目 录 | | 每日报告精选（2026-02-27 09:00——2026-03-02 15:00） 3 | | | --- | --- | --- | |  | 宏观周报：《节后生产修复》2026-03-01 3 | | |  | 宏观周报：《中东冲突再起，通胀苗头初现》2026-03-01 3 | | |  | 策略专题报告：《资源品普涨与 Token 出海新叙事》2026-03-02 4 | | |  | 策略周报：《稳定是如今中国股市的底色》2026-03-01 5 | | |  | 策略观察：《资产概览：中东紧张局势推升贵金属/原油价格》2026-03-01 6 | | |  | 策略观察：《春节旅游景气提升，科技和资源涨价》2026-02-28 7 | | |  | 行业跟踪报告：钢铁《第一批引领性钢企公布》2026-03-02 8 | | |  | 行业周报：物流仓储《中蒙业务复苏，物流春意渐浓》2026-03-01 9 | | |  | 行业专题研究：海运《中东局势再度升级，关注油运灰色市场变化》2026-03-01 9 | | |  | 行业专题研究：基础化工《PVC 长 ...

| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 4183 | 0.47 | 4.15 | 2.46 | | 深证综指 | 2745 | -0.68 | 4.95 | 2.41 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.31 | 1.9 | 4.08 | | 中盘指数 | 0.13 | 8.01 | 22.39 | | 小盘指数 | -0.68 | 6.68 | 18.08 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 油服工程 | 11.58 | 27.37 | 59.71 | | 贵金属 | 10.24 | 8.83 | 78.57 | | 炼化及贸易 | 6.96 | 14.25 | 35.96 | | 航天装备Ⅱ | 6.45 | 8.05 | 123.89 | | ...

行 业 及 产 业 证 券 研 究 报 告 煤炭/ 煤炭开采 2026 年 03 月 02 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 进口扰动，助推煤价持续上涨 看好 ——煤炭行业周报（2026.2.21-2026.2.28） 本期投资提示： ⚫ 动力煤方面，截至 2 月 28 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 584、670、751 元/吨，环比上涨 24、28、29 元/吨。供 给端，据中国煤炭市场网，环渤海四港区本周日均调入量 172.97 万吨，环比上周增加 27.7 万吨，增幅 19.07%，但同比下降 ...

——钢铁行业周度更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 股票研究 /[Table_Date] 2026.03.02 需求有望逐步触底；供给端即便不考虑供给政策，目前行业微利时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政 策落地，行业供给的收缩速度更快，行业上行的进展将更快展开。 第一批引领性钢企公布 [Table_Industry] 钢铁 ...

股票研究 /[Table_Date] 2026.03.02 第一批引领性钢企公布 [Table_Industry] 钢铁 ——钢铁行业周度更新报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 李鹏飞(分析师) | 010-83939783 | lipengfei2@gtht.com | S0880519080003 | | 刘彦奇(分析师) | 021-23219391 | liuyanqi@gtht.com | S0880525040007 | | 魏雨迪(分析师) | 021-38674763 | weiyudi@gtht.com | S0880520010002 | | 王宏玉(分析师) | 021-38038343 | wanghongyu@gtht.com | S0880523060005 | 本报告导读： 需求有望逐步触底；供给端即便不考虑供给政策，目前行业微利时间已经较长，供 给的市场化出清已开始出现，我们预期钢铁行业基本面有望逐步修复。而若供给政 策落地，行业供给的收缩速度更快，行业上行的进展将更快展开。 ...

格隆汇2月27日丨鄂尔多斯(600295.SH)涨4.28%，报17.550元，股价创历史新高，总市值491.19亿元。 ...

随后，接到报警赶来的派出所民警和消防队对现场进行进一步检查和确认。在确认火情完全消除、无安 全隐患后，对康巴什中心加油站反应迅速、处置规范、扑救高效的应急行动给予充分肯定与高度表扬， 认为此次5分钟内成功扑灭火情，最大限度降低了风险，避免了更大的公共财产损失，展现了良好的安 全意识和应急能力。 此次快速高效处置火情，是加油站日常安全培训、应急演练常态化的成果体现。在处置险情总，员工熟 悉流程、熟练操作，真正做到了关键时刻拉得出、顶得上、打得赢。(徐鹏) 2月24日下午4时30分，因儿童在道路旁燃放鞭炮，康巴什中心加油站南侧约200米处道路绿化带被意外 引燃。正值傍晚车流逐渐增多时段，现场浓烟滚滚，火势借着干燥的枯草迅速蔓延。事发地点距离加油 站较近，一旦火势扩大，极有可能对站区安全造成威胁，情况十分紧急。 站内员工发现浓烟后，迅速向站经理报告。危急时刻，站经理立即启动应急处置预案，按照平日演练分 工，组织在岗员工迅速行动：一组人员携带灭火器、灭火毯等消防器材奔赴现场实施灭火;另一组人员 立即报警，同时加强站内警戒，提醒顾客注意安全，严防火势向站区蔓延。面对不断翻涌的浓烟和炙热 的火苗，员工们沉着冷静、协同配合 ...

Group 1 - The core point of the news is that Ordos Resources Co., Ltd. experienced a stock price increase of 5.18%, reaching 16.84 CNY per share, with a total market capitalization of 47.131 billion CNY [1] - The company, established on October 15, 1995, and listed on April 26, 2001, operates primarily in cashmere clothing, power metallurgy, and chemical industries [1] - The revenue composition of the company includes: silicon iron (37.05%), PVC resin (18.59%), clothing (13.60%), caustic soda (7.78%), and other segments [1] Group 2 - From the perspective of major fund holdings, one fund under Xingzheng Global Fund has significantly increased its stake in Ordos, holding 884,000 shares, which represents 3.33% of the fund's net value [2] - The fund, Xingquan Hongli Quantitative Stock A (021979), has seen a floating profit of approximately 733,700 CNY from its investment in Ordos [2] - The fund has a total asset size of 184 million CNY and has achieved a year-to-date return of 7.75% [2]

"AEO认证带来了更低的查验率和进出口成本，还有更快的通关速度与更优先的服务，让我们的锂电池 在国际市场上更具竞争优势，拓展全球业务的信心十足。"该公司工作人员白卓夫表示。 在提升通关效率方面，海关为"新三样"产品出海搭建便捷通道。通过叠加"提前申报""预约通关"等便利 措施，创新推出"申报—检验—放行"全流程定制化服务包。对"新三样"出口货物实施优先查验、快速放 行机制，最大限度压缩通关时间，确保企业出货船期精准可控，为产品抢占国际市场先机、树立优质品 牌口碑提供坚实保障。此外，海关着力释放原产地政策红利，推广原产地证书自助打印功能，通过智能 审核系统实现证书"秒签"，并加强政策辅导，帮助企业充分享受关税减免优惠，有效降低经营成本。 为推动"新三样"产品稳步开拓国际市场，应对海外风险，鄂尔多斯海关构建了全链条服务体系。通过深 入辖区新能源企业开展实地调研，海关专业团队精准把握企业需求，针对性解读锂电池包装、运输等国 际通行标准与制度规范，帮助企业完成出口风险预判与合规体系建设。同时建立海外市场信息快速推送 机制，及时向企业推送目标市场技术准入要求、贸易政策调整等关键信息，为企业决策提供精准参考， 有效提升风 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - The report highlights a slow recovery in domestic coal supply and an expected reduction in imports, which is anticipated to support continued increases in coal prices [1]. - As of February 13, 2026, the spot prices for thermal coal at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 25, and 23 RMB/ton respectively [1]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim increased by 4.54% week-on-week, while the outflow rose by 14.42% [1]. - The report suggests that the current tight supply conditions, coupled with increased demand from downstream sectors, will likely sustain coal prices in the near term [1]. Summary by Sections Recent Industry Policies and Dynamics - The State Council issued guidelines on improving the national unified electricity market system, aiming for significant market participation by 2030 and full establishment by 2035 [8]. - Safety production measures in coal mines are being emphasized, with a focus on intelligent operations and strict enforcement of safety regulations [8]. Price Trends - Domestic thermal coal prices remained stable, with specific grades reporting no change in price [9][11]. - International thermal coal prices showed slight increases, with Indonesian coal prices rising by 1.2% [10]. Inventory and Supply - The Bohai Rim ports reported a decrease in coal inventory, with a total of 24.15 million tons as of February 14, 2026, down 1.96% from the previous week [21]. - The report indicates that the number of vessels anchored at the Bohai Rim ports decreased, reflecting tighter supply conditions [21]. Freight Rates - Domestic coastal freight rates decreased by 2.90%, while international freight rates showed mixed trends [28]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].