最近 12 月市场表现 分析师 石韬 SAC 证书编号: S0160525040001 shitao@ctsec.com 相关报告 行业投资策略周报 / 2026.02.09 核心观点 遺信行业周报 ■ 证券研究报告 因 投资评级:看好(维持) 请阅读最后一页的重要声明! 周行情:本周大盘指数起伏较大,通信指数本周涨幅大幅弱于上证指 ex 数和深证成指。本周（2026.2.2~2026.2.6 ）上证综指下跌 1.27%，深证 成指下跌 2.11%，申万通信指数本周累计下跌 6.95%，跑输沪深 300 指数 5.61 个百分点。 细分行业: 受海外技术路线加快替代影响，通信设备板块跌幅明显大 � 于通信服务板块。本周( 2026.2.2~2026.2.6 )申万通信板块二级子行业中, 通信设备板块跌幅最大，累计跌幅达 7.92%，明显大于通信服务板块跌幅 2.66%，本周两个子版块均处于下跌趋势。 行业重点信息: 1 ) Coherent 发布 2026 财年第二季度财报，公司实现营 * 收 16.9 亿美元，同比增长 17%，主要得益于数据中心和通信部门的强劲需 求。2 ) Lumentum 发布 202 ...

房地产行业根環居报 ■ 证券研究报告 0 投资评级:看好(维持) 最近 12 月市场表现 1. 《房地产行业跟踪周报》 2026-02- 03 2. 《现实不弱,预期增强,逢低布局》 2026-01-31 3. 《 房地产行业跟踪周报 》 2026-01- 27 上周房地产板块（中信）涨跌幅 0.0%,同期沪深 300、万得全 A 指数涨跌幅 分别为-1.3%、-1.5%，超额收益分别为 1.3%、1.4%。29 个中信行业板块 中房地产位列第 15 名 。 ( 1 ) 新房市场: 上周(2026/1/31-2026/2/6)36 城新房成交面积 139.2 万 � 方,环比-2.9%，同比+175.7%。2026年 2 月 1 日至 2 月 6 日累计成交 120.4 万方,同比+257.9%。今年截至 2 月 6 日累计成交 679.8 万方,同比 -16.2%。 （２）二手房市场:从二手房成交看,上周(2026/1/31-2026/2/6)15 城二 * 手房成交面积 164.4 万方, 环比-3.6%，同比+245.8%。2026 年 2 月 1 日 至 2 月 6 日累计成交 153.5 万方,同比 ...

立足香港加码内地,高端住宅与商写并驱 主持 设(00683) 房地产开发 / 公司深度研究报告 / 2026.02.09 ■ 证券研究报告 因 投资评级:买入(首次) | 基本数据 | 2026-02-09 | | --- | --- | | 收盘价(港币) | 24.90 | | 流通股本(亿股) | 14.51 | | 每股净资产(港币) | 71.84 | | 总股本(亿股) | 14.51 | 请阅读最后一页的重要声明! SAC 证书编号: S0160525090002 fangca@ctsec.com 分析师 何裕佳 SAC 证书编号: S0160525090001 hevi@ctsec.com 陈思宇 分析师 SAC 证书编号: S0160525090008 chensy04@ctsec.com 相关报告 核心观点 盈利预测 | 11 | | | | | | | --- | --- | --- | --- | --- | --- | | 市神(港市) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入(百万) | 13,090 | 19.499 | 1 ...

The see a see a see a least to the of the states of 行业专题报告 / 2026.02.08 ■ 证券研究报告 因 投资评级:看好(维持) 最近 12 月市场表现 27% 12% 035410 分析师 唐佳 SAC 证书编号: S0160525110002 tangjia@ctsec.com 联系人 周勃宇 zhouby@ctsec.com 相关报告 1. 《模型密集发布,国产算力需求有望加 速》 2026-02-02 2. 《AI 需求持续引领，先进晶圆代工有望 2026-02-02 大放异彩 》 3.《CPU 专题报告一:配套内存模组向 MRDIMM 发展,看好 MRCD 芯片与 MDB 芯片环节》 2026-02-01 核心观点 | 表 1. 重点公司投资评级 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 公司 | 总市值（亿 | 收盘价 | | EPS (元) | | | PE | | 投资评级 | | | ...

2025 年增速喜人, 瞄准年轻时尚客群 -- 朗云县(002345) □ 证券研究报告 | 妙 投资评级:买入(维持) | | --- | | 基本数据 | 2026-02-06 | | --- | --- | | 收盘价(元) | 13.56 | | 流通股本(亿股) | 8.67 | | 每股净资产(元) | 3.99 | | 总股本(亿股) | 8.89 | 最近 12 月市场表现 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《Q3 珠宝主业利润+81.5%，盈利迈入 上升拐点》 2. 《新品迭代+跨界合作双轮驱动,深化时 尚非遗》 3.《业绩高增, 品牌势能向上, 景气度延续》 2025-08-27 核心观点 密利频则 | 市神（人民币） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,900 ...

全年业绩超预期， 投资金需求大幅释放 下来自投价(605599) 饰品 / 公司跟踪研究报告 / 2026.02.07 ■ 证券研究报告 | 妙 投资评级:买入(上调) | | --- | | 基本数据 | 2026-02-06 * | | | --- | --- | --- | | 收盘价(元) | 28.06 | | | 流通股本(亿股) | 7.78 | | | 每股净资产(元) | 5.35 | | | 总股本(亿股) | 7.78 | 家 | 最近 12 月市场表现 分析师 耿荣晨 SAC 证书编号：S0160525070002 gengrc@ctsec.com 分析师 杨澜 SAC 证书编号：S0160525080003 yanglan@ctsec.com 相关报告 1. 《三季度业绩+23%，毛利率修复》 2025-10-29 2. 《文化 IP 驱动增长, 践行非遗传承》 2025-09-01 3. 《上半年收入高增,业绩稳中有进》 2025-08-28 核心观点 盈利 饲观 数据来源：wind 数据，财通证券研究所（以 2026 年 02 月 06 日收盘价计算） 请阅读最后一页的重要声明! ...

本周市场调整,指增组合全面回暖 ■ 证券研究报告 88 स्थिती SAC 证书编号: S0160525060003 miaolk@ctsec.com 韩的 SAC 证书编号: S0160525060004 hangian@ctsec.com 张毅 分析师 SAC 证书编号: S0160525080008 zhangmiao@ctsec.com 相关报告 1.《本月重点推荐非银、通信、有色、机械、 电子 》 2026-02-03 2. 《本周市场震荡,指增组合涨跌互现 》 2026-02-02 3.《 本周指增组合表现回暖 》 2026-01- 24 量化选股策略周报/ 2026.02.07 核心观点 我们基于深度学习框架构建 alpha 和风险模型，打造 AI 体系下的低 ex 频指数增强策略: � 风险提示: 因子失效风险，模型失效风险，市场风格变动风险。 请阅读最后一页的重要声明! 本周市场指数表现:截至 2026-02-06,本周上证指数下跌 1.27%,深证 � 成指下跌 2.11%，沪深 300 下跌 1.33%，市场调整微盘股逆势上涨。 � 本周指数增强基金表现:截至 2026-02-06,本 ...

Investment Rating - The investment rating for Weichai Power is upgraded to "Buy" [2][7]. Core Views - The power energy sector is driving a dual enhancement in profit valuation for engine companies, with significant revenue and profit growth observed in overseas engine companies' power generation segments [7]. - The company is expected to achieve substantial revenue growth, with projected revenues of RMB 233.71 billion, RMB 249.96 billion, and RMB 269.94 billion for 2025, 2026, and 2027 respectively [6][7]. - The net profit forecast for the company is RMB 12.02 billion, RMB 14.26 billion, and RMB 16.36 billion for the same years, indicating a strong growth trajectory [6][7]. - The company’s earnings per share (EPS) is projected to increase from RMB 1.38 in 2025 to RMB 1.88 in 2027, reflecting a positive outlook on profitability [6][7]. Financial Performance Summary - Revenue growth rates are expected to be 8.4%, 7.0%, and 8.0% for 2025, 2026, and 2027 respectively, following a significant growth of 22.2% in 2023 [6][8]. - The net profit growth rates are forecasted at 5.4%, 18.6%, and 14.8% for the years 2025 to 2027, showcasing a robust profit expansion [6][8]. - The company’s return on equity (ROE) is projected to improve from 12.9% in 2025 to 15.4% in 2027, indicating enhanced efficiency in generating profits from shareholders' equity [6][8].

Core Insights - The report maintains a positive investment rating for the light industry sector, indicating a favorable outlook for potential investments [2][5] - The electronic cigarette industry in China is experiencing significant growth, with the leading brand, RELX, showing a revenue increase of 45.60% year-on-year for the first three quarters of 2025, alongside improvements in gross margin to 29.30% and net margin to 23.00% [5][27] - The industry is undergoing a transformation due to stringent regulations, leading to increased market concentration and providing opportunities for compliant and technologically advanced companies [5][27] Company Overview - The company, RELX Technology, focuses on the research, design, and sales of consumer-grade electronic vapor products, primarily through a comprehensive offline distribution and "brand store+" retail model [8][12] - The management team consists of experienced professionals with backgrounds in fast-moving consumer goods and technology, enhancing the company's strategic direction and operational management [11] Financial Performance - The company's financial data indicates a robust recovery, with a significant increase in net profit for the first three quarters of 2025, reflecting a strong operational performance [16][18] - The sales expense ratio has decreased significantly, contributing to improved profitability metrics [21] Industry Situation - The domestic electronic cigarette market is undergoing consolidation due to strong regulatory measures, with a comprehensive control system established for production, sales, and taxation [27] - Internationally, the market shows regional differentiation, with emerging markets becoming key growth areas while facing high entry barriers in developed regions [28] Competitive Advantages - The company has established a competitive edge through early compliance with regulations, a strong R&D framework supported by multiple laboratories and patents, and a robust supply chain management strategy [29][30] - The dual strategy of deepening domestic compliance while expanding into international markets positions the company favorably against competitors [29]

Group 1: Report Industry Investment Rating - No information about the report industry investment rating is provided in the content [N/A] Group 2: Core Viewpoints - On February 5, 2026, the 30y Treasury bond model's single - day output probability was 10.57%, MA5 was 39.29%, and the model's view changed from oscillating to bullish, the first MA5 bullish signal since the model output an adjustment signal on October 30, 2025. The high yield of the new 30y Treasury bond might affect the model [4][7] - The 3 - year AAA medium - short note model remained bullish, with the bullish signal lasting for 43 trading days since December 8, 2025 [4][7] - On February 4, 2026, the 10 - year Treasury bond model's MA5 changed from oscillating to bullish, ending the oscillating adjustment period since December 2025. A factor of large banks' buying and selling of 7 - 10 - year Treasury bonds was added [4][7] - The 2 - year Treasury bond model fluctuated greatly recently. On February 4, 2026, it showed a single - day output probability turning bullish, and MA5 entered the oscillating range [4][7] - The gold model has been giving bullish signals since October 29, 2025. It entered the oscillating adjustment range on January 28, 2026, and is currently on the edge of the oscillating adjustment range [4][8] - The crude oil model has been generally bullish recently. The retracement on February 2, 2026, led to a marginal decline in the model's output probability, but it remains in the bullish range [4][8] Group 3: Summary by Related Catalog 1 Model Recent New Results Display - 30y Treasury bond model: On February 5, 2026, single - day output probability 10.57%, MA5 39.29%, changed from oscillating to bullish [7] - 3 - year AAA medium - short note model: Remained bullish, bullish signal for 43 trading days since December 8, 2025 [7] - 10 - year Treasury bond model: MA5 changed from oscillating to bullish on February 4, 2026, ending the oscillating adjustment since December 2025 [7] - 2 - year Treasury bond model: Fluctuated greatly, single - day output probability turned bullish on February 4, 2026, MA5 entered the oscillating range [7] - Gold model: Bullish since October 29, 2025, entered oscillating adjustment on January 28, 2026, currently on the edge of oscillating adjustment [8] - Crude oil model: Generally bullish, retracement on February 2, 2026, led to a marginal decline in output probability, still in bullish range [8]