Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The dye industry is expected to see a recovery in demand due to both domestic and international factors, with China maintaining its position as the world's largest producer, consumer, and exporter of dyes, with an annual production exceeding 900,000 tons [5][18] - The supply structure of dyes is improving, with leading companies possessing significant pricing power due to the elimination of smaller, less compliant enterprises [7][29] - The price increase of dyes is driven by the intermediate production process, benefiting companies with integrated supply chains [8][48] Summary by Sections Demand and Supply Dynamics - The dye industry is characterized by diverse products and applications, with significant growth in downstream printing and dyeing fabric production, which is projected to grow at a compound annual growth rate (CAGR) of 2.59% from 2018 to 2024 [20] - China's dye export volume is expected to reach 272,000 tons in 2024, reflecting an 11% year-on-year increase, supported by a compound annual growth rate of 7.51% from 2020 to 2025 [23] Environmental and Regulatory Landscape - The dye industry faces stringent environmental regulations, leading to the gradual elimination of high-pollution, low-compliance small enterprises, thus optimizing the industry structure [26][29] - Recent regulatory changes have increased compliance costs for smaller players, further consolidating market share among larger firms [30] Intermediate Supply and Price Trends - The production of key intermediates, such as H acid and reducing agents, is critical for dye manufacturing, with recent supply disruptions leading to price increases [40][45] - The price of reducing agents has surged from 25,000 yuan/ton to approximately 50,000 yuan/ton, directly impacting the production costs of disperse dyes [43] Key Companies in the Industry - Zhejiang Longsheng is a leading enterprise with a dye production capacity of 300,000 tons and a strong integrated supply chain [51] - RunTu Co. has a well-established dye industry system with a total dye production capacity of 238,000 tons [53] - Annoqi focuses on differentiated dye products and is integrating AI technology into its production processes [54] - Jinhua Group has a dye production capacity of 95,000 tons and is expanding its product portfolio through strategic acquisitions [56]

专题报告 基金持股的偏态特征 [Table_StockNameRptType] 金融工程 ——"学海拾珠"系列之二百六十六 [Table_RptDate] 报告日期：2026-02-11 [Table_Author] 分析师：严佳炜 ⚫ 研究方法 偏度衡量：构建两个指标——标准偏度 Pskew 和对极端值更稳健 的皮尔逊第二偏度系数 Pskew2。为减少噪音，采用过去三个月的移动 平均值。样本为 1980-2023 年的美国主动管理股票型共同基金。 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 分析师：钱静闲 执业证书号：S0010522090002 邮箱：qianjx@hazq.com 主要观点： [Table_Summary] 本篇是"学海拾珠"系列第二百六十六篇，文献通过研究美国共同 基金持仓股票的收益分布形态（而非时间序列收益率分布形态），提出 了一个衡量基金经理技能的新指标——组合偏度，并系统验证了其对基 金未来业绩的预测能力。 ⚫ 主要假设 技能假说：有技能的基金经理更擅长识别并持有未来赢家股票，同 时避免或剔除未来输家股票，从而导致其持仓收益分布呈现更高的右偏 度 ...

全球科技（计算机） [Table_IndNameRptType] 行业周报 "火箭+AI+社交平台"初步整合，关注太空算力 [Table_IndRank] 行业评级：增持 报告日期： 2026-2-9 [Table_Chart] 行业指数与沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 沪深300 计算机（申万） [分析师：金荣 Table_Author] 执业证书号： S0010521080002 邮箱：jinrong@hazq.com 分析师：来祚豪 执业证书号： S0010524100001 邮箱：laizh@hazq.com 联系人：刘政 执业证书号： S0010125070006 邮箱：liuzheng@hazq.com 相关报告 1.计算机：国产 AI 大模型持续迭 代，Clawdbot 驱动智能体发展。 2026-2-1 2.计算机：模型层持续迭代，阿里 云发布 AI 数据湖库 。2026-1-25 主要观点： 我们认为，SpaceX 收购 xAI 体现马斯克旗下企业业务整合与整体 运营，"火箭+AI+社交平台"初步实现业务整合，太空数据中心 战略打开算力想象 ...

微创[机Tab器le_S人tockNameRptType] -B（02252） 港股公司覆盖 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com 主要观点： 中国手术机器人领军者， "让天下没有难做的手术" 投资评级：买入 报告日期：2026-02-10 | 收盘价（港元） | 25.30 | | --- | --- | | 近 12 个月最高/最低（港元）33.70/13.50 | | | 总股本（百万股） | 1,031 | | 流通股本（百万股） | 1,025 | | 流通股比例（%） | 99.36 | | 总市值（亿港元） | 261 | | 流通市值（亿港元） | 259 | 公司价格与沪深 300 走势比较 首次覆盖 手术机器人行业前景广阔，临床价值高，迎来产业+政策双驱动 （1）临床价值高。手术机器人辅助手术能够显著优化外科手术，伤口更 小、术后感染风险更小，患者恢复快，过滤医生手部的自然震颤，降低 手术操作风险，缩短医生学习曲线，延长医生职业生涯，全球外科医生 对手术机器 ...

[Table_StockNam基eRp础tTyp化e] 工 行业周报 合成生物学周报：工信部公布 35 例非粮生物基材料，阿洛酮糖 应用有望迎来爆发 报告日期： 2026-02-10 公司价格与沪深 300 走势比较 相关报告 2026-02-02 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：潘宁馨 执业证书号：S0010524070002 电话：13816562460 邮箱：pannx@hazq.com 行业评级： 增持 主要观点： [T行ab业le_周Su观m点mary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市 场、二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全 球并加速融入经济社会发展，为人类应对生命健康、气候变化、资源 能源安全、粮食安全等重大挑战提供了崭新的解决方案。国家发改委 印发《"十四五"生物经济发展规划》,生物经济万亿赛道呼之欲出。 分析师：王强峰 合成生物学指数是华安证券研究所根据上市公司公告等汇总整 理由 60 家业务涉及合成生 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The report highlights the ongoing active research in life sciences and the accelerating integration of biotechnology into economic and social development, providing new solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy sector [3][7]. Industry Performance - The Huazhong Synthetic Biology Index increased by 0.11% to 1278.44 during the week of February 2-6, 2026, outperforming the Shanghai Composite Index by 1.39 percentage points and the ChiNext Index by 3.40 percentage points [4][14]. - The report notes that the synthetic biology sector is experiencing a policy dividend, with Shenzhen proposing up to 100 million yuan in support for R&D efforts in the field [8]. Company Developments - Beijing Huaguan Bio completed a multi-hundred million yuan C-round financing to focus on new product development in the pharmaceutical and health sectors [31]. - Dejin Bio secured several million yuan in A-round financing to advance its recombinant botulinum toxin clinical research and international expansion [33]. - The report mentions that Impossible Foods is leveraging technology to drive market expansion and reshape plant-based protein [11]. Market Dynamics - The report indicates that the synthetic biology sector is witnessing a surge in financing, with nearly a hundred companies completing new rounds of financing since 2025 [31]. - The top five companies in the synthetic biology sector by stock performance during the week were Pingtan Development (+12%), Jinbo Bio (+12%), Huaxi Bio (+12%), Shandong Heda (+10%), and Yaxiang Co. (+10%) [17][21]. Policy and Regulatory Updates - The Ministry of Industry and Information Technology announced 35 examples of non-grain bio-based materials, marking a significant step towards building a new green development pattern [7]. - The National Health Commission approved 22 new food products, including a significant breakthrough in domestic human milk oligosaccharides (HMOs) technology [7]. Research and Innovation - Tsinghua University has initiated a national key R&D project focused on the intelligent design principles of efficient microbial chassis cells, aiming for breakthroughs in both fundamental theory and application demonstration [9]. - The report highlights the strategic cooperation between Tianjin University and China National Petroleum Corporation to expand in synthetic biology and other fields [9].

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The report highlights that the demand for AI toys is expected to increase due to the upcoming Spring Festival, with AI toys becoming a new choice on the "New Year goods list" [4][23] - AI toys are transitioning from traditional electronic and educational toys to "smart companion terminals," with significant growth potential in the Chinese market, which is currently in the early stages of penetration [19][20] - The report predicts that the AI toy market in China could exceed 70 billion yuan by 2030, supported by advancements in AI technology and favorable local policies [19][21] Summary by Sections Weekly Special Report - The report discusses the release of demand catalyzed by the Spring Festival, emphasizing the potential for increased penetration of AI toys in the market [3][4] - AI toys are gaining popularity as they offer interactive features that appeal to children, making them suitable for gifting during the festive season [23][25] Weekly Market Review - From February 2 to February 6, 2026, the Shanghai Composite Index fell by 1.27%, while the ShenZhen Component Index and the ChiNext Index dropped by 2.11% and 3.28%, respectively [31] - The light industry manufacturing index rose by 0.96%, ranking 9th among 31 industry indices, while the textile and apparel index increased by 1.32%, ranking 7th [31] Key Data Tracking Home Furnishing - In the week of January 25 to February 1, 2026, the transaction area of commercial housing in 30 major cities was 1.5129 million square meters, a month-on-month increase of 24.93% [8] - The report notes a decline in residential construction and sales for the year 2025, with new construction area down by 19.8% year-on-year [8] Packaging and Paper - As of February 6, 2026, the prices for various paper products showed slight fluctuations, with white cardboard priced at 4,269 yuan per ton, remaining stable [51] - The report indicates that the industry may see improvements due to reduced competition and production cuts by leading companies [13] Textile and Apparel - The cotton price index in China was reported at 16,025 yuan per ton, reflecting a week-on-week decrease of 0.98% [10] - Retail sales for clothing and textiles in December 2025 were 166.1 billion yuan, showing a year-on-year increase of 0.6% [12]

兆[Ta丰ble股_Sto份ckN（ameRptType] 300695） 公司覆盖 产业投资+全生态布局，打造机器人未来之星 投资评级：买入 报告日期：2026-02-06 汽车轮毂轴承"售后+前装"双驱动，提供安全垫与造血能力 公司价格与沪深 300 走势比较 公司传统汽车轴承业务基本盘扎实。售后业务聚焦欧美市场，受益于汽车 保有量与车龄双增，或将稳健增长。国内业务方面，公司在前装配套市场 取得突破性进展，通过了大众的供应商审核，并获得吉利、长安阿维塔等 多个新定点，未来增长确定性高 。 | 收盘价（元） | 76.93 | | --- | --- | | 近 12 个月最高/最低（元） | 123.00/46.79 | | 总股本（百万股） | 102 | | 流通股本（百万股） | 102 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 79 | | 流通市值（亿元） | 79 | 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 邮箱：liuqianlin@hazq.com 主要观点： 首 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The metal packaging industry is a significant part of China's packaging industry, accounting for approximately 10% of the total output value. In 2023, the revenue from metal packaging containers and materials manufacturing reached 150.56 billion yuan, with a profit margin of 4.76% [6][12]. - The market for three-piece cans is balanced, with a market size of 16.585 billion yuan in 2023, growing by 1.6% year-on-year. The beverage sector is the primary demand driver, contributing 82% of the market size [14][19]. - The two-piece can market is experiencing oversupply, with a total market size of 26.7 billion yuan in 2023, growing at a CAGR of 4.9% from 2017 to 2023. Beer cans account for over 50% of the demand [24][28]. Summary by Sections 1. Industry Overview: Supply and Demand Balance in Three-Piece Cans, Oversupply in Two-Piece Cans - Metal packaging is crucial in China's packaging industry, with significant revenue and profit contributions [6]. - Three-piece cans dominate the non-carbonated beverage market, while two-piece cans are prevalent in beer and carbonated drinks [12][24]. 2. Comparative Analysis: Consolidation Creates a Duopoly, Quality Structure Enhances Profitability - The report highlights the successful consolidation strategies of companies like Ball Corporation, which transitioned from diversification to focusing on core competencies, becoming the largest aluminum can manufacturer globally [42][48]. - The merger of Orijin and COFCO Packaging is expected to increase market concentration in the two-piece can sector, enhancing the bargaining power and profitability of leading firms [34][36]. 3. Related Companies: Orijin, Shengxing Co., Baosteel Packaging - Orijin leads the three-piece can market with a 23% market share, followed by other key players [19]. - The two-piece can market is primarily dominated by Baosteel Packaging and Orijin, with significant market shares expected to increase post-merger [34][36].

[Table_IndNameRptType] 轻工纺服 行业周报 春节消费催化需求释放，AI 玩具渗透率有望提升 行业[Table_IndRank] 评级：增 持 报告日期： 2026-02-09 [行业指数与沪深 Table_Chart] 300 走势比较 -5% 0% 5% 10% 2026-01-05 2026-02-05 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com [Table_Report] 相关报告 《行业周报：白卡纸企业持续提价， 行业利润稳步修复 _20260201》 主要观点： ⚫[Table_Summary] 周专题：春节消费催化需求释放，AI 玩具渗透率有望提升 近年来，随着大模型、语音识别、情感交互等技术不断成熟，AI 玩具 正从传统"电子玩具"、"早教玩具"向"智能陪伴终端"升级。我 国作为全球最大的玩具生产和出口国，玩具产业链完备、制造基础雄 厚，AI ...