固收市场周报 大类资产配置周报——20260227 2026 年 03 月 03 日 【固收观点】 【风险提示】 挖掘价值 投资成长 东方财富证券研究所 证券分析师：吴雅楠 证书编号：S1160525060003 证券分析师：刘哲铭 证书编号：S1160525120003 相关研究 《节前流动性仍较宽松，各期限收益率均 有 下 行 — — 利 率 市 场 周 度 回 顾 （20260215）》 本周（2 月 24 日-2 月 27 日）权益市场整体有所修复。A 股方面，上证 指数本周累计上涨 1.98%，收于 4162.88 点。深证成指上涨 2.8%，收 于 14495.09 点；创业板指上涨 1.05%，收于 3310.3 点。市场交投活 跃度较春节前一周增加，上证、深证全周成交额合计 9.69 万亿元。港 股方面，恒生指数小幅上涨，恒生科技指数震荡下行，恒生指数上涨 0.82%，收于 26630.54 点，恒生科技指数下跌 1.41%，收于 5137.84 点。 本周转债市场下行。中证转债指数近一周下跌 0.24%，上证转债指数下 跌 0.34%。近一月以来中证转债指数涨幅为 0.9%，上证转债指数涨幅 ...

热点品种分析 一、商品指数 二、股指 中国上证综指2月27日（周五）收盘上涨16.25点，涨幅0.39%，报4162.88点； 中国深证成指2月27日（周五）收盘下跌8.69点，跌幅0.06%，报14492.09点； 中国沪深300指2月27日（周五）收盘下跌16.23点，跌幅0.34%，报4710.65点； 中国创业板指2月27日（周五）收盘下跌34.68点，跌幅1.04%，报3310.30点； 中国科创50指2月27日（周五）收盘上涨2.16点，涨幅0.15%，报1488.02点。 三、碳酸锂2605 四、白银2604 五、螺纹 2605 六、原油2603 七、PTA2605 八、 棉花2605 九、白糖2605 十、橡胶 2605 十一、PVC 2605 十二、焦煤2605 十三、棕榈2605 十四、纯碱2605 十五、生猪2605 十六、豆粕2605 十七、玻璃2605 十八、红枣2605 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 热点品种分析 一、商品指数 二、股指 中国上证综指2月27日（周五）收盘上涨16.25点，涨幅0.39%，报4162.88点； 中国深证成指2月27日（周五） ...

热点品种分析 一、商品指数 二、股指 中国上证综指2月26日（周四）收盘下跌0.60点，跌幅0.01%，报4146.63点； 中国深证成指2月26日（周四）收盘上涨31.15点，涨幅0.22%，报14507.01点； 中国沪深300指2月26日（周四）收盘下跌9.01点，跌幅0.19%，报4726.87点； 中国创业板指2月26日（周四）收盘下跌8.61点，跌幅0.26%，报3346.21点； 中国科创50指2月26日（周四）收盘上涨12.58点，涨幅0.85%，报1485.86点。 三、碳酸锂2605 四、白银2604 五、螺纹 2605 六、原油2603 七、PTA2605 八、 棉花2605 十、橡胶 2605 九、白糖2605 十一、PVC 2605 十二、焦煤2605 十三、棕榈2605 十四、纯碱2605 十五、生猪2605 十六、豆粕2605 十七、玻璃2605 十八、红枣2605 新浪合作大平台期货开户 安全快捷有保障 责任编辑：陈平 热点品种分析 一、商品指数 二、股指 中国上证综指2月26日（周四）收盘下跌0.60点，跌幅0.01%，报4146.63点； 中国深证成指2月26日（周四）收盘 ...

Group 1: Stock Indices - The Shanghai Composite Index closed up by 29.82 points, a rise of 0.72%, ending at 4147.23 points on February 25 [5] - The Shenzhen Component Index increased by 185.66 points, reflecting a growth of 1.30%, closing at 14477.22 points [5] - The CSI 300 Index rose by 28.34 points, with a gain of 0.60%, finishing at 4735.89 points [5] - The ChiNext Index saw an increase of 47.24 points, up by 1.43%, closing at 3355.51 points [5] - The STAR Market 50 Index closed up by 7.92 points, a rise of 0.54%, ending at 1473.28 points [5] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis on these commodities is not provided in the excerpts [9][40][44][46][48][49][51][53][55][57][59][60][62][64][66]

Group 1: Stock Indices - The Shanghai Composite Index closed on February 24 with an increase of 35.34 points, a rise of 0.87%, reaching 4117.41 points [5] - The Shenzhen Component Index rose by 200.10 points, up 1.42%, closing at 14300.29 points [5] - The CSI 300 Index increased by 47.14 points, a gain of 1.01%, ending at 4707.54 points [5] - The ChiNext Index saw an increase of 34.52 points, up 1.05%, closing at 3310.48 points [5] - The STAR Market 50 Index decreased by 4.97 points, down 0.34%, closing at 1465.36 points [5][39] Group 2: Commodity Indices - The document includes references to various commodities such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data or analysis for these commodities is not provided in the excerpts [9][40][45][50][52][54][56][58][61][63][65][66]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 51.95 points, a decrease of 1.26%, ending at 4082.07 points [5] - The Shenzhen Component Index fell by 182.81 points, down 1.28%, closing at 14100.19 points [5] - The CSI 300 Index decreased by 59.17 points, a drop of 1.25%, finishing at 4660.41 points [5] - The ChiNext Index declined by 52.10 points, down 1.57%, closing at 3275.96 points [5] - The STAR Market 50 Index fell by 10.66 points, a decrease of 0.72%, ending at 1470.33 points [41] Group 2: Commodity Indices - No specific data provided for commodity indices in the available content. Group 3: Other Commodities - No specific data provided for other commodities in the available content.

一、 龟兔赛跑：被忽视的"复利魔法"，分红再投资 为什么红利指数长期收益这么强？因为它有一个核心秘籍——分红再投资。 咱们来打个春节最应景的比方：压岁钱。 马年春节，不仅要说吉祥话，更要悟点真道理。在咱们中国传统文化里，有一句关于"马"的老话，特别适合用来形容 投资，那就是——"路遥知马力"。 这句话的意思大家都懂：路途遥远，才能试出一匹马的脚力究竟如何。 在股市这个赛马场上，每天都有各种各样的"马"在奔跑。有的马爆发力极强，一声令下如离弦之箭，比如大家熟悉的 创业板、科技股，它们象征着高成长、高弹性，跑起来风驰电掣，让人看着热血沸腾。 相比之下，红利指数就像是一匹性格温吞的"老马"。它不怎么爱出风头，很少上"热搜"，跑得也不算特别快，甚至有 时候还慢悠悠的。 所以，很多新股民往往看不上红利指数，觉得它"太慢"、"没劲"，只适合老年人养老，年轻人要赚钱还得靠那些高成 长的板块。 但事实真的如此吗？如果我们把比赛的终点线拉长，比如十年以上，你会发现一个惊人的真相：这匹不起眼的"老 马"，并不会输给那些上蹿下跳的"快马"。 假设有两个孩子，小明和小强。 小明（高成长股风格）： 每年过年拿到的压岁钱很少，但他总想着 ...

Group 1: Stock Indices - The Shanghai Composite Index closed on February 11 with an increase of 3.61 points, a rise of 0.09%, reaching 4131.98 points [5] - The Shenzhen Component Index closed down by 49.69 points, a decrease of 0.35%, at 14160.93 points [5] - The CSI 300 Index closed down by 10.48 points, a decline of 0.22%, at 4713.82 points [5] - The ChiNext Index closed down by 35.80 points, a drop of 1.08%, at 3284.74 points [5] - The STAR Market 50 Index closed down by 16.38 points, a decrease of 1.11%, at 1455.11 points [41] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the text [36][42][43][44][47][49][52][55][57][59][61][63][65][66][68][69][71][73]

Group 1: Stock Indices - The Shanghai Composite Index closed down by 10.33 points, a decrease of 0.25%, ending at 4065.58 points [6] - The Shenzhen Component Index fell by 37.53 points, down 0.27%, closing at 13915.18 points [6] - The CSI 300 Index decreased by 26.82 points, a drop of 0.57%, finishing at 4643.60 points [6] - The ChiNext Index declined by 23.81 points, down 0.73%, closing at 3236.46 points [6] - The STAR Market 50 Index fell by 10.12 points, a decrease of 0.71%, ending at 1422.41 points [40]

- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction or evaluation [1][2][3] - The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [5][6][19][28][40][49][55] - The analysis includes comparisons of indices against their historical averages, standard deviations, and percentile rankings over the past 1 and 5 years, providing insights into valuation and market sentiment [32][43][45][54] - Key indices analyzed include the SSE 50, CSI 300, CSI 500, CSI 1000, CSI 2000, CSI All Share, and ChiNext Index, with detailed metrics such as risk premiums, PE-TTM values, dividend yields, and net asset ratios provided for each index [13][19][32][45][54][58] - The report highlights the relative valuation and investment attractiveness of these indices based on their historical positioning and current market conditions, but does not delve into specific quantitative factor or model construction [43][45][54]