我们不是资讯的搬运工 而是有态度的发现者 万和财富早班车 2026年2月27日 | 品种 | 收盘 | 涨跌幅 | 品种 | 收盘 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 上证指数 | 4146.63 | -0.01 % | 上证当月连续 | 3034.6 | -0.77% | | 深证成指 | 14503.79 | 0.19% | 沪深当月连续 | 4712.2 | -0.40% | | 创业板指 | 3344.98 | -0.29% | 恒生期货指数 | 33903.42 | -1.42% | 一、宏观消息汇总 1。央行26日开展3205亿元7天期逆回购操作，因有4000亿元14 天期逆回购到期，实现净回笼795亿元 2。商务部回应近期将举行的第六轮中美经贸磋商， 中美双方通 过中美经贸磋商机制，在各层级持续保持沟通 3。《中华人民共和国和德意志联邦共和国联合新闻声明》发布, 双方同意继续开展中德气候变化与绿色转型对话 二、行业最新动态 1. 高端白酒动销超预期，行业底部企稳趋势明朗，相关个股: 贵州茅台(600519)、五粮液(000858)等 2 ...

虽然科技主线仍有望延续，但从盘面表现看，板块和热点轮动加速，普通投资者若想跟上行情却并未易 事。同时科技板块高波动性和高不确定性并存，且行业内部细分领域众多，不同领域的发展节奏和盈利 能力差异较大，进一步增加了投资难度。而公募基金公司拥有专业的投研团队，具备更为丰富的行业知 识和投资经验，能够深入研究科技行业趋势，筛选优质标的，降低投资者的信息不对称风险。从2025年 度表现看，多只科技方向的基金把握结构性行情实现收益翻倍。其中汇安基金旗下的汇安成长优选混合 A（005550）聚焦科技成长链条，该基金以139.91%的年度收益（同期业绩比较基准10.98%）在同期可 比的2272只灵活配置型基金中高居第4名。 立足当下，汇安成长优选混合基金经理单柏霖强调："产业浪潮依旧汹涌，我们正处于一轮巨大的科技 大周期之中，AI 推理带来的算力革命才刚刚开始"。回顾2025年四季度，单柏霖及其团队基于第一性原 理——"AI推理时代的算力重心将从 连接转移至存储"，对汇安成长优选混合基金进行了前瞻性的结构 性调整。一方面对前期涨幅较大、交易拥挤度较高的海外算力（光模块、PCB等）仓位进行了局部仓位 战术性获利了结。单柏霖分 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

据"北京亦庄"官方消息，近日，位于北京经济技术开发区的高新技术企业——北京纯锂新能源科技 有限公司（以下简称"纯锂新能源"）董事长杨帆对外披露了企业2026年发展战略，明确表示："2026 年，我们将推动固态电池产品从小批量测试生产迈入规模化市场布局新阶段，拓展机器人、无人机、汽 车等应用场景，力争全年营收达到亿元规模。"作为北京经开区未来能源产业的重点培育企业，纯锂新 能源的这一规划，既是企业自身发展的关键跨越，也契合区域新能源产业升级的整体布局。 对于2026年的规模化布局，杨帆进一步明确了具体路径。场景拓展上，将重点发力机器人、无人 机、汽车三大核心领域，同时兼顾电动船舶等新兴场景，依托固态电池高能量密度、高安全性、宽温域 适配、长循环寿命的优势，提供更高效的能源解决方案——例如在机器人领域，可显著延长设备单次充 电运行时间，适配高温工业车间、低温户外等复杂环境；在无人机领域，轻量化设计与高安全性可提升 载荷能力和飞行安全性，助力物流配送、航空测绘等商业应用落地 杨帆介绍，纯锂新能源的核心竞争力源于技术创新的持续投入，在材料与生产工艺两大领域均实现 了关键突破。材料方面，企业首创有机无机融合电解质，有效 ...

Investment Rating - The report suggests an "Overweight" rating for humanoid robots, AI applications, innovative drugs, and new consumption sectors [5][19]. Core Insights - The report highlights a strong growth potential in humanoid robots, with a projected shipment of nearly 18,000 units globally by 2025, representing a year-on-year increase of 508% [5]. - AI applications are expected to maintain steady growth, supported by the Ministry of Industry and Information Technology's initiative to build a national computing network [5]. - The innovative drug sector is experiencing a shift towards platform capabilities, as evidenced by a significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion [9]. - New consumption trends are emerging, with adjustments in CPI statistics reflecting the inclusion of new categories such as dishwashers and medical beauty services [5]. Summary by Category Humanoid Robots - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Medium, stable growth anticipated - Key Data: IDC forecasts a shipment of nearly 18,000 humanoid robots by 2025, a 508% increase year-on-year [5]. AI Applications - Rating: Neutral + Overweight - Technical Indicators: Weak, but stabilizing - Growth Expectation: Medium, slight downward adjustment expected - Key Data: The Ministry of Industry and Information Technology has initiated the construction of a national computing network [5]. Innovative Drugs - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, upward revision expected - Key Data: Significant partnership between Innovent Biologics and Eli Lilly, valued at over $8 billion, marks a new phase in China's innovative drug export strategy [9]. New Consumption - Rating: Overweight - Technical Indicators: Strong - Growth Expectation: Low, stable growth anticipated - Key Data: CPI adjustments include new consumption categories, indicating a shift in consumer behavior [5].

转自：成都日报锦观 13条千亿级产业链成形 10条营收两位数增长 系列行动之下，成都产业集群加速成势，国家级产业集群总数增至17个。 去年11月初，工信部公布了2025年度（第四批）中小企业特色产业集群名单和2022年度（第一批）中小 企业特色产业集群复核通过名单。成都新增成华区智能机器人产业集群、青白江区超高强度合金材料产 业集群、崇州市板式家具产业集群3个中小企业特色产业集群。至此，成都国家级中小企业特色产业集 群达到8个。 截至目前，成都国家级先进制造业集群总数达5个，数量居全国第二。此外，还有2个国家级战略性新兴 产业集群，2个国家创新型产业集群。拥有4个省级先进制造业集群，12个省级战略性新兴产业集群，12 个省级中小企业特色优势产业集群。 新兴产业培育全面加速。成都人工智能近3年平均增速30%以上；2025年，本土汽车企业实现"零的突 破"，新能源汽车产量增长181%；固态电池研发和产业化加快；火箭总装等薄弱环节实现补强。 未来产业加快破局起势。2025年，成都成功举办聚变能国际大会，落地中国聚变能源产业创新基地项 目；全球首颗常温量子传感半导体芯片下线。 脊梁硬 集群梯次培育发展体系进一步完善 ...

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 马年春节即将到来，蛇年的行情已经接近尾声，整体来看，蛇年是投资机会较多的一年。以科技股大涨 为代表，很多科技板块有不俗的表现，例如芯片半导体、算力算法、人形机器人、固态电池、商业航 天、可控核聚变等等。 马年行情即将到来，且2026年是"十五五"规划的开局之年，在"十五五"规划纲要中明确提到的科技创新 方向仍然有望在马年获得不俗的表现。因此，马年科技股行情有望延续，科技股仍然是投资主线之一， 但不是唯一的主线。随着居民储蓄向资本市场大转移的加速，更多的资金通过直接开户入市或是买基金 入市，为市场带来更多的增量资金，这将会推动这轮行情的深化。因此，马年市场有望延续这轮慢牛长 牛行情。 从估值水平看，当前沪深300的市盈率约为15倍左右，低于历史平均估值，说明市场整体仍处于牛市中 场，还未进入中后期，市场的投资机会依然较多。马年，更多的板块有望参与轮动，包括新能源、军 工、有色金属这些"中登股"，以及部分传统白马股都会迎来一定的表现。 当前，春季攻势行情已逐步开启。近日A股市场结束了前期的调整，开始出现一定的反弹，市场成交量 也维持在2万亿元以上 ...

Group 1: National Power Market Development - The State Council has issued an implementation opinion aiming to establish a unified national electricity market system by 2035, with a market transaction volume steadily increasing [1] - By 2030, the goal is to have about 70% of the total electricity consumption in the country come from market-based transactions, with all types of power sources and non-essential users participating directly in the market [1] - The implementation will include joint transactions across provinces and regions, with a fully operational spot market and a well-established market pricing mechanism by 2030 [1] Group 2: Stock Market Projections - The People's Bank of China projects that the average daily trading volume of the two stock exchanges will reach 17,045.4 billion yuan in 2025, an increase of 61.9% compared to 2024 [2] - By the end of 2025, the Shanghai Composite Index is expected to close at 3,968.8 points, reflecting an 18.4% increase from the end of 2024, while the Shenzhen Component Index is projected to rise by 29.9% to 13,525.0 points [2] Group 3: Solid-State Battery Standards - The first part of the national standard for solid-state batteries for electric vehicles is expected to be released in July 2026, with the draft completed by December 2025 [3] - The standard will include terminology and classification, with testing and validation scheduled for early 2026 [3] Group 4: Lithium Carbonate Futures and Market Activity - Lithium carbonate futures saw a significant increase, with the main contract rising over 9% on February 11 [4] Group 5: Glass Fiber Price Increases - Leading glass fiber companies have raised prices for electronic cloth, resulting in multiple stocks in the sector hitting their daily price limits [5] - Notable companies include International Composites, Changhai Co., and Honghe Technology, with price increases ranging from 10% to over 20% [5][6] Group 6: Tungsten and Rare Earth Market Movements - Zhangyuan Tungsten Industry announced significant price increases for long-term procurement contracts, with black tungsten and white tungsten prices rising by 28.1% and 28.2% respectively [7] - Rare earth product prices have accelerated, with neodymium oxide and metal prices increasing by 7.59% and 6.27% respectively, and a cumulative increase of 34% since the beginning of the year [8] Group 7: Solid-State Battery Technology Collaboration - Guoxuan High-Tech and BASF have signed a strategic cooperation memorandum to jointly develop next-generation solid-state battery technology, focusing on high-performance materials [9] - The collaboration aims to accelerate the commercialization of innovative results in various applications, including electric vehicles and energy storage [9] Group 8: Nickel Price Trends - Nickel prices have continued to rise, with LME nickel reaching $17,780 per ton, and domestic futures increasing over 4% [11] - Indonesia has reaffirmed plans to significantly reduce nickel ore production, with a production quota set between 260 million and 270 million tons for the year [11]

Group 1 - The core point of the article highlights that Jujie Microfiber has reached a 20% limit-up, indicating strong market performance [1] - Baichuan Co., Ltd. and China National Materials Technology have also hit the limit-up, reflecting positive investor sentiment [1] - Other companies such as Zhongtian Technology, Huazheng New Materials, Jiebang Technology, Xinzhoubang, Guoci Materials, and Ping An Electric have shown significant gains, following the upward trend [1]

Market Overview - On February 10, the A-share market experienced narrow fluctuations with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13% to close at 4128.37, while the Shenzhen Component Index increased by 0.02% to 14210.63. The ChiNext Index fell by 0.37% to 3320.54. The total trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, a decrease of 143.9 billion yuan compared to the previous trading day [2][3]. Sector Performance - The media sector led the market throughout the day, with over 3100 stocks declining overall. The humanoid robot concept showed active performance, while the PCB concept experienced fluctuations. Conversely, the commercial aerospace sector saw a decline, and the consumer sector faced volatility [2]. International Market - In the U.S. stock market on February 10, the Dow Jones Industrial Average rose by 52.27 points (0.10%) to 50188.14, while the S&P 500 fell by 23.01 points (0.33%) to 6941.81, and the Nasdaq Composite dropped by 136.20 points (0.59%) to 23102.48. In Europe, the FTSE 100 index decreased by 32.39 points (0.31%) to 10353.84, while the CAC40 index in France rose by 4.60 points (0.06%) to 8327.88. The DAX index in Germany fell by 27.02 points (0.11%) to 24987.85 [5][6]. Monetary Policy - The People's Bank of China announced the continuation of a moderately loose monetary policy, emphasizing the importance of promoting stable economic growth and reasonable price recovery. The report highlighted the need for flexible and efficient use of various policy tools to maintain ample liquidity and relatively loose social financing conditions [8]. AI and Technology Development - The National Development and Reform Commission is accelerating the application of artificial intelligence in the bidding and tendering sector, aiming for full coverage of key scenarios by the end of 2026. This initiative is part of a broader effort to integrate AI into various sectors and promote healthy market development [9]. Investment Sentiment - A recent survey indicated that over 60% of private equity firms plan to hold significant positions in A-shares during the upcoming holiday, with an average estimated position of 75.68%. This reflects a positive outlook among professional investors regarding the future performance of the A-share market [13]. AI Infrastructure - Alibaba has launched a new image generation and editing model, Qwen-Image-2.0, which has achieved high scores in evaluations. The development of AI infrastructure is seen as a key area for domestic tech giants, leveraging their user base and data resources to enhance service delivery and efficiency [14][20]. Medical Technology - The release of the "Blue Book on Intelligent Medical Equipment" highlights the shift towards data-driven precision medicine, driven by AI technologies. The market for surgical robots is expected to exceed 70 billion yuan by 2030, with increasing demand for AI applications in pathology and imaging [15][20]. Battery Technology - A strategic partnership between Guoxuan High-Tech and BASF aims to develop next-generation solid-state battery technology, focusing on high-performance materials. This collaboration is expected to accelerate the commercialization of innovations in the electric vehicle and energy storage sectors [16][20].