分析师：牟国洪 登记编码：S0730513030002 锂电池 mough@ccnew.com 021-50586980 销量略增，板块持续关注 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 联系人：李智 马嵚琦 ⚫ 1 月锂电池板块指数走势强于沪深 300 指数。2026 年 1 月，锂电 池指数上涨 3.31%，新能源汽车指数上涨 0.44%，而同期沪深 300 指数上涨 1.65%，锂电池指数走势强于沪深 300 指数。 风险提示：行业政策执行力度不及预期；细分领域价格大幅波动；新 能源汽车销量不及预期；行业竞争加剧；系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 28页 锂电池相对沪深 300 指数表现 发布日期：2026 年 02 月 12 日 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业专题研究：新型储能产业链之河 南概况（三）》 2026-01-22 《锂电池行业月报：产业链价格总体上涨，板 块可关注》 2026-01-19 《锂电池行业月报：月度占比再创新高，板块 持续关注》 2025-12-15 投 ...

分析师：牟国洪 登记编码：S0730513030002 锂电池 mough@ccnew.com 021-50586980 销量略增，板块持续关注 ——锂电池行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 12 日 资料来源：中原证券研究所，Wind 相关报告 《锂电池行业专题研究：新型储能产业链之河 南概况（三）》 2026-01-22 《锂电池行业月报：产业链价格总体上涨，板 块可关注》 2026-01-19 《锂电池行业月报：月度占比再创新高，板块 持续关注》 2025-12-15 联系人：李智 马嵚琦 ⚫ 1 月锂电池板块指数走势强于沪深 300 指数。2026 年 1 月，锂电 池指数上涨 3.31%，新能源汽车指数上涨 0.44%，而同期沪深 300 指数上涨 1.65%，锂电池指数走势强于沪深 300 指数。 风险提示：行业政策执行力度不及预期；细分领域价格大幅波动；新 能源汽车销量不及预期；行业竞争加剧；系统风险。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 28页 锂电池相对沪深 300 指数表现 投 ...

Core Insights - The report highlights the strong performance of the semiconductor industry, with a significant increase in capital expenditure from major cloud companies, indicating a bullish outlook for the sector [21][22][23] - The report emphasizes the recovery in the chemical industry, with prices of key chemical products showing signs of improvement, suggesting potential investment opportunities [29][30] - The report notes the growth in the power generation sector, with a substantial increase in installed capacity and a shift towards renewable energy sources, particularly solar and wind [26][27][28] Domestic Market Performance - The A-share market showed slight fluctuations, with the Shanghai Composite Index closing at 4,131.98, reflecting a marginal increase of 0.09% [4] - The report indicates that the average P/E ratios for the Shanghai Composite and ChiNext indices are above their three-year median levels, suggesting a favorable environment for medium to long-term investments [10][13] Industry Analysis - The semiconductor industry saw a robust performance in January 2026, with a 18.63% increase in the domestic semiconductor sector, outperforming the broader market [21] - The food and beverage sector experienced a mixed performance, with certain sub-sectors like prepared foods and snacks showing growth, while others faced declines [18][19] - The power and utilities sector outperformed the market, with a 2.76% increase in the sector index, driven by strong demand and supply dynamics [26] Investment Recommendations - The report suggests a balanced investment strategy focusing on technology sectors, particularly AI and high-end manufacturing, while also considering consumer sectors for potential growth [10][12] - In the chemical sector, it is recommended to focus on industries benefiting from rising raw material prices, such as chlor-alkali and agricultural chemicals [29][30] - The report advises monitoring the developments in the power sector, particularly in renewable energy, as it is expected to continue its growth trajectory [26][28]

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [115]. Core Insights - The food and beverage sector experienced a slight increase of 0.55% in January 2026, with a total trading volume of 32.16 billion shares, reflecting a decrease in trading activity compared to December 2025 [7][8]. - Key sub-sectors related to the Spring Festival, such as prepared foods, snacks, and alcoholic beverages, saw price increases, while previously strong sectors like soft drinks and dairy products experienced declines [9][13]. - The investment growth in the food and beverage manufacturing sector remained high in the first half of 2025 but showed signs of decline in the second half, with a notable contraction in the production of liquor and dairy products [7][36]. - The report recommends focusing on investment opportunities in prepared foods, soft drinks, health products, baking, and snacks, with a suggested stock portfolio including companies like Baoli Food, Li Gao Food, and Xianle Health [7][110]. Summary by Sections 1. Market Performance - In January 2026, the food and beverage sector's performance ranked sixth from the bottom among 31 primary industries, indicating a weak overall market trend [13][22]. - The proportion of stocks that increased in value reached 64.84%, with significant improvements in sectors like prepared foods and snacks [25][26]. 2. Valuation - As of January 31, 2026, the food and beverage sector's valuation stood at 19.33 times earnings, which is relatively low compared to historical averages [18][22]. - The liquor sector's valuation was 17.76 times, also at a historical low, while other segments like snacks and prepared foods had significantly higher valuations [18][22]. 3. Individual Stock Performance - Stocks in the snack and prepared food sectors showed strong performance, with notable increases in companies like Qianwei Yangchun and Haoxiangni [26][31]. - The liquor sector displayed mixed results, with some brands like Huangtai Liquor and Water Well Liquor performing well, while others like Yanghe and Moutai faced declines [31][32]. 4. Investment Trends - The food and beverage manufacturing sector's investment growth was robust in early 2025 but began to decline in the latter half of the year, reflecting cautious investment behavior amid rising costs [33][36]. - The production of fresh and frozen meat maintained high growth, while liquor and dairy products continued to see production declines [38][39]. 5. Import and Price Trends - In 2025, imports of corn and wheat saw significant declines, while imports of high-end dairy products and nuts experienced growth [54][56]. - Domestic prices for raw milk are stabilizing, while prices for oils and vegetables are showing upward trends [81][82].

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 大股东全额认购定增提振市场信心，高端 变压器和取向硅钢受益于行业景气上行 ——望变电气(603191)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2026-02-10) | 收盘价(元) | 22.33 | | --- | --- | | 一年内最高/最低(元) | 23.18/10.60 | | 沪深 300 指数 | 4,724.30 | | 市净率(倍) | 2.97 | | 流通市值(亿元) | 73.70 | 基础数据(2025-09-30) | 每股净资产(元) | 7.52 | | --- | --- | | 每股经营现金流(元) | 0.50 | | 毛利率(%) | 12.51 | | 净资产收益率_摊薄(%) | 3.24 | | 资产负债率(%) | 64.94 | | 总股本/流通股(万股) | 33,235.34/33,003.74 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原 ...

电气设备 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 大股东全额认购定增提振市场信心，高端 变压器和取向硅钢受益于行业景气上行 ——望变电气(603191)公司点评报告 证券研究报告-公司点评报告 增持(首次) 市场数据(2026-02-10) | 收盘价(元) | 22.33 | | --- | --- | | 一年内最高/最低(元) | 23.18/10.60 | | 沪深 300 指数 | 4,724.30 | | 市净率(倍) | 2.97 | | 流通市值(亿元) | 73.70 | 基础数据(2025-09-30) | 每股净资产(元) | 7.52 | | --- | --- | | 每股经营现金流(元) | 0.50 | | 毛利率(%) | 12.51 | | 净资产收益率_摊薄(%) | 3.24 | | 资产负债率(%) | 64.94 | | 总股本/流通股(万股) | 33,235.34/33,003.74 | | B 股/H 股(万股) | 0.00/0.00 | 点评： 本报告版权属于中原证券股份有限公司 w ...

Investment Rating - The industry investment rating is "in line with the market," indicating that the industry index is expected to fluctuate between -10% and +10% relative to the CSI 300 index over the next six months [115]. Core Insights - The food and beverage sector experienced a slight increase of 0.55% in January 2026, with a total trading volume of 32.16 billion shares, reflecting a decrease in trading activity compared to December 2025 [7][8]. - Key sub-sectors related to the Spring Festival, such as prepared foods, snacks, and alcoholic beverages, saw price increases, while previously strong sectors like soft drinks, dairy, condiments, and meat products experienced declines [9][13]. - The investment in the food and beverage manufacturing industry continued to show high growth levels in early 2025, but the growth rate has been declining since the second half of 2025 [33][36]. - The report recommends focusing on investment opportunities in prepared foods, soft drinks, health products, baking, yeast, and snacks, with a suggested stock portfolio including companies like Baoli Food, Lihigh Food, and Xianle Health [110][112]. Summary by Sections 1. Market Performance - In January 2026, the food and beverage sector's performance ranked sixth from the bottom among 31 primary industries, indicating a weak overall market trend [13][22]. - The sector's trading volume decreased significantly, with a drop of 74.24 billion shares compared to the previous month [8]. 2. Valuation - As of January 31, 2026, the food and beverage sector's valuation stood at 19.33 times earnings, which is relatively low compared to historical levels [18][22]. - The valuation of the liquor sector was 17.76 times, also at a historical low, while other segments like snacks and condiments had significantly higher valuations [18]. 3. Individual Stock Performance - In January 2026, 64.84% of individual stocks in the sector saw price increases, with notable performances in prepared foods and snacks [25][26]. - Specific stocks such as Qianwei Yangchun and Haoxiangni showed substantial gains, while traditional liquor brands experienced mixed results [31][32]. 4. Investment Trends - The food and beverage manufacturing sector's fixed asset investment grew by 22.9% year-on-year in 2024, but showed signs of slowing down in the latter half of 2025 [33][36]. - The production of key products like fresh meat and edible oil maintained growth, while categories like wine and dairy continued to see declines [38][39]. 5. Import and Price Trends - In 2025, imports of corn and wheat saw significant declines, while imports of high-end dairy products and nuts increased [54][56]. - Prices for raw milk are stabilizing, while prices for oils and vegetables are showing upward trends [81][82].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -12% -5% 2% 9% 15% 22% 29% 36% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 4,128.37 | | 0.13 | | 深证成指 | | 14,210.63 | | 0.02 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 300 | | 4,724.30 | | 0.11 | | 上证 50 | | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 50 | | 1,924.26 | | -0.67 | | 中证 100 | | 4,613.64 | | 0.04 | | 中证 500 | | 8,306.4 ...

半导体 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 海外云厂商 26 年资本支出再加速，半 导体产业链迎来全面涨价潮 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 《半导体行业月报：长鑫 IPO 获受理，关注 国内存储器产业链》 2026-01-12 《半导体行业月报：谷歌发布新模型，关注 谷歌产业链方向》 2025-12-10 《半导体行业月报：海外云厂商 25Q3 继续 加大资本支出，国内存储器厂商业绩表现亮 眼》 2025-11-10 联系人：李智 投资要点： AI 驱动半导体周期持续上行，国内主要晶圆厂持续满载运行，部 分工艺节点的价格已经上涨；AI 服务器需求的爆发式增长使得封 测产能出现严重短缺，封测厂商也已开始调涨价格；由于上游成 本的上涨，国科微、中微半导、英集芯、富满微、英飞凌等厂商 陆续发布涨价函；由于 AI 推理需求的激增，拉动推理服务器的需 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 50 页 发布日期 ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [1] Core Insights - The semiconductor industry is experiencing a comprehensive price increase driven by the accelerated capital expenditures of overseas cloud vendors in 2026, with significant demand from AI servers leading to a shortage in testing capacity and subsequent price hikes across the supply chain [4][8] - The domestic semiconductor industry showed strong performance in January 2026, with a rise of 18.63%, significantly outperforming the Shanghai Composite Index, which increased by 1.65% during the same period [7][13] - Global semiconductor sales continued to grow, with a year-on-year increase of 37.1% in December 2025, marking 26 consecutive months of growth, and a forecasted 8.5% growth for 2026 [7][28] Summary by Sections 1. Semiconductor Market Performance - In January 2026, the semiconductor sector saw a strong performance, with integrated circuits rising by 18.52%, discrete devices by 18.91%, semiconductor materials by 19.04%, and semiconductor equipment by 18.88% [7][13] - The Philadelphia Semiconductor Index rose by 12.92% in January 2026, outperforming the Nasdaq 100, which increased by 1.20% [19][20] 2. Global Semiconductor Sales Growth - December 2025 global semiconductor sales reached approximately $78.9 billion, with a year-on-year growth of 37.1% and a month-on-month increase of 2.7% [28] - The sales of logic products grew by 39.9% year-on-year, reaching $301.9 billion, while memory products saw a 34.8% increase, totaling $223.1 billion [28] 3. Capital Expenditure Trends - The capital expenditures of the four major North American cloud vendors (Google, Microsoft, Meta, Amazon) increased by 67% year-on-year in Q4 2025, with expectations for continued acceleration in 2026 [7][28] - Google is projected to spend between $175 billion and $185 billion in 2026, a year-on-year increase of 91-102% [7] 4. Price Trends in Semiconductor Components - In January 2026, DRAM and NAND Flash spot prices continued to rise, with DRAM prices increasing by approximately 39% and NAND prices by about 35% month-on-month [7][28] - TrendForce has revised its price forecasts for Q1 2026, expecting a 90-95% increase in general DRAM contract prices and a 55-60% increase in NAND Flash contract prices [7][28]