证券研究报告·宏观报告·宏观周报 金融产品周报 20260207 海外市场流动性有企稳迹象，情绪或会好转 【勘误版】 [Table_Summary] 基金规模统计：（2026.2.2-2026.2.6） 市场行情展望：（2026.2.9-2026.2.13） 基金配置建议： 2026 年 02 月 24 日 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 《黄金 ETF，2026 年 1 月复盘与 2 月 证券分析师 芦哲 展望》 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 唐遥衎 2026-02-03 执业证书：S0600524120016 东吴证券研究所 1 / 20 tangyk@dwzq.com.cn 相关研究 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 权益类 ETF 基金规模变化统计：规模变化排名前三名的权益类 ETF 类 型分别为：规模指数 ETF（154.06 亿元），跨境行业指数 ETF（66.24 亿 元），策略指数 ETF（53.71 亿元）；基金规模变化排名后三名的权益 类 ETF 类型分别为：跨境规模 ...

证券研究报告 智能汽车主线周报： 特斯拉首辆Cybercab下线，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月24日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.2.9-2026.2.13 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-0.5%，智能汽车指数（除特斯拉）+5.7%，智能汽车指数（除整车） +3.9%。截至2026年2月13日，智能汽车指数PS(TTM）为14.8x，该估值位于2023年初以来98%分位数；智能汽车指数（除 特斯拉）PS(TTM）为6.2x，该估值位于2023年初以来88%分位数；智能汽车指数（除整车）PS(TTM）为10.5x，该估值位于 2023年初以来86%分位数。智能汽车指数标的耐世特、曹操出行、地平线机器人、千里科技、希迪智驾涨幅前五。 （ ◼ 本周行业核心变化：1）工信部公开征求《智能网联汽车自动驾驶系统安全要求》等五项强制性国家标准的意见，也即L3和L4 国标开启征求意见稿；2）中国最高人民法院2月13日首次发布道路交通 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 海外模型大厂融资落地，算力链条迎来新动 力 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 24 日 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 行业走势 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 建筑材料 沪深300 相关研究 《地产链有望继续震荡向上》 2026-02-08 《建筑、建材 2025Q4 公募基金持仓 低位回升，持仓集中度有所下降》 2026-02-08 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.2.7–2026.2.13，下同）：本周建筑材料板块（SW）涨跌幅 2.86%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.36%、1.11%，超 额收益分别为 2.50%、1.74%。 ◼ 大宗建材基本面与高频数据：（1）水泥：本周全国高标水泥市场价格为 ...

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment industry [1] Core Viewpoints - The lithium battery storage sector is expected to enter a peak season, with significant growth anticipated in 2026. The humanoid robotics and AIDC (Automated Identification and Data Capture) sectors are also evolving rapidly [1] - The report highlights the strong demand for energy storage systems, particularly in the U.S., where the installation of large-scale storage systems is projected to grow significantly [8] - The electric vehicle market is showing signs of recovery, with expectations for increased sales in March following a slow January [27] Industry Trends - The electric power equipment sector has shown a 1.13% increase, outperforming the broader market. Key segments include new energy vehicles, lithium batteries, and power generation equipment, with notable performances from companies like Zhongcai Technology and Dongfang Electric [4] - The U.S. has released details on the OBBB Act, which clarifies cost calculation models for energy storage, indicating a competitive pricing environment for capacity [4] - The report notes that Tesla, along with other major players, is leading the global energy storage market, with significant shipments expected in 2025 [4] Market Data - In January, domestic electric vehicle sales reached 945,000 units, with a year-on-year decline of 45%. However, electric heavy truck sales surged by 191% [4][27] - The report provides detailed pricing data for lithium carbonate and other battery materials, indicating price increases for various components, such as lithium hydroxide and battery-grade materials [4] - The report anticipates a 60%+ growth in energy storage demand in 2026, driven by new policies and market dynamics [4] Company Insights - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and strong growth prospects [7] - Other companies such as Sungrow (阳光电源) and Sany (三花智控) are also recommended for their strong market positions and growth potential in the energy sector [7] - The report emphasizes the importance of technological advancements in humanoid robotics and AIDC, with companies like Tesla expected to lead the market [11]

证券研究报告·行业跟踪周报·食品饮料 食品饮料行业跟踪周报 从"历史经典产业"到"传统优势民生产业" ， 新五年酿酒产业提质发展 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 22 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 食品饮料 沪深300 2026-02-10 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 ◼ 从"历史经典"到"优势民生"产业，再度定调酿酒产业重要地位，鼓 励高质量发展。继 2025 年 10 月工信部发布《关于推动历史经典产业高 质量发展的指导意见（2026—2030 年）（征求意见稿）》，近期工信部、 人社部、市场监管总局再度印发《酿酒产业提质升级指导意见（2026— 2030 年）》，明确定调 ...

Investment Rating - The report maintains a rating of "Buy" for the electronic industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The IoT market is identified as the largest blue ocean market, presenting significant opportunities for domestic substitution, particularly in customized solutions and software ecosystems [2]. - The report emphasizes the importance of hardware supply chain enterprises in the AI transformation, as major internet and cloud computing companies accelerate their hardware ecosystem development [2]. - The evolution of edge AI is seen as a critical trend, with the need for high-performance edge hardware driving innovation in traditional mobile and PC markets [5][6]. - The automotive sector is highlighted as a prime application area for edge AI, with significant opportunities arising from the upgrade of in-vehicle chips and the construction of domestic ecosystems [5]. Summary by Sections 1. Edge AI and Domestic Supply Chain Opportunities - The transition of edge AI from concept to a well-defined industry path marks a strategic shift towards physical world applications, driven by privacy, security, and latency considerations [15]. - The deep restructuring of edge hardware provides a systemic elevation opportunity for domestic supply chains, particularly in new terminal markets like AI glasses and embodied intelligent robots [16]. 2. AI Empowering Mobile and PC Market Innovations - The demand for high-end smartphones is increasing due to the rapid adoption of AI technology, with projections indicating that by 2028, 54% of smartphones will feature edge AI capabilities [18]. - The average selling price (ASP) of smartphones is expected to rise, with a notable increase in the proportion of high-end models, driven by the demand for AI functionalities [21][19]. - The report notes that the semiconductor industry is experiencing a shift towards higher-end chip manufacturing processes, with TSMC's 2nm technology expected to enhance performance and efficiency significantly [23][24]. 3. Automotive Electronics and Edge AI Growth - The automotive sector is positioned as a second growth engine for edge AI, with in-vehicle chips evolving to meet the demands of intelligent driving and user interaction [5]. - The report discusses the competitive landscape of automotive chips, highlighting the rapid advancements in domestic chip manufacturers and their collaboration with new energy vehicle companies [5]. 4. Internet Giants Building Edge-Cloud Collaborative Ecosystems - Major internet companies are establishing comprehensive strategies that integrate cloud, AI, and chip development to strengthen their hardware foundations for AI transformation [10]. - The report outlines the strategic moves of companies like Alibaba, ByteDance, and Tencent in creating a cohesive hardware ecosystem that supports AI applications across various sectors [10].

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting key players and sectors to focus on [2][11]. Core Insights - The solid-state battery industry is entering a critical phase in 2026, with significant advancements expected in the production of battery packs and vehicle testing [2][14]. - Solid-state batteries are particularly suited for space applications due to their wide temperature range, high energy density, and safety features [27][32]. - The report emphasizes the importance of policy support and technological advancements in driving the commercialization of solid-state batteries [11][24]. Summary by Sections Part 1: Transition from Cell to Pack - The focus is shifting from cell production to pack development, with significant attention on vehicle testing progress [5][14]. - The timeline indicates that 2025 will see the rollout of vehicle-grade cells, while 2026 will focus on pack production and testing [11][12]. Part 2: Adaptation to Space Environment - Solid-state batteries are designed to operate in extreme conditions, making them ideal for space applications [27][32]. - The demand for solid-state batteries in the space sector could reach tens to hundreds of GWh annually as technology matures [32][29]. Part 3: Equipment and Material Dynamics - The equipment sector is expected to benefit first from the expansion of solid-state battery production, with a focus on key players in the equipment supply chain [37][41]. - The materials sector is becoming increasingly competitive, with various players working on cost reduction and efficiency improvements [60][62]. Part 4: Investment Recommendations - The report recommends focusing on leading battery manufacturers, equipment suppliers, and material producers, highlighting specific companies for investment [2][11]. - Key players include CATL, Gotion High-Tech, and others in the battery production and equipment sectors [2][11].

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 FDA 创新药审评政策再松绑，利好创新药板 块 增持（维持） [Table_Tag] [Table_Summary] 投资要点 《降息等多因素支持科研上游持续复 苏，重点推荐皓元医药、奥浦迈等》 2026-02-01 东吴证券研究所 1 / 24 请务必阅读正文之后的免责声明部分 2026 年 02 月 23 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2025/2/24 2025/6/22 2025/10/18 2026/2/13 医药生物 沪深300 相关研究 《分子胶海外风起，国内管线蓄势破 局》 2026-02-09 ◼ 本周（2.9-2.13 号，下同）、年初至今 A 股医药指数涨幅分别为-0.8%、 2.4%，相对沪深 300 的超额收益分别为-1.2%、1.8%；本周、年初至今 恒生生物科技指数涨跌幅分别为 4.8%、12.5%，相对于恒生科技指数跑 赢 7.3%、18.0%；本周 ...

证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 证券分析师 李昌萌 执业证书：S0600524120007 lichm@dwzq.com.cn 证券研究报告·宏观报告·宏观点评 宏观点评 20260223 春节对全年消费有何指示意义？ 2026 年 02 月 23 日 相关研究 《春节海外市场回顾：IEEPA 违法后 特朗普的 Plan B 》 2026-02-22 《美国 1 月 CPI：没那么"弱"—— 2026 年 1 月美国 CPI 数据点评》 2026-02-14 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：今年春节消费有三个特点，一是消费开局强劲，今年春节假 期前 4 天，全国重点零售和餐饮企业日均销售额同比增长 8.6%，高于 去年的 4.1%（去年整个春节假期）。二是春节服务消费内部分化，观影 回落、出行强劲。三是返乡消费增长强劲。春节对全年消费有何指示意 义？我们 ...