示，Codelco与力拓集团(RIO.US)在马里昆加 (Maricunga)的锂业合作项目，仍在等待反垄断审批，之后才能签署股东协议。他还表示，Codelco去年 在智利矿山生产了133万吨铜，资本支出达到创纪录的52.8亿美元。他补充称，由于规模和 ...

Report Summary 1. Report's Industry Investment Rating No relevant information provided. 2. Core Viewpoints - Global financial markets are affected by multiple factors including geopolitical tensions, tariff policies, and corporate earnings, leading to significant fluctuations in various asset classes. For example, the US stock market declined due to Trump's tariff plan and EU's suspension of the trade - agreement approval, while the precious metals market rose due to increased risk - aversion [5][6]. - The energy market is influenced by the Iran - US nuclear negotiation, with expectations of increased Iranian oil supply putting downward pressure on oil prices [7]. 3. Summary by Directory Overnight Night - Market Trends - **Stock Markets**: US major indices (Dow, S&P 500, Nasdaq) fell, with IBM and American Express leading the decline. European indices (DAX, CAC40, FTSE 100) also closed lower. The reasons include Trump's tariff plan and EU's suspension of trade - agreement approval [5]. - **Precious Metals**: COMEX gold and silver futures rose due to increased risk - aversion from geopolitical tensions, tariff policy changes, and other factors [6]. - **Energy**: US crude oil and Brent oil futures fell as the Iran - US nuclear negotiation showed signs of progress, increasing the expectation of more Iranian oil supply [7]. - **Base Metals**: Most London base metals declined, except for LME tin which rose [7]. Important News Macro News - Shanghai Export Container Settlement Freight Index for European routes dropped 2.1%. The US will stop collecting certain illegal tariffs. There is still a risk of US military strikes against Iran. India postponed a trade delegation plan. China is assessing the impact of US tariff rulings and urges the US to cancel unilateral tariffs. The EU suspended the approval of a trade agreement with the US. The Trump administration is considering new "national security tariffs" [9][11]. Energy Futures - Saudi Aramco sold condensate oil. Methanol supply in Southeast Asia is restricted due to planned maintenance. Goldman Sachs and Morgan Stanley have different forecasts for oil prices, with Goldman Sachs raising price forecasts for Q4 2026 and 2027, and Morgan Stanley expecting a short - term increase followed by a decline [14][16][18]. Metal Futures - The US energy storage market is expected to grow 21%. Lebanon may sell part of its gold reserves. UBS is positive on gold, with a target price of $6200/ounce [20][21]. Black - Series Futures - China's iron ore arrivals decreased, but global iron ore shipments increased. Vietnam plans to build a large - scale steel plant. The blast furnace capacity utilization rate of Chinese pig - iron enterprises decreased, and inventory increased [23][25]. Agricultural Products Futures - Malaysian palm oil production and exports decreased in February. Argentina's soybean moisture conditions improved, and the production forecast remains unchanged [27][28]. Financial Markets Financial - 143 companies have submitted IPO applications in the Hong Kong stock market in 2026. Deloitte predicts a better performance in the Hong Kong IPO market this year [30]. Industry - Payment transactions on Chinese New Year's Eve increased. The real - estate market may show more stabilization signals. China's AI governance system is maturing [31]. Overseas - The US may adjust tariff application methods and continue steel - aluminum tariffs. The Fed has about 75 basis - points to reach the neutral rate. India plans to invest $200 billion in AI. The Australian central bank may tighten policy. UK unemployment reached a new high [32][34][35]. International Stock Markets - US and European stock markets rose, while the Japanese market fell. High - end companies made significant stock - position adjustments. The UK may adjust accounting rules to attract Chinese companies. Australia simplifies corporate governance rules. Some companies announced major transactions or reported good earnings [36][38][41]. Commodities - Precious metals, oil, and most base metals futures fell due to factors such as progress in the Iran - US nuclear negotiation and reduced risk - aversion [43]. Bonds - US Treasury yields had mixed changes. Japanese bonds rose, and the 2029 fiscal - year bond issuance may increase [45]. Foreign Exchange - The US dollar index rose slightly, and most non - US currencies fell [46]. Upcoming Economic Data and Events - **Economic Data**: Include Japan's trade balance, UK's inflation and housing - price index, US's new - home construction, and other data [48]. - **Events**: New Zealand's central - bank rate decision, European Central Bank officials' speeches, and the Fed's release of meeting minutes [50]. - **Market Closures**: Chinese, South Korean, and Vietnamese stock markets are closed due to the Spring Festival [52].

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2026-02-24 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-02-14 | 2026/01 | 社会融资规模:当月值 | 亿元 | 72208 | 8178 | 70546 | | 2026-02-13 | 2026/01 | M0:同比 | % | 2.7 | 10.6 | 17.2 | | 2026-02-13 | 2026/01 | M1:同比 | % | 4.9 | 6.2 | ...