证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月09日 华源晨会精粹 20260209 医药 分子胶：撬动"不可成药"靶点的创新药新范式——医药行业周报：本周医药 指数上涨 0.14%，相对沪深 300 指数超额 1.47%。上周市场风格有所变化，白酒等 底部消费类资产表现较好，医药行业中的医疗服务、中药亦有表现。另外，经历短 期波动消化后，创新药板块已显现企稳回暖迹象。分子胶拓展难成药靶点空间，建 议关注苑东生物相关药物进展。本周建议关注组合：恒瑞医药、中国生物制药、福 元医药、苑东生物、鱼跃医疗。 风险提示：行业竞争加剧风险，政策变化风险，行业需求不及预期风险。 机械/建材建筑 重大工程是"十五五"开局的重要抓手——建筑装饰行业周报：国常 会定调有效投资方向，重大工程成为"十五五"开局重要抓手。2026 年各省市重大 项目清单密集披露、投资强度维持高位。2026 年作为"十五五"开局之年，各地稳 投资、促发展的号角已然吹响。四川、山西、河北、江苏等省份陆续公布或明确 2026 年省级重点项目安排，投资规模保持高 ...

证券分析师 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 海外 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 证券研究报告 姚雨晴 yaoyuqing@huayuanstock.com 板块表现： 美伊第一轮谈判结束 风偏重启但风险犹存 投资评级： 无 ——海外科技周报（26/02/02-26/02/06） 投资要点： 联系人 海外 AI 能源：本周 Bloom Energy 发布 2025 年四季度财报，业绩超预期。公司 4Q25 年实现营收 7.78 亿美元、 同比+35.9%，全年收入 20 亿美元、同比+37.3%；在规模放量的同时，公司强调经营杠杆开始释放，全年 Adjusted EBITDA 达到 2.72 亿美元，且连续第二年实现自由现金流为正。虽然 Q4 综合毛利率因项目结构波动回落至 31.9%，但公司给出的全年毛利率仍提升至 30.3%，并指引 2026 年毛利率约 32%、经营利润 4.25–4.75 亿 ...

板块表现： 证券研究报告 医药生物 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 分子胶：撬动"不可成药"靶点的创新药新范式 投资评级： 看好（维持） ——医药行业周报（26/2/2-26/2/6） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：2 月 2 日至 2 月 6 日，医药指数上涨 0.14%，相对沪深 300 指数超 额收益为 1.47%。上周市场风格有所变化，白酒等底部消费类资产表现较好，医药行业中的 医疗服务、中药亦有表现。另外，经历短期波动消化后，创新药板块已显现企稳回暖迹象。 我们建议精选基本面强劲、前期调整充分的创新药个股，看好未来股价有望走出新高度，同 时建议积极关注医疗新科技等板块，以及 26 年困境反转的底部个股。1）创新药建议关注，A 股）恒瑞医药、信立泰、泽璟制药、热景生物、科伦药业、上海谊众、康弘药业、华纳药厂、 前沿生物、福元医药、苑东生物、昂利康；港股）中国生物制药、三生制药、信达生物、康 方生物 ...

证券研究报告 建筑装饰 行业定期报告 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 重大工程是"十五五"开局的重要抓手 投资评级： 看好（维持） ——建筑装饰行业周报（20260202-20260208） hyzqdatemark 2026 年 02 月 09 日 证券分析师 投资要点： 本周观点： 国常会定调有效投资方向，重大工程成为"十五五"开局重要抓手。2 月 6 日，国务院总 理李强主持召开国务院常务会议。会议指出，促进有效投资对于稳定经济增长、增强发展 后劲具有重要作用。要创新完善政策措施，加力提效用好中央预算内投资、超长期特别国 债、地方政府专项债券等资金和新型政策性金融工具。要结合制定实施"十五五"规划， 着眼于长远发 ...

证券研究报告 房地产 行业定期报告 hyzqdatemark 2026 年 02 月 09 日 证券分析师 邓力 SAC：S1350525070006 dengli@jzsec.com 陈颖 SAC：S1350525110002 chenying02@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 上海三区启动收储二手房，关注地产板块配置价值 投资评级： 看好（维持） ——房地产行业周报（26/1/31-26/2/6） 投资要点： 风险提示：房地产量价超预期下行、房地产融资资金趋紧、房地产政策不及预期。 请务必仔细阅读正文之后的评级说明和重要声明 板块行情：本周上证指数下跌 1.3%、深证成指下跌 2.1%、创业板指下跌 3.3%、沪深 300 下 跌 1.3%、房地产（申万）上升 0.0%。个股方面，涨跌幅前五的分别为：京投发展(+23.7%)、 荣安地产(+13.7%)、皇庭国际(+13.4%)、珠免集团(+12.1%)、ST 中迪(+11.1%)，涨跌幅后五 的分别为：南山控股(-10.6%)、先导基电(-8.9%)、三湘印象(-8.8%)、*ST 中地 ...

证券研究报告 社会服务 | 酒店餐饮 港股|公司点评报告 hyzqdatemark 2026 年 02 月 09 日 | 基本数据 | 2026 年 | 02 月 05 | | 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 437.20 | | | 一年内最高/最低（港 | | | 437.20/324.00 | | | 元） | | | | | | 总市值（百万港元） | | | 154,890.78 | | | 流通市值（百万港元） | | | 154,890.78 | | | 资产负债率（%） | | | 43.44 | | | 资料来源：聚源数据 | | | | | 百胜中国(09987.HK) 投资评级： 增持（维持） ——2025 年第四季度同店销售表现优异 股东回报源远流长 投资要点： 证券分析师 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 傅雨蓉 fuyurong@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 3页 | 盈利预测与估值（美元） ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 02 月 09 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 内容目录 | 1. | 无人矿卡行业有望快速发展，需求量或将持续增长 | 5 | | --- | --- | --- | | 1.1. | 新闻：伯镭科技拟登陆香港资本市场，希迪智驾无人矿卡批量交付落地 5 | | | 1.2. | 行业：预计到 2025 年中国露天煤矿无人驾驶矿卡数量将增长至 5750 辆 | 6 | | 1.3. | 北交所矿车产业链梳理 | 8 | | 1.3.1. | 同力股份：产品包括新能源、无人驾驶等系列非公路宽体自卸车 | 9 | | 1.3.2. | 泰凯英：产品范畴属于工程子午线轮胎和全钢卡车轮胎 10 | | | 1.3.3. | 万通液压：产品包括自卸车专用油缸、机械装备用缸和油气弹簧 | 10 | | 2. | 总量：北交所科技成长股股价涨跌幅中值-1.83% ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition in the e-commerce express delivery market is expected to improve [12] - The aviation sector is anticipated to benefit from the upcoming Spring Festival travel peak and performance forecast periods, with a sustainable recovery in demand and a tightening supply situation [12] - The shipping market is expected to see a positive outlook due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [12] Summary by Sections Express Logistics - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%. The company expects a package volume of 38.52 billion pieces, a 13.3% increase year-on-year [5] - The company plans to issue $1.5 billion in convertible preferred notes, with a net amount of approximately $1.404 billion, to refinance and repurchase shares [6] - The express delivery market is characterized by significant growth opportunities for companies like YTO Express and SF Express, driven by market share increases and operational stability [12] Aviation - Global air passenger traffic is projected to reach 10.2 billion in 2026, a 3.9% year-on-year increase, with strong demand expected to continue [7] - The Spring Festival travel volume is expected to reach 95 million passengers, a year-on-year increase of approximately 5.3% [8] - The International Air Transport Association (IATA) indicates a strong demand for air travel in 2025, with a 5.3% increase in global passenger demand [8] Shipping and Ports - The shipping market is expected to benefit from geopolitical developments and trade agreements, particularly with India ceasing oil purchases from Russia [9] - The BDI index increased by 1.1% to 2011 points, indicating a positive trend in the dry bulk shipping market [11] - China's port cargo throughput increased by 9.63% week-on-week, with container throughput rising by 12.41% [12] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.27% and highway freight vehicle traffic up by 4.75% [12] - The road passenger volume decreased by 2.60% year-on-year, while rail passenger volume increased by 8.52% [12] Supply Chain Logistics - The logistics sector in South China is undergoing transformation, providing performance elasticity and potential for value reassessment [12] - The chemical logistics market is expanding, with significant growth opportunities for leading companies [12] Ports - The port sector is stabilizing, with strong cash flow and a focus on hub growth potential [12]

公用事业 行业定期报告 hyzqdatemark 2026 年 02 月 08 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 证券研究报告 板块表现： 投资评级： 看好（维持） AI 算力需求驱动 光纤行业有望进入 上行期 ——大能源行业 2026 年第 5 周周报（20260208） 投资要点： 电新： AI 算力需求驱动，光纤行业有望进入上行期 光纤价格已经温和上涨了约半年时间，其中 G.652.D 裸光纤价格从不到 20 元/芯公里一路上 涨，进入 2026 年后开始加速上涨。核心原因在于光纤供需的反转：供应端产能在不断出清， 而需求端 AI 数据中心建设加速驱动，导致各类光纤出现供不应求的情况。 联系人 光纤是一个具有较强周期性的行业，传统需求与电信产业的投资息息相关。3G 商用+宽带中 国、4G 商用+FTTH、5G 商用，通信技术每一 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The dairy industry is expected to see investment opportunities in 2026, driven by industrial upgrades that may boost raw milk demand and a potential upward turning point in milk prices, which could help leading dairy companies recover market share [4][8] - Supply-side dynamics indicate that raw milk prices are likely to rise, benefiting upstream farming companies. The price of fresh milk has declined for over four years, reaching 3.04 RMB/kg, a 30.6% drop from the 2021 peak of 4.38 RMB/kg. It is anticipated that the price stabilization will occur in the second half of 2025, with a turning point expected in 2026, significantly improving the performance of upstream farming companies [5] - On the demand side, there are structural opportunities in dairy product consumption, with potential for deep processing and domestic substitution to create new growth curves for dairy companies. The per capita consumption of dairy products in China is projected to be 40.6 kg in 2024, still below the 47 kg target set for 2030. The consumption structure is primarily focused on liquid milk, with low proportions of dairy solids [6] Summary by Sections - **Supply-Side Analysis**: The prolonged downturn in milk prices has been influenced by macroeconomic disturbances and the expansion led by large-scale enterprises during the previous price upturn. The ongoing losses in upstream farming companies are expected to lead to a supply-side contraction, with a price turning point anticipated in 2026 [5] - **Demand-Side Analysis**: The increasing health awareness among consumers is expected to drive the growth of low-temperature milk and cheese products, which will enhance raw milk demand. Regulatory changes are also expected to support the upgrade of the dairy industry by clarifying standards for deep-processed products and improving market access [6] - **Investment Recommendations**: Based on the positive outlook for the raw milk cycle and domestic substitution of deep-processed products, leading dairy companies are expected to benefit from the recovery of market share during the price upturn. Recommended companies include Yili Group and China Shengmu, with a focus on modern farming practices [8]