Market Overview - The market experienced a rebound with the Shanghai Composite Index returning to 4100 points, closing at 4102.20, up by 0.85% [2][4] - The Shenzhen Component Index closed at 14156.27, up by 0.21%, while the ChiNext Index fell by 0.40% to 3311.51 [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 633 billion yuan from the previous trading day [6] Sector Performance - The top-performing sectors included coal (up 7.58%), building materials (up 3.48%), and real estate (up 2.97%) [3][4] - Conversely, sectors such as media (-3.12%), telecommunications (-2.73%), and computing (-1.70%) underperformed [3][4] - Concept indices showed strong performance in coal, TOPCON batteries, and BC batteries, while concepts like Kuaishou and cloud gaming lagged behind [3][4] Future Outlook - The report indicates that the market is expected to stabilize with a focus on consumption policies and infrastructure development [6] - Short-term volatility is anticipated due to profit-taking pressures after a rapid rise in stock prices over the past two months [6] - Long-term, the market is expected to transition from a valuation-driven rally to one driven by earnings, with a focus on strategic resource products and technology growth [6] News Highlights - The central government's No. 1 document emphasizes the integration of AI with agriculture and the development of new agricultural production capabilities [5] - The People's Bank of China announced an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system [5] - In January 2026, A-share new accounts reached 4.9158 million, a 213% increase year-on-year [5]

证券研究报告 2026 年 2 月 4 日 星期三 【A 股市场大势研判】 资料来源：东莞证券研究所，iFinD 数据 后市展望： 大盘探底回升，三大指数集体收红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4067.74 | 1.29% | 51.99 | | | 深证成指 | 14127.11 | 2.19% | 302.75 | | | 沪深 300 | 4660.11 | 1.18% | 54.13 | | | 创业板 | 3324.89 | 1.86% | 60.78 | | | 科创 50 | 1471.07 | 1.39% | 20.17 | | | 北证 50 | 1549.51 | 3.27% | 49.08 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | ...

Market Overview - The A-share market experienced a significant adjustment, with all three major indices declining over 2% [1][4] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index fell 2.69% to 13824.35 [2] Sector Performance - The top-performing sectors included Food & Beverage (+1.11%), Banks (+0.17%), and Household Appliances (-0.49%) [3] - Conversely, the worst-performing sectors were Non-ferrous Metals (-7.62%), Steel (-5.93%), and Basic Chemicals (-5.69%) [3] Market Sentiment and Outlook - The market showed a broad decline, with over 4600 stocks falling, and 123 stocks hitting the daily limit down [6] - The report indicates that the market sentiment has cooled significantly, with expectations of continued volatility in February [6] - Despite the current downturn, there is an expectation that the overall index adjustment space is limited, and stabilization may occur around the Chinese New Year [6] Economic Indicators - The manufacturing PMI for January was reported at 49.3, indicating a contraction, while the non-manufacturing business activity index was at 49.4, also showing a decline [5] - The report highlights that some small and medium-sized banks have begun reducing deposit rates, which may set the stage for broader interest rate cuts by the central bank [6]

证券研究报告 2026 年 2 月 2 日 星期一 【新股发行跟踪（20260202）】 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 一、上周新股表现情况 上周（1 月 26 日-1 月 30 日）共有 4 只新股上市，上市首日涨跌幅均 值为 174.37%。其中，有 4 只新股上市首日涨幅超 100%，为美德乐、振石 股份、农大科技、恒运昌。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD，其中"--"为数据不可得。 二、周度新股上市情况走势 从周度新股上市规模来看，上周（1 月 26 日-1 月 30 日，下同）较上 上周（1 月 19 日-1 月 23 日，下同）相比，首发募资金额多 50.85 亿元。 资料来源：东莞证券研究所，iFinD 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 920119.BJ 美德乐 46052 北证 41.88 14.99 通用设备制造业 161.46 601112.S ...

证券研究报告 2026 年 2 月 2 日 星期一 【A 股市场大势研判】 A 股大小指数分化，沪指跌近 1% 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4117.95 | -0.96% | -40.04 | | | 深证成指 | 14205.89 | -0.66% | -94.18 | | | 沪深 300 | 4706.34 | -1.00% | -47.53 | | | 创业板 | 3346.36 | 1.27% | 41.84 | | | 科创 50 | 1509.40 | 0.12% | 1.76 | | | 北证 50 | 1531.55 | -0.29% | -4.45 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 通信 | 3.44% | ...

2026 年 2 月 1 日 春季行情有望延续 投 资 2026 年 2 月份投资策略报告 投资要点： S0340523110001 电话：0769-22119276 邮箱：zenghao@dgzq.com.cn | 邮箱：zenghao@dgzq.com.cn 上证指数 4117.95 深证成指 14205.89 | 涨跌幅 3.76% 5.03% 证 券 研 究 | | --- | --- | | 收盘点位 | | | 沪深 300 4706.34 | 1.65% | | 创业板指 3346.36 | 4.47% | | 北证 50 1531.55 | 6.33% | | 科创 50 1509.40 | 12.29% | | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 | 报 | | 告 | | | 资料来源：东莞证券研究所，Wind | | 上证指数月线走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 月度策略/A 股市场 分析师：费小平 资料来源：东莞证券研究所，Wind SAC 执业证 ...

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][33]. Core Insights - The report highlights a competitive landscape in AI applications among major internet companies, with significant cash giveaways during the Spring Festival to attract users and enhance engagement with AI products. This marks a new phase in AI application competition, aiming for widespread adoption and commercialization [2][28]. - The computer industry index has shown a decline of 5.32% over the past two weeks, underperforming the CSI 300 index by 5.37 percentage points, ranking last among 31 sectors. However, it has increased by 9.08% in January, outperforming the CSI 300 index by 6.40 percentage points [10][20]. - The current price-to-earnings (PE) ratio for the SW computer sector stands at 59.79 times, placing it in the 96.66 percentile for the past five years and 91.70 percentile for the past ten years, indicating high valuation levels [20][22]. Summary by Sections Industry Performance Review - The SW computer sector has experienced a two-week decline of 5.32%, ranking 31st among 31 sectors. In January, it rose by 9.08%, outperforming the CSI 300 index by 6.40 percentage points [10][13]. Valuation Situation - As of January 29, 2026, the SW computer sector's PE TTM is 59.79 times, indicating a high valuation compared to historical data [20][22]. Industry News - Major announcements include Tencent's cash giveaway of 1 billion RMB for the Spring Festival, the launch of new AI models by Alibaba and ByteDance, and price increases for server CPUs by Intel and AMD due to high demand [22][24][25]. Company Announcements - Notable company forecasts include iFlytek expecting a net profit of 785 million to 950 million RMB for 2025, and SuperMap Software projecting a profit turnaround from a previous loss [25][26][27]. Weekly Insights - The report emphasizes the strategic moves by leading internet companies to capture AI traffic during the Spring Festival, suggesting a focus on investment opportunities related to AI applications and partnerships with leading firms [28][29].

Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [49]. Core Insights - The building materials industry is experiencing a recovery in profitability, with some consumer building materials products seeing price increases due to rising raw material costs [2][5]. - The cement sector is expected to show resilience in profitability, supported by significant infrastructure projects and urban renewal initiatives in 2026, despite a projected decline in cement production in 2025 [4][41]. - The glass and fiberglass sectors are undergoing structural adjustments, with a focus on high-end products and green transformation, while traditional segments face challenges from real estate market weaknesses [42][43]. - The consumer building materials segment is witnessing a trend of price stabilization and recovery, driven by demand for renovation and urban renewal, despite a slowdown in new construction [44]. Summary by Sections Cement Industry - In Q1 2026, cement companies are expected to implement significant production cuts, with an average shutdown period of 46 days nationwide, aimed at balancing supply and demand [4][41]. - The average cost of P.O42.5 bulk cement is reported at 197 RMB/ton, with a gross profit margin of 17% [4]. - The industry is projected to recover gradually, contingent on effective supply-side policies and infrastructure investment [4][41]. Glass and Fiberglass - The flat glass market is expected to stabilize as production capacity is controlled and environmental standards are enforced, although demand remains weak due to real estate sector challenges [42]. - The fiberglass industry is in a recovery phase, with a focus on eliminating inefficient capacity and enhancing production quality through technological upgrades [43]. Consumer Building Materials - Major companies like Keshun and Sankeshu have announced price increases due to rising costs of raw materials, indicating a trend towards price recovery in the sector [44]. - The demand for renovation and urban renewal is expected to drive growth, while leading companies are enhancing their market share through brand strength and service improvements [44]. Recommended Stocks - The report suggests focusing on companies with strong fundamentals and high dividend yields, including Shangfeng Cement, Tapa Group, and Huaxin Cement [4][45].

Investment Rating - The report maintains a "Buy" rating for the company [6][29]. Core Insights - The company is a global leader in integrated information and communication technology solutions, focusing on long-term investment and core technology control, while actively participating in the construction of intelligent computing infrastructure [6][14]. - The revenue structure is diversifying, with significant contributions from intelligent computing as a second growth curve, leading to a steady increase in revenue and profit [29][31]. - The global communication equipment market is expected to grow steadily, with a shift in operator capital expenditure from coverage to value extraction, highlighting the importance of 5G-A technology [39][42]. Summary by Sections 1. Global Communication Equipment Leader - The company has evolved from a follower to a leader in network connectivity and intelligent computing over its 40 years of operation, serving over one-third of the global population across more than 160 countries [14][17]. - The company maintains a leading market share in various communication device segments and is committed to R&D investment to capitalize on opportunities presented by the AI wave [6][14]. 2. Demand Differentiation and Competitive Elevation - The global communication equipment market is projected to grow at an annual rate of approximately 4%, reaching $121.7 billion by 2027 [39][40]. - Operators are transitioning from capital expenditure focused on coverage to operational expenditure aimed at value extraction, with 5G-A technology becoming a focal point for future investments [42][46]. 3. Intelligent Computing Infrastructure Breakthrough - The demand for high-level intelligent computing is rapidly increasing, with the global share of intelligent computing rising from 7% in 2018 to 62% in 2023, indicating a significant structural transformation in the computing industry [51][54]. - The company is enhancing its intelligent computing product development and market investment, which has become a core driver of overall revenue growth [51][54].

Investment Rating - The report maintains an "Overweight" rating for the basic chemical industry, expecting the industry index to outperform the market index by more than 10% in the next six months [34]. Core Insights - The basic chemical index rose by 6.2% in the last two weeks, outperforming the CSI 300 index by 6.1 percentage points, ranking 5th among 31 industries [13][14]. - Year-to-date, the basic chemical index has increased by 13.1%, again outperforming the CSI 300 index by 10.4 percentage points [13]. - Among the sub-sectors, the chemical raw materials sector saw an increase of 11.3%, while the plastic sector experienced a decline of 1.9% [14]. - A total of 272 out of 408 listed companies in the basic chemical index saw their stock prices rise, with notable increases from companies like Runtou Co., Ltd. (53.6%), Stik (49.4%), and Hongbaoli (45.9%) [16]. - The report highlights significant industry news, including a 5.5 billion yuan investment in a new optical materials manufacturing base and the opening of a product innovation center by CNOOC Shell [26][24]. Summary by Sections Market Review - The basic chemical index has shown strong performance, with sub-sectors generally increasing, particularly in chemical raw materials and agricultural chemicals [13][14]. - The report notes that the chemical industry is actively pursuing cost reduction and efficiency improvements, with major companies like Dow announcing plans to enhance operational efficiency [28]. Chemical Product Price Trends - Recent price movements include an increase in caprolactam (+2.67%) and TDI (+2.51%), while lithium hexafluorophosphate saw a significant drop (-6.12%) [21][22]. Key Industry News - The report discusses various significant projects and initiatives, including BASF's plan to establish a global digital center in India and Dow's operational restructuring plan aimed at achieving a minimum of $2 billion in EBITDA growth [26][28]. Weekly Industry Perspective - The report emphasizes the positive outlook for refrigerant companies due to rising prices, with companies like Sanmei Co., Ltd. and Juhua Co., Ltd. expected to see substantial profit increases in 2025 [28][29].