Investment Rating - The report maintains a "Recommended" investment rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The insurance index decreased by 0.73% this week, outperforming the broader market by 0.6 percentage points. Individual stock performances varied, with Ping An increasing by 0.22% and China Life decreasing by 4.53% [1]. - The report highlights that the long-end interest rates remain stable, and the equity market is active, suggesting potential for significant growth in the investment sector in the first half of the year. The insurance sector is expected to achieve high double-digit growth in new policies this year [3][4]. - The report indicates that the new business value for the insurance industry is projected to maintain a double-digit growth trend, primarily driven by the transformation of dividend insurance [3]. Summary by Sections Market Performance - The insurance index's performance this week was a decline of 0.73%, with Ping An showing a slight increase of 0.22% while other companies like China Life and Zhong An experienced declines of 4.53% and 7.09%, respectively [1]. Regulatory Updates - The Financial Regulatory Bureau has revised the "Bank and Insurance Institution License Management Measures," effective June 1, 2026, which will apply to insurance institutions [2]. Premium and Claims Data - In 2025, the total premium for the auto insurance sector is expected to reach approximately 996.37 billion yuan, marking a year-on-year growth of 2.99%. Claims settled are projected to be around 622.46 billion yuan, with a growth of 4.06% [2]. Company Actions - Ping An increased its stake in China Life H shares by 10.12%, acquiring 10.89 million shares at a price of 33.2588 HKD per share, totaling approximately 362 million HKD [2]. Valuation Metrics - The report provides PEV valuations for various insurance companies, indicating that China Life has a PEV of 0.91x, while Ping An stands at 0.81x. The report suggests that PEV valuations are expected to recover towards 1x [3][4].

Investment Rating - The report maintains a "Recommendation" rating for the low-altitude economy sector, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [6][42]. Core Insights - The recent issuance of the "Low Altitude Economy Standard System Construction Guide (2025 Edition)" by ten government departments marks a significant step towards the practical implementation of low-altitude economic development, with a goal to establish a basic standard system by 2027 [6][10]. - The launch of the V5000 Tianjilong, the world's first 5-ton eVTOL by Fengfei Aviation, showcases China's leading position in the eVTOL sector, with significant implications for air logistics and passenger transport [3][12]. - The Huachuang Transportation Low Altitude 60 Index experienced a weekly decline of 1.6% but has shown an overall increase of 1% for the year, outperforming the Shanghai and Shenzhen 300 Index, which increased by 0.3% [16][17]. Summary by Sections Low Altitude Economy Development - The guide emphasizes safety, innovation, industry collaboration, and international alignment, focusing on five core areas: low-altitude aircraft, infrastructure, air traffic management, safety regulation, and application scenarios [7][10]. - The establishment of a comprehensive standard system is expected to accelerate the development of the low-altitude industry and provide clear guidance for local governments and industry participants [10]. eVTOL Product Launch - Fengfei Aviation's V5000 Tianjilong features a maximum range of 250 km for the electric version and up to 1500 km for the hybrid version, with capabilities for both passenger and cargo transport [12][13]. - The successful launch of this product is anticipated to enhance the accessibility of air logistics and reduce costs significantly [12][13]. Market Performance - The Huachuang Transportation Low Altitude 60 Index's performance reflects a 1% increase year-to-date, with notable individual stock performances, including significant gains from companies like Fulin Transportation and Xianheng International [16][18]. - The report highlights key companies across various segments of the low-altitude economy, suggesting a focus on manufacturers, supply chains, and operational entities to explore commercial opportunities [24][25].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The stock - bond seesaw effect has generally strengthened since 2025, but there are periods of weakening. The restoration of the stock - bond seesaw effect requires the continuous strengthening of the pricing factors of stocks or bonds. The market trends of the stock and bond markets have their own dominant factors, and the stock - bond seesaw is not the only pricing factor for bonds [3][43][46]. - The bond market strategy is to hold bonds during the holiday and appropriately increase the account's income elasticity. The report is optimistic about the future market and suggests starting to prepare for the whole - year trading market, shifting from a configuration - oriented to a trading - oriented approach [48][52]. - In the first week of February, the bond market strengthened with oscillations due to the weakening of the equity market and the central bank's support. The 30 - 10y spread of treasury bonds has compression potential, and there are opportunities in long - term credit bonds [7][72][77]. 3. Summary by Directory 3.1 Stock - Bond Seesaw "Failure" Re - discussion - **Overall Strengthening of the Stock - Bond Seesaw Effect in 2025**: The strengthening is mainly due to the significant boost in market risk appetite by the strong performance of the equity market and the significant widening of the stock - bond price ratio. For example, from September 2024 to October 2025, the share of open - ended bond funds decreased by 3.18%, while that of open - ended stock funds increased by 22.92%. As of February 2026, the margin trading balance in the Shanghai and Shenzhen stock markets reached 2.67 trillion yuan [10][14][15]. - **Weakening of the Stock - Bond Seesaw Effect in Some Windows**: There are two situations: stock - bond co - rising and stock - bond co - falling. Stock - bond co - rising occurs when the bond market has clear bullish factors (mostly related to easing expectations), and the yield is in a downward channel. Stock - bond co - falling is mostly related to the redemption of "fixed - income +" products. For example, in November 2025 and February 2026, the redemption of "fixed - income +" products led to an increase in bond yields [22][32]. - **End of the Stock - Bond Seesaw "Failure"**: The restoration of the stock - bond seesaw effect is driven by different factors, such as the "anti - involution" logic in July 2025 leading to the bond market following the adjustment, and the early "spring rally" in the equity market and the cooling of the bond market's easing expectations in late December 2025 - early January 2026 [41]. - **Summary**: The "failure" of the stock - bond seesaw is more common after the bond market's cost - performance returns. To restore the seesaw effect, the pricing factors of stocks or bonds need to be continuously strengthened. The subsequent trend of the "failure" during the "fixed - income +" redemption stage after the stock market decline needs to be observed [43][46]. 3.2 Bond Market Strategy - **Under - expected Bond Market Gains after the Decline in Risk Appetite**: The bond market gains were under - expected due to the redemption of "fixed - income +" funds and the lack of a clear trading theme in the short - term bond market [48]. - **Optimistic Outlook for the Future Market**: The central bank's pre - holiday capital injection is relatively active, and the capital fluctuation pressure is controllable. However, the institutions' cross - holiday capital arrangements are relatively late, and short - term frictions in the last week need attention. The power of allocation - type funds is relatively strong, and the pricing influence of the equity market on bonds is weakened. The bond market yield is still in the cost - performance range [52][61][66]. - **Operation Suggestions**: Continue to layout convex - type varieties, conduct spread mining according to the convex points. Focus on 5y China Development Bank bonds in the short - term, 8y Export - Import Bank of China bonds and 10y local government bonds in the medium - term. Insurance funds can configure long - term local government bonds at high yield fluctuations. It is recommended to hold bonds during the holiday and appropriately increase the account's elasticity, and layout long - term offensive varieties with good liquidity [69][72]. 3.3 Interest - Rate Bond Market Review - **Market Performance**: In the first week of February, the equity market was weak, and the bond market strengthened with oscillations. The 10y treasury bond yield was blocked at 1.80% multiple times, and the 30y treasury bond led the rise, driving the compression of the 30 - 10y spread. The 1y treasury bond active bond yield rose 2BP to 1.3100%, the 10y treasury bond active bond yield fell 0.8BP to 1.8020%, and the 30y treasury bond yield fell 3.45BP to 2.2255% [7]. - **Funding Situation**: The central bank's net withdrawal of funds was 656 billion yuan this week, and the funding situation was generally loose. The 1y inter - bank certificate of deposit issuance price of national joint - stock banks fell to 1.58%, and the weighted price of DR007 fell to 1.4613% [8]. - **Primary Issuance**: The net financing of policy - financial bonds decreased, while the net financing of treasury bonds, local government bonds, and inter - bank certificates of deposit increased [92]. - **Benchmark Changes**: The term spreads of treasury bonds and China Development Bank bonds both narrowed. The short - end yields of treasury bonds rose 2.08BP, and the long - end yields fell 0.1BP. The short - end yields of China Development Bank bonds fell 1.32BP, and the long - end yields fell 2.2BP [89].

Investment Rating - The report assigns a strong buy rating for Alphabet, anticipating a performance that will exceed the benchmark index by more than 20% over the next six months [47]. Core Insights - Alphabet's FY2025Q4 performance was impressive, with total revenue reaching $113.8 billion, a year-over-year increase of 18% (17% at constant currency), and an annual revenue of $402.8 billion, up 15% [3][8]. - The operating profit margin for FY2025Q4 was 31.6%, with operating profit at $35.9 billion (higher when excluding Waymo stock option expenses), and net profit at $34.5 billion, reflecting a 30% year-over-year increase [3][8]. - The company expects FY2026Q1 consolidated revenue to benefit from currency fluctuations, with projected capital expenditures of $175-185 billion primarily directed towards AI computing, data centers, hardware, and renewable energy [12]. Revenue Breakdown Google Services - Revenue from Google Services reached $95.9 billion, a 14% year-over-year increase, accounting for over 84% of total revenue. Key contributors included search and other advertising ($63.1 billion, +17% YoY), YouTube advertising ($11.4 billion, +9% YoY), and subscription/platform and device revenue ($13.6 billion, +17% YoY) [4][9]. - YouTube's total advertising and subscription revenue exceeded $60 billion for the year, with significant growth in subscription services, particularly Music/Premium and NFL Sunday Ticket [4][9]. Google Cloud - Google Cloud revenue reached $17.7 billion, a remarkable 48% year-over-year increase, with annualized revenue exceeding $70 billion. The backlog of orders increased by 55% to $240 billion [10]. - The growth was driven by accelerated new customer acquisition, large order spikes, and strong demand for enterprise-level AI products, with nearly 75% of customers utilizing vertically optimized AI [10]. Other Businesses - Other business revenue was $370 million, with an operating loss of $3.6 billion, primarily due to a $2.1 billion stock option compensation expense related to Waymo [11]. Strategic Focus - AI is positioned as the core growth engine, with infrastructure integration of NVIDIA GPUs and self-developed seventh-generation TPUs. The Gemini 3 Pro model is rapidly gaining traction, and the Antigravity platform has over 1.5 million weekly active users [5]. - Google Cloud is focusing on enterprise-level AI services, with nearly 75% of customers using vertically optimized AI, and generative AI revenue growing nearly 400% year-over-year [5].

Investment Rating - The report gives a "Buy" rating for the company, Naconor, for the first time [1]. Core Insights - Naconor is a leading manufacturer of battery electrode rolling equipment, benefiting from the growth of solid-state batteries. The company has established a strong position in the industry with its core products and is expected to see significant revenue growth in the coming years [6][9]. - The company is focusing on the development of dry electrode equipment and solid-state battery technology, which are crucial for enhancing battery performance and reducing costs. Naconor's dry electrode technology is positioned among the top tier both domestically and internationally [6][39]. - The solid-state battery market is expected to grow significantly, with Naconor poised to benefit from this trend as it aligns its product offerings with the industry's evolving needs [49][50]. Financial Summary - Total revenue projections for Naconor are as follows: - 2024: 1,054 million - 2025: 938 million - 2026: 1,319 million - 2027: 1,790 million - The company anticipates a net profit of 162 million in 2024, with significant growth expected in subsequent years, reaching 285 million by 2027 [2][9]. - The price-to-earnings (PE) ratio is projected to decrease from 185 in 2025 to 40 by 2027, indicating a potential increase in profitability [2][9]. Company Overview - Naconor was established in 2000 and has become a leading manufacturer of battery electrode rolling machines, serving major clients such as CATL, BYD, and Panasonic [12]. - The company has a clear and stable shareholding structure, with experienced management that has been in place for a significant period [14][18]. - Naconor's core business focuses on rolling technology, with applications extending to various sectors, including lithium-ion batteries and new energy materials [19][20]. Market Position and Trends - The solid-state battery industry is on a clear upward trajectory, with Naconor's equipment expected to play a vital role in this transition. The demand for high-precision continuous processing equipment is anticipated to increase as the industry matures [49][50]. - Naconor's collaboration with Qingyan Electronics enhances its technological capabilities and market position, allowing for a more efficient transition from research and development to commercial delivery [44]. Investment Thesis - The solid-state battery market presents structural opportunities for equipment manufacturers like Naconor, as the industry shifts towards safer and more efficient battery technologies [49]. - Naconor's focus on dry electrode technology and its strategic partnerships position it well to capitalize on the anticipated growth in the solid-state battery sector [39][44].

Investment Rating - The report maintains a "Recommended" rating for the machinery industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The machinery industry is experiencing a strong start in 2026, with excavator sales in January reaching 18,708 units, a year-on-year increase of 49.5%. Domestic sales grew by 61.4%, while exports increased by 40.5% [8]. - The North American tech giants are expected to continue significant capital expenditures in 2026, which will likely sustain demand for AIDC infrastructure [8]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies aimed at boosting domestic demand [8]. Summary by Sections Key Company Earnings Forecasts, Valuation, and Investment Ratings - Companies such as 汇川技术 (Inovance Technology), 法兰泰克 (Falan Tech), and 信捷电气 (Xinjie Electric) are rated as "Strong Buy" with projected EPS growth and favorable PE ratios [3]. - For example, 汇川技术 is expected to have an EPS of 2.11 yuan in 2025, with a PE ratio of 35.41, indicating strong growth potential [3]. Industry and Company Investment Views - The report highlights the ongoing recovery in the excavator market, with significant growth in both domestic and export sales, driven by infrastructure projects and demand in mining and forestry sectors [8]. - The report suggests focusing on companies like 三一重工 (Sany Heavy Industry) and 徐工机械 (XCMG) due to their strong market positions and growth prospects [8]. Key Data Tracking - The report provides insights into macroeconomic indicators, including a 5.3% increase in the absolute performance of the machinery sector over the past month, indicating a positive trend [6]. - The machinery sector's total market capitalization is reported at 63,677.25 billion yuan, reflecting its significant role in the overall market [5].

Investment Rating - The report assigns a strong buy rating for Coherent, anticipating a performance that will exceed the benchmark index by more than 20% in the next six months [44]. Core Insights - Coherent achieved record revenue of $1.69 billion in FY2026Q2, with a quarter-over-quarter growth of 7% and a year-over-year growth of 17%. The Non-GAAP gross margin improved to 39%, with a Non-GAAP diluted EPS of $1.29, reflecting an 11% quarter-over-quarter increase and a 35% year-over-year increase [3][7]. - The data center and communication segment accounts for over 70% of total revenue, with a year-over-year growth of 34% in Q2. The data center business saw a 36% increase, driven by strong demand for 800G and 1.6T transceivers [8][9]. - The company expects FY2026Q3 revenue to be between $1.7 billion and $1.84 billion, with a Non-GAAP gross margin forecasted between 38.5% and 40.5% [10]. Summary by Sections FY2026Q2 Performance Overview - Coherent reported a strong performance in FY2026Q2 with total revenue reaching a record $1.69 billion, a 7% increase from the previous quarter and a 17% increase year-over-year. Excluding revenue from the recently divested aerospace and defense business, revenue growth was 9% quarter-over-quarter and 22% year-over-year. The Non-GAAP gross margin was 39%, with a Non-GAAP operating margin of 19.9% and a diluted EPS of $1.29 [3][7]. Business Segment Performance 1. **Data Center and Communication Segment** - This segment is the core growth driver, contributing over 70% of total revenue. In Q2, revenue grew 34% year-over-year, with the data center business growing 36% due to strong demand for 800G and 1.6T transceivers. The communication business also performed well, with a 44% year-over-year increase [8][9]. 2. **Industrial Segment** - After excluding the recently divested aerospace and defense business, the industrial segment saw a 4% quarter-over-quarter growth and remained flat year-over-year. The semiconductor industry orders significantly increased in Q2, indicating potential for growth in the upcoming quarters [9]. FY2026Q3 Guidance - Coherent anticipates FY2026Q3 revenue between $1.7 billion and $1.84 billion, including $5 million from the Munich product division before its sale. The Non-GAAP gross margin is expected to be between 38.5% and 40.5%, with total operating expenses projected between $320 million and $340 million [10].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market value of convertible bonds held by public funds remains at a high level, and the increase at the beginning of the year is in line with expectations. The convertible bond market shows strong resilience, and convertible bond funds perform relatively well among various types of funds. [1][9] - The bottom - position style is stable, and the heavily - held bonds of funds continue to perform well. However, there may be profit - taking in convertible bonds of popular sectors, and they may underperform the underlying stocks. [2] - In terms of convertible bond strategies, the overall position should be maintained with prudent neutrality, and the elastic allocation should be shifted towards balance. [3] 3. Summary According to the Table of Contents I. How did institutional bonds perform after public funds increased their holdings at the beginning of the year? - The market value of convertible bonds held by public funds in Q4 2025 was 308.251 billion yuan, a year - on - year increase of 7.24%. In January 2026, the scale of convertible bonds held by public funds increased by 6.88% compared with the end of 2025, accounting for 44.08%. [9] - In the first week of February, the convertible bond market showed strong anti - decline ability, rising 0.05% against the trend. Convertible bond funds outperformed ordinary stock - type funds and hybrid funds. The higher the proportion of convertible bonds in the fund, the stronger the anti - decline performance. [14] - Bonds heavily held by institutions showed stronger resilience in the first week of February. For example, convertible bonds of bottom - position types such as Industrial Bank and Shanghai Commercial Bank rose 0.72% on average, 0.67 percentage points higher than the convertible bond index. [18] - Convertible bonds of popular sectors such as electronics, non - ferrous metals, and computers may have profit - taking, and they underperformed the underlying stocks to varying degrees. For example, Weice Convertible Bond and Dingjie Convertible Bond had significant callbacks. [20] II. Convertible Bond Strategy: Maintain a Prudent and Neutral Position, and Shift Elastic Allocation towards Balance - Affected by the nomination of Warsh as the Fed Chairman, the A - share market adjusted in the first half of the week and then recovered in the second half. Sectors with stable cash flows such as consumption, transportation, and banking showed compensatory growth. [25] - The average price of convertible bonds rose 0.65% to 139.63 yuan, and the 100 - yuan premium rate increased 1.83 percentage points to 38.94%. The overall position can be maintained with prudent neutrality, and the allocation focus should be adjusted in a timely manner, focusing on mid - stream manufacturing going global and consumer blue - chip stocks. [28] - New convertible bonds are relatively expensive, and non - trading funds should be cautious. Attention can be paid to near - maturity convertible bonds with strong conversion demands and the ability to promote conversion. The allocation strategy should shift from focusing on elasticity at the beginning of January to balanced allocation, with emphasis on convertible bonds priced between 130 - 150 yuan. [29] III. Market Review: Convertible Bonds Rose Weekly, and Valuation Increased (1) Weekly Market Performance: The Convertible Bond Market Rose Slightly, and Most Equity Sectors Performed Weakly - Last week, most major stock indexes declined, while the CSI Convertible Bond Index rose 0.05%. Small - cap stocks and convertible bonds showed better anti - decline performance. [35] - In terms of popular concepts, photovoltaic glass, space photovoltaic, and other concepts rose, while semiconductor - related concepts such as KIMI and MCU chips declined. [35] (2) Valuation Performance: The Premium Rates of Low - Rated and Small - Scale Convertible Bonds Rose Significantly - The closing prices of equity - biased, debt - biased, and balanced convertible bonds changed by - 5.11%, - 0.67%, and + 1.69% respectively compared with the previous Friday. The proportion of convertible bonds in the 120 - 130 yuan range decreased significantly. [43] - The premium rates of low - rated and small - scale convertible bonds rose significantly. The AA - rated convertible bonds rose 2.87 percentage points, and those with a scale of 20 - 50 billion yuan (including 50 billion yuan) rose 1.65 percentage points. [43] IV. Terms and Supply: Five Convertible Bonds Announced Early Redemption, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan (1) Terms: Five Convertible Bonds Announced Early Redemption Last Week, and Honglu Convertible Bond's Board of Directors Proposed a Downward Revision - As of February 6, Mengsheng, Feng 21, Rong 23, Xinzhi, and Shouhua Convertible Bonds announced early redemption; Daimei, Tairui, and other convertible bonds announced not to redeem early; Jiemei, Daimei, and other convertible bonds announced that they are expected to meet the early redemption conditions. [3][57] - Last week, Honglu Convertible Bond's board of directors proposed a downward revision. Meino and Hongchuan Convertible Bonds announced the results of the downward revision. Four convertible bonds announced not to revise downward, and five convertible bonds announced that they are expected to trigger a downward revision. [4][57] (2) Primary Market: Haitian Convertible Bond was Issued Last Week, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan - Haitian Convertible Bond was issued with a scale of 801 million yuan, and Shangtai Convertible Bond was listed with a scale of 1.734 billion yuan. There are 379 issued but not yet matured convertible bonds, with a balance of 530.884 billion yuan. [5][60] - There were no new board proposals last week. One company's convertible bond plan passed the general meeting of shareholders, three passed the approval of the issuance review committee, and there were no new approvals from the CSRC. Compared with the same period last year, the numbers were - 2, + 1, + 3, and - 3 respectively. [5][63] - As of February 6, seven listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 5.363 billion yuan. Four new companies passed the issuance review committee, with a total scale of 4.517 billion yuan, and there were no new board proposals. [68]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

金融工程 证 券 研 究 报 告 市场情绪监控周报（20260202-20260206） 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、电子、轻工制造、建筑材料、环保、商贸零售、国防 军工、钢铁、计算机、基础化工、煤炭、医药生物；位于估值历史 20%以下的 有食品饮料、综合、非银金融； 申万二级行业中，从 2015 年开始回溯，目前处于历史分位数 80%以上的二级 行业有风电设备、航天装备、冶钢原料、软件开发、半导体、环保设备、生物 制品、服装家纺、电子化学品、照明设备、包装印刷、普钢、橡胶、数字媒体、 航空机场、化学制药、装修建材、国有大型银行、专业连锁、旅游及景区、商 用车、多元金融、化学纤维、其他电子、互联网电商、元件、专业工程、工程 机械、自动化设备、汽车服务。 ❖ 风险提示： 本周热度变化最大行业为石油石化、食品饮料 ❖ 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为沪深 300，相比上周提高 3.34%， 最小的为中证 500，相比上周降低 5.98%。 本周申万行业热度变化方面，一级行业中热度变化率正向变化前 5 的一级行 业分 ...