证券研究报告 | 策略点评 2026 年 02 月 09 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260209 今日关注 指数涨跌情况：今日 A 股主要指数悉数上涨。截止收盘，上证指数涨 1.41%， 收报 4123.09 点；深证成指涨 2.17%，报 14208.44 点；科创 50 涨 2.51%， 收报 1458.16 点；创业板指涨 2.98%，收报 3332.77 点。总体上，全天个股 涨多跌少，Wind 数据显示，全市场 4609 只个股上涨，756 只个股下跌，108 只个股收平。沪深两市今日成交额合计 22495 亿元，较上个交易日放量 1038 亿元。 行业涨跌情况：今日申万一级行业悉数收涨，通信、综合、传媒、电子、计 算机等涨幅靠前，涨幅分别为 5.17%、4.70%、3.50%、2.97%、2.88%，石油 石化、银行、食品饮料等涨幅靠后，分别为 0.21%、0.36%、0.37%。 概念板块涨跌情况：今日涨幅居前概念板块为光模块(CPO)、钙钛矿电池、 光通信、短剧游戏、 ...

证券研究报告 | 宏观深度 2026 年 02 月 09 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 近期报告 《【粤开宏观】如何认识 5%与 140 万亿》 2026-02-02 《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 《【粤开宏观】美联储是否会屈从政治压 力？》2026-01-29 《【粤开宏观】如何明显提高居民消费 率？》2026-01-27 摘要 2025 年，在广东、江苏、湖南、湖北、云南等省份进行调研后，我们对中国 经济的特质有了新的理解：中国经济虽然面临一系列内外部挑战与压力，却 依然保持了较强的韧性。如苏州、深圳等地展现出了强劲的科技创新活力， 当地地方政府官员也颇具"精气神"、很自信。但部分对美出口占比高、房地 产占当地经济比重高的地区，则面临较大压力，正处于艰难转型阶段。这正 是中国经济多样性的体现。 全国各地均不同程度地面临房地产市场深度调整带来的土地出 ...

证券研究报告 | 策略点评 2026 年 02 月 06 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260206 今日关注 指数涨跌情况：今日 A 股主要指数多数收跌。截止收盘，沪指下跌 0.25%，收 报 4065.58 点；深证成指跌 0.33%，收报 13906.73 点；创业板指跌 0.73%， 收报 3236.46 点；科创 50 指数跌 0.71%，收报 1422.41 点。总体上，全天个 股涨跌互现，Wind 数据显示，全市场 2748 只个股上涨，2545 只个股下跌， 180 只个股收平。沪深两市今日成交额合计 21457 亿元，较上个交易日缩量 305 亿元。 行业涨跌情况：今日申万一级行业涨少跌多，石油石化、基础化工、电力设 备、纺织服饰、轻工制造等行业领涨，涨幅分别为 2.55%、2.05%、1.27%、0.88%、 0.66%，食品饮料、国防军工、社会服务、通信、美容护理等行业领跌，跌幅 分别为 1.86%、1.66%、1.37%、1.26%、1.20%。 概念板块涨跌情况 ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down by 0.64% closing at 4075.92 points, the Shenzhen Component Index down by 1.44% at 13952.71 points, the Sci-Tech 50 down by 1.44% at 1432.52 points, and the ChiNext Index down by 1.55% at 3260.28 points [1][10] - Overall, there were 1616 stocks that rose and 3715 stocks that fell, with a total market turnover of 21762 billion, a decrease of 3048 billion compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Beauty Care, Banking, Food & Beverage, Retail, and Textile & Apparel, with respective gains of 3.21%, 1.57%, 1.31%, 0.90%, and 0.74% [1] - Conversely, the sectors that experienced the largest declines were Non-ferrous Metals, Electric Equipment, Communication, Coal, and Steel, with respective losses of 4.57%, 3.41%, 2.39%, 2.22%, and 2.15% [1] Concept Sectors - The top-performing concept sectors today included Cross-Strait Integration, Selected Banks, Travel & Outing, and others, while sectors like Power Equipment Selection and BC Battery experienced pullbacks [2][12]

证券研究报告 | 策略点评 2026 年 02 月 04 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260204 今日关注 指数涨跌情况：今日 A 股主要指数各有涨跌。截止收盘，沪指涨 0.85%，收报 4102.20 点；深证成指涨 0.21%，收报 14156.27 点；科创 50 跌 1.20%，收报 1453.48 点；创业板指跌 0.40%，收报 3311.51 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 3252 只个股上涨，2126 只个股下跌，94 只个股 收平。沪深两市今日成交额合计 24810 亿元，较上个交易日缩量 632 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，煤炭、建筑材料、房地产、交 通运输和食品饮料行业领涨，涨幅分别为7.58%、3.48%、2.97%、2.82%和2.33%， 仅传媒、通信、计算机和电子行业下跌，跌幅分别为 3.12%、2.73%、1.70% 和 1.55%。 板块涨跌情况：今日涨幅居前概念板块为央企煤炭、煤炭开采精选、光伏玻 ...

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 1.29% to close at 4067.74 points, the Shenzhen Component Index rising by 2.19% to 14127.11 points, the Sci-Tech 50 up by 1.39% to 1471.07 points, and the ChiNext Index gaining 1.86% to 3324.89 points [1][10] - Overall, 4851 stocks rose while 529 stocks fell, with 90 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets was 25,442 billion yuan, a decrease of 405 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Comprehensive, Defense and Military Industry, Machinery Equipment, Building Materials, and Steel, with increases of 5.63%, 4.42%, 3.98%, 3.52%, and 3.28% respectively. The only sector that declined was the Banking industry, which fell by 0.85% [1][15] Sector Highlights - The top-performing concept sectors today included Power Equipment Selection, TOPcon Battery, BC Battery, Rare Earth, Photovoltaics, Perovskite Battery, Optical Module (CPO), Silicon Energy, Excavators, Optical Communication, HJT Battery, Photovoltaic Glass, Rare Earth Permanent Magnet, Aircraft Carriers, and New Energy [2][12]

Market Overview - The A-share market experienced a decline today, with the Shanghai Composite Index falling by 2.48% to close at 4015.75 points, the Shenzhen Component Index down by 2.69% to 13824.35 points, the Sci-Tech 50 Index dropping by 3.88% to 1450.90 points, and the ChiNext Index decreasing by 2.46% to 3264.11 points [1][10] - Overall, there were 770 stocks that rose while 4647 stocks fell, with a total trading volume of 25,848 billion yuan, a decrease of 250.8 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, only the food and beverage and banking sectors saw gains, with increases of 1.11% and 0.17% respectively. In contrast, sectors such as non-ferrous metals, steel, basic chemicals, coal, and oil and petrochemicals experienced significant declines, with drops of 7.62%, 5.93%, 5.69%, 5.64%, and 5.51% respectively [1][10] - The leading concept sectors for today included ultra-high voltage, liquor, selected beverage manufacturing, cultivated diamonds, central enterprise banks, virtual power plants, superhard materials, charging piles, Pinduoduo partners, brand leaders, and solar thermal power, all of which showed positive performance [2][12]

《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 《【粤开宏观】美联储是否会屈从政治压 力？》2026-01-29 《【粤开宏观】如何明显提高居民消费 率？》2026-01-27 《【粤开宏观】万亿顺差从何而来？》 2026-01-25 证券研究报告 | 宏观深度 2026 年 02 月 02 日 投资要点 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：马家进 执业编号：S0300522110002 电话：13645711472 邮箱：majiajin@ykzq.com 近期报告 宏观研究 【粤开宏观】如何认识 5%与 140 万 亿 2025 年中国经济顶压前行，在一系列内外部风险挑战下仍保持相当韧性，经 济总量首次突破 140 万亿元大关，全年经济增长 5%，连续三年保持 5%及以 上的经济增速。韧性的取得主要源自两个方面：一是在美国对华反复加征关 税并极限施压的背景下，中国产品强大的国际 ...

证券研究报告 | 宏观深度 《【粤开宏观】5%的成绩与发力方向—— 2025 年中国经济复盘》2026-01-19 宏观研究 2026 年 02 月 01 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 《【粤开宏观】美联储是否会屈从政治压 力？》2026-01-29 《【粤开宏观】如何明显提高居民消费 率？》2026-01-27 《【粤开宏观】万亿顺差从何而来？》 2026-01-25 【粤开宏观】2025 年中国区域经济版 图：东进西稳，南升北降 摘要 2025 年是"十四五"规划收官之年，在内外部复杂严峻的形势下，中国实施 更加积极有为的宏观政策，极不平凡地实现了经济增长目标。2025年中国GDP 同比增长 5.0%，名义 GDP 首次站上 140 万亿元台阶，折合 19.6 万亿美元。 区域经济 ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index falling by 0.96% to close at 4117.95 points, and the Shenzhen Component Index down by 0.66% at 14205.89 points. The ChiNext Index, however, increased by 1.27% to 3346.36 points [1]. - Overall, there were 2449 stocks that rose and 2892 that fell, with a total trading volume of 28355 billion yuan, which is a decrease of 3945 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, the leading sectors included Communication, Electronics, Agriculture, Forestry, Animal Husbandry, and Fishing, with respective gains of 3.44%, 0.68%, 0.65%, 0.54%, and 0.21%. Conversely, the sectors that experienced the largest declines were Non-ferrous Metals, Steel, Food and Beverage, Real Estate, and Computers, with declines of 7.80%, 2.83%, 2.78%, 2.47%, and 1.96% respectively [1]. Concept Sectors - The top-performing concept sectors today included Optical Modules (CPO), Optical Communication, Optical Chips, Biological Breeding, Advanced Packaging, and others, while Industrial Metals, Rare Earths, and Gold Jewelry saw a pullback [2][11].