晨会纪要（R3） 晨会纪要 2026 年 02 月 09 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4065.58 | -0.25 | | 深证成指 | 13906.73 | -0.33 | | 创业板指 | 3236.46 | -0.73 | | 科创 50 | 1422.41 | -0.71 | | 北证 50 | 1520.89 | 0.90 | | 沪深 300 | 4643.60 | -0.57 | 上证指数-沪深 300 走势图 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 何晨 | 分析师 | | --- | --- | | 执业证书编号:S0530513080001 | | | hechen@hnchasing.com | | | 陈郁双 | 分析师 | | 执业证书编号:S0530524110001 | | | chenyushuang@hnchasing.com | | 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 ...

市场风格短期切换，节前继续关注消费 财信证券宏观策略周报（2.9-2.13） 2026 年 02 月 08 日 上证指数-沪深 300 走势图 % 1M 3M 12M 上证指数 1.05 2.43 25.89 沪深 300 -1.57 0.35 22.36 -8% 2% 12% 22% 32% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 证券研究报告 策略点评（R2） 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 投资要点 请务必阅读正文之后的免责声明 大势研判。2026 年市场指数及风格均将在 2025 年基础上进一步演绎，指数 整体震荡上行态势不改，但市场风格将走向扩散。中期来看，化工有望接替 有色、AI 应用有望接替 AI 硬件、国产算力链有望接替海外算力链、消费有 望接替红利，成为高切低资金的重要选择。我们维持"短期宜顺应趋势，积 极把握从去年 12 月中旬到 2026 年 3 月初的做多窗口期"的判断，建议把握 结构性机会。 投资建议。近期可关注：（1）春节消费旺季受益方向。节前适 ...

2026 年 02 月 06 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4075.92 | -0.64 | | 深证成指 | 13952.71 | -1.44 | | 创业板指 | 3260.28 | -1.55 | | 科创 50 | 1432.52 | -1.44 | | 北证 50 | 1507.29 | -2.03 | | 沪深 300 | 4670.42 | -0.60 | 上证指数-沪深 300 走势图 -7% 3% 13% 23% 33% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周剑 | 分析师 | | 执业证书编号:S0530525090001 | | | zhoujian64@hnchasing.com | | 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 晨会纪要（R3） ...

证券研究报告 行业点评（R3）- 食品饮料 2025Q4 白酒基金持仓低位，大众品环比改善 食品饮料板块基金持仓报告 投资要点： 行业涨跌幅比较 % 1M 3M 12M 食品饮料 -1.11 -3.80 -2.96 沪深 300 1.44 -0.87 23.30 胡跃才 分析师 执业证书编号:S0530525070001 huyuecai@hnchasing.com -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 2026-01 食品饮料 沪深300 请务必阅读正文之后的免责声明 2026 年 02 月 02 日 评级 领先大市 评级变动： 维持 黄静 分析师 执业证书编号:S0530524020001 huangjing48@hnchasing.com 事件：公募基金 4Q25 报告已披露完毕，我们对食品饮料板块主动偏 股型基金重仓情况进行分析。口径：仅包括重仓股（基金公司持仓市 值前十大的标的）；持仓比例：重仓个股持股总市值/重仓持股总市值 加总；主动偏股型基金：普通股票、偏股混合、灵活配置合并计算。 另外，我们亦对食品饮料板块陆股通、港股通持仓情况进 ...

Investment Rating - The industry investment rating is "Synchronize with the market" [2] Core Insights - The report emphasizes the importance of agricultural modernization and the strategic goal of building a strong agricultural nation, as outlined in the Central No. 1 Document [6][7] - It highlights the need for increased grain production capacity and quality improvement to ensure food security, with a focus on major crops like soybeans and oilseeds [6][7] - The report suggests that agricultural technology innovation is crucial for achieving modernization, advocating for the integration of AI and advanced agricultural machinery [7] - Land system reforms are moving from pilot programs to comprehensive implementation, which is expected to activate rural resources and support rural revitalization [7] - The report recommends investors pay attention to food security, land scale, and agricultural modernization-related industry chains, particularly in seed companies and livestock breeding [7] Summary by Sections Investment Highlights - The report maintains the investment rating of "Synchronize with the market" for the agricultural sector, suggesting a focus on food security and agricultural modernization [6][7] Agricultural Technology - Emphasis on the need for agricultural technology innovation, including the application of AI and advanced machinery to enhance productivity [7] Land System Reform - The transition from pilot land reforms to comprehensive implementation is expected to enhance rural resource utilization and support rural development [7] Livestock and Crop Production - The report discusses the importance of regulating pig production capacity and supporting the dairy and beef industries to ensure a balanced supply and demand [7]

Investment Rating - The industry investment rating is "Leading the Market" and the rating has been maintained [2][15]. Core Insights - The establishment of an independent new energy storage capacity pricing mechanism on the grid side is aimed at enhancing the power system's regulation capabilities [5]. - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, which includes provisions for coal, natural gas, and pumped storage [5]. - By 2025, wind and solar energy are expected to become the main sources of new power generation, with a projected increase of 550 million kilowatts in total installed capacity, of which 440 million kilowatts will come from wind and solar, accounting for 80.2% of the total [5][6]. Summary by Sections Investment Highlights - The report emphasizes the acceleration of investment in power system regulation capabilities and the introduction of a reliable capacity compensation mechanism [5]. - The capacity pricing level for new energy storage stations will be based on local coal power capacity pricing standards, adjusted according to peak capacity and other factors [5]. Market Performance - The electric grid equipment sector has shown significant growth, with a 63.05% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 index [4]. Future Projections - The total electricity consumption in China is expected to reach 10.9-11 trillion kilowatt-hours in 2026, with a year-on-year growth of 5%-6% [5]. - The maximum load for the year is projected to be between 15.7-16.3 million kilowatts, with new power generation capacity expected to exceed 400 million kilowatts, primarily driven by renewable energy sources [5].

晨会纪要（R3） 晨会纪要 2026 年 02 月 05 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4102.20 | 0.85 | | 深证成指 | 14156.27 | 0.21 | | 创业板指 | 3311.51 | -0.40 | | 科创 50 | 1453.48 | -1.20 | | 北证 50 | 1538.57 | -0.71 | | 沪深 300 | 4698.68 | 0.83 | 上证指数-沪深 300 走势图 -5% 5% 15% 25% 35% 2025-02 2025-05 2025-08 2025-11 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | | 晨会聚焦 | | --- | | 一、财信研究观点 | | 【市场策略】大盘延续缩量反弹态势，红利 ...

晨会纪要（R3） 晨会纪要 2026 年 02 月 04 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4067.74 | 1.29 | | 深证成指 | 14127.11 | 2.19 | | 创业板指 | 3324.89 | 1.86 | | 科创 50 | 1471.07 | 1.39 | | 北证 50 | 1549.51 | 3.27 | | 沪深 300 | 4660.11 | 1.18 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 2026-01 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周舒鹏 | 研究助理 | zhoushupeng@hnchasing.com 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 三、行业及公司动态 【行业动态】2025 年中国 ...

Group 1: Market Overview - The three major indices experienced significant adjustments, with the Shanghai Composite Index down 2.48% to 4015.75 points, and the ChiNext Index down 2.46% to 3264.11 points, indicating a general market downturn [5][7] - The overall A-share market saw a decline of 2.71%, with a total trading volume of 26,066.38 billion, a decrease of 2,557.87 billion from the previous trading day [7][10] - In terms of industry performance, food and beverage, banking, and home appliances showed strong performance, while basic chemicals, steel, and non-ferrous metals lagged behind [8] Group 2: Industry Dynamics - A new capacity pricing policy has been introduced to support the development of new energy storage on the grid side, which may enhance the operational stability of power systems [26] - The global smartphone market revenue reached a record high of 143 billion USD in Q4 2025, with the average selling price surpassing 400 USD for the first time, driven by a trend towards higher-end devices [28][29] - Tesla announced plans to start mass production of its humanoid robots by the end of 2026, with an expected annual production capacity of 1 million units [30] Group 3: Company Updates - Microelectrophysiology (688351.SH) received a medical device registration certificate for a disposable intracardiac ultrasound imaging catheter, which is expected to enhance surgical imaging capabilities [36] - Heng Rui Medicine (600276.SH) has resubmitted its application for the biological product license of injection Karilizumab, which has been accepted by the FDA, with a target review date set for July 23, 2026 [37] - Caterpillar reported a record sales revenue of 67.6 billion USD for 2025, with a year-on-year increase of 4%, although profit margins have come under pressure due to rising costs [32][33]

| 年 月 日 2026 02 02 | | | | --- | --- | --- | | 交易数据 | | | | 当前价格（元） | 36.35 | | | 52 周价格区间（元） | 17.49-42.66 | | | 总市值（百万） | 189020.94 | 资料来源： | | 流通市值（百万） | 180814.26 | | | 总股本（万股） | 528432.76 | | | 流通股（万股） | 527585.28 | | 涨跌幅比较 % 1M 3M 12M 蓝思科技 27.54 17.83 42.49 消费电子 -0.06 -9.91 46.01 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com wangyanwen@hnchasing.com 相关报告 1 蓝思科技（300433.SZ）2025 年半年报点评： 盈 利 能 力 持 续 提 升 ， 各 业 务 板 块 齐 发 力 2025-09-01 2 蓝思科技（300433.SZ）2025 年一季报点评： 盈利能力同比高增，构建多维业绩增长矩阵 2025-04-18 3 蓝思科技（30 ...