2026 年 02 月 28 日 策略类●证券研究报告 三月延续震荡偏强，成长占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 相关报告 节 后 春 季 行 情 延 续 ， 科 技 和 周 期 占 优 2026.2.22 短端情绪面虽有少许扰动，但新股板块结构 性 活 跃 或依 然 可 期 - 华 金 证 券新 股 周 报 2026.2.21 探寻 2026 年新股择股路径（一）：AI 应用春 潮涌动，产业链次新股大盘点 2026.2.15 有 色 、 通 信 四 季 度 外 资 持 仓 规 模 上 升 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 http://www.huajinsc.cn/ 1 / 24 请务必阅读正文之后的免责条款部分 复盘历史，A 股 3 月表现偏震荡，主要受政策和外部事件、流动性等因素主导，且 两会后基本面因素的影响上升。（1）A 股 3 月表现偏震 ...

相关报告 节 后 春 季 行 情 延 续 ， 科 技 和 周 期 占 优 2026.2.22 短端情绪面虽有少许扰动，但新股板块结构 性 活 跃 或依 然 可 期 - 华 金 证 券新 股 周 报 2026.2.21 2026 年 02 月 28 日 策略类●证券研究报告 三月延续震荡偏强，成长占优 定期报告 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 探寻 2026 年新股择股路径（一）：AI 应用春 潮涌动，产业链次新股大盘点 2026.2.15 有 色 、 通 信 四 季 度 外 资 持 仓 规 模 上 升 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 http://www.huajinsc.cn/ 1 / 24 请务必阅读正文之后的免责条款部分 复盘历史，A 股 3 月表现偏震荡，主要受政策和外部事件、流动性等 ...

25日，A股三大指数高开后震荡上行。Wind数据显示，截至收盘，上证指数涨0.72%，深证成指涨 1.29%，创业板指涨1.41%。 | L | | | w A股 | | Q | | --- | --- | --- | --- | --- | --- | | A股 | 港股 | 美股 | 全球 商品 | 外汇 法 三 | | | 已为您生成昨日市场智评 | | | | 查看 | | | 内地股票 ☑ ⊙ | | | | | | | 行情 | | | 资金净流入 | 涨跌分布 | | | 上证指数 | | | 深证成指 | 科创综指 | | | 4147.23 | | | 14475.87 | 1819.72 | | | +29.82 +0.72% | | | +184.30 +1.29% | +21.52 +1.20% | | | 万得全A | | | 创业板指 | 北证50 | | | 6899.99 | | | 3354.82 | 1547.20 | | | +71.47 +1.05% | | | +46.55 +1.41% | +11.77 +0.77% | | | 沪深300 | | | 中证500 ...

春节过完了，红包收好了，该想想马年投资怎么布局了。节后流动性回暖、风险偏好提升，成长或仍是主线。今天，这只"不一样"的成长宽基——富国核 心动力（A类026710/C类026711）重磅首发。 富国核心动力拟由爱调研、会选股的"景气捕手"吴栋栋执掌。他不仅拥有"产业+金融"复合背景，更凭借一套"自上而下抓景气、自下而上挖个股"的方 法。据了解，富国核心动力这只基金不押注单一赛道，而关注AI、机器人、商业航天这些"鱼多的地方"，争取提前下网，力求在变化的市场中持续捕捉超 额收益。 选择在这个时点推出富国核心动力，背后正是对市场节奏与产业周期的双重考量。这并非一只主题狭窄的行业基金，而是一只定位清晰的成长风格宽基 ——股票仓位60%-95%，横跨A股与港股，拟由基金经理吴栋栋管理。 在产业升级与科技创新的浪潮中，寻找并投资那些能驱动增长的"核心动力源"。对于希望布局多元成长、又不愿被单一赛道束缚的投资者而言，这样的产 品设计，或许正契合了"一年之计在于春"的布局思路。 二、吴栋栋：从机械工程师到"景气捕手"的进化之路 一只基金能否行稳致远，基金经理是灵魂。执掌这只新品的吴栋栋，拥有一个不太典型的履历：他并非金融科 ...

2026 年 02 月 22 日 策略类●证券研究报告 节后春季行情可能延续，科技和周期占优 定期报告 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 分析师 张欣诺 SAC 执业证书编号：S0910525110001 zhangxinnuo@huajinsc.cn 2026.2.13 主动偏股基金加仓有色、通信，减仓医药 2026.2.12 震荡波动呈现收敛，新股板块向上活跃周期 或依然在途-华金证券新股周报 2026.2.8 http://www.huajinsc.cn/ 1 / 25 请务必阅读正文之后的免责条款部分 节前市场担忧的风险因素在假期期间基本未发生。（1）春节期间出行和消费数据 偏好，对经济和盈利的担忧未出现。一是春节期间出行数据同比增长明显。二是春 节期间消费数据也偏好。（2）美国通胀回落，流动性收紧的担忧未出现。一是美 国 1 月 CPI 同比增速从 2025 年 12 月的 2.7%下滑至 2.4%，同时 1 月非农时薪同 比增速继续下滑至 3.71%，通胀和就业市场继续降温，美联储年内大概率继续降息。 二是美国 ...

Group 1 - The article outlines seven major events expected to occur by 2026, including significant interest rate cuts in the US and China, the explosive growth of AI applications, and increased geopolitical tensions [2][3] - The AI revolution is in its early stages, with large-scale deployment of GPUs and computing centers leading to a significant drop in costs, resulting in the commercialization of super applications by 2026 [3][5] - The article emphasizes that AI is not just a trend but a transformative force, likening its impact to a tsunami rather than a mere windfall, marking the beginning of a fourth technological revolution [3][5] Group 2 - The upcoming bull market is driven by three strong forces: continuous monetary easing, a new wave of technological revolution, and ample liquidity, characterized as a confidence bull market [5][6] - The capital market is tasked with three historical missions: developing new productive forces, aiding in major power technological competition, and repairing household balance sheets [5] - The article encourages a long-term perspective, focusing on essential trends and making decisive actions rather than relying solely on hard work [7]

2024年"924"行情以来，A股市场经历了波澜壮阔的一年半。转眼间，我们已站在2026年的起点。随着上证指数创下近十年新高，市场在欢呼声中也开始出 现分歧：这轮牛市还能涨多久？是"烟花"将尽，还是"慢牛"刚启？ 作为自媒体创作者，我结合近期方正证券、国泰海通、高盛、中信建投等机构的官方核心观点，为你抽丝剥茧，聊聊我对这轮牛市终局的深度思考。 3. 科技的突破：重塑估值体系的引擎如果说资金是血液，那么科技就是心脏。2025年DeepSeek、机器人、集成电路等新技术的出现，打开了市场对未来增 长的预期空间 2026年初的A股，已经不是那个在绝望中重生的少年，而是一位步入壮年的奔跑者。 方正证券在2026年初的研报中明确指出，A股已经进入牛市第三年 这意味着什么？意味着 "闭眼买入都能涨"的阶段可能已经过去。2026年的市场，大概率不会再是单纯的普涨，而是对节奏把握和结构选择的巨大考验。 国泰海通首席策略分析师方奕将这轮牛市定义为 "转型牛" 。他认为，这轮行情的典型特征是经济结构转型与资本市场改革交相辉映。虽然市场在2025年经 历了大幅波动，但这头"牛"远未结束，2026年甚至有望挑战十年前的高位 要判断牛 ...

al Person = 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capital Associations 米 張最 大堂硅谷总裁 岁聿云暮，春华始启。在技术演进与市场修复交织的2025年，我们看到创投行业正在 进入全方位回暖的通道，硬科技投资的主线愈发清晰。 随着科创板"成长层"设立及第五套上市标准重启，IPO市场活跃度复苏，为硬科技企 业的发展打开了更广阔的空间。在技术驱动层面，以大模型、具身智能、商业航天为 代表的未来产业加速发展，不仅激发了算力、高端材料、精密装备等底层基础设施的 持续投入，也推动资本进一步向产业链上游和早期阶段聚集。人工智能、机器人、半 导体、生物医药等硬科技赛道成为资金密集布局的重点，全年融资活跃度显著提升， 展现出科技创新与资本信心的同频共振。 2025年也是天堂硅谷成立的第25年。我们始终坚持"投资人第一，价值投资，行业聚 焦"的理念，在先进制造、智能科技、医疗健康三大方向稳步深耕。过去一年，我们 有4家所投企业成功上市，成为我们价值投资方法论的又一次集中体现：西安奕材与 禾元生物双双入选首批"科创 ...

Core Viewpoint - The prevailing consensus among institutions is to "hold stocks during the festival," driven by historical data analysis and current market conditions, with a focus on a "stable before the festival, aggressive after" strategy [1][5][9]. Historical Data Support - Historical data from the past decade indicates a clear pattern in the A-share market of "weak before the festival, strong after," with an average return of -2.20% in the second week before the festival and a recovery to 0.53% in the last week before the festival [3][4]. - The first week after the festival shows an average return of 2.03%, with an 80% probability of an increase, while the second and third weeks yield average returns of 0.86% and 0.83%, respectively [3]. - Smaller market caps and growth styles exhibit a more pronounced reversal effect around the festival, with industries such as computer, electronics, communication, non-ferrous metals, and machinery showing the strongest post-festival rebound [3][4]. Institutional Consensus - A survey indicates that 62.16% of private equity firms prefer to hold significant positions during the festival, with 69.23% optimistic about post-festival market performance [6]. - The favored investment strategy is a "low-valuation blue-chip + technology growth" combination, with 41.18% of firms supporting this approach [6]. Market Trends and Strategies - Institutions emphasize a balanced and defensive approach before the festival, adopting a "dumbbell strategy" that combines defensive and aggressive investments [9]. - Post-festival, the focus shifts to technology growth and industry trends, with recommendations for sectors like AI, semiconductors, and high-end manufacturing [10][11]. - The "resource + manufacturing" combination is highlighted as an important foundational investment, with a focus on commodities like oil, copper, and aluminum, as well as traditional manufacturing sectors [11]. Investment Recommendations - Institutions suggest maintaining a balanced portfolio that includes defensive sectors such as banking and utilities, alongside growth sectors like technology and consumer goods [11]. - For different types of funds, strategies vary, with long-term investors encouraged to maintain equity positions, while those needing liquidity may consider money market funds [11].

Group 1 - Ren Zeping predicts seven major events will occur in 2026: significant interest rate cuts in China and the US, explosive growth of AI super applications, the rise of China's AI capabilities, increased geopolitical tensions, a year of commodity boom, a confidence-driven bull market, and a bifurcation in the real estate market [3] - The AI revolution is in its early stages, with large-scale deployment of GPUs and computing centers leading to a significant drop in costs, resulting in the commercialization of super applications by 2026, including large models, AI agents, autonomous driving, AI healthcare, humanoid robots, brain-computer interfaces, commercial space travel, and satellite communication [4] - Countries are engaged in an AI race, initiating large-scale infrastructure capital expenditures that are driving up commodity prices, with silver, non-ferrous metals, energy, photovoltaics, and chemicals becoming increasingly important [5] Group 2 - The rapid development of AI is heavily reliant on computing power, which in turn depends on electricity; the pace of AI advancement is so fast that a month without updates can make one feel outdated, indicating a historical opportunity presented by the fourth technological revolution in the Kondratiev wave, occurring once every 60 years [6] - An AI bubble may temporarily arise but will ultimately be supported by future commercialization; opportunities typically go through four phases: invisible, undervalued, misunderstood, and too late [7] - The current capital market is tasked with three historical missions: developing new productive forces, aiding major power technological competition, and repairing household balance sheets [8]