Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The performance of the U.S. storage sector has exceeded expectations, with both domestic and international CSPs continuing to increase their AI capital investments [1] - Apple's strong iPhone sales and the success of Openclaw have significantly boosted revenue, with Q4 revenue reaching $143.76 billion, surpassing market expectations of $138.48 billion [5] - Meta's Q4 performance and AI capital expenditures have also exceeded expectations, with a capital expenditure guidance for 2026 revised up to $115-135 billion, nearly doubling year-on-year [5] - NAND flash manufacturers like SanDisk and SK Hynix reported outstanding results, with SanDisk's Q4 revenue at $3.025 billion, a 61% year-on-year increase, and SK Hynix achieving record highs in revenue and operating profit [6] Market Review - The electronic industry index saw a weekly decline of 2.18%, with consumer electronics down 4.74% and semiconductors down 0.83% [4] - Notable stock movements included a 21.62% increase in SanDisk and a 6.10% increase in Hua Hong Semiconductor [4]

2026 年 02 月 01 日 宏观研究团队 走好中国特色金融发展之路，建设金融强国 ——宏观周报 | 何宁（分析师） | 沈美辰（分析师） | | --- | --- | | hening@kysec.cn | shenmeichen@kysec.cn | | 证书编号：S0790522110002 | 证书编号：S0790524110002 | |  国内宏观政策：建设金融强国 | | 过去两周（1 月 18 日-1 月 31 日）国内宏观主要聚焦以下几个方面： 金融监管政策方面，政策聚焦大宗商品交易监管。近期商品价格波动明显，上期 所、广期所、上金所等交易所多次发布调整涨跌停板、下调交易限额、上调保证 金比例等多项举措。 贸易方面聚焦美方表示在 4 月之前，中美双方有机会开启新一轮经贸谈判，商务 部对此回应表示，中方愿与美方用好中美经贸磋商机制，管控分歧、推进合作。 海外宏观政策：特朗普提名凯文·沃什为下任美联储主席 经济增长方面，国家发改委有关负责人介绍，2026 年宏观政策要把发力点放在 做强国内大循环上，全方位扩大国内需求。将优化"两新"政策的支持范围和补 贴标准；研究制定出台扩大内需战略实施 ...

计算机 行 业 研 究 周观点：SpaceX 申请部署百万颗卫星，剑指太空算 2026 年 02 月 01 日 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 2025-02 2025-06 2025-10 计算机 沪深300 相关研究报告 —行业周报》-2026.1.25 《阿里全面发力 Agent，争夺 AI 超级 入口—行业点评报告》-2026.1.18 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：本周（2026.1.26-2026.1.30），沪深 300 指数上涨 0.08%，计算机 指数下跌 4.77%。 周观点：SpaceX 申请部署百万颗卫星，剑指太空算力 （1）SpaceX 申请 100 万颗卫星，全球低轨卫星资源竞争激烈 1 月 31 日消息，在提交给美国联邦通信委员会（FCC）的一份最新申请中， SpaceX 首次系统性披露了一项极具颠覆性的太空基础设施建设计划，计划部署 规模最多高达 100 万颗卫星，运行高度覆盖 500 公里至 2000 公里。100 万颗卫 星 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The demand for Moutai during the Spring Festival is more resilient than expected, indicating a clear improvement trend for mass-market products [4] - The food and beverage index increased by 1.6% from January 26 to January 30, outperforming the CSI 300 by approximately 1.5 percentage points [4][15] - The white wine market is gaining attention, with Moutai's wholesale price rebounding to over 1600 yuan, signaling a potential bottom for the white wine sector [4][13] Market Performance - The food and beverage sector ranked 5th among primary sub-industries, with white wine (+3.9%) and meat products (+0.5%) leading the performance [15][16] - Key stocks such as Huangtai Liquor, Liziyuan, and CITIC Niya showed significant gains, while stocks like Haoxiangni and *ST Chuntian faced declines [4][15] Upstream Data - Some upstream raw material prices are declining, with the price of fresh milk at 3.04 yuan/kg, down 2.6% year-on-year [21] - The price of pork is 18.6 yuan/kg, down 19.9% year-on-year, indicating a significant drop in meat prices [23][29] Recommendations - Recommended stocks include Guizhou Moutai, Shanxi Fenjiu, Ximai Food, Weilong Delicious, and Ganyuan Food, with a focus on their growth potential and market strategies [6][50]

非银金融 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《偏股基金新发同比明显增长，公募 强化基准约束—行业周报》-2026.1.25 《逆周期调节呵护"慢牛"，券商和 保险业务开门红 — 行 业 周 报 》 -2026.1.18 《衍生品监管透明化，规模限制有望 放松利好头部券商—衍生品监管政策 点评》-2026.1.18 （1）本周日均股基成交额 3.71 万亿，环比+7.7%，2026 年 1 月市场日均股基成 交额 3.65 万亿，同比+157%；2026 年 1 月新成立股票和混合类基金份额 812 亿， 环比+66%，同比+187%。开年首月基金新发和交易量均显著扩张。（2）1 月 30 日证监会召开资本市场"十五五"规划上市公司座谈会，证监会主席吴清强调：全 力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资综合改革、提高制 度包容性适应性，抓紧推出深化创业板改革，提高再融资制度便利性、灵活性和 吸引力。（3）截至 1 月末，已披 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector has experienced significant fluctuations, with a notable decline of 8.73% in the core company index, underperforming the CSI 300 index which saw a slight increase of 0.08% [11][12] - Tesla's CEO Elon Musk emphasized the acceleration of humanoid robot production, aiming for a capacity of 1 million units at the Fremont factory by 2026, marking a pivotal shift towards mass production [12][18] - The report highlights the potential of the humanoid robot industry to enter a "golden decade" as production ramps up from 2025 to 2026, transitioning from initial development to mass deployment [12][18] Summary by Sections Section 1: Market Overview - The humanoid robot sector has faced a significant downturn, with individual stocks showing varied performance, including notable declines for companies like Longsheng Technology and Weichuang Electric [11][12] - The overall market sentiment is affected by short-term catalysts such as factory audits and Tesla's earnings call, alongside seasonal shifts in investment preferences as the Chinese New Year approaches [12] Section 2: Space Mining and Robotics - China is advancing its space resource development strategy, focusing on key technologies for asteroid resource exploration and intelligent autonomous mining [18][19] - The report identifies the challenges of space mining, including microgravity and high radiation environments, which necessitate advanced robotic technologies [20][26] - Humanoid robots and other multifunctional robots are expected to play a crucial role in space mining operations, capable of performing various tasks in extreme conditions [20][35] Section 3: Beneficiary Segments - The commercial space sector is poised for growth, driven by policy support and increasing demand for satellite launches and networks [41] - Key beneficiaries in the humanoid robot and commercial space sectors include companies involved in core components, structural parts, and specialized robotics [42] - The report lists specific companies that are expected to benefit from advancements in humanoid robotics and space mining technologies, including Blue Sky Technology and Junsheng Electronics [42]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the emergence of HBN, a leading domestic skincare brand, which has submitted its prospectus to the Hong Kong Stock Exchange, indicating strong growth potential in the efficacy skincare market [3][24] - The report emphasizes the importance of emotional consumption themes and recommends high-quality companies in high-growth sectors, including gold and jewelry, offline retail, cosmetics, and medical aesthetics [6][49] Summary by Sections Retail and Social Services Market Review - For the week of January 26 to January 30, the retail and social services indices closed at 2435.34 points and 9283.84 points, respectively, with declines of 4.18% and 3.45% [5][14] - The jewelry sector showed the highest growth, with a weekly increase of 7.07% and a year-to-date increase of 19.39% [15][18] Industry Dynamics: HBN and Efficacy Skincare - HBN, established in 2019, is the largest domestic skincare brand in the efficacy segment, focusing on visible results and innovative product strategies [24][25] - The brand's core products, including the "A Retinol" series, have achieved significant sales milestones, with a strong emphasis on scientific validation and consumer trust [29][33] Investment Recommendations - Investment focus areas include: - Gold and jewelry brands with differentiated product offerings, recommending companies like Laopuhuang and Chaohongji [6][49] - Offline retail companies adapting to market changes, with recommendations for Yonghui Supermarket and Aiyingshi [6][49] - Domestic cosmetics brands that emphasize emotional value and safety, recommending brands like Maogeping and Proya [6][50] - Medical aesthetics firms with unique product lines, recommending Meilitiantian Medical Health and Aimeike [6][51]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.67 to 1.85 billion yuan for 2025, representing a year-on-year increase of 54% to 71%. The non-recurring net profit is projected to be 1.62 to 1.79 billion yuan, also showing a year-on-year increase of 53% to 69%. For Q4 2025, the net profit is expected to be between -117 million to 63 million yuan, reflecting a year-on-year decline of 202% to 45% due to increased income tax and exchange losses. The profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 1.759 billion, 2.316 billion, and 2.954 billion yuan respectively, corresponding to EPS of 24.42, 32.15, and 41.00 yuan. The current stock price corresponds to P/E ratios of 21.2, 16.1, and 12.6 times for the respective years. The company is expected to maintain double-digit growth in its two-wheeler segment and stable profitability due to increased APP profits and ongoing channel optimization [5][7]. Financial Summary - The company’s revenue is projected to grow significantly, with expected revenues of 21.403 billion yuan in 2025, 29.132 billion yuan in 2026, and 37.117 billion yuan in 2027, reflecting year-on-year growth rates of 50.8%, 36.1%, and 27.4% respectively. The gross margin is expected to improve to 30.3% in 2025 and further to 31.4% in 2026. The net profit margin is projected to be 8.2% in 2025 and 7.9% in 2026. The return on equity (ROE) is expected to reach 22.1% in 2025 and 23.5% in 2026 [8][10]. Product Performance - In Q4 2025, the two-wheeler segment is expected to focus on inventory clearance, with an estimated shipment of 4.1 million units for the year and 200,000 to 300,000 units for Q4, showing a decline due to policy changes. However, the average selling price is expected to increase. The all-terrain vehicle segment is anticipated to continue its growth in non-US regions, while the lawn mower segment is expected to exceed expectations due to low inventory levels [6][7]. Growth Outlook - For 2026, the two-wheeler segment is expected to outperform industry growth, with a target of 30% volume increase driven by electric motorcycles and low inventory. The lawn mower segment is projected to double its revenue, supported by the release of nine new SKUs and channel deepening. The E-Bike segment is also expected to show strong growth potential following positive feedback from product launches [7][8].

2026 年 02 月 01 日 策略研究团队 再提"坚定牛市信心，降低预期斜率" 本周市场整体仍处在整理态势中，但板块与个股却有波澜壮阔的极致反馈，如白 酒板块于周中异动大涨，周内成交火热的有色板块于最后一个交易日出现大幅回 撤，给市场带来了一定的恐慌。这也反映出：其一市场频繁且相对极致的轮动表 现很大程度上增加了追涨杀跌的风险，或许坚守中线仓位才是真正的智慧。其 二这样的市场环境本身也是相对涨幅较低+安全边际较好+确定性高的主线品类 或较为稀缺，市场流动性又很充裕，因此我们仍建议关注主题投资的机会。 我们于近期的报告《2026 年五大潜在的强主题机会》中提到历史上主题投资活 跃区间多发生在弱基本面和宽流动性时期。当规模以上工业企业利润、宏观经 济景气指数低迷时，叠加流动性上行，主题投资往往处于活跃时期，热门主题 占比相对较高。主题投资的盛行，往往是宏观环境下理智的选择。主题投资的活 跃通常还需要具体的"火种"来点燃，包括技术突破、政策导向、重要事件催化、 赚钱效应及媒体宣传等。筛选强主题的要领在于"买新不买旧，买大不买小"。 回答市场关心的两个问题（1）——中证 500 年内相对弹性强于两端的原因 中证 ...

医药生物 行 业 研 究 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-02 2025-06 2025-10 医药生物 沪深300 相关研究报告 《原料药行业价格更新—行业周报》 -2026.1.25 《业绩为王，继续重点推荐创新药产 业链板块性机会 — 行 业 周 报 》 -2026.1.18 | 余汝意（分析师） | 刘艺（联系人） | | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | liuyi1@kysec.cn 证书编号：S0790124070022 中国临床 CRO 行业进入"复苏+稳健增长"新阶段，供需结构持续改善 中国创新药产业已完成从十年前的"离岸外包服务模式"到如今"全球创新资产的 贡献者"的跃迁。临床 CRO 行业在经历 2017–2019 年成长期、2020–2022 年高景气 扩张及 2023–2024 年理性回调后，正进入新一轮复苏与稳定增长 ...