2月27日午后，算力租赁板块延续强势，截至发稿，同标的费率最低一档云计算ETF华夏（516630）涨 幅为1.33%，成分股云天励飞20cm涨停，拓维信息涨停，云赛智联、润和软件、汉得信息等股跟涨。 消息面上，据智通财经，近日欧洲最大的数据中心运营商及云服务商之一Hetzner宣布，由于IT多个领 域成本大幅上涨，公司将于4月1日起调高全线产品及服务报价，包括云服务、专用服务器、存储及负载 均衡器等。本次调价将影响其位于欧洲、美国和新加坡数据中心的新订单及现有订阅用户，德国及芬兰 地区的云服务价格根据配置等级不同，涨幅在30%到38%之间；美国地区的CCX专用vCPU云服务器价 格普遍上涨约30%。值得注意的是，这已是Hetzner本月第二次宣布提价，该公司于2月2日已调高专用服 务器的一次性设置费用。 中银证券最新研报指出，随着模型能力提升，智能体（Agent）与多模态应用进入深水区。算力涨价成 为新迹象，凸显供应瓶颈，算力产业链有望持续受益。 （文章来源：21世纪经济报道） 云计算ETF华夏（516630）聚焦国产AI软硬件算力，按中信二级行业分类，该指数计算机软件+云服务 +计算机设备合计权重高达84. ...

本报讯(记者王宁)春节假期期间，国际市场金属板块整体呈现震荡偏强格局，机构分析认为，本轮金属 板块上涨的核心逻辑在于避险与滞胀交易双重主线共振，投资者应当及时把握金属板块机会。春节长假 期间，全球宏观层面多重不确定性因素叠加，成为金属资产(含有色金属和贵金属)价格走强的核心支撑 力。 中银证券（601696）分析认为，进入2026年，随着市场进入"盈利驱动上涨阶段"，在"反内卷"和扩内需 驱动下，国内再通胀叙事强化，金属资产的强周期属性有望体现，而金融属性及产业趋势将带来重估机 遇。投资者可以考虑以工业金属与小金属为矛，贵金属为盾，及时把握市场机遇。 面对投资者对资源品资产的需求，正在发行中的银华中证有色金属ETF联接基金提供了便捷的投资工 具。该基金通过投资有色ETF银华，紧密跟踪中证有色金属指数，帮助投资者一键把握有色行业核心资 产。 银华基金相关人士表示，考虑到有色行业细分品种多、个股波动大，投资者可借助有色ETF银华及其联 接基金，或可大幅降低选股难度与交易成本，以更高效地分享行业整体发展的红利。 ...

中银证券（601696）近日发布化工行业周报：本周（02.17-02.24）国际油价大幅上涨，WTI原油期货价 格收于66.31美元/桶，收盘价周涨幅6.39%；布伦特原油期货价格收于71.49美元/桶，收盘价周涨幅 6.04%。宏观方面，根据新浪财经的消息，美国与伊朗关系持续紧张，地缘政治紧张局势以及市场对美 国可能对伊朗采取行动的担忧成为本轮油价上涨的主要推手。 以下为研究报告摘要： 二月份建议关注：1、低估值行业龙头公司；2、"反内卷"对相关子行业供给端影响；3、下游需求旺 盛，自主可控日益关键背景下的电子材料公司。 行业动态 本周（02.17-02.24）均价跟踪的100个化工品种中，共有33个品种价格上涨，8个品种价格下跌59个品种 价格稳定。跟踪的产品中60%的产品月均价环比上涨，29%的产品月均价环比下跌，11%的产品月均价 环比持平。周均价涨幅居前的品种分别是WTI原油、纯苯（FOB韩国）、石脑油（新加坡）、对二甲苯 （PX东南亚）、硝酸铵（陕西兴化）；周均价跌幅居前的品种分别是甲苯（华东）、电石（华东）、 硝酸（华东地区）、二氯甲烷（华东）、多氟多（002407）冰晶石。 本周（02.17- ...

中邮证券表示，基本面方面，当前券商行业基本面呈现"资金面宽松托底、交易端活性稳固、债券市场 韧性凸显"的核心特征，各项核心指标相互印证，为行业业绩增长提供坚实支撑。当前股债利差水平表 明股票市场相对债券市场更具吸引力，但需警惕市场波动和政策变化带来的风险。后续需持续跟踪利差 是否能突破历史区间中枢、形成趋势性上行，这将直接影响权益市场活跃度及券商经纪、自营等业务的 业绩弹性。 截至2月25日10点0分，上证指数涨0.52%，深证成指涨0.52%，创业板指涨0.08%。ETF方面，证券ETF 易方达（512570）涨1.19%，成分股第一创业（002797.SZ）涨超5%，中银证券（601696.SH）、天风证 券（601162.SH）、长城证券（002939.SZ）、中原证券（601375.SH）、东吴证券（601555.SH）、西 南证券（600369.SH）、华林证券（002945.SZ）、太平洋、西部证券（002673.SZ）等上涨。 消息方面，中证协近日发布第二版《证券公司交易结算系统压力测试指引（征求意见稿）》，二稿在第 一版基础上对条款进行补充、细化与调整。其中，测试频次与触发机制的调整是二稿核心 ...

Core Insights - The AI industry is experiencing significant upgrades in major models both domestically and internationally around the Spring Festival period in 2026, indicating a transformative phase in the sector [2][3]. Domestic AI Model Updates - Several domestic AI models have been updated recently: - January 27: Moonlight released the K2.5 model - February 12: Zhipu released the GLM-5 model - February 13: MiniMax released the MiniMax M2.5 model - February 14: ByteDance released the Doubao 2.0 model - February 16: Alibaba released the Qianwen 3.5 model [3]. International AI Model Updates - Internationally, major AI companies have also completed significant model updates: - OpenAI released the GPT-5.3-Codex model designed for real-time programming, capable of generating over 1000 tokens per second - Anthropic launched the Claude Opus4.6/Claude Sonnet4.6 models, supporting 1 million tokens context for better execution of intelligent planning tasks - Google introduced the Gemini3.1Pro model, which has doubled its inference performance [3]. Advancements in AI Applications - The capabilities of AI models are evolving, with the emergence of intelligent agents and multimodal applications: - The OpenClaw open-source intelligent agent tool has gained attention for its ability to assist with specific office tasks, moving beyond simple chat functionalities - ByteDance's SeeDance2.0 has improved video generation efficiency, increasing the usable rate of 15-second videos from 20% to 90%, potentially driving the anime and drama industries towards large-scale development [4]. Pricing Trends in Computing Power - A price increase in computing power has been observed, indicating a supply bottleneck in the computing power industry: - Zhipu's GLM Coding Plan has seen a price adjustment, including a 30% or more increase in package prices, reflecting rising market demand and user engagement [5]. Investment Recommendations - The computing supply chain is expected to experience sustained growth, with investment opportunities identified in: - Computing and storage: Cambrian, Haiguang Information, Moore Threads, Muxi, Zhaoyi Innovation, Baiwei Storage, Jucheng - Advanced manufacturing: SMIC, Huahong, Jinghe Integration, China Resources Micro, Chipone, Changdian Technology, Tongfu Microelectronics - Optical communication: Zhongji Xuchuang, Tianfu Communication, Xinyi Sheng, Changfei Optical Fiber, Zhongtian Technology, Hengtong Optic-Electric, Huaxin Electronics, Jiepte, Dazhu Laser [6][7].

春江水暖鸭先知。2025年，资本市场投行业务在经历蛰伏后迎来全面回暖，A股募资规模突破万亿元， 同比增长超270%，行业规模与结构同步优化。头部券商优势稳固，市场资源向优质机构集中，竞争格 局日趋清晰。 业内人士认为，近年来，监管层深化注册制改革、坚持"扶优限劣"，引导投行聚焦科技创新，服务实体 经济。2026年开年，投行业务开局稳健，硬科技、并购重组、绿色金融等成为核心增长点，行业正加速 向专业化驱动转型，在政策与市场双重支撑下迈向高质量发展新阶段。 ● 本报记者 赵中昊 谭丁豪 复苏春潮：投行业务规模与结构双提升 经历2024年的调整蓄力，2025年券商投行业务全面复苏，规模与结构实现质的提升。数据显示，2025年 A股股权融资规模突破万亿元，同比增长超270%，行业复苏态势显著。市场集中度进一步向头部聚拢 ——股权承销金额前五的中信证券（600030）、国泰海通（601211）、中金公司（601995）、中银证券 （601696）和中信建投（601066），合计占据超74%的市场份额，形成稳固的第一梯队。 具体来看，行业龙头效应凸显。中信证券以2467.04亿元的总承销金额稳居榜首；2025年完成合并的 ...

根据中银国际证券股份有限公司（以下简称"本公司"）与华夏银行股份有限公司签署的销售协议，自 2026年2月25日起，投资者可在华夏银行股份有限公司华夏E家平台办理本公司旗下部分基金的申购、 赎回、转换、定期定额申购业务（以下简称"定投"），现将有关事项公告如下： 一、适用基金及业务范围 上述适用基金的申购、赎回等业务仅适用于处于正常开放期时的基金，基金特殊期间的有关规定详见对 应基金的基金合同和招募说明书等相关法律文件及本公司发布的最新业务公告。 三、费率调整 1、费率调整内容 2026年2月25日起，投资者通过上述销售机构申购上述基金份额，参与销售机构费率优惠活动，具体折 扣费率以销售机构活动为准。基金标准费率请详见最新的基金合同、招募说明书、基金产品资料概要等 法律文件，以及本公司发布的最新业务公告。 2、费率调整期限 ■ 自2026年2月25日起，投资者可通过上述销售机构办理上述基金份额的申购、赎回、转换、定投等业 务。 以销售机构公示为准。 二、重要提示 3、费率调整提示 (2)本次费率调整解释权归上述销售机构所有，有关费率调整的具体规定如有变化，敬请投资者留意销 售机构的有关告知。 四、投资者可通过 ...

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

战略小金属方面，该行认为投资主线正由事件推动的题材炒作，转换至基于长期战略价值的系统性重 估。以稀土为例，供给端的政策刚性约束，及需求端的出口修复和长期成长动能，已形成强劲共振，预 期稀土价格上行趋势尚未结束。相较于2020至2022年，今轮稀土升幅相对温和，龙头盈利仍有进一步释 放空间。 至于贵金属，黄金中长期价格有望维持高位，短期波动提供布局机会。股价方面，龙头年内业绩确定性 较强，有助板块估值修复，2026年板块有望迎来盈利与估值双升。 配置上，该行建议以工业金属与战略小金属为矛，贵金属为盾。工业金属方面，在中期供需格局紧平衡 的状态下，铜价有望获得坚实支持，弱美元周期亦有望为铜价带来产业趋势的增强。 智通财经APP获悉，中银证券发布研报称，进入2026年，随着市场进入牛市第二阶段"盈利驱动上涨阶 段"，在"反内卷"和扩内需驱动下，国内再通膨叙事强化，有色金属的强周期属性有望体现，而金融属 性及产业趋势将为行业带来重估机遇。 ...

Group 1 - The core index of the construction materials sector, the CSI All Construction Materials Index, fell by 2.05% as of February 13, 2026, with mixed performance among constituent stocks [1] - The top-performing stocks included Hainan Ruize, which rose by 1.39%, while Jinjing Technology led the decline with a drop of 5.36% [1] - The Construction Materials ETF (159745) decreased by 1.77%, with a latest price of 0.72 yuan, but showed a cumulative increase of 8.24% over the past month [1] Group 2 - The Construction Materials ETF recorded a turnover rate of 2.51% and a transaction volume of 56.7866 million yuan, with an average daily transaction of 183 million yuan over the past week, ranking first among comparable funds [1] - The ETF's scale increased by 12.2 million yuan over the past week, placing it in the top third of comparable funds [1] - The latest net outflow of funds from the ETF was 20.7035 million yuan, but there were net inflows on three out of the last five trading days, totaling 213 million yuan [1] Group 3 - Leverage funds are actively positioning in the market, with the latest margin buying amounting to 3.1003 million yuan and a margin balance of 33.6321 million yuan [1] - According to a report by Guojin Securities, global assets have entered a "Risk-off" mode due to various risk events, leading to a shift from growth to value stocks in the equity market [1] - The report highlights that sectors like industrials, materials, and real estate are gaining favor due to their characteristics that are difficult to replace with AI [1] Group 4 - Zhongyin Securities forecasts two potential turning points in the year: a "policy turning point" around the end of Q1 and a "fundamental turning point" around Q4, focusing on the improvement of demand and narrowing declines in second-hand housing prices [2] - The Construction Materials ETF has seen a net value increase of 28.68% over the past two years, ranking first among comparable funds [2] - The ETF's highest single-month return since inception was 24.25%, with an average monthly return of 6.65% during rising months [2] Group 5 - As of February 6, 2026, the Construction Materials ETF had a Sharpe ratio of 1.29, indicating a favorable risk-adjusted return [3] - The maximum drawdown for the ETF this year was 5.48%, with a relative benchmark drawdown of 0.24%, and it recovered the fastest among comparable funds [3] Group 6 - The management fee for the Construction Materials ETF is 0.50%, and the custody fee is 0.10%, with a tracking error of 0.065% over the past six months, the highest among comparable funds [4] - The ETF closely tracks the CSI All Construction Materials Index, which reflects the overall performance of listed companies in the construction materials sector [4] Group 7 - As of January 30, 2026, the top ten weighted stocks in the CSI All Construction Materials Index accounted for 61.6% of the index, including companies like Conch Cement and Dongfang Yuhong [5]