债 债券周报 券 。 2026-2-9 [ T [Table_Title] 公募 REITs 市场小幅下跌，华夏中核清洁能源 REIT 上市 公募 REITs 周报（2026.2.2-2026.2.8） 相关研究报告： [Table_ReportInfo] 《公募 REITs 市场小幅上涨，首批 商业不动产 REITs 申报受理》-- 2026-2-2 《公募 REITs 市场小幅上涨，部分 待上市项目状态更新至"中止"》 --2026-1-25 《公募 REITs 市场小幅下跌，华夏 基金华润有巢 REIT 扩募份额上市》 --2026-1-18 E-MAIL：xuchao @tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：daizh@tpyzq.com 分析师登记编号：S1190524110003 [Table 报告摘要_Summary] 一、二级市场：本周公募 REITs 市场小幅下跌 本周公募 REITs 市场小幅下跌，REITs 市场成交额减少，产权类公 募 REITs 和特许经营类公募 REITs 指数有所下跌。不同 ...

[Table_Message] 2026-02-08 行业点评 看好/维持 传媒互联网 [Table_Title] 传媒互联网 春节传媒行业曝光度提升，海外 Anthropic Cowork 和插件发布 ◼ 走势对比 ◼ 子行业评级 | 影视 | 看好 | | --- | --- | | 游戏 | 看好 | ◼ 相关研究报告 《可灵 MAU 创新高，AI 助推漫剧高速发 展》 《GEO 重塑营销版图，智谱、MiniMax 上 市加速 AI 应用发展》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190123120023 [Table_Summary] 报告摘要 ➢ 春节期间传媒行业曝光度提升，关注影视、游戏、AI 进展 影视：8 部影片定档春节档，"骐骥驰骋"数字资产春晚发布 电影方面，目前已有 8 部影片定档春节档。1）从类型来看，涵盖喜剧、 犯罪、奇幻、武侠、动画电影及纪录片，包括《飞驰人生》系列第三 部《飞驰人生 3》、张艺谋导演新作《惊蛰无 ...

2026 年 02 月 06 日 公司点评 买入/维持 科锐国际(300662) 目标价: 昨收盘:28.57 2025 业绩预告点评：AI 战略引领，"禾蛙"平台打造第二增长曲线 走势比较 (10%) 8% 26% 44% 62% 80% 25/2/6 25/4/20 25/7/2 25/9/13 25/11/25 26/2/6 科锐国际 沪深300 股票数据 | 总股本/流通(亿股) | 1.97/1.96 | | --- | --- | | 总市值/流通(亿元) | 56.23/56.08 | | 12 个月内最高/最低价 | 39.99/21.66 | | (元) | | <<科锐国际 24 年报及 25Q1 季报点 评：营收利润双增长，技术赋能筑未 来>>--2025-04-26 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：科锐国际发布 2025 年业绩预告，预计全年实现归母净利润 2.67-3.34 亿元，同比增长 30.0%-62.5%；扣非净利润 1.45-2.11 亿元， 同比增长 6.46%-54.52% ...

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - AbbVie has submitted regulatory applications for its JAK inhibitor Rinvoq for the treatment of non-segmental vitiligo to both the FDA and EMA, based on positive results from the Phase 3 Viti-Up clinical study [5]. - The pharmaceutical sector showed a slight increase of +0.18% on February 5, 2025, outperforming the CSI 300 index by 0.78 percentage points, ranking 8th among 31 sub-industries [4]. - Among sub-industries, hospitals (+0.81%), offline pharmacies (+0.74%), and medical R&D outsourcing (+0.49%) performed well, while other bioproducts (-0.99%), vaccines (-0.44%), and pharmaceutical distribution (-0.25%) lagged behind [4]. Sub-industry Summary - Chemical pharmaceuticals: No rating [3] - Traditional Chinese medicine production: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other pharmaceutical industries: Neutral [3]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [10]. Core Insights - The real estate sector is experiencing a positive market trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 1.29% and 2.35% respectively, while the Shenwan Real Estate Index increased by 1.90% [3]. - Beijing's first land auction of 2026 generated a total revenue of 8.562 billion yuan, with all plots sold at the base price [5]. - Fujian province is implementing various supportive measures to stabilize the real estate market, including housing subsidies for families with multiple children and other financial assistance [6]. Summary by Sections Market Performance - On February 3, 2026, the equity market saw most sectors rise, with the CSI 300 Index increasing by 1.18% and the CSI 500 by 3.11% [3]. Individual Stock Performance - The top five performing stocks in the real estate sector were Jingtou Development, Chengjian Development, Huaxia Happiness, Binjiang Group, and Rongfeng Holdings, with increases of 10.10%, 10.09%, 6.54%, 5.31%, and 4.98% respectively [4]. Industry News - The first land auction in Beijing for 2026 concluded with a total of 8.562 billion yuan, with notable purchases by Shougang Real Estate and China Iron and Steel Group [5]. - Fujian province has announced several measures to promote stability in the real estate market, including the implementation of housing subsidies and support for different levels of talent [6]. Company Announcements - Poly Development announced a bond buyback amounting to 940 million yuan, with a buyback period from January 26 to January 30, 2026 [8]. - Beijing Capital Development announced plans to apply for a revolving loan limit of 6 billion yuan from its controlling shareholder [8].

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a decline of 2.42% on February 2, 2025, underperforming the CSI 300 index by 0.29 percentage points, ranking 16th among 31 sub-industries [4]. - Key performers in the sector included hospitals (-0.99%), pharmaceutical distribution (-1.63%), and blood products (-1.65%), while other biopharmaceuticals (-3.69%) and offline pharmacies (-3.09%) lagged behind [4]. - Elevar has submitted a New Drug Application (NDA) to the FDA for Lirafugratinib, a selective oral FGFR2 inhibitor, showing a 46.5% objective response rate (ORR) in clinical trials for cholangiocarcinoma patients [5]. - The disease control rate for Lirafugratinib reached 96.5%, with a median progression-free survival (PFS) of 11.3 months and a median overall survival (OS) of 22.8 months [5]. - Jichuan Pharmaceutical has signed an exclusive commercialization agreement for a nasal spray in Greater China, with a payment of up to 100 million RMB [5]. - Heng Rui Pharmaceutical received FDA acceptance for its BLA submission for a combination therapy for liver cancer [6]. - Shanghai Yizhong reported a projected revenue of 317 million RMB for 2025, reflecting an 82.72% year-on-year growth [6]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceuticals: Neutral [3].

2026 年 02 月 02 日 行业周报 看好/维持 银行 银行 银行周报（0126-0201）：美联储维持利率不变，消费类贷款催收 工作指引出台 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 ◼ 子行业评级 | 国 有 大 型 银 | 看好 | | --- | --- | | 行Ⅱ | | | 全 国 性 股 份 | 看好 | | 制银行Ⅱ | | | 区域性银行 | 看好 | ◼ 推荐公司及评级 | 工商银行 | 买入 | | --- | --- | | 农业银行 | 增持 | | 杭州银行 | 买入 | | 江苏银行 | 买入 | 相关研究报告 <<银行周报（0119-0125）：总量货币 政策仍有空间，结构性货币政策先行 落地>>--2026-01-27 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号 ...

[Table_Message]2026-02-03 金融工程点评 [Tab 金工le_Title] ETF 点评：宽基 ETF 本周净流出 3890.81 亿元；食饮、农林牧渔拥挤变幅较大 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 内容摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 [Table_Summary] . 金 融 工 程 点 评 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 | 图表 | 1 | 大类 | | ETF 数量情况（只） 4 | | --- | --- | --- | --- | --- | | 图表 | 2 | 大类 | | ETF 规模情况（万亿） 4 | | 图表 | 3 | 大类 | | ETF 数量占比（%） 5 | | 图表 | 4 | 大类 | | ETF ...

2026 年 02 月 02 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20260202）：西安 4.6 亿元成交 5 宗地块 走势比较 (10%) (2%) 6% 14% 22% 30% 25/2/5 25/4/17 25/6/27 25/9/6 25/11/16 26/1/26 子行业评级 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20260127）：宁 波挂牌 4 宗地块>>--2026-01-28 <<太平洋房地产日报（20260126）：天 津调整公积金贷款政策>>--2026- 01-27 <<太平洋房地产日报（20260123）：湖 南将推城市更新三年行动>>--2026- 01-24 房地产板块个股涨幅较大的前五名为阳光股份、荣丰控股、海南 高 速 、 中 天 服 务 、 亚 通 股 份 ， 涨 幅 分 别 为 5.14%/5.00%/3.77%/2.80%/1.31%； 个股跌幅较大的为皇庭 B、皇庭国际、南山控股、财信发展、三湘 印象，跌幅分别为-10.3 ...

大类资产与基金周报（20260126-20260130）—— [Table_Title] [Table_Message]2026-02-01 金融工程周报 黄金冲高回落，商品基金涨幅 4.75% [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 证券分析师：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 执业资格证书编码：S1190525080001 内容摘要 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 [Table_Summary] . 金 融 工 程 周 报 ◼ 大类资产市场概况：1）权益：本周 A 股市场中上证指数收盘 4117.95，涨跌幅-0.44%， 深证成指、中小板指数、创业板指、上证 50、沪深 300、中证 500、中证 1000、中证 2000、 北证 50 涨跌幅分别为-1.62%、-3.78%、-0.09%、1.13%、0.08%、-2.5 ...