Group 1 - The short drama gaming sector is active in the morning session, with Hengdian Film and Television (603103) achieving "5 boards in 6 days," and stocks like Yaowang Technology and Zhejiang Wenyi reaching the daily limit [1] - The Fujian sector saw a rapid rise, with Pingtan Development and Kuncai Technology hitting the daily limit, while Haixia Innovation surged over 12%, and stocks like Lupu Information and Xiamen Port also experienced gains [2][3] Group 2 - Notable stocks in the Fujian sector include Haixia Innovation at 13.65 (+12.81%), Pingtan Development at 11.83 (+10.05%), and Kuncai Technology at 19.46 (+10.01%) [3] - The market is closely monitoring the rotation of hot sectors to capture signals of sector movements and track the direction of main capital [4]

Core Viewpoint - In January 2026, over 90% of insurance asset management equity products achieved positive returns, with 27 products yielding over 10%, indicating a strong start for the year in this sector [1][3]. Group 1: Performance of Insurance Asset Management Products - Among 290 insurance asset management equity products, the top performer was the CITIC Prudential Asset Management's Chengyi Resource product, with a return of approximately 24.71% [1][2]. - The top 20 equity asset management products predominantly included technology growth products, such as Sunshine Asset's Innovation Growth and China Life Asset's Advanced Manufacturing Selected No. 1 [1][2]. - Major institutions like China Life Asset, Ping An Asset, and others had multiple products listed in the top 20, with China Life Asset having four products featured [1][2]. Group 2: Market Trends and Insights - The strong performance in January was attributed to market trends, particularly in the technology sector, with the ChiNext Index rising by 4.47% and the Sci-Tech 50 Index increasing by 12.29% [3]. - Analysts suggest that for insurance funds seeking long-term stable returns, short-term market fluctuations do not significantly impact their long-term strategic asset allocation [3]. - Among over 170 insurance asset management equity products established for more than three years, around 80% have positive annualized returns since inception, with 46 products exceeding 10% annualized returns [3]. Group 3: Future Investment Directions - Looking ahead to 2026, increasing equity asset allocation remains a key investment direction for insurance institutions, with a particular focus on technology growth themes [4]. - Investment strategies will prioritize sectors such as AI, semiconductors, robotics, and new energy, while also considering financial, cyclical, and consumer sectors [4]. - Advanced manufacturing and TMT strategies are expected to continue to provide excess returns, with specific attention to sectors like power equipment, energy metals, and consumer electronics [5].

2月4日，A股航空机场板块强势上涨。当强劲的春运需求遇上刚性供给约束，航司定价能力正在回归。 随着部分公司业绩端曙光已现，压抑已久的航空业，是否站在景气反转的临界点？且看机构最新研判。 近日航空机场板块走强。2月2日，2026年春运正式启动，中国民航局数据显示，春运首日民航运送旅客 超219万人次，预计整个春运客运量有望突破9500万人次，强劲数据为行业全年需求奠定了良好开局。 风险提示：油价、汇率大幅波动，宏观经济增长失速，行业供需失衡、竞争加剧，空难、恐怖袭击、战 争、疾病爆发等其他需求冲击。以上观点均来自广发证券、中信建投、兴业证券、国金证券、华源证券 近期公开的研究报告，不代表本平台立场，敬请投资者注意投资风险。 作者：聂林浩 刘禹希 机构分析，当前航空机场板块正经历从周期底部走出的关键阶段。从业绩层面看，航空公司的经营低谷 期或已过去，修复趋势明确。2025年航司业绩预告呈现出"亏损显著收敛、部分率先扭亏"的特征，南方 航空、海航控股实现扭亏为盈，其他主要航司亏损幅度也大幅收窄。尽管去年四季度传统淡季仍有压 力，但同比改善趋势延续。 另一关键催化剂，来自供给侧的刚性约束。机构普遍分析认为，受飞机制造 ...

Market Overview - The U.S. stock market closed mixed on February 4, with the Dow Jones rising by 0.53% to 49,501.3 points, the S&P 500 falling by 0.51% to 6,882.72 points, and the Nasdaq dropping by 1.51% to 22,904.58 points [4] Technology Sector Performance - Major technology stocks experienced declines, with the Nasdaq 100 index falling by 1.32%. Notable individual stock movements included Tesla down nearly 4%, Facebook and Nvidia down over 3%, Amazon down more than 2%, while Apple rose over 2% and Microsoft increased by 0.72% [6] Semiconductor Industry - The semiconductor sector showed weakness, with the Philadelphia Semiconductor Index declining by 4.36%. AMD saw a significant drop of over 17%, marking its largest single-day decline since May 2017 [7][9] AMD Financial Results - AMD's latest quarterly report indicated a record revenue exceeding $10 billion in Q4, maintaining a year-over-year growth rate of over 30%. However, the guidance for Q1 fell short of expectations, leading to a sharp decline in its stock price [9] AI and Storage Stocks - Following AMD's poor guidance, AI application stocks such as AppLovin and Palantir dropped over 10%. The storage sector also faced declines, with major players like SanDisk down 15.95% and Micron Technology down 9.55% [9] Chinese Stocks - Chinese stocks listed in the U.S. generally fell, with the Nasdaq Golden Dragon China Index down 1.95%. Individual stocks like Kingsoft Cloud and Bilibili saw declines of over 6% [9] Solar Energy Sector - The solar energy sector surged, driven by news of SpaceX's team exploring the Chinese photovoltaic supply chain. Companies like Enphase Energy and SolarEdge saw significant gains of 38.60% and 13.14%, respectively [11] Space Solar Power - The space solar power sector is emerging as a market hotspot, integrating commercial space and renewable energy. Analysts suggest that the sector is on the verge of large-scale deployment, driven by new demands for space-based energy solutions [14] Employment Data - The latest ADP report indicated that U.S. private sector employment increased by only 22,000 jobs in January, significantly below the expected 46,000. This suggests a cooling labor market, particularly in manufacturing and professional services [16]

Group 1 - Foreign institutions have conducted over 500 research visits to A-share listed companies since the beginning of 2026, with notable firms like Point72 Asset Management, Morgan Asset Management, BlackRock, Goldman Sachs, and Morgan Stanley participating in the research [1][2] - The top three companies attracting foreign research interest are Huaming Equipment, Ying Shi Innovation, and Huichuan Technology, with 59, 58, and 53 foreign institution visits respectively [3][4] - Point72 Asset Management has been the leading foreign institution in research visits for three consecutive years from 2023 to 2025, with a total of 255, 259, and 269 visits in those years [3] Group 2 - The focus of foreign institutions has shifted towards high-end manufacturing and technological innovation in China, indicating a structural growth opportunity driven by these sectors [4] - The investment sentiment in the Chinese stock market is gradually recovering, supported by precise fiscal stimulus, monetary easing policies, and industrial upgrade policies, despite short-term market volatility [5] - The AI sector is expected to remain a key investment theme in 2026, with projected growth rates significantly outpacing most manufacturing and TMT sectors [5]

公司与产经 07 |煤炭产业:基本面持续改善,价格中枢上移 有色市场 · 结构分化,波动加 煤炭产业：基本面持续改善，价格中枢上移 截至2月4日收盘，万得央企煤炭概念指数、万得煤炭开采精选指数涨幅分别达到7.61%和7.58%，中煤 能源、恒源煤电、充矿能源、山西焦煤、潞安环能、山煤国际、晋控煤业等一批个股涨停。煤炭企业人 士、研究员认为，短期内煤价或受印尼矿商暂停现货煤炭出口等消息的扰动。从中长期来看，煤炭供需 基本面有望持续改善，年度价格中枢有望上移。 2月3日，国家高端智库中国石油集团经济技术研究院发布最新预测：2026年，全球石油市场将在"供需 过剩现实"与"地缘冲突风险"之间动态博弈，布伦特油价中枢或维持在每桶60美元至 65美元；全球天然 气市场整体表现为需求增速回升、供应增量高于需求。 有色市场：结构分化，波动加剧 在2月3日中国有色金属工业协会举办的2025年有色金属工业经济运行情况新闻发布会上，协会相关负责 人表示，2025年全球主要有色金属价格整体呈现显著上行态势，我国规上有色金属工业企业利润总额创 历史新高。展望2026年，有色金属市场或有结构性分化，波动程度加剧，价格中枢或仍有上行潜力 ...

Core Insights - The article highlights the accelerated pace of institutional research on A-share listed companies as they release their 2025 performance forecasts, indicating a proactive approach to investment strategies for the new year [1] Group 1: Institutional Research Trends - Over 700 A-share listed companies have received institutional research since the beginning of the year, with over 20 companies attracting more than 100 institutions each [1] - Key sectors attracting attention include electronics, machinery, and pharmaceuticals, with power equipment and non-ferrous metals also being closely monitored [1] Group 2: New Product Launches - Several companies have announced accelerated timelines for new product mass production, showcasing confidence in growth for the new year [2] - Nepean Mining revealed plans to globally promote its innovative composite liner product in 2026, supported by the gradual production ramp-up of overseas facilities [2] - Huqin Technology's robotics division is set to deliver mass-produced robots in 2026, following significant advancements in R&D and project execution [2] - Jiemai Technology is investing in a production line for critical products, with mass production expected by mid-2026 [2] Group 3: Brain-Computer Interface Developments - Companies like Xiangyu Medical and Aipeng Medical are focusing on brain-computer interface technologies, with Xiangyu Medical planning to launch nearly 100 products by the end of 2026 [3] - The integration of software with rehabilitation equipment is expected to enhance product offerings and market competitiveness [3] Group 4: Industry Expansion and Growth - The demand for AI and computing power is driving growth in sectors like optical communication and liquid cooling, prompting companies to accelerate production capacity [4] - Daikin Heavy Industries reported a tight production schedule for overseas projects, anticipating significant growth in offshore wind energy markets [4] - Zhongji Xuchuang noted a strong order backlog extending into Q4 2026, indicating sustained high demand in the industry [4] Group 5: Storage and Liquid Cooling Innovations - Dike Technology plans to increase its storage chip output target to between 30 million and 50 million units in 2026, aiming to enhance revenue and net profit [5] - Dingtong Technology is expanding its liquid cooling production capabilities to meet rising customer demand [5] - Haitai Ruisheng is building a second overseas delivery base in Southeast Asia, expected to support significant orders from major tech clients [5] Group 6: Mergers and Acquisitions - Companies are increasingly pursuing mergers and acquisitions to enter new markets and drive growth [6] - Yingtang Zhikong plans to acquire Guanglong Integration and Aojian Microelectronics to enter the optical communication sector [6] - Dinglong Co. is acquiring Haofei New Materials to tap into the lithium battery functional materials market, with expected sales growth in 2026 [6] Group 7: Strategic Investments - Tianlu Technology is reallocating funds to projects aimed at enhancing its product offerings in the display industry, with equipment for the TAC film project expected to be operational by mid-2026 [7]

Group 1 - The Ministry of Commerce will hold a press conference on February 5 to introduce key work in the business sector [2] - The global energy internet development cooperation organization will release the "Global Wind, Solar, and Hydropower Capacity Annual Forecast 2026" report on February 5 [2] - A total of 354 billion yuan in 7-day reverse repos will mature on February 5 [2] Group 2 - The 2026 Credit Market Work Conference emphasized support for expanding domestic demand, technological innovation, and small and medium-sized enterprises [4] - The State Administration for Market Regulation released 32 national metrology technical specifications, covering various fields including smart connected vehicles and health [4] - The Ministry of Culture and Tourism announced the resumption of travel for Shanghai residents to Kinmen and Matsu [4] Group 3 - Ibiden, a leading Japanese IC substrate manufacturer, announced a 500 billion yen (approximately 22.2 billion yuan) investment plan to expand high-performance IC substrate capacity from FY2026 to FY2028 [6] - The demand for IC substrates is increasing due to advancements in packaging technology, such as Chiplet packaging [6] - Chongda Technology announced a 1 billion yuan investment in a functional IC packaging substrate project in Jiangsu Province [6] Group 4 - The successful installation of the dome for the Zhangzhou Nuclear Power Unit 3 marks a significant milestone in the construction of the "Hualong One" nuclear power technology [8] - There are currently 41 units of "Hualong One" under construction or in operation, making it the most widely used nuclear power technology globally [9] - The World Nuclear Association projects that global nuclear power capacity could reach 1,446 GWe by 2050, surpassing the target set in the "Threefold Nuclear Energy Declaration" [9] Group 5 - The first brain-machine interface equipment for traditional Chinese medicine has been launched, aimed at patients with neurological injuries [10] - The technology is expected to revolutionize human-machine interaction, initially focusing on medical rehabilitation [10] - Companies like Weisi Medical and Innovation Medical are actively involved in the development of brain-machine interface technologies [10] Group 6 - Hengtong Optic-Electric has completed the construction of its AI advanced optical fiber materials R&D center and has entered the equipment installation phase [12] - Ruixin Technology is planning a major asset restructuring involving the acquisition of Wuhu Deheng Automotive Equipment Co., with stock suspension starting February 5 [12] - Changan Automobile plans to repurchase shares worth between 1 billion to 2 billion yuan to reduce registered capital [12] Group 7 - Shengxin Lithium Energy's subsidiary plans to acquire a 13.93% stake in Huirong Mining for 1.26 billion yuan, aiming for full control [13] - Sileck's subsidiary received a project confirmation letter from a South Korean battery client for cylindrical battery shell products, with an expected total procurement of approximately 360 million units [13] - Huibo Technology signed a contract worth 225 million USD (approximately 1.596 billion yuan) for the Naft Khana oilfield restoration project in Iraq [13] Group 8 - On February 3, stock-type ETFs (excluding cross-border ETFs) saw a net inflow of 6.965 billion yuan, marking a return to net inflows after a period of outflows [15] - The Southern CSI 500 ETF had a net inflow of 3.566 billion yuan, with several other ETFs also attracting significant investments [15] - The total scale of the Jiashi CSI 300 ETF has returned to over 100 billion yuan, reaching 100.824 billion yuan [15] Group 9 - JinkoSolar received a net buy of 104 million yuan from institutional seats, representing 2.52% of total trading volume [16] - The company signed a strategic cooperation agreement with Jintai Technology to jointly develop AI-based high-throughput perovskite tandem solar cells [16] - The expected mass production of perovskite tandem cells could significantly enhance efficiency and application in various scenarios [16] Group 10 - Honghe Technology received a net buy of 95.766 million yuan from institutional seats, accounting for 5.26% of total trading volume [17] - The company is a leading manufacturer of high-end electronic fabrics, benefiting from strong demand in AI-related applications [17] - Other companies such as Jingsheng Mechanical and China International Marine also saw net buys from institutional investors [17]

2月4日晚，天龙股份（603266）发布公告称，收到上海证券交易所下发的关于对资产收购事项的二次问 询函。二次问询重点聚焦上市公司投资收益可实现性、收入预测、内幕信息管理等问题。 回溯来看，1月5日，天龙股份宣布拟以现金方式合计出资2.32亿元，通过"股权受让+增资"一揽子交 易，取得苏州豪米波技术有限公司（下称"苏州豪米波"）54.87%的股权，实现对后者的控股并将其纳入 合并报表范围。此举标志着公司加速向智能驾驶核心感知系统领域纵深布局，培育第二增长曲线。 二次问询聚焦四大问题 上交所在二次问询中提出，公司此前披露的监管回复经事后审核后仍有事项需进一步说明，问询重点围 绕四方面展开，包括交易合理性、乐观业绩预测、外部投资者退出安排及可能的内幕信息管理等问题。 首先，问询函对此次收购的合理性提出关注。 具体来看，本次交易完成后，苏州豪米波短期内仍处于亏损状态，将导致天龙股份未来2—3年业绩下 滑。同时，本次交易采用收益法评估结果35470万元作为定价依据，与苏州豪米波截至2025年9月30 日-1957.23万元的净资产相比估值溢价较高，且存在商誉减值、业绩承诺无法实现、业绩补偿不足等多 项风险。 因此，上 ...

Core Viewpoint - The company has appointed Zhu Haoli as the new deputy general manager following the departure of Cui Rongsheng due to organizational adjustments, with the decision made unanimously by the board of directors [1][4]. Group 1 - The board meeting was conducted via communication means, with all 9 directors present and the meeting procedures compliant with legal regulations and the company's articles of association [1]. - The board expressed gratitude for the contributions made by Cui Rongsheng during his tenure [3]. - The voting results for the appointment were 9 votes in favor, with no abstentions or opposition [4]. Group 2 - Zhu Haoli, born in October 1973, holds a master's degree in engineering and is a senior engineer with a background in various leadership roles within the industry [6]. - Zhu Haoli currently holds 66,700 shares of the company and meets all qualifications required for senior management positions as per relevant regulations [6].