信用债类 ETF 持续净流出 ——债券 ETF 跟踪 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：苏恩民 执业证书编号：S0740525070002 Email：suem@zts.com.cn 证券研究报告/固收事件点评报告 2026 年 02 月 09 日 报告摘要 上周中债新综合指数全周上涨 0.08%；短期纯债、中长期纯债基金分别上涨 0.01%、 0.01%；中证 AAA 科创债指数、上证基准做市公司债指数分别上涨 0.03%、0.03%。 资金流向 相关报告 截至 2026 年 2 月 6 日，债券型 ETF 近一周合计净流出 40.75 亿元，利率型、信用型、 可转债型 ETF 分别净流入 17.45 亿元、净流出 67.20 亿元、净流入 9.00 亿元。具体 拆分来看，信用型 ETF 中，短融、公司债、城投债分别净流入 32.74 亿元、净流入 0.16 亿元、净流入 2.83 亿元，做市信用债净流出 23.84 亿元，科创债净流出 79.08 亿元。截至 2026 年 2 月 6 日，利率型、信用型、可转债 ETF 自 20 ...

拉夫劳伦量价齐升超预期，米兰冬奥提升运动景气度 ——轻工制造及纺服服饰行业周报 轻工制造 证券研究报告/行业定期报告 2026 年 02 月 08 日 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：张潇 | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740523030001 | 太阳纸业 | 16.40 | 1.10 | 1.12 | 1.20 | 1.34 | 1.48 | 14.92 | 14.66 | 13.64 | 12.22 | 11.10 | 买入 | | | 百亚股份 | 22.03 | 0.54 | 0.66 | ...

Investment Rating - The report maintains a "Buy" rating for key companies in the building materials sector, indicating an expected relative performance increase of over 15% in the next 6-12 months [6][110]. Core Insights - The building materials industry is at a turning point, with both demand and valuation expected to improve. The real estate sector is anticipated to stabilize, leading to a recovery in building materials demand. The report highlights that new construction starts in 2025 are projected to decline by 70% compared to 2021, with completions down by 40% and new home sales down by 50% [9][8]. - Rising prices of upstream raw materials such as asphalt, polypropylene, and polyethylene are expected to drive up building material prices, benefiting companies with pricing power [9][8]. - The report recommends several companies, including Beixin Building Materials, Oriental Yuhong, and Sanhe Tree, while suggesting to pay attention to companies like Rabbit Baby and China Liansu [9][8]. Summary by Sections Market Overview - The building materials sector is currently underweighted, with a configuration ratio of 0.72% as of Q4 2025, which is significantly lower than the historical average since 2010 [8]. - The cement and glass sectors are noted to be at low valuation levels, with the cement manufacturing PB at the 16th percentile and glass manufacturing PB also at the 16th percentile since 2010 [8]. Key Company Recommendations - Recommended companies include: - Beixin Building Materials: EPS forecasted to increase from 2.1 in 2024 to 3.5 in 2027, with a PE ratio decreasing from 13.4 to 8.2 [6]. - Conch Cement: EPS forecasted to rise from 1.5 in 2024 to 2.2 in 2027, with a PE ratio decreasing from 17.3 to 11.6 [6]. - China Jushi: EPS expected to grow from 0.6 in 2024 to 1.2 in 2027, with a PE ratio decreasing from 36.1 to 18.6 [6]. - Other companies include Weixing New Materials, Sanhe Tree, and Huaxin Cement, all rated as "Buy" or "Increase" [6]. Industry Trends - The report notes a significant increase in market share for consumer building materials over the past few years, with profitability in segments like waterproofing and piping at a low point, suggesting potential for recovery [9][8]. - The cement sector is expected to see a gradual recovery in profitability, with a current national cement market price decrease of 1% and a notable drop in average shipment rates [36][9]. - The float glass sector is experiencing a supply-side adjustment, with production capacity at a five-year low, indicating potential for price recovery [9][8]. Emerging Opportunities - The report highlights opportunities in overseas markets, particularly in Africa, Central Asia, and Southeast Asia, where rising populations and urbanization rates are creating demand for building materials [9][8]. - The electronic fabric market is also noted for its upward price trend due to supply constraints, with significant price increases observed in recent weeks [9][8]. Conclusion - The building materials industry is positioned for a recovery phase, driven by stabilization in the real estate market and rising raw material prices. The report emphasizes the importance of focusing on companies with strong pricing power and market positioning to capitalize on these trends [9][8].

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [6] Core Insights - The report highlights significant developments in the lithium battery sector, including Elon Musk's announcement of the large-scale production of dry electrodes and CATL securing a 10GWh energy storage project [8][14][15] - The energy storage market shows strong demand, with January's procurement reaching 36.3GWh and a 42% increase in the average price of 4-hour storage systems over the past six months [25][26] - The report emphasizes the potential for performance and valuation improvements in the lithium battery and energy storage sectors, suggesting a favorable medium-term investment outlook [8] Summary by Sections Lithium Battery Sector - The battery industry index rose by 3.24%, outperforming the CSI 300 by 4.57 percentage points, with key stocks like Enjie and Wanrun New Energy showing significant gains [12] - Major events include the announcement of dry electrode mass production by Tesla and strategic partnerships in solid-state battery technology [14][16][18] Energy Storage Sector - January saw a procurement of 36.3GWh in energy storage, with a notable 42% increase in the average price of 4-hour systems [25][26] - The report notes strong demand in regions like Ningxia, which completed a procurement scale of 7.76GWh, the highest in the country [25] - The report identifies key companies in the energy storage sector, including Haibo Sichuang and Sungrow Power [8] Electric Power Equipment Sector - The report discusses the approval of significant high-voltage projects, including the "Mont Electricity into Shanghai" project, marking the start of substantial construction [29][30] - It highlights the ambitious "six AC and six DC" plan in Inner Mongolia, which aims to add 48 million kilowatts of high-voltage transmission capacity [30] Photovoltaic Sector - The report tracks the stability in silicon material prices and the decline in silicon wafer prices, indicating a cautious market outlook [33][36] - It notes the recent interest from Musk's team in Chinese photovoltaic companies, focusing on potential collaborations in solar technology [39] Wind Power Sector - The report outlines progress in offshore wind projects across various regions, with significant approvals and tenders being announced [42][44] - It emphasizes the expected growth in offshore wind capacity and the importance of supply chain developments in the sector [51][52]

多空互加筹码，债市迎来"验牌时刻" 证券研究报告/固收专题报告 2026 年 02 月 08 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 报告摘要 近两周以来，债市的行情不断修复。尤其是以二永、10 年内期限为代表的配置型品种 来说，债市短期已经走出了非熊的局面。随着 T、TL、30 年现券的不断修复，但 30 年国债活跃券借贷量仍然在大幅度提高，空头和多头都在互扔筹码，多空决战临近"验 牌时刻"： 分析师：严伶怡 执业证书编号：S0740525070001 Email：yanly@zts.com.cn Email：suht@zts.com.cn 铜价仍有支撑》2026-02-05 2、《如何在定位和投资上做好一只 "固收+"》2026-02-05 执业证书编号：S0740524070004 Email：youyong@zts.com.cn 好？》2026-02-04 请务必阅读正文之后的重要声明部分 债券市场多空都有自信，正在互加筹码 分析师：游勇 空方：在中期与短期的逻辑可能都具有较强的完备性。比如，科技行业带动各类资产 的涨价逻辑与债市自身 ...

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 两融资金继续退潮，宽基ETF流出放缓——负债行为跟踪 2 0 2 6 . 2 . 8 林莎 执业证书编号：S0740525060004 邮 箱：linsha@zts.com.cn 张可迎 执业证书编号： S0740525080001 邮 箱：zhangky04@zts.com.cn 摘要 本周，A股市场缩量下跌，有色、TMT板块领跌。 周一以来有色板块的暴跌是前期预期高度一致、杠杆资金过于集中后必然会发生的"挤水分"的结果。TMT板块的下跌则一方面是受有色板块下跌的恐慌外溢影响， 另一方面，海外科技业绩不及预期，对前期高增预期进行修正。 大幅下跌是极端市场情绪压力的反映。开年以来的增量资金抢跑，大多数资金已积累了大量浮盈，金银暴跌以及海外事件给了这些资金顺势止盈降仓的理由。但即 便如此，周二多数板块也出现超跌反弹，虽未收复所有跌幅，但反映抄底资金已经开始入场。 本周负债行为特点： 1、两融资金继续退潮。 1）两融交易额比重回落，从上周9.71%回落至9.32%，回落至接近均值水平，与去年6-7月水平基本相当 ...

A H 股市场周度观察（2 月第 1 周） 证券研究报告/策略定期报告 2026 年 02 月 08 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 1、《当前市场调整是大周期见顶还 是结构性切换？》2025-08-10 报告摘要 一、A 股： 二、港股： 请务必阅读正文之后的重要声明部分 周）》2025-08-04 何？》2025-08-03 分析师：张文宇 【市场走势】本周 A 股延续调整，宽基指数普遍收跌：上证指数周跌约 1.27%，深证 成指周跌约 2.11%，创业板指周跌约 3.28%。风格层面，大盘价值相对抗跌，而成长 与中小盘回撤更明显；行业层面，食品饮料、银行等偏防御方向领涨，而有色金属、 通信、电子等高β板块领跌。成交额方面，本周沪深两市日均成交额明显缩量。 相关报告 【深度剖析】本周 A 股市场整体呈现震荡回调走势，主要受海外与大类资产风险扰动。 一方面，黄金，白银等贵金属本周持续大幅震荡，对 A 股风险偏好造成持续扰动。另 一方面， ...

净利润断层策略本周超额收益 3.44% 执业证书编号：S0740525110003 Email：wuxx02@zts.com.cn 执业证书编号：S0740525060001 Email：wangpf@zts.com.cn 咫尺，重回科技与周期》2026-02-08 2026-02-01 3、《戴维斯双击策略本周超额收益 2.39%》2026-02-01 证券研究报告/金融工程定期报告 2026 年 02 月 08 日 分析师：吴先兴 报告摘要 沪深 300 增强组合 请务必阅读正文之后的重要声明部分 戴维斯双击策略 分析师：王鹏飞 戴维斯双击即指以较低的市盈率买入具有成长潜力的股票，待成长性显现、市盈率相 应提高后卖出，获得乘数效应的收益，即 EPS 和 PE 的"双击"。策略在 2010-2017 年回测期内实现了 26.45%的年化收益，超额基准 21.08%，且在回测期内的 7 个完整 年度里，每个年度的超额收益均超过了 11%，具有非常好的稳定性。 今年以来，策略累计绝对收益 4.47%，超额中证 500 指数-4.65%，本周策略超额中证 500 指数-0.85%。截至 2026-02-06 日， ...

快餐市场重焕生机，产品创新增时运营 执业证书编号：S0740522030001 Email：hect@zts.com.cn 食品饮料 证券研究报告/行业专题报告 2026 年 02 月 08 日 | 增持（维持） 评级： | | 重点公司基本状况 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | | 股价 | | | EPS | | | | | PE | | | | 评级 | | 分析师：何长天 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | | 2027E | | | 执业证书编号：S0740522030001 | 百胜中国 | | 392.4 | 1.97 | 2.33 | 2.51 | 2.82 | 3.04 | 20.94 | 20.06 | 18.09 | 17.8 ...

量化择时周报：缩量信号近在咫尺，重回科技与周期 证券研究报告/金融工程定期报告 2026 年 02 月 08 日 分析师：吴先兴 执业证书编号：S0740525110003 Email：wuxx02@zts.com.cn 1、《量化择时周报：趋势指标进入边 缘 位 置 ， 由 重 仓 位 到 重 结 构 》 2026-02-01 2.39%》2026-02-01 分析师：王鹏飞 执业证书编号：S0740525060001 Email：wangpf@zts.com.cn 缩量信号近在咫尺，重回科技与周期 风险提示：市场环境变动风险，模型基于历史数据。 请务必阅读正文之后的重要声明部分 3、《量化择时周报：牛市格局仍在延 续，主题投资重回主线》2026-01-25 相关报告 上周周报（20260201）认为：在宽基 ETF 份额持续下滑和有色价格重挫的双重影响 下，预计节前市场成交也将逐步下滑，短期赚钱效应处于零值附近，市场或将从上行 趋势重回震荡格局，行业分化或将加大，从聚焦仓位到聚焦结构。最终 WIND 全 A 全 周下跌 1.49%。市值维度上，上周代表小市值股票的中证 1000 下跌 2.46%，中盘股 ...