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].

证券研究报告 重申全年看好港资房企，关注港资商业 运营商 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2026年2月8日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：节后楼市走向仍为板块短期走势关键。本周申万地产板块微涨0.01%，当前市场对后续板块看法及楼市走向仍存分歧。部分投 资者认为在缺乏超预期政策支持背景下，楼市企稳仍存在不确定性，但同时又担心踏空板块上涨行情。我们认为在大盘波动加大、二手 房成交淡季不淡、房企业绩压力提前释放等背景下，短期板块向下风险有限，对楼市企稳存担忧但又担心踏空的投资者，我们认为可适 度配置历史包袱较轻、拿地及产品力强的优质房企，若后续楼市逐步企稳回升，优质房企资金及拿地能力强亦有望率先受益，若楼市持 续底部震荡，相关企业亦具备基本面支撑。 重申全年看好港资房企，关注港资商业运营商。本周新鸿基地产、恒基地产、信和置业上涨1.11%、2.76%、2.8%。重申全年看好港资房 企，我们在1月发布专题报告《香港商业地产逐步触底，标杆商业开发运营商梳理》，我们认为中国香港商业地产现触底信号，核心区写 字楼租金、空置率边际改善，零售物业租金降幅收窄， ...

证券研究报告 26Q1存储价格全面上涨， 看好存储大周期机会 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师：杨钟 S1060525080001（证券投资咨询） 郭冠君 S1060524050003（证券投资咨询） 邮箱： YANGZHONG035@pingan.com.cn GUOGUANJUN625@pingan.com.cn 2026年2月8日 请务必阅读正文后免责条款 核心摘要 存储周期持续上行，26Q1合约价延续涨价。根据TrendForce数据，由于AI与数据中心需求持续增长，导致全球存储产品 供需进一步失衡，存储原厂议价能力继续加强，预计26Q1整体DRAM合约价（包含HBM）将环比上涨80-85%，而整体 NAND Flash合约价则环比上涨55-60%。由于存储价格持续上涨，驱动行业产值逐年增加，预计2026年整体存储产业产 值将达5516亿美元，2027年有望同比+53%至8427亿美元。 一周行情回顾：本周，半导体行业指数出现下跌，周涨幅为-7.97%，跑输沪深300指数6.64个百分点；2025年年初以来， 半导体行业指数上涨58.59%，跑赢沪深300指数40.58个百 ...

非银行金融 2026 年 2 月 8 日 财富管理系列研究之五 居民资产再配置：低利率环境下的美日经验启示 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业年度策略报告*非银*证券行业 2026 年年度策略报告：提质增效，格局优化*强于 大市 20251216 【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 【平安证券】行业年度策略报告*银行*红利为盾， 盈利为矛*强于大市 20251210 证券分析师 袁喆奇 投资咨询资格编号 S1060520080003 YUANZHEQI052@pingan.com.cn 许淼 投资咨询资格编号 S1060525020001 XUMIAO533@pingan.com.cn 平安观点： 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 低利率环境持续，关注居民资产再配置进程。25 年以来居民存款搬家趋势持 续，12 月末非银存款占比达到 10.6%，较年初上行 1.2pct，12 月公募基金 规模同比增速同样达到 14.9%。根据央行三季度货币政策报告及"十五五" 规划建 ...

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector, indicating a positive outlook despite geopolitical uncertainties [1]. Core Insights - The oil price is expected to remain supported in the short term due to ongoing geopolitical tensions, particularly in the Middle East, with specific focus on Iran and the Russia-Ukraine conflict [6][7]. - The fluorochemical sector is anticipated to maintain high levels of activity due to supply constraints and favorable demand driven by policy support [6][7]. Summary by Sections Oil and Petrochemicals - Geopolitical tensions continue to create uncertainty, with recent developments involving Iran and the ongoing Russia-Ukraine conflict impacting oil prices [6]. - WTI crude futures fell by 3.27% and Brent crude futures by 3.75% during the reporting period [6]. - Domestic oil companies are diversifying their resource sources and integrating upstream and downstream operations to mitigate the impact of volatile oil prices [7]. Fluorochemicals - Supply quotas and favorable demand from policy support are expected to sustain high market activity [6]. - Prices for popular refrigerants R32 and R134a remain stable, with supply constraints leading to a tight market for certain products [6]. - The issuance of HFC production quotas for 2026 shows an increase, indicating a positive outlook for the sector [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving end-market fundamentals [7]. - The report suggests that the upward cycle in semiconductor materials, combined with domestic substitution, may lead to further price increases [7].

证券研究报告 行业周报 礼来替尔泊肽全线爆发，2025年合计贡献365亿美元 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽投资咨询资格编号:S1060525070003邮箱：ZHANGMENGGE752@PINGA ...

证券研究报告 A股策略周报: 节前博弈与长期布局如何权衡？ 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 请务必阅读正文后免责条款 2026年2月8日 1 ※ 核心观点|节前博弈与长期布局如何权衡？ 1 近期动态|政策跟踪：国常会研究促进有效投资措施，虚拟货币监管政策收紧 资料来源：商务部，市场监管总局，中国政府网，央行，国家药监局，证监会，工信部，平安证券研究所 3 近一周重要政策梳理 日期 部门/会议 会议/文件/行动 主要内容 2026/2/2 商务部等九单位《2026"乐购新春"春节特别活动方 案》 涵盖"好吃""好住""好行""好游""好购""好玩"六方面内容。活动时间为2月15至23日春节9天假期， 旨在打造全域联动、全民乐享的春节消费盛宴。 2026/2/2 市场监管总局等 十部门 《低空经济标准体系建设指南（2025 年版）》 重点围绕低空航空器、低空基础设施、低空空中交通管理、安全监管和应用场景五大核心领域，建立"四维融 合"标准供给体系，要求到2027年体系基本建立。 2026/2/3 国务院 《中共中央 国务院 ...

计算机 2026 年 02 月 06 日 AI 动态跟踪系列（十五） 谷歌优异业绩持续验证 AI 商业模式，CapEx 指引彰显信心 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*计算机*AI 动态跟踪 系列（十四）：AI 漫剧产业快速扩张，关注 AIGC 工 具助力创作提效*强于大市 20260128 【平安证券】行业动态跟踪报告*计算机*CES 大会 Rubin 完整发布，科技巨头芯片模型持续迭代*强于 大市 20260114 行 业 动 态 跟 踪 报 证 券 研 究 报 告 告 四季度收入增长维持提速，云业务规模化效应逐渐显现。谷歌母公司 Alphabet 在 2025 年第四季度实现营收 1138.28 亿美元（+18% Y/Y），增 速较第三季度进一步提升；实现净利润 344.55 亿美元（+30% Y/Y）。2025 年全年来看， Alphabet 实现营收 4028.36 亿美元（+15% Y/Y），为公司 首次突破 4000 亿美元；实现净利润 1321.70 亿美元（+32% Y/Y）。四季 度谷歌服务与谷歌云共同驱动了公司收入的快增。1）谷歌服务：959 亿 ...

Investment Rating - Industry investment rating is "Outperform the Market" indicating an expected performance that exceeds the market by more than 5% over the next six months [5]. Core Insights - The report highlights that electronic fabric prices are increasing even during the off-season, with significant price hikes observed in January 2026. This trend is attributed to high demand from downstream AI applications, leading to a production shift towards high-end products, creating a capacity gap for traditional fabrics [4][3]. - The traditional building materials sector is also experiencing price increases, driven by a need for profitability amidst thin margins. Companies like Yuhong and Keshun have already raised prices for waterproof coatings, and this trend is expected to continue as demand improves post-holiday [4]. - The real estate market is showing signs of stabilization, with increased transactions in key cities and a reduction in listings. This recovery is anticipated to support price stabilization as the market enters the traditional demand peak in March [4]. Summary by Sections Electronic Fabric Market - Prices for electronic fabrics and yarns have risen significantly, with Linzhou Guangyuan's mainstream price for electronic fabric reported at 5.3-5.5 yuan/meter, up from 4.8-4.9 yuan/meter at the end of January [4]. - The ongoing price increases are expected to continue into the peak demand season of March and April 2026 [4]. Traditional Building Materials - The report notes that major companies in the building materials sector are actively pursuing price increases, with a focus on waterproof coatings and gypsum board products [4]. - The report suggests that if production limits are strictly enforced, it could lead to improved capacity utilization and price recovery in the cement market [4]. Real Estate Market - The report indicates a recovery in the real estate market, with a notable increase in second-hand home transactions in major cities and a decrease in listings [4]. - It emphasizes the expectation of supportive policies in 2026, particularly regarding mortgage rate adjustments, which could further stabilize the market [4].