Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The electrical equipment sector saw a 2.2% increase, outperforming the market, with photovoltaic equipment rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow significantly, with projections of over 60% growth in 2026, driven by various factors including the U.S. Inflation Reduction Act [3][8] Company Developments - Ningde Times is recognized as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [1] - Other notable companies include Sunshine Power, recognized for its inverter technology, and Siyi Electric, which is positioned well for overseas expansion [1] - BYD reported a decline in new energy vehicle production and sales in January, with a significant drop in both pure electric and plug-in hybrid vehicles [3] Investment Strategy - The report emphasizes the importance of energy storage, predicting robust demand and growth in both domestic and international markets [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, highlighting firms like Ningde Times and Yiwei Lithium Energy as key players [1] - The report also suggests that the robotics sector is poised for significant growth, with Tesla's upcoming Gen3 robot expected to drive demand [12]

Economic Indicators - As of February 8, 2026, the ECI supply index is at 50.08%, down 0.01 percentage points from last week, while the demand index is at 49.88%, up 0.02 percentage points[9] - The ECI investment index is at 49.95%, up 0.04 percentage points from last week, and the export index is at 50.26%, up 0.02 percentage points[10] Production and Consumption - Industrial production shows a seasonal decline before the Spring Festival, with the operating rate for automotive tires at 60.70%, down 1.74 percentage points from last week[20] - Passenger car sales averaged 50,171 units per day in mid-January, a decrease of 23,608 units compared to the same period last year[26] Real Estate and Investment - The sales area of new homes in 30 major cities decreased to 139.50 million square meters, down 2.94% from the previous week[34] - The government net financing in January 2026 reached 1.18 trillion yuan, an increase of 250 billion yuan year-on-year[18] Export Performance - The export growth rate for South Korea in January was 33.90%, a significant increase of 20.50 percentage points from December[40] - The monitored port cargo throughput reached 28,159.70 million tons, a 9.27% increase from the previous week[39] Monetary Policy - The expected new RMB loans for January 2026 are between 4.80 to 5.0 trillion yuan, similar to the levels seen in 2024 and 2023[16] - The social financing scale is projected to increase slightly year-on-year, with an expected addition of around 7.10 trillion yuan in January 2026[18]

证券研究报告·宏观报告·宏观周报 海外周报 20260208 1 月美国非农和 CPI 前瞻：关注上行风险— —海外宏观与交易复盘 2026 年 02 月 08 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 证券分析师 王茁 执业证书：S0600526010001 wangzhuo@dwzq.com.cn 相关研究 《海外市场流动性有企稳迹象，情绪 或会好转》 2026-02-08 《商品流动性冲击之后，哪些品种被 "错杀"？》 2026-02-04 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 [Table_Tag] [Table_Summary] ◼ 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大 宗商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流 ...

Investment Rating - The report maintains an "Increase" rating for the construction materials industry [1] Core Insights - The report indicates that public fund holdings in the construction materials sector have slightly increased but remain at a low level, with the market value of heavy holdings in the construction and materials sectors accounting for 0.42% and 0.71% of A-shares, respectively [13][14] - The concentration of holdings in the construction and materials sectors has decreased, with 47 and 23 stocks held by sample funds, representing 29% and 32% of their respective industries [12][14] Summary by Relevant Sections 1. Industry Holding Analysis - The market value of heavy holdings in the construction and materials sectors has increased slightly, with respective shares of 0.42% and 0.71% of A-shares, ranking in the 28th and 26th percentiles over the past decade [13] - The concentration of holdings in the construction and materials sectors has decreased, with 47 and 23 stocks held by sample funds, representing 29% and 32% of their respective industries [12][14] 2. Individual Stock Holdings Analysis - The top five stocks by market value in the construction sector are Jin Chengxin (2.74 billion), China Construction (1.96 billion), Honglu Steel Structure (1.20 billion), Shanghai Port (0.88 billion), and Oriental Iron Tower (0.71 billion) [2] - The top five stocks by market value in the materials sector are Oriental Yuhong (2.24 billion), Sankeshu (2.05 billion), China National Materials (1.61 billion), Conch Cement (1.37 billion), and Huaxin Materials (1.11 billion) [2]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [23]. Core Insights - The smart car index decreased by 3.3%, while the index excluding Tesla increased by 0.2%. The price-to-sales (PS) ratio for the smart car index (TTM) is 14.5x, placing it in the 98th percentile since the beginning of 2023 [2][11]. - Key developments include the issuance of the "Automobile Data Export Security Guidelines (2026 Edition)" by the Ministry of Industry and Information Technology, requiring data processors to declare data export security assessments through domestic legal entities [2][14]. - Uber plans to launch Robotaxi services in Hong Kong this year, partnering with Baidu and WeRide, while WeRide and Uber aim to deploy at least 1,200 Robotaxis in the Middle East by 2027 [2][14]. Summary by Sections Industry Performance Review - The smart car index has shown a decline of 3.3%, while the index excluding Tesla has increased by 0.2%. The PS ratios for the smart car index, excluding Tesla, and excluding complete vehicles are 14.5x, 5.7x, and 9.7x respectively, indicating strong valuation metrics [2][11][8]. Investment Recommendations - The report suggests a continued positive outlook for the L4 RoboX theme in 2026, favoring B-end software stocks over C-end hardware stocks. Recommended stocks include Xiaopeng Motors, Horizon Robotics, WeRide, and others in the A-share and H-share markets [2][18]. - Specific investment opportunities are identified in various segments, including Robotaxi, Robovan, and other autonomous vehicle applications, with a focus on companies like Didi, Cao Cao Mobility, and others [2][18]. Key Stock Performance - The top-performing stocks in the smart car sector include Hesai, Li Auto, and Xingyu, with notable weekly gains. Conversely, stocks like WeRide and Xiaopeng Motors experienced declines [12][2].

Oil Market Overview - Brent and WTI crude oil futures averaged $67.7 and $63.5 per barrel this week, with changes of -$0.9 and +$0.1 respectively compared to last week[2] - U.S. total crude oil inventory stands at 84 million barrels, with commercial and strategic inventories at 42 million barrels each, reflecting changes of -324, -346, and +21 thousand barrels respectively[2] - U.S. crude oil production decreased to 13.22 million barrels per day, down by 480 thousand barrels per day from the previous week[2] Oil Demand and Supply - U.S. refinery crude processing volume is 16.03 million barrels per day, down by 180 thousand barrels per day, with a utilization rate of 90.5%, a decrease of 0.4 percentage points[2] - U.S. crude oil imports increased by 56 thousand barrels per day to 620 thousand barrels, while exports decreased by 54 thousand barrels to 405 thousand barrels, resulting in a net import increase of 110 thousand barrels per day[2] - Active U.S. oil rigs increased by 1 to 412, while active fracturing fleets decreased by 3 to 148[2] Refined Products - U.S. gasoline, diesel, and jet fuel prices averaged $80, $101, and $89 per barrel respectively, with changes of +$1.3, -$9.5, and -$5.1 per barrel[2] - U.S. gasoline inventory increased by 690 thousand barrels, while diesel and jet fuel inventories decreased by 555 and 66 thousand barrels respectively[2] - U.S. gasoline consumption decreased by 60 thousand barrels per day to 815 thousand barrels, while diesel and jet fuel consumption increased by 24 and 29 thousand barrels per day respectively[2] Investment Recommendations - Recommended stocks include China National Offshore Oil Corporation, PetroChina, Sinopec, and CNOOC Services[3] - Risks include geopolitical factors affecting oil prices, significant macroeconomic downturns, and potential changes in OPEC+ supply plans[3]

证券研究报告·策略报告·策略周评 策略周评 20260208 Claude Opus 4.6 开启多 Agent 协作模式 2026 年 02 月 08 日 [Table_Tag] [Table_Summary] 本周 AI 要闻 （信息来源：第一财经、财联社、AI daily 等） 周度观点 ◼ Claude Opus 4.6 开启多 Agent 协作模式，AI 向生活场景渗透 （1）本周全球 AI 产业延续算力、模型与应用协同推进的演进趋势，基础 设施加码与应用场景扩展两条主线持续延展。算力端，头部云厂商持续加 大资本开支并通过融资扩容云基础设施，国内中科曙光万卡超集群上线试 运行，显示算力资源正加速向具备资金与技术优势的主体集中，行业门槛 持续抬升。模型端，随着大模型能力向复杂任务拆解与现实执行延伸，海 外厂商通过多 Agent 协作与企业级工作流，推动 AI 向"AI 员工"形态演 进，国内厂商则通过开源完善具身智能技术体系，推动模型能力向物理世 界延伸。应用端，AI 一方面通过人形机器人加速进入现实执行场景，另一 方面借助消费与开发等高频数字场景培育用户使用习惯。整体来看，AI 产 业正在算力集中与 ...

Report Industry Investment Rating No information provided in the content. Core Views of the Report - This week (2026.2.2 - 2026.2.6), the yield of the 10 - year Treasury active bond 250016 dropped from 1.81% last Friday to 1.802% this Friday, a decrease of 0.8bp. The bond market oscillated within a very narrow range, with 1.8% becoming the invisible lower limit of the 10 - year Treasury yield. It is recommended to add duration cautiously to avoid the disturbances brought by the recovery of production demand after the Spring Festival and the goals of the Two Sessions in March [1][9][14]. - The significant fluctuations of overseas assets in the early stage have been repaired this week. The market's divergence is significantly increasing, and the previous structured market is undergoing "destructuring". It is expected that at least in the first half of 2026, the technology growth will maintain its momentum. The subsequent interest rate path is still dominated by fundamental data [15]. - The number of initial jobless claims in the US fluctuates in the short - term, and the number of continued claims declines. The unemployment rate steadily rises, and the labor participation rate fluctuates weakly, indicating the structural pressure in the employment market. The year - on - year increases of the US CPI and core CPI continue to narrow, and the inflation pressure is further alleviated. The Fed has pressed the "pause button" on interest rate cuts, and the global monetary policy shows significant "diversification" characteristics [16][18][19]. Summary According to the Directory 1. One - Week Views - **Analysis of the Bond Market's Narrow - Range Oscillation**: This week, the yield of the 10 - year Treasury active bond 250016 decreased. The bond market oscillated in a narrow range. The central bank's net purchase of Treasury bonds in the open - market in January 2026 was 100 billion yuan, the highest since the resumption of Treasury bond trading last October, but more restrained compared with 2024. The reasons are that it can supplement the liquidity gap at the beginning of the year and reduce the bank's liability cost, and the central bank tends to maintain a reasonable and sufficient liquidity [1][9][14]. - **Analysis of the Future Trend of US Treasury Yields**: Overseas asset fluctuations have been repaired. The technology growth is expected to maintain its momentum in the first half of 2026. The Fed's policy signal has turned dovish this week, and the expectation of interest rate cuts has increased. The subsequent interest rate path depends on fundamental data [15]. - **Analysis of US Economic Data**: The US labor market has a "low - hiring, low - firing" pattern, and the employment market has structural pressure. The inflation pressure in the US is further alleviated, and the manufacturing shipment volume and inventory total expand synchronously. The Fed has paused interest rate cuts, and the global monetary policy shows "diversification" [16][18][19]. 2. Domestic and Overseas Data Summary 2.1 Liquidity Tracking - **Open - Market Operations**: From 2026/2/2 to 2026/2/6, the total net investment in the open - market was - 756 billion yuan, indicating a net withdrawal of funds [29]. - **Interest Rate Comparison**: The money - market interest rates, including R, DR, and SHIBOR, showed different degrees of decline this week compared with last week [34]. 2.2 Domestic and Overseas Macroeconomic Data Tracking - **Commodity Price Changes**: Steel prices and LME non - ferrous metal futures official prices have all declined. The prices of coking coal and thermal coal, vegetable price indices, RJ/CRB commodity price indices, and South China industrial product price indices have shown different trends [52]. - **Stock and Bond Market Performance**: The VIX panic index led the increase, while the Shanghai Composite Index and the Shanghai Stock Index led the decline. The short - end and long - end of the US Treasury yield curve have both risen [62][68][71]. 3. One - Week Review of Local Government Bonds 3.1 Primary Market Issuance Overview - **Issuance Scale**: This week, 90 local government bonds were issued in the primary market, with a total issuance amount of 579.673 billion yuan, a repayment amount of 300 million yuan, and a net financing amount of 579.373 billion yuan, mainly invested in the comprehensive field [81]. - **Regional Issuance**: 15 provinces and cities issued local government bonds, and the top five in terms of total issuance amount were Jiangxi, Guangdong, Henan, Jiangsu, and the Guangxi Zhuang Autonomous Region. 11 provinces and cities issued local special refinancing special bonds for replacing hidden debts, and the top five in terms of total issuance amount were Jiangsu, Henan, Jiangxi, the Guangxi Zhuang Autonomous Region, and Chongqing [85][89]. - **Early Redemption of Urban Investment Bonds**: The total early redemption scale of urban investment bonds this week was 3.6 billion yuan, all from Anhui Province. Since November 15, 2024, the total early redemption scale of national urban investment bonds has been 121.007 billion yuan, with Chongqing having the highest redemption scale [91][95]. 3.2 Secondary Market Overview - **Trading Volume and Turnover Rate**: The stock of local government bonds this week was 55.89 trillion yuan, the trading volume was 437.52 billion yuan, and the turnover rate was 0.78%. The top three provinces with active local government bond trading were Guangdong, Zhejiang, and Shandong. The top three trading - active terms were 30Y, 10Y, and 20Y [99]. - **Yield Changes**: The maturity yields of local government bonds showed a differentiated trend this week [102]. 3.3 Local Government Bond Issuance Plan for This Month The issuance plans of local government bonds in some provinces and cities such as Zhejiang, Yunnan, Shaanxi, Shanxi, Hunan, Hebei, Guangdong, and Beijing from February 9 to February 11, 2026, are presented [106]. 4. One - Week Review of the Credit Bond Market 4.1 Primary Market Issuance Overview - **Overall Issuance**: This week, 440 credit bonds were issued in the primary market, with a total issuance amount of 358.206 billion yuan, a total repayment amount of 102.182 billion yuan, and a net financing amount of 256.024 billion yuan, an increase of 100.335 billion yuan compared with last week [107]. - **By Bond Type**: Urban investment bonds had a net financing amount of 57.856 billion yuan, and industrial bonds had a net financing amount of 198.167 billion yuan. By bond type, short - term financing bonds had a net financing amount of 35.325 billion yuan, medium - term notes had a net financing amount of 88.497 billion yuan, enterprise bonds had a net financing amount of - 2.186 billion yuan, corporate bonds had a net financing amount of 124.115 billion yuan, and private placement notes had a net financing amount of 10.273 billion yuan [108][114]. 4.2 Issuance Interest Rates The issuance interest rates of short - term financing bonds increased by 6.61bp, medium - term notes decreased by 14.33bp, and corporate bonds increased by 3.54bp [124]. 4.3 Secondary Market Trading Overview The total trading volume of credit bonds this week was 561.09 billion yuan, with different trading volumes for each bond type [125]. 4.4 Maturity Yields The maturity yields of national development bonds declined across the board this week. The yields of short - term financing bonds and medium - term notes showed a differentiated trend, the yields of enterprise bonds generally declined, and the yields of urban investment bonds showed a differentiated trend [124][126][127][128]. 4.5 Credit Spreads The credit spreads of short - term financing bonds and medium - term notes increased across the board, the credit spreads of enterprise bonds generally increased, and the credit spreads of urban investment bonds generally increased [130][132][134]. 4.6 Grade Spreads The grade spreads of short - term financing bonds, medium - term notes, enterprise bonds, and urban investment bonds showed a differentiated trend [137][141][145]. 4.7 Trading Activity The top five most actively traded bonds in each bond type are listed, and the industrial sector had the largest weekly trading volume of bonds, followed by public utilities, finance, materials, optional consumption, and daily consumption [149][151]. 4.8 Changes in Subject Ratings There were no bonds with upgraded ratings or outlooks this week [152].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report presents a weekly update on major refining and petrochemical sectors, including price, profit, inventory, and production rate data for domestic and foreign projects, as well as key companies' performance and financial forecasts [1][2][8]. Summary by Relevant Catalogs 1. Big Refining Weekly Data Brief - **6 Major Private Refining Companies' Performance**: The report tracks the price changes of 6 major private refining companies in the past week, month, three months, and year. For example, Hengli Petrochemical had a -5.3% change in the past week, 12.3% in the past month, 41.5% in the past three months, and 70.9% in the past year [8]. - **Earnings Forecast**: It also provides earnings forecasts for these companies from 2024 to 2027, along with price - earnings ratios (PE) and price - to - book ratios (PB) [8]. - **Oil Prices and Refining Spreads**: International crude oil prices (Brent and WTI) and domestic and foreign refining spreads are presented. The domestic refining project spread this week was 2403 yuan/ton, a 1.6% increase from last week, while the foreign spread was 1104 yuan/ton, a 0.6% increase [8]. - **Polyester Sector**: Product prices, profits, inventories, and production rates are detailed for various polyester products such as PX, MEG, PTA, POY, FDY, DTY, polyester staple fiber, and polyester bottle chips. For instance, the POY industry average price was 7071 yuan/ton this week, a 171 yuan/ton increase, with a weekly average profit of 208 yuan/ton, a 275 yuan/ton increase [2][9]. - **Refining Sector**: Prices and spreads of gasoline, diesel, and aviation kerosene in China, the US, Europe, and Singapore are reported. For example, the domestic gasoline price was 7588 yuan/ton this week, a 53 yuan/ton increase [9]. - **Chemical Sector**: Prices and spreads of various chemical products like EVA, styrene, acrylonitrile, polyethylene, and polypropylene are provided [9]. 2. Big Refining Weekly Report 2.1 Big Refining Index and Project Spread Trends No specific data analysis is provided in the given content, but it likely focuses on the trends of the big refining index and project spreads [11][12][13]. 2.2 Polyester Sector The section covers multiple aspects such as the prices and profits of PX, PTA, and various polyester filaments (POY, FDY, DTY), as well as the production rates and inventories of polyester products and downstream weaving industries. For example, the PX average price was 895.6 dollars/ton this week, a 26.4 dollars/ton decrease, and the PX production rate was 89.9%, unchanged from last week [2][9]. 2.3 Refining Sector It includes the price and spread relationships between crude oil and refined oil products in different regions (China, the US, Europe, and Singapore), such as the relationship between crude oil and domestic diesel prices [72][75][83]. 2.4 Chemical Sector The section presents the price and spread relationships between crude oil and various chemical products, like the relationship between crude oil and polyethylene LLDPE prices [109][110].

1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints The report presents a comprehensive analysis of the basic chemical industry's weekly data, covering price and profit changes in multiple sectors such as polyurethane, oil - gas - olefin, coal - chemical, and animal nutrition, and also tracks the stock price performance and profitability of related listed companies [1][2][8]. 3. Summary by Directory 3.1 Basic Chemical Weekly Data Briefing - **Related Company Performance Tracking**: - **Stock Price Changes**: The basic chemical index decreased by 2.1% in the past week, increased by 9.0% in the past month, 17.6% in the past three months, 48.7% in the past year, and 10.4% since the beginning of 2026. Among the related listed companies, New Hope Liuhe Co., Ltd. (002001.SZ) had a 6.8% increase in the past week, while other companies such as Wanhua Chemical Group Co., Ltd. (600309.SH) and Baofeng Energy Group Co., Ltd. (600989.SH) had varying degrees of decline [8]. - **Profitability**: The report provides the total market value, stock price, net profit attributable to the parent company, PE, and PB of related listed companies from 2024A to 2027E [8]. - **Industry Chain Data**: - **Polyurethane Industry Chain**: This week, the average prices of pure MDI, polymer MDI, and TDI were 17,500 yuan/ton, 13,900 yuan/ton, and 14,377 yuan/ton respectively. The corresponding weekly changes were - 43 yuan/ton, + 36 yuan/ton, and + 292 yuan/ton, and the gross margins were 4,097 yuan/ton, 1,497 yuan/ton, and 2,345 yuan/ton respectively [2][8]. - **Oil - Gas - Olefin Industry Chain**: The average prices of ethane, propane, steam coal, and naphtha were 1,277 yuan/ton, 4,399 yuan/ton, 520 yuan/ton, and 4,137 yuan/ton respectively, with weekly changes of - 139 yuan/ton, + 51 yuan/ton, 0 yuan/ton, and + 63 yuan/ton. The theoretical profits of polyethylene production through different processes and polypropylene production through different processes also had corresponding changes [2][8]. - **Coal - Chemical Industry Chain**: The average prices of synthetic ammonia, urea, DMF, and acetic acid were 2,119 yuan/ton, 1,758 yuan/ton, 4,004 yuan/ton, and 2,511 yuan/ton respectively, with weekly changes of - 65 yuan/ton, + 13 yuan/ton, + 41 yuan/ton, and - 69 yuan/ton. The corresponding gross margins also changed [2]. - **Animal Nutrition Industry Chain**: The average prices of VA, VE, solid methionine, and liquid methionine were 61.4 yuan/kg, 55.9 yuan/kg, 18.2 yuan/kg, and 14.3 yuan/kg respectively, with weekly changes of - 0.1 yuan/kg, + 0.9 yuan/kg, + 0.3 yuan/kg, and + 0.1 yuan/kg [2][9]. 3.2 Basic Chemical Weekly Report - **Basic Chemical Index Trend**: The report does not elaborate on the basic chemical index trend but focuses on the performance data of the index and related companies [8]. - **Polyurethane Plate**: Analyzes the price trends and price - spread situations of pure MDI, polymer MDI, and TDI in China [16][19]. - **Oil - Gas - Olefin Plate**: Discusses the price trends of raw materials such as ethane, propane, natural gas, and crude oil, as well as the profitability of different processes for producing polyethylene and polypropylene [23][31][38]. - **Coal - Chemical Plate**: Covers the price and gross margin trends of coal - coking products and traditional coal - chemical products, as well as some new materials [40][45][52]. - **Animal Nutrition Plate**: Analyzes the price trends of VA, VE, solid methionine, and liquid methionine [57][59][63].