一方面，美伊局势持续紧张，风险溢价攀升。1月23日，美国财政部宣布针对伊朗实施新一轮制裁措 施，涉及多家与石油和天然气相关的公司和多艘油轮。此外，美国多次威胁军事干涉伊朗局势。目前， 伊朗原油产量超过300万桶/日，出口量约200万桶/日，约占全球供应的3%。市场担忧若美伊冲突爆发， 伊朗原油出口可能受阻。此外，若局势恶化，霍尔木兹海峡或面临封锁危机。 智通财经APP获悉，中国银河证券发布研报称，当前原油市场聚焦美伊局势，短期油价波动或加剧。建 议后续密切关注地缘局势、OPEC+产量政策、全球贸易争端等指引。2025年我国原油表观需求改善、 天然气表观需求微增、成品油表观需求回落。该行预计2026年2月Brent原油价格运行区间参考60-70美 元/桶，受地缘不确定性因素影响，短期油价波动将加剧。推荐PX、PTA、石化新材料等领域投资机 会。 中国银河证券主要观点如下： 1月油价重心上移 截至1月30日，Brent、WTI月均价分别为64.7、60.2美元/桶，环比分别上涨5.0%、4.1%。供给端，地缘 因素叠加北美寒潮，供给缩量预期升温。 2025年我国天然气表观消费量4322亿立方米，同比增长2.4%， ...

Core Viewpoint - The report from China Galaxy Securities indicates that the artificial intelligence (AI) sector experienced a significant rebound in January, driven by three main catalysts, and suggests actively investing in AI sub-sectors and leading companies with performance support [1][2]. Group 1: AI Sector Performance - The AI sector index (884201.WI) increased by 10.86% in January, outperforming the Shanghai Composite Index, which rose by 3.76%, the CSI 300 by 1.65%, and the ChiNext Index by 4.47% [1]. - The trading volume in the AI sector reached 27,958.23 billion yuan, marking a year-on-year increase of 152.67% and a month-on-month increase of 94.74% [1]. - The sector's strong performance in January was attributed to industrial, policy, and capital progress catalysts [2]. Group 2: Catalysts for Growth - Industrial catalysts include the upcoming CES 2026, the introduction of NVIDIA's Rubin architecture, and collaborations such as NVIDIA's partnership with Eli Lilly for AI-assisted drug discovery [2]. - Policy support is highlighted by the issuance of the "Artificial Intelligence + Manufacturing" special action implementation opinions by eight departments [2]. - Capitalization progress is noted with the listings of Zhizhu AI and MiniMax on the Hong Kong Stock Exchange [2]. Group 3: Future Demand and Market Trends - The domestic AI data center (AIDC) bidding is expected to recover and show an upward trend starting in Q4 2025, with major internet companies accelerating their data center layouts [4]. - The potential entry of NVIDIA's H200 chip into the Chinese market is anticipated to benefit the development of domestic computing chips and ecosystems [4]. - The AI application landscape is shifting from traditional search engine optimization (SEO) to generative engine optimization (GEO), indicating a transformation in marketing and user behavior [3]. Group 4: Investment Recommendations - Key areas for investment include the domestic computing power industry chain, IDC service providers and computing power leasing, domestic trusted innovation manufacturers, AI agents and applications, cloud computing companies, integrated machines and edge AI, and companies involved in the data element industry chain [5].

Core Viewpoint - The report from China Galaxy Securities indicates that leading optical module companies, such as Zhongji Xuchuang and Xinyi Sheng, have released performance forecasts for 2025, with most companies expecting a growth of over 50% in their earnings, although foreign exchange losses may impact the timing of earnings release [1][2]. Group 1: Performance Forecasts - Companies like Xinyi Sheng are expected to achieve a net profit of 9.4-9.9 billion yuan for 2025, representing a year-on-year increase of 231.24%-248.86%, while Zhongji Xuchuang anticipates a net profit of 9.8-11.8 billion yuan, reflecting a growth of 89.5%-128.17% [2]. - In the latest quarter, Zhongji Xuchuang and Xinyi Sheng reported record high profits, while Cambridge Technology faced a foreign exchange loss of approximately 96.05 million yuan due to funds retained in Hong Kong dollars after its IPO [2]. Group 2: Market Trends and Demand - The domestic demand for optical modules is expected to increase significantly in the first year of the 14th Five-Year Plan, driven by the upgrade from 400G to 800G/1.6T modules and the rising computational power needs from AI applications [3]. - The overseas market remains robust, with major cloud companies expected to exceed capital expenditure forecasts for 2026, leading to an accelerated demand for high-speed optical modules [3]. Group 3: Investment Recommendations - The optical communication sector is currently undervalued, with supply constraints anticipated to be a major bottleneck in 2026, despite the increasing global market share of Chinese optical module manufacturers [4]. - Companies such as Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), and others in the optical module and device sectors are recommended for investment due to their strong positioning and growth potential [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 備註： 第 1 頁 共 11 頁 v 1.2.0 FF301 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | ...

致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 FF301 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB ...

大健康国际1月多次出现大手存转仓记录。香港联交所最新资料显示，1月20日，3044.03万股股票于当 日被存入粤商国际证券，该笔存仓股份市值3926.79万港元；1月26日，大健康国际股东将股票存入招银 国际证券，存仓市值5098.28万港元，占比12.43%。此外，1月28日，大健康国际股东将股票由富途证券 国际香港转入宝新证券，转仓市值3035.37万港元；1月29日，大健康国际股东将股票由粤商国际证券转 入香港上海汇丰银行，转仓市值8551.5万港元，占比14.68%。 香港联交所最新资料显示，1月30日，大健康国际(02211)股东将股票由粤商国际证券转入中国银河 （601881）证券香港，转仓市值9813.59万港元，占比17.24%。 ...

Core Viewpoint - Company maintains a "recommended" rating for Anta Sports (02020) following the announcement of its plan to acquire 29.06% stake in PUMASE, which will make Anta the largest single shareholder of PUMA after the transaction is completed [1][7]. Group 1: Acquisition Details - Anta Sports announced an agreement with Groupe Artémis to acquire a 29.06% stake in PUMASE for a cash consideration of €1.5 billion, with the transaction expected to enhance Anta's brand portfolio in the mid-to-high-end professional sports sector [2][8]. - The acquisition is part of Anta's strategy to deepen its global presence, following previous acquisitions of Amer Sports and Jack Wolfskin, and aims to create a new growth engine for the company's future high-quality development through global resource integration and synergy [2][8]. Group 2: PUMA's Current Status - PUMA, a leading global sports brand based in Germany, is currently undergoing a strategic reset, having transitioned from a high-growth phase to a stable development stage [3][10]. - The company recorded revenues of €5.974 billion in the first three quarters of 2025, reflecting an 8.5% year-on-year decline, and reported a net loss of €308 million [3][10]. - PUMA's footwear segment remains its most resilient revenue driver, projected to account for 53% of total revenue in 2024, covering various categories including soccer, running, and basketball shoes [3][10]. Group 3: Strategic Implications - The acquisition is expected to fill the ecological gap between Anta's main brand (mass professional) and its other brands like Amer Sports and FILA, allowing Anta to comprehensively cover global consumer demand from mass to mid-to-high-end markets [6][10]. - Anta's proven retail operational capabilities and efficient supply chain integration from previous acquisitions are anticipated to empower PUMA's business recovery in the Greater China region, unlocking growth potential [6][10].

Group 1 - Company plans to acquire 29.06% stake in PUMASE for €1.5 billion, becoming the largest single shareholder of PUMA [1] - The acquisition aims to enhance the brand portfolio in the mid-to-high-end professional sports sector and create a new growth engine for future high-quality development [1] - The deal follows previous acquisitions of Amer Sports and Jack Wolfskin, marking a significant step in the company's global expansion strategy [1] Group 2 - PUMA is undergoing a strategic reset, with a focus on optimizing distribution channels, reducing operating costs, and managing inventory, leading to a revenue decline of 8.5% year-on-year in the first three quarters of 2025 [2] - Footwear remains PUMA's primary revenue driver, expected to account for 53% of revenue in 2024, covering various professional sports categories [2] - The company is shifting towards direct-to-consumer (DTC) channels while maintaining a wholesale distribution model [2] Group 3 - The acquisition of PUMA complements the existing brand portfolio of the company, filling gaps between its main brand and other acquired brands like Amer Sports and FILA [3] - PUMA's strong channel foundation and brand assets in EMEA and the Americas provide regional synergies with the company's main brand, Anta [3] - The company's proven retail operations and supply chain integration capabilities are expected to support PUMA's business recovery in Greater China [3]

智通财经APP获悉，香港联交所最新资料显示，1月30日，大健康国际(02211)股东将股票由粤商国际证 券转入中国银河证券香港，转仓市值9813.59万港元，占比17.24%。 大健康国际1月多次出现大手存转仓记录。香港联交所最新资料显示，1月20日，3044.03万股股票于当 日被存入粤商国际证券，该笔存仓股份市值3926.79万港元；1月26日，大健康国际股东将股票存入招银 国际证券，存仓市值5098.28万港元，占比12.43%。此外，1月28日，大健康国际股东将股票由富途证券 国际香港转入宝新证券，转仓市值3035.37万港元；1月29日，大健康国际股东将股票由粤商国际证券转 入香港上海汇丰银行，转仓市值8551.5万港元，占比14.68%。 ...

Core Viewpoint - The report from China Galaxy Securities indicates that since Q3 2025, the preference for the banking sector has remained relatively low, with recent passive fund outflows causing disturbances in the banking sector's funding environment. It is expected that the redemption outflow space will narrow, opening a low-valuation configuration window for banks [1]. Group 1: Market Trends - The market style has shifted, with active funds continuing to underweight the banking sector, maintaining a low preference level. As of Q4 2025, the total market value of active funds' holdings in banks was 30.545 billion yuan, accounting for 1.88%, a slight increase of 0.07 percentage points quarter-on-quarter, yet still at a near five-year low. The underweight ratio expanded to 8.88%, up 0.5 percentage points [1]. - Since Q3 2025, there has been a notable rotation in market sectors, with active funds favoring sectors such as non-ferrous metals, communications, and non-bank financials, which saw increases in holdings of 2.07 percentage points, 1.89 percentage points, and 1.03 percentage points respectively. In contrast, the banking sector experienced a decline of 7.68% [1]. Group 2: Fund Flows and Impact - The recent adjustment in the banking sector is primarily attributed to passive fund outflows, with net outflows from stock ETFs reaching 757.99 billion yuan in January 2026. The estimated net outflow from the banking sector due to these redemptions is approximately 83.14 billion yuan [2]. - The largest four CSI 300 ETFs have seen their market shares drop below the top ten holders' shares from the first half of 2025, with an average reduction of about 43%. Although selling pressure remains, the narrowing of redemption outflow space is expected to lessen its impact on the banking sector [2]. Group 3: Long-term Investment Outlook - The influence of long-term funds on the pricing of the banking sector is becoming more pronounced, with the impact of both active and passive public funds diminishing. Long-term funds, such as insurance capital, are expected to stabilize and potentially elevate the valuation of the banking sector, creating opportunities for rebound [3]. - The average dividend yield for A-share banks is currently 4.62%, maintaining its attractiveness for long-term investors. The expectation of steady credit growth and improved liability cost optimization is likely to support a narrowing of interest margin declines, enhancing the outlook for the banking sector [3]. - Historically, the proportion of northbound funds in the banking sector tends to increase in Q1 compared to Q4 of the previous year, with an average increase of 1.07 percentage points over the past five years, excluding 2023. Certain joint-stock banks are expected to benefit more from this increased foreign allocation [3].