Investment Rating - The overall investment rating for the agriculture industry is "Positive" [6][10]. Core Insights - The report emphasizes the importance of agricultural investment opportunities following the release of the central government's No. 1 document, which highlights the need for comprehensive capacity regulation in the pig farming industry [5][19]. - The report identifies potential investment opportunities in the livestock and planting sectors, particularly focusing on companies with low valuations and strong growth potential [6][10]. Summary by Relevant Sections Livestock Industry - **Pig Farming**: The average price for pigs is 12.14 CNY/kg, a slight decrease of 0.16 CNY from the previous week. The average price for piglets is 29.24 CNY/kg, which increased by 0.62 CNY [5][19]. The industry is experiencing a gradual reduction in production capacity, with the number of breeding sows decreasing by 2.9% year-on-year [6][20]. - **Chicken Farming**: The average price for broiler chickens is 14 CNY/kg, reflecting a 0.3 CNY increase. However, the industry is facing challenges with profitability, as the average loss per chicken is 0.26 CNY [21][22]. The report suggests that chicken prices may remain volatile in the medium term due to high production levels [21][22]. - **Investment Recommendations**: Companies such as Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are rated as "Buy" due to their strong market positions and growth potential [3][10]. Planting Industry - **Seed Industry**: The No. 1 document promotes the industrialization of biotechnology in agriculture, which is expected to enhance the seed supply chain and improve the market environment for genetically modified crops [11][23]. The report gives a positive rating for the seed industry, highlighting the long-term investment value of leading companies [11][23]. - **Grain Prices**: Recent trends indicate that grain prices are likely to continue rising due to increased demand and reduced supply. The average price for corn is 2394 CNY/ton, and for wheat, it is 2531 CNY/ton, both showing slight increases [12][24]. The report suggests focusing on investment opportunities in the planting sector, particularly in companies like Suqian Agricultural Development [12][24].

2026 年 02 月 09 日 公司点评 买入/维持 天康生物(002100) 目标价: 昨收盘:7.12 天康业绩预告点评：全产业链韧性支撑底部企稳，并购驱动扩张 ◼ 走势比较 (10%) 0% 10% 20% 30% 40% 25/2/10 25/4/23 25/7/4 25/9/14 25/11/25 26/2/5 天康生物 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 13.65/13.65 | | --- | --- | | 总市值/流通(亿元) | 97.21/97.21 | | 12 个月内最高/最低价 | 8.24/6.07 | | (元) | | 相关研究报告 <<天康生物：生猪业务量增本降，饲 料销量保持增长>>--2025-10-31 <<天康生物中报点评：养殖产业链业 务量增利升，饲料和动保保持平 稳>>--2025-09-13 <<中报点评：生猪养殖降本成效显 著，饲料疫苗后周期动力充足>>-- 2022-08-26 饲料和动保等其他业务运行平稳，全产业链韧性支撑底部企稳。2025 年公司饲料业务销量较上年同期略有增长；兽用生物制品业务营收较上年 同期略有下滑，主要受行业 ...

2026-02-09 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2026.02.02-2026.02.08)：我国成功发射一型可重复使用试验航天 器 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 Aug/25 Sep/25 Oct/25 Nov/25 Dec/25 Jan/26 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 报告摘要 本周要闻： 我国成功发射一型可重复使用试验航天器 2 月 7 日，我国在酒泉卫星发射中心使用长征二号 F 运载火箭， 成功发射一型可重复使用试验航天器。试验航天器将按计划开展可重 复使用试验航天器技术验证，为和平利用太空提供技术支撑。据公开 资料显示，长征二号 F 是中国航天科技集团公司所属中国运载火箭技 术研究院抓总研制的一款大型两级捆绑助推器运载火箭，是中国主要 用于发射神舟系列载人飞船和大型目标飞行器到近地轨道的一型火 箭。可重复使用航天器包括载人飞船、货运飞船、推进飞行器、行星 着陆器、航天 ...

策 略 研 究 太 平 洋 证 券 2026 年 02 月 10 日 投资策略 风险与回报 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 E-MAIL：xuzm@tpyzq.com 分析师登记编号：S1190525050001 核心观点：当风险难以掌控，控制仓位或是春节前的最优解。 股 证券分析师：徐梓铭 交易上重视胜率与赔率，将风险回报比控制在最大是长期交易取得成 功的关键。展望春节假期，不确定性依旧较高，叠加春节长假较长的时间 风险暴露，可能带来潜在的大幅回撤，此时若过于激进，便是将自己陷于 "败兵先战而后求胜"的危险境地。以下几个风险因素可能推动春节期间 的调整： (一)市场对 AI 大规模资本开支态度的转变 份 有 限 公 司 证 券 研 市场对 AI 大幅资本开支的态度正从乐见转向厌恶。美股科技巨头巨 大的资本开支是美股过去几年在高利率下一路高歌猛进的重要支撑，而此 前甲骨文的资本开支问题已经引发市场的关注，这一次蔓延至了谷歌和亚 马逊。在谷歌和亚马逊披露了未来巨额的资本开支后，5 年期 CDS 跳升， 股价大幅下行，显示了市场在 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the public REITs market declined slightly, with a decrease in trading volume and a decline in both the property - type and concession - type public REITs indices. Most public REITs products fell. In the primary market, 20 public REITs have been issued since 2025, and 39 public REITs funds are waiting to be listed. The market is expected to continue to expand. In the context of an asset shortage, public REITs have the advantages of high dividends and medium - low risks, and their allocation cost - performance is relatively high [2][5][41]. 3. Summary According to the Catalog 3.1 Secondary Market: Slight Decline in the Public REITs Market This Week - **Index Decline**: As of February 6, 2026, the China Securities REITs Index and the China Securities REITs Total Return Index both declined by 0.91% compared to last week, reaching 802.18 and 1042.83 respectively [10]. - **Decrease in Trading Volume**: The total trading volume of the REITs market this week was 660 million shares, a 13.04% week - on - week decrease, and the trading amount was 2.917 billion yuan, an 8.33% week - on - week decrease. The interval turnover rate this week was 2.36%, compared with 2.72% last week [11]. - **Index Decline by Asset Type**: The property - type and concession - type public REITs indices declined by 1.22% and 0.74% respectively. Among property - type REITs, park infrastructure, new infrastructure, affordable rental housing, warehousing and logistics, and consumer infrastructure REITs declined by 1.60%, 1.47%, 1.35%, 1.20%, and 0.82% respectively. Among concession - type REITs, municipal facilities, energy infrastructure, ecological environmental protection, transportation infrastructure, and water conservancy facilities REITs declined by 2.08%, 1.32%, 1.18%, 0.61%, and 0.58% respectively [13][17]. - **Most Trading Volumes and Turnover Rates Declined**: Most public REITs of different types saw a decline in trading volume. The trading volumes of municipal facilities, water conservancy facilities, park infrastructure, warehousing and logistics, affordable rental housing, ecological environmental protection, new infrastructure, and transportation infrastructure REITs decreased by 75.45%, 31.14%, 30.66%, 28.30%, 26.60%, 17.95%, 11.16%, and 9.86% respectively compared to last week. The trading volumes of energy infrastructure and consumer infrastructure REITs increased by 48.61% and 16.19% respectively. In terms of turnover rate, the daily average turnover rate of energy infrastructure REITs exceeded 1 this week. The daily average turnover rates of new infrastructure, ecological environmental protection, water conservancy facilities, warehousing and logistics, park infrastructure, affordable rental housing, transportation infrastructure, and municipal facilities REITs were 0.96%, 0.70%, 0.57%, 0.49%, 0.44%, 0.30%, 0.28%, and 0.19% respectively, with decreases of 0.10%, 0.11%, 0.26%, 0.22%, 0.23%, 0.11%, 0.06%, and 0.58% compared to last week. The daily average turnover rate of consumer infrastructure REITs was 0.56%, a 0.07% increase compared to last week [20][22]. - **Most Public REITs Products Declined**: Among the 79 public REITs, 16 rose, 62 fell, and 1 remained flat. The top gainers included Ping An Ningbo Jiaotou Hangzhou Bay Bridge REIT, CICC Hubei Ketou Optics Valley Industrial Park REIT, and Penghua Shenzhen Energy REIT, with weekly gains of 1.7%, 1.6%, and 1.5% respectively. The top losers included Huatai Zijin Nanjing Jianye Industrial Park REIT, Huaxia Kaide Commercial REIT, and Harvest JD Warehousing Infrastructure REIT, with weekly losses of 4.9%, 4.1%, and 3.7% respectively. Huaxia Zhonghe Clean Energy REIT, Harvest JD Warehousing Infrastructure REIT, and Southern Wanguo Data Center REIT had relatively high turnover rates of 8.99%, 1.95%, and 1.37% respectively. The weekly trading volumes of Huaxia Zhonghe Clean Energy REIT, Southern Runze Technology Data Center REIT, Harvest JD Warehousing Infrastructure REIT, and Huaxia China Resources Commercial REIT were 256 million, 115 million, 107 million yuan respectively [24]. 3.2 Primary Market: 39 Public REITs Funds Waiting to be Listed - **Issuance Since 2025**: As of February 6, 2026, a total of 79 public REITs have been issued, with a total issuance scale of 203.374 billion yuan. Among them, 29 REITs were issued in 2024, with a total issuance scale of 64.6 billion yuan. Since 2025, 20 public REITs have been issued, and no new issuance occurred in January 2026 [30]. - **Pending Listings**: As of February 6, 2026, 39 public REITs funds are waiting to be listed, including 26 initial offerings and 13 expansions. In terms of project status, 9 have passed, 7 have been feedbacked, 5 have been questioned, 3 have been accepted, 10 have been declared, and 5 have been suspended. By type, among industrial REITs, there are 8 park - type REITs, 2 consumer infrastructure - type REITs, 3 warehousing and logistics - type REITs, and 6 affordable rental housing - type REITs. Among concession - type REITs, there are 4 energy - type REITs, 3 transportation - type REITs, and 1 water conservancy facilities - type REIT [34]. 3.3 Public REITs Policies and Market Dynamics - **Huatai Zijin Huazhu Anzhu REIT**: On February 3, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real Estate Securities Investment Fund was officially declared, becoming the first commercial real estate REIT on the Shenzhen Stock Exchange. On February 5, it was officially accepted by the Shenzhen Stock Exchange. The original equity holder is Shanghai Anzhu此间 Business Information Consulting Co., Ltd., and the fund manager is Huatai Securities (Shanghai) Asset Management Co., Ltd. The proposed issuance of the fund is 500 million shares, with an expected fundraising scale of 1.32 billion yuan, a term of 32 years, and expected distribution rates of 5.21% and 5.48% in 2026 and 2027 respectively. The underlying assets include the Mercure & All Seasons Hotel at Guangzhou Tianhe Sports Center and the Crystal Orange Hotel at Shanghai Jiangqiao Wanda [38][40]. - **Everbright Ansheng Commercial Real Estate REIT**: On February 4, Everbright Prudential Everbright Ansheng Closed - end Commercial Real Estate Securities Investment Fund was officially submitted for declaration to the CSRC. The proposed underlying assets are Jing'an Grand融 City and Jiangmen Grand融 City managed by Everbright Jiabao. Jing'an Grand融 City is located in Jing'an District, Shanghai, with a construction area of about 189,000 square meters, and Jiangmen Grand融 City is located in Pengjiang District, Jiangmen, Guangdong, with a construction area of about 120,000 square meters, both of which are in the commercial retail business [39]. 3.4 Investment Suggestions - This week, the REITs index declined slightly, and the trading amount in the public REITs market decreased. By asset type, property - type and concession - type public REITs declined by 1.22% and 0.74% respectively. Two new commercial real estate REITs were accepted this week. Since 2025, 20 public REITs have been issued, with a total scale of over 30 billion yuan. Additionally, 39 REITs funds are waiting to be listed, and the market is expected to continue to expand. In the context of an asset shortage, public REITs have high dividends and medium - low risks, and their allocation cost - performance is relatively high [5][41].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [54]. Core Viewpoints - The report highlights that during the Spring Festival, the media industry is experiencing increased exposure, particularly in film, gaming, and AI developments. Eight films are scheduled for release during the Spring Festival, with a diverse range of genres, and the cumulative interest in these films is higher than in previous years [9][52]. - The gaming sector is expected to see revenue growth due to various operational activities during the Spring Festival, particularly for social games [5]. - In the AI sector, multiple leading models are anticipated to release updated versions, and major internet companies are leveraging high user engagement during the Spring Festival to accelerate AI commercialization [6][9]. Summary by Sections Film Industry - Eight films are set for release during the Spring Festival, including titles like "The Silent Awakening" and "Racing Life 3." The cumulative interest for these films has reached 1.29 million, surpassing the previous years' figures [4][9]. - The top three films in terms of cumulative interest are "The Silent Awakening" (780,000), "Racing Life 3" (590,000), and "The Bounty Hunter: Winds Rise in the Desert" (520,000) [52]. Gaming Industry - The game "The Ring" is expected to launch on May 15, with high anticipation reflected in its ranking on the TapTap pre-registration list [5]. - Several social games are launching Spring Festival events, which are expected to enhance daily active users (DAU) and revenue [5]. AI Industry - The report notes a significant iteration period for domestic large models, with several expected releases around the Spring Festival, including Alibaba's Qwen 3.5 and Doubao 2.0 [6]. - Major internet companies are implementing promotional activities, such as cash red envelopes, to boost user engagement and accelerate AI commercialization [6][9]. Key Companies to Watch - In the film sector, companies like Bona Film Group are recommended for attention [9]. - In gaming, companies such as Kingnet, Giant Network, and G-bits are highlighted as potential investment opportunities [9].

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].