[Table_scodeMsg1] 联合研究丨公司点评丨福赛科技（301529.SZ） [Table_Title] 福赛科技点评：全年业绩快速增长，期待新业务 持续推进 丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025 年预计归母净利润 1.3~1.5 亿元，同比+33.6%~49.0%。公司深耕汽车内饰领域，打 造一体化解决方案供应商，不断开拓新客户、新品类，并加速出海开拓海外市场提高汽车业务 营收天花板及盈利空间。同时，积极探索布局机器人轻量化领域，有望凭借技术、研发、客户 关系、全球化等方面优势，开拓公司第二成长曲线。 分析师及联系人 [Table_Author] 高伊楠 邬博华 王子豪 喻亨一 SAC：S0490517060001 SAC：S0490514040001 SAC：S0490524070004 SAC：S0490525030002 SFC：BUW101 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 2026-02-10 联合研究丨公司点评 [Table_scodeMsg2] 福赛科技（3015 ...

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 35 之 UA FY2026Q3 经营跟踪：调 整后业绩超预期，上调全年 EPS 指引 报告要点 [Table_Summary] FY2026Q3（2025/10/1-2025/12/31）UA 实现营收 13.3 亿美元，同比-5%，收入表现基本符合 预期（彭博一致预期 13.1 亿美元）。毛利率同比-3.1pct 至 44.4%，主要受关税增加、定价降低 和渠道及区域组合表现较弱拖累。营业利润为-1.5 亿美元，剔除诉讼准备金支出及重组费用后， 调整后营业利润为 0.3 亿美元，调整后净利润为 0.4 亿美元，调整后 EPS 为 0.09 美元，EPS 表现优于市场预期（彭博一致预期-0.01 美元）。 分析师及联系人 [Table_Author] SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 ...

丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 春节配置，谁主沉浮 报告要点 [Table_Summary] 本报告结合历史春节假期前后数据回测与当前特殊的政策资金博弈环境，对"持股还是持币"的 假期配置进行分析推荐：建议维持中高仓位"持股过节"，但需进行严格的结构优化。历史数据 显示，春节后 10 个交易日 A 股上涨概率较高，且风格往往从节前的大盘防御向节后的小盘成 长切换。当前宏观层面虽处于政策"空窗期"，但"十五五"规划预期与流动性宽松底色未变。策略 上，建议利用节前调整窗口，布局 AI 应用、人形机器人及涨价顺周期板块，以博弈节后或有可 能出现的"春躁下半场"。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 春节配置，谁主沉浮 [Table_Summary2] 1 月复盘及当前市场位置 回顾 2026 年 1 月，市场经历了从亢奋到理性的显著切换，经历了开门红（1-10 日）后，监管 在 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - On February 6, the China Securities Regulatory Commission (CSRC) announced the "Regulatory Guidelines for the Offshore Issuance of Asset-Backed Securities Tokens for Domestic Assets" [2][5]. - The guidelines emphasize strict compliance with laws and regulations regarding cross-border investment, foreign exchange management, and data security [5]. - The introduction of these guidelines is expected to lead to a regulatory framework for the tokenization of virtual currencies and real-world assets, indicating that the RWA industry may enter a phase of standardized development [7]. Summary by Sections Regulatory Framework - The guidelines aim to strictly regulate the issuance of asset-backed securities tokens for domestic assets in offshore markets, highlighting a cautious approach by the CSRC to prevent speculative risks and protect financial order and public property [7][12]. - The guidelines provide a compliant pathway for domestic entities to engage in real-world asset tokenization activities abroad, suggesting that while strict regulation will continue, there is potential for future optimization of regulatory frameworks as technology develops [7]. Market Opportunities - The report suggests focusing on investment opportunities in the RWA industry, particularly on entities holding RWA assets, RWA issuers, and related supporting industries [2][7]. - The regulatory framework is seen as a step towards establishing a more structured environment for RWA projects, which could accelerate their implementation under regulatory oversight [7]. Hong Kong's Role - Hong Kong is expected to issue relevant licenses and may become an important pilot window for RWA tokenization, with the Hong Kong Monetary Authority already evaluating applications for issuer licenses [7]. - The region's proactive approach to digital financial innovation positions it as a key player in the future of asset securitization [7].

Investment Rating - The investment rating for the semiconductor and semiconductor production equipment industry is "Positive" and maintained [14]. Core Insights - The silicon carbide (SiC) industry is undergoing a dual transition of new and old driving forces, along with a reshaping of the supply landscape. Demand is shifting from traditional applications like electric vehicles and photovoltaics to AI chip cooling, driven by a surge in computing power needs. This new demand is expected to grow at a higher rate and with long-term certainty, creating a dual driving force alongside a stable fundamental base. On the supply side, domestic companies are leading breakthroughs in 12-inch substrate R&D and pilot production, while overseas leader Wolfspeed is entering bankruptcy restructuring due to ongoing massive losses, accelerating the global supply chain's shift towards China. Domestic substrate companies are poised to capture the dual dividends of "computing power β + domestic α," propelling SiC from a material supplier to a core enabler of computing infrastructure, initiating a new growth cycle characterized by simultaneous increases in volume and price [5][13]. Summary by Sections AI Demand and Constraints - The explosive growth in computing power is facing three rigid constraints: economic, technical, and performance-related. The rising costs associated with process upgrades and design investments are deteriorating the input-output ratio. Technically, transistor miniaturization is approaching atomic scales, leading to quantum tunneling and leakage effects, which slow down single-thread performance growth. Performance-wise, while multi-core stacking increases total computing power, it results in GPU power consumption exceeding 400W, with future overall power consumption potentially surpassing 1kW, creating a "power wall" that restricts frequency enhancement and long-term stability [11][26]. Silicon Carbide as a Cooling Material - Silicon carbide has been validated in high-reliability scenarios such as electric vehicles and photovoltaic inverters over the past decade. Its material properties enable efficient cooling for computing power: a thermal conductivity of 4.9 W/cm·K (about three times that of silicon), low thermal expansion coefficient, and high Young's modulus. Laser-assisted through-silicon vias can precisely construct high aspect ratio 3D thermal channels, significantly optimizing heat flow paths. Stress tests confirm its superiority over silicon-based solutions in controlling radial stress and axial strain [12][13]. Market Growth and Supply Restructuring - The SiC industry is at a historic turning point with "demand expansion + supply restructuring." The demand side sees AI chip cooling creating a new market, with TSMC's CoWoS capacity expected to reach 1 million pieces per month by 2026, potentially generating over $1 billion if 30% adopts SiC solutions. Coupled with steady growth in the renewable energy sector, the industry is entering a high-growth phase driven by dual forces. On the supply side, leading domestic companies are accelerating the realization of their capacity plans, while Wolfspeed's bankruptcy is shifting global supply chain dominance towards China. In this context, leading companies with technological barriers and deep customer ties are set to fully capture the dual dividends of "computing power β + domestic α," elevating SiC from a material supplier to a core enabler of computing infrastructure [13][14].

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - The "Spring Festival 30 Billion Free Order" event launched by Qianwen App led to a surge in orders, causing system crashes and highlighting the current shortage of computing power resources among major AI companies like Alibaba. This event indicates a growing demand for computing power, which is expected to increase as companies compete for AI application traffic during the Spring Festival [2][4][8] - Major companies, including Tencent, ByteDance, and Baidu, are expected to engage in a "traffic war" during the Spring Festival, collectively investing approximately 4.5 billion to secure AI entry points, further driving the demand for computing power [8] - The report suggests focusing on domestic computing power chip manufacturers, particularly industry leaders like Cambricon and Haiguang Information, as well as companies involved in computing power leasing and IDC [2][8] Summary by Sections Event Description - On February 6, Qianwen App launched a promotional event that resulted in a significant increase in orders, with over 1 million orders placed within 9 hours, setting a new record for the beverage industry. The system faced a peak request processing rate 30 times higher than normal, leading to a complete server crash [2][4][8] Market Dynamics - The report notes that the computing power demand is expected to continue to grow, especially with the increased capital expenditures (CapEx) from major overseas cloud service providers (CSPs) like Amazon, Google, Meta, and Microsoft, which are projected to exceed 600 billion USD in total for 2026 [8]

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - Recent breakthroughs in scalable quantum networks by researchers from the University of Science and Technology of China have made long-distance quantum networks a realistic possibility. They achieved high-fidelity entanglement between single-atom nodes over long distances and successfully transmitted device-independent quantum key distribution (DI-QKD) over distances exceeding 100 kilometers, advancing the practical application of this technology [2][4][9] - The quantum communication industry in China is currently the largest globally, accounting for 25% of the market share, and is transitioning from demonstration projects to national infrastructure. The country has established the world's first and largest wide-area quantum backbone network, covering over 10,000 kilometers and 80 cities [9][4] - The recent advancements in quantum relay technology and DI-QKD mark a significant milestone for China's quantum communication sector, reinforcing its leading position and paving the way for the construction of a quantum internet [9][4] Summary by Sections Event Description - Researchers have constructed the basic module of a scalable quantum relay, enabling long-distance quantum networks. They achieved a significant milestone by extending the lifetime of quantum entanglement to 550 milliseconds, surpassing the time required to establish entanglement [4][9] Event Commentary - The successful implementation of high-fidelity entanglement over 11 kilometers and maintaining over 90% fidelity at 100 kilometers demonstrates the potential for practical quantum secure communication. This breakthrough is expected to accelerate the commercialization of quantum communication technologies [9][4]

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 相关标准相继拟定，车路云一体化建设有望加速 推进 报告要点 [Table_Summary] 日前，国内首个智能网联基础设施国标《城市道路智能网联基础设施技术标准》正式启动编制, 该"国标"填补了我国在该领域国家标准的空白，将为城市道路智能网联基础设施的规划、设 计、建设、验收与运维全流程提供统一的技术规范和权威依据。当前时点，随着高阶驾驶辅助 普及提速，相关试点、示范应用工作的持续推进，我国"车路云一体化"建设有望加速推进， 惠及 相关产业链。建议关注"车路云一体化"全产业链，重点关注车路协同基建厂商。 分析师及联系人 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Author] 1 软件与服务 cjzqdt11111 [Table_Title 相关标准相继拟定，车路云一体化建设有望加 2] 速推进 1、政策推进不及预期； 2、技术发展不及预期。 请阅读最后评级 ...

[Table_Summary] 本次再融资优化一揽子措施从优质上市公司定向支持、科创企业制度适配、再融资机制效率提 升、全流程风险防控四大维度完善再融资制度体系。从资本市场融资监管周期视角来看，本次 再融资优化是在 2023 年 8 月以来的逆周期调节周期下从融资端对优质企业、科创企业的精准 滴灌。既突出扶优、扶科政策导向，为其拓宽融资渠道，也将防风险、强监管放在突出位置， 守住市场风险底线，从而实现精准滴灌优质企业、科创企业融资需求与资本市场稳定发展的双 向平衡。 分析师及联系人 [Table_Author] 丨证券研究报告丨 行业研究丨点评报告丨投资银行业与经纪业 [Table_Title] 资本市场投融资改革的进一步深化 ——沪深北交易所优化再融资一揽子措施点评 报告要点 SAC：S0490519080007 SFC：BUV596 投资银行业与经纪业 cjzqdt11111 吴一凡 盛晓双 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 资本市场投融资改革的进一步深化 2] ——沪深北交易所优化再融资一揽子措施点评 [Table_ ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]