第三，政策也倾向于农机升级，12月24日国家发改委发布《加快农业农村现代化扎实推进乡村全面振 兴》，明确提出大力发展农业新质生产力，重点强调加力实施农机装备补短板。最后，在出口端，我国 农机出口增长，将为农机板块的需求带来新的成长性。 智通财经APP获悉，东方证券发布研报称，2025年农机需求承压，从国内看，2025年中大型拖拉机产量 同比下降1.2%，小型拖拉机产量同比下降15.4%；从海外看，2025年英国农用拖拉机的总销量有记录以 来最低水平(二战前以来最低的水平)，2025年10月美国农业拖拉机、联合收割机销量分别下降19.6%、 26.8%。向前瞻，农机需求有望在2026年边际改善，国内十五五开局年，中央一号文件有望继续支持农 业发展，海外利率和贸易风险逐渐缓解，也有望带来需求回升。 十五五开局年，国内农机景气度有望改善 尽管国内2025年农机需求下降，但行业有望在2026年边际改善。首先总量政策支持，2026年是十五五的 开局之年，国家一号文件《中共中央、国务院关于稳定农业农村现代化、扎实推进乡村全面振兴的意 见》将更加重视农业现代化。第二，更新政策延续且更加专注精准，2026年正常继续支持大规模 ...

智通财经APP获悉，东方证券发布研报称，锂供应受短期扰动与长期增速有限制约，而储能与固态电池 需求抬升中期预期，预计2026-2027年维持紧缺。钴受刚果金出口配额约束，供应缺口明确，价格获强 支撑。周期上行中需关注"股票→期货→现货"的正反馈链条，股价与商品价格相互强化。建议关注锂、 钴产业链相关标的。 东方证券主要观点如下： 锂：需求预期修复再启补库周期，供应扰动持续带来中期缺口 （1）在供给端，非洲锂辉石项目加速投建、南美盐湖产能释放稳定，中国锂资源合规化管理推动锂云 母阶段性供给收缩，全球增量呈现"短期扰动频繁、长期增速有限"的结构特征。（2）在需求端，储能 已成为新能源汽车高速增长后中期内的第二增长极，同时固态电池的商业化潜力也打开单位耗锂强度提 升空间。（3）2025年下半年开始，国内江西供应扰动+下游需求强劲与补库共振，锂价于底部再平衡 后进入上行阶段，2026-2027年或维持紧缺格局。锂相关公司股价先行。 钴：主权国家出口配额主导供应，原料缺口形成价格强支撑 （1）供应端受刚果金出口配额制度影响，原料缺口已成定局，全球供给收敛显著。（2）需求端在钴产 品价格高企下多数偏弱，三元电芯能否随着固 ...

Core Insights - The report by Dongfang Securities highlights Moltbot as an open-source personal AI assistant framework that utilizes gateway scheduling and hybrid memory, enabling remote task execution through common chat applications [1] Technical Principles - Moltbot, formerly known as Clawdbot, operates through popular chat platforms like WhatsApp, Telegram, Slack, and iMessage, allowing users to command the AI assistant without switching applications [1] - The architecture of Moltbot is a long-term resident TypeScript CLI process that exposes a unified gateway for handling command requests from various communication channels [1] - The design prioritizes controllability with a serial scheduling model, where tasks are executed in a session-level queue to minimize race conditions and debugging complexity [1] Execution Layer - The Agent Runner employs a standard ReAct closed loop with engineering-level fault tolerance mechanisms, including dynamic prompt assembly and token window protection, ensuring stable operation during long tasks and multi-round tool calls [2] - The memory system records short-term memory in JSONL format and long-term memory in Markdown files, utilizing mixed recall methods to avoid reliance on black-box databases [2] - Moltbot isolates the Shell execution environment through Docker and uses semantic snapshots instead of visual screenshots to compress page states into structured text, significantly reducing token costs and interaction delays [2] Hardware Opportunities - The report suggests that local agents like Moltbot require 24/7 operation, leading to a shift from traditional high-power PCs to localized computing solutions [3] - Edge computing boxes, such as Mac mini, are identified as suitable for local execution and inference, driving demand for low-power, high-performance small hosts [3] - High-performance NAS devices are evolving into "home AI computing centers," suitable for hosting agent gateways and memory systems, with a focus on NPU integration and large memory capacity upgrades [3] Memory Architecture - The report emphasizes the need for innovative unified memory architectures to support Moltbot's reliance on long context and local models, as memory capacity and bandwidth are identified as bottlenecks [3] Power Requirements - The continuous operation of agents like Moltbot creates a demand for low-power computing solutions, with SoC designs that offer ultra-low power listening and wake control being more advantageous [3] Investment Recommendations - Suggested investments include SoC companies like Amlogic and Rockchip, GPU firms such as Cambricon and Loongson, and storage companies like Lianqi Technology [4]

东方证券发布研报称，海外存储巨头SK海力士与闪迪(SNDK.US)业绩强劲，且下季指引乐观，印证存 储行业供不应求。AI推理需求正成为存储增长核心动力，将持续拉动数据中心对DRAM和NAND的需 求。同时，NOR Flash等利基存储因产能被主流产品挤压，供给大幅收缩，预计紧缺与涨价态势将延 续，国内相关厂商有望受益。 东方证券主要观点如下： 事件 SK海力士、三星、闪迪等海外头部存储厂商近日先后发布最新一季财报。 海外存储巨头业绩强劲 SK海力士25Q4营收32.8万亿韩元，环比增长34%；营业利润19.2万亿韩元，环比增长68%；营业利润率 达58%，均创下季度新高。闪迪2026Q2财季营业收入30.25亿美元，同比增长61%，环比增长31%；毛利 率达51%。闪迪预计2026Q3财季营收为44-48亿美元，按中值计算环比增长52%，毛利率预计达 65%-67%。该行认为，SK海力士、闪迪业绩强劲，下季度指引乐观，充分体现存储供不应求情况有望 持续。 AI需求有望被持续挖掘，带动存储供不应求持续 部分投资者担忧消费电子需求可能承压，影响存储需求。但该行认为，AI算力等相关需求在存储需求 中逐步占据主导地位 ...

智通财经APP获悉，东方证券发布研报称，国内外云厂商资本开支高企，国内或将存在上修空间，AI基 建设备先行，大力发展离不开基础建设。看好AI数据中心基建加速拉动相关电力设备需求以及相关电 力设备厂商的投资机会。 东方证券主要观点如下： 国内海外CSP厂商资本开支高企 国内角度，阿里巴巴2026财年第二季度报表指出，阿里巴巴阿里云业务收入同比增长34%，管理层透 露，为把握AI机遇，原计划未来三年投入的3800亿元资本开支或将增加。海外角度，微软、META发布 最新财报。2026财年二季度，微软总收入813亿美元，同比+17%，其中，Azure和其它云服务季度营收 增长39%，依旧维持高增速，资本性支出375亿美元，同比增长66%。而Meta该季度营收599亿美元，同 比增长24%，2025年全年资本支出达722亿美元，公司预计2026年将提升至1150-1350亿美元，重点支持 AI基础设施和技术型人才引进。海外云厂商AI资本开支依旧坚挺，国内或将存在上修空间。 AIDC机柜电源是为高密度AI算力集群供电的核心。它不仅包含传统服务器内部的PSU，更在机柜级整 合了配电、电压转换、监控与散热协同等功能，推动供电 ...

弗若斯特沙利文数据显示，按市场份额计，公司于2024年位居中国工业网络安全市场第一位（市场份额 6.7%），其中在能源领域的市场份额更高达8.4%。 中国工业网络安全市场预计到2029年将达到294亿元，复合年增长率为25.0%。其中，能源领域的数智 化综合解决方案市场预计将达到1182亿元。 天地和兴递表港交所，中信建投国际、东方证券国际为联席保荐人。 天地和兴是中国知名的工业网络安全及能源数智化综合解决方案提供商，专注于保护电力、石化等关键 基础设施的资产安全。 ...

特此公告。 招商基金管理有限公司 为促进招商中证全指医疗器械交易型开放式指数证券投资基金（以下简称"医疗器械指数ETF"）的市场 流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规 定，自2026年2月2日起，本公司选定东方证券股份有限公司为医疗器械指数ETF（159898）的流动性服 务商。 2026年2月2日 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

截至2026年1月30日收盘，东方证券（600958）报收于10.23元，较上周的10.45元下跌2.11%。本周，东 方证券1月26日盘中最高价报10.64元。1月29日盘中最低价报10.17元。东方证券当前最新总市值869.21 亿元，在证券板块市值排名12/50，在两市A股市值排名212/5184。 东方金融控股(香港)有限公司为东证国际金融集团有限公司在平安银行的授信业务提供连带责任保证担 保，担保金额不超过3,000万美元，担保期间为2026年1月26日至2027年1月25日。该事项已履行董事会 及股东大会审批程序，属于前期预计额度内担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 业绩披露要点 东方证券发布业绩预告，预计2025年全年归属净利润盈利约56.2亿元，同比增长67.8%；营业收入153.4 亿元，同比增长26.0%；扣非后净利润盈利约55亿元，同比增长69.6%。 公司公告汇总 东方证券为境外间接全资子公司Orient ZhiSheng Limited发行2亿人民币364天期票面利率1.88 ...