1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The China Securities REITs Total Return Index closed at 1042.83 points this week, down 0.91% week - on - week. The average daily trading volume, average daily turnover, and average daily turnover rate decreased by 16.39%, 18.49%, and 0.10 pct respectively, indicating a market decline with shrinking trading volume. The listing of Huaxia Zhonghe Clean Energy REIT on February 2, 2026, with a first - day closing increase of 28.16%, is expected to boost the attention of primary issuance and subscription [1][12]. - Two new commercial real estate REITs were accepted this week. The total planned fundraising scale of the 10 commercial real estate REITs under review has reached 37.7 billion yuan. The market is worried about the supply shock of commercial real estate REITs, and the current distribution rate of listed consumer facility REITs is lower than that of commercial real estate REITs under review, which may limit the upward space of listed consumer facility REITs [2][7]. - All asset sectors in the secondary market declined this week, with the consumer facilities sector having the largest decline of 1.74% and the energy facilities sector having the smallest decline of 0.27%. 3. Summary by Relevant Catalogs 3.1 Primary Market - Two new commercial real estate REITs were accepted this week. Everbright Prudential Everbright Anshi REIT, to be listed on the Shanghai Stock Exchange, has two shopping malls as underlying assets and plans to raise 4.905 billion yuan. Huatai Zijin Huazhu Anzhu REIT, the first commercial real estate REIT on the Shenzhen Stock Exchange, has hotel projects as underlying assets and plans to raise 1.32 billion yuan [2][18]. - Among the 10 commercial real estate REITs under review, there are two hotel - type REITs. The Huazhu project has better location, occupancy, and room rates than the Jinjiang project but is restricted by the "trading price for volume" strategy. The Jinjiang project has a certain risk - diversification effect due to a large number of hotels in different regions [3][23]. - As of February 6, 2026, 10 infrastructure REITs projects are in the inquiry and feedback stage, and 1 project has been accepted [4][24]. 3.2 Secondary Market - All asset sectors declined this week, with the consumer facilities sector having the largest decline, followed by new - type facilities and rental housing, and the energy facilities sector having the smallest decline [25]. - The IDC sector continued to decline this week. Benefiting from the strong demand in the AI computing power sector, the future operating demand of the projects is sustainable, and attention can be paid to opportunities brought by subsequent asset fluctuations [5][27]. - The energy facilities sector had the smallest decline. It is recommended to focus on natural gas power generation, hydropower assets with high stability, or projects with a high guarantee of distributable amounts [6][30]. - The consumer infrastructure sector had the largest decline. After this adjustment, attention can still be paid to consumer facility REITs with high distribution rates, such as Hua'an Bailian Consumption, Jiashi Wumei Consumption, and CICC Yinli Consumption [6][33]. - The industrial park sector had few rising bonds. It is recommended to pay attention to park REITs with stable fundamentals, income distribution adjustment mechanisms, and high distribution rates [37]. - The REITs trading sentiment weakened this week, with the average daily trading volume, average daily turnover, and average daily turnover rate decreasing. The consumer infrastructure sector was actively traded, while the turnover rates of other asset sectors declined [41][45].

Market Overview - From late January to early February, significant global events disrupted asset pricing, leading to fluctuations in gold and silver prices, and a notable decline of 2.48% in the Shanghai Composite Index on February 2[20] - The domestic bond market saw a window for growth, with the yield on 30-year government bonds decreasing by 4 basis points (bp) to 2.22%[20] Bond Market Characteristics - The current bond market is characterized by three main features: a decline in risk appetite, ample liquidity, and favorable supply-demand dynamics[2] - Risk appetite has weakened, with the performance of risk assets declining compared to mid-December to mid-January, leading to a shift of funds back to fixed income[2] - Despite an increase in bond supply in February, demand remains strong, with government bonds seeing good subscription rates and a high coverage ratio of over 12 times for some issuances[2] Inflation Concerns - Inflation remains a key concern, with January's Producer Price Index (PPI) expected to show a month-on-month increase of approximately 0.3%, driven by rising commodity prices[3] - The Consumer Price Index (CPI) is anticipated to rebound significantly in February due to the effects of the Spring Festival, with both year-on-year and month-on-month growth expected to rise[3] Yield Dynamics - The 10-year government bond yield is currently stable at around 1.80%, indicating resistance to a systemic decline in interest rates[20] - The yield spread between 30-year and 10-year government bonds has compressed from 48bp to 44bp, driven by buying interest from funds and smaller banks[4] Risk Factors - Potential risks include unexpected adjustments in monetary policy, liquidity changes, and fiscal policy shifts that could impact market stability[5]

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 8 日 [Table_Title] 太空光伏催化持续，电力设备需求高景气延续 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1. 新能源 SpaceX 收购 xAI，重视太空数据中心发展机遇 我们认为，随着可回收火箭发射成本持续下行，以及低轨卫星星 座建设日趋成熟，太空数据中心的建设与部署成本正进入持续优 化通道。2025 年光伏行业供给侧改善的预期已充分反映在当前股 价中，而卫星在轨运行对太阳能的刚性需求，以及太空数据中心 这一新兴场景的崛起，赋予光伏全新成长空间。 同时，北美光伏制造布局趋势显现，马斯克宣布特斯拉及 SpaceX 将分别扩充 100GW 光伏产能，为国内企业带来增量订单。国内光 伏设备、辅材及电池片企业有望凭借技术积累和成本优势，有望 持续斩获海外订单。短期来看，伴随海外头部企业密集到访、核 心订单加速兑现等催化事件落地，板块情绪有望持续，推动相关 标的实现估值与盈利双重共振。受益标的：双良节能、帝科股 份、奥特维、迈为股份、福斯特、连城数控、晶盛机电、拉普拉 ...

Market Overview - The class equity market experienced fluctuations and corrections from February 2 to 6, with the Wande All A closing at 6682.47, down 1.49% from January 30[1] - The trading volume on February 6 was 2.16 trillion yuan, marking the lowest since the beginning of the year[1] - Financing balances saw a net outflow for six consecutive days, the first occurrence since mid-April 2025, totaling a net outflow of 612 billion yuan from January 30 to February 5[1][16] Trading Strategies - Three trading strategies emerged: low-position rebounds (e.g., liquor, real estate), high-position speculation (e.g., computing hardware), and theme-driven (e.g., AI applications), all facing significant trading difficulties[1][21] - Historical data indicates that extreme volume contraction often precedes market rebounds, with the current contraction nearing the upper limit of the 30%-50% range observed since 2019[2][39] Convertible Bond Insights - Convertible bond valuations have shown an upward trend, with the valuation center for bonds at a par value of 80 yuan rising by 3.27 percentage points to 57.02% as of February 6[3][26] - The current valuation levels for convertible bonds are at historical highs, with estimates indicating that the valuation centers for various par values are in the 99%-100% historical percentile range[3][30] External Market Influences - The U.S. stock market saw a significant rebound on February 6, with the Nasdaq index rising by 2.18%, which may positively influence A-share market sentiment[2][44] - The overall risk appetite in overseas markets has declined, with industrial metals experiencing widespread declines while gold prices showed slight recovery[3][31] Risk Considerations - Potential risks include accelerated rotation in equity market styles and unexpected adjustments in convertible bond market rules[4]

Investment Rating - Industry Rating: Recommended [4] Core Insights - SpaceX completed a full stock acquisition of xAI in February 2026, creating a trillion-dollar space and AI giant with a combined valuation of $1.25 trillion, marking a significant integration of aerospace and AI technologies [1][19][20] - Musk predicts that within 2-3 years, space will become the lowest-cost area for AI computing globally, with annual AI computing in space expected to exceed Earth's total within five years due to significant advantages in energy efficiency and cooling [2][15][35] - China's space computing industry is developing through a state-led strategy, achieving early breakthroughs, including the launch of the first AI model satellite in September 2024 and plans for a network of 2,800 satellites by 2035 [6][47][51] Summary by Sections Section 1: SpaceX Acquisition of xAI - SpaceX's acquisition of xAI is the largest cross-sector integration in tech history, enhancing its capabilities in AI and space operations [1][19] - The merger allows for resource synergy, with SpaceX providing launch and communication support while xAI contributes advanced AI models [21][28] Section 2: Cost of Space Computing - Space is expected to become the lowest-cost area for AI computing due to high solar energy efficiency and low cooling costs, with predictions of significant operational advantages over terrestrial data centers [2][15][35] - Current challenges include high rocket launch costs and equipment radiation resistance [2][46] Section 3: China's Space Computing Layout - China's approach contrasts with the U.S. by focusing on a coordinated national strategy, achieving significant milestones in space computing [6][47] - The "Star Computing Plan" aims to deploy 2,800 satellites by 2035, with ongoing projects demonstrating advanced capabilities in AI processing [51][52] Section 4: Investment Recommendations - Beneficial stocks include SpaceX and North American companies such as Western Materials and Xunwei Communication, as well as satellite and space computing firms like Shunhao Co. and Dongfang Risheng [7][17][18]

证券研究报告|投资策略周报 [Table_Title] 稳步备战节后"红包"行情，配置三条主线 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周全球主要股指分化，印度 SENSEX30、美股道指、法国 CAC40 领涨；港股指数、韩国综指、深证 成指跌幅居前。A 股大盘缩量调整，市场日成交额回落至 2.2 万亿元附近，主要宽基指数普遍下跌，前期涨幅较 大、交易结构较为拥挤的科技与有色金属板块经历明显回调，部分资金流向低位价值股与红利板块。大宗商品方 面，贵金属价格剧烈波动，国际油价下跌，黑色系价格低位运行。外汇方面，本周美元指数反弹，人民币兑美元 汇率继续升值。 [Table_Date] 2026 年 02 月 08 日 ·市场展望：稳步备战节后"红包"行情，配置三条主线。近期受海外 AI 相关预期扰动，中美科技板块短期承 压，不过随着周五美股科技股止跌反弹，国内相关板块亦有望迎来修复。历史经验显示，受长假期间海外不确定 性及春节取现需求上升等因素影响，春节前市场成交往往收缩，融资余额趋于回落；而节后资金通常回流，市场 风险偏好亦明显修复。当前建议稳步备战春节"红包 ...

证券研究报告|金融工程研究报告 [Table_Date] 2026 年 2 月 8 日 [Table_Title] PB-ROE 模型周度仓位观点 [Table_Summary] ► PB-ROE 模型方法 截至 2026/2/6，市场整体 PB-ROE 估值偏离度为 0.159， 超过历史均值+1 倍标准差，当前处于估值扩张并且市场情绪 高涨阶段，模型建议本周(2026/2/9-2026/2/13)高仓位(80%- 100%)。 根据时间序列 PB-ROE 模型计算残差，模型残差是市场 实际估值超出基本面合理估值的部分，即实际估值相对于合 理估值的偏离，将其定义为 PB-ROE 估值偏离度。 当偏离度>0 时，实际 PB 高于基本面合理值，市场情绪 高涨，风险偏好提升。 当偏离度<0 时，实际 PB 低于基本面合理值，市场情绪 低迷，风险偏好下降。 ► PB-ROE 估值偏离度与可投资区域 PB-ROE 估值偏离度与下周指数涨幅总体正相关，并且 有统计显著性。当偏离度明显超越历史均值时，市场情绪极 度高涨，可配置高仓位；而当偏离度明显低于历史均值时， 市场存在较强安全边际，下跌空间有限，可配置中高仓位。 我 ...

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - Claude Work has launched 13 plugins covering core business areas such as law, sales, and finance, significantly enhancing the efficiency of non-software developers by automating workflows like research, drafting, and review [2][22] - The competition in AI has shifted from providing foundational model capabilities to controlling specific industry workflows, indicating that AI applications can now offer "out-of-the-box" vertical solutions across multiple sectors [2][22] - During the Spring Festival, major AI applications invested over 1.5 billion yuan in marketing, with notable activities like Alibaba's "milk tea free order" campaign achieving over 10 million orders in just 9 hours, highlighting the potential for AI applications to connect online intelligence with offline consumption [3][23] - Current investment opportunities include: 1) Hong Kong internet leaders, 2) gaming industry benefiting from policy incentives and technological empowerment, and 3) film and cultural tourism sectors recovering from consumption policies [23][6] Sub-industry Data Film Industry - The top three films by box office for the week are: "Zootopia 2" with 30.02 million yuan (19.90% market share), "Water Pipe" with 19.28 million yuan (12.80%), and "Killing" with 17.48 million yuan (11.60%) [24][25] Gaming Industry - The top three iOS games are: "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle," while the top three Android games are: "Heartfelt Town," "Tomorrow's Ark: End of the World," and "Goose Duck Kill" [26][27] TV Series Industry - The top three TV series by broadcast index are: "Tang Palace Mystery" (77.3), "Young and Promising" (70.9), and "Peaceful Year" (69.4) [28][29] Variety and Animation - The top three variety shows are: "Weibo Night 2025" (75.5), "Voice of the Flow Season" (63.4), and "Wonderful Night Season 2" (63.1) [30][31] - The top three animated shows are: "Happy Hammer" (230.9), "Immortal Reverse" (213.4), and "Time Beyond" (179.9) [32]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - Claude Work has launched 13 plugins covering core business areas such as law, sales, and finance, significantly enhancing the efficiency of non-software developers by automating workflows like research, drafting, and review [2][22] - The competition in AI has shifted from providing foundational model capabilities to controlling specific industry workflows, indicating that AI applications can now offer "out-of-the-box" vertical solutions across multiple sectors [2][22] - During the Spring Festival, major AI applications invested over 1.5 billion yuan in marketing, with notable activities like Alibaba's "milk tea free order" campaign achieving over 10 million orders in just 9 hours, highlighting the potential for AI applications to connect online intelligence with offline consumption [3][23] - Current investment opportunities include: 1) Hong Kong internet leaders, 2) gaming industry benefiting from policy incentives and technological empowerment, and 3) film and cultural tourism sectors recovering due to consumer policies [3][6][23] Industry Data Film Industry - The top three films by box office for the week are: "Zootopia 2" with 30.02 million yuan (19.90% market share), "Water Pipe" with 19.28 million yuan (12.80%), and "Killing" with 17.48 million yuan (11.60%) [24][25] Gaming Industry - The top three iOS games are: "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle," while the top three Android games are: "Heartfelt Town," "Arknights: End of the World," and "Duck Duck Goose" [26][27] TV Series Industry - The top three TV series by broadcast index are: "Tang Palace Mystery" (77.3), "Young and Promising" (70.9), and "The Peaceful Year" (69.4) [28][29] Variety and Animation - The top three variety shows are: "Weibo Night 2025" (75.5), "Voice of the Flow Season" (63.4), and "Wonderful Night Season 2" (63.1) [30][31] - The top three animated shows are: "Happy Hammer" (230.9), "Immortal Reverse" (213.4), and "Time Beyond" (179.9) [32]

Market Overview - Global markets experienced increased volatility this week, with notable fluctuations in the US stock market and significant adjustments in the South Korean market[1] - The Dow Jones Industrial Average rose by 2.5%, while the S&P 500 and Nasdaq indices fell by 0.1% and 1.84%, respectively[2][11] US Market Insights - The TAMAMA Technology Index's P/E ratio is currently at 34.02, close to the 35 threshold, indicating potential for further adjustments in tech stocks[1] - The Philadelphia Semiconductor Index's P/E ratio decreased to 43.78, remaining in a high valuation range[1] - The S&P 500 Shiller P/E ratio stands at 40.38, consistently above 40, suggesting overvaluation concerns in the market[1] European and Asian Markets - European markets showed a rebound, but indices like France's CAC40 and Germany's DAX are still under pressure due to high P/B ratios[1] - The Nikkei 225 index has a P/B ratio of 2.46, indicating high valuation levels amidst tightening liquidity in Japan[1] Hong Kong Market Performance - The Hang Seng Index and related indices experienced declines of 3.02% and 3.07%, respectively, with significant volatility in the materials sector[2][23] - The Hang Seng Technology Index saw a notable drop of 6.51%, influenced by the pullback of major tech stocks like Tencent[23] Economic Data and Risks - Eurozone PPI showed a year-on-year decline of -2.1%, lower than the previous -1.4%[35] - Risks include potential surprises in US Federal Reserve monetary policy, slower-than-expected economic growth, and escalating geopolitical tensions[43]