行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2026 年 2 月 9 日 [Table_Title] 市场品牌化发力，政策托底启程 ——汽车行业周报 [Table_Summary] 报告要点： 新势力销量分化，品牌化优势企业靠前 2 月 1 日，造车新势力小米汽车、鸿蒙智行、零跑、理想、蔚来、极氪、 岚图和小鹏等先后发布 1 月交付量。其中，多家品牌实现同比增长，但 相较于去年 12 月，交付表现出现明显下滑。新势力品牌交付格局出现重 要变化。鸿蒙智行（其中问界汽车 1 月交付 40016 辆汽车，同比增长 83%）交付 57，915 辆，同比增长 65.6%开年月销登顶。小米汽车以超 过 3.9 万辆的交付量位居第二，尽管比 12 月有所下滑，但完成了其 55 万辆年销量目标的重要起步。零跑汽车交付 32，059 辆，保持领先地位 获得第三；理想汽车与蔚来汽车交付量接近，分别为 27，668 辆和 27， 182 辆，其中蔚来实现同比近翻倍增长，而理想出现同比小幅下滑；小 鹏汽车交付 20，011 辆。 超二十省市推出补贴政策，汽车市场有望回升 为应对车市下行压力， ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2026 年 02 月 09 日 备行业周报、月报 [Table_Title] 英特尔和 AMD 服务器 CPU 交期延长，英飞 凌功率半导体涨价 ——行业周报 [Table_Summary] 报告要点： 本周（2026.2.2-2026.2.8）市场回顾 1）海外 AI 芯片指数本周下跌 0.9%。其中，MPS 和台积电上涨 9.4% 和 5.5%，AMD 下跌 12%，英伟达下跌 3.0%。2）国内 AI 芯片指数 本周下跌11.2%。寒武纪、翱捷科技、兆易创新和长电科技跌幅超11%， 澜起科技、通富微电、中芯国际和海光信息跌幅近 10%。3）英伟达 映射指数本周下跌 4.8%，江海股份和英维克跌幅在 8.4%和 6.8%， 工业富联和长芯博创跌幅在 5%以上，兆龙互连、麦格米特和景旺电 子跌幅在 4%-5%。4）服务器 ODM 指数本周上涨 2.0%，超微电脑和 Quanta 涨幅在 18%和 7.1%，Gigabyte 和鸿海精密跌幅在 3%-4%。 5）存储芯片指数本周下跌 13.7%，聚辰股份 ...

行业研究|可选消费|汽车与汽车零部件 证券研究报告 汽车与汽车零部件行业 周报、月报 2026 年 2 月 9 日 [Table_Title] 市场品牌化发力，政策托底启程 ——汽车行业周报 [Table_Summary] 报告要点： 新势力销量分化，品牌化优势企业靠前 2 月 1 日，造车新势力小米汽车、鸿蒙智行、零跑、理想、蔚来、极氪、 岚图和小鹏等先后发布 1 月交付量。其中，多家品牌实现同比增长，但 相较于去年 12 月，交付表现出现明显下滑。新势力品牌交付格局出现重 要变化。鸿蒙智行（其中问界汽车 1 月交付 40016 辆汽车，同比增长 83%）交付 57，915 辆，同比增长 65.6%开年月销登顶。小米汽车以超 过 3.9 万辆的交付量位居第二，尽管比 12 月有所下滑，但完成了其 55 万辆年销量目标的重要起步。零跑汽车交付 32，059 辆，保持领先地位 获得第三；理想汽车与蔚来汽车交付量接近，分别为 27，668 辆和 27， 182 辆，其中蔚来实现同比近翻倍增长，而理想出现同比小幅下滑；小 鹏汽车交付 20，011 辆。 超二十省市推出补贴政策，汽车市场有望回升 为应对车市下行压力， ...

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The low-altitude economy is evolving into a comprehensive consumption ecosystem, integrating tourism and smart transportation, creating new opportunities for aviation and tourism industries [3] - The mechanical equipment sector shows strong competitive advantages for domestic leading enterprises in both supply and demand, with a steady growth outlook for the engineering machinery industry [4] Weekly Market Review - From January 25 to January 30, 2026, the Shanghai Composite Index fell by 0.44%, while the Shenzhen Component Index and the ChiNext Index decreased by 1.62% and 0.09%, respectively. The Shenwan Machinery Equipment Index dropped by 3.49%, underperforming the CSI 300 Index by 3.57 percentage points, ranking 24th among 31 Shenwan first-level industries [12] - Sub-sectors such as general equipment, specialized equipment, rail transit equipment II, engineering machinery, and automation equipment experienced declines of 4.15%, 2.79%, 3.62%, 3.91%, and 3.07%, respectively [12] Key Sector Tracking - The low-altitude economy is showing significant progress in the integration of cultural tourism and smart transportation, with various applications emerging from the Ministry of Transport's innovative case studies [3] - The rental rate index for aerial work platforms was reported at 633 points in December 2025, reflecting a month-on-month decrease of 3.8% but a year-on-year increase of 2.9% [4] Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, Huasheng Group, and Nairui Radar. In the complete machine sector, focus on Wanfu Aowei, Yihang Intelligent, Zongheng Co., and Green Energy Huichong. Key component manufacturers to watch are Zongshen Power, Wolong Electric Drive, Yingliu Co., and Yingboer. In air traffic management and operations, consider CITIC Haineng, Zhongke Xingtu, and Sichuan Jiuzhou [5] - In the mechanical equipment sector, recommended companies include Juxing Technology, Quanfeng Holdings, and Nine Company for the export chain. For engineering machinery, focus on Sany Heavy Industry, XCMG, and Anhui Heli. In the industrial mother machine sector, watch Huazhong CNC, Kede CNC, and Hengli Hydraulic [5]

na[Table_Main] 行业研究|工业 证券研究报告 工业行业周报 2026 年 2 月 5 日 [Table_Title] 低空应用多元，出口仍具优势 ——机械行业周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 1 月 25 日至 1 月 30 日，上证综指下降 0.44%，深证成指下 降 1.62%，创业板指下降 0.09%。其中申万机械设备下降 3.49%，相 较沪深 300 指数跑输 3.57pct，在 31 个申万一级行业中排名第 24。 细分子行业来看，申万通用设备/专用设备/轨交设备Ⅱ/工程机械/自动 化设备分别跌 4.15%/2.79%/3.62%/3.91%/3.07%。 重点板块跟踪 低空经济板块：本周，低空经济在文旅消费与智慧交通两大关键领域 展现出显著的融合与创新进展。人民日报海外版刊文指出，低空旅游 正从单一空中游览向"体验+服务+多业态联动"的综合性消费生态转 型，成为航空与文旅产业跨界协同的新赛道，为航空企业、目的地及 机场等主体创造了深度参与文旅 IP 打造、延伸消费链的新机遇。与此 同时，交通运输部发布的首批综合交通运输大模型智能体创新应用 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 12.89 per share, indicating a potential upside of 37.2% from the current price of HKD 9.40 [6][19]. Core Insights - The company anticipates a significant increase in net profit for 2025, projected to rise by 400% to 450% compared to 2024, driven by three main factors: strong demand for smart visual products in non-mobile sectors, a focus on high-end products, and gains from the sale of a subsidiary [3][9]. - The product structure of camera modules is further optimized, with a notable increase in average selling prices, reaching approximately RMB 41.5, a year-on-year increase of about 27.2% [4][10]. - The non-mobile camera module business is emerging as a new growth driver, with sales in automotive and IoT applications growing by approximately 47.9% year-on-year, contributing significantly to overall revenue [5][14]. Financial Projections - Revenue forecasts for 2025 to 2027 are RMB 198.04 billion (+22.6%), RMB 219.53 billion (+10.9%), and RMB 244.77 billion (+11.5%) respectively, with net profit estimates of RMB 14.26 billion (+411%), RMB 9.1 billion (-36.2%), and RMB 10.92 billion (+17.8%) [6][19]. - The company’s gross margin is expected to improve, with projections of 8.2% in 2025, followed by 6.9% in 2026 and 7.1% in 2027 [7][24].

b l [Table_Title] 国务院印发《加快培育服务消费新增长点工 e _ M 作方案》，HBN 母公司港交所递表 T a ——商社美护行业周报 [ 行业研究|可选消费 证券研究报告 [Table_Summary] 报告要点： 可选消费行业周报、月报 2026 年 02 月 04 日 关共监管海南离岛免税累计购物金额 100.5 亿元，购物人数 132.6 万 人次。安踏体育与卖方订立购股协议，以 15 亿欧元现金收购彪马所 属公司 PUMA SE29.06%的股权。LVMH 集团 2025 全年总营收约 808.1 亿欧元，同比下降 4.6%；净利润约 109 亿欧元，同比下降 13%。 投资建议 维持行业"推荐"评级，重点关注服务消费，以及美护、IP 衍生品、 黄金珠宝等新消费板块。标的方面关注：若羽臣、毛戈平、上美股份、 泡泡玛特、潮宏基、老铺黄金等。 风险提示 市场表现 ] 本周（2026.01.26-2026.01.30），商贸零售/社会服务/美容护理分别- 4.18%/-3.45%/-3.76%，在 31 个一级行业中排名第 26/23/25，同期上 证综指-0.44%，深证成指-1.62 ...

T a [ 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2026 年 02 月 04 日 b l [Table_Title] 国务院印发《加快培育服务消费新增长点工 e _ M 作方案》，HBN 母公司港交所递表 ——商社美护行业周报 [Table_Summary] 报告要点： 市场表现 ] 本周（2026.01.26-2026.01.30），商贸零售/社会服务/美容护理分别- 4.18%/-3.45%/-3.76%，在 31 个一级行业中排名第 26/23/25，同期上 证综指-0.44%，深证成指-1.62%，沪深 300+0.08%。 本周行业重点事件及资讯 国务院办公厅印发《加快培育服务消费新增长点工作方案》。提出 3 方面支持政策，包括聚焦交通服务、家政服务、网络视听服务、旅居 服务、汽车后市场服务、入境消费等重点领域激发发展活力；聚焦演 出服务、体育赛事服务、情绪式体验式服务等潜力领域培育发展动能。 1 月 29 日，文化和旅游部在福建省泉州市正式启动 2026 年全国春节 文化和旅游消费月。消费月将从 1 月底持续至 3 月初，其间各地将推 出丰富多彩的应季文旅产品和活动，举办约 ...

Group 1 - The report highlights that the new consumption sector performed well, with service consumption policies expected to continue catalyzing growth in 2026 [2][27] - In 2025, the overall performance of the optional consumption sector was weak, but sub-sectors like new consumption showed significant gains, particularly in the first half of the year [16][21] - The retail sales of consumer goods grew moderately, with service retail growth outpacing that of goods retail, indicating a shift towards service consumption [21][27] Group 2 - The tourism sector is expected to benefit from extended holiday periods and improved vacation policies, with companies like Trip.com and Tongcheng Travel being key focuses [3] - The hotel market is showing signs of recovery, with a narrowing decline in RevPAR and increasing leisure demand, highlighting companies like Jin Jiang Hotels and Huazhu Group [3] - The duty-free sector is experiencing a boost from new policies, particularly in Hainan, with a focus on high-end consumption recovery [3] Group 3 - The cosmetics industry saw a slight growth of 6.18% in 2025, with domestic brands continuing to gain market share [4][30] - The medical beauty market is projected to reach approximately 366.6 billion in 2025, with a K-shaped consumption differentiation emerging [4][30] - Innovations in core ingredients and the integration of biotechnology are driving brand growth in the cosmetics sector [4][36] Group 4 - The IP derivative market is expanding due to a flourishing supply of IP and commercial operations, with domestic policies expected to further mature the industry ecosystem [5] - Key players in the IP space include Shanghai Film, Light Media, and Pop Mart, with a focus on both domestic and international market expansion [5] Group 5 - The gold and jewelry sector saw a cumulative growth of 12.78% in retail sales from January to December, with a focus on brand premium capabilities and international expansion [6][9] - The rise of "self-wearing" scenarios is driving gold jewelry sales, with brands like Chao Hong Ji and Lao Pu Gold being highlighted for their international strategies [9]

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].