证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] : | 医药生物 | | --- | --- | | 日期: | 2026年02月26日 shzqdatemark | | [T分ab析le师_Author] : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | 《诺华 siRNA 降脂药物在华获批新适应 症，关注 PCSK9 及小核酸赛道》 《并购与授权合作持续活跃，关注创新药 领域资源整合加速》 ——2026 年 01 月 23 日 《产业化进程加速，脑机接口发展进入快 车道》 重点任务方面，《实施方案》提出6个方面共15项任务，包括：在实施 原料提质稳供行动方面，建设高标准中药原料生产基地，提升产地初 加工水平，提升关键技术和质量标准水平；在实施协同创新攻关行动 方面，健全协同创新体系，深度赋能中药新药研发；在实施制造能力 提升行动方面，提升中药饮片集约化生产水平，提升中药制造数智化 绿色化水平，优化全流程质量追溯体系；在实施民族药产业振兴行动 方面，大力发掘民 ...

证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] : | 医药生物 | | --- | --- | | 日期: | 2026年02月26日 shzqdatemark | | [T分ab析le师_Author] : | 张林晚 | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | 《诺华 siRNA 降脂药物在华获批新适应 症，关注 PCSK9 及小核酸赛道》 《并购与授权合作持续活跃，关注创新药 领域资源整合加速》 ——2026 年 01 月 23 日 《产业化进程加速，脑机接口发展进入快 车道》 产业链体系持续完善、板块业绩回暖在望，关 注中药高质量发展 ——医药生物行业周报（20260209-0213） [Tab主le_要Su观mm点ary] 中药高质量发展方案发布，产业链协同体系持续完善。近期，工业和 信息化部等八部门关于印发《中药工业高质量发展实施方案（2026— 2030年）》（以下简称《实施方案》）。《实施方案》指出，加快中 药工业结构优化和转型升级，全面提升中药工业产业 ...

[Table增_R持at（ing维] 持） | [行Ta业ble_Industry] 汽车 : | | | --- | --- | | 日期: | 2026年02月25日 shzqdatemark | | [T分ab析le师_Author] 仇百良 : | | | E-mail: | qiubailiang@shzq.com | | 编号: SAC | S0870523100003 | | 分析师: 李煦阳 | | | E-mail: | lixuyang@shzq.com | | SAC 编号: | 行 S0870523100001 业 | | [最Ta近bl一e_年Qu行o业teP指ic数] | 周 与沪深 比较 300 | | 报 | | [T相ab关le报_R告e：portInfo] 《蔚来成立 11 年首次实现单季盈利，2026 年汽车以旧换新销售额突破 500 亿元》 《特斯拉第三代机器人即将亮相，2025 年 汽车以旧换新初步统计超过 1150 万辆》 证 券 研 究 报 告 《特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台样车下线》 1 月汽车销量 234.6 万 ...

证 券 研 究 报 告 [Table增_R持at（ing维] 持） | [行Ta业ble_Industry] 汽车 : | | | --- | --- | | 日期: | 2026年02月25日 shzqdatemark | | [T分ab析le师_Author] 仇百良 : | | | E-mail: | qiubailiang@shzq.com | | 编号: SAC | S0870523100003 | | 分析师: 李煦阳 | | | E-mail: | lixuyang@shzq.com | | SAC 编号: | 行 S0870523100001 业 | | [最Ta近bl一e_年Qu行o业teP指ic数] | 周 与沪深 比较 300 | | 报 | | [T相ab关le报_R告e：portInfo] 《蔚来成立 11 年首次实现单季盈利，2026 年汽车以旧换新销售额突破 500 亿元》 《特斯拉第三代机器人即将亮相，2025 年 汽车以旧换新初步统计超过 1150 万辆》 《特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台样车下线》 1 月汽车销量 234.6 万 ...

| [行Ta业ble_Industry] 汽车 : | | | --- | --- | | 日期: | 2026年02月25日 shzqdatemark | | [T分ab析le师_Author] 仇百良 : | | | E-mail: | qiubailiang@shzq.com | | 编号: SAC | S0870523100003 | | 分析师: 李煦阳 | | | E-mail: | lixuyang@shzq.com | | SAC 编号: | 行 S0870523100001 业 | | [最Ta近bl一e_年Qu行o业teP指ic数] | 周 与沪深 比较 300 | | 报 | | [T相ab关le报_R告e：portInfo] 证 券 研 究 报 告 [Table增_R持at（ing维] 持） 《蔚来成立 11 年首次实现单季盈利，2026 年汽车以旧换新销售额突破 500 亿元》 《特斯拉第三代机器人即将亮相，2025 年 汽车以旧换新初步统计超过 1150 万辆》 《特斯拉计划 27 年面向公众销售 Optimus 机器人，红旗全固态电池首台样车下线》 1 月汽车销量 234.6 万 ...

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The report emphasizes three main lines of focus in technology as outlined in the "14th Five-Year Plan": computing power, self-control, and AI applications [6][14] - The computing power revolution is expected to create opportunities across the industry chain, with significant capital expenditure growth from North American cloud providers [16][20] - The domestic production of analog chips is accelerating, with China being the largest consumer market, accounting for over 40% of the global market [7][24] - AI is driving potential growth in consumer electronics, with System on Chip (SoC) technology becoming increasingly integrated into various applications [26][27] Summary by Sections 1. "14th Five-Year Plan" and Technology Focus - The "14th Five-Year Plan" suggests fostering emerging industries and accelerating technological self-reliance, focusing on three main lines: computing power, self-control, and AI applications [6][14] 2. Computing Power: Opportunities from the Revolution - North American cloud providers are significantly increasing capital expenditures, with Google expected to double its spending to between $175 billion and $185 billion in 2026 [16] - Microsoft reported a record capital expenditure of $37.5 billion in a single quarter, primarily to enhance AI capabilities [16] - Amazon's capital expenditure is projected to reach $200 billion in 2026, driven by strong demand in AI and related technologies [17] 3. Self-Control: Acceleration of Domestic Analog Chip Production - The global market for analog chips is steadily expanding, with China being the largest consumer market [7][24] - The current domestic production rate for analog chips is about 20%, indicating significant room for growth [24] 4. AI Applications: Empowering Consumer Electronics Growth - AI technology is becoming a crucial component of SoC architecture, enhancing smart processing capabilities across various sectors [26] - The demand for CMOS Image Sensors (CIS) is recovering, with potential for domestic alternatives to emerge [27] - ODM manufacturers are gaining competitive advantages by leveraging capital investments and technological advancements in various fields [27]

Fund Size and Growth - The total size of open-end bond funds increased by CNY 368.6 billion to CNY 7.5657 trillion, representing a growth of 5.1%[1] - Index bond funds grew by 15.7% (+CNY 229.3 billion), while ordinary bond funds increased by 11.0% (+CNY 223.1 billion)[2] - Long-term pure bond funds saw a decline of 4.8% (-CNY 136.8 billion) in size[2] Performance Analysis - The median returns for short-term, medium-term, and long-term pure bond funds were 0.44%, 0.51%, and 0.51%, respectively[1] - Ordinary bond funds, convertible bond funds, and mixed bond funds had median returns of 0.51%, 1.09%, and 0.81%[1] - The yield curve showed a "bear steepening" trend, with 1-year and 10-year government bond yields at 1.34% and 1.84%, respectively[7] Asset Allocation - There was a general reduction in equity allocations across various bond funds, with ordinary bond funds decreasing by 0.7%, convertible bond funds by 0.4%, and mixed bond funds by 1.8%[18] - The allocation to pure bonds increased by 1.7% for ordinary bond funds and 1.7% for mixed bond funds[18] Bond Type Allocation - Financial bonds (government and corporate) saw an increase in allocation, while government bonds and short-term bonds decreased[22] - Long-term pure bond funds increased their medium-term bond allocation by 1.06%, while mixed bond funds increased corporate bond allocation by 3.03%[22]

证 券 研 究 报 告 [日Ta期ble_Industry] : shzqdatemark [Tabl主e_要Su观mm点ary] 2026年02月13日 | [T分ab析le师_Author] : | 陈彦利 | | --- | --- | | Tel: | 021-53686170 | | E-mail: | chenyanli@shzq.com | | SAC 编号: | S0870517070002 | [T相ab关le报_R告e：portInfo] | 宏 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [T分ab析le师_Author] | 陈彦利 | : | 观 | Tel: | 021-53686170 | 数 | | | | E-mail: | chenyanli@shzq.com | 据 | 编号: | SAC | S0870517070002 | | | | | [T相ab关le报_R告e：portInfo] | 《生产偏稳，需求回落》 | | | | | | | | | ——2025 ...

Group 1 - The report identifies Huabao Fund Management's Chi Chuang Data (300857.SZ) as the best convergence stock for the Chi Chuang Artificial Intelligence ETF (159363.SZ), which is expected to enter a high growth phase starting in 2023, with a projected PE ratio of 22 times based on the expected net profit for 2023 [2][8] - As of February 9, 2026, Chi Chuang Data's stock price reached a maximum of 238 CNY per share, closely aligning with the estimated fundamental value of 231.71 CNY per share under the 22 times PE valuation for 2028, indicating the reasonableness of this pricing basis [2][8] - The performance of Chi Chuang Data since November 2025 has been consistent with the trend of the Chi Chuang Artificial Intelligence Index, although the individual stock has shown greater volatility [3][9] Group 2 - From November 1, 2025, to February 9, 2026, the dynamic allocation strategy for the Chi Chuang Artificial Intelligence ETF achieved a final return of 14.72% with a maximum drawdown of 4.06%, indicating that while the dynamic strategy's returns and drawdowns were lower than a buy-and-hold strategy, its Sharpe ratio remained superior [3][9] - The report emphasizes the importance of dynamic position management based on the fundamental value range of Chi Chuang Data for the Chi Chuang Artificial Intelligence ETF [3][9]

Performance Analysis - In Q4, the average return of heavily held stocks in mixed funds was 2.84%, outperforming the average return of all A-shares at 2.62% and the CSI 800 component stocks at 1.04%[1] - Among 31 first-level industries, 22 industries' heavily held stocks outperformed their benchmark industry indices, with an average excess return of 1.87%[1] - The performance of stock funds in Q4 showed a decline of 2.11%, underperforming the CSI All Share Index which increased by 1.01%[6] Fund Rating Overview - A total of 9,215 funds were included in the three-year rating, with 1,379 (14.96%) rated as five-star funds[5] - For the five-year rating, 5,265 funds were included, with 738 (14.91%) rated as five-star funds[5] Risk Management and Efficiency - The risk-return efficiency of bond funds improved significantly, with a notable increase in returns and a decrease in volatility[21] - The average return of pure bond funds was 0.52%, outperforming the total wealth index of bonds at 0.33%[10] Market Timing Ability - The average stock position for equity funds increased by 0.99 percentage points to 91.19%, while mixed funds increased by 1.42 percentage points to 74.29%[19] - The bond fund's holding level decreased by 0.49 percentage points, indicating poor allocation effectiveness[19] Long-term Performance Tracking - Since 2015, the three-year return of five-star ordinary stock fund combinations was 296.11%, compared to only 67.35% for the CSI All Share Index[3] - The probability of five-star funds maintaining performance in the top 40% of their category within 6 months to 1 year is approximately 60%[29]