Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Alibaba's Qwen3-Max-Thinking model has achieved significant improvements in various key dimensions, including factual knowledge, complex reasoning, instruction adherence, human preference alignment, and agent capabilities, performing comparably to top models like GPT-5.2-Thinking and Claude-Opus-4.5 in 19 authoritative benchmark tests [3][12] - The model features over one trillion parameters and enhances the native agent capabilities for autonomous tool invocation, significantly reducing hallucinations and laying the groundwork for solving real complex tasks [5][12] - The release of Clawdbot marks a new phase in the development of intelligent agents, allowing users to interact through messaging apps and execute commands via local scripts, thus transitioning from "AI providing suggestions" to "AI taking direct actions" [4][13] Summary by Sections 1. Computer Industry Insights - On January 26, Alibaba released the flagship reasoning model Qwen3-Max-Thinking, which has shown significant enhancements across multiple key performance metrics [12] - The model's core innovations include adaptive tool invocation capabilities and test-time scaling technology, which significantly boosts reasoning performance [12][14] 2. Market Performance Review - The computer industry index fell by 4.77%, underperforming the Shanghai Composite Index by 4.33 percentage points, while the year-to-date performance shows a 6.94% increase [16][17] - The computer sector ranked 28th among 31 industry indices this week, indicating a challenging market environment [16] 3. Technology Software Industry News - The "Smart Computing" initiative in Shanghai aims to enhance the AI infrastructure, with a focus on building a complete industrial chain covering chips, optical communication, and servers [23] - The launch of the "Star Computing" plan by a commercial aerospace company aims to create a space-based computing network to support AI agents with low-latency and high-reliability services [24] 4. Company Dynamics - Companies like Cambricon, Inspur, and Alibaba are highlighted as key players in the AI industry chain, suggesting investment opportunities in these firms [5][14] - Recent stock option and incentive plans from various companies indicate a focus on retaining talent and driving growth in the tech sector [35][36]

[Table_StockNameRptType] 金融工程 月报 "学海拾珠"系列之跟踪月报 202601 [Table_RptDate] 报告日期：2026-2-3 Table_Author] 分析师：骆昱杉 执业证书号：S0010522110001 邮箱：luoyushan@hazq.com 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com [Table_CompanyReport] 相关报告 1. 《不确定性感知因子选择驱动的高 维 CAE 资产定价框架——"学海拾 珠"系列之二百六十四》 2. 《融入趋势跟踪的风险平价策略— —"学海拾珠"系列之二百六十三》 3. 《投资者情绪能否预测时间序列动 量？——"学海拾珠"系列之二百六十 二》 4. 《虚假信息可被容忍吗？解析其对 波动的影响与边界——"学海拾珠"系 列之二百六十一》 5. 《基于组合波动率与峰度的资产配 置模型——"学海拾珠"系列之二百六 十》 6. 《基于马氏距离 K-Means 聚类的 价值-成长股分类——"学海拾珠"系 列之二百五十九》 主要观点： [Table_Summary] 本期新增量 ...

和铂医药 [Table_StockNameRptType] -B（2142.HK） 港股覆盖 AI+抗体大模型夯底层基建，常态化 BD 筑出海港湾 | [Table_Rank] 投资评级：买入 | | | --- | --- | | 首次覆盖 | | | 报告日期： | 2026-1-31 | | [Table_BaseData] 收盘价（港元） | 11.9 | | 近 12 月最高/最低（港元） | 17.95/3.34 | | 总股本（百万股） | 868 | | 流通 H 股（百万股） | 868 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 103.3 | | 流通市值（亿港元） | 103.3 | [Table_Chart] 公司价格与恒生指数走势比较 -100% 0% 100% 200% 300% 400% 500% 和铂医药-B 恒生指数 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com [Table_Author] 分析师：任婉莹 执业证书号：S0010525060003 邮箱：renwanyin ...

[Table_StockNameRptType] 金融工程 专题报告 基于预测合成的贝叶斯投资组合优化 ——"学海拾珠"系列之二百六十五 [Table_RptDate] 报告日期：2026-2-2 [Table_Author] 分析师：吴正宇 执业证书号：S0010522090001 邮箱：wuzy@hazq.com 分析师：严佳炜 执业证书号：S0010520070001 邮箱：yanjw@hazq.com 主要观点： [Table_Summary] 本篇是学海拾珠系列第二百六十五篇。本文聚焦于传统投资组合优化 方法所面临的资产收益分布信息未知的挑战，提出了一种基于贝叶斯预测 合成（BPS）的框架来应对金融市场的不确定性。研究通过假设投资者可 获取多个预测模型（专家），并利用 BPS 结合动态线性模型（DLM）整 合这些预测，从而得到能够容纳时变不确定性的资产收益后验预测分布， 为在不确定性环境下进行稳健的资产配置提供了新的思路。 ⚫ 贝叶斯预测合成（BPS）的核心框架与动态建模 BPS 是一种集成多个"专家"预测分布的贝叶斯框架。其核心是通过一 个"合成函数"将各专家的预测分布整合为一个统一的后验预测分布 ...

分析师：郑小霞 SAC执业证书号：S0010520080007 联系方式：zhengxx@hazq.com 分析师：张运智 SAC执业证书号：S0010523070001 联系方式：zhangyz@hazq.com 证券研究报告 2026年2月2日 美联储鹰派主席提名"修复"独立性与美元 — 大 类 资 产 配 置 月 报 第 5 5 期 ： 2 0 2 6 年 2 月 1 核心结论：美联储鹰派主席提名"修复"独立性，美元回升抑制资产价格 | 大类 | 项目 | | | 本期：2026-1-30至2026-2-27 | 上期：2025-12-31至2026-1-30 | | | --- | --- | --- | --- | --- | --- | --- | | | | 投资建议 | 较上期变化 | 核心观点与逻辑支撑 | 指数变动 | 涨跌 | | 股指 | 上证指数 | 震荡 | ↓ | 下一任美联储主席提名引发新一轮紧缩预期，经济基本面延 | 3968.84-->4117.95 | 3.76% | | | 创业板指 | 震荡 | ↓ | 续放缓，2月风险扰动增多、市场波动可能加剧。 | 3203.17 ...

万[Ta辰ble集_Sto团ckN（ameRptType] 300972） 公司点评 25Q4 同店改善超市场预期 ——万辰集团 2025 业绩预告点评 | 投资评级： | 买入（维持） | | | | --- | --- | --- | --- | | 报告日期： | 2026-02-02 | | | | 收盘价（元） | | 202.03 | | | 近 12 个月最高/最低（元） | 240.89/77.24 | | | | 总股本（百万股） | | 189 | 141.8%）。 | | 流通股本（百万股） | | 168 | | | 流通股比例（%） | | 88.94 | 382.7%）。 | | 总市值（亿元） | | 382 | | | 流通市值（亿元） | | 339 | | 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 期 2025-10-27 2025-08-31 3.万辰集团（300972.SZ）：万店之上 的成长空间 2025-08-24 我们的观点： 25H2 验证我们对公司单店修复判断，中 ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The chemical sector is experiencing a dual drive of cyclical recovery and growth, with a focus on organic silicon, PTA, polyester filament, caprolactam, spandex, vitamins, sweeteners, refrigerants, and phosphorus chemicals [5][6] - The organic silicon industry is entering a recovery phase, with new applications becoming the core growth engine. From 2019 to 2024, domestic DMC capacity is rapidly expanding, leading to temporary oversupply and continuous price declines. However, by 2025, no new capacity is expected, and demand from emerging sectors like new energy vehicles and photovoltaics is maintaining high growth [5][6] - The PTA and polyester filament industry is moving towards a new prosperity cycle as the capacity expansion phase is nearing its end, with new capacity mainly concentrated in leading enterprises [6] - The refrigerant market is entering a high prosperity cycle due to quota policies and stable demand growth from the heat pump and cold chain markets [7] - The synthetic biology sector is expected to see explosive demand growth as fossil-based materials face disruptive challenges, with a focus on energy-efficient products [8] - OLED technology is accelerating its penetration into larger displays, supported by government policies promoting the new display industry [9] - The demand for electronic chemicals is increasing due to the rapid development of the semiconductor industry, particularly in China, where the market is heavily reliant on imports [11] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 12th with a decline of 0.86% during the week of January 26 to January 30, 2026 [20] - The top three performing sectors were oil and petrochemicals (7.95%), communications (5.83%), and coal (3.68%) [20] Key Industry Dynamics - The Ministry of Ecology and Environment is promoting the mercury-free transformation of the PVC industry, focusing on the development of mercury-free catalysts [36] - Recent geopolitical tensions in the Middle East have led to increased oil prices, with WTI crude averaging $61.33 per barrel, up 2.39% from the previous week [36]

万[Ta辰ble集_Sto团ckN（ameRptType] 300972） 公司点评 25Q4 同店改善超市场预期 ——万辰集团 2025 业绩预告点评 | 投资评级： | 买入（维持） | | | | --- | --- | --- | --- | | 报告日期： | 2026-02-02 | | | | 收盘价（元） | | 202.03 | | | 近 12 个月最高/最低（元） | 240.89/77.24 | | | | 总股本（百万股） | | 189 | 141.8%）。 | | 流通股本（百万股） | | 168 | | | 流通股比例（%） | | 88.94 | 382.7%）。 | | 总市值（亿元） | | 382 | | | 流通市值（亿元） | | 339 | | 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 期 2025-10-27 2025-08-31 3.万辰集团（300972.SZ）：万店之上 的成长空间 2025-08-24 主要观点： 25H2 验证我们对公司单店修复判断，中长 ...

[Table_S锅tock圈Na（meRptType] 02517） 港股公司点评 25Q4 旺季开店如期加速 —锅圈 2025 业绩预告点评 | 投资评级： | 买入（维持） | | | --- | --- | --- | | 报告日期： | 2026-02-02 | | | 收盘价（港元） | 4.26 | | | 近 12 个月最高/最低（港元） | 4.53/1.65 | 元（同比+41.8%）。 | | 总股本（百万股） | 2,747 | | | | | 元（同比+48.0%）。 | | 流通股本（百万股） | 2,747 | | | 流通股比例（%） | 100.00 | | | 总市值（亿港元） | 117 | | | 流通市值（亿港元） | 117 | | 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 执业证书号：S0010124040001 邮箱：zhengshaoxuan@hazq.com 为 2025-12-10 主要观点： 收入：开店超额完成，单店改善持续 盈利：规模效应+运营提效 分析师：邓欣 25Q4 公司核心经营利润率中枢 7.7%，同比增长 ...

[Table_S锅tock圈Na（meRptType] 02517） 港股公司点评 25Q4 旺季开店如期加速 —锅圈 2025 业绩预告点评 | 投资评级： | 买入（维持） | | | --- | --- | --- | | 报告日期： | 2026-02-02 | | | 收盘价（港元） | 4.26 | | | 近 12 个月最高/最低（港元） | 4.53/1.65 | 元（同比+41.8%）。 | | 总股本（百万股） | 2,747 | | | | | 元（同比+48.0%）。 | | 流通股本（百万股） | 2,747 | | | 流通股比例（%） | 100.00 | | | 总市值（亿港元） | 117 | | | 流通市值（亿港元） | 117 | | 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 执业证书号：S0010124040001 邮箱：zhengshaoxuan@hazq.com 为 2025-12-10 主要观点： 收入：开店超额完成，单店改善持续 盈利：规模效应+运营提效 分析师：邓欣 25Q4 公司核心经营利润率中枢 7.7%，同比增长 ...