国内市场综述 量价齐升 上涨延续 海外市场综述 周三（2 月 25 日），美国三大股指全线收涨，道指涨 0.63%，标普 500 指数涨 0.81%，纳指涨 1.26%。联合 健康集团、IBM 涨超 3%，领涨道指。万得美国科技七 巨头指数涨 1.44%，微软涨近 3%，脸书涨超 2%。纳斯 达克中国金龙指数跌 0.47%，涂鸦智能涨近 6%，玉柴 国际跌超 9%。 周三（2 月 25 日）大盘量价齐升，上涨延续。截至收 盘，上证综指收于 4147.23 点，上涨 0.72%；深成指 收于 14475.87 点，上涨 1.29%；科创 50 上涨 0.54%； 创业板指上涨 1.41%，万得全 A 成交额共 24809 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 27 个上涨，其中钢 铁、有色金属及综合金融涨幅居前，仅有传媒、消费 者服务及银行小幅下跌，概念方面，稀土、磷化工及 小金属等指数表现活跃。 美国三大股指全线收涨，微软涨近 3% 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S14905230300 ...

Domestic Market Overview - The A-share market opened positively in the Year of the Horse, with the Shanghai Composite Index closing at 4117.41 points, up 0.87%, and the Shenzhen Component Index closing at 14291.57 points, up 1.36% [1][10] - A total of 24 out of 30 sectors in the CITIC first-level industry rose, with the highest gains in oil and petrochemicals, building materials, and non-ferrous metals, while consumer services, media, and computers saw significant declines [1][10] - The total trading volume of the entire A-share market reached 22,182 billion, showing an increase compared to the previous day [1][10] Industry Insights - The report highlights the significant increase in domestic tourism during the 2026 Spring Festival, with 596 million domestic trips taken, an increase of 95 million compared to the previous year, and total spending reaching 803.48 billion, up 126.48 billion [12][13] - The loan market quotation rate (LPR) remained stable for the ninth consecutive month, with the one-year LPR at 3% and the five-year LPR at 3.5% [15][16] - The average daily usage of large models by Chinese enterprises reached 37 trillion tokens, a 263% increase from the previous half-year, with Alibaba Cloud's Qwen model leading with a market share of 32.1% [17]

国内市场综述 缩量整理 震荡回调 周五（2 月 13 日）大盘缩量整理，震荡回调。截至收 盘，上证综指收于 4082.07 点，下跌 1.26%；深成指 收于 14100.19 点，下跌 1.28%；科创 50 下跌 0.72%； 创业板指下跌 1.57%，万得全 A 成交额共 19989 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 29 个下跌，其中电 有色金属、石油石化及建材跌幅居前，仅有国防军工 小幅上涨，概念方面，中航系、半导体设备及通用航 空等指数表现活跃。 海外市场综述 美国三大股指全线收跌，IBM 跌超 13% 周一（2 月 23 日），美国三大股指全线收跌，道指跌 1.66%，标普 500 指数跌 1.04%，纳指跌 1.13%。IBM 跌超 13%，美国运通跌逾 7%，领跌道指。万得美国科 技七巨头指数跌 0.99%，微软跌超 3%，特斯拉跌近 3%。 纳斯达克中国金龙指数跌 0.95%，金山云跌近 9%。 新闻精要 1. 《求是》杂志发表习近平总书记重要文章《当前经 济工作的重点任务》 2. 中国 1 月金融数据：M2 同比增 9%，社融规模增量 为 7.22 万亿元定 ...

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 风电行业周报（20260202-20260206） 本周风电设备（申万）指数表现 本周（2026/02/02-2026/02/06）沪深 300 指数-1.13%，申万 31 个行 业指数 18 个上涨，电力设备（申万）指数本周+2.20%，排在第 3 位， 跑赢指数 3.53pct。电力设备二级行业指数涨跌互现，风电设备行业指 数-0.88%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ（申 万）、光伏设备（申万）、电机Ⅱ（申万）分别+3.24%、+2.04%、- 3.28%、+3.36%、-0.94%。从公司表现看，本周风电设备行业（申万） 公司涨幅居前的公司为振江股份、中环海陆、天顺风能、三一重能、 明阳智能，跌幅居前的公司是时代新材、运达股份新强联、海力风电、 飞沃科技。 本周原材料价格小幅波动 本周铁矿石期货收盘价 760.5 元/吨，环比-31 元/吨；铸造生铁价格 3040 元/吨，环比持平；中厚板价格 3332 元/吨，环比-14 元/吨；铜、 铝现货价格分别为 12840、3045 美元/吨，单价分别-529.5、-6 ...

Economic Growth - The operating rate of blast furnaces in 247 steel mills nationwide was 79.55%, an increase of 0.53 percentage points from the previous week[1] - The capacity utilization rate of steel mills rose to 85.71%, up by 0.26 percentage points week-on-week[1] - The average daily pig iron output reached 2.2864 million tons, an increase of 0.072 million tons from the previous week[1] Inflation - The average wholesale price index for agricultural products was 129.91, up by 0.36% compared to January's average[2] - The average wholesale price index for the "vegetable basket" was 132.80, reflecting a 0.46% increase from January[2] Interest Rates - The average overnight SHIBOR rate was 1.3192%, down by 0.0514 percentage points from the previous week[3] - The average 1-day repo rate was 1.3963%, decreasing by 0.0684 percentage points week-on-week[3] Policy Developments - The State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)" aimed at establishing a world-class metropolitan area centered around the capital[4] - A joint announcement by the People's Bank of China and eight departments clarified that virtual currency-related activities are illegal and strictly prohibited within the country[4] Risk Factors - Potential geopolitical deterioration beyond expectations poses a risk to economic stability[5] - An unexpected recession in Europe and the U.S. could adversely affect market conditions[5]

Domestic Market Overview - The domestic market experienced a slight increase with the Shanghai Composite Index closing at 4134.02 points, up 0.05%, and the Shenzhen Component Index at 14283 points, up 0.86% [1][4] - The total trading volume of the entire A-share market reached 21,608 billion, showing an increase compared to the previous day [1][4] - Among the 30 sectors, 14 sectors saw gains, with electronics, power equipment and new energy, and computers leading the increase, while consumer services, agriculture, forestry, animal husbandry, and comprehensive finance experienced significant declines [1][4] Overseas Market Overview - The three major U.S. stock indices all closed lower, with the Dow Jones down 1.34%, the S&P 500 down 1.57%, and the Nasdaq down 2.03% [2][4] - Notable declines included Cisco dropping over 12% and Disney falling more than 5%, leading the Dow [2][4] - The Nasdaq China Golden Dragon Index fell by 3%, with Tencent Music dropping over 10% [2][4] News Highlights - U.S. President Trump is expected to visit China in April, with both leaders maintaining communication regarding trade relations [3][11] - The National Film Administration and the Ministry of Commerce are launching a "Film+" consumption pilot program to boost the film industry's contribution to economic growth [12][13] - The Ministry of Commerce announced that starting February 13, 2026, it will impose countervailing duties on imported dairy products from the EU [14] - A research team from Peking University has developed the world's first large-scale quantum communication chip network, achieving significant advancements in quantum key distribution [15][16]

周三（2 月 11 日）大盘缩量震荡，走势分化。截至收 盘，上证综指收于 4131.99 点，上涨 0.09%；深成指 收于 14160.93 点，下跌 0.35%；科创 50 下跌 1.11%； 创业板指下跌 1.08%，万得全 A 成交额共 20010 亿元， 较前一日有所下降。 1. 国务院办公厅印发《关于完善全国统一电力市场体 系的实施意见》 国内市场综述 缩量震荡 走势分化 行业方面，30 个中信一级行业有 13 个上涨，其中建 材、有色金属及石油石化涨幅居前，而通信、传媒及 国防军工则跌幅较大，概念方面，玻璃纤维、稀有金 属精选及钴矿等指数表现活跃。 海外市场综述 美国三大股指小幅收跌，IBM 跌超 6% 周三（2 月 11 日），美国三大股指小幅收跌，道指跌 0.13%，标普 500 指数基本持平，纳指跌 0.16%。IBM 跌超 6%，赛富时跌逾 4%，领跌道指。万得美国科技七 巨头指数跌 0.57%。纳斯达克中国金龙指数跌 0.65%。 新闻精要 2. 长征十号与梦舟飞船首次飞行试验任务成功 3. 20.5 亿元"新春礼包"将在春节期间惠及消费者 4. 国家统计局：1 月份 CPI 环比上涨 ...

Investment Rating - The industry investment rating is "Positive" with expectations that the industry index will outperform the market index by over 5% in the next six months [17]. Core Insights - The AI sector has transitioned from "dialogue interaction" to "agent action," with the OpenClaw project marking a significant milestone, demonstrating the feasibility and practicality of AI agents [2][9]. - The demand for AI agents is accelerating in the consumer market, with major tech companies like Google, Tencent, and Baidu expanding their offerings, indicating a shift from niche applications to mainstream tools [2][10]. - The infrastructure supporting AI agents faces dual challenges of performance and cost, as prices for essential hardware components like storage chips and CPUs are rising, increasing operational costs for cloud service providers [2][11]. - The expansion of demand is driving significant capital investments from cloud providers, with Alphabet planning capital expenditures of $175 billion to $185 billion and Amazon increasing its spending to $200 billion, a 56% year-on-year increase [2][12][13]. - Security concerns are paramount, as OpenClaw has been reported to have hundreds of vulnerabilities, highlighting the need for robust security measures in commercial applications [2][14]. Summary by Sections Transition from "Dialogue Interaction" to "Agent Action" - The AI agent paradigm shift is exemplified by the rapid rise of OpenClaw, which has gained significant attention in the tech community, indicating broad market acceptance and validation of AI agent technology [9]. Acceleration of Personal AI Assistants in the Consumer Market - The application of AI agents is moving quickly from early developers to the general public, with major companies integrating AI capabilities into their platforms, thus driving demand for computational and storage resources [10]. Infrastructure Challenges - The global AI infrastructure is undergoing performance upgrades while facing increased operational costs due to rising prices of key hardware components, which has led cloud service providers to raise service prices [11]. Demand Expansion Driving Strategic Investments by Cloud Providers - The increasing use of AI agents is prompting cloud companies to significantly boost their capital expenditures, with Alphabet and Amazon announcing substantial increases in their spending plans for 2026 [12][13]. Security Issues - The enhancement of AI agent capabilities brings security risks, as OpenClaw has been found to have numerous vulnerabilities, necessitating effective measures to prevent malicious command injections and manage high-level access [14]. Investment Clues - The development of AI agents presents clear investment opportunities, particularly in the cloud services and computing supply chain, as well as in hardware sectors like edge computing devices and vector databases, which are essential for the deployment of AI technologies [3][15].

Domestic Market Overview - The domestic market experienced a slight increase with reduced trading volume on February 10, closing with the Shanghai Composite Index at 4128.37 points, up 0.13%, and the Shenzhen Component Index at 14210.63 points, up 0.02% [1][10] - The total trading volume for the A-share market was 21,247 billion, showing a decrease compared to the previous day [1][10] - Among the 30 sectors tracked, 12 sectors saw gains, with media, home appliances, and coal leading the increases, while real estate, food and beverage, and retail sectors faced significant declines [1][10] Overseas Market Overview - The U.S. stock market showed mixed results on February 10, with the Dow Jones Industrial Average rising by 0.1%, while the S&P 500 and Nasdaq fell by 0.33% and 0.59%, respectively [2][10] - Notable stock movements included Disney and Home Depot rising over 2%, while Intel dropped more than 6% [2][10] - The Nasdaq Golden Dragon China Index increased by 0.87%, with notable gains from Hesai Technology and Zai Lab, both rising over 6% [2][10] News Highlights - The article from Qiushi Network emphasizes the importance of forward-looking layouts and the development of future industries to seize technological and industrial advantages, which is essential for promoting high-quality development [3][13] - The State Administration for Market Regulation has approved a batch of important national standards covering emerging fields, transportation logistics, ecological protection, and safety production, which will enhance the quality of life and safety [3][14][15] - The Shanghai Metropolitan Area's land space planning draft has been made public, aiming to establish a world-class modern metropolitan area by 2035 [3][18] Driving Factors - The People's Bank of China indicated a commitment to maintaining a moderately loose monetary policy, utilizing various tools to ensure liquidity and favorable financing conditions [11] - On the same day, 2,195 stocks rose while 3,128 fell, indicating a mixed market sentiment with 209 stocks gaining over 5% and 76 losing over 5% [11]