Core Viewpoint - The current upturn in the mining machinery industry is driven by geopolitical tensions and the demand for resource supply chain stability, rather than just commodity price increases and Federal Reserve interest rate cuts [2] Group 1: Industry Outlook - The mining machinery industry's high prosperity is expected to continue due to increased capital expenditure from mining companies responding more quickly to price changes, influenced by geopolitical factors [2] - The global market share of Chinese mining machinery remains low, with only 19.21% of the top 50 global mining equipment manufacturers' sales attributed to Chinese companies, indicating significant room for growth [3] Group 2: Competitive Advantages - Chinese mining machinery has competitive advantages in terms of cost-effectiveness and customized equipment design, which positions it well in the context of a self-sufficient resource supply chain [3] Group 3: Investment Opportunities - The Belt and Road Initiative (BRI) is expected to boost the overseas expansion of Chinese mining machinery, further increasing its market share as investments in energy and metal mining projects grow [4] - The current phase of the mining machinery industry's prosperity is expected to last longer, presenting investment opportunities, particularly in companies like XCMG Machinery, NPE Mining Machinery, SANY International, Shantui, Tongli, and Northern Heavy Industries [5]

Group 1 - The core viewpoint is that external demand is expected to drive a recovery in the titanium dioxide market, with Longbai Group enhancing its competitiveness through a full industry chain layout [1] - China's titanium dioxide production capacity accounts for over 50% of global capacity, and the country has been increasing its influence in the global market as traditional European and American producers face operational pressures [1] - The rigid growth in demand from emerging countries and the irreplaceability of Chinese production capacity are anticipated to drive a recovery in the titanium dioxide market, presenting opportunities for leading companies like Longbai Group to achieve both volume and profit growth [1] Group 2 - The report indicates that due to significant increases in raw material prices, such as sulfur, and a decline in titanium dioxide prices, the company's net profit forecasts for 2025-2027 have been revised down to 1.847 billion, 2.825 billion, and 3.320 billion yuan respectively [1] - The target price is set at 23.80 yuan based on a 20x PE ratio for comparable companies in 2026, while maintaining an "overweight" rating [1]

Core Viewpoint - The report from Dongfang Securities indicates that the rising gold prices have significantly suppressed domestic gold jewelry consumption, while the consumption of gold bars and coins, which have more investment attributes, has rapidly increased year-on-year, greatly exceeding that of gold jewelry [1] Group 1: Industry Trends - In 2025, China's gold consumption is projected to be 950.096 tons, a year-on-year decrease of 3.57%. Gold jewelry consumption is expected to decline to 363.836 tons, down 31.61%, while gold bars and coins are anticipated to rise to 504.238 tons, an increase of 35.14% [1] - The closing price of Au9999 gold on the Shanghai Gold Exchange at the end of December 2025 is expected to rise by 58.78% compared to the opening price at the beginning of the year [1] - The impact of high gold prices on the consumption structure of gold jewelry is expected to continue into 2026 [1] Group 2: Company Performance - In 2025, companies with strong brand operations and clear product differentiation are expected to show rapid growth despite industry pressures. Notable examples include: - Chao Hong Ji, with a projected non-recurring profit growth of 125%-175% [2] - Cai Bai Co., with a projected non-recurring profit growth of 39%-64% [2] - Man Ka Long, with a projected non-recurring profit growth of 26% [2] - Chow Tai Fook, with a 16.9% sales growth in mainland China in Q4 2025, and a 53.4% increase in same-store sales for fixed-price products [2] - Luk Fook Holdings, with a projected non-recurring profit growth of 43% for FY2026H1 [2] - Companies that rely on wholesale and franchise models, with weak brand operation and digital capabilities, are facing significant operational pressure due to the sustained rise in gold prices in 2024 and 2025 [2] Group 3: Future Outlook - The report highlights that the rise of Chinese culture and confidence presents significant opportunities for domestic gold jewelry brands to expand internationally, particularly in Southeast Asia, Australia, and North America [3] - The focus for investment opportunities in 2026 will be on companies with strong branding, differentiation, and active international expansion, such as Chao Hong Ji, Lao Pu Gold, Chow Tai Fook, and Luk Fook Holdings [4]

Group 1 - The core viewpoint is that the space photovoltaic industry has significant potential, driven by both domestic and international developments, particularly with SpaceX's plans for a solar energy satellite network and China's increasing satellite launch capabilities [1][2] - The global market for space photovoltaics could reach 8GW annually, with a potential market size of 8 trillion yuan, even if the cost of components decreases significantly [2] - China's photovoltaic industry is strong, with leading manufacturers in equipment and materials, such as Maiwei and Aotwei, which are expected to gain incremental orders due to the expansion of overseas leaders [3] Group 2 - The report suggests focusing on key photovoltaic equipment manufacturers like Aotwei, Maiwei, and others that are likely to benefit from the expansion of overseas leaders [3] - It also highlights core material manufacturers like Dongfang Risen and others that have established deep relationships with overseas clients, which will drive profit growth [3]

东方证券发布研报称，应重视垂类多模态AI应用机会，看好技术突破、成本优化带来产业趋势加速发 展，带动用户增长、付费渗透和商业化再上台阶。此外，尤其关注有多模态AI应用出海布局的公司， 起量速率或更快。 东方证券主要观点如下： 年初至今，多模态视频生成赛道国产模型加速迭代，推动行业技术整体上行，与海外差距显著收窄 最大的边际变化在于，智能分镜降低用户进入门槛，多模态统一架构支持创作意图表达更高效灵活且可 控性提升，该行判断26年B端和C端拓展均会有较大进展，模型厂商在卷技术的同时，重点观测景气内 容赛道的AI渗透。 视频生成赛道迭代提速，推动行业技术跃升，海内外技术差距持续收窄 今年整体看，国内视频生成厂商进一步加速模型研发节奏，如快手可灵【2.0版本(25年4月)→2.5版本(25 年9月)→2.6版本(25年12月)→3.0版本(26年2月)】、即梦Seedance【1.0版本(25年6月)→1.5版本(25年12 月)→2.0版本(26年2月)】。随着各家最新模型发布，国内供给侧的技术天花板进一步提升，物理规律合 理性、运动流畅性、指令遵循能力等基础属性均显著增强，分镜能力、音画同出(海外前沿模型率先突 ...

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

Core Viewpoint - The Shanghai Stock Exchange has issued a regulatory warning to Da Xin Accounting Firm and its signing accountants due to inadequate professional responsibilities in the application process for a simplified stock issuance by Jilin Aolaide Optoelectronic Materials Co., Ltd. [1][2] Group 1: Regulatory Actions - Da Xin Accounting Firm and signing accountants Li Nan and Wang Bo failed to report administrative penalties related to similar business activities, impacting the review process [2] - The actions of Da Xin Accounting Firm violated the relevant provisions of the Shanghai Stock Exchange's review rules [2] Group 2: Company Financing Activities - Aolaide was listed on the Shanghai Stock Exchange on September 3, 2020, with an issuance price of 62.57 yuan per share, raising a total of 1.144 billion yuan, with a net amount of 1.060 billion yuan after deducting issuance costs [2][3] - The company has raised a total of 1.235 billion yuan from two fundraising activities [4] - Aolaide's recent fundraising plan aims to raise up to 275.71 million yuan for projects related to OLED display core materials and to supplement working capital [5]

Group 1 - The core viewpoint is that while short-term volatility in precious metals may be amplified due to high prices and implied volatility, long-term investors should remain optimistic about precious metals, particularly gold, in light of unresolved U.S. long-term debt issues [1] - It is suggested that investors should not rush to increase positions in precious metals in the short term, but should consider re-entering the market after commodity prices stabilize [1] - The long-term bullish trend for gold is expected to continue, with a potential upward movement in gold price centers, and investors are encouraged to consider gradual accumulation during price corrections [1] Group 2 - Investors are advised to focus on direct investments in physical gold and tax-exempt gold ETF (518800), as well as gold stock ETFs (517400) that cover the entire gold industry chain [1]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5][4]. Core Insights - The report emphasizes that the intervention of stabilization funds has become a normalized and institutionalized mechanism in capital markets, which requires institutional investors to adapt their asset allocation strategies to include policy variables for long-term considerations [2][11]. - The shift from direct intervention in individual stocks to a focus on broad-based ETFs represents a strategic evolution aimed at maintaining market stability while minimizing distortions in price signals [3][52]. - The report highlights that the actions of the "national team" in stabilizing the market have led to a gradual formation of a "slow bull" market, improving the operating environment for non-bank financial sectors and enhancing long-term valuations for brokerages and insurance companies [3][12]. Summary by Sections Overseas Perspective - Stabilization funds are viewed as essential stabilizing forces in capital markets, with examples from Japan and the U.S. demonstrating their long-term operational roles rather than short-term emergency measures [2][11]. - Japan's central bank has become a major player in market interventions, with its ETF holdings reaching approximately 37 trillion yen by the end of 2025, indicating a shift to a normalized intervention strategy [14][20]. Domestic Practice - Since 2023, the central financial institutions in China have optimized their strategies by focusing on increasing holdings in broad-based ETFs like the CSI 300 and SSE 50, which has effectively reduced irrational market volatility and guided investors towards core market assets [3][12]. - The report notes that this transition from precise stock interventions to macro-guided asset combinations has laid a solid foundation for a long-term value return in the market [3][12]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Outperform": - China Ping An: EPS 7.87 (2025E), PE 8.56 (2025E) [4] - China Life: EPS 6.07 (2025E), PE 8.02 (2025E) [4] - China Pacific Insurance: EPS 5.40 (2025E), PE 8.28 (2025E) [4] - CITIC Securities: EPS 2.21 (2025E), PE 12.83 (2025E) [4] - Guotai Junan: EPS 1.53 (2025E), PE 13.08 (2025E) [4] - Industrial Securities: EPS 0.39 (2025E), PE 17.69 (2025E) [4] - Dongfang Securities: EPS 0.69 (2025E), PE 14.84 (2025E) [4]

资产配置 | 定期报告 关注 A 股结构性行情，关注 CTA 及黄金/资 配策略指数相关衍生品 202602 银行客户资产配置月报 理财观察 1 月理财表现较好 ⚫ 1 月银行理财收益整体较好，商品及衍生品类/权益类理财产品领涨且涨幅较快，混 合类理财产品涨幅较快。规模方面，混合类产品存续规模月变化处于过去一年 93% 分位。商品及衍生品类/权益类理财产品存续规模略有回落。 资产观点 A 股关注风格切换，黄金短期谨慎中期看好 模型建议 加仓 A 股/美股 策略建议 以对冲配置思路应对美股/黄金"畏高" 报告发布日期 2026 年 02 月 05 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | | 周仕盈 | 执业证书编号：S0860125060012 | | | zhoushiying@orientsec.com.cn | | | 021-63326320 | | 董翱翔 | 执业证书编号：S0860125030016 | | | dongaoxiang ...