Group 1 - The overall market sentiment is weak, with expectations for steel prices to decline as demand remains subdued and winter storage is nearly complete [4][6][17] - Nationally, 30 provinces have set GDP growth targets for 2026, with several major economic provinces aiming for over 5% growth [4][15] - Excavator sales in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, indicating strong demand in the construction sector [4][15] Group 2 - The average capacity utilization rate of independent electric arc furnace steel mills was 48.12%, a decrease of 7.59 percentage points week-on-week, but an increase of 44.85 percentage points year-on-year [5][16] - Total inventory of five major steel products increased by 4.6% week-on-week to 13.38 million tons, while weekly consumption decreased by 5.1% [5][16] - Rebar production decreased by 81,500 tons week-on-week to 1.9168 million tons, with total inventory rising by 440,400 tons to 5.1957 million tons [6][17] Group 3 - Hot-rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons [7][18] - The iron ore transaction volume on February 9 was 638,000 tons, a decrease of 19.4% week-on-week, reflecting a slowdown in market activity as the Spring Festival approaches [4][15] - The production of iron alloys remains under pressure, with prices fluctuating and demand from steel mills not meeting expectations [9][20]

Group 1: Natural Rubber Market - Domestic all-latex rubber price increased to 16,100 CNY/ton, up by 200 CNY/ton from the previous day [4] - Thai 20 mixed rubber price rose to 15,200 CNY/ton, up by 100 CNY/ton from the previous day [4] - As of February 8, 2026, Qingdao's total inventory of natural rubber in bonded and general trade reached 606,800 tons, an increase of 15,100 tons, or 2.55% [4][31] Group 2: PX Market - PX industry load in China increased by 0.3 percentage points to 89.5%, while Asia's industry load rose by 0.8 percentage points to 82.4%, indicating a stable supply [5][32] - Demand from downstream PTA facilities is expected to decrease due to planned maintenance, leading to a shift towards a looser supply-demand balance in February and March [5][32] - The Brent crude oil price has risen due to geopolitical risks, which may provide support for PX prices in the second quarter [5][32] Group 3: PTA Market - PTA industry load increased by 1.0 percentage points to 77.6%, but remains below historical levels [6][33] - Demand from terminal enterprises in Jiangsu and Zhejiang is declining, with operating rates expected to drop to annual lows by mid-February [6][33] - The anticipated adjustment of U.S. tariff exemptions for Bangladeshi textiles may lead to increased investment by Chinese textile manufacturers in Bangladesh [6][33] Group 4: EG Market - Ethylene glycol industry load increased by 1.7 percentage points to 76.1%, but the supply remains adequate despite a decrease in import volumes [8][35] - February is expected to see significant inventory pressure, but a potential improvement is anticipated in March [8][35] - Current prices are not sufficient to trigger large-scale production cuts, indicating limited upward momentum [8][35] Group 5: PR Market - The bottle-grade PET industry load remained stable at 66.1%, with ongoing production cuts supporting a tightening supply [10][39] - The demand is limited due to the traditional off-season for beverage consumption, with limited room for production recovery in February [10][39] - Supply-side reductions are expected to drive inventory depletion and support processing fees [10][39] Group 6: Soda Ash Market - Soda ash futures experienced a slight decline, with stable spot prices [13][40] - Recent production has decreased by 0.9 million tons to 774,000 tons, while downstream demand has slightly weakened [13][40] - The market sentiment is turning weaker due to increased supply and reduced demand [13][40] Group 7: Glass Market - Glass futures saw a slight increase, with stable spot prices [15][42] - Recent glass production has decreased, while inventory has slightly increased by 25,000 tons to 2.653 million tons [15][42] - The construction sector is facing challenges, with a year-on-year decline in housing completion area [15][42] Group 8: Caustic Soda Market - Caustic soda futures increased by 75 CNY/ton to 1,937 CNY/ton [16][50] - The market is experiencing steady prices for 32% and 50% caustic soda, with some slight declines in specific areas [16][50] - Demand remains subdued, leading to a stable but slightly declining market price [16][50] Group 9: PVC Market - PVC futures decreased by 103 CNY/ton to 5,052 CNY/ton, with ongoing supply pressure [19][46] - The market is facing a reality versus expectation battle, with high operating rates contributing to supply pressure [19][46] - Short-term improvements are limited, but optimistic expectations remain due to potential policy changes [19][46]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：美元回落，铜价企稳 隔夜沪铜主力震荡收涨至102450元，伦铜收涨于13200美金附近。 宏观中性偏多。哈塞特称未来几个月就业人数将放缓，降息预期改善，美元走软提振铜价。 基本面中性。昨日上期所铜仓单减少3044吨至15.7万吨，LME铜累库1025吨至18.43万吨。Capstone智利Mantoverde铜矿工会已批准新的劳动合同，罢工活动 结束。 总体来看，节前国内资金谨慎，叠加海外宏观缺乏指引，预计短期铜价较难维持趋势性，或延续宽幅震荡。今日沪铜主力运行区间参考10.15万-10.35万元/ 吨。策略上，节前控制好仓位，可考虑布局双买期权；中长线逢低多配。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。（虞璐 彦/Z0023596，仅供参考） 铝：隔夜期货价格窄幅震荡，现货价格小幅企稳。消息面某北方氧化铝生产企业 ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 中信建投AI应用行业观点：依然坚定看好AI产业趋势下的投资机会。中信建投认为，AI在重塑各 行各业，包括业务落地层面的工作流，也包括竞争格局、商业模式。全栈AI布局的公司优势突出；护 城河较深、积极拥抱AI的公司生存空间相对较大；而创业公司迎来快速让创意/想法落地的极佳的时 代。 ...

Group 1 - The core viewpoint indicates that the automotive industry is experiencing pressure on passenger vehicle production and sales data for January, while heavy trucks and buses are performing better than expected [1] - Commercial vehicles, particularly exports, show relatively favorable market conditions and performance expectations [1] - The smart driving and robotics sectors are focused on developments related to Tesla, with several catalysts expected to materialize around March, including the full launch of FSD in China, the release of Optimus V3, a robot performance during the Spring Festival, and the mass production of Cybercab [1]

格隆汇2月10日｜中信建投指出，i茅台放量赋能，茅五回暖信号凸显。近期高端酒行业显著回暖，i茅 台成为核心驱动力，其平台上UMEET气泡酒新品首销成绩亮眼，资本市场中白酒股亦表现强势，中证 白酒指数触底后反弹超10%，龙头酒价企稳印证行业触底回升的周期规律。i茅台自1月上线500ml飞天 茅台后发展迅猛，单月新增用户628万、月活超1531万，成交转化效率可观，飞天订单占总订单量 67.45%，大幅降低普通消费者购酒门槛，成功激活了此前与茅台销售体系绝缘的消费群体。i茅台销售 与履约端表现俱佳，飞天成为营收核心支撑，新增发货仓后配送效率显著提升，线下门店交付也形成有 效补充；市场端需求持续旺盛，茅台3月飞天首批配额已售罄，第二批正申报，充分印证白酒行业真实 消费需求的释放。2026 年春节旺季五粮液终端动销超预期，市场需求持续火爆，核心单品表现亮眼。 目前，白酒板块估值处于历史低位，具备较强底部配置价值，同时关注消费政策催化。以业绩出清卸包 袱+强品牌支撑动销+强运营赋能渠道+新营销模式探索的底部配置逻辑。 ...

Group 1 - Lumentum has secured several hundred million dollars in CPO-related orders, expecting CPO revenue of approximately $50 million in Q4 2026, with a significant surge anticipated in the first half of 2027 [2][3][14] - The CPO supply chain is recommended for attention, including components such as optical engines, FAU, laser ELS, MPO, Shuffle box, and polarization-maintaining fibers [2][13] - The optical fiber industry has shifted to a phase of "tight supply and rising prices," with a focus on companies with optical rod capacity and those with significant or specialty fiber production [5][16] Group 2 - North American CSPs are showing strong growth in capital expenditures, with a total of $127 billion for Q4 2025, representing a 60% year-over-year increase and a 12% quarter-over-quarter increase [6][16] - Amazon, Google, and Meta have optimistic capital expenditure guidance for 2026, with a combined expected spending of approximately $505 billion, a 71% year-over-year increase [6][18] - The AI demand is robust, with Amazon's Q4 2025 capital expenditure at $39.5 billion, a 42% year-over-year increase, and an expected $200 billion in 2026, primarily directed towards AI [17] Group 3 - The domestic AI market is experiencing a "red envelope war," with Alibaba's promotional event generating over 10 million orders in just 9 hours, indicating a significant demand for AI resources [10][19] - By December 2025, the user base for generative AI in China is projected to reach 602 million, with a penetration rate of 42.8%, suggesting substantial growth potential [10][19] - 2026 is anticipated to be a pivotal year for AI applications, driving further growth in computational power and model training [10][19]

中信建投研报指出，政策红利集中释放，看好2026年上半年REITs市场的表现，聚焦"抗周期"、"高景 气"、"强扩募"三条主线，重视新政带来的结构性机遇：（1）分子端稳健，具备强抗周期属性的板块： 包括消费基础设施、政策性保租房、市政环保等板块。（2）符合国家战略方向的高景气度板块，如数 据中心板块，以及景气度边际修复的部分标的：包括部分仓储物流及高速公路项目。（3）受益于政策 导向公募REITs作为"资产上市平台"的长期战略价值，原始权益人扩募诉求强，储备资产优质的相关标 的。 ...

根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上市公司自律监管指引第11号 ——持续督导》等有关法律法规的要求， 中信建投 证券股份有限公司（以下简称"中信建投""保荐 人"）作为合肥常青 机械 股份有限公司（以下简称" 常青股份 "或"公司"）向特定对象发行股票项目的 保荐人，于2026年2月2日至2月4日对常青股份2025年度有关情况进行了现场检查。 一、本次现场检查的基本情况 中信建投针对常青股份的实际情况制订了现场检查工作计划。为顺利实施本次现场工作，提高现场工作 效率，切实履行持续督导工作，中信建投提前将现场检查事宜通知常青股份，并要求公司提前准备现场 检查工作所需的相关文件和资料。 2026年2月2日至2月4日，中信建投保荐代表人根据事先制订的现场检查工作计划，采取与相关负责人员 沟通及询问、查阅公司部分原始凭证、募集资金台账及专户对账单、三会文件、公告文件等相关资料等 形式，对包括公司治理和内部控制情况、三会运作情况、募集资金使用情况、关联交易以及经营状况在 内的事项进行现场检查，并在前述工作的基础上完成本次现场检查报告。 二、对现场检查事项逐项发表的意见 （一）公司治理和内部 ...

公告送出日期:2026年02月10日 1 公告基本信息 ■ 注：本公告就中信建投景荣债券型证券投资基金A类基金份额（基金代码：017473）、C类基金份额 （基金代码：017474）的大额申购（含大额定期定额投资）业务进行限制，即自2026年2月12日起单日 每个基金账户单笔或累计申购（含定期定额投资）中信建投景荣债券A或中信建投景荣债券C的金额均 不应超过1万元。单日每个基金账户单笔或累计申购（含定期定额投资）中信建投景荣债券A或中信建 投景荣债券C的金额超过1万元（不含），基金管理人有权全部或部分拒绝。自2026年2月24日起，该基 金将恢复办理正常大额申购（含大额定期定额投资）业务，届时将不再另行公告。 2 其他需要提示的事项 如有疑问，请拨打基金管理人客户服务电话（4009-108-108）或登录基金管理人公司网站 （www.cfund108.com）获取相关信息。 特此公告。 中信建投基金管理有限公司 2026年02月10日 中信建投景和中短债债券型证券投资基金暂停大额申购（含大额定期定额投资）、大额转换转入公告 公告送出日期:2026年02月10日 1 公告基本信息 特此公告。 中信建投基金管理有 ...