Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The dairy industry is expected to see investment opportunities in 2026, driven by industrial upgrades that may boost raw milk demand and a potential upward turning point in milk prices, which could help leading dairy companies recover market share [4][8] - Supply-side dynamics indicate that raw milk prices are likely to rise, benefiting upstream farming companies. The price of fresh milk has declined for over four years, reaching 3.04 RMB/kg, a 30.6% drop from the 2021 peak of 4.38 RMB/kg. It is anticipated that the price stabilization will occur in the second half of 2025, with a turning point expected in 2026, significantly improving the performance of upstream farming companies [5] - On the demand side, there are structural opportunities in dairy product consumption, with potential for deep processing and domestic substitution to create new growth curves for dairy companies. The per capita consumption of dairy products in China is projected to be 40.6 kg in 2024, still below the 47 kg target set for 2030. The consumption structure is primarily focused on liquid milk, with low proportions of dairy solids [6] Summary by Sections - **Supply-Side Analysis**: The prolonged downturn in milk prices has been influenced by macroeconomic disturbances and the expansion led by large-scale enterprises during the previous price upturn. The ongoing losses in upstream farming companies are expected to lead to a supply-side contraction, with a price turning point anticipated in 2026 [5] - **Demand-Side Analysis**: The increasing health awareness among consumers is expected to drive the growth of low-temperature milk and cheese products, which will enhance raw milk demand. Regulatory changes are also expected to support the upgrade of the dairy industry by clarifying standards for deep-processed products and improving market access [6] - **Investment Recommendations**: Based on the positive outlook for the raw milk cycle and domestic substitution of deep-processed products, leading dairy companies are expected to benefit from the recovery of market share during the price upturn. Recommended companies include Yili Group and China Shengmu, with a focus on modern farming practices [8]

Investment Rating - The investment rating for the non-bank financial sector is "Positive" (maintained) [1] Core Views - The insurance sector is showing signs of improvement, with increased recognition of the industry's fundamentals by insurance companies, as evidenced by China Ping An's continued stake increase in China Life [4] - The brokerage and margin trading businesses maintain a high level of activity, with significant growth in new account openings and trading volumes in January 2026 [5][32] - The asset management and fund distribution businesses are expected to recover, supported by new regulations that have been implemented [5] - Huatai Securities has announced a plan to issue HKD 10 billion in convertible bonds, which is expected to enhance its operational capabilities [6] - The overall performance of brokerage firms is optimistic, with many firms reporting substantial profit growth [6] Data Tracking Insurance Industry Data - As of December 2025, the insurance industry's original premium income reached CNY 61,194 billion, a year-on-year increase of 7.43% [10] - The life insurance premium income was CNY 46,491 billion, up 9.05% year-on-year, while property insurance premium income was CNY 14,703 billion, an increase of 2.60% [10] Securities Industry Data - In January 2026, the average daily trading volume of A-shares was CNY 36.5 trillion, a year-on-year increase of 156.58% [13] - The margin trading balance at the end of January 2026 was CNY 2.72 trillion, up 53.06% year-on-year [13] - New public fund issuance reached 1,094.51 billion units in January 2026, with stock and mixed funds seeing significant growth [13] Industry Dynamics - Insurance capital is increasingly active in equity markets, participating in cornerstone investments in Hong Kong stocks [27] - China Insurance Group reported premium income exceeding CNY 730 billion for 2025, indicating strong operational performance [28] - China Life Group's consolidated investment income grew by double digits in 2025, reflecting robust financial health [29] - China Ping An increased its stake in China Life by 10.12%, demonstrating confidence in the sector [30] - Several automotive service providers have withdrawn from the insurance agency business, indicating competitive pressures in the market [31]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

Group 1 - The 2026 Central Document emphasizes the modernization of agriculture and rural areas, outlining four key tasks and two major support guarantees in the "three rural" sectors [5][7] - The four key tasks include enhancing agricultural production capacity and quality, implementing regular precise assistance, promoting stable income growth for farmers, and advancing the construction of livable and workable beautiful villages [5][7] - The two major support guarantees focus on strengthening institutional innovation and enhancing the Party's comprehensive leadership over "three rural" work [5][7] Group 2 - As of February 6, 2026, the median price change of consumer service stocks on the North Exchange was -2.93%, with 24% of companies experiencing an increase [27][29] - The median price-to-earnings (P/E) ratio of consumer service companies rose from 47.7X to 48.1X, while the total market capitalization decreased from 1129.81 billion to 1102.41 billion [29][30] - The top five companies with the highest price changes included Fangda New Materials (+8.25%), Babi Co. (+3.28%), and Longzhu Technology (+2.54%) [27][35] Group 3 - The median TTM P/E ratio for the broad consumer sector increased by 8.25% to 56.8X, with Fangda New Materials, Babi Co., and Longzhu Technology leading in market performance [36][37] - The median TTM P/E ratio for the food and agriculture sector decreased from 53.0X to 49.9X, with Zhu Laoliu and Knight Dairy showing notable price changes [38][40] - The median TTM P/E ratio for the professional technical services sector fell from 30.1X to 28.5X, with companies like Guangzi International and Qingju Technology experiencing declines [41][43] Group 4 - Kangbiter plans to repurchase A-shares with a budget of 30 million to 50 million yuan, with a maximum repurchase price of 25 yuan per share, aimed at employee stock ownership plans or equity incentives [44][46] - Zhu Laoliu reported an expected revenue of approximately 215.79 million yuan for 2025, a decrease of 9.36% year-on-year, while net profit is expected to increase by 7.43% [44][46]

证券研究报告 晨会 hyzqdatemark 2026 年 02 月 08 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月06日 华源晨会精粹 20260208 固定收益 长债收益率可能再度下行 5-10BP——2 月债市投资策略：1 月中旬以来 长债超跌反弹，主要靠配置盘驱动。截至 2 月 6 日，10Y 及 30Y 国债收益率较 1 月 7 日高点下行了近 10BP。2026 年 1 月 1 日-2 月 6 日，券商及基金合计净卖出超长 （剩余期限 20Y 以上）利率债 1086 亿元，上年同期仅净卖出 57 亿；同时期，险资 净买入超长利率债 1206 亿元，城农商行净买入 500 亿元，同比分别多增 554 亿元 及 688 亿元。尽管券商自营及基金等交易盘大幅净卖出超长利率债，但债券收益率 回升提升了超长债的配置价值，城农商行及险资加大了超长债的配置力度，使得超 长债收益率有所回落。当前，债券收益率曲线较为陡峭，城农商行负债成本虽大幅 下行，但配 7Y 以内国债的利差较低，适度拉长久期才能获取较高的债券配置收益率。 我们预计，2026 年一季度城农商行负债成本率不少降至 1.6 ...

证券研究报告 有色金属 行业定期报告 板块表现： 库存累积，铜铝价格或迎来降波震荡 投资评级： 看好（维持） ——有色金属 大宗金属周报（2026/2/2-2026/2/6） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 hyzqdatemark 2026 年 02 月 08 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 陈轩 SAC：S1350525120001 chenxuan01@huayuanstock.com 铜 ： 库 存 累 积 ， 铜 价 短 期 或 迎 来 降 波 震 荡 。 本 周 伦 铜 / 沪 铜 / 美 铜 涨 跌 幅 分 别 为 -4.02%/-3.45%/-1.33%。上周在高杠杆资金出清背景下金 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Views - The real estate sector is expected to gradually stabilize, which may lead to a recovery in valuations for the home appliance industry. Current stock prices may have fully reflected short-term risks due to factors such as demand being pulled forward by national subsidies, upstream price increases, and currency appreciation [3][4] - The core pressure on domestic demand is likely to ease as signs of stabilization in the real estate market emerge. After a deep correction from 2022 to 2025, domestic housing inventory is gradually being reduced, with recent increases in second-hand housing transaction volumes in Shanghai and narrowing price declines in first-tier cities [4][8] - The leading companies in the white goods sector are currently valued at historically low levels, with projected P/E ratios for 2026 being 12 for Midea Group, 7 for Gree Electric Appliances, and 10 for Haier Smart Home. If the real estate market stabilizes, these companies may see a valuation recovery [14] Summary by Sections 1. Signs of Stabilization in Real Estate - Signs of stabilization in the real estate market are emerging, with domestic housing inventory gradually decreasing and recent increases in second-hand housing transactions in Shanghai. The drag effect of real estate on domestic demand is expected to gradually diminish [4][8] 2. Company Performance Forecasts - Ninebot Company is expected to achieve a net profit of 1.67-1.85 billion yuan in 2025, a year-on-year increase of 54.0%-70.6%. However, Q4 2025 may see a net loss of 120 million yuan to a profit of 60 million yuan due to factors like exchange losses [5][16] - Huabao New Energy is projected to have a net profit of 15.5-23 million yuan in 2025, a year-on-year decline of 90.4%-93.5%, with Q4 2025 expected to incur a net loss of 120-130 million yuan [5][16] - Ecovacs is expected to achieve a net profit of 1.7-1.8 billion yuan in 2025, a year-on-year increase of 110.9%-123.3%, with Q4 2025 projected to yield a net profit of 280-380 million yuan [5][16] 3. Market Review - The home appliance sector saw a weekly increase of 1.3% from February 2 to February 6, outperforming the CSI 300 index by 2.6 percentage points. The white goods segment increased by 1.7%, while black goods decreased by 1.9% [17][19] 4. Key Data Tracking - As of February 6, 2026, the RMB appreciated by 88 basis points against the USD, continuing its upward trend. This short-term fluctuation is not expected to affect the core competitiveness of export companies [21] - The LME copper spot price was $12,840 per ton, down 4.0% week-on-week, indicating a slight decline in raw material prices [21][22]

证券研究报告 商贸零售 行业定期报告 hyzqdatemark 2026 年 02 月 08 日 联系人 黄山旅游拟投资 5.3 亿元用于酒店项目，丰富旅游产品供给。黄山旅游公告，公司 拟投资建设黄山滨江东路 12 号酒店项目，预计投资金额约为 5.3 亿元（具体以实际 投资金额为准），资金来源为公司自筹资金。项目建设周期预计为 24 个月。根据 可研报告，经测算，该项目静态投资回收期为 16.14 年。目前，公司已通过司法拍 卖竞得该酒店在建工程，并对原部分装修进行拆除，同时已开展设计等项目前期工 作。根据公司公告，本次投资建设酒店项目，是公司顺应黄山市大交通格局完善及 旅游发展趋势所作出的举措，有利于进一步优化公司高端酒店会议、客房、餐饮等 设施配比，丰富酒店产品供给及产品结构。黄山景区客流数据亮眼。根据黄山风景 区发布信息，2025 年，黄山风景区主景区接待游客 516.8 万人次，同比增长 4.99%， 首次突破 500 万大关，2026 年元旦假期，景区共接待游客人数超 7.5 万。服务消费 政策组合拳持续加码，叠加节假日放假配合，我们预计或带动出行链蓬勃发展，建 议重视服务消费板块机会。 2025 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The trading atmosphere weakened this week, and the credit spreads widened slightly from a low level. The AA commercial and trade industry's credit spreads widened significantly, while the AA+ steel industry's credit spreads compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [2][4][6][27][45] - The net financing of traditional credit bonds increased this week, and the net financing of asset - backed securities increased by 58 billion yuan compared with last week. The issuance and repayment volumes of different types of bonds showed different trends. [4][12] - The credit bond trading volume decreased this week, and the turnover rate declined overall. The yields of credit bonds with different ratings and maturities fluctuated within 3BP compared with last week. [4][20][21] - There were 36 bond implicit ratings downgraded involving 8 entities this week, and the "Xiangyi You" bond issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted. [5][43] - The central bank conducted large - scale net cash withdrawals this week. In the future, the credit spreads of bank secondary and perpetual bonds may continue to compress. [6][45] 3. Summary by Relevant Catalogs 3.1 This Week's Credit Hot Events - On February 2, 2026, Anhui Small - loan Re - lending Co., Ltd. successfully issued two small public - offering corporate bonds, with a total issuance scale of 600 million yuan. This is the first public - offering corporate bond of a small - loan company in China, indicating increased regulatory recognition of the standardized financing of small - loan companies. [10] - On February 3, 2026, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Anchoring Agricultural and Rural Modernization and Solidly Promoting Comprehensive Rural Revitalization" was released, proposing to innovate the investment and financing mechanism for rural revitalization and strictly control the new village - level debt. [11] 3.2 Primary Market 3.2.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 298.2 billion yuan, an increase of 55.5 billion yuan compared with last week. The net financing of asset - backed securities was 1.84 billion yuan, an increase of 58 billion yuan compared with last week. [12] - By product type, the net financing of urban investment bonds was 98.6 billion yuan, an increase of 49.2 billion yuan; the net financing of industrial bonds was 136.1 billion yuan, an increase of 18 billion yuan; the net financing of financial bonds was 63.5 billion yuan, a decrease of 11.6 billion yuan. [12] 3.2.2 Issuance Cost - This week, the weighted average issuance interest rates of AA urban investment bonds and industrial bonds remained in the range of 2.5% - 2.6%. The average issuance interest rate of AA+ industrial bonds rose above 2.3%, and the issuance interest rates of other credit bonds with different ratings and varieties were less than 2.2%. [17] 3.3 Secondary Market 3.3.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) decreased by 92.7 billion yuan compared with last week. The trading volume of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all decreased. [20] - In terms of turnover rate, the turnover rate of credit bonds decreased overall this week. The turnover rates of urban investment bonds, industrial bonds, financial bonds, and asset - backed securities all declined. [20] 3.3.2 Yield - This week, the yields of credit bonds with different ratings and maturities fluctuated within 3BP compared with last week. The yields of different - rated and different - term credit bonds showed different trends. [21] 3.3.3 Credit Spreads - Overall, the credit spreads of the AA commercial and trade industry widened significantly, and the credit spreads of the AA+ steel industry compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [27] - For urban investment bonds, the credit spreads of different maturities widened slightly this week. [33] - For industrial bonds, the credit spreads of different maturities fluctuated within 5BP this week. [38] - For bank capital bonds, the credit spreads of bank secondary and perpetual bonds with different maturities fluctuated within 5BP, and the short - term (1Y) and long - term (10Y) spreads compressed. [40] 3.4 This Week's Bond Market Public Opinion - This week, the implicit ratings of 36 bond items of 8 entities were downgraded, and the "Xiangyi You" bond issued by Shanghai Xiangyuan Investment Holding Co., Ltd. defaulted. [5][43] 3.5 Investment Suggestions - The central bank conducted large - scale net cash withdrawals this week. Overall, the credit spreads of the AA commercial and trade industry widened significantly, and the credit spreads of the AA+ steel industry compressed significantly. The credit spreads of other industries and ratings fluctuated within 10BP. [45] - The credit spreads of urban investment bonds widened slightly, the credit spreads of industrial bonds fluctuated within 5BP, and the credit spreads of bank secondary and perpetual bonds fluctuated within 5BP, with the short - term and long - term spreads compressing. [45] - In January 2026, the yields of bank secondary and perpetual bonds decreased significantly, and the excess spreads were still at a high level since the beginning of 2025. The credit spreads of bank secondary and perpetual bonds may continue to compress in the future. [45][46]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The supply tightness in the rare earth sector is increasing, with prices for praseodymium and neodymium oxide reaching new highs, up 12.64% to 757,500 CNY/ton [4] - Molybdenum prices have rebounded due to improved supply-demand dynamics, with molybdenum concentrate prices rising 2.48% to 4,135 CNY/ton [21] - Tungsten prices continue to hit historical highs, with black tungsten concentrate prices increasing 25.19% to 671,000 CNY/ton [27] - Tin prices have seen significant adjustments, with SHFE tin down 16.89% to 357,000 CNY/ton [30] - Antimony prices are experiencing a rebound, with antimony ingot prices up 2.49% to 164,500 CNY/ton [39] Summary by Category Rare Earth - Praseodymium and neodymium oxide prices increased by 12.64% to 757,500 CNY/ton, while dysprosium and terbium prices decreased by 1.41% to 140,000 CNY/ton and 2.37% to 617,500 CNY/ton respectively [9][4] Molybdenum - Molybdenum concentrate prices rose 2.48% to 4,135 CNY/ton, and molybdenum iron (Mo60) prices increased 3.48% to 267,500 CNY/ton [21][4] Tungsten - Black tungsten concentrate prices surged 25.19% to 671,000 CNY/ton, and ammonium paratungstate prices rose 24.68% to 985,000 CNY/ton [27][4] Tin - SHFE tin prices fell 16.89% to 357,000 CNY/ton, while LME tin prices decreased 15.42% to 45,845 USD/ton [30][4] Antimony - Antimony ingot prices increased by 2.49% to 164,500 CNY/ton, and antimony concentrate prices rose 1.40% to 144,500 CNY/ton [39][4]