基金研究 | 专题报告 沃土生金春潮起，农业擎旗续周期 行业 ETF 配置系列报告之一 研究结论 风险提示 宏观经济与产业政策变化超预期风险、主题炒作风险、量化模型滞后性风险等。本报告 结论完全基于公开的历史数据进行计算，对基金产品和基金管理人的研究分析结论并不 预示其未来表现，也不能保证未来的可持续性，亦不构成投资收益的保证或投资建议。 本报告不涉及证券投资基金评价业务，不涉及对基金产品的推荐，亦不涉及对任何指数 样本股的推荐。 报告发布日期 2026 年 02 月 03 日 | 东春鸣 | 执业证书编号：S0860525100002 | dongchunming@orientsec.com.cn | | --- | --- | --- | | 021-63326320 | 王继恒 | 执业证书编号：S0860525090004 | | wangjiheng@orientsec.com.cn | 0755-82819271 | | 主动权益基金仓位跟踪周报(20260130) 2026-02-02 主动权益基金仓位跟踪周报(20260123) 2026-01-26 多视角看近期 ETF 市场持续放量现象 2 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The report highlights the significant commercial value of extrahepatic delivery technology for small nucleic acid drugs, which is expanding from liver diseases to multiple disease areas. Domestic companies are rapidly developing multi-target drugs and extrahepatic delivery platforms, which are expected to accelerate the release of potential clinical value [3][8] - The report emphasizes that multinational corporations (MNCs) are intensifying their focus on next-generation delivery platforms, moving from "liver validation" to "multi-organ expansion." This shift is crucial as it addresses unmet clinical needs in various tissues such as fat, muscle, central nervous system, heart, and kidneys [8] - The report indicates that 2026 is a pivotal year for small nucleic acid therapies, with domestic innovative drugs expected to become core assets for transactions. Domestic companies have accumulated rich experience in chemical modifications and liver-targeted delivery technologies, covering high-value areas such as hyperlipidemia, hypertension, hepatitis B, and weight loss [8] Summary by Sections Industry Overview - The report focuses on the pharmaceutical and biotechnology industry in China, specifically on small nucleic acid drugs and their evolving delivery technologies [5][6] Investment Recommendations and Targets - The report lists several investment targets, including: - YK Pharma (688658, Buy) - Hengrui Medicine (600276, Buy) - Xinda Biopharma (01801, Not Rated) - Other companies such as Chengdu XianDao (688222, Not Rated), Reborn Biotech (06938, Not Rated), and others [3]

Group 1 - The report indicates that the recent market adjustment pressure has been released, leading to a rebound, with popular sectors experiencing valuation recovery after a rapid decline [6] - The report maintains a cautiously optimistic view for February, suggesting that while the A-share index may struggle, there is potential for valuation recovery in the H-share market [6] - The report emphasizes the importance of mid-cap blue-chip stocks with medium risk characteristics, particularly in the agricultural sector, which is expected to continue its strength [6] Group 2 - The report highlights that during the "14th Five-Year Plan" period, China's wind and solar installations are expected to maintain high growth rates, with specific segments like offshore wind power and perovskite solar cells showing significant growth potential [6] - It forecasts that energy storage installations will achieve over 50% growth by 2025, driven by the high demand for renewable energy [6] - The report identifies high-growth technology-related stocks in the renewable energy sector as key investment opportunities [6] Group 3 - The report discusses the upcoming mass production of humanoid robots by Tesla, indicating increased certainty in this area, particularly regarding dexterous hands and the humanization of robots [4] - It suggests that the demand for components such as sensors and flexible protective layers will rise as robots become more human-like [4] - The report points out that companies with proven manufacturing and management capabilities in automotive and engineering machinery parts are likely to gain higher market shares [4]

Investment Rating - The report maintains a "Positive" investment rating for the media industry in China, indicating an expectation of returns exceeding the market benchmark by over 5% [3][12]. Core Insights - The application of AI in the gaming industry is transitioning from B2B to B2C, with many high DAU games leveraging natural language AI game engines to drive user co-creation, resulting in significant growth in both game content and DAU [6]. - The report highlights key companies with advantages in gaming channels and high DAU, recommending Tencent Holdings (00700, Buy), NetEase-S (09999, Buy), and others for investment [6]. - The report emphasizes the importance of companies with significant project reserves for the year, suggesting a focus on 37 Interactive Entertainment (002555, Accumulate) and Perfect World (002624, Accumulate) [6]. Summary by Sections Industry Overview - The report discusses the impact of AI game editors, noting that Tencent's "Peacekeeper Elite" has surpassed 33 million DAU, indicating a shift from B2B to C-end empowerment in the gaming AI engine sector [7]. Investment Recommendations - Companies recommended for investment include Tencent Holdings, NetEase-S, and others with strong positions in gaming channels and DAU [6]. - Companies with key project reserves for the year, such as 37 Interactive Entertainment and Perfect World, are also highlighted for potential investment [6]. Market Dynamics - The report notes that the domestic AI game editor technology is ready for commercial application, with companies like Tencent and NetEase leading the way in integrating AI tools into high DAU games [7]. - The report assesses the limitations of overseas models like Genie3, indicating that they currently lack the necessary support for B-end game production and have uncertain playability for C-end users [7].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Viewpoints - The significance of the "three red lines" policy has diminished, suggesting that its policy objectives have largely been achieved, and the industry is transitioning from a "high-risk" model to high-quality development. Regulatory focus has shifted from preventing debt crises to stabilizing market expectations [3][7]. - Recent market data shows that the real estate sector index underperformed compared to the CSI 300 index, with a weekly decline of 2.2% and a relative return of -2.3% [3][8]. - New home sales in 30 cities increased by 23% compared to the previous week, totaling 141 million square meters, although year-to-date sales are down 24% [3][8]. Summary by Sections Market Performance - The real estate sector index has shown a weekly decline of 2.2%, underperforming the CSI 300 index by 2.3% [3][8]. - New home sales in 30 cities reached 141 million square meters, a 23% increase from the previous week, but a 24% decrease year-on-year [3][8]. Sales Data - New home sales increased in the fifth week compared to the fourth week, while second-hand home sales slightly decreased. The new home sales in 30 cities showed a 23% week-on-week increase, but a 24% year-to-date decline [3][8]. - Second-hand home sales in 18 cities totaled 17,000 units, a 2% decrease from the previous week, but a 14% year-to-date increase [3][8]. Investment Recommendations - The report suggests focusing on three categories of investment opportunities: 1. Quality developers with low historical burdens and strong sales growth expectations [4]. 2. Commercial real estate operations, particularly shopping centers that can maintain growth in a slowing economy [4]. 3. Real estate brokerage platforms that benefit from scale and brand advantages, which can enhance performance during market recovery [4].

研究结论 固定收益 | 专题报告 中等期限票息品种还可继续挖掘 2026 年 2 月小品种策略 风险提示 政策变化超预期；信用风险暴露超预期；ABS 发行及投资热度不及预期；数据统计可能 存在遗误 报告发布日期 2026 年 02 月 03 日 | 齐晟 | 执业证书编号：S0860521120001 | | --- | --- | | | 香港证监会牌照：BXF200 | | | qisheng@orientsec.com.cn | | | 010-66210535 | | 杜林 | 执业证书编号：S0860522080004 | | | dulin@orientsec.com.cn | | | 010-66210535 | | 王静颖 | 执业证书编号：S0860523080003 | | | wangjingying@orientsec.com.cn | | | 021-63326320 | | 徐沛翔 | 执业证书编号：S0860525070003 | | | xupeixiang@orientsec.com.cn | | | 021-63326320 | | 结汇如何影响资金面和存单：固定收益市 | ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry, indicating an expectation of performance that is stronger than the market benchmark index by over 5% [5]. Core Viewpoints - The significance of the "three red lines" policy has diminished, suggesting that its policy objectives have largely been achieved. The industry is transitioning from a "high-risk" model to a focus on high-quality development, with regulatory emphasis shifting from preventing debt crises to stabilizing market expectations [3][7]. - Recent market data shows that the real estate sector index underperformed compared to the CSI 300 index, with a weekly decline of 2.2% and a relative return of -2.3% [3][8]. - New home sales in 30 cities increased by 23% compared to the previous week, totaling 141 million square meters, although year-to-date sales are down 24% [3][8]. Summary by Sections Market Performance - The real estate sector index has shown a weekly decline of 2.2%, underperforming the CSI 300 index by 2.3% [3][8]. - New home sales increased to 141 million square meters in the fifth week, a 23% rise from the fourth week, but year-to-date sales are down 24% [3][8]. Sales Data - New home sales in 30 cities increased, while second-hand home sales slightly decreased. The new home sales volume reflects a 23% increase week-on-week, but a 24% decrease year-on-year [3][8]. - Second-hand home sales in 18 cities totaled 17,000 units, a 2% decrease from the previous week, but a 14% year-on-year increase [3][8]. Investment Recommendations - The report suggests focusing on three categories of investment opportunities: 1. Quality developers with low historical burdens and strong sales growth expectations [4]. 2. Commercial real estate operations, particularly shopping centers that can maintain growth in a slowing economy [4]. 3. Real estate brokerage platforms that leverage scale and brand advantages for strong bargaining power [4].

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are experiencing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is under pressure from mainstream storage, leading to a sustained tight supply situation [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included in the investment targets [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to rise by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases anticipated for Server DRAM and Enterprise SSDs [7] - The AI inference process is expected to significantly alter data center storage structures, leading to increased demand for active data storage [7] Niche Storage Supply - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in tight supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]

资产配置 | 定期报告 研究结论 | 报告发布日期 | | --- | 报告发布日期 2026 年 02 月 03 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | | 周仕盈 | 执业证书编号：S0860125060012 | | | zhoushiying@orientsec.com.cn | | | 021-63326320 | | 预期的变化利好中盘蓝筹：20260126A 股 | 2026-01-28 | | --- | --- | | 风格及行业配置周报 | | | 美/日风险评价上升，贵金属及低风险特征 | 2026-01-26 | | 权益占优：20260126 多资产配置周报 | | | CTA 策略仍强，指增和中性策略回暖： | 2026-01-22 | | 20260119 多策略及理财配置周报 | | | 风偏继续向中间集中：20260119 多资产配 | 2026-01-20 | | 置周报 | | | 以对冲配置思路应对美股/黄 ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The demand for AI computing power is driving a persistent shortage in storage [2][8] - Major storage companies are showing strong performance, with AI demand expected to continue creating incremental opportunities [6] - The supply of niche storage is expected to remain tight due to pressure from mainstream storage products [7] Summary by Sections Investment Recommendations and Targets - Key investment targets include domestic storage chip design companies such as Zhaoyi Innovation, Puran, Jucheng, Dongxin, Beijing Junzheng, and Hengsuo [2][8] - Domestic storage module manufacturers like Jiangbolong, Demingli, and Baiwei Storage are also highlighted [2] - Companies benefiting from storage technology iterations include Lanke Technology, Lianyun Technology, and Aojie Technology [2] - Semiconductor equipment firms such as Zhongwei Company, Jingzhida, and Beifang Huachuang are recommended [2] - Domestic packaging and testing companies like Shentek, Huicheng, and Tongfu Microelectronics are included [2] - Supporting logic chip manufacturers such as Jinghe Integration are also mentioned [2] Market Dynamics - TrendForce has revised upward the price growth rates for DRAM and NAND Flash products for the first quarter, with DRAM contract prices expected to increase by 90-95% and NAND Flash by 55-60% [7] - AI computing demand is becoming the dominant factor in storage demand, with significant price increases expected for server DRAM and Enterprise SSDs [7] - The AI inference process is anticipated to change data center storage structures, leading to increased demand for active data storage [7] Niche Storage Outlook - Niche storage products like NOR Flash and MLC/SLC NAND Flash are expected to remain in short supply due to reduced production from major suppliers focusing on mainstream products [7] - The global capacity for MLC NAND Flash is projected to decrease by 41.7% in 2026 due to supply constraints [7]