渤海证券研究所晨会纪要（2026.02.06）-20260206

Macro and Strategy Research - The market is currently in a phase of consolidation, with a focus on structural trends in the A-share market for February 2026 [2] - Export remains a key support factor due to structural optimization and improved trade environment, while new policy deployments are expected to aid economic stabilization [2] - The central bank is expected to maintain a moderately loose monetary policy in February, following significant liquidity injections to meet seasonal demands [2][3] Industry Research: Pharmaceutical and Biotech - The pharmaceutical and biotech industry is seeing performance catalysts from annual report disclosures and the innovation in drug and medical device supply chains [5] - Recent regulatory developments include the implementation of the Drug Administration Law and the initiation of high-value medical consumables procurement [5] - In December, the medical care CPI was 101.8, with a year-on-year increase of 1.8%, while the pharmaceutical manufacturing PPI was 96.1, reflecting a year-on-year decline of 3.9% [6] - The total revenue of the pharmaceutical manufacturing industry for 2026 was 24,870 billion, a year-on-year decrease of 1.2%, while total profits increased by 2.7% to 3,490 billion [6] - The SW pharmaceutical index saw a 3.14% increase in January, with all sub-sectors reporting gains, particularly in medical services and medical devices [6][7] Industry Research: Computer Sector - The computer industry is experiencing high demand for AI applications, with recent price increases in cloud services from major providers like Google and Amazon confirming this trend [8] - In December 2025, the producer price index for the computer industry decreased by 0.2% month-on-month and 0.7% year-on-year, while software industry revenue reached 154,831 billion, growing by 13.2% [8][9] - The SW computer index rose by 6.94% in January, with significant gains in general software and IT services [9] - The development of AI capabilities is accelerating, with government support for key technologies and the introduction of new AI models expected to drive further growth in the sector [9][10]