[Table_Page] 投资策略|专题报告 2026 年 2 月 8 日 证券研究报告 [Table_Summary [Table_Title] ] 春节前后，港股如何反应？ ——港股市场策略展望 报告摘要： （4）港股天量 IPO 对市场影响不大，影响主要在于 IPO 过后 6 个月 的解禁高峰。典型的例如 11 年年中、15 年下半年、19 年 3 月、21 年 二季度、22 年年中，解禁潮都与港股下跌出现在相似时间段。26 年 3 月主要是有色金属（紫金黄金国际、南山铝业国际）+茶饮（蜜雪冰城） 的解禁潮，中大型规模公司的解禁规模 872 亿港元，高于去年年末的 解禁小高峰。由于港股通账户并不能够参与打新，享受稀缺性公司的 上市红利，却需要承受限售股解禁带来的风险，这可能确实是南向资 金对于 2026 年港股的主要担忧之一。 | [分析师： Table_Author]刘晨明 | | | --- | --- | | | SAC 执证号：S0260524020001 | | | SFC CE No. BVH021 | | | 010-59136616 | | | liuchenming@gf.com.cn ...

2月8日，追觅科技创始人兼CEO俞浩回应，"为什么要不停地跟马斯克比"。 俞浩表示爱比较是围观群众的天性，如果不跟马斯克黄仁勋他们比，就不可避免地会被大众拿来跟小米和华为比。 俞浩直言，"可是我不想这样，中国人不打中国人。我想永远尊敬小米和华为，永远尊敬雷总、余总和任总。因此，我不想有一天被拿来比。 他们是我永远尊重的前辈企业家和伟大企业！" 因此，俞浩称是主动把自己献祭于一个更会被嘲笑的位置，不惜为了公司变成满嘴跑火车的形象，同时主动开玩笑说世界首富。 俞浩强调，"永远尊敬小米和华为，永远尊敬雷总、余总和任总！永远喷特斯拉，永远喷马斯克！" ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing growth driven by various segments, including trendy toys, new tobacco products, home furnishings, and AI technologies [1][2][3] - The report highlights the expansion of brands like Bubble Mart and the collaboration with Takara Tomy to enhance IP development in the trendy toy sector [1][8] - The new tobacco segment shows long-term growth potential, with companies like Philip Morris International reporting significant revenue increases [2][14] - The home furnishings market is showing signs of recovery, particularly in the second-hand housing market, while new housing remains under pressure [15][16] - The report emphasizes the importance of adapting to regulatory changes in the personal care and AI glasses sectors, which are expected to reshape marketing and distribution strategies [19][23] Summary by Relevant Sections Trendy Toys - Bubble Mart is expanding into the Japanese market and collaborating with Takara Tomy to enhance its IP development [1][8] - The company reported that it aims to sell over 400 million products across all IP categories in 2025, with significant growth in registered members and store numbers [9] New Tobacco - Philip Morris International's revenue reached $40.6 billion in 2025, with a 7.3% year-on-year increase, driven by a 15% increase in new tobacco product sales [14] - The market for heated tobacco products is expected to accelerate, despite potential regulatory challenges in various countries [2][13] Home Furnishings - The report notes a significant increase in transaction volumes in the second-hand housing market, with a 754.6% year-on-year increase in certain cities [15] - Export figures for furniture show a decline, but there is potential for recovery driven by policy support and improved consumer sentiment [16] AI and Personal Care - New regulations are set to transform marketing strategies in the personal care sector, emphasizing compliance and professional channels [19][21] - The AI glasses market is witnessing innovation, with companies like Oakley and Meta launching new products, indicating a growing trend towards smart technology integration [23] 3D Printing - The report highlights advancements in 3D printing technology, particularly in multi-color printing solutions, which are expected to enhance efficiency and usability in consumer applications [35] Two-Wheeled Vehicles - The electric bicycle market is facing challenges due to policy changes and high base effects, while the motorcycle sector is showing positive trends due to regulatory relaxations [36][37]

Group 1 - OpenAI's first hardware product is named Dime, resembling Apple's AirPods, and is expected to be released this year. The company has shifted its strategy from developing a high-end device to focusing on a simpler AI audio headset due to high hardware costs and component price increases caused by a shortage of storage chips [2] - Bubble Mart's founder Wang Ning announced that LABUBU's global sales exceeded 100 million units last year, with plans for the company to have over 10,000 employees and 100 million registered members by 2025 [3] - Tesla plans to increase investments in AI hardware and software, as well as energy sectors in China, with a projected capital expenditure exceeding $20 billion globally in 2026 [8] Group 2 - Amazon will change its policy on sharing reviews among product variants starting February 12, 2026, to improve customer trust and reduce return rates [8] - The German industrial output declined by 1.1% in 2025, marking the fourth consecutive year of decline, primarily due to weak automotive production [14] - The second-hand car market in China is projected to see a cumulative transaction volume of 20.11 million units in 2025, with a year-on-year increase of 2.5% [14]

每经AI快讯，2月8日，雷军微博发文回顾小米汽车试验室直播："电池包振动试验室验证电池包安全性 和可靠性。模拟车辆行驶过程中电池包可能经历的各种振动与冲击。①振动测试：模拟颠簸路面对电池 包的振动损伤，还可覆盖超广温域，远超国标温度(25℃)。②冲击测试：模拟日常驾驶时，电池包可能 遇到的冲击工况，如车辆以中高速驶过较深的坑或较高的坎时，电池包受到瞬间的冲击。" ...

Core Viewpoint - The Chinese automotive industry is facing a slowdown in sales growth due to policy adjustments and the holiday season, aligning with predictions of a market shift in 2026 [1][2]. Industry Overview - According to Morgan Stanley, Chinese passenger car sales are expected to grow by 9% year-on-year in 2025, reaching a historical high, before declining by 5% in 2026 [2]. - Despite continued growth in new energy vehicle (NEV) sales and exports, a potential decline of around 30% in the first quarter is anticipated due to changes in subsidies and purchase tax policies, which may further impact annual sales [4]. - The industry consensus indicates that the Chinese automotive sector is entering a decisive phase, with pessimistic views suggesting that only 5-7 NEV companies may survive in the coming years, while optimistic estimates suggest a maximum of 10 [5]. Competitive Landscape - As competition intensifies, new models are set to launch, with over 20 different NEV models preparing to enter the market post-Spring Festival, indicating a fierce battle for market share in the upcoming months [6][7]. - The focus of new vehicle launches is on high-end features, with three key themes identified: high-end, high-end, and high-end [8]. New Model Highlights - The new Li Auto L9 features a larger size and advanced technology, including a 72.7 kWh battery and various high-tech components, positioning it as a critical product for Li Auto's success this year [11]. - The Xiaomi YU7 GT, with enhanced performance specifications, aims to compete directly with high-end models like the Porsche Cayenne Turbo GT [15]. - The AITO M6, a new model from AITO, is designed to target the market segment dominated by Model Y and Li L6, offering both pure electric and range-extended versions [19]. - XPeng's GX model aims to leverage L4-level autonomous driving technology, featuring advanced specifications and a focus on high-end market penetration [26]. - The Wey V9X, as a new model from Great Wall Motors, is positioned to compete with other large SUVs in the market, although pricing details are yet to be announced [31]. - The Volvo ES90, a pure electric sedan, is part of Volvo's accelerated electrification strategy, sharing technology with the EX90 and focusing on safety, range, and intelligence [44]. - The Zeekr 8X performance version emphasizes extreme performance and rapid charging capabilities, set to compete with the Xiaomi YU7 GT [49].

2月7日消息，追觅科技创始人兼CEO俞浩微博发文感谢小米和雷军。 2月7日消息，追觅科技创始人兼CEO俞浩微博发文感谢小米和雷军。 责任编辑：李思阳 他表示，小米和顺为是追觅的天使投资人"小米和顺为在2017年投资了我们1400万，并给了我们最早的 订单。永远感谢小米和雷总！ " 他表示，小米和顺为是追觅的天使投资人"小米和顺为在2017年投资了我们1400万，并给了我们最早的 订单。永远感谢小米和雷总！ " 责任编辑：李思阳 ...

Core Insights - The core focus of the article is on the advancements made by Xiaomi's robotics team in the field of embodied intelligence, specifically through the introduction of TacRefineNet, a framework that enables precise adjustments in object positioning without relying on visual input or 3D models [1] Group 1: Technology Development - Xiaomi's robotics team has announced a significant research achievement in embodied intelligence with the development of TacRefineNet [1] - TacRefineNet can achieve millimeter-level adjustments in positioning, which is crucial for tasks in various automotive manufacturing environments [1] - The technology allows for rapid iteration in reducing average positional error to millimeter levels after adjustments are made for imprecise grabs [1] Group 2: Future Prospects - The team has made technical details and experimental videos available to the public, indicating a commitment to transparency and ongoing development [1] - Further advancements and updates related to TacRefineNet are expected to be released soon, suggesting a proactive approach to innovation in robotics [1]

小米Mimo大模型团队投稿 量子位 | 公众号 QbitAI 小米MiMo大模型团队，加入AI拜年战场—— 推出 HySparse，一种面向Agent时代的混合稀疏注意力架构 。 HySparse创新使用极少的全注意力 （Full Attention） 层提供"token选择+KV Cache"，其余稀疏注意力 （Sparse Attention） 层直接复 用这些信息，实现高效精准的长上下文建模。 在总共49层的80B-A3BMoE模型实验中， 仅保留5层Full Attention仍能保持甚至提升模型能力，同时显著降低KVCache存储与计算开销 ，实现效果与效率的兼顾，展示出混合稀疏注意力在超长上下文建模中的巨大潜力。 HySparse的设计灵感来源于学术界已有研究工作的经验和观察之上 。 一部分是显著token在相邻层之间相对稳定。 已有工作如TidalDecode等，观察到连续层的 "重要 token" 会高度重合，因此可以在某层识别重要token并在后续层复用。 HySparse将这一观察提升用于模型结构设计并直接训练。 还有部分受启发于跨层KV Cache共享能显著省显存且不显著伤性能 ，YOC ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].