2026 年 2 月 27 日 总量研究 节后表现值得期待 ——2026 年 3 月 A 股及港股月度金股组合 要点 2 月 A 股港股出现分化 2月A股主要指数涨多跌少，行业端分化明显，综合、建筑材料、国防军工涨幅 居前。受市场情绪积极、风险偏好维持高位等因素影响，2月（截至26日），A 股主要指数大多出现上涨，其中中证1000涨幅最大，2月份累计上涨了2.9%，而 科创50跌幅最大，累计下跌了1.6%。 2月港股市场出现回调。2月受外围市场波动、市场情绪回落等因素影响，港股 市场整体走势偏震荡。截至2026年2月26日，恒生香港35、恒生指数、恒生综合 指数、恒生中国企业指数、恒生科技的涨幅分别为3.9%、-3.7%、-3.8%、-5.4%、 -10.6%。 A股观点：表现值得期待，把握成长与顺周期两条主线 未来将进入到经济数据与政策验证阶段，市场表现值得期待。在春节之后，市场 交易热度会出现季节性回升，奠定了未来市场表现的基础。同时，未来一个月市 场将进入到密集的数据与政策验证期。1、2 月份的一系列经济金融数据将会逐 步披露，奠定市场对于全年经济的基础预期。总体来看，3 月份权益市场机会仍 然大于风险 ...

Core Insights - The report highlights a positive outlook for various industries in March 2026, driven by domestic demand policies and sector-specific growth opportunities [2][3] - Key stocks recommended across different sectors are expected to show significant profit growth and favorable valuations, indicating potential investment opportunities [2][3] Industry Summaries Social Services - China Oriental Education is positioned to benefit from the growth in new service consumption, with a projected net profit of 1.1 billion yuan in 2026, reflecting a 40% increase and a PE ratio of approximately 11 times [2][3] Construction - Yaxin Integration is expected to gain from significant investments in the cleanroom industry, with orders and performance not fully anticipated, particularly from major clients like Micron and TSMC [2][3] Non-Bank Financials - CITIC Securities is recommended as a leading brokerage benefiting from market recovery and favorable policy environments, with valuations not reflecting the improving profit trends [2][3] Agriculture - Youran Dairy, a leader in dairy farming, is set to benefit from rising beef and milk prices, with expectations of high earnings recovery due to favorable market conditions [2][3] Power Equipment and New Energy - Delijia is expanding its capacity in wind power gearbox projects, with a strong order backlog and projected profit growth of 55% in 2025 [2][3] - Sifang Co. is actively expanding its overseas presence and has secured multiple projects, with a focus on cutting-edge technologies like solid-state transformers [2][3] Automotive - Xingyu Co. is positioned in a high-growth segment of automotive lighting, with a focus on smart products and expanding its global customer base, projecting revenues of 16 billion yuan in 2025 [2][3] Home Appliances - Haier Smart Home is benefiting from domestic policies promoting appliance upgrades and is enhancing operational efficiency through digital transformation, with a stable increase in market share [2][3] Basic Chemicals - Chuanheng Co. is expected to increase its phosphate mining capacity significantly by 2028, with a strong dividend payout history and high-quality product offerings [2][3] Military Industry - Lianchuang Optoelectronics is experiencing substantial growth in laser products and is entering the commercial space launch market, indicating a broad market potential [2][3]

证券研究报告 基础化工 美将磷系农资列入战略资源影响深远 华泰研究 2026 年 2 月 24 日│中国内地 动态点评 基础化工 增持 (维持) | 庄汀洲 | 研究员 | | --- | --- | | SAC No. S0570519040002 | zhuangtingzhou@htsc.com | | SFC No. BQZ933 | +(86) 10 5679 3939 | | 杨泽鹏* | 研究员 | | SAC No. S0570525070014 | yangzepeng@htsc.com | | | +(86) 755 8249 2388 | 行业走势图 (10) 5 20 35 50 Feb-25 Jun-25 Oct-25 Feb-26 (%) 基础化工 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 川恒股份 | 002895 CH | 50.73 | 买入 | | 云天化 | 600096 CH | 44.66 | 买入 | | 中海 ...

格隆汇2月25日丨川恒股份(002895.SZ)涨5.59%，报44.750元，股价创历史新高，总市值271.93亿元。 ...

这意味着整个板块几乎出现了集体涨停的盛况。 资金抢筹的迹象非常明显，单日主力资金净流入超过80亿元。 但比这场面更让人好奇的是，引爆行情的导火索，竟然来自大洋彼岸的一纸政令。 而在这场 资本狂欢中，以稳健著称的全国社保基金，在整个磷化工板块里，只重仓持有了1家公司的股票。 这一切都要从2026年2月18日说起。 马年首个交易日，A股市场就给了所有人一个惊喜。 2026年2月24日，上证指数涨超1%，创业板指大涨1.76%，但最亮眼的明星并非这些大盘指数，而是化 工板块里一个细分领域——磷化工。 | 2025-09-30 2025-06-30 | 2025-03-31 | 2025-03-11 | | 2025-02-25 | | | --- | --- | --- | --- | --- | --- | | 前十大流通股东累计持有:3.53亿股,累计占流通股比:59.1%,较上期增加900.92万股 | | | | | | | 机构或基金名称 | 持有数量(股) | 持股变化(股) | 占流通股比例 | 质押占其直接持股比 | 变动比例 | | 四川川恒控股集团股份有限公司 | 2.78亿 | 不变 | 46 ...

证券日报网讯2月24日，川恒股份（002895）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司股东为29603户。 ...

2月24日，川恒股份涨5.06%，截至发稿，报40.48元/股，成交1.63亿元，换手率0.68%，总市值245.98亿 元。 资料显示，贵州川恒化工股份有限公司位于贵州省黔南布依族苗族自治州福泉市龙昌镇，成立日期2002 年11月25日，上市日期2017年8月25日，公司主营业务涉及磷酸及磷酸盐产品的生产、销售。主营业务 收入构成为：磷酸28.41%，饲料级磷酸二氢钙25.11%，磷酸一铵21.29%，磷酸铁9.46%，磷矿石 6.93%，其他产品3.56%，贸易收入1.94%，其他1.57%，铁精粉1.11%，硫酸铵0.61%。 从基金十大重仓股角度 数据显示，长安基金旗下1只基金重仓川恒股份。长安鑫禧混合A（005477）四季度持有股数18.5万股， 占基金净值比例为3.19%，位居第十大重仓股。根据测算，今日浮盈赚取约36.07万元。 长安鑫禧混合A（005477）成立日期2018年2月7日，最新规模5844.11万。今年以来收益4.87%，同类排 名3959/8994；近一年收益27.45%，同类排名3939/8199；成立以来亏损52.83%。 长安鑫禧混合A（005477）基金经理为江博文。 截 ...

Core Insights - The chemical industry is at the beginning of a new prosperity cycle globally, with Chinese chemical companies showing stronger profit foundations and elasticity due to past expansions and capital expenditures [5][11][29] - Focus on cyclical chemical products, particularly those with resource attributes and potential in the real estate chain [4][5] - The demand from major economies like China and the US is expected to improve, with China's GDP projected to exceed 140 trillion yuan, growing at 5.0% year-on-year [5][22] Group 1: Global and Domestic Chemical Landscape - The global chemical landscape is improving, with China's chemical sector becoming more resilient [9][12] - China's share of the global chemical market has significantly increased from 13% in 2004 to 47% in 2024, indicating its growing importance in the global chemical industry [14][29] - The capital expenditure in the global chemical sector has paused, with many overseas chemical companies reducing production, which may benefit Chinese companies [14][16] Group 2: Resource Attributes in Chemical Products - Three main resource directions are emphasized: mineral resources (like phosphate and potash), indicator resources (such as pesticides and refrigerants), and channel resources (like compound fertilizers) [5][33] - China's phosphate reserves rank second globally, with a steady increase in demand driven by both traditional fertilizer needs and emerging sectors like lithium iron phosphate for batteries [33][36] - The supply of fertilizers is expected to contract in 2025, with production of monoammonium phosphate and diammonium phosphate projected to decrease by 6.73% and 6.86% respectively [39] Group 3: Real Estate Chain Chemical Products - The market currently has low expectations for the recovery of demand in the real estate chain, but there is potential for significant improvement due to government stimulus policies [5][22] - The supply concentration of chemical products related to the real estate chain is gradually increasing, which may lead to faster and easier supply-demand improvements [5] Group 4: New Materials and Domestic Substitution - The report highlights the importance of domestic substitution and the development of new materials in line with China's strategic plans for emerging industries [7][8] - Key areas of focus include lubricating oil additives, semiconductor materials, and bio-based materials [7] Group 5: Investment Recommendations - Suggested companies for investment include Hualu Chemical, Xin Fengming, Yuntianhua, and others, focusing on those with strong market positions and innovative capabilities [7][8]

证券代码：002895 证券简称：川恒股份 公告编号：2026-005 贵州川恒化工股份有限公司 2026 年度为子公司提供担保的进展公告（二） 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、为子公司提供担保的情况概述 经贵州川恒化工股份有限公司（以下简称公司）第四届董事会第十四次会议、 2026 年第一次临时股东会审议通过，公司 2026 年度为合并报表范围内资产负债 率为 70%以下的子公司贵州福麟矿业有限公司（以下简称福麟矿业）、贵州川恒 营销有限责任公司的融资提供合计不超过 8.00 亿元的担保额度，具体内容详见 本公司在信息披露媒体披露的相关公告(公告编号：2025-128、2025-129、2026-002、 2026-003)。 2026 年 2 月 12 日，福麟矿业与中国光大银行股份有限公司贵阳分行（以下 简称光大贵阳分行）签订《综合授信协议》，最高授信额度为人民币 2,000.00 万元，有效使用期限为 2026 年 2 月 12 日至 2027 年 5 月 11 日。 2026 年 2 月 12 日，公司与光大贵阳分行签订《最高额保 ...

（编辑 楚丽君） 证券日报网讯 2月9日，川恒股份在互动平台回答投资者提问时表示，天一矿业的老虎洞磷矿正在按500 万吨/年的产能进行建设，公司控股子公司持有天一矿业49%的股权。根据目前工程建设的实际情况， 天一矿业预计老虎洞磷矿今年仍会有部分工程矿产出。 ...