Changjiang Securities·2026-02-01 11:23Market Outlook - The market is expected to maintain a fluctuating upward trend around the Spring Festival in February 2026, with a focus on the "Technology + Resources" mainline market[3] - Key attention should be given to the earnings reports of US tech stocks and the potential validation of AI industry trends[3] Investment Strategy - Focus on three main lines: - Technology sector, including optical modules, storage, semiconductor equipment, and energy storage, addressing the issues of electricity shortages in the US, chip shortages domestically, and global storage shortages[3] - Non-ferrous metals, with increased volatility expected after January, particularly in industrial metals and chemicals[3] - Hot topics such as robots participating in the Spring Festival Gala and updates on AI large models[3] Recommended Stocks - Metals: Shandong Gold (EPS: 1.78, PE: 30.6 in 2026E)[20] - Chemicals: Juhua Co. (EPS: 2.51, PE: 15.7 in 2026E)[20] - New Energy: Junda Co. (EPS: 1.67, PE: 60.5 in 2026E)[20] - Machinery: Dier Laser (EPS: 2.87, PE: 30.6 in 2026E)[20] - Military Industry: Aero Engine Corporation (EPS: 0.35, PE: 132.9 in 2026E)[20] - Non-Banking: New China Life (EPS: 10.68, PE: 7.8 in 2026E)[20] - Automotive: Top Group (EPS: 1.92, PE: 37.7 in 2026E)[20] - Electronics: Jingce Electronics (EPS: 1.15, PE: 115.3 in 2026E)[20] - Communication: Zhongji Xuchuang (EPS: 17.40, PE: 37.3 in 2026E)[20] - Media: Giant Network (EPS: 2.12, PE: 20.8 in 2026E)[20] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation due to factors like slow job growth and reduced market demand[22] - Significant changes in individual stock fundamentals could lead to substantial declines in revenue or net profit[22]