Fund Size Statistics - The top three equity ETF types by fund size change are: Scale Index ETF (¥15.406 billion), Cross-border Industry Index ETF (¥6.624 billion), and Strategy Index ETF (¥5.384 billion) [9] - The bottom three equity ETF types by fund size change are: Theme Index ETF (-¥26.004 billion), Cross-border Scale Index ETF (-¥1.807 billion), and Cross-border Theme Index ETF (¥0.203 billion) [9] - The top three equity ETF products by fund size change are: CSI 500 ETF (¥2.832 billion), Chemical ETF (¥2.386 billion), and HuShen 300 ETF (¥2.229 billion) [9] - The bottom three equity ETF products by fund size change are: Communication ETF (-¥30.885 billion), Non-ferrous Metals ETF (-¥3.932 billion), and Gold Stock ETF (-¥2.963 billion) [13] Market Outlook - The macro timing model for February 2026 has a score of 0, indicating a historical 78.57% probability of the full A index rising in the following month, with an average increase of 3.37% [23] - A-shares are expected to experience a short-term volatile market, influenced by liquidity from overseas markets and the recent AI bubble discussions affecting tech growth stocks [23] - The recommendation is to adopt a balanced ETF allocation strategy due to the anticipated short-term fluctuations in the market [60]

证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 2026 年 02 月 07 日 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 执业证书：S0600524120016 tangyk@dwzq.com.cn 相关研究 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 展望》 2026-02-03 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.84 亿元）；规模变化排名后三名的权益类 ETF 类型分别为：主题指数 ETF（-260 ...

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [50]. Core Insights - The automotive parts sector saw a weekly increase of 0.34%, ranking 4th among the SW automotive indices, with a year-to-date increase of 3.20% [2][10]. - The robotics sector experienced a decline of 0.21% this week, with a year-to-date increase of 0.27%, underperforming the automotive parts sector by 0.55% [2][22]. - Key developments include Elon Musk's high praise for the Optimus robot and the upcoming global robot gala hosted by Zhiyuan [2][33]. Summary by Sections Automotive Parts Sector Weekly Review - The automotive parts sector ranked 4th in the SW automotive index this week, with a year-to-date performance of +3.20% [10][18]. - The sector's PE (TTM) is at 1.33 times that of the entire A-share market, with a historical percentile of 83.10% [21]. - The top five gainers this week include: Yinhong Co. (+17.13%), Xingyu Co. (+8.65%), Daimai Co. (+6.67%), Yap Co. (+3.71%), and Ruima Precision (+2.74%) [2][40]. Robotics Sector Weekly Review - The robotics index decreased by 0.21% this week, with a year-to-date increase of 0.27% [22]. - The latest PE (TTM) for the robotics sector is 1.37 times that of the entire A-share market, with a historical percentile of 47.28% [32]. - The sector's trading activity is at a low point since 2025, with a trading volume that accounted for 4.74% of the total A-share market this week [29]. Core Coverage Stock Tracking - Key stocks in the automotive parts sector include Fuyao Glass, Top Group, and Xingyu Co., with significant movements noted in New Spring Co. and Precision Technology [39][43]. - New Spring Co. announced a $100 million investment in its subsidiary Bayern New Spring and plans to establish a new facility in Malaysia [43]. - The investment recommendations include Fuyao Glass, Xingyu Co., and Minshi Group based on EPS metrics, while Top Group and Junsheng Electronics are recommended based on PE metrics [45].

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 供给现货趋紧，港口煤价小幅上涨 2026 年 02 月 07 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（2 月 2 日至 2 月 6 日）港口动力煤现货价环比上涨 3 元/吨，报收 695 元/吨。 供给端，本周环渤海四港区日均调入量 161.80 万吨，环比上周增加 6.6 万吨，增幅 4.27%；本周产地供应来看，临近春节山西、陕西、内蒙因 煤矿停产有所下降，港口供应量略有提升。 需求端，本周环渤海四港区日均调出量 158 万吨，环比上周减少 31 万 吨，跌幅 16.55%；日均锚地船舶共 99 艘，环比降幅 1.5%；环渤海四港 区库存端 2463.40 万吨，环比上周减少 5 万吨，降幅 0.21% 。本周港口 调出量减少，库存略有下降，带动煤价上涨。 我们分析认为：本周港口煤价受到供给略有收缩叠加节前刚需补库影 响略有上涨，电厂日耗仍以刚需为主，工业用电临近过年有所走弱，叠 加新能源水电风电挤压火电份额，预计煤价维持震荡走势。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 百胜中国（09987.HK） 百胜中国 2025Q4 及全年业绩公告点评：质 地稳健的高股息龙头，维持推荐 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 11,303 | 11,797 | 12,686 | 13,426 | 14,262 | | 同比(%) | 2.96 | 4.37 | 7.54 | 5.83 | 6.23 | | 归母净利润（百万美元） | 911.00 | 929.00 | 1,042.71 | 1,143.75 | 1,262.86 | | 同比(%) | 10.16 | 1.98 | 12.24 | 9.69 | 10.41 | | EPS-最新摊薄（美元/股） | 2.57 | 2.62 | 2.94 | 3.23 | 3.56 | | P/E（现价&最新摊薄） | 22.10 | 21.67 | 19.31 | 17.61 | ...

Investment Rating - The report suggests a focus on companies such as SanDisk (SNDK.O), SK Hynix (000660.KS), Samsung Electronics (005930.KS), and Micron Technology (MU.O) due to their potential in the AI-driven storage market [4]. Core Insights - The industry is transitioning from traditional cycles to AI-driven technological premiums and high growth, with storage becoming a critical bottleneck for AI computing efficiency [5]. - AI is driving exponential growth in storage demand, with significant increases in requirements for high-bandwidth memory (HBM) and solid-state drives (SSD) due to the scaling laws of model parameters [5]. - The valuation framework is being reshaped, with revenue growth and net profit margin expansion occurring simultaneously, indicating a period of high operational leverage in the storage sector [5]. Summary by Sections AI Value Chain - The AI value chain includes components such as computing chips (GPUs, CPUs, ASICs), storage (DRAM, SSD, HDD), networking, and energy solutions, highlighting the interconnectedness of these sectors [10][12]. - The storage segment is characterized by oligopolistic features, with high barriers to entry supporting high profitability [12]. Storage Demand and Hardware Architecture - Storage demand is categorized into cold, warm, and hot data, with different storage solutions (HDD, SSD, DRAM) tailored to each category's speed and capacity requirements [20]. - The architecture is structured in layers, with HBM for high-speed access, SSD for intermediate storage, and HDD for large capacity [29]. Large Language Model Storage Requirements - The report details the storage needs of large language models, emphasizing the importance of storage capacity and bandwidth in both training and inference phases [42][47]. - The growth in model parameters necessitates increased storage capacity, with significant implications for the demand for NAND and DRAM technologies [59]. Company-Specific Insights - Micron Technology (MU.O) is focusing on data centers and has made significant advancements in HBM3E technology, with a strong market demand for its products [64][70]. - SanDisk (SNDK.O) has undergone a restructuring, achieving notable revenue growth and improving profit margins through a focus on high-value enterprise SSDs [72][78]. - SK Hynix is benefiting from its early entry into the AI storage market, while Samsung is striving to catch up [79][81].

Investment Rating - The report provides a positive investment rating for Haitan Convertible Bonds, with an expected listing price range of 125.75 to 139.83 yuan, indicating a favorable outlook for investors [14][15]. Core Insights - Haitan Water Group is recognized as a leading enterprise in the environmental protection industry in China, with a focus on digital transformation and the establishment of a smart water management platform [17][32]. - The company has shown steady revenue growth since 2020, with a compound annual growth rate (CAGR) of 15.60% projected from 2020 to 2024, and an expected revenue of 1.519 billion yuan in 2024, reflecting an 18.95% year-on-year increase [17][23]. - The net profit attributable to shareholders is projected to reach 305 million yuan in 2024, representing a 25.97% increase year-on-year, despite a slight decline in the overall net profit margin [17][20]. Summary by Sections 1. Convertible Bond Basic Information - Haitan Convertible Bonds (113700.SH) have a total issuance scale of 801 million yuan, with net proceeds allocated to various water supply and wastewater treatment projects [10][11]. - The bond has a maturity of 6 years, with a credit rating of AA/AA, and a face value of 100 yuan, featuring a tiered coupon rate from 0.10% to 2.00% over its lifespan [12][10]. 2. Investment Subscription Recommendations - The expected first-day trading price for Haitan Convertible Bonds is projected to be between 125.75 and 139.83 yuan, with an estimated conversion premium of around 30% [14][15]. - The bond's conversion price is set at 12.52 yuan per share, with the underlying stock closing at 12.78 yuan on February 4, 2026, leading to a conversion parity of 102.08 yuan [12][14]. 3. Underlying Stock Fundamental Analysis 3.1 Financial Data Analysis - Haitan Water Group has established a modern and diversified industrial system in water supply, wastewater treatment, and solid waste management, with a focus on operational efficiency and digitalization [17][32]. - The company has maintained a stable sales net profit margin, with figures ranging from 18.14% to 21.75% from 2020 to 2024, while the gross profit margin has shown slight fluctuations [20][27]. 3.2 Company Highlights - As one of the early entrants in the urban water supply and environmental management sector, Haitan Water Group has developed a competitive edge in project acquisition and operational management, contributing to its stable revenue growth and strong market position [32][17].

Investment Rating - The report maintains a "Buy" rating for Yum China (09987.HK) [1] Core Insights - Yum China reported a 4% year-over-year increase in total revenue for the full year 2025, with a 9% increase in Q4 revenue, exceeding previous expectations [7] - The company achieved a net profit growth of 2% for the full year and 24% for Q4, attributed to automation, lean operations, and improved raw material costs [7] - The total number of stores reached 18,100 by the end of 2025, with a net addition of 1,706 stores throughout the year [7] - Same-store sales showed significant improvement, with a 1% increase for the full year and a 3% increase in Q4 [7] - The outlook for 2026 is positive, with plans to exceed 20,000 stores and a capital expenditure of $600-700 million [7] - The company plans to return $1.5 billion to shareholders in 2025, with a dividend yield of nearly 8% [7] - Earnings forecasts for 2026-2028 have been adjusted upwards, with projected net profits of $1.04 billion, $1.14 billion, and $1.26 billion respectively [7] Financial Summary - Total revenue projections for 2024 to 2028 are $11.30 billion, $11.80 billion, $12.69 billion, $13.43 billion, and $14.26 billion respectively, with year-over-year growth rates ranging from 2.96% to 7.54% [1] - Net profit projections for the same period are $911 million, $929 million, $1.04 billion, $1.14 billion, and $1.26 billion, with growth rates from 1.98% to 12.24% [1] - The latest diluted EPS estimates are $2.57, $2.62, $2.94, $3.23, and $3.56 for the years 2024 to 2028 [1] - The current P/E ratios are projected to decrease from 22.10 in 2024 to 15.94 in 2028 [1]

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The Haitian Convertible Bond (113700.SH) was available for online subscription on February 5, 2026, with a total issuance scale of 801 million yuan. After deducting issuance fees, the net proceeds will be used for several projects and to supplement working capital [2][3]. - The current bond floor valuation is 113.5 yuan, with a YTM of 2.16%. The conversion parity is 102 yuan, and the parity premium rate is -2.03%. The bond floor provides good protection [2][12]. - The terms of the convertible bond are standard, and the total equity dilution rate is 12.17%, exerting a certain dilution pressure on the equity [2][13]. - It is estimated that the listing price of the Haitian Convertible Bond on the first trading day will range from 125.75 to 139.83 yuan, with a conversion premium rate of around 30% [2][15]. - Since 2020, the revenue of Haitian Water Group Co., Ltd. has been growing steadily, with a compound growth rate of 15.60% from 2020 - 2024. In 2024, the company achieved an operating revenue of 1.519 billion yuan, a year - on - year increase of 18.95%. Meanwhile, the net profit attributable to the parent company slightly decreased, with a compound growth rate of 14.92% from 2020 - 2024. In 2024, it reached 305 million yuan, a year - on - year increase of 25.97% [2][17]. - The company's sales net profit margin and gross profit margin slightly declined, while the sales expense ratio, financial expense ratio, and management expense ratio decreased [2][20]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Basic Information - The issuance and subscription schedule of the Haitian Convertible Bond is from February 3 to February 9, 2026, including steps such as publishing announcements, online roadshows, and determining the allotment results [9]. - The convertible bond has a code of 113700.SH, a face value of 100 yuan, a term of 6 years, and a rating of AA/AA. The initial conversion price is 12.52 yuan per share, and the conversion period is from August 11, 2026, to February 4, 2032 [10]. - The proceeds from the issuance will be used for projects like the digital water supply and efficiency improvement project in Jianyang and the expansion project of Jiajiang Urban Domestic Sewage Treatment Plant, with a total of 801 million yuan [11]. - The bond - related indicators show a pure bond value of 113.5 yuan, a pure bond premium rate of -11.89%, and a pure bond YTM of 2.16%. The equity - related indicators show a conversion parity of 102.08 yuan and a parity premium rate of -2.03% [11][12]. 3.2 Investment Subscription Suggestion - By referring to comparable targets and the empirical model of the conversion premium rate on the first listing day, considering the good bond floor protection, rating, and scale of the Haitian Convertible Bond, it is expected that the conversion premium rate on the first listing day will be around 30%, and the corresponding listing price will range from 125.75 to 139.83 yuan [14][15]. - The original shareholders' priority allotment ratio is 100.00%, and the online winning rate is 0.0009% [16]. 3.3 Positive Stock Fundamental Analysis 3.3.1 Financial Data Analysis - The company has a diversified industrial system in the environmental protection industry. Since 2020, its revenue has grown steadily, and the net profit attributable to the parent company has also increased [16][17]. - The company's sales net profit margin and gross profit margin have fluctuated, and the sales expense ratio, financial expense ratio, and management expense ratio have decreased. The overall profitability remains at a high level but fluctuates periodically [20][27]. - The company's operating revenue mainly comes from the sewage treatment business, and the product structure changes annually. The revenue from the waste - to - energy business has been increasing year by year [23]. 3.3.2 Company Highlights - The company is an early private water service enterprise in the field of urban water supply and drainage and water environment comprehensive treatment. It has a mature "investment - construction - operation integration" model and certain competitive advantages in project acquisition, operation management, and cost control [32].

证券分析师：张良卫 执业证书编号：S0600516070001 联系电话：021-60197988 二零二六年二月六日 请务必阅读正文之后的免责声明部分 1 摘要：从传统周期到AI驱动的技术溢价与高成长性 证券研究报告 格局落定，价值归真：从周期波动走向技术溢价 建议关注：闪迪（SNDK.O）、SK 海力士（000660.KS）、三星电子（005930.KS）、美光科技（MU.O）。 风险提示：下游AI资本开支（CAPEX）不及预期风险； 存储原厂产能扩张失控导致供需格局恶化风险；新技术研发进度或良率爬坡不及预期风 险。 2 ➢ 增长逻辑重构：AI 带来的不是反弹，而是指数级增长的新需求，存储不再仅仅跟随宏观经济进行简单的库存周期波动，而是成为了AI算力的 决定性瓶颈（存力决定算力的效率）。 ➢ 训练端（Scaling Laws 驱动）： 模型参数量呈线性增长（如GPT-3到GPT-4增幅超9倍），直接拉动HBM（容纳参数）和SSD（存Checkpoint） 的容量需求呈指数级爆发 。 ➢ 推理端（商业化落地驱动）： 随着RAG（检索增强生成）和超长上下文（Long Context）的应用，KV Cache（ ...