Group 1 - The overall market fund value increased to 36.63 trillion yuan by December 31, 2025, with bond funds accounting for 30.31% of the total, marking a 0.31 percentage point increase from the end of Q3 2025 [5][9] - The performance of public funds varied, with bond funds showing a positive return of 0.5%, while QDII funds experienced a significant decline of -2.98% [20][23] - By the end of 2025, stock and mixed funds accounted for 24.84% of total fund value, with stock investment ratios remaining high, as 33.76% of funds had over 90% in stock investments [41][42] Group 2 - The top 20 heavy stocks were primarily in the electronics, non-bank financial, and power equipment sectors, with Ningde Times, Zhongji Xuchuang, and Xinyi Sheng being the top three by market value [28][29] - The performance of heavy stocks was mixed, with Zhongji Xuchuang leading with a 46.31% increase, while Ningde Times saw a decline of -7.32% [30][32] - The distribution of heavy stocks showed that electronics remained the largest sector, accounting for 8.21% of the total stock investment value [33] Group 3 - The top 20 stocks with increased holdings were concentrated in electronics, non-bank financial, and power equipment sectors, with Zhongji Xuchuang and China Ping An seeing significant increases in their market value [34][37] - The top gainers among the increased holdings included China Satellite with a remarkable 170.90% increase, followed by Maiwei Shares at 104.67% [38][39] - The communication sector had the highest increase in fund allocations, with a 1.74% increase in Q4 2025 [40] Group 4 - The report suggests focusing on technology innovation sectors that are expected to see improvements in industry conditions and performance, particularly in non-bank financial sectors with strong leading brokers [41][42]

证券研究报告|社会服务 岛民免税政策落地，海南自贸港再迎利好 [Table_ReportType] ——社会服务行业快评报告[Table_ReportDate] [事件Table_Summary] ： 2 月 5 日，财政部、海关总署、税务总局联合印发《关于海南自由 贸易港岛内居民消费的进境商品"零关税"政策的通知》，自公布 之日起实施。《通知》规定，对海南自由贸易港岛内居民在指定经 营场所购买的进境商品，在免税额度和商品清单范围内免征进口关 税、进口环节以及国内环节增值税和消费税。 投资要点： ⚫ 岛民免税政策正式出台，政策要点包括： 岛民享惠范围大幅提升，覆盖日常消费。与离岛免税政策中对海南 岛内居民的特殊政策相比，此次岛民免税政策惠及范围显著扩大。 政策商品种类覆盖岛民日常刚需消费品，无需具备离岛记录即可随 时购买，预计将与跨境电商及本地零售商超形成渠道竞争。在 202 项正面清单中，超半数商品为食品饮料类，包括生鲜、水果、婴幼 儿奶粉及食品、调味品、宠物食品等，其余则为日化用品、母婴用 品、家居用品、文体用品等类别。 3036 ⚫ 岛民免税与离岛免税政策形成有效互补，有望持续演进。离岛免税 政策主要面 ...

Core Insights - The A-share market experienced a collective decline on Thursday, with the Shanghai Composite Index falling by 0.64% to close at 4,075.92 points, the Shenzhen Component Index dropping by 1.44%, and the ChiNext Index decreasing by 1.55% [2][7] - The total trading volume in the A-share market reached 2.19 trillion RMB, with over 3,700 stocks declining [7] - In terms of industry performance, the beauty and personal care sector, along with the banking industry, led the gains, while the non-ferrous metals and electric equipment sectors faced declines [7] - Concept sectors such as horse racing and duty-free shops saw gains, whereas BC batteries and lead metal concepts experienced losses [7] - The Hong Kong market showed a slight increase, with the Hang Seng Index rising by 0.14% and the Hang Seng Tech Index increasing by 0.74% [7] - Internationally, US stock markets saw declines across all three major indices, with the Dow Jones down by 1.20%, the S&P 500 down by 1.23%, and the Nasdaq down by 1.59% [7] - European stock markets also experienced collective declines, while the Asia-Pacific markets showed mixed results [7] Important News - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly announced a "zero tariff" policy for imported goods purchased by residents in Hainan Free Trade Port, allowing for a tax exemption on imports within a limit of 10,000 RMB per person per year, with no restrictions on purchase frequency [3][8] - The 2026 National Service Consumption and Service Trade Work Conference emphasized the shift in consumption structure from goods to services, aiming to cultivate new growth points in service consumption, support service exports, and innovate in digital trade [3][8]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetContact] 主持人: 李中港 Email: lizg@wlzq.com.cn [Table_MeetReportDate] 2026 年 02 月 05 日 星期四 [Table_Summary] 概览 核心观点 【市场回顾】 周三，A 股先抑后扬，上证指数收涨 0.85%报 4102.2 点，深证成指涨 0.21%，创业板指跌 0.4%。两市 A 股成交额 2.50 万亿元人民币，超 3200 股上涨。申万行业方面，煤炭、建筑材料行业领涨，传媒、通信 行业领跌；概念板块方面，可燃冰、煤炭概念领涨，快手、小红书、 Sora 概念领跌。港股方面，恒生指数收涨 0.05%，恒生科技指数跌 1.84%。海外方面，美国股市三大股指涨跌不一，道指涨 0.53%，标普 500 指数跌 0.51%，纳指跌 1.51%。欧洲股市及亚太股市涨跌不一。 【重要新闻】 【中国人民银行召开 2026 年信贷市场工作会议】要求不断加强对重 大战略、重点领域和薄弱环节的优质金融服务，强化消费领域金融支 持。着力支持扩大内需、科技创新、中小微企业等重点领域。 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 04 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 [Table_MeetContact] 主持人: 李中港 Email: lizg@wlzq.com.cn 证 券 研 究 报 告 晨 会 纪 要 周二，A 股探底回升，上证指数收涨 1.29%报 4067.74 点，深证成指 涨 2.19%，创业板指涨 1.86%。两市 A 股成交额 2.57 万亿元人民币， 超 4800 股上涨。申万行业方面，综合、国防军工、机械设备行业领 涨，仅银行行业下跌；概念板块方面，全面普涨，BC 电池、钙钛矿电 池概念领涨。港股方面，恒生指数涨 0.22%，恒生科技指数跌 1.07%。 海外方面，美国股市三大股指全线下跌，道指跌 0.34%，标普 500 指 数跌 0.84%，纳指跌 1.43%。欧洲股市全线下跌、亚太股市全线上涨。 【重要新闻】 【"十五五"首个中央一号文件公布】《中共中央 国务院关于锚定农业 农村现代化 扎实推进乡村全面振兴的意见》于 2 月 3 日正式发布， ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 03 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 周一，A 股震荡调整，上证指数收跌 2.48%报 4015.75 点，深证成指 跌 2.69%，创业板指跌 2.46%。两市 A 股成交额 2.61 万亿元人民币， 超 4600 股下跌。申万行业方面，仅食品饮料、银行行业上涨，有色 金属、钢铁行业领跌；概念板块方面，柔性直流输电、赛马概念领涨， 金属铝、金属锌概念领跌。港股方面，恒生指数跌 2.23%，恒生科技 指数跌 3.36%。海外方面，美国股市三大股指全线上涨，道指涨 1.05%， 标普 500 指数涨 0.54%，纳指涨 0.56%。欧洲股市全线上涨、亚太股 市全线下跌。 【重要新闻】 【国家税务总局：进一步调整优化自然人增值税起征点标准判定细 则】近日，国家税务总局制发《关于起征点标准等增值税征管事项的 公告》，就起征点标准判定、税收优惠政策适用等增值税征管事项作 了进一步明确，细化操作要求，推动增值税法及其实施条例落实落地。 该征管公告进一步调整 ...

证券研究报告|社会服务 [Table_Title] 优化扩大服务供给，加力培育服务消费新的 增长点 [Table_ReportType] ——社会服务行业快评报告[Table_ReportDate] [事件Table_Summary] ： 国务院办公厅 1 月 29 日发布《加快培育服务消费新增长点工作方 案》，从激发重点领域发展活力、培育潜力领域发展动能、加强支 持保障三方面提出 12 条政策举措，优化和扩大服务供给，聚焦重 点领域、潜力领域加快培育服务消费新增长点。 投资要点： 数据来源：聚源，万联证券研究所 ⚫ 服务消费保持较快增长，重要性持续提升：作为 2026 年首项聚焦 服务消费的专项政策，《工作方案》延续了 2025 年下半年以来优 化消费供给、供需协同发力的政策思路，为服务消费的重点与潜力 领域指引发展方向。服务消费具有消费频次高、乘数效应强、增长 可持续等特点，在扩大内需中的重要性日益凸显。2025 年服务消 费支出占居民人均消费支出的比重已达 46.15%，较 2024 年稳步提 升；服务零售额同比增长 5.5%，高于社会消费品零售总额增速 1.8 个百分点，具备较强的增长动能。 重点与潜 ...

Core Insights - The A-share market experienced fluctuations with the Shanghai Composite Index falling by 0.96% to 4117.95 points, while the Shenzhen Component Index decreased by 0.66%. The ChiNext Index, however, rose by 1.27% [1][7] - The total trading volume in the A-share market was 2.86 trillion RMB, with nearly 2900 stocks declining. The communication sector led the gains, while the non-ferrous metals sector saw the largest losses [1][7] - In the Hong Kong market, the Hang Seng Index dropped by 2.08%, and the Hang Seng Tech Index fell by 2.1%. In the overseas markets, all three major U.S. stock indices declined, with the Dow Jones down by 0.36%, the S&P 500 down by 0.43%, and the Nasdaq down by 0.94% [1][7] Important News - The Central Committee of the Communist Party of China emphasized the acceleration of the new round of technological revolution and industrial transformation, highlighting the importance of leveraging comparative advantages to promote breakthroughs in future industries [2][8] - The National Bureau of Statistics reported that the manufacturing PMI for January was 49.3%, a decrease of 0.8 percentage points month-on-month. The non-manufacturing PMI also fell to 49.4%, indicating a decline in business activity due to seasonal factors and insufficient market demand [2][8] Sector Analysis - In the social services sector, the proportion of heavy positions in funds increased, with 286 funds holding shares, up by 109 from the previous quarter. The total market value of holdings reached 5.57 billion RMB, an increase of 0.975 billion RMB [9][10] - The heavy position ratio for the social services sector was 0.06%, up by 0.01 percentage points, ranking 27th among 31 sectors, indicating potential for rebound as it remains below the 5-year average of 0.34% [9][10] - The hospitality and restaurant sectors showed slight recovery, while the education sector saw a significant decline in heavy position ratios [9][10] Individual Stocks - Leading stocks in the social services sector saw increased holdings, with the top ten stocks' combined heavy position ratio rising to 0.058%, an increase of 0.013 percentage points from the previous quarter. Notable stocks include Huace Testing, Shoulv Hotel, and JiuHua Tourism [10][11] - The report suggests focusing on companies benefiting from the upcoming long holiday and those positioned to take advantage of the Hainan Free Trade Port's opportunities [11] Beauty and Personal Care Sector - The beauty and personal care sector saw a decrease in fund allocation, with the total market value of A-shares at 255.096 billion RMB, down by 10.43% from the previous quarter. The fund allocation ratio was 0.14%, a decrease of 0.06 percentage points [12][13] - The personal care and cosmetics segments remain in a low allocation zone, while the medical beauty segment is in an over-allocated position [12][13] - Key stocks in the beauty and personal care sector include Jinbo Biological, Aimeike, and Baiya Shares, with their heavy position ratios declining compared to the previous quarter [14]

Investment Rating - The investment rating for the beauty and personal care industry is "outperforming the market" [4][22]. Core Insights - The fund allocation ratio for the beauty and personal care industry decreased to 0.14% in Q4 2025, down 0.06 percentage points from Q3 2025, indicating a continued low allocation status [1][3][9]. - The total market capitalization of the beauty and personal care industry reached 255.096 billion yuan in Q4 2025, reflecting a 10.43% decrease from Q3 2025 [1][9]. - The medical beauty sector remains in an over-allocated position, while personal care and cosmetics are in a low allocation zone [2][11]. Summary by Sections Industry Overview - In Q4 2025, the fund allocation ratio for personal care products was 0.03%, down 0.01 percentage points from Q3 2025, with an over-allocation ratio of -0.04% [2][13]. - The cosmetics sector saw a fund allocation ratio of 0.02% in Q4 2025, down 0.02 percentage points from Q3 2025, with an over-allocation ratio of -0.1% [2][13]. - The medical beauty sector's fund allocation ratio was 0.09% in Q4 2025, down 0.03 percentage points from Q3 2025, with an over-allocation ratio of 0.02% [2][13]. Individual Stocks - The top three stocks in the beauty and personal care sector by fund allocation in Q4 2025 were Jinbo Biological, Aimeike, and Baiya Shares, with a total heavy holding ratio of 0.05%, down 0.02 percentage points from Q3 2025 [2][15][19]. - Jinbo Biological had a heavy holding ratio of 0.0163%, Aimeike at 0.0156%, and Baiya Shares at 0.0040% in Q4 2025, all showing a decline compared to Q3 2025 [15][19]. Investment Recommendations - In the context of stabilizing the economy and expanding domestic demand, it is recommended to focus on: 1. Cosmetics and medical beauty: There is significant demand potential in the medium to long term, supported by regulatory policies favoring compliant companies [3][20]. 2. Personal care products: The growing emphasis on health and wellness among consumers suggests opportunities for leading companies with strong R&D capabilities [3][20].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 30 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.16%，深成指收 跌 0.3%，创业板指收跌 0.57%。沪深两市成交额 32297.14 亿元。申 万行业方面，食品饮料、传媒、房地产领涨，电子、国防军工、电力 设备领跌；概念板块方面，白酒、小红书、赛马概念涨幅居前，光刻 机、国家大基金持股、中芯国际概念跌幅居前。港股方面，恒生指数 收涨 0.51%，恒生科技指数收跌 1%；海外方面，美国三大指数涨跌不 一，道指收涨 0.11%，标普 500 收跌 0.13%，纳指收跌 0.72%。 【重要新闻】 【贵金属市场再度上演"过山车"行情】1 月 29 日，黄金、白银在亚 市、欧市交易时段强势走高，现货黄金一度逼近 5600 美元/盎司关 口，现货白银则连续突破 117、118、119、120 和 121 美元/盎司五道 关口。纽约市场交易时段金银价格急转直下，现货黄金直线跳水跌近 6%失守 5100 美元/ ...