Group 1 - The company has over 40 years of experience in the dyeing and printing industry, indicating a deep understanding of market trends and price fluctuations in the dye market [1] - The company generally adopts staggered procurement strategies to manage the volatility in dye prices [1] - The company primarily produces printed and dyed interwoven fabrics, with disperse dyes being used extensively, and dye auxiliaries accounting for over 20% of the dyeing cost structure [1]

MACD金叉信号形成，这些股涨势不错！ 中邮证券指出，短期来看，黄金基本见底，以市场给出的前低作锚进行交易。长期来看，沃什的降息 +缩表政策的实施，会对长端美债带来难以对冲的风险，美债走出牛陡的情况下，黄金值得增配。 黄金股票ETF基金紧密跟踪中证沪深港黄金产业股票指数，中证沪深港黄金产业股票指数从内地与香港 市场中，选取50只市值较大且业务涉及黄金采掘、冶炼、销售的上市公司证券作为指数样本，以反映内 地与香港市场中黄金产业上市公司证券的整体表现。 数据显示，截至2026年1月30日，中证沪深港黄金产业股票指数(931238)前十大权重股分别为中金黄 金、紫金矿业、山东黄金、赤峰黄金、山金国际、招金矿业、湖南黄金、山东黄金、紫金黄金国际、紫 金矿业，前十大权重股合计占比61.69%。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管 ...

Core Viewpoint - The A-share market saw a strong performance in gold-related stocks, with several companies experiencing significant price increases on February 11 [1] Group 1: Stock Performance - Baodi Mining reached the daily limit with a rise of 9.97%, bringing its total market value to 6.968 billion [2] - Guocheng Mining increased by 9.18%, with a total market capitalization of 36.8 billion [2] - Hangmin Co. and Baoding Technology both rose over 5%, with market values of 8.861 billion and 7.934 billion respectively [2] - Other notable performers included Zhongjin Metal, Shandong Gold, and Feinan Resources, all of which saw increases of over 4% [1][2] Group 2: Year-to-Date Performance - Baodi Mining has a year-to-date increase of 18.02% [2] - Guocheng Mining's year-to-date rise stands at 11.65% [2] - Hangmin Co. and Baoding Technology have year-to-date increases of 25.98% and 23.86% respectively [2] - Shandong Gold and Feinan Resources also reported strong year-to-date performances of 22.35% and 28.17% [2]

[Table_Title] 航民股份（600987.SH） 证券研究报告 [Table_Page] 跟踪研究|纺织服饰 近日染料价格上涨，看好节后公司染费价格上涨 [Table_Summary] 核心观点： 盈利预测： | [Table_ 单位 Finance] :人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 9,666 | 11,468 | 11,761 | 12,647 | 13,601 | | 增长率（ ） % | 1.0% | 18.6% | 2.6% | 7.5% | 7.5% | | EBITDA | 1,126 | 1,317 | 1,336 | 1,427 | 1,521 | | 归母净利润 | 685 | 720 | 734 | 868 | 933 | | 增长率（ % ） | 4.2% | 5.0% | 2.0% | 18.2% | 7.5% | | EPS（元/股） | 0.65 | 0.71 | 0.72 | 0.85 | 0.91 | | ...

声明：本文仅作研究讨论用，只是个算法测试，不构成任何投资建议。股市有风险，决策需独立思考，搭建好自己的逻辑体系和风控体系，切忌人云亦 云。 这两周时间（20260124-20260207），大盘继续在调整。 测试单分出来的几个组合中，3月动量、1月动量、半月动量、综合交集、综合并集组合的收益率分别为：-0.67%、0.83%、-1.01%、-0.72%、-1.22%。 表现比大盘略好一些，当然，但就两周情况看不出什么来。 其实就上周的筛选结果来看，还有一只翻倍的股票，那就是民爆光电，不过它在期初是停牌状态，根本买不进去。 | | 沪深300 | | 3月动量策略1月动量策略半月动量策 综合策略 | | | | --- | --- | --- | --- | --- | --- | | 2025-10-04 | 1 | 1 | 1 | 1 | 1 | | 2025-10-18 | 0.9727 | 0.9783 | 0.9967 | 1.0198 | 1.0288 | | 2025-11-01 | 1.0000 | 1.0171 | 1.0331 | 1.0414 | 1.0591 | | 2025-11-15 ...

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].

Group 1 - The core point of the article is that Hangmin Co., Ltd. (stock code: sh600987) reached its daily limit with a price of 8.29 yuan, reflecting a 9.02% increase and a total market capitalization of 8.391 billion yuan [1] Group 2 - The reasons for the stock price surge include a 3% year-on-year growth in net profit excluding non-recurring items and a 4.65% increase in basic earnings per share, indicating improved profitability and shareholder return capabilities [2] - Hangmin Co., Ltd. focuses on dual main businesses of "textile dyeing + gold jewelry" and has potential business expansion opportunities through a 45 million yuan capital increase in Hangmin Keer [2] - The textile and gold industries are experiencing increased market interest, with textile demand expected to rise due to market recovery and gold being favored by investors during uncertain times, contributing to positive stock performance in the sector [2] - Although direct data on capital flow is not available, the positive fundamentals may attract investor attention, and a breakout from previous price resistance could signal further upward movement [2]

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

Core Viewpoint - The textile manufacturing sector experienced a slight increase of 0.01% on January 28, with Hangmin Co. leading the gains. The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1]. Group 1: Stock Performance - Hangmin Co. (600987) closed at 8.02, with a significant increase of 10.01% and a trading volume of 305,900 shares, resulting in a transaction value of 236 million yuan [1]. - Hongda High-Tech (002144) saw a closing price of 14.59, up 7.04%, with a trading volume of 253,000 shares and a transaction value of 368 million yuan [1]. - Huamao Co. (000850) closed at 6.48, increasing by 4.18%, with a trading volume of 316,500 shares and a transaction value of 203 million yuan [1]. - Other notable performers included Lutai A (000726) with a 2.23% increase, closing at 7.81, and Bailong Oriental (665109) with a 1.70% increase, closing at 7.16 [1]. Group 2: Fund Flow Analysis - The textile manufacturing sector saw a net inflow of 17.14 million yuan from institutional investors, while retail investors contributed a net inflow of 49.03 million yuan. However, speculative funds experienced a net outflow of 66.18 million yuan [2]. - Key stocks with significant net inflows from institutional investors included Hongda High-Tech (552.67 million yuan) and Hangmin Co. (322.53 million yuan) [3]. - Retail investors showed a net inflow in stocks like Huamao Co. (549.06 million yuan), while other stocks like Hongda High-Tech and Hangmin Co. faced net outflows from retail investors [3].

Core Viewpoint - The textile industry in China is experiencing a decline in export value, with a reported decrease in both monthly and cumulative export figures for 2025 compared to the previous year [1]. Industry Summary - As of December 2025, the total export value of the textile industry in China reached 24.86 billion, reflecting a year-on-year decrease of 1% [1]. - The cumulative export value for the entire year of 2025 was 259.52 billion, showing a slight decline of 0.9% year-on-year [1]. - A statistical chart detailing the export value of the textile industry from 2019 to 2025 has been compiled based on data from the National Bureau of Statistics [1]. Company Summary - Listed companies in the textile sector include Fengzhu Textile (600493), Jiangnan High Fiber (600527), Hangmin Co., Ltd. (600987), Bailong Oriental (601339), and others [1]. - The report by Zhiyan Consulting provides an in-depth analysis of the market landscape and future prospects for the industrial textile sector in China, indicating a focus on comprehensive industry solutions for investment decisions [1].