行 业 报 告 行情走势图 相关研究报告 【平安证券】行业点评*房地产*北京优化房地产政 策，持续关注行业积极变化*强于大市20251224 【平安证券】行业周报*房地产*地产产业链关注度升 温，重申优质企业或具配置价值*强于大市20260125 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 王懂扬 投资咨询资格编号 S1060522070003 WANGDONGYANG339@pingan.com.cn 行业点评 上海优化房地产政策，持续关注行业积极变化 强于大市( 维持) 事项： 2月25日，上海市住房城乡建设管理委、市房屋管理局、市财政局、市税务 局、市公积金管理中心等五部门联合印发《关于进一步优化调整本市房地产政 策的通知》。 平安观点： 房地产 2026年02月25日 行 业 点 评 研 究 报 告 国际集团、滨江集团、中国海外发展、绿城中国、招商蛇口、保利发 展、越秀地产等。 风险提示：1）政策呵护不及预期风险：若后续政策呵护力度有限，楼市 修复、房企现金流压力改善持续性可能不足；2）二手房持续分流叠加高 品质住宅 ...

行 业 报 告 社会服务 2026年02月25日 行业动态跟踪报告 "史上最长"春节假期，出行消费蓬勃增长 强于大市( 维持) 行情走势图 相关研究报告 【平安证券】行业深度报告*社会服务*情绪消费专题 系列之二：OTA助力快乐出游*强于大市20251017 【平安证券】行业点评*社会服务*国庆中秋黄金周出 行半径增加，出入境游火热*强于大市20251009 【平安证券】行业半年度策略报告*社会服务*新世代 新需求 新消费*强于大市20250702 【平安证券】中国中免（601888.SH）*季报点评*收 入降幅继续收窄，静待销售回暖*推荐20251101 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 事项： 据文化和旅游部数据中心测算，2026年春节假日9天，全国国内出游5.96亿人 次，国内出游总花费8034.83亿元。 平安观点： 踪 报 告 证 券 | 旅游消费盘点报告》（下简称同程旅行报告）数据显示，今年春节假期 | | --- | | 期间主打传统特色"年味儿游"的前十大热门目的地依次为：汕头、福州、 | | 北京、赣 ...

行 业 报 告 险资配置跟踪系列（一） 2025 年核心权益资产增配显著 强于大市（维持） 行情走势图 非银行金融 相关研究报告 -15% -10% -5% 0% 5% 10% 15% 20% 25% 2025/02/24 2025/07/24 2025/12/24 非银金融 沪深300 【平安证券】行业年度策略报告-非银行金融-保险行 业 2026 年度策略：攻守兼备，乘势而上-强于大市 20251212 证券分析师 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 许 淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 平安观点： 证 券 研 究 报 告 行 业 动 态 跟 踪 报 告 2026 年 02 月 25 日 保险资金运用余额保持较快增长，债券增配节奏趋缓。截至 25Q4 末，保 险行业资金运用余额达 38.5 万亿元（YoY+15.7%），人身险和财产险公司 保险资金运用余额 37.1 ...

电子 2026 年 02 月 24 日 行业动态跟踪报告 AI 动态跟踪系列（十六）春晚机器人表演从预设程序走向自主决策 强于大市（维持） 行情走势图 证券分析师 杨钟 投资咨询资格编号 S1060525080001 y angzhong035@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 马年除夕夜，松延动力、宇树科技、魔法原子和银河通用等机器人公司纷纷登 上央视春晚，炫酷表演成为马年春晚舞台上全场亮点。 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 告 证 券 研 究 报 告 宇树春晚机器人马年秀出"赛博真功夫"， 集群武术表演成焦点。宇树科 技作为春晚机器人合作伙伴第三次登台亮相，携 G1 与 H2 人形机器人献 上全球首次全自主人形机器人集群武术表演《武 BOT》，演示了翻跟头、 舞棍、跑跳空翻、舞剑等武术特技动作，突破运动性能极限，刷新多个全 球第一次，包括全球第一次连续花式翻桌跑酷、全球第一次弹射空翻等。 其核心亮点在于全自主集群控制技术的首次亮相，同时实现了全球范围内 第一次集群快速跑位，其 ...

证券研究报告 金融行业周报 ——1月人民币贷款余额增速回落、交易所优化再融资举措 证券分析师 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2026年2月24日 1 核心观点 央行公布26年1月金融统计数据、沪深北交易所优化再融资举措 1、央行公布2026年1月金融统计数据。2月13日，央行发布2026年1月金融统计数据。1月末，新增人民币贷款4.71万亿元， 同比少增4200亿元，余额同比增速 6.1%，其中企（事）业单位贷款是主要支撑，住户贷款增长偏弱。社会融资规模增量达 7.22万亿元，超出市场预期，同比多增1662亿元，社融余额同比增速8.2%，对实体经济发放的人民币贷款仍是社融主力， 企业债券和政府债券融资同比明显多增。M2同比增长9.0%，M1同比增长4.9%，M0同比增长2.7%，整体货币环境保持宽松， 为稳增长提供了有力支撑。 2、央行发布《2025年第四季度中国货币政策执行报告》。2月10日，央行 ...

Employment Data - In January 2026, the U.S. added 130,000 non-farm jobs, significantly exceeding the expected 65,000 jobs, marking the highest monthly increase since July 2025[4] - The unemployment rate fell to 4.3%, lower than the anticipated 4.4%, indicating a stronger labor market than expected[9] Labor Market Dynamics - Job growth was primarily driven by the education and healthcare sectors (+137,000) and construction (+33,000), while other sectors showed limited or negative growth[5] - The labor force participation rate increased slightly to 62.5%, with the prime working age group (25-54 years) participation rising to 84.1%[11] Job Vacancies and Demand - Job vacancies decreased by 386,000 in December, leading to a vacancy rate of 3.9%, suggesting a continued decline in labor demand[11] - The Challenger Job Cut Index rose to 108,400 in January, indicating an increase in layoffs, although still within the range observed since April 2025[22] Interest Rate Expectations - Following the employment data release, expectations for interest rate cuts in the first half of 2026 significantly diminished, with the probability of a June rate cut dropping from 75.2% to 59.6%[25] - The 10-year U.S. Treasury yield rose by 3.47 basis points to 4.18% after the data release, reflecting market reactions to the stronger-than-expected employment figures[25] Inflation Outlook - The upcoming January CPI inflation data is critical, with market expectations suggesting potential seasonal factors may lead to higher-than-expected inflation[26] - If inflation does not cool down, the outlook for interest rate cuts in 2026 may face further challenges, although the overall expectation for two rate cuts in the second half remains unchanged[26]

Macro Perspective - Since 2025, China's economy has increasingly shown characteristics of "new and superior" development, with new productive forces being cultivated and diverse consumer preferences becoming more prominent[3] - High-tech manufacturing PMI was 52.0% in January 2026, consistently outperforming the overall manufacturing PMI of 49.3%[21] - High-tech industries' added value grew by 11.0% year-on-year in December 2025, exceeding the overall industrial enterprises' growth by 5.8 percentage points[21] Industry Perspective - Investment in advanced manufacturing, such as aerospace and automotive, grew by 16.9% and 11.7% respectively, outpacing overall manufacturing investment growth[25] - The information technology service sector saw an investment increase of 28.4%, maintaining over 25% growth for 11 consecutive months[25] - The revenue growth of strategic emerging services was 9.9%, while high-tech services grew by 8.6%, both surpassing the overall service sector growth of 7.8%[24] Market Perspective - As of January 2026, the market capitalization weight of the A-share information and communication sector reached 24%, surpassing financial and real estate sectors at 19%[3] - The market capitalization of A-share new economy MAG7 stocks is below that of US MAG7 stocks (20%+) and Hong Kong stocks (10+%), indicating room for growth[3] - The performance of A-share strategic emerging industries showed a profit growth of 15.5%, exceeding the overall non-financial A-share sector's growth of 13.8%[38] Outlook and Risks - The transition from old to new economic drivers is expected to accelerate, positioning new economic sectors as the main growth engine for China's economy[3] - Key investment areas include technology innovation and advanced manufacturing, particularly in AI and innovative pharmaceuticals[3] - Risks include potential market learning effects, unexpected tightening of macro and industrial policies, and significant changes in macroeconomic conditions and liquidity[3]

Export Trends - In 2025, China's export share remained stable at 13.6%, only down 0.7 percentage points from 2024, demonstrating global competitiveness[3] - The U.S. market accounted for 11.1% of China's exports, a decrease of approximately 3.5 percentage points from 2024, contributing to a 2.9% drag on overall export growth[3] - ASEAN, the EU, and Africa emerged as significant markets, with ASEAN's share rising to 17.6% and the EU's to 14.8%, offsetting declines in U.S. exports[10] Product Structure - The export structure showed a strong influence from overseas AI investments, with electric machinery and components contributing 2.3% to export growth in 2025[33] - The automotive sector, driven by Chinese EV companies, added approximately 0.7% to export growth, while traditional labor-intensive products negatively impacted exports by 0.6%[3] - Exports of intermediate and capital goods, particularly chemicals and machinery, performed well, contributing 1.2% to overall export growth[3] Import Dynamics - China's imports showed signs of recovery starting in Q2 2025, with significant contributions from Hong Kong, Taiwan, Japan, and South Korea[3] - High-tech intermediate goods, non-ferrous metals, and agricultural products were the main drivers of import growth, reflecting a shift towards higher value-added imports[3] - The overall import growth rate was 0.5% in 2025, with a notable decline in traditional energy imports and a focus on high-tech products[3] Future Outlook - For 2026, global trade is expected to continue expanding, albeit at a slower rate, with strong support for China's exports in non-U.S. markets[3] - Domestic demand is anticipated to show a mix of new and old growth drivers, with continued expansion of trade partnerships contributing to import growth[3] - Import prices are projected to rise moderately, leading to a gentle increase in overall import growth rates[3]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected performance that exceeds the market by more than 5% over the next six months [20]. Core Insights - The low Earth orbit (LEO) satellite network is being established, and direct-to-device (D2D) satellite services will be crucial for the integration of space and ground communication. This service allows mobile phones to connect directly to communication satellites without intermediary devices, providing voice, text, and data exchange services [3][4]. - The report identifies three technical routes for mobile direct connection, with the 3GPP NTN standard recognized as the future direction. The three routes include: 1. "New Phone + Old Satellite" - integrating dedicated satellite communication modules into smartphones, relying on existing satellite systems [11]. 2. "Old Phone + New Satellite" - using existing mobile communication technology to connect current 4G/5G phones directly to satellites [11]. 3. "New Phone + New Satellite" - following the 3GPP NTN standard, creating new low Earth orbit constellations that work with ground 5G networks [11][9]. - The global mobile direct connection industry is advancing rapidly, with significant developments from international players like SpaceX and AST SpaceMobile. In January, a partnership between Globe Telecom and Starlink marked the launch of DTC services in Southeast Asia, covering approximately 4% of the population in areas without ground network coverage [14][16]. - The report emphasizes the importance of mobile direct connection satellites as a key entry point for connecting the general public to space-based networks, highlighting the expected growth in demand for phased array antennas, terminal communication chips, and modules [17]. Summary by Sections Industry Overview - The report discusses the ongoing establishment of low Earth orbit satellite networks and the role of mobile direct connection satellites in expanding communication capabilities, addressing gaps in ground network coverage [3][4]. Technical Routes - Three main technical routes for mobile direct connection are outlined, with the 3GPP NTN standard being the most promising for future development [9][11]. International Developments - Significant progress in the mobile direct connection sector is noted, with various international companies making strides in D2D technology and partnerships [14][16]. Investment Recommendations - The report suggests a strong outlook for the mobile direct connection satellite sector within China's commercial aerospace industry, recommending a focus on investment opportunities in this area [17].

Group 1: CPI Analysis - In January 2026, the CPI increased by 0.2% year-on-year, a decrease of 0.6 percentage points from the previous month[1] - The impact of the Spring Festival on CPI was significant, with food prices contributing a decrease of approximately 0.11 percentage points[1] - Core CPI growth narrowed by 0.4 percentage points to 0.8% compared to the previous month[1] Group 2: PPI Analysis - The PPI decreased by 1.4% year-on-year in January 2026, with the decline narrowing by 0.5 percentage points from the previous month[1] - PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth, with an increase of 0.2 percentage points from the previous month[1] - The rise in international non-ferrous metal prices contributed 0.34 percentage points to the month-on-month PPI increase[1]