行 行业周报 业 石药集团达成大额合作，关注创新药产业链 研 究 ——医药生物行业周报 分析师： 侯雅楠 SAC NO： S1150524120001 2026 年 01 月 31 日 证券分析师 侯雅楠 行业要闻 医药生物 投资要点： 022-23839211 机遇——医药生物行业周报 houyn@bhzq.com 《中华人民共和国药品管理法实施条例》发布。 | | | | 恒瑞医药 券 | 买入 | | --- | --- | | 药明康德 | 增持 | 近三月行业指数走势图 公司公告 研子究行助业理评级 （1）先声药业：与勃林格殷格翰就 SIM0709（TL1A/IL-23p19 双特异性抗体） 订立独家授权许可协议； 证 重点品种推荐 （2）石药集团：①与阿斯利康就创新长效多肽药物开发签订战略合作与授权 协议；②SYS6055 注射液在中国获临床试验批准； 券 研 药明康德 增持 （3）恒瑞医药：①药品上市许可申请获受理；②获得药物临床试验批准通知 书；③药物纳入突破性治疗品种名单。 行情回顾 究 报 告 本周（2026/1/23-2026/1/29）上证综指上涨 0.86%，深证成指下跌 0.19% ...

固 定 收 益 研 究 固定收益周报 债市延续偏强震荡 | ――利率债周报 | 益 | 分析师： | 王哲语 | SAC NO： | 年 | 月 | 日 | S1150524070001 | 2026 | 1 | 30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 研 | [Table_Author] | 统计区间：2026 年 1 月 23 日至 2026 年 1 月 29 日 | 证券分析师 | | | | | | | | | | | 资金价格：MLF | 超量 | 亿元续作 | [Table_IndInvest] |  | 7000 | 王哲语 | 究 | 022-23839051 | | | | | | 统计期内央行公开市场净投放超 | 亿元，其中，MLF | 操作规模达到 | 9000 | wangzheyu@bhzq.com | 亿元，超量 | 亿元续作。此外，本月 | 和 | 买断式逆回购 | 9000 | 7000 | 3M | 6M | | 合计净投放 | 亿，呵护 ...

宏 观 研 究 | | | 宏观经济分析报告 chunj 地缘再起波澜，政策抢抓内需 ――2026 年 1 月宏观经济月报 | 证券分析师 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师： 周喜[Table_IndInvest] | 周喜 |  | SAC NO： 海外经济及政策环境 | S1150511010017 | 2026 | 年 | 1 月 | 30 | 日 | 美国方面，整体经济预计在特朗普减税政策以及科技企业资本开支的推动 下延续 2025 年底的强韧态势。美联储在最新一次议息会议上基于就业市场 下行风险和通胀上行风险均有减弱的判断如期将政策利率维持不变，后续 通胀能否持续缓和或成为再次降息的重要依据。当下反倒是白宫方面对于 现任理事的指控和对于新任联储主席的提名或成为短期影响市场降息预期 的关键。目前普遍预计再次降息的时间节点在年中前后。欧洲方面，岁末 年初欧元区经济仍处在弱复苏中，但前瞻指标有走软趋势。格陵兰岛问题 成为近期乃至未来一段时间内欧洲经济面临的最大不确 ...

美联储维持政策利率不变，市场整体延续震荡态势——A 股市场投资策略周 报 证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 行业研究 海外 AI 助手 Clawdbot 出圈，AI 应用催化密集——计算机行业周报 证 券 研 究 报 告 晨 会 纪 要 晨会纪要（2026/01/30） 崔健 渤海证券研究所晨会纪要（2026.01.30） 宏观及策略研究 近 5 个交易日（1 月 23 日-1 月 29 日），重要指数涨跌不一；其中，上证综指收涨 0.86%，创业板指收跌 0.73%； 风格层面，沪深 300 收涨 0.64%，中证 500 收涨 1.55%。成交方面有所放量，两市统计区间内成交 15.42 万 亿元，日均成交额达 3.08 万亿元，较前五个交易日的日均成交额增加 3237.69 亿元。 行业方面，申万一级行业跌多涨少，其中，有色金属、石油石化、食品饮料行业涨幅居前，而国防军工、 汽车、综合行业跌幅居前。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/30） 宏观 ...

Market Review - In the past five trading days (January 23 to January 29), major indices showed mixed performance; the Shanghai Composite Index rose by 0.86%, while the ChiNext Index fell by 0.73%. The CSI 300 increased by 0.64%, and the CSI 500 rose by 1.55% [4][24]. Federal Reserve Policy - On January 29, the Federal Reserve held its January meeting and maintained the federal funds rate target range at 3.50% to 3.75%, aligning with market expectations. This decision reflects a belief that the labor market may be stabilizing, despite low job additions, and that current inflation remains slightly above the 2% target due to tariff impacts. Future monetary policy will be determined based on subsequent data and risk assessments, without a preset path for rate cuts. Market expectations indicate two potential rate cuts by the Fed within the year, possibly starting in June [26]. Market Strategy - The short-term market continues to experience fluctuations amid ongoing net outflows from ETFs. Strong sectors such as AI and non-ferrous metals are showing performance, while relatively low-positioned resource and consumer sectors are beginning to rotate. Despite the overall index being in a consolidation phase, active trading supports localized profit opportunities. Looking ahead, the expectation of a "slow bull" market suggests that the index may continue to consolidate, with a focus on capturing structural opportunities. Key areas to watch include: (1) Continued expansion of domestic and international AI capital and the acceleration of domestic substitution, which may catalyze investment opportunities in the TMT sector; (2) Investment opportunities in the non-ferrous metals sector supported by the weakening international status of the US dollar and frequent geopolitical conflicts; (3) Rotation opportunities in resource and consumer sectors that have previously lagged [27].

Investment Rating - The report maintains a "Neutral" rating for the computer industry and an "Accumulate" rating for Hongsoft Technology (688088) [2] Core Insights - The report highlights significant advancements in AI applications, including Tencent's new AI social feature "Yuanbao" and the global first deployment of a large model in space by Guoxing Aerospace [12][13] - The domestic cloud computing sector is expected to see a rebound in capital expenditure due to easing chip supply constraints, while AI applications are anticipated to reach a commercialization inflection point earlier than expected [25][26] - The report emphasizes the importance of focusing on leading companies with strong AI technology implementation capabilities and scene adaptation advantages [26] Industry News - Tencent's AI assistant "Yuanbao" has launched a new version that includes various social features, aiming to create a multi-user social space [12] - The first successful deployment of a large model in space was achieved by Guoxing Aerospace, marking a significant milestone in AI technology [13] - Domestic GPU company Suiruan Technology has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan [14] Company Announcements - Dahua Technology reported a total revenue of 32.743 billion yuan for 2025, with a year-on-year growth of 1.75% [15] - Yimikang expects a net profit of 0.25 to 0.37 billion yuan for 2025, representing a growth of 128.69% to 142.46% [17] - Glodon anticipates a net profit of 3.76 to 4.26 billion yuan for 2025, with a growth rate of 50.15% to 70.11% [18] Market Review - From January 22 to January 28, the CSI 300 index fell by 0.11%, while the Shenwan Computer Industry index decreased by 0.35% [19] - The report notes mixed performance among the Shenwan Computer sub-industries, with horizontal software leading at 2.39% [19] Weekly Strategy - The report suggests that the domestic computing power industry is likely to accelerate due to policy support and technological advancements in AI [25] - The anticipated launch of DeepSeek V4 during the Lunar New Year is expected to drive a new round of technological iteration in domestic large models [25] - The report encourages attention to companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [26]

渤海证券研究所晨会纪要（2026.01.29） 金融工程研究 主要指数多数上涨，两融余额继续上升——融资融券周报 行业研究 Optimus 3 发布在即，关注近期事件催化——机械设备行业周报 证 券 研 究 报 告 证券分析师 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/01/29） 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/01/29） 金融工程研究 主要指数多数上涨，两融余额继续上升——融资融券周报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 上周（1 月 21 日-1 月 27 日）A 股市场主要指数多数上涨，其中科创 50 涨幅最大，上涨了 4.92%；上证 50 跌幅最大，下跌了 0.59%。此外，上证综指上涨 0.64%，深证成指上涨 1.23%，创业板指上涨 1.97%，沪深 300 下跌 0.28%，中证 500 上涨 3.65%。 1 月 27 日，沪深两市两融余额为 27,144.35 亿元 ...

融资融券周报 主要指数多数上涨，两融余额继续上升 ――融资融券周报 | 分析师：王雪莹 | SAC NO：S1150525020001 2026 年 1 月 28 日 | | --- | --- | | 证券分析师 | 核心观点： | | 王[Table_IndInvest] 雪莹 | | |  022-23839121 | 市场概况 | | wangxy4430@bhzq.com | | |  | 上周（1 月 21 日-1 月 27 日）A 股市场主要指数多数上涨，其中科创 50 | | | 涨幅最大，上涨了 4.92%；上证 50 跌幅最大，下跌了 0.59%。此外， | | | 上证综指上涨 0.64%，深证成指上涨 1.23%，创业板指上涨 1.97%，沪 | | | 深 300 下跌 0.28%，中证 500 上涨 3.65%。 | |  | 1 月 27 日，沪深两市两融余额为 27,144.35 亿元，较上周增加 140.53 | | | 亿元。其中融资余额为 26,969.49 亿元，较上周增加 139.05 亿元；融 | | | 券余额为 174.86 亿元，较上周增加 1.48 亿 ...

业 研 究 行 行业周报 Optimus 3 发布在即，关注近期事件催化 | | | | | ——机械设备行业周报 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 分析师： | 宁前羽 | SAC NO： | S1150522070001 | 2026 | 年 1 月 | 28 | 日 | | 机械设备 | | | | | | | | | | | 投资要点： | | | | | | | 证券分析师 | | | | | | | | | 宁前羽 | |  行业要闻 | | | | | | | ningqy@bhzq.com | | （1）2025 年 12 | 月份塔机台天利用率 55.1%。 | | | | | | 022-23839174 | | | | | | | | | | | （2）2025 | 年全国规模以上工业企业利润增长 0.6%。 | | | | | | | | 公司公告  | | | | | | | 重点品种推荐 | | | | | | | | | 中联重科 | 增持 | （1）捷昌驱动发布 | 2025 年年度业绩预 ...

Macro and Strategy Research - The profit growth of industrial enterprises in 2025 is supported by new momentum and anti-involution policies, with a marginal increase in profit growth rate by 0.5 percentage points to 0.6% year-on-year [2][3] - In December 2025, the profit of industrial enterprises increased by 5.3% year-on-year, reversing from negative to positive with an 18.4 percentage point recovery [3] - The industrial added value in December 2025 grew by 5.2% year-on-year, driven by resilient exports and high-tech industries [3] - The revenue profit margin for industrial enterprises in 2025 was 5.31%, a year-on-year decrease of 1.5%, but the decline was less severe than in the previous months [3] - Among 41 industrial sectors, 16 sectors achieved positive profit growth in 2025, with notable growth in black metal smelting, non-ferrous metal mining, and high-tech manufacturing [4] - The end of three consecutive years of negative profit growth for industrial enterprises is attributed to support from new momentum sectors and the implementation of anti-involution policies [4] Fixed Income Research - The issuance scale of credit bonds increased, with corporate bonds remaining stable and other types of bonds seeing growth [6][8] - Credit bond yields generally declined, with credit spreads for medium and short-term notes narrowing [8] - The overall market sentiment remains optimistic, with a focus on adjusting strategies in response to market fluctuations and maintaining a cautious approach to ticket strategies [8] Fund Research - The number of equity funds increased to 7,583 by the end of Q4 2025, with a total scale of 94,572.12 billion, a decrease of 277.04 billion from the previous quarter [11] - Active equity funds saw a slight decrease in positions, with a notable decline in mixed and flexible allocation funds [11][12] - The allocation in the main board decreased significantly, while the allocation in the Sci-Tech Innovation Board and Growth Enterprise Market increased [12] - The top five industries with increased holdings included non-ferrous metals and communications, while electronics and biomedicine saw a decrease [12] Industry Research - The geopolitical situation has led to strong performance in gold prices, with expectations for continued upward pressure due to uncertainties [14][15] - The steel industry is expected to see improved profitability due to steady growth policies and demand in shipbuilding and construction [15] - The copper industry is anticipated to maintain a favorable outlook, supported by supply constraints and demand from key sectors like electric power and new energy vehicles [16] - The aluminum sector is expected to benefit from improved supply dynamics and demand from the new energy vehicle sector [16] - The rare earth industry is projected to see a revaluation of related companies due to China's export control upgrades and strategic importance [17]