证券研究报告 关注节后成交走势，三重对比港资房企 向上空间仍存 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2026年2月1日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：春节后到3月为楼市下一个重要观察节点，优质房企中期维度仍具备性价比。随着近期二手房市场成交回暖，本周市场对地产 关注度仍在升温，但对后续看法呈现分化。我们认为短期随着春节逐步临近，市场成交或趋于回落，节后到3月将是楼市下一个重要观察 节点。从板块投资来看，我们仍维持上周观点，在短期二手房成交淡季不淡、房企业绩压力提前释放、政策端不断释放积极信号等背景 下，中期维度来看优质房企已有一定配置价值。 全年看好港资房企，三重维度对比向上仍有空间。1月港资房企表现靓丽，我们持续提示的新鸿基地产、恒基地产、信和置业单月涨幅达 32.7%、10.6%、15.3%，市场对于香港楼市延续上行逐步形成共识，更关注后续个股空间，我们认为港资房企上行空间仍存：1）以新鸿 基地产为例，目前PB为0.59倍，仍低于业务模式（开发+持有）类似的华润置地（0.72PB），但香港楼市已经企稳，内地楼市仍在探底； 2）上轮香港楼市调整于2 ...

Investment Rating - The industry investment rating is "Outperform the Market" [26] Core Insights - Domestic companies such as Alibaba, Kimi, and DeepSeek have released new AI large models, indicating intensified competition in the domestic large model market and the urgency to capture traffic and build AI super applications [4][7] - The AI comic industry is rapidly expanding, with significant growth in the number of micro-short comics projected for 2025, driven by advancements in AI technology and supportive policies from platforms [11][12] - The report emphasizes the continuous iteration and improvement of domestic large models, which will accelerate their application across various industries and enhance the overall development of the large model industry in China [4][22] Summary by Sections Industry News and Commentary - Recent releases of AI large models by Alibaba, Kimi, and DeepSeek highlight the competitive landscape and the urgency for domestic firms to enhance their capabilities [4][6][7] - The AI comic industry is set for explosive growth, with the number of micro-short comics expected to increase from 234 in January to 17,944 by December 2025, resulting in a tenfold increase in overall viewership [11][12] Key Company Announcements - Companies such as iFLYTEK, Tongfang, and Newland have announced positive earnings forecasts for 2025, indicating strong growth potential in the sector [14][15] Weekly Market Review - The computer industry index fell by 4.77% this week, underperforming the CSI 300 index, which rose by 0.08% [16][19] - The overall P/E ratio for the computer industry stands at 57.4 times, with 41 out of 358 A-share stocks rising in price [19][22] Investment Recommendations - The report recommends focusing on AI computing power companies such as Haiguang Information and Longxin Zhongke, as well as AI algorithms and applications like Hengsheng Electronics and Zhongke Chuangda, indicating a strong outlook for the AI industry [22]

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [31] Core Insights - On January 30, 2023, the report highlights that the company has signed a strategic R&D cooperation and licensing agreement with AstraZeneca to develop innovative long-acting peptide drugs using its proprietary sustained-release drug delivery technology and peptide drug AI discovery platform [3] - AstraZeneca will gain global exclusive rights to the company's weight management product portfolio, which includes a clinical-ready project SYH2082 and three preclinical projects targeting obesity and weight-related issues [3] - The company is set to receive $1.2 billion in upfront payments, with potential milestone payments of up to $3.5 billion for R&D and up to $13.8 billion in sales milestone payments, along with a double-digit percentage royalty on annual net sales of the licensed products [3] Summary by Sections Industry Overview - The report emphasizes the increasing recognition of Chinese innovative pharmaceutical companies by international multinational corporations (MNCs), particularly through the recent collaboration with AstraZeneca [4] - The report also notes AstraZeneca's plan to invest $15 billion in China by 2030 to expand drug manufacturing and R&D, leveraging China's scientific capabilities and manufacturing strengths [4] Investment Strategy - The report suggests that the global competitiveness of Chinese innovative pharmaceutical companies is continuously improving, with a focus on potential treatment areas such as metabolic diseases, chronic diseases, and central nervous system disorders [5] - It recommends paying attention to emerging fields like small nucleic acid drugs, radioactive drugs, and CAR-T therapies, highlighting specific companies to watch [5] Market Performance - The pharmaceutical sector experienced a decline of 3.31% last week, ranking 20th among 28 industries, while the Hong Kong pharmaceutical sector fell by 2.98% [9][30] - The report indicates that the valuation of the pharmaceutical sector is at 32.45 times (TTM), with a premium of 15.83% compared to the overall A-shares [23]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [10]. Core Insights - The introduction of the national capacity price policy for independent energy storage is expected to significantly boost domestic demand for large-scale energy storage [4][6]. - The capacity price policy recognizes the value of independent energy storage as a regulatory power source, allowing it to earn revenue through a combination of capacity pricing and spot market arbitrage [8]. - By the end of 2025, the installed capacity of new energy storage in China is projected to reach 136 GW and 351 GWh, representing a net increase of 62.24 GW and 183 GWh from 2024 [5][8]. Summary by Sections Policy Development - The national capacity price policy for independent energy storage was successfully implemented, allowing local governments to set capacity prices based on local coal power capacity standards and peak contribution factors [8]. Revenue Model - The revenue model for independent energy storage has evolved to include both capacity pricing and spot market arbitrage, enhancing the attractiveness for project owners to invest in energy storage systems [6][8]. Market Outlook - The report anticipates a rapid growth in energy storage installations in China, driven by the new capacity pricing policy and the increasing recognition of independent energy storage's role in the power system [5][8].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [9]. Core Insights - Apple's revenue for the first quarter of fiscal year 2026 reached $143.76 billion, a year-on-year increase of 16%, with net profit at $42.10 billion, also up 16%. Earnings per share rose by 19% to $2.84 [7]. - iPhone revenue, as a key growth driver, amounted to $85.27 billion, reflecting a 23% year-on-year growth and accounting for 59.3% of total revenue. Service revenue was $30.01 billion, up 14%, while iPad revenue grew by 6% to $8.60 billion. However, Mac revenue declined by 7% to $8.39 billion, and wearables, home, and accessories revenue fell by 2% to $11.49 billion [7]. - In the Greater China region, revenue reached $25.53 billion, marking a significant 38% year-on-year increase, while the Americas and Europe saw revenue growth of 11% and 13%, respectively [7]. Market Outlook - Global smartphone shipments are projected to grow by 2% in 2025, reaching 1.25 billion units. The top five smartphone manufacturers in terms of shipments are Apple, Samsung, Xiaomi, Vivo, and OPPO, with respective shipments of 241 million (up 7%), 239 million (up 7%), 165 million (down 2%), 105 million (up 4%), and 101 million (down 3%) [7]. - For 2026, due to rising DRAM prices, the cost of smartphone Bill of Materials (BoM) is expected to increase by approximately 25% for low-end models, 15% for mid-range, and 10% for high-end models, with a potential further increase of 10%-15% by the second quarter of 2026. Consequently, global smartphone shipments are anticipated to decline by 2.1% year-on-year [7]. - The average selling price of smartphones is expected to rise by 6.9% in 2026 due to cost pass-through and product mix adjustments [7]. Investment Recommendations - Short-term pressures from rising storage costs are noted, but emerging products such as foldable phones, AI smartphones, and AI glasses present new growth opportunities for the industry. Companies to watch include Luxshare Precision, Lixun Precision, GoerTek, Lens Technology, and Xinwei Communication [7].

汽车 2026 年 02 月 01 日 长城汽车(601633.SH) 2025年销量创新高，渠道搭建影响盈利潜力释放 推荐（维持） 股价：20.69 元 主要数据 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 173,212 | 202,195 | 222,790 | 271,336 | 336,829 | | YOY(%) | 26.1 | 16.7 | 10.2 | 21.8 | 24.1 | | 净利润(百万元) | 7,022 | 12,692 | 9,912 | 13,294 | 16,519 | | YOY(%) | -15.1 | 80.8 | -21.9 | 34.1 | 24.3 | | 毛利率(%) | 18.7 | 19.5 | 19.5 | 19.9 | 20.2 | | 净利率(%) | 4.1 | 6.3 | 4.4 | 4.9 | 4.9 | | ROE(%) | 10.3 | 16.1 | 11.5 | 13.7 | 1 ...

证券研究报告 2月十大金股推荐 1 ※ 核心观点 我们认为当前仍处于市场流动性偏宽的环境中，叠加高频景气跟踪与上市公司业绩预告均显示基本面有结构性亮点， 因此继续看好权益市场延续震荡向上趋势。方向上，建议重点关注：一是内外需共振景气向上、成长预期较好的科技 制造板块（AI/半导体/存储/风电等）；二是受益于产品涨价预期的周期板块（有色金属/化工等）；三是业绩有望筑 底改善的行业（建材/免税等）；四是部分绩优红利资产（保险等）。 资料来源：Wind，平安证券研究所 备注：本篇报告数据统计截至2026/1/29 平安证券研究所 2026年1月30日 请务必阅读正文后免责条款 2 证券代码 证券名称 申万一级行业 总市值 PE PB 推荐逻辑 （亿元人民币） (TTM) (MRQ) 300223.SZ 北京君正 电子 662 208.6 5.3 存储周期上行，L3智能驾驶催化汽车电子 603005.SH 晶方科技 电子 201 58.9 4.4 WLCSP先进封装领先企业，受益车规CIS需求扩张 688041.SH 海光信息 电子 6,073 256.6 27.7 国产算力领先企业，业绩持续增长可期 688615. ...

有色金属 2026 年 2 月 1 日 有色金属周报 海外宏观预期边际变化，有色金属波动加剧 核心观点： 贵金属-黄金：贵金属价格周内宽幅震荡。截至 1.30，COMEX 金主 力合约达 4907.5 美元/盎司，环比下跌 1.5%。黄金周内冲高回落。 SPDR 黄金 ETF 环比增加 0.1%为 1087 吨。特朗普提名前美联储理 事凯文·沃什担任美联储主席. 市场预期沃什会支持降息，但不会像其 他潜在提名者那样采取激进的宽松货币政策。受宽币政策预期边际收 紧影响，叠加上半周金价加速走高，1.30 黄金价格出现加速回落。波 动率加速抬升背景下，金价短期或仍将呈现宽幅震荡走势。但长期来 看美国债务问题未解，美元信用走弱的主线未现拐点，我们认为黄金 长期走势难言见顶，短期企稳后，金价中枢或仍将抬升。 工业金属：工业金属周内冲高回落。 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 强于大市（维持） 行情走势图 -50% 0% 50% 100% 150% 200% 25/01 25/04 25/07 25/10 26/01 沪深300 有色金属 证券分析师 风险提示： 证 ...

石油石化 2026 年 2 月 1 日 石油石化周报 伊朗地缘局势严峻，油价短期震荡偏强 强于大市（维持） 行情走势图 -40% -20% 0% 20% 40% 60% 24/01 24/03 24/05 24/07 24/09 24/11 25/01 25/03 25/05 25/07 25/09 25/11 26/01 沪深300 石油石化 基础化工 证券分析师 核心观点： 投资建议： 证 券 研 究 报 告 本周，我们建议关注石油石化、氟化工、半导体材料板块。石油石化：伊朗局势升级，美欧关系就格陵兰岛问题存在较大波折， 委内油供应能否增加尚存变数，短期内油价或呈现震荡偏强走势；中长期油价锚定基本面，随着 OPEC+增产的推进，美洲国家油 田的开发，基本面过剩格局或将继续演绎，油价仍存在中枢进一步下移的预期。面对国际油价剧烈震荡，国内油企通过上下 游一 体化布局和油气来源多元化降低了业绩对油价的敏感性，并加快在国内海上油气资源开放方面的投入，以降低能源对外依赖程 度。 建议关注增产空间大、成本有优势的中国海油、中曼石油，以及深入炼化一体化布局、降本增效成果较好、企业业绩表现出 较强 韧性的中国石油、恒力石 ...

Core Viewpoints - The report emphasizes the need to seek certainty amid market rotation, highlighting the volatility in precious metals due to geopolitical risks and monetary policy expectations, with significant price adjustments observed in gold and silver [2] - The A-share market is expected to maintain a stock market game structure in the short term, focusing on sectors with high performance verification and policy support certainty, such as technology growth, cyclical sectors benefiting from commodity price increases, and advanced manufacturing [2] Recent Dynamics - In December, industrial enterprises saw a profit increase of 5.3%, reversing a previous decline, indicating a recovery in the industrial sector [3] - The manufacturing PMI for January recorded a seasonal decline to 49.3%, reflecting insufficient effective demand in the market [5] Policy Tracking - The government has introduced a plan to accelerate the cultivation of new growth points in service consumption, proposing 12 policy measures to stimulate key sectors such as transportation, home services, and inbound consumption [6] - A series of cooperative agreements were reached during the UK Prime Minister's visit to China, aiming to strengthen the long-term strategic partnership and enhance economic ties [6] Market Performance - The A-share market experienced fluctuations, with the Shanghai Composite Index declining by 0.44%, while cyclical sectors like oil, coal, and non-ferrous metals led the gains [12][14] - The gold and jewelry index surged by 12.2%, indicating strong performance in specific sectors amid broader market volatility [15] Sector Analysis - The report identifies technology growth sectors (TMT/innovative pharmaceuticals), cyclical sectors (non-ferrous metals/chemicals), and advanced manufacturing (new energy/military industry) as key areas for investment focus [2] - The report notes that 10 out of 31 sectors achieved positive returns, with significant gains in oil and gas, coal, and non-ferrous metals [14]