[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 ...

消息面上，博泰车联近日宣布，与平安财险订立框架合作协议，双方将通过"AI+车联网技术+保险服 务"的深度融合创新，打破汽车产业与金融保险产业的行业边界，实现从"基础服务"向"个性化、全场景 赋能"的跨越式升级，重构智慧出行保险生态，引领智慧出行时代的保险服务变革与用户体验升级。 值得注意的是，依托其在智能座舱、大模型及具身智能等前沿领域的深厚积累，博泰车联正加速推动技 术成果向商业化场景转化。2025年10月，公司与人工智能领军企业商汤科技达成全面战略合作，聚焦 AI大模型在智能座舱中的深度应用，并同步布局人形机器人与舱驾一体等未来赛道，彰显其向高阶智 能出行生态跃迁的决心。 博泰车联 分时图 日K线 周K线 月K线 280.00 10.20 3.78% 4.37% 2.92% 1.46% 0.00% 1.46% 2.92% 4.37% 258.00 261.93 265.87 269.80 273.73 277.67 281.60 09:30 10:30 12:00/13:00 14:00 16:10 0 733 1467 2200 博泰车联(02899)午后涨超4%，高见282港元，再创上市新高。截至发稿 ...

Core Viewpoint - Botai Carlink (02899) has seen a significant increase in stock price, reaching a new high of 282 HKD, driven by a strategic partnership with Ping An Insurance to innovate insurance services through AI and connected vehicle technology [1] Group 1: Company Developments - Botai Carlink's stock rose over 4% in the afternoon session, with a trading volume of 10.42 million HKD [1] - The company announced a framework cooperation agreement with Ping An Insurance, aiming to integrate AI, connected vehicle technology, and insurance services to enhance user experience and transform the insurance ecosystem [1] Group 2: Technological Advancements - Botai Carlink is accelerating the commercialization of its technological achievements in smart cockpits, large models, and embodied intelligence [1] - A comprehensive strategic partnership was established with SenseTime in October 2025, focusing on the deep application of AI large models in smart cockpits and exploring future avenues such as humanoid robots and integrated cockpit-driving systems [1]

Group 1 - The core viewpoint of the article highlights a significant decline in the performance of the non-ferrous metal mining ETF, with a drop of 3.81% on February 6, 2023, closing at 2.120 yuan [1] - Major holdings within the non-ferrous mining ETF experienced notable declines, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The ETF's performance benchmark is the CSI Non-Ferrous Metals Mining Theme Index, managed by China Merchants Fund Management Co., with a return of 120.70% since its inception on June 21, 2023, and a monthly return of 9.84% [1]

Market Overview - The Hong Kong stock market opened under pressure, with the Hang Seng Index down 1.97%, the National Enterprises Index down 1.88%, and the Hang Seng Tech Index down 2.42% [1][3] - Major stocks such as Baidu Group, Zijin Mining, AIA, and JD Health experienced declines of 4.33%, 4.14%, 4.02%, and 3.96% respectively [1][3] - Only a few blue-chip stocks, including Mengniu Dairy, Midea Group, and New Oriental, recorded slight gains [1][3] Company Specifics - China Overseas Development reported a 20.4% year-on-year increase in contract property sales amounting to approximately RMB 144.78 billion in January, while the sales area decreased by 12.9% to about 516,600 square meters [1][3] - The company anticipates that approximately RMB 111.46 billion in recognized property sales will convert into contract property sales in the coming months [1][3] - Meituan plans to acquire all issued shares of Dingdong, a leading fresh e-commerce company in mainland China, for an initial cost of USD 717 million, which is subject to adjustments [1][3] - NIO reported a positive earnings forecast, expecting adjusted operating profit (non-GAAP) between RMB 700 million (approximately USD 100 million) and RMB 1.2 billion (approximately USD 172 million) for Q4 2025, marking its first quarter of adjusted operating profit [2][4] - In contrast, NIO recorded an adjusted operating loss of RMB 5.5436 billion in Q4 2024 [2][4]

Core Viewpoint - The gold industry is experiencing a positive trend, with significant increases in stock prices and a rebound in spot gold prices, indicating a favorable outlook for gold investments in the coming years [1][2]. Group 1: Market Performance - As of February 6, 2026, the CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 0.23%, with notable increases in constituent stocks such as Hunan Gold (up 10.00%), Chaohongji (up 9.98%), and Hangmin Co. (up 9.95%) [1]. - The gold ETF fund (159322) increased by 0.70%, with the latest price at 2.02 yuan [1]. Group 2: Gold Price Outlook - Spot gold has rebounded to over $4,850 per ounce, reflecting a daily increase of 1.57% and a recovery of nearly $200 from its daily low [1]. - Huatai Securities predicts that under the backdrop of de-globalization, central banks will continue to increase gold allocations, which will support a long-term rise in gold prices, potentially reaching a range of $5,400 to $6,800 per ounce between 2026 and 2028 [1]. Group 3: Investment Potential - Currently, the proportion of investable gold in global financial assets stands at 2.89%, which is significantly below the 2011 peak of 3.6%, indicating substantial room for increased allocation [1]. - The CSI Hong Kong-Shenzhen Gold Industry Stock Index comprises 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of gold industry stocks in the mainland and Hong Kong markets [1][2].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.11%, the Shenzhen Component Index up by 0.65%, and the ChiNext Index also up by 0.65% as of midday [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.38 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day, with over 3,800 stocks rising [2] Sector Performance - Active sectors included lithium batteries, energy metals, humanoid robots, and fintech, while traditional sectors like liquor, retail, and AI application stocks weakened [1] - The Chinese medicine and chemical sectors showed notable gains, with the Chinese medicine sector rising by 2.52% [2][7] - The small metals sector rebounded, with stocks like Xianglu Tungsten and Zhangyuan Tungsten hitting the daily limit [7] Notable Stocks - Mingdiao Co. experienced significant trading activity, achieving a "limit-up" with nearly 700 million yuan in transactions and marking its fifth consecutive trading day of gains [3] - Jiangfeng Electronics saw a slight increase of 0.09% after announcing plans to acquire control of Kaide Quartz [9] Economic Indicators - The industrial development plan for traditional Chinese medicine aims for a collaborative development system by 2030, which may positively impact the sector [7]

Group 1 - The core point of the article highlights the significant decline in the performance of the Penghua Nonferrous ETF (159880), which opened down by 5.31% at 2.070 yuan on February 6 [1] - Major holdings within the Penghua Nonferrous ETF experienced notable drops, including Zijin Mining down 5.07%, Luoyang Molybdenum down 5.28%, and Northern Rare Earth down 2.71% [1] - The performance benchmark for the Penghua Nonferrous ETF is the National Index of Nonferrous Metals Industry, managed by Penghua Fund Management Co., Ltd., with a return of 118.31% since its inception on March 8, 2021, and a recent one-month return of 9.33% [1]

Core Viewpoint - The article discusses the performance of the Silver Hua ETF (159871) and its major holdings, highlighting a significant decline in share prices on February 6, 2023 [1] Group 1: ETF Performance - The Silver Hua ETF (159871) opened down by 4.35%, priced at 2.067 yuan [1] - Since its inception on March 10, 2021, the fund has achieved a return of 116.34%, with a one-month return of 8.68% [1] Group 2: Major Holdings Performance - Major holdings in the ETF experienced notable declines, including: - Zijin Mining down by 5.07% - Luoyang Molybdenum down by 5.28% - Northern Rare Earth down by 2.71% - Huayou Cobalt down by 3.31% - China Aluminum down by 3.64% - Ganfeng Lithium down by 3.04% - Shandong Gold down by 3.97% - Yun Aluminum down by 1.78% - Zhongjin Gold down by 6.08% - Zhongmin Resources down by 1.79% [1]

证券代码：601899 证券简称：紫金矿业 编号：临2026-010 特此公告。 紫金矿业集团股份有限公司 关于15亿美元零息 可转换公司债券发行完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 在本公告中，除非文义另有所指（如有），所有释义均与紫金矿业集团股份有限公司（以下简称"公 司"）于2026年1月30日在上海证券交易所网站（www.sse.com.cn）披露的《关于根据一般性授权拟发行 15亿美元零息可转换公司债券的公告》（编号：临2026-008）中的释义一致。 公司境外全资子公司Jinkai Investment Holdings Limited发行的于2031年到期的15亿美元零息可转换公司 债券（该债券由公司无条件且不可撤销地提供担保，以下简称"可转债"）认购协议中的所有先决条件均 已达成，该等债券已于2026年2月5日完成发行。本次可转债的募集资金净额（扣除承销商佣金和其他相 关费用后）预计约为15.27亿美元，其中约12亿美元将用于秘鲁阿瑞那铜金矿项目建设资本开支，剩余 将用于补充流动资金和一般 ...