行业周报 | 电力设备 证券研究报告 相关研究 【兴证电新】储能容量电价政策正式落 地，产业链需求端有望再度发力- 2026.01.31 【兴证电新】智驭电能，AIDC 赋能固态 断路器成长蓝图-2026.01.26 【兴证电新】从太空算力看太空光伏宏 伟蓝图-2026.01.25 分析师：王帅 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2026 年 02 月 09 日 | S0190521110001 wangshuai21@xyzq.com.cn 分析师：李峰 S0190524030001 lifengyjy@xyzq.com.cn 看好太空算力带动太空光伏需求，关注 SpaceX 合并 xAI 推荐标的 ⚫ AIDC 电气设备：资本开支持续高增，关注海外需求高景气。本周 Alphabet 和亚马逊 发布了 2026 年资本开支指引，持续加码 AI 基础设施建设，建议关注算力需求扩张、 云厂商军备竞赛与技术迭代为中国厂商带来的机遇。 ⚫ 机器人：全尺寸机器人 Bolt 发布，优必选开源自研具身智能大模型 Thinker。浙江大 学杭州国际科创中心联合镜识科技、凯尔达 ...

行业周报 | 农林牧渔 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2026 | 02 | 09 | 相关研究 -2026.02.02 -2026.01.12 -2025.12.29 分析师：纪宇泽 S0190522080004 jiyuze@xyzq.com.cn 分析师：曹心蕊 S0190521050002 caoxinrui@xyzq.com.cn 分析师：潘江滢 S0190524060001 panjiangying@xyzq.com.cn 分析师：陈勇杰 S0190525010005 chenyongjie@xyzq.com.cn 农林牧渔 生猪价格持续下跌，鸡苗价格有所回落 投资要点： 请阅读最后评级说明和重要声明 1/17 请阅读最后评级说明和重要声明 2/17 ⚫ 300 1 300 1.33% 1.92% 31 23 2 0.09% 6.93% 1.02% 7.26% 1.08% 1.66% 3.89% 0.04% 20260202-20260206 ⚫ 1 2 6 12.05/kg -1.63% 2 2 6 ...

公司点评报告 | 长安汽车 | 报告日期 | 2026 年 02 月 09 日 | | --- | --- | | 公司评级 | 增持（维持） | 基础数据 | 02 月 06 日收盘价（元） | 11.19 | | --- | --- | | 总市值（亿元） | 1,109.26 | | 总股本（亿股） | 99.13 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 【兴证汽车】长安汽车：新能源品牌盈 利有望改善，机器人打开长期成长空间- 2026.01.13 【兴证汽车】长安汽车：24Q4 利润环比 高增，深蓝减亏明显-2025.04.13 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 长安汽车(000625.SZ) 筹划回购公司股份，彰显长期发展信心 投资要点： 主要财务指标 | 会计年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | ...

固定收益研究 | 债券周报 证券研究报告 报告日期 2026 年 02 月 08 日 分析师：左大勇 S0190516070005 zuodayong@xyzq.com.cn 分析师：肖雨 S0190524120003 xiaoyu@xyzq.com.cn 分析师：关梦卿 S0190525080004 guanmengqing@xyzq.com.cn 相关研究 【兴证固收.利率】债市长端小幅上涨— —利率回顾（2026.1.26-2026.1.30）- 2026.1.31 【兴证固收】超长债陡峭化下行——利 率回顾（2026.1.19-2026.1.23）- 2026.1.24 【兴证固收】政策落地，曲线牛陡—— 利率回顾（2026.1.12-2026.1.16）- 2026.1.17 债市窄幅波动，超长债率先上涨破局——利率 回顾（2026.2.2-2026.2.6） 投资要点： 请阅读最后评级说明和重要声明 1/5 ⚫ 资金面：整体均衡宽松。2 月 2 日-2 月 6 日 DR007 盘内运行在 1.26-1.59%的区间，资 金面整体均衡宽松，资金价格小幅下行。本周有 17615 亿元逆回购到期；周一至 ...

证券研究报告 固定收益 2025Q4参与国债期货的基金有哪些？ 分析师： 左大勇（S0190516070005） 肖 雨 (S0190524120003) 徐 琳（S0190521010003） 常 月（S0190521050001） 报告日期：2026年2月3日 投资要点 KEY POINTS 公募基金是国债期货市场的重要参与者之一。根据2025年4季度基金季报所披露的数据，我们发现： 1 1. 从投资范围来看，2025年新上市债券ETF投资范围均涵盖国债期货。 2. 2025年4季度参与国债期货的公募基金产品（含券商资管产品）数量录得362支（不完全统计，有缺漏可能），较2025年3季度减少51支， 或是由于公募债基在2025年9月以后久期逐渐下降，使用国债期货套保的必要性降低。但公募产品在国债期货市场的参与度仍处于历史高 位。 3. 2025年4季度参与国债期货的公募产品中，中长期纯债基金118支（较3季度环比-15支），短期纯债基金49支（较3季度环比-15支），偏 债混合型基金45支（较3季度环比-8支），混合一级债基58支（较3季度环比-9支），混合二级债基83支（较3季度环比+2支），灵活配 置 ...

S0190524060001 panjiangying@xyzq.com.cn 行业周报 | 农林牧渔 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2026 | 02 | 02 | 相关研究 -2026.01.12 -2025.12.29 2026 -2025.12.16 分析师：纪宇泽 S0190522080004 jiyuze@xyzq.com.cn 分析师：曹心蕊 S0190521050002 caoxinrui@xyzq.com.cn 分析师：潘江滢 分析师：陈勇杰 S0190525010005 chenyongjie@xyzq.com.cn 农林牧渔 生猪价格持续下跌，鸡苗价格有所上涨 投资要点： 请阅读最后评级说明和重要声明 1/17 ⚫ 300 1 300 0.08% 1.82% 31 5 2 0.20% 0.56% 3.71% 9.44% 1.76% 1.26% 0.94% 0.52% 20260126-20260130 ⚫ 1 1 30 12.25/kg -4.97% 2 1 30 3.88 / +2.92% ...

宏观经济研究 | 宏观经济研究 证券研究报告 报告日期 2026 年 01 月 29 日 分析师：段超 S0190516070004 duanchao@xyzq.com.cn 分析师：卓泓 S0190519070002 zhuohong@xyzq.com.cn 分析师：彭华莹 S0190522100002 penghuaying@xyzq.com.cn 相关研究 【兴证宏观】20260121-美国就业数据能 带来宽松交易机会吗？-2026.01.21 20260119-"斩杀线"发酵对美国经济的 影响——从移民的贡献谈起-2026.01.19 20260111【兴证宏观】海外周报第 99 期：贵金属震荡上行，降息预期推迟- 2026.01.12 美东时间 2026 年 1 月 28 日，美联储召开 FOMC 会议，公布维持 3.5%-3.75%的利率 水平。会后鲍威尔召开新闻发布会。我们解读如下： 请阅读最后评级说明和重要声明 1/5 一场联储独立性的讨论 ——2026 年 1 月 FOMC 会议点评 投资要点： ⚫ 如期按兵不动，市场波动不大，整体解读为利率声明偏鹰而鲍威尔发布会偏鸽。本次利 率决议维持当前 ...

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - The report highlights a positive shift in policies aimed at improving and stabilizing the real estate market, with expectations for further policy changes that could create investment opportunities in the sector [3][41] - The report tracks the transaction volume of new and second-hand homes across 15 cities, noting a week-on-week increase in transaction area but a year-on-year decline [4] - The report emphasizes the government's commitment to supporting urban renewal initiatives and promoting high-quality development in the real estate sector [4] Summary by Sections Market Overview - The total transaction area for new and second-hand homes in 15 cities reached 3.081 million square meters, with a week-on-week increase of 6.5% but a year-on-year decrease of 10.1% [4] - Cumulative transaction area for January shows a month-on-month decline of 11.6% and a year-on-year decline of 22.7% [4] Policy Developments - On January 20, the Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued measures to further support urban renewal actions [4] - The Minister of Housing and Urban-Rural Development indicated a focus on high-quality development in the real estate sector, aiming to stabilize the market and enhance housing supply [4] Company Announcements - Poly Development expects a net profit of 1.03 billion yuan for 2025, a decrease of 79.49% year-on-year [4] - China State Construction Development anticipates a net loss of between 284 million and 423 million yuan for 2025 [4] - Vanke A has withdrawn applications for three real estate investment trust fund projects [4]

Investment Rating - The industry investment rating is Neutral (maintained) [1] Core Insights - In December 2025, China's textile product exports weakened again, with yarn, fabrics, and products amounting to USD 12.58 billion, down 4.2% year-on-year; clothing and accessories exports were USD 13.41 billion, down 10.2%; and footwear exports were USD 3.91 billion, down 17.4% [2] - The recent stability of the RMB exchange rate has alleviated concerns about rapid appreciation, suggesting a focus on quality OEM companies such as Huali Group, leading auxiliary material supplier Weixing Co., and steadily expanding Kai Run Co. [2] - The report highlights a significant increase in wool auction prices due to strong demand, with the Eastern Market Index (EMI) for Australian wool rising by 107 Australian cents/kg [2] - The report suggests monitoring companies like New Australia Co. and Baolong Oriental, which have high dividend intentions, as well as Taihua New Materials, which may benefit from anti-involution policies in the chemical industry [2] Summary by Sections Section 1: Market Review - The textile and apparel sector underperformed against the CSI 300 index, with the Jiangsu textile index declining by 0.82% compared to a 0.57% drop in the CSI 300, resulting in a 0.25 percentage point underperformance [9] Section 2: Major Raw Material Prices and Industry Tracking (1) Major Raw Material Price Trends - As of January 16, 2026, cotton prices were at CNY 16,002/ton, with a week-on-week increase of 0.09%; polyester POY was CNY 6,700/ton, up 2.29%; and nylon POY remained stable at CNY 11,600/ton [21][23] (2) Export Data Tracking - In December 2025, China's textile exports were USD 12.58 billion, down 4.2% year-on-year; clothing exports were USD 13.41 billion, down 10.2%; and footwear exports were USD 3.91 billion, down 17.4% [29][31] - Vietnam's textile exports in December 2025 reached USD 3.65 billion, up 8.4% year-on-year, while footwear exports were USD 2.20 billion, up 4.3% [35][37] (3) Domestic and Overseas Apparel Consumption Tracking - In November 2025, China's retail sales growth was 1.3%, with apparel and footwear sales growing by 3.5% [39] - In October 2025, U.S. apparel wholesale inventory was USD 28.04 billion, with a stock-to-sales ratio of 2.04 [40]

Group 1 - Since late November, the Hong Kong stock market has weakened due to a slowdown in southbound capital inflows as the year-end approaches, leading to a decline in market risk appetite [3][14] - The three main concerns affecting the market include foreign capital reducing positions before the Christmas holiday, hedge funds shorting due to uncertainties, and worries about new regulations on mainland public funds potentially increasing selling pressure on Hong Kong stocks [3][14] Group 2 - With the new year, a new round of upward momentum in the Hong Kong stock market is expected, driven by seasonal inflows from insurance funds and the long-term allocation logic from the switch to IFRS9 accounting standards for non-listed insurance companies [5][31] - The market sentiment has dropped to a low point, significantly improving the risk-reward ratio, with signs of short covering in major tech stocks [6][18] - The proportion of short positions in leading internet stocks has shown signs of decline, indicating a potential rebound in stock prices as they reach attractive valuation levels [6][19] Group 3 - The expectation of RMB appreciation is expected to enhance the attractiveness of RMB assets, driving foreign capital inflows into Hong Kong stocks [7][42] - Historical data shows that during previous RMB appreciation cycles, the Hong Kong stock market has consistently performed well, particularly in the information technology sector [7][43] - The RMB is projected to appreciate against the USD, potentially returning to the "6" range, which could further incentivize foreign investment in Chinese equities [7][47] Group 4 - Investment recommendations suggest a bullish stance on Hong Kong stocks, particularly led by the Hang Seng Technology Index, with expectations of continued market growth driven by earnings and liquidity [52] - Key investment opportunities include leading internet companies in the AI sector, which are expected to benefit from both domestic and foreign capital inflows [53][54] - High dividend assets are highlighted as strategic investments in a low-interest-rate environment, with a current dividend yield of 6.70% for the Hang Seng High Dividend Yield Index [58][60] - New consumption trends are emerging, focusing on traditional service consumption transformation, Z-generation spending habits, and high-end consumption recovery [61][64]