证券研究报告·行业点评报告·电力设备 电力设备行业点评报告 全国性储能容量电价出台，独立储能盈利模 式重构 增持（维持） [Table_Tag] [Table_Summary] 政策内容 2026 年 02 月 02 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 ruanqy@dwzq.com.cn 行业走势 -10% -3% 4% 11% 18% 25% 32% 39% 46% 53% 60% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 电力设备 沪深300 相关研究 免责及评级说明部分 免责声明 东吴证券股份有限公司经中国证券监督管理委员会批准，已具备证券投资咨询业务资格。 本研究报告仅供东吴证券股份有限公司（以下简称"本公司"）的客户使用。本公司不 会因接收人收到本报告而视其为客户。在任何情况下，本报告中的信息或所表述的意见并不 构成对任何人的投资建议，本公司及作者不对任何人因使用本报告中的内容所导致的任何后 果负任何责任。任何形式 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-02 [Table_MacroStrategy] 宏观点评 20260129：1 月 FOMC：平安夜——2026 年 1 月 FOMC 会议 点评 核心观点：1 月美联储 FOMC 会议以 10-2 投票维持利率水平不变，发布 会上 Powell 回避了所有的政治问题，其守口如瓶的行为弱化了市场对美 联储独立性的交易。由于此前市场已充分定价到 4 月累计降息概率仅 30%，因此决议与发布会上的利率指引并未显著冲击市场，而 Waller 投 票 25bps 降息的动作被市场视为鸽派信号，最终强化宽货币交易。向前 看，本月底仍需关注 Miran 理事到期后的去留和政府停摆问题，2 月上旬 需关注 1 月非农和 CPI 数据是否超预期让 3-4 月降息彻底落空、以及特 朗普是否提名美联储新主席，上述问题是未来商品涨跌的关键。 固收金工 [Table_FixedGain] 固收深度报告 20260128：分子与分母的拉锯战：债市波动中不同权益板 块的应对逻辑 [Table_Tag] 宏观策略 "股债跷跷板"并非一个稳定、普适的规律，其实质是股票与债券 ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [1] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by robust demand in emerging markets and data center storage [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Overview - The energy storage sector is experiencing a surge, with the National Energy Administration reporting an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - The report notes a decline in various sectors, including photovoltaic and lithium batteries, with significant price adjustments observed in raw materials [4] - The report discusses the global energy storage market, predicting a compound annual growth rate of 30-50% over the next three years [4] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong market positions and growth potential, with Ningde Times being a global leader in power and energy storage batteries [7] - The report provides earnings forecasts for various companies, indicating a recovery in profitability for several firms, including Ganfeng Lithium and Enjie [4][7] - Specific companies are recommended for investment based on their growth trajectories and market positions, including Ningde Times, Sunshine Power, and others [7][8] Investment Strategy - The report suggests a strong push for energy storage and lithium battery sectors, with a focus on companies that are expected to benefit from the new capacity pricing policy [4][8] - It also highlights the importance of solid-state battery technology and the anticipated growth in the humanoid robotics sector, with Tesla leading the charge [4][8] - The report recommends a diversified investment approach across various segments, including energy storage, lithium batteries, and robotics, to capitalize on emerging opportunities [4][8]

证券研究报告 智能汽车主线周报： 特斯拉FSD订阅量达到110万，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.1.26-2026.2.1 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-1.3%，智能汽车指数（除特斯拉）+1.9%，智能汽车指 数（除整车）-7.1%。截至2026年1月30日，智能汽车指数PS(TTM）为15.2x，该估值位于2023年初以来 99%分位数；智能汽车指数（除特斯拉）PS(TTM）为5.9x，该估值位于2023年初以来83%分位数；智能 汽车指数（除整车）PS(TTM）为9.9x，该估值位于2023年初以来81%分位数。智能汽车指数标的池中星宇 股份、如祺出行、经纬恒润、福耀玻璃、理想汽车涨幅前五。 （ ◼ 本周行业核心变化：1）截至2025Q4，特斯拉FSD订阅量达到110万；1）千里科技印奇出任阶跃星辰董事长； 2）小马智行与爱特博达成业务合作；3）文远知行发布通用仿真模型WeRid ...

证券研究报告 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月1日 请务必阅读正文之后的免责声明部分 板块最新观点 整车主线周报： 本周商用载货车表现较好，长城发布业绩预告 2 （ ◼ 乘用车观点更新：短期来看，行业补贴政策已落地，看好观望需求转化下26Q1乘用车景气度复苏，坚定看好乘 用车板块。全年维度来看：国内选抗波动+出口选确定性。国内关注高端电动化赛道中对政策扰动不敏感的个股 江淮汽车，以及高端化有望放量的吉利汽车/长城汽车/北汽蓝谷/赛力斯/理想等；出口主线优先配置海外体系 成熟、执行能力已验证的头部车企，优选比亚迪/长城汽车/奇瑞汽车，以及零跑/小鹏/上汽集团/长安汽车等。 ◼ 重卡观点更新：回顾2025：2025年，25年全年批发114.4万，同比+26.8%，内销79.9万，同比+32.8%，出 口34.1万，同比+17.2%，全年内销及出口超市场年初预期。25年初国四及以下营运重卡保有量69万辆，估算 25年底淘汰至45-50万辆，25年全年淘汰21万辆，25年全年内销政策拉动+自然需求回升共振。展望2026： ...

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Viewpoints - The introduction of a national capacity pricing policy for energy storage is expected to benefit leading lithium battery companies significantly [4] - The report highlights a strong growth forecast for energy storage, with an expected increase of over 60% in 2026, driven by high demand and supportive policies [4][8] - The report emphasizes the potential of solid-state batteries and the space photovoltaic sector, indicating a promising outlook for these technologies [4][8] Industry Trends - Energy Storage: The national capacity pricing mechanism has been released, marking a significant policy shift. The National Energy Administration has reported an addition of 62.24 GW/183 GWh of new energy storage capacity by 2025 [4] - Electric Vehicles: The report anticipates a recovery in electric vehicle sales, with a projected increase of 5-10% in domestic sales for 2026 [4] - Lithium Battery Market: The report notes a significant increase in lithium battery shipments, with a forecast of 1100 GWh globally in 2026, representing a 72% year-on-year growth [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [7] - Other companies such as 阳光电源 (Sungrow Power Supply), 固德威 (GoodWe), and 比亚迪 (BYD) are also recommended for their strong market positions and growth potential [7] - The report mentions specific financial forecasts for various companies, indicating expected profitability improvements and revenue growth in the coming years [4][7] Investment Strategy - The report suggests a strong push for large-scale energy storage and lithium battery sectors, with a focus on leading companies that are expected to benefit from policy changes and market demand [4][8] - It recommends investing in companies with strong technological advantages and overseas market expansion capabilities, particularly in the robotics and automation sectors [4][8]

增持（维持） [Table_Tag] [本Table_Summary] 周行业观点（注：文中"本周"指 1 月 26 日至 2 月 1 日） 证券研究报告·行业跟踪周报·商贸零售 商贸零售行业跟踪周报 2026 年消费-商贸零售&社会服务业的八大 预测 2026 年 02 月 01 日 证券分析师 吴劲草 相关研究 《陕西旅游主板 IPO 过会，招股书详 细拆解》 执业证书：S0600520090006 wujc@dwzq.com.cn 证券分析师 石旖瑄 执业证书：S0600522040001 shiyx@dwzq.com.cn 证券分析师 张家璇 执业证书：S0600520120002 zhangjx@dwzq.com.cn 证券分析师 阳靖 执业证书：S0600523020005 yangjing@dwzq.com.cn 证券分析师 郗越 执业证书：S0600524080008 xiy@dwzq.com.cn 证券分析师 王琳婧 执业证书：S0600525070003 wanglj@dwzq.com.cn 行业走势 -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% ...

Investment Rating - The report maintains an "Overweight" rating for the retail and consumer services industry for 2026 [1] Core Insights - The report anticipates a significant number of consumption-promoting policies in 2026, focusing on "supply-side" initiatives rather than traditional methods like vouchers, leading to structural investment opportunities [4][9] - Service consumption is expected to be a key area in 2026, with a focus on "quality supply" and "reform," particularly in tourism, department stores, tea drinks, and chain stores [4][9] - The gold and jewelry sector is projected to see profits reflect gold price fluctuations, with direct retail brands likely to benefit first as gold prices stabilize [10] - The bulk trade sector is expected to recover from its lowest point, with both valuation and profitability anticipated to rise in 2026 [10] - The report emphasizes the importance of "consumption going abroad" as a long-term investment direction, with opportunities arising from sustained performance growth rather than policy stimulus [10] - New consumption brands are expected to show a clear resurgence after the Lunar New Year, with low valuations and anticipated positive performance data [11] - State-owned enterprise reform is highlighted as a core driver for promoting consumption, particularly in scenario-based consumption areas like tourism and retail [12] Summary by Sections 1. Industry Outlook - The report predicts numerous consumption policies aimed at encouraging new business models, leading to rich structural investment opportunities in the consumer sector [4][9] - Service consumption will focus on quality supply and reforms, with recommendations for specific companies in tourism and retail sectors [4][9] 2. Market Review - The report notes that from January 26 to February 1, the retail index rose by 2.16%, while the overall market indices showed varied performance [13][14] - Year-to-date performance indicates a 4.92% increase in the retail index, reflecting positive market sentiment [16] 3. Company Valuation Table - The report includes a detailed valuation table for various companies, highlighting their market capitalization, closing prices, and projected earnings for 2024 to 2026, with specific buy and hold recommendations [18][19]

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial sector [1] Core Insights - The non-bank financial sector has shown mixed performance, with the insurance industry outperforming the CSI 300 index recently, while the securities and diversified financial sectors lagged [10][11] - The report highlights a positive outlook for the insurance sector, driven by expected growth in new policies and the ongoing development of the "insurance + health care" model [24][28] - The securities sector is experiencing increased trading volumes and regulatory support, which may lead to new growth opportunities [16][22] - The diversified financial sector is transitioning to a more stable growth phase, with trust assets and futures trading volumes remaining robust [32][38] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (January 26-30, 2026), the insurance sector rose by 5.55%, while the securities sector fell by 0.70% and diversified financials dropped by 3.49% [10] - Year-to-date, the diversified financial sector has increased by 2.06%, followed by insurance at 1.24%, while the securities sector has decreased by 1.64% [11] 2. Insights on Non-Bank Financial Sub-Sectors 2.1 Securities - Trading volume has increased significantly, with an average daily trading value of 34,743 billion yuan in January, up 155.35% year-on-year [16] - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors, which may enhance market stability [20][21] 2.2 Insurance - The insurance sector's premium income for 2025 is projected at 52,696 billion yuan, reflecting an 8.5% year-on-year increase [25] - The report anticipates strong performance in new policy sales for 2026, particularly in health and pension insurance [31] 2.3 Diversified Financials - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% increase year-on-year [32] - The futures market recorded a trading volume of 9.51 billion contracts in December 2025, with a transaction value of 90.81 trillion yuan, marking a 45.17% year-on-year growth [38] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and diversified financials, recommending companies such as China Life, Ping An, and CITIC Securities for investment [32][46]

2026 年 02 月 01 日 证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 降息等多因素支持科研上游持续复苏，重点 推荐皓元医药、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 医药生物 沪深300 相关研究 《mRNA 疫苗龙头释放积极临床数据 信号，建议关注悦康药业、康希诺等》 2026-01-26 《JPM 2026 最前线观察：中国创新药 再次成为全球焦点！》 2026-01-18 东吴证券研究所 1 / 37 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-3.31%、3.14%，相对沪深 300 的超额收益分别为-0.56%、2.51%；本周、年初至今恒生生物科技指数 涨跌幅分别为-3.24%、8.76%，相对于恒生科技指数跑赢-1.87%、5.09%； ...