研究早观点 2026 年 2 月 9 日 星期一 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,065.58 | -0.25 | | 深证成指 | | 13,906.73 | -0.33 | | 沪深 | 300 | 4,643.60 | -0.57 | | 中小板指 | | 8,447.99 | 0.28 | | 创业板指 | | 3,236.46 | -0.73 | | 科创 | 50 | 1,422.41 | -0.71 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：行业事件点评：印尼矿商暂停现货出口，减产落 地超市场预期 【山证煤炭】兖矿能源（600188.SH）点评-印尼煤出口暂停催化海外 煤价，公司海外业务有望受益 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【投资要点】 【山证煤炭】兖矿能源（600188.S ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Hold-A" for Guai Bao Pet and Zhongchong Shares [4]. Core Insights - The report highlights that the feed industry is transitioning from product competition to value chain competition, with market share increasingly concentrating among leading companies with advantages in technology, scale, and service [7]. - Haida Group is expected to continue gaining market share due to its efficient internal management and strong service advantages, with significant growth potential in overseas markets [7]. - The report suggests that the pig farming industry is undergoing a market-driven capacity reduction, which may stabilize prices in the coming months [8]. Industry Performance Overview - For the week of January 26 to February 1, the agricultural sector saw a 1.82% increase, ranking fifth among sectors, while the CSI 300 index had a slight increase of 0.08% [6][16]. - The report notes a decline in pig prices, with average prices for external three-way pigs in Sichuan, Guangdong, and Henan at 12.15, 12.16, and 12.63 yuan/kg respectively, reflecting decreases of 5.08%, 9.66%, and 4.54% [6][26]. - The average pork price increased slightly to 18.61 yuan/kg, up by 0.65% [6][26]. Livestock and Feed Industry - The report indicates that the average profit for self-bred pigs is 25.10 yuan/head, down by 18.25 yuan from the previous week, while the profit for purchased pig farming increased by 8.29 yuan to 124.13 yuan/head [6][26]. - In the poultry sector, the price of white feather chickens rose to 7.74 yuan/kg, a 3.20% increase, and the profit per chicken increased significantly by 550% to 0.39 yuan/chicken [44]. - The average price of feed for fattening pigs remained stable at 3.37 yuan/kg, while chicken feed prices were steady at 3.45 yuan/kg [47]. Market Trends and Future Outlook - The report emphasizes the ongoing consolidation in the feed industry, with a focus on companies that can leverage technological and service advantages [7]. - The pet food sector is expected to continue growing, with a shift towards R&D and supply chain management as key competitive factors [9]. - The report suggests monitoring companies like Wens Foodstuff, Shennong Group, and Juxing Agriculture for potential investment opportunities in the pig farming sector [8].

市场数据：2026 年 2 月 5 日 收盘价（元/股）： 15.44 年内最高/最低（元/ 股）： 流通 A 股/总股本（亿 股）： 流通 A 股市值（亿元）： 914.65 总市值（亿元）： 1,549.79 资料来源：常闻 基础数据：2025 年 9 月 30 日 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 动力煤 兖矿能源（600188.SH） 买入-A(维持) 印尼煤出口暂停催化海外煤价，公司海外业务有望受益 2026 年 2 月 6 日 公司研究/公司快报 事件描述 2 月 3 日据财联社报道，印尼矿业官员表示，由于印尼政府提出大幅减 产计划，该国矿商已暂停现货煤炭出口。印尼主要行业协会反对此举，警告 称可能引发裁员和矿山关闭。 事件点评 | 基本每股收益(元/股)： | 0.71 | | --- | --- | | 摊薄每股收益(元/股)： | 0.71 | | 每股净资产(元/股)： | 14.24 | | 净资产收益率(%)： | 7.80 | | 资 ...

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the communication industry, indicating an expected outperformance of over 10% compared to the benchmark index [1][36]. Core Insights - The emergence of Moltbot as a significant application in Silicon Valley represents a major leap in AI capabilities, enabling seamless workflow automation from thought to execution. This application has rapidly gained popularity, surpassing 100,000 stars on GitHub, making it one of the fastest-growing open-source projects globally [4][12]. - The report highlights the potential for unlimited cloud computing power driven by applications like Moltbot, which could lead to increased capital expenditures in cloud service providers (CSPs) due to rising demand for computational resources [4][12]. - The demand for cloud hosts and various types of home servers is expected to grow rapidly, benefiting public cloud vendors as they offer more secure and stable solutions compared to local PCs [5][13]. - AIOT (Artificial Intelligence of Things) applications on the edge are anticipated to have significant potential, as Moltbot combines cloud capabilities with local execution, creating a closed-loop system for industrial intelligence [5][13]. - SpaceX's plan to establish a satellite computing cluster consisting of up to 1 million satellites represents a substantial development in space computing capabilities, which could integrate with existing satellite networks and enhance data processing capabilities [6][14]. Summary by Sections Industry Trends - Moltbot's capabilities include automating tasks such as email management, scheduling, and even automated trading, showcasing its versatility and potential for widespread adoption [4][12]. - The report suggests that the rapid spread of Moltbot and similar applications will lead to increased demand for cloud computing resources, potentially causing a "computing power crunch" [4][12]. Market Overview - The communication index rose by 5.83% during the week of January 26 to January 30, 2026, while the broader market indices showed mixed results, with the Shanghai Composite Index declining by 0.44% [7][15]. - The top-performing sectors included optical cables and marine cables, with significant weekly gains [7][15]. Recommended Companies - The report recommends focusing on companies in various segments, including: - Cloud Computing: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Industrial Fulian, Woer, Zhishang Technology, Guangku Technology [6][15]. - CPU/CXL: Haiguang Information, Lanke Technology, ZTE, Wantong Development [6][15]. - Edge Computing: Ruixin Micro, Zhaoyi Innovation, Yinghantong, Guanghetong, Yiyuan Communication, Meige Intelligent [6][15]. - Inter-satellite Laser Communication: Fenghuo Communication, Guangxun Technology, Guangku Technology, Aerospace Electronics, Zhongrun Optics, Tengjing Technology [6][15].

d 煤炭行业近一年市场表现 资料来源：常闻 相关报告： 财务表现仍有改善空间，供应链风险可 控 2026.1.27 【山证煤炭】煤炭进口数据拆解 25 年 12 月进口煤"量价齐升"，全年进口煤 "量价齐跌" 2026.1.27 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 煤炭 行业周报（20260126-20260201） 同步大市-A(维持) 弱法币致实物定价权提升，关注短期事件驱动影响 2026 年 2 月 3 日 行业研究/行业周报 投资要点 动态数据跟踪 动力煤：供应收缩，下游无明显放量。临近春节假期，个别民营矿陆续 停产放假，动力煤产量有所减少，市场供应量收缩。电厂日耗提升幅度有限， 水泥市场需求低迷，市场采购量有限，化工等行业多以刚需采买为主。截至 1 月 30 日，环渤海动力煤现货参考价 695 元/吨，周变化+0.58%；秦皇岛港 动力煤平仓价 692 元/吨，周变化+1.02%。环渤海九港煤炭库存 2468.6 万吨， 周变化-5.07%。 ...

非银行金融 行业周报（20260126-20260201） 领先大市-A(维持)) 建设金融强国，关注板块投资价值 2026 年 2 月 5 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 1 月 26 日至 2 月 1 日期间，主要指数表现分化，上证综指下跌 0.44%，沪深 300 上涨 0.08%，创业板指数下跌 0.09%。期间 A 股 日均成交额 3.11 万亿元，环比上涨 11.27%。截至 1 月 30 日，两融 余额 2.72 万亿元；中债-总全价(总值)指数较 2025 年初下跌 2.22%; 中债国债 10 年期到期收益率为 1.81%,较 2025 年初上行 20.35bp。 请务必阅读最后股票评级说明和免责声明 1 电话：0351--8686985 电话：0351-8686900 行业研究/行业周报 资料来源：常闻 相关报告： 【山证非银行金融】公募业绩基准出台， 关注板块投资价值-【山证非银】行业周 报（20260119-20260125）： 2026.1.29 【山证 ...

公司近一年市场表现 | 年 月 市场数据：2026 2 4 | 日 | | | --- | --- | --- | | 收盘价（元/股）： | | 71.56 | | 年内最高/最低（元/股）： | | 111.69/42.3 | | | | 0 | | 流通 A 股/总股本（亿股）： | | 5.73/5.79 | | 流通 股市值（亿元）： A | | 410.29 | | 总市值（亿元）： | | 414.28 | | 年 月 基础数据：2025 9 | 日 30 | | | --- | --- | --- | | 基本每股收益(元/股)： | | 2.51 | | 摊薄每股收益(元/股)： | | 2.51 | | 每股净资产(元/股)： | | 15.05 | | 净资产收益率(%)： | | 16.27 | | 资料来源：常闻 | | | 分析师： 陈玉卢 执业登记编码：S0760525050001 邮箱：chenyulu@sxzq.com 服务机器人 科沃斯（603486.SH） 买入-A(首次) 盈利能力改善，加速迈向多品类、全场景服务机器人 2026 年 2 月 5 日 公司研究/公司快报 ...

Market Trends - A new upturn in the defense industry is underway, with the military trade expectations continuously enhancing due to events like the India-Pakistan air battle and military parades[2] - The defense industry index increased by 58.5% from the beginning of 2025 to its peak on January 12, 2026[18] - The global geopolitical situation is tense, leading to an unprecedented increase in military spending worldwide[3] Commercial Aerospace Development - The launch of multiple new medium and large rockets is expected to accelerate in 2026, breaking the bottleneck in launch capacity for commercial aerospace[4] - The Taiyuan Satellite Launch Center will play a crucial role in the high-frequency deployment of satellite internet[4] Investment Recommendations - Recommended sectors include the missile weapon industry chain, new aviation equipment industry chain, unmanned equipment industry chain, and commercial aerospace industry chain[4] - Key companies to focus on include: - Beifang Navigation (600435.SH) - Buy-A[7] - AVIC Shenyang Aircraft (600760.SH) - Buy-A[7] - AVIC High-Tech (600862.SH) - Hold-A[7] - Inner Mongolia First Machinery Group (600967.SH) - Hold-A[7] - Aerospace Electric (002025.SZ) - Hold-A[7] - Guobo Electronics (688375.SH) - Hold-A[7] Risks - Potential risks include delays in domestic military equipment deployment, overseas orders falling short of expectations, and setbacks in rocket development and satellite constellation construction[10]

市场数据：2026 年 2 月 5 日 收盘价（元/股）： 15.44 年内最高/最低（元/ 股）： 流通 A 股/总股本（亿 股）： 流通 A 股市值（亿元）： 914.65 总市值（亿元）： 1,549.79 资料来源：常闻 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 0.71 | | --- | --- | | 摊薄每股收益(元/股)： | 0.71 | | 每股净资产(元/股)： | 14.24 | | 净资产收益率(%)： | 7.80 | | 资料来源：常闻 | | 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 动力煤 兖矿能源（600188.SH） 买入-A(维持) 印尼煤出口暂停催化海外煤价，公司海外业务有望受益 2026 年 2 月 6 日 公司研究/公司快报 事件描述 2 月 3 日据财联社报道，印尼矿业官员表示，由于印尼政府提出大幅减 产计划，该国矿商已暂停现货煤炭出口。印尼主要行业协会反对此举，警告 称可能 ...

煤炭 行业事件点评 领先大市-A(上调) 2026 年 2 月 6 日 行业研究/行业分析 【山证煤炭】弱法币致实物定价权提升， 关注短期事件驱动影响-【山证煤炭】行 业周报（20260126-20260201） 2026.2.3 【山证煤炭】2025 年四季度煤炭债复盘： 财务表现仍有改善空间，供应链风险可 控 2026.1.27 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 印尼矿商暂停现货出口，减产落地超市场预期 分析师： 投资建议：考虑海外煤价或将受催化，有望提振国内煤价预期，上调行 业评级。若海外煤价加速上涨，利好海外业务占比较高的【兖矿能源】。此 外，【潞安环能】、【山西焦煤】、【晋控煤业】、【山煤国际】等弹性品种也将 受益。 风险提示：印尼煤炭减产不及预期，印尼煤炭矿商恢复出口，海外价格上涨 不及预期。 请务必阅读最后股票评级说明和免责声明 1 煤炭板块近一年市场表现 资料来源：常闻 行业研究/行业分析 投资要点： 事件：2 月 3 日据财联社报道，印尼矿业 ...