Core Insights - The report emphasizes the growth potential in the commercial aerospace and large aircraft sectors, highlighting the importance of the defense and military industry in these areas [2][3] Group 1: Industry Overview - The Chinese aerospace sector is set to advance with initiatives like the "Tian Gong Kai Wu" plan, focusing on space tourism, smart infrastructure, and resource development [13] - The commercial aircraft and aerospace sectors are experiencing sustained high demand, with a focus on self-reliance in aviation engine development and the establishment of a strong aviation industry [14] Group 2: Investment Recommendations - The report identifies three key investment themes based on the "S-curve" evolution: 1. Supply chain reform and maintenance growth, recommending companies like AVIC Power and AVIC Control [15] 2. Expansion into overseas markets and civilian applications, recommending companies such as Guorui Technology and China Power [15] 3. New emerging industries like commercial aerospace and AI, recommending companies like Ruichuang Micro-Nano and Feilihua [15] Group 3: Company Analysis - AVIC Power is positioned as a core supplier in the aviation sector, benefiting from high-end aircraft production and potential market share growth in the civil aviation engine sector [21] - AVIC Heavy Machinery is expected to see revenue growth due to its comprehensive product offerings in aviation and engine sectors, with a focus on high-value components [23] - Guorui Technology is leveraging its radar business and low-altitude safety solutions, with projected revenue growth driven by defense modernization and low-altitude economic development [20] - Feilihua is a leading supplier of quartz materials for aerospace and semiconductor industries, benefiting from ongoing demand in both sectors [19] - Ziguang Guowei is focusing on the IC industry, with significant growth expected in the AI and communication sectors, emphasizing its competitive advantages in domestic and international markets [18]

[Table_Page] 金融工程|量化投资策略月报 2026 年 2 月 1 日 证券研究报告 [Table_Title] 1 月量化转债组合超额 0.43% 量化转债月度跟踪（2026 年 02 月） [Table_Summary] 报告摘要： 图：量化转债组合业绩表现 | 表：转债指数择时信号 | | | --- | --- | | 模型 | 观点 | | 价量模型 | 1 | | 定价模型 | 1 | | 凸性模型 | 0 | | 仓位 | 67% | 数据来源：Wind, 广发证券发展研究中心 | [分析师： Table_Author]张超 | | | --- | --- | | | SAC 执证号：S0260514070002 | | | SFC CE No. BOB130 | | 020-66335132 | | | | zhangchao@gf.com.cn | | 分析师： | 安宁宁 | | | SAC 执证号：S0260512020003 | | | SFC CE No. BNW179 | | 0755-23948352 | | | | anningning@gf.com.cn | | ...

Core Insights - The agricultural sector underperformed the CSI 300 index by 1.8 percentage points in January 2026, with a decline of 0.2% for the sector compared to a 1.7% increase for the index [15][17]. - Low-cost pig farming enterprises are showing competitive advantages, with significant performance differentiation among companies as indicated by their annual earnings forecasts [4][29]. Market Review - In January 2026, the agricultural sector's performance lagged behind the CSI 300 index by 1.8 percentage points, with the sector down 0.2% while the index rose 1.7% [15][17]. - The planting, animal health, fishery, and agricultural processing sub-sectors saw increases of 13.7%, 13.0%, 10.0%, and 6.6% respectively, while feed and livestock farming sub-sectors decreased by 0.1% and 5.1% [15][18]. Livestock Farming - The average price of live pigs in January 2026 was 12.53 CNY/kg, reflecting an 11.8% month-on-month increase but a 21.2% year-on-year decrease [29][34]. - The average profit for self-bred pigs was approximately 5.9 CNY/head, a month-on-month increase of 154 CNY/head, but a year-on-year decrease of 159.8 CNY/head [29][32]. - The average profit for purchased piglets was 47.5 CNY/head, with a month-on-month increase of 260.6 CNY/head and a year-on-year increase of 92.2% [29][32]. Raw Material Prices - In January 2026, the average spot price of corn was approximately 2365 CNY/ton, reflecting a month-on-month increase of 0.7% and a year-on-year increase of 10.6% [48][49]. - The average spot price of wheat was about 2520 CNY/ton, with a month-on-month increase of 0.2% and a year-on-year increase of 5.2% [54]. Investment Recommendations - The report recommends focusing on leading companies with cost advantages, such as Wens Foodstuffs Group and Muyuan Foods, while also considering companies like Dekang Agriculture and New Hope for their potential turnaround [4][29]. - For smaller livestock companies, attention is drawn to Tiankang Biological, Shennong Group, and Tangrenshen [4][29].

核心观点： [Table_Page] 跟踪分析|汽车 证券研究报告 | [Table_Title] 汽车行业周报 | | --- | [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-02-01 "5326"SUV 市场空间持续扩容 | 14% | 6% | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | -2% | 02/25 | 04/25 | 06/25 | 09/25 | 11/25 | 01/26 | -10% | | 汽车 | 沪深300 | | | | | | | | [分析师： Table_Author]张力月 | SAC 执证号：S0260524040004 | | | | | | | | 021-38003727 | zhangliyue@gf.com.cn | | | | | | | | 分析师： | 闫俊刚 | SAC 执证号：S0260516010001 | | | | | | | 021-38003682 | yanjungang@gf.com.cn | | | | | | ...

Xml [Table_Page] 投资策略|专题报告 2026 年 2 月 1 日 证券研究报告 [Table_Title] "沃什预期"与美元潮落：全球股市 定价锚的切换与重构 ——港股&海外周聚焦（2 月第 1 期） [ 报告摘要： [分析师： Table_Author]刘晨明 SAC 执证号：S0260524020001 SFC CE No. BVH021 010-59136616 liuchenming@gf.com.cn 分析师： 陈振威 SAC 执证号：S0260524090002 021-38003550 chenzhenwei@gf.com.cn 请注意，陈振威并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 识别风险，发现价值 请务必阅读末页的免责声明 1/29 972918116公共联系人2026-02-01 18:23:01 ⚫ 新任美联储主席 Kevin Warsh 的确定，其经济学家时期，主张"降息与 缩表并行"。短期内有望支撑美元走强，并推动美债收益率曲线陡峭化， 对贵金属价格构成一定压力。从中长期看，美国债务结构性问题并未化 解，Warsh 的政策更多可 ...

Investment Rating - The report maintains an "Outperform" rating for the environmental protection industry [2] Core Insights - The environmental protection industry is entering a significant performance period, with expectations for intensified carbon reduction efforts [1] - The year 2026 marks the transition from energy consumption control to carbon emission control, with substantial progress anticipated in carbon reduction initiatives [5] - The report highlights the importance of companies focusing on performance and increased dividends, with 61 environmental companies expected to release their 2025 performance forecasts [5] Summary by Sections 2025 Performance Forecast - 61 environmental companies have released performance forecasts, with 14 companies expecting significant positive growth, 4 companies experiencing declines, 8 companies turning losses into profits, and 35 companies reporting losses [12] - Notable performers include: - Anhui Instrument Technology: Expected net profit of 42-62 million CNY, a year-on-year increase of 191.52%-330.34% [12] - GaoNeng Environment: Expected net profit of 750-900 million CNY, a year-on-year increase of 55.66%-86.79% [12] - Yuehai Investment: Expected net profit growth of 43%, reaching nearly 4.5 billion HKD [13] Biodiesel and UCO Market - The average export price of UCO is expected to reach 7,742 CNY/ton in 2025, a year-on-year increase of 21.6% [19] - UCO export volume remains high, with a total of 2.7558 million tons exported in 2025, despite a 17% decline in biodiesel exports [19] - The price of UCO has shown a consistent upward trend, with the latest price reaching 1,075 USD/ton, a 9.1% increase from early 2025 [29] Policy and Market Tracking - The report tracks significant developments in carbon reduction policies, including the establishment of a dual control system for carbon emissions and energy consumption [33] - The carbon trading market has seen a total transaction volume of 862,100 tons, with a closing price of 79.00 CNY/ton as of January 30, 2026 [36] - Recent policies emphasize energy efficiency and carbon reduction in public institutions, aligning with the "14th Five-Year Plan" goals [38]

Industry Rating - The investment rating for the agricultural, forestry, animal husbandry, and fishery industry is "Buy" [2] Core Insights - The pet industry is experiencing continuous growth driven by new pet owners and increased per capita spending on pets. The market size for urban pet consumption (dogs and cats) in China is projected to reach approximately 312.6 billion CNY in 2025, representing a year-on-year growth of 4% compared to 2024. The growth rates for cat and dog consumption are 5% and 3%, respectively [14][16] - The preference for domestic brands is on the rise, with brand competition remaining intense. By 2025, the preference for domestic brands in cat and dog food is expected to reach 38% and 35%, respectively, up from 16% and 20% in 2022. The market has seen significant changes over the past decade, influenced by various e-commerce and social media trends [25][35] - There is increasing competition in the baked food segment, with functional pet foods emerging as a potential growth area. Consumer preferences are shifting towards baked and freeze-dried foods, with functional foods expected to become a new trend in the industry [43][56] - The report emphasizes the importance of focusing on new retail channels, particularly instant retail, which is currently in a high-growth phase. The market share of major online platforms like Tmall, Taobao, JD, Douyin, and Pinduoduo is approximately 29%, 9%, 9%, and 10%, respectively [14][19] Summary by Sections Industry Overview - The pet industry is projected to grow, with the number of cat and dog owners increasing to approximately 42.14 million and 36.60 million, respectively, in 2025. The average annual spending per pet cat and dog is expected to be 2,085 CNY and 3,006 CNY, respectively [14][20] Brand Landscape - The competitive landscape is evolving, with domestic brands gaining market share. The top five brands in cat and dog food by usage rate in 2025 will predominantly be domestic brands, reflecting a shift in consumer preferences [25][30] Product Innovation - Consumer preferences are shifting towards baked and freeze-dried pet foods, with a notable decline in the preference for puffed foods. The report identifies functional pet foods as a key area for future growth, with specific health benefits being a major consideration for consumers [43][56] Channel Transformation - The report highlights the significance of instant retail channels, which are experiencing rapid growth. The integration of online and offline channels is seen as a critical factor for success in the pet industry [14][19] Investment Recommendations - The report suggests that the pet industry will continue to grow at a rate of 4% in 2025, driven by new pet owners and increased spending. It recommends focusing on companies with strong R&D capabilities and sales performance, such as Guobao Pet, Zhongchong Co., and Petty Co. [14][8]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

Core Insights - The report emphasizes the strong potential of the AI industry and high-growth segments such as gaming, recommending continued investment in these areas [2][13][16]. Group 1: Internet Sector - E-commerce: Alibaba is catalyzing AI-related developments, introducing the "Tongyun Ge" concept, which integrates large models, cloud computing, and chips as a key support for its technology strategy [2][16]. - Social Entertainment Media: Bilibili and Tencent are expected to see strong advertising momentum, with Tencent's gaming fundamentals improving and Bilibili preparing to release new games [2][17]. - Internet Healthcare: JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, leading to sustained revenue and profit growth [2][17]. - Short Video: Kuaishou is maintaining a stable core business, with AI technology enhancing user engagement and commercial conversion [2][18]. - Trendy Toys + IP: Pop Mart announced the establishment of its European headquarters in London, aiming to expand its market presence [2][19]. - Long Video: Multiple platforms are releasing quality series, suggesting investment opportunities in iQIYI and Mango TV [2][20]. - Music Streaming: Tencent Music and NetEase Cloud Music show stable performance, although concerns about competition have led to valuation adjustments [2][20]. Group 2: Media Sector - Gaming: The report maintains a positive outlook on the gaming sector, with expectations of continued industry prosperity into 2026. Key recommendations include Tencent, NetEase, and companies with strong product pipelines like Century Huatong and Giant Network [2][21]. - Advertising: Adjustments in the advertising landscape are not expected to impact the operational trends of Focus Media, with increased investment from internet advertisers anticipated [2][22]. - Publishing: Some publishing companies are facing challenges due to educational reforms, but firms with strong fundamentals and high dividend yields are recommended [2][22]. - Film and Television: Attention is drawn to companies with robust project pipelines, such as Huace Film & TV and Mango TV, as well as cinema chains like Wanda Film and Hengdian Film [2][22]. - IP Derivatives: Companies involved in IP derivatives are highlighted for potential investment, including Huayi Brothers and Shanghai Film Group [2][22]. Group 3: AI Developments - The report notes the rapid advancement of AI applications, particularly with the emergence of Clawdbot, which has gained significant attention in the industry [2][23]. - Recommendations include major cloud players like Google and Amazon, as well as domestic giants like Alibaba and Tencent, focusing on their self-developed models and ecosystems [2][23]. - Specific applications in AI across various sectors are suggested for investment, including AI in gaming, marketing, and healthcare [2][23].

[Table_Page] 宏观经济|定期报告 2026 年 2 月 1 日 证券研究报告 1 / 27 972918116公共联系人2026-02-01 17:17:37 [Table_Title] 全球叙事切换：杯弓蛇影还是未雨绸缪？ 宏观周度述评系列（2026.01.26-01.31） [报告摘要 Table_Summary：] | [Table_Author] 分析师： | 郭磊 | | --- | --- | | | SAC 执证号：S0260516070002 | | | SFC CE No. BNY419 | | | 021-38003572 | | | guolei@gf.com.cn | | 分析师： | 陈礼清 | | | SAC 执证号：S0260523080003 | | | 021-38003809 | | | chenliqing@gf.com.cn | | 分析师： | 陈嘉荔 | | | SAC 执证号：S0260523120005 | | | 021-38003674 | | | gfchenjiali@gf.com.cn | | 分析师： | 钟林楠 | | | SAC 执证 ...