Core Viewpoint - In January 2026, Hainan Airlines Holding Co., Ltd. reported significant improvements in operational data, indicating a strong recovery in both regional and international flight operations compared to the previous year [1][2]. Group 1: Operational Data - The group introduced 1 A320NEO, 1 A320, and 1 B737-8 aircraft while retiring 2 B737-800 aircraft, bringing the total fleet to 360 aircraft by the end of January 2026 [2]. - Regional passenger capacity (measured in available seat kilometers) increased by 5.86% year-on-year, with revenue passenger kilometers rising by 33.54% and passenger transport volume increasing by 25.92%. The passenger load factor improved by 16.43 percentage points [2]. - International passenger capacity saw a modest increase of 0.66% year-on-year, with revenue passenger kilometers up by 3.38%, passenger transport volume rising by 2.44%, and a load factor increase of 1.91 percentage points [2]. Group 2: Cargo Operations - Regional cargo and mail revenue ton kilometers surged by 64.06% year-on-year, with cargo and mail transport volume increasing by 90.51% and a cargo load factor improvement of 6.92 percentage points [2]. - International cargo and mail revenue ton kilometers grew by 11.66% year-on-year, with cargo and mail transport volume up by 11.98% and a load factor increase of 3.65 percentage points [2].

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core driving force for the market's upward trend is the self-propelling nature of the market, supported by regulatory measures to mitigate risks and prevent overheating [1][3] - Key support for the market's upward movement includes improving corporate profit outlooks, increased willingness of residents to invest savings, and ongoing policies to optimize industry competition [1][2] Short-term Market Dynamics - Short-term market fluctuations are influenced by holiday effects, with some funds opting to secure profits before the Lunar New Year, leading to a temporary decrease in trading activity [2] - The performance of U.S. tech giants, Federal Reserve policy, and geopolitical events indirectly affect the rotation of A-share industries [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical price increases [5] - Five main investment lines are suggested: 1. AI industry chain focusing on application breakthroughs [5] 2. High dividend assets in stable cash flow sectors [5] 3. Anti-involution sectors benefiting from improved competition [5] 4. Core areas of domestic demand recovery, particularly in health and travel sectors [6] 5. Investment opportunities in strategic and industrial metals [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion due to the current market's performance being below historical averages [3] - The growth of the A-share market is anticipated to be independent of the overall yearly trend, with a focus on technology growth while balancing risks across multiple sectors [6]

● 本报记者 郑萃颖 春节临近，智能眼镜成为当下流行的新年货。全球智能眼镜市场迎来爆发，在这场智能穿戴的产业变革 中，扎根杭州余杭的杭州灵伴科技有限公司（Rokid）成为中国智能眼镜企业中的亮眼代表。 Rokid创始人兼首席执行官祝铭明近日在接受中国证券报记者采访时表示，2025年公司AI+AR智能眼镜 产品乐奇AI眼镜（Rokid Glasses）收获30万台订单，同时公司旗下各类智能眼镜产品在文旅、工业应用 场景不断拓展市场份额。上游供应链产能的突破是智能眼镜产业破局的关键，同时软件生态的构建将决 定智能眼镜的使用体验和未来市场空间。 智能眼镜悄然流行 春节前夕，无论在线下商场还是线上电商平台，智能眼镜成为今年流行的新年货。市场研究机构IDC预 测，2026年中国智能眼镜市场出货量将突破491.5万台，正式迈入规模化增长新阶段。 2025年，一次杭州余杭区政府内部沟通会，让智能眼镜公司Rokid走入大众视野。祝铭明戴着Rokid Glasses样机脱稿演讲的视频广为传播，为企业带来关注度与销量增长。"关注度变高，最直观的变化是 产品销量快速增长，促使生产节奏加快。"祝铭明坐在Rokid位于余杭的展厅内，回 ...

"未来，机器人本体制造或将逐步成为行业准入门槛，真正决定具身智能产品能力的将是大脑。"原力无 限联合创始人刘扬在接受中国证券报记者专访时表示，原力无限发力机器人大模型，探索机器人处理复 杂长程任务、持续学习、理解事件因果的能力并建设AI基础平台，以此提升更多类型的具身智能产品 在应用场景中的表现。 2月4日，原力无限发布了其首款消费级具身智能机器人小原子，提出打造能不断进化的生命体。小原子 在硬件层面打造了通用外设接口，使其能替换手部和其他关键部件，实现功能扩展，并在软件层面通过 官方OTA和开放平台持续升级。 ● 本报记者 王婧涵 方悦 攻坚具身大脑 "机器人未来的竞争本质是大脑的竞争。"刘扬认为，中国拥有强大的制造业基础，随着行业成熟，未来 机器人本体可能逐渐演变为标准化程度较高的硬件载体，而真正的技术能力差异将集中于软件能力也就 是所谓的机器人大脑层面。 他表示，原力无限自创立之初，便将研发重心押注于算法模型与AI基础建设平台（AI Infra）两大方 向。在算法模型层面，原力无限通过聚焦三大维度提升机器人在不同场景中的表现。 首先，聚焦处理长程任务的能力，即机器人能将笼统复杂的用户指令自动分解为一系列 ...

● 本报记者 傅苏颖 近期，药品零售行业政策红利持续释放，转型与整合升级步伐不断加快。商务部等九部门近日联合印发 《关于促进药品零售行业高质量发展的意见》，围绕行业整合、处方外流、商业保险等推出一系列支持 举措，推动药品零售行业转型升级。业内人士表示，随着政策引导、市场出清与模式创新同步推进，我 国药品零售行业正进入结构优化、集中度提升、盈利模式重构的新阶段，具备规模优势与整合能力的龙 头企业将显著受益。 推动行业转型 商务部相关负责人介绍，当前，我国医药零售行业正处于创新转型的关键时期，需要推动其从传统药品 销售向综合性健康服务转型，强化专业服务、健康促进与应急保供等功能，将其打造成贴近社区、服务 百姓的"健康驿站"，提升全民健康保障体系的韧性与可及性。 东海证券认为，此次九部门联合发布的政策从转型、支付、供应、整合四大维度构建行业发展框架，推 动行业从"单一卖药"向"健康服务"转型。政策明确鼓励兼并重组与横向并购，叠加医保定点待遇与基层 医疗机构平权、医保个人账户家庭共济等举措，将加速单体药店出清，行业集中度有望加速提升；优化 外配处方审核，打通线下药店处方堵点，允许企业自建药学服务平台，加速处方外流和市 ...

2026年1月，伦敦金现货价格一度上涨至近5600美元/盎司，伦敦银现货价格更是一度涨至120美元/盎司 上方。但1月30日，伦敦金现货价格单日暴跌超9%，伦敦银现货价格更是下探超26%。 本周，金银价格持续震荡。Wind数据显示，截至2月13日18时，伦敦金现货价格2月以来上涨近2%，回 归至4965美元/盎司上方；伦敦银现货价格则维持下行趋势，2月以来下探超8%，已跌至78美元/盎司附 近。 对于近期贵金属价格走势，申银万国期货研究团队解读认为，短期来看，市场对人工智能的担忧引发金 融市场抛售潮，导致美股科技股大跌，市场风险偏好下降，在流动性冲击下贵金属价格直线跳水。长期 来看，去美元化、地缘风险、央行购金等支撑因素并未发生逆转。待市场充分调整、新的利多因素积聚 后，黄金价格有望重回上行通道。 ● 本报记者 谭丁豪 刘英杰 2026年开年，贵金属价格在冲高后大幅回调。经历一轮极端波动后，2月以来贵金属市场进入震荡整固 阶段，行情由前期的快速上行，转向依托宏观数据验证的震荡格局。受美国就业数据超预期、市场降息 预期延后以及海外股市波动等因素影响，贵金属价格短期走势承压，市场情绪仍在修复。 分析人士认为，此轮 ...

Core Viewpoint - The A-share market is expected to continue its upward trend post-Spring Festival, driven by a combination of trend inertia, seasonal effects, and policy environment support [3] Market Characteristics - The A-share market is influenced by multiple factors, exhibiting a complex overall pattern characterized by clear trends, numerous short-term disturbances, and significant structural differentiation [1] - The core support for the market's upward trend includes improving corporate profit prospects, increased willingness of residents to invest, and ongoing policies to reduce competition [1][2] Short-term Market Dynamics - The pre-Spring Festival period has led to a temporary decline in market activity as some funds opted to secure profits amid uncertainty, but this has not altered the core market trend [2] - Historical data shows that since 2009, the average spring market rally has lasted 57 days with an average increase of over 20% [2] Investment Strategy - Post-Spring Festival, the investment logic will focus on "value supporting growth," with a shift from low-risk to high-risk preferences, emphasizing technology and cyclical sectors [4] - Five key investment themes are recommended: 1. Artificial intelligence industry chain, shifting focus from hardware to application [5] 2. High dividend yield assets, particularly in stable cash flow sectors like white goods and banking [5] 3. Anti-involution sectors benefiting from improved competition dynamics, such as coal and steel [5] 4. Core areas of domestic demand recovery, focusing on sectors with strong growth potential like health and tourism [6] 5. Investment opportunities in strategic and industrial metals, anticipating a rebound in prices [6] Market Outlook - The market is expected to experience a "red envelope market" post-Spring Festival, with potential for further expansion if consumer data exceeds expectations [3] - The overall market is projected to maintain a "stable and upward" characteristic, with limited downside potential for indices [3]

Core Viewpoint - The upcoming 2026 Spring Festival consumption season is expected to inject strong vitality into traditional consumption while accelerating the implementation of new business formats and models, shifting the investment logic in the consumption sector from "overall recovery" to "selective structure" [1][4]. Policy Effects - The "2026 'Shopping New Spring' Special Activity Plan" was jointly issued by nine departments, covering six areas: food, accommodation, transportation, tourism, shopping, and entertainment [1]. - The plan includes various promotional activities such as New Year’s Eve dinner packages, home renovation promotions, and increased transportation capacity by civil aviation and railway departments [1][2]. - The Ministry of Commerce announced three major incentives for consumers: trade-in programs, prize invoices, and financial support, aimed at enhancing the supply and promotional activities of retail businesses [2]. Market Dynamics - The restaurant sector is experiencing a surge in demand, with many restaurants in Beijing reporting a booking rate of 90% for New Year’s Eve dinners [3]. - Various cities are creating complex consumption scenarios, such as events in Wangfujing and Nanjing Road that combine culture, food, and interactive experiences [3]. - The trade-in program is gaining traction, with an emphasis on increasing subsidies and enhancing promotional activities during the Spring Festival [3]. Investment Opportunities - Analysts suggest focusing on four main investment lines: 1. Offline retail leaders adapting to consumer trends and regaining traffic [4]. 2. Gold and jewelry brands with fundamental and valuation recovery potential [4]. 3. Domestic beauty brands excelling in high-demand niches [4]. 4. Upstream differentiated medical beauty product manufacturers benefiting from the recovery of medical beauty consumption [4]. - Long-term investment strategies should consider changes in consumer structure and focus on new products, technologies, channels, and markets [5].

雄关漫道，星河璀璨。卅载风雨，铸就金融脊梁。自1995年于改革春潮中破土而生，长城证券便如一道 蜿蜒于资本市场的金融长城，以深圳为原点，将服务的血脉延伸至大江南北。 从首批综合类券商到深交所挂牌上市，其名"长城"，早已超越了地理符号，升华为一种深耕产业、固本 培元的战略定力。当"十五五"的号角吹响，金融强国建设的时代命题如巍峨关山矗立眼前，这家根植于 电力央企沃土、深谙能源产业脉搏的券商，如何在百舸争流中走出一条特色鲜明的"长城之路"？其掌舵 者，长城证券党委书记、董事长王军，给出了他的思考与答案：以产融深度融合服务国家能源战略。 "中型券商的使命不在于规模模仿，而在于将自身资源禀赋转化为不可替代的专业价值。"王军直言。在 他看来，唯有深度融入国家能源战略，深耕电力、能源等关键产业链，坚定不移走产业金融特色发展之 路，才能在服务实体经济主战场中找准定位、扛牢责任，切实践行"国家兴衰，金融有责"的历史担当。 ● 本报记者 赵中昊 葛瑶 活水润泽 沿产业经脉向实而行 金融活水，唯沿产业经脉流淌，方能润泽实体经济之良田。一座现代化电厂的轰鸣，一条完整产业链的 贯通，离不开金融工具的全周期护航。长城证券正以产融协同为 ...

从政策落地到实践深耕，三四板制度型对接机制的运行成效在去年得到充分彰显。截至2025年底，三四 板制度型对接机制在合作覆盖面、企业服务质效、培育体系建设等方面均取得诸多进展，绿色通道成为 专精特新企业向上规范发展的重要途径，三四板对接的"活水效应"持续释放，为区域经济高质量发展和 新质生产力培育注入资本市场动能。 绿色通道企业申报数量和质地显著提升。2025年，共有24个四板市场培育的101家企业适用绿色通道机 制，走绿色通道机制申报新三板挂牌的企业数量占全年申请挂牌公司总量的三成以上。 展望未来，全国股转公司表示，将深入贯彻落实纵深推进全国统一大市场建设、优化区域经济布局的重 要部署，在证监会的统筹指导下，巩固三四板对接前期成果，进一步畅通企业对接渠道、丰富产品体 系、完善监管协作、强化功能整合，充分发挥三四板制度型对接机制的优势，以资本市场的专业服务助 力更多优质中小企业成长，为区域经济高质量发展和新质生产力培育持续贡献力量。 ● 本报记者 杨洁 近日，中国证券报记者获悉，全国股转公司自2023年落地三四板制度型对接机制以来，持续深化与区域 性股权市场的合作。数据显示，截至2025年底，全国股转公司已累计 ...