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]

Economic Outlook - The report expresses stronger confidence in the Chinese economy, stating it is "overall stable, with progress in high-quality development," while acknowledging challenges such as "strong supply and weak demand" [4] - The goal of "supporting the 14th Five-Year Plan for a good start" replaces the previous focus on "sustaining growth, employment, and expectations" [4] Monetary Policy - The main tone of monetary policy remains moderately accommodative, emphasizing the importance of stabilizing economic growth and ensuring reasonable price recovery [5] - The report indicates that the central bank will guide financial institutions to strengthen project reserves and credit issuance, reflecting a continued demand for credit growth [3] Currency and Financial Instruments - The report acknowledges the increased flexibility of the RMB exchange rate, with an expected appreciation of 4.4% against the USD by the end of 2025 [5] - By the end of 2025, the balance of asset management products sourced from the real sector is projected to reach CNY 56.3 trillion, a year-on-year increase of 9.7% [6] Asset Management Trends - Over 80% of asset management products are directed towards fixed-income assets, with a significant increase in interbank deposits and certificates of deposit, indicating a shift in investment strategy [6] - The proportion of asset management products allocated to fixed-income assets has risen by over 20 percentage points compared to the previous year, suggesting potential for future capital inflow into the stock market [6]

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][65]. Core Viewpoints - Precious Metals - Gold: As of February 6, the COMEX gold futures contract reached $4,988.60 per ounce, a 1.65% increase month-on-month. The SPDR Gold ETF decreased by 0.1% to 1,076 tons. Gold prices are expected to remain volatile in the short term, but the long-term outlook remains positive due to unresolved U.S. debt issues and weakening dollar credit [4]. - Industrial Metals: Industrial metals experienced a decline during the week. Copper prices fell by 3.45% to 100,100 yuan/ton, with domestic copper social inventory at 335,800 tons as of February 5. Aluminum prices dropped by 5.1% to 23,315 yuan/ton, with domestic aluminum social inventory at 836,000 tons. Tin prices decreased by 12.7% to 357,000 yuan/ton, with domestic social inventory at 9,389 tons. The demand for tin is expected to grow due to advancements in AI technology [5][6][7]. Summary by Sections 1. Nonferrous Metal Index Trends - As of February 6, 2026, the nonferrous metal index closed at 10,463.08 points, down 9.2% month-on-month. The precious metal index fell 17.4%, the industrial metal index decreased by 9.5%, and the energy metal index dropped by 3.9% [10]. 2. Precious Metals - Gold prices are expected to stabilize after recent fluctuations, with a long-term upward trend anticipated due to macroeconomic uncertainties and the weakening of the dollar's credit [4][64]. 3. Industrial Metals - **Copper**: The supply bottleneck is expected to persist, with long-term price support anticipated due to increasing demand from AI applications. Short-term price fluctuations are expected [6]. - **Aluminum**: The market is characterized by tight supply and strong demand, with a positive long-term outlook for aluminum prices [6]. - **Tin**: Tin is expected to benefit from increased demand due to its role in AI technology, despite recent price declines [6]. 4. Energy Metals - Lithium prices and inventory levels are being monitored closely, with significant fluctuations expected in the market [47]. 5. Investment Recommendations - The report suggests focusing on the gold, copper, and aluminum sectors. Specific companies to watch include Chifeng Jilong Gold Mining, Luoyang Molybdenum, and Tianshan Aluminum [7][64].

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [36] Core Insights - The space economy has a broad outlook, with commercial aerospace becoming a vital engine for economic growth and technological advancement, forming a competitive landscape among major global economies [4][9] - The global commercial aerospace market is expected to reach USD 500 billion by 2025, with a year-on-year growth of 4.1%, driven by low Earth orbit satellite networks, reusable rockets, and space economy derivative businesses [4][9] - China has submitted an application for 203,000 low Earth orbit satellite frequency resources, indicating a competitive race for orbital resources, with a consensus that the safe deployment limit is approximately 100,000 satellites [15][4] - The global rocket launch service market reached USD 16.45 billion in 2023, with a projected compound annual growth rate (CAGR) of 13% from 2023 to 2032, driven by large satellite constellation projects [26][4] Summary by Sections Market Overview - The global commercial aerospace market is entering a phase of "scale deployment, commercial deepening, and global competition," with significant growth expected in low Earth orbit satellite networks and reusable rockets [4][9] - The domestic commercial aerospace industry is optimizing resource allocation and expanding market applications, with a focus on satellite constellation construction [4][9] Industry Chain - The commercial aerospace industry chain includes multiple segments from research and development, manufacturing, launching, to application services, with upstream focusing on satellite and rocket components, midstream on rocket assembly and launch services, and downstream on satellite operations [10][4] Investment Recommendations - Companies in the aerospace industry are expected to benefit from the ongoing growth, with key players identified including Aerospace Power, Aerospace Hongtu, China Satellite, and others [34][4]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [25] Core Insights - The era of aerospace infrastructure is emerging, with laser interconnectivity constructing a space information highway. The rapid development of commercial aerospace companies like SpaceX and China's Xingwang is leading to the integration of isolated satellites and spacecraft into an efficient, intelligent, large-scale network. Laser inter-satellite links are a key technology in this field, enabling high-capacity, low-latency, and interference-resistant communication, which is expected to benefit significantly from the growth of commercial aerospace [4][5]. - The satellite laser communication industry chain is collaborating from laser devices to optical components. The upstream includes optical components, lasers, detectors, and precision mechanical structures; the midstream consists of laser communication terminal integrators, which supply downstream satellite platform companies. Both domestic and international companies are actively participating, with notable foreign players like SpaceX launching 3,190 Starlink V2 mini satellites in 2025, each equipped with four laser communication terminals [4][21]. - Investment recommendations highlight the increasing number of satellite launches and the accelerated deployment of satellite constellation plans, indicating a critical transition from technology validation to large-scale application for space high-speed communication networks. Satellite laser communication technology, with its advantages of high communication speed, strong anti-interference capability, good confidentiality, and low power consumption, is expected to become a mainstream technology, benefiting industry chain companies such as Aerospace Electronics, Changguang Huaxin, and others [4][21]. Summary by Sections Industry Overview - The global satellite landscape is characterized by a concentration of leading players, with the United States, Russia, and China forming the top tier. As of December 2025, the U.S. leads with 11,617 satellites in orbit, followed by Russia with 1,551 and China with 1,083. China's satellite launch numbers are steadily increasing, with 377 spacecraft launched in 2025, including 309 commercial satellites, marking a year-on-year increase of 54% [11][12]. Market Potential - The global satellite laser communication market is projected to reach $1.47 billion in 2026 and grow to $26.81 billion by 2035, with a CAGR of 38.23% from 2026 to 2035. The U.S. market is expected to be $340 million in 2025, while China's market is projected at $320 million [16]. Competitive Landscape - The U.S. is currently one of the fastest-growing countries in satellite laser communication, having completed technology validation in deep space communication. SpaceX has integrated laser communication payloads in its Starlink satellites, achieving data transmission rates exceeding 100 Mbit/s. In contrast, China has made significant advancements in laser communication technology over the past 20 years, achieving notable milestones such as the first satellite laser communication verification in 2011 [20][21].

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights significant developments in the wind and solar sectors, including a breakthrough in dry electrode technology by Elon Musk, which is crucial for reducing costs in liquid batteries and mass production of solid-state batteries [6] - The report notes that the wind power index decreased by 1.04%, outperforming the CSI 300 index by 0.30 percentage points, with a current PE_TTM valuation of approximately 27.71 times [4][11] - The solar sector saw a 3.36% increase in the photovoltaic equipment index, with the photovoltaic battery component index rising by 8.10% [4] Summary by Sections Wind Power - The European Commission has initiated an in-depth investigation into Goldwind Technology under the Foreign Subsidies Regulation (FSR), focusing on whether the company benefits from foreign subsidies in the EU market [5][10] - The report indicates that the impact of this investigation on China's wind turbine exports to Europe is limited in the short term, but it introduces uncertainty for future market entries [10] - The report maintains a positive outlook on China's competitive advantage in the wind power industry and its opportunities for international expansion [5][10] Solar Power - A major BC company, Aiko Solar, has signed a patent licensing agreement with Maxeon Solar, allowing Aiko to access all BC battery and component patents outside the U.S. for the next five years [5] - The total patent licensing fee amounts to RMB 1.65 billion, with the first-year payment set at RMB 250 million [5] - This agreement is expected to eliminate a significant barrier to Aiko's overseas sales and indicates high technical barriers in the BC technology sector [5] Energy Storage & Hydrogen - The report emphasizes the high demand for new energy storage solutions, recommending investments in domestic and international large-scale storage companies such as Sungrow Power, Haibo Shichuang, and Shuneng Electric [6] - In the lithium battery sector, the report suggests that the industry is emerging from a price decline cycle, with strong demand driving both volume and profit growth [6] - The report highlights the potential of dry electrode technology to significantly reduce costs and improve battery performance, which could create new opportunities in related equipment and materials [6]

——26年信贷市场工作会议召开，监管体系持续完善 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9日 1 证券研究报告 金融行业周报 重点聚焦 行业数据 • 2026年信贷市场工作会议召开，明确信贷资源重点流向 • 明确RWA监管框架，强化虚拟资产风险管理 • 国家金融监督管理总局发布《银行保险机构许可证管理办法》 • 本周银行、证券、保险、金融科技指数分别变动+1.70%、-0.65%、-0.71%、-0.57% • 银行：公开市场操作实现净回笼7560亿元，SHIBOR利率回落 • 证券：周度股基日均成交3.2万亿元 • 保险：十年期国债到期收益率环比上周下行0.10bps 核心观点 26年信贷市场工作会议召开，监管体系持续完善 1、2026年信贷市场工作会议召开，明确信贷资源重点流向。1月30日，中国人民银行召开2026年信贷市场工作会议，总结2025年工作，部署 落实结构性货币政策 ...

Investment Rating - The industry investment rating is "Outperform the Market" [24] Core Insights - Google's strong performance continues to validate the AI business model, with a robust CapEx guidance indicating ongoing commitment to AI investments [4][5][6] - In Q4 2025, Alphabet reported revenue of $113.828 billion (+18% Y/Y) and net profit of $34.455 billion (+30% Y/Y), with annual revenue surpassing $400 billion for the first time [6][7] - Google's cloud business showed significant growth, achieving $17.7 billion in revenue (+48% Y/Y) in Q4, with a substantial increase in operating profit margin to 30% [6][7][8] - The projected capital expenditure for 2026 is between $175 billion and $185 billion, representing a year-over-year growth rate of 91% to 102% [4][8] Summary by Sections Industry News and Commentary - Google's excellent performance continues to validate the AI business model, with strong CapEx guidance reflecting confidence in future investments [5][6] - The launch of Kuaishou's Keling AI 3.0 series models marks a significant advancement in AI's role in the core production of film and creative content [10] Company Announcements - Notable announcements include strategic investments by companies like Wanjing Technology and Tongdahai, focusing on AI applications in various sectors [13] Weekly Market Review - The computer industry index fell by 3.27% this week, underperforming the CSI 300 index, which declined by 1.33% [14][17] - As of the last trading day, the overall P/E ratio for the computer industry was 55.6 times, with 116 stocks rising, 2 unchanged, and 240 declining [17] Investment Recommendations - The report strongly recommends focusing on AI-related investment opportunities, highlighting companies in AI computing power and algorithms, such as Haiguang Information and Hengsheng Electronics [20]

平安观点： 观 报 告 宏 观 周 报 宏 2026 年 2 月 8 日 中国宏观周报（2026 年 2 月第 1 周） 二手房挂牌价恢复 证券分析师 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周春节临近，工业生产环比大多季节性走弱，工业品 价格指数环比回落。不过，年初以来二手房挂牌价逐步止跌，外贸港口吞 吐量及韩国、越南 1 月出口数据表现亮眼，体现外需支撑增强。 1. 工业：本周生产环比季节性走弱。1）原材料方面，本周日均铁水产量提 升，部分化工品开工率环比提升；水泥熟料产能利用率、浮法玻璃开工率、 石油沥青开工率、钢铁建材表观需求环比回落。2）中下游方面，本周纺织 聚酯开工率、织造业开工率季节性走弱；汽车半钢胎开工率、全钢胎开工 率环比回落。 2. 地产：二手房挂牌价抬升。1）销售方面，本周（截至 2 月 6 日）30 大中 城市新房销售面积同比快速增长，去年同期基数受春节假期拖累；年初以 ...

Investment Rating - The industry investment rating is "stronger than the market," indicating that the industry index is expected to outperform the market by more than 5% over the next six months [25]. Core Insights - The food and beverage sector has shown strong performance, with a notable recovery in sales for Moutai and stable price increases as the restaurant supply chain enters the peak season for the Spring Festival. The current market liquidity is ample, and macro consumption policies are expected to support a continued recovery in consumer demand [3][4]. - The tourism sector is experiencing a release of pent-up demand, with leading companies in travel and retail expected to benefit from improved sales as the Spring Festival approaches. Companies that can quickly adapt to changing consumer needs are recommended for investment [3]. - The beauty industry is growing steadily, with a focus on companies that can respond rapidly to market dynamics and integrate products, brands, and channels effectively [3]. - In the jewelry sector, there are promising investment opportunities in gold and jewelry brands that have the potential for market share growth and improving operational performance [3]. - The food and beverage sector is divided into high-end liquor, mid-range liquor, and local wines, with leading companies expected to gain market share due to their superior brand management and market strategies [3][17]. Summary by Sections Market Review - During the week of February 2-6, 2026, the CSI 300 index fell by 1.33%. The food and beverage sector rose by 4.44%, outperforming other sectors such as textiles and apparel (+2.23%) and home appliances (+1.15%) [4][5]. Social Services - The hotel market in first-tier cities shows structural differences, with Shenzhen experiencing significant growth in both occupancy rates and average room prices, while Beijing and Guangzhou face declines [9]. - Hainan's duty-free shopping reached 4.53 billion yuan in January 2026, with a 44.8% year-on-year increase in shopping amounts [9]. - The beauty category on Tmall saw a 24% year-on-year increase in sales in January 2026, indicating strong consumer interest [9]. Food and Beverage - Alcohol - Moutai's prices have increased, with the 2022 whole box price at 1,930 yuan per bottle, up 10 yuan from the previous week, and the 2022 bulk price at 1,880 yuan, up 40 yuan [17]. - The overall performance of liquor companies is expected to improve, with a focus on high-end and mid-range products [3][17]. Food and Beverage - Consumer Goods - The at-home dining market, represented by companies like Guoquan, is expanding, with a focus on product, channel, and supply chain integration [3]. - The dairy sector is seeing improvements in supply-demand relationships, with leading companies entering a recovery phase [3]. - The restaurant supply chain is entering the Spring Festival stocking season, with a stabilization in industry conditions [3].