记者丨刘雪莹 吴斌 编辑丨曾静娇 北京时间2月27日晚，美股三大指数集体走低，三大指数均跌超1%。 大型科技股多数下跌，截至22:42，甲骨文、赛富时跌超4%；美股科技七巨头全线飘绿，英伟达、微软 跌超2%。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 苹果(APPLE) | 269.160 | -1.39% | | 亚马逊(AMAZON) | 206.240 | -0.81% | | 谷歌(ALPHABET)-C | 306.280 | -0.28% | | 脸书(META PLATFORMS) | 641.605 | -2.34% | | 微软(MICROSOFT) | 393.080 | -2.15% | | 英伟达(NVIDIA) | 180.740 | -2.24% | | 特斯拉(TESLA) | 403.905 | -1.14% | 半导体股集体走低，费城半导体指数领跌市场，蓝博士半导体跌超5%，博通、格芯跌超2%。 云基础设施提供商CoreWeave跌超17%，创去年8月以来最大跌幅，巨额资本开支引发投资者担 忧。 多邻国股价一度跌22%，创下2023年2月 ...

本报记者 贺王娟 隆众资讯原油分析师吴燕对《证券日报》记者表示，美伊对峙局势是今年2月份以来推动国际油价强势反弹的重要催化 剂，霍尔木兹海峡作为全球重要的原油运输通道，市场担忧美伊冲突或将影响该运输通道，因此对油价计入了6美元至8美元的 风险溢价。 短期来看，吴燕认为，油价走势将继续由美伊局势主导，若美伊双方新一轮的谈判能达成部分临时协议，国际原油的地缘 风险溢价将回落，若协议没有达成且冲突加剧，或将继续支撑原油价格高位震荡。 受地缘冲突影响，2026年以来国际油价表现强势。Wind数据显示截至北京时间2月26日记者发稿时，NYMEX WTI原油价 格从年初57.5美元/桶的价格最高反弹至67.28美元/桶，年内最高涨幅达17%；ICE布油价格从60.86美元/桶的价格最高反弹至 72.12美元/桶，年内最高涨幅18.5%。 对于近期国际油价的强势反弹，市场普遍认为，一旦地缘扰动消退，在供需过剩的格局下油价或将重回跌势。 "今年以来，国际原油市场价格整体呈偏强走势。"卓创资讯原油分析师朱光明对《证券日报》记者表示，推动原油价格连 续反弹的核心因素在于中东局势的不断扰动，市场非常担忧局势的紧张将带来整个中东冲突 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 编辑|谭婷 2月26日午后，现货黄金再次站上5200美元，最高报5205美元/盎司，日内涨约0.7%；现货白银报89.4美 元/盎司，日内涨0.25%。 WTI原油、ICE布油持续波动，截至发稿均涨超0.3%。 消息面上，据央视新闻，乌谈判代表团负责人、乌国家安全与国防委员会秘书乌梅罗夫和经济部长阿列 克谢·索博列夫将于26日在日内瓦与美国谈判代表威特科夫和库什纳举行会晤。 记者|曾静娇 见习记者林芊蔚 泽连斯基表示，在26日的会谈中，将会提出结束俄乌冲突的步骤顺序问题。他还表示，不确定26日能否 在领土等问题上得到明确的结果，这些问题应该由领导人层级的会谈来讨论。 美伊冲突方面，据央视新闻，伊朗外交部26日发布声明，称伊朗外交部长阿拉格齐与阿曼外交大臣巴德 尔25日晚已在日内瓦会面。声明说，这意味着伊美第三轮间接谈判正式开始。 另外，据央视新闻，美国副总统万斯25日表示，白宫正密切关注一艘在美注册快艇在古巴附近"遭枪 击"事件。他表示，希望这不是一起"严重"事件。 古巴内务部当天早些时候通报，边防警卫队当天在古巴比亚克拉拉省附近领海内 ...

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - The domestic commodity futures market closed mostly higher on February 25, 2026, with base metals leading the gains [1]. - The A - share market is expected to continue a mild upward trend after the Spring Festival, but the slope will be slower than in January, pricing in the warm Spring Festival consumption and technology event hotspots. The black metal and domestic bond markets may continue to fluctuate after the festival [16]. - The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The US GDP growth rate slowed significantly in the fourth quarter, with personal consumption being the main drag, and inflation stickiness still exists [16]. Summary by Relevant Catalogs Financial Market Fluctuations - **Stock Index Futures**: The CSI 300 futures, SSE 50 futures, CSI 500 futures, and CSI 1000 futures all showed varying degrees of increase on February 25, 2026, with the CSI 500 futures having a relatively large daily increase of 1.61% [2]. - **Treasury Bond Futures**: The 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures mostly declined on February 25, 2026, with the 30 - year treasury bond futures having a relatively large daily decline of 0.48% [2]. - **Foreign Exchange**: The US dollar index increased by 0.15% on February 25, 2026, and the US dollar mid - price decreased by 225 pips [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate increased by 23.34 bp on February 25, 2026, and the 10 - year Chinese government bond yield increased by 1.24 bp [2]. Popular Industry Fluctuations - On February 25, 2026, most industries showed an upward trend, with non - ferrous metals, steel, and basic chemicals having relatively large daily increases of 3.53%, 4.26%, and 2.37% respectively. The consumer services and media industries declined, with decreases of 0.52% and 0.92% respectively [5]. Overseas Commodity Fluctuations - **Energy**: On February 24, 2026, NYMEX WTI crude oil decreased by 0.35%, ICE Brent crude oil decreased by 0.14%, NYMEX natural gas decreased by 2.94%, and ICE UK natural gas decreased by 4.75% [8]. - **Precious Metals**: COMEX gold decreased by 1.25% on February 24, 2026, while CONEX silver increased by 0.57% [8]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, LME tin, etc. showed different trends on February 24, 2026. For example, LME copper increased by 2.54% [8]. - **Agricultural Products**: CBOT soybeans, CBOT soybean oil, and other agricultural products also had different price changes on February 24, 2026. For example, CBOT soybean oil increased by 1.05% [8]. Macro Summary - **Domestic Macro**: During the Spring Festival, travel and consumption were strong, with the cross - regional passenger flow in the first 20 days of the Spring Festival travel season reaching 5.08 billion person - times, a record high. However, real estate sales were at a seasonal low, and the social financing in January started steadily. Due to the Spring Festival misalignment, the social financing data needs to be observed in combination with January - February data [16]. - **Overseas Macro**: The US economy shows a pattern of overall slowdown in expansion and structural differentiation in multiple fields. The GDP growth rate slowed significantly in the fourth quarter, personal consumption was the main drag, and inflation stickiness still exists [16]. - **Large - scale Assets**: Geopolitical uncertainties and Trump's tariff policies may support the prices of gold and silver in the short term. The crude oil market is dominated by geopolitical uncertainties, and the A - share market is expected to continue a mild upward trend after the Spring Festival. The black metal and domestic bond markets may continue to fluctuate, and the RMB may continue to strengthen in the second quarter [16]. Viewpoint Highlights - **Financial**: Stock index futures are expected to be volatile and slightly stronger; stock index options are expected to be volatile; treasury bond futures are expected to be volatile [17]. - **Precious Metals**: Gold and silver are expected to be volatile and slightly stronger [17]. - **Shipping**: The container shipping to Europe is expected to be volatile [17]. - **Black Building Materials**: Steel, iron ore, coke, etc. are all expected to be volatile [17]. - **Non - ferrous Metals and New Materials**: Many non - ferrous metals and new materials such as copper, aluminum, and nickel are expected to be volatile, with some showing a slightly stronger trend [17]. - **Energy Chemicals**: Crude oil, LPG, asphalt, etc. are expected to be volatile [19]. - **Agriculture**: Many agricultural products such as cotton, natural rubber, and soybean oil are expected to be volatile, with some showing a slightly stronger trend, while sugar is expected to be volatile and slightly weaker [19].

4、石化： 中东局势紧张升级，阿曼外交大臣2月22日宣布新一轮美伊谈判定于26日在瑞士日内瓦举行 。受地缘冲突影响，ICE布油报71.54美元/桶，环比+0.60%。 化工ETF紧密跟踪中证细分化工产业主题指数，中证细分产业主题指数系列由细分有色、细分机械等7 条指数组成，分别从相关细分产业中选取规模较大、流动性较好的上市公司证券作为指数样本，以反映 相关细分产业上市公司证券的整体表现。 机构指出，十五五期间将推进碳达峰，高能耗产品限制措施或将陆续推出，化工景气拐点逐渐明朗。地 产政策持续发力，一线城市已显现企稳迹象，后续行业有望逐步复苏，重点关注化工地产链投资机会 （MDI、硅、氯碱、纯碱、PVA等）。同时，各行业反内卷持续推进，聚酯产业链春节检修助力产业链 库存下降，有望轻装上阵迎金三银四。 截至2026年2月24日 15:00，中证细分化工产业主题指数(000813)强势上涨3.39%，成分股和邦生物上涨 10.08%，兴发集团上涨10.01%，云天化上涨10.01%，川发龙蟒，扬农化工等个股跟涨。化工 ETF(159870)上涨3.53%，最新价报0.94元。 周二化工ETF上涨3.53%，跑赢上证指 ...

| 标的 | 2月13日15时点位 | 2月24日5时点位 | 假期涨跌幅 | 备注 | | --- | --- | --- | --- | --- | | 道琼斯指数 | 49451.98 | 48804. 06 | -1.31% | | | 纳斯达克指数 | 22597. 15 | 22627.27 | 0.13% | | | 标普500指数 | 6832. 76 | 6837.75 | 0. 07% | | | 恒生指数 | 26472. 19 | 27081.93 | 2. 30% | | | 恒生科技指数 | 5326. 23 | 5385. 35 | · 1. 11% | | | 日经225指数 | 56941.97 | 56825. 70 | -0. 20% | | | 韩国综合指数 | 5507.03 | 5846. 09 | 6.16% | 创新高 | | 德国DAX | 24852. 69 | 24986. 58 | 0. 54% | | | 法国CAC40指数 | 8340. 56 | 8499.01 | 1. 90% | 一度创新高 | | 英国富时100 | 10402. 44 | ...

策略研究 · 全球大类资产配置观察 海外市场有何异动？ ——全球大类资产配置观察 2026 年 2 月 22 日 核心观点 分析师 杨超 ：010-8092-7696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 孔玥 ：kongyue_yj @chinastock.com.cn 分析师登记编码：S0130525100001 相关研究 2025-11-22，变局蕴机遇，聚势盈未来——2026 年 A 股 市场投资展望 2025-11-06，A 股三季报业绩有哪些看点？2025-10-23， 划重点：二十届四中全会公报对 A 股投资的启示 2025-10-26，布局消费主题投资机遇— "十五五"规划展 望系列 2025-08-20，反内卷中寻投资机会—— "十五五"规划展 望系列 2025-08-06，七部门剑指新型工业化，金融活水锚定新 质生产力 2025-07-31，8 月投资组合报告：政策预期+业绩护航 2025-07-31，7 月决议偏鹰，9 月降息窗口还在吗？ 2025-07-30，7 月政治局会议对 A 股市场的投资指引 2025-07- ...

Group 1: Market Reactions - The U.S. oil and gas sector saw a significant surge, with Occidental Petroleum rising nearly 10% [1] - International oil prices also increased, with WTI crude oil futures for March rising by 1.9% and Brent crude oil futures for April up by 1.86% [1] - Gold and silver prices experienced gains, with gold rising close to 1% and silver over 2% during trading [1] Group 2: U.S.-Iran Negotiations - The U.S. has been tightening its "timeline" regarding negotiations with Iran, with military deployments and political pressure increasing [1][2] - President Trump indicated that a decision on whether an agreement with Iran can be reached will be known in about ten days [5] - U.S. military officials have stated that all forces involved in the Middle East military buildup should be in place by mid-March [4] Group 3: Military Preparations - The U.S. military is reportedly prepared for potential military action against Iran as early as the weekend of February 21 [6] - The U.S. has deployed significant naval and aerial forces in the region, including multiple aircraft carriers and hundreds of aircraft, marking the largest military buildup since the 2003 Iraq War [10][12] - Israel has expressed readiness for any situation, indicating a strong military stance against Iran [13] Group 4: Iran's Response - Iran's President stated that the country will not yield to U.S. pressure and is simultaneously conducting military exercises while pursuing negotiations [15] - Iran has reinforced its military facilities and is prepared to respond to any military aggression [17][20] - Iran has communicated to the UN that it does not seek war but will retaliate if attacked, emphasizing its right to self-defense [18][20] Group 5: Expert Analysis - Analysts suggest that the current tensions stem from a lack of substantial progress in negotiations and the nearing completion of U.S. military deployments [22][24] - The ambiguity surrounding U.S. military objectives contrasts with previous military actions, complicating the situation further [26]

Group 1: Gold and Silver Stocks - Most gold stocks rose, with Coeur Mining up over 6% and NovaGold Resources up more than 5% [1] - As of the report, spot gold increased by 0.42% to $4997 per ounce, while spot silver rose by 1.44% to $78.269 per ounce [1] - On February 19, COMEX gold futures rose by 0.09%, and COMEX silver futures increased by 0.82% [1] Group 2: Oil Stocks - Oil stocks experienced a strong surge, with Battalion Oil rising over 34% and TMD Energy increasing nearly 20% [1] - South African Sasol rose nearly 10%, and Western Oil Company reached an intraday high, closing up 9.36% at over $51.5 per share [1] - International crude oil futures saw significant gains, with WTI and ICE Brent both rising over 2%, reaching new rebound highs [1] Group 3: Geopolitical News - Reports indicate that U.S. President Trump is considering a "limited scale" initial military strike against Iran to compel acceptance of U.S. nuclear agreement demands [1]

Group 1: Oil Prices and Market Reactions - Oil prices experienced a significant increase, with WTI crude oil and ICE Brent crude both rising over 2% during trading, closing at a 1.9% increase for WTI and 1.86% for Brent [1][9] - The rise in oil prices is attributed to concerns over potential military conflict between the US and Iran, with WTI crude reaching a high of $66.70 per barrel, the highest since August of the previous year [9] - Oil stocks surged in the US market, with Occidental Petroleum rising nearly 10%, Murphy Oil and EQT Energy increasing by nearly 4%, and ExxonMobil gaining over 1.5% [3][9] Group 2: Company Performance - Occidental Petroleum's stock surge was not only due to rising oil prices but also because its fourth-quarter earnings exceeded market expectations, reporting revenues of $5.42 billion, a 5.2% year-over-year decline, and an adjusted profit of $315 million, significantly higher than the expected $180 million [10]