Quantitative Models and Construction Methods 1. Model Name: Sentiment Model - **Model Construction Idea**: The sentiment model is designed to measure the strength of market sentiment using factors related to limit-up and limit-down stocks[14] - **Model Construction Process**: The model uses factors such as the proportion of net limit-up stocks, next-day returns of limit-down stocks, proportion of limit-up stocks, proportion of limit-down stocks, and high-frequency board-hitting returns. These factors are aggregated to calculate a sentiment score, with a maximum score of 5. The sentiment score for the current period is 0[14][18] - **Model Evaluation**: The sentiment model indicates that the market sentiment remains low, reflecting weak investor confidence[14][18] 2. Model Name: Moving Average Strength Index - **Model Construction Idea**: This model evaluates the strength of market trends by calculating the moving average strength index based on secondary industry indices[14] - **Model Construction Process**: The moving average strength index is calculated using the performance of secondary industry indices. The current market score is 181, which corresponds to the 62.50th percentile since 2023[14] - **Model Evaluation**: The index suggests that there is still significant room for downward movement in the market[14] 3. Model Name: High-Frequency Capital Flow Model - **Model Construction Idea**: This model uses high-frequency capital flow data to generate buy and sell signals for major broad-based indices[14] - **Model Construction Process**: The model tracks the capital flow trends of indices such as CSI 300, CSI 500, CSI 1000, and CSI 2000. The signals for all indices are currently negative, indicating a bearish outlook[14][18] - **Model Evaluation**: The model shows that all major broad-based indices have turned negative, reflecting weak market conditions[14][18] --- Model Backtesting Results 1. Sentiment Model - Sentiment score: 0 (out of 5)[14][18] 2. Moving Average Strength Index - Current score: 181 (62.50th percentile since 2023)[14] 3. High-Frequency Capital Flow Model - CSI 300: Negative signal - CSI 500: Negative signal - CSI 1000: Negative signal - CSI 2000: Negative signal[14][18] --- Quantitative Factors and Construction Methods 1. Factor Name: Factor Crowding Index - **Factor Construction Idea**: The factor crowding index measures the degree of crowding in specific factors, which can serve as a warning for factor inefficiency[19] - **Factor Construction Process**: The index is calculated using four metrics: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. The composite score is derived from these metrics. For example, the crowding scores for small-cap, low-valuation, high-profitability, and high-growth factors are 0.06, -0.31, -0.01, and 0.28, respectively[19][20] - **Factor Evaluation**: The crowding index provides insights into the potential inefficiency of factors due to excessive capital allocation[19] --- Factor Backtesting Results 1. Factor Crowding Index - Small-cap factor crowding score: 0.06 - Low-valuation factor crowding score: -0.31 - High-profitability factor crowding score: -0.01 - High-growth factor crowding score: 0.28[19][20]

Quantitative Models and Construction Methods 1. Model Name: Sentiment Model - **Model Construction Idea**: The sentiment model is designed to measure the strength of market sentiment using factors related to limit-up and limit-down stocks[14] - **Model Construction Process**: The model incorporates factors such as the proportion of net limit-up stocks, next-day returns of limit-down stocks, proportion of limit-up stocks, proportion of limit-down stocks, and high-frequency board-hitting returns. These factors are aggregated to generate a sentiment score, with a maximum score of 5. The sentiment score for the current period is 0[14][18] - **Model Evaluation**: The sentiment model indicates weak market sentiment, as reflected by the score of 0[14][18] 2. Model Name: Moving Average Strength Index - **Model Construction Idea**: This model evaluates the strength of market trends by calculating the moving average strength index based on secondary industry indices[14] - **Model Construction Process**: The moving average strength index is calculated using the performance of secondary industry indices. The current market score is 181, which corresponds to the 62.50th percentile since 2023[14] - **Model Evaluation**: The model suggests that the market still has significant downside potential[14] 3. Model Name: High-Frequency Capital Flow Model - **Model Construction Idea**: This model uses high-frequency capital flow trends to generate buy and sell signals for major broad-based indices[14] - **Model Construction Process**: The model tracks high-frequency capital flows and generates signals for indices such as CSI 300, CSI 500, CSI 1000, and CSI 2000. The signals for all indices are currently negative, indicating a bearish outlook[14][18] - **Model Evaluation**: The model shows a bearish signal across all major indices, reflecting weak market conditions[14][18] --- Model Backtesting Results 1. Sentiment Model - Sentiment score: 0 (out of 5)[14][18] 2. Moving Average Strength Index - Current score: 181 (62.50th percentile since 2023)[14] 3. High-Frequency Capital Flow Model - CSI 300: Negative signal - CSI 500: Negative signal - CSI 1000: Negative signal - CSI 2000: Negative signal[14][18] --- Quantitative Factors and Construction Methods 1. Factor Name: Factor Crowding Indicator - **Factor Construction Idea**: The factor crowding indicator measures the degree of crowding in specific factors, which can serve as a warning for factor underperformance[19] - **Factor Construction Process**: The indicator is calculated using four metrics: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. These metrics are aggregated to produce a composite crowding score for each factor. For example: - Small-cap factor crowding score: 0.06 - Low-valuation factor crowding score: -0.31 - High-profitability factor crowding score: -0.01 - High-growth factor crowding score: 0.28[19][20] - **Factor Evaluation**: The crowding scores indicate varying levels of crowding across factors, with low-valuation and high-profitability factors showing negative scores, suggesting potential underperformance[19][20] --- Factor Backtesting Results 1. Factor Crowding Indicator - Small-cap factor crowding score: 0.06 - Low-valuation factor crowding score: -0.31 - High-profitability factor crowding score: -0.01 - High-growth factor crowding score: 0.28[19][20]

Investment Rating - The report maintains a positive outlook on the communication equipment and services industry, particularly focusing on investment opportunities in CPO and related supply chain companies [3][11]. Core Insights - North American cloud vendors have reported better-than-expected earnings, with significant capital expenditure guidance increases from major players like Google and Amazon, indicating strong growth in the AI computing industry chain [3][11]. - The report highlights the rapid growth of the optical communication industry driven by AI applications, with leading companies achieving record highs in stock performance [6][9]. - The transition from Scale-OUT to Scale-UP in optical applications is emphasized, suggesting a broadening of application scenarios and increased demand for optical modules and components [6][9]. Summary by Sections Weekly Viewpoint - The optical communication sector is experiencing unprecedented growth, with major cloud companies significantly increasing capital expenditures, leading to a strong performance in the optical communication supply chain [9]. - The report notes that while the market is currently experiencing fluctuations, long-term investment opportunities are becoming more apparent, particularly in the context of rising prices for optical fibers and components [9]. Industry News - Major cloud service providers like Google and Amazon have substantially raised their capital expenditure forecasts for 2026, with Google estimating between $175 billion and $185 billion, nearly double that of 2025, and Amazon projecting around $200 billion, a 50% increase from the previous year [11][24][25]. - The report discusses the implications of a recent tax increase on value-added services in China, which may impact the revenue and profit margins of major telecom operators [12]. Investment Highlights - The report indicates that the proportion of holdings in the optical communication sector has increased, reflecting a positive market sentiment driven by AI-related infrastructure investments [11][41]. - The domestic new generation computing infrastructure is set to enter a new cycle, with significant opportunities arising from the ongoing global infrastructure wave [11][41]. - The report suggests that the AI-driven network upgrades will enhance communication capabilities, leading to rapid advancements in network innovation and technology applications [11][41].

Investment Rating - The report rates the industry as "Buy" [4] Core Insights - Optimus is expected to become the first von Neumann machine, with a target annual production of one million units by 2026, marking a significant advancement in the robotics industry [2][5] - The report emphasizes the transition of robots from "being able to move" to "being able to act" through the development of force control technology, which is crucial for human-like robots [5][34] - Investment focus should be on robot manufacturers and core component suppliers, including actuators, motors, reducers, and sensors, highlighting specific companies for potential investment [5][46] Summary by Sections Industry News and Company Dynamics - Tesla's Optimus is set to be the first von Neumann machine, capable of establishing civilization on suitable planets, with a significant upgrade in its learning capabilities through observation of human behavior [8] - The Indian company Muks Robotics has launched its first humanoid robot, SPACEO-M1, indicating a global expansion of humanoid robot development [9] - Faraday Future has entered the robotics sector with three new products, aiming to deliver them immediately, marking a strategic shift for the company [11] Investment Recommendations - The report suggests focusing on key robot manufacturers and core component suppliers, recommending specific companies for investment in various categories such as actuators, reducers, and sensors [5][46] - Notable recommended companies include Zhaowei Electric, Hengli Hydraulic, and Unibot, among others [5][46] Force Control Technology - Force control technology is identified as a critical support for humanoid robots, enabling them to interact with their environment more effectively [34][35] - The report discusses two main technical solutions for force control: current loop-based and torque sensor-based, with the latter expected to dominate in humanoid robotics due to its higher precision [36][37] Financing Dynamics - Significant financing activities are noted in the robotics sector, with companies like LingMonkey Robotics and LimX Dynamics securing substantial funding to enhance their technological capabilities and production capacity [31][33]

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival season. The performance of high-end liquor, particularly Moutai, has rebounded, boosting market confidence. The focus is on growth in consumer staples and the recovery of the Consumer Price Index (CPI) [3][4] Summary by Sections Investment Recommendations - The report suggests that with the stabilization of real estate expectations and positive changes in cyclical consumption, the following stocks are recommended: 1. High-end liquor with price elasticity: Guizhou Moutai, Wuliangye, Luzhou Laojiao, and potential clearance stocks: Yingjia Gongjiu, Gujing Gongjiu, Shanxi Fenjiu, Jianshiyuan, Zhenjiu Lidu, Shede Liquor, and Jinhui Liquor 2. Beverages benefiting from travel: Dongpeng Beverage, Nongfu Spring (Hong Kong), with a focus on undervalued high-dividend stocks: China Foods (Hong Kong), Master Kong Holdings (Hong Kong), and Uni-President China (Hong Kong) 3. Growth stocks in snacks and food raw materials: Recommended are Bailong Chuangyuan, Weilong Delicious (Hong Kong), Yanjinpuzi, and Ximai Foods 4. Beer recommendations include Qingdao Beer, Zhujiang Beer, and Bairun Co., with China Resources Beer (Hong Kong) 5. Seasoning and catering are expected to recover, with recommendations for Qianhe Flavor Industry, Baoli Foods, Babi Foods, Anjii Foods, Haitian Flavoring, Angel Yeast, Yili Group, New Dairy, Youran Pastoral (Hong Kong), and Modern Dairy (Hong Kong) [4][7] Liquor Sector - The high-end liquor sector is leading the market, with Moutai's sales boosting confidence. The report notes that the liquor sector has seen significant gains recently, attributed to positive data and market sentiment. Moutai's monthly active users exceeded 15.31 million in January, with over 2.12 million transactions, indicating a recovery in channel sentiment [8][9] - The report anticipates that the liquor industry is at the bottom of its cycle, with potential catalysts for stock prices from improvements in market conditions, price increases, and inventory reductions. If positive trends in price, sales, and inventory continue post-Spring Festival, further catalysts may emerge [9] Consumer Staples - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the domestic market for allulose, benefiting leading companies like Bailong Chuangyuan. The report highlights the potential for growth driven by health-conscious consumption trends [10][11] - The catering supply chain is expected to recover, with the report noting that the competition in the catering industry has reached a low point, and demand is anticipated to improve. The report also mentions that Babi Foods has shown positive growth, with a revenue of 1.859 billion in 2025, up 11.22% year-on-year, and a net profit of 245 million, up 16.49% year-on-year [11]

公 司 研 究 电动智能化稳步推进，计划回购强信心 长安汽车(000625) ——长安汽车公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 张觉尹(分析师) | 021-23185705 | zhangjueyin@gtht.com | S0880525040057 | | 潘若婵(分析师) | 021-23154145 | panruochan@gtht.com | S0880525110006 | 本报告导读： 运输设备业[Table_Industry] /可选消费品 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格： | 13.47 | | [Table_Market] 交易数据 | | | --- | --- | | 52 周内股价区间(元) | 11.01-14.18 | | 总市值(百万元) | 1 ...

英日加强聚变合作，国力电子与合肥能源研究院共建联合 实验室 ——可控核聚变行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 黄龙(分析师) | 021-38031028 | huanglong@gtht.com | S0880525070027 | 核电设备《FIA 发布 "欧洲聚变能源：行动倡 议"， 四川"聚变产投"正式运营》2026.02.01 核电设备《韩国扩大聚变研发预算，General Fusion 拟借壳上市》2026.01.25 核电设备《2026 核聚变能科技与产业大会开幕， 星环聚能完成 10 亿元 A 轮融资》2026.01.18 核电设备《英伟达与西门子联手 CFS 打造聚变数 字孪生体，洪荒 70 完成 120 秒稳态长脉冲等离子 体运行》2026.01.11 核电设备《欧盟聚变战略发布在即，美德联手攻 克聚变激光技术瓶颈》2025.12.29 股 票 研 究 ...

英日加强聚变合作，国力电子与合肥能源研究院共建联合 实验室 ——可控核聚变行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 黄龙(分析师) | 021-38031028 | huanglong@gtht.com | S0880525070027 | 本报告导读： 上周（2026/2/2-2026/2/6）可控核聚变领域动态：英日发布联合声明将聚变列为重要 合作方向；国 力 电子 与合 肥 能源 研究 院共 建联 合实 验 室， 新西 兰 OpenStar Technologies 获得政府注资。 投资要点： [Table_Report] 相关报告 核电设备《FIA 发布 "欧洲聚变能源：行动倡 议"， 四川"聚变产投"正式运营》2026.02.01 核电设备《韩国扩大聚变研发预算，General Fusion 拟借壳上市》2026.01.25 核电设备《2026 核聚变能科技与产业大会 ...

Investment Rating - The report assigns an "Accumulate" rating for the food and beverage industry [1] Core Insights - Recent policies have strengthened consumer expectations, leading to marginal improvements in consumption during the Spring Festival peak season. The performance of high-end liquor, particularly Moutai, has rebounded, and the stability in pricing has improved market sentiment [3][4] - The report highlights the potential for recovery in the food and beverage sector, driven by improved domestic demand and consumption patterns as the Spring Festival approaches [4][7] Summary by Sections Investment Recommendations - The report suggests focusing on high-end liquor stocks with price elasticity, recommending companies such as Guizhou Moutai, Wuliangye, and Luzhou Laojiao. It also identifies potential stocks for gradual clearance, including Yingjia Gongjiu and Gujing Gongjiu [7] - Beverage companies are expected to benefit from favorable travel conditions, with recommendations for Dongpeng Beverage and Nongfu Spring. Low valuation and high dividend stocks like China Foods and Master Kong are also highlighted [7] - For snacks and food raw materials, recommended stocks include Bailong Chuangyuan and Weilong [7] - Beer recommendations include Qingdao Beer and Zhujiang Beer, while condiment and catering sectors are expected to recover, with recommendations for Qianhe Flavor Industry and Baoli Food [7] Liquor Sector Insights - The high-end liquor sector is leading market sentiment, with Moutai's sales data boosting confidence. The report notes that Moutai's monthly active users exceeded 15.31 million, with over 2.12 million orders in January [8][9] - The liquor industry is currently at a cyclical bottom, with expectations for recovery in sales and pricing as the Spring Festival approaches. Positive trends in inventory and demand could catalyze stock prices further [9] Consumer Goods Insights - The approval of D-allohexose-3-epimerase as a food additive is expected to expand the market for this product, benefiting leading companies like Bailong Chuangyuan. The report anticipates significant growth potential for this company [10][11] - The catering supply chain is expected to recover, with companies like Baobi Food showing promising growth driven by new store formats. The report notes Baobi's revenue of 1.859 billion in 2025, a year-on-year increase of 11.22% [11]

Investment Rating - The report maintains a "Buy" rating for Changan Automobile [2][5] Core Views - Changan Automobile announced a share buyback plan of 1-2 billion yuan, reflecting strong confidence in its long-term strategic layout and intrinsic value [2][11] - The company is steadily advancing its electrification and intelligence strategies, with a projected total sales target of 3.3 million vehicles in 2026, representing a year-on-year increase of 13.3% [11] - The report anticipates earnings per share (EPS) of 0.56 yuan, 0.79 yuan, and 1.01 yuan for the years 2025, 2026, and 2027 respectively, with a target price of 13.47 yuan based on a 17x PE ratio for 2026 [11][12] Financial Summary - Total revenue is projected to grow from 151.3 billion yuan in 2023 to 234.1 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16.6% [4][12] - Net profit attributable to shareholders is expected to decline from 11.3 billion yuan in 2023 to 5.5 billion yuan in 2025, before recovering to 10.0 billion yuan in 2027 [4][12] - The company’s net asset return rate is forecasted to improve from 15.8% in 2023 to 10.2% in 2027 [4][12] Sales and Production Outlook - In 2025, Changan's cumulative sales reached 2.913 million vehicles, a year-on-year increase of 8.5%, with new energy vehicle sales growing by 51.1% to 1.109 million units [11] - The company plans to enhance its new energy product lineup, targeting 1.4 million new energy vehicles in 2026, which is a 26.2% increase year-on-year [11] Strategic Developments - Changan has launched its sodium-ion battery strategy and introduced its first mass-produced vehicle equipped with this technology, aiming to enhance its competitive edge in the electric vehicle market [11] - The company is also advancing its high-level intelligent driving and robotics initiatives, having received a formal license for L3 autonomous driving, indicating its readiness for market-scale operations [11]