证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/05） 崔健 渤海证券研究所晨会纪要（2026.02.05） 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 关注马年春晚人形机器人相关催化——机械设备行业 2 月投资策略展望 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 5 晨会纪要（2026/02/05） 3、风险提示 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 ...

Core Insights - U.S. President Donald Trump has initiated "Project Vault," a $12 billion strategic stockpile of critical and rare earth minerals to protect U.S. manufacturers from supply shocks [1] - The project combines $2 billion in private capital with a $10 billion loan from the U.S. Export-Import Bank [1] Industry Impact - Rare earth miners and critical materials stocks, such as MP Materials and clean energy companies like Bloom Energy, experienced a surge following the announcement, indicating increased market confidence in domestic supply chain policies [2] - The strategic stockpile is not solely a clean energy initiative but is driven by national economic security and geopolitical strategy, addressing the U.S. vulnerability due to China's dominance in rare earth mining [5][7] Investment Opportunities - The policy creates significant entry points for investors in exchange-traded funds (ETFs) that focus on upstream producers and developers, such as VanEck Rare Earth & Strategic Metals ETF (REMX) and iShares Global Clean Energy ETF (ICLN) [3][4] - REMX has net assets of $2.56 billion and has surged 118.8% over the past year, with top holdings including Albemarle Corp. and MP [11][12] - Global X Lithium & Battery Tech ETF (LIT), with net assets of $1.73 billion, has increased by 76.4% over the past year, focusing on companies involved in the lithium cycle [13] - Sprott Critical Materials ETF (SETM), with net assets of $509.6 million, has rallied 134.8% over the past year, providing exposure to critical materials [14] - iShares Global Clean Energy ETF (ICLN), with net assets of $2.14 billion, has gained 65% over the past year, focusing on renewable energy companies [15]

Group 1 - President Xi Jinping had a phone call with US President Trump on February 4 [2] - The People's Bank of China emphasized support for expanding domestic demand, technological innovation, and small and micro enterprises during the 2026 credit market work meeting [3] - Guangdong Province is expanding the operational area for autonomous public transportation and encouraging the development of smart transportation services [4] Group 2 - Elon Musk's team visited several Chinese photovoltaic companies, raising market interest in the solar sector [5] - Investor Duan Yongping expressed his preference for Tesla vehicles while maintaining a critical view of Elon Musk [6][7] - The EU announced an investigation into Chinese wind power giant Goldwind, citing concerns over market competition distortion due to government subsidies [8] Group 3 - The Chinese mainland will soon resume tourism for Shanghai residents to Kinmen and Matsu, promoting cross-strait exchanges [9] - The A-share market is showing signs of recovery, with major indices rebounding and a notable increase in ETF shares [9] - Samsung Electronics' market value surpassed 1 trillion Korean won, driven by a super cycle in the storage industry [11]

证券日报网讯 2月4日，长江电力发布2025年中期权益分派实施公告称，公司2025年中期利润分配方案 为A股每股现金红利0.21元（含税），股权登记日为2026年2月11日，除权除息日及红利发放日均为2026 年2月12日。 （文章来源：证券日报） ...

Group 1 - Sileck's subsidiary received a project designation letter from a South Korean battery customer, expected to supply approximately 360 million cylindrical battery shells from 2027 to 2031 [1] - Fuguang Co.'s major shareholder plans to reduce its stake by up to 3%, amounting to a maximum of 481.68 million shares [2] - Beixin Road and Bridge's consortium won a contract for a project worth 1.145 billion yuan, with two segments valued at 223.1 million yuan and 921.5 million yuan respectively [3] Group 2 - Jianyou Co.'s subsidiary received FDA approval for sodium selenite injection, aimed at providing selenium for parenteral nutrition in adults and pediatric patients [4] - China Galaxy received approval to publicly issue subordinated bonds totaling up to 20 billion yuan [6] - Changjiang Electric Power announced a cash dividend of 0.21 yuan per share, totaling 5.138 billion yuan [7] Group 3 - Zhongjin Company received approval to publicly issue corporate bonds totaling up to 20 billion yuan [8] - Daon Co. received a decision from the State Administration for Market Regulation not to conduct further antitrust review on its acquisition of Ningbo Aisikai Synthetic Rubber Co. [10] - Palm Co. won a project worth approximately 228 million yuan, which is expected to account for 7.44% of its audited revenue for 2024 [11] Group 4 - Kang En Bei's subsidiary received approval for clinical trials of TFA003 tablets for diabetic nephropathy [13] - Xinmai Medical's subsidiary obtained a medical device registration certificate for polyvinyl alcohol embolization microspheres [14] - Guangsheng Tang's innovative hepatitis B drug completed the enrollment of 578 participants in its Phase III clinical trial [15] Group 5 - Pianzaihuang's controlling shareholder received a loan commitment for up to 450 million yuan to support share buybacks [16] - Liya De plans to invest up to 100 million yuan in an industry fund focused on commercial aerospace [17] - Zhongwen Online plans to collaborate with Tencent on animation micro-short drama licensing, with an expected cooperation amount of 23.2 million yuan [19] Group 6 - Yungsheng Technology is planning to acquire control of Fengrui Fluorine Industry, with its stock continuing to be suspended [22] - Yinbang Co. received a sales order from HOLTEC ASIA for approximately 280 million yuan, expected to positively impact its operations in 2026 and 2027 [23] - Pailin Bio's subsidiary received a drug registration acceptance notice for human coagulation factor IX [24] Group 7 - Dao Dao Quan plans to apply for soybean oil delivery warehouse qualifications from the Dalian Commodity Exchange [25] - Qizheng Tibetan Medicine's subsidiary received a registration certificate for a traditional Chinese medicine product in Macau [26] - Vili Medical received EU MDR certification for multiple products [27][28] Group 8 - CITIC Bank plans to increase its investment in its wholly-owned subsidiary by 2 billion yuan [29] - Hayao Co. received approval for the consistency evaluation of its injectable drugs [30] - Zhifei Biological's freeze-dried varicella vaccine clinical trial received approval [31] Group 9 - Huibo Pu signed a contract worth 225 million USD for the Naft Khana oilfield recovery project [32] - Zhonggu Logistics plans to invest in the construction of two 6000 TEU container ships, with a total contract amount not exceeding 1.16 billion yuan [33] - Chongqing Beer reported a 10.43% increase in net profit for 2025, with revenue of 14.722 billion yuan [34] Group 10 - Huanxu Electronics reported a 12.16% increase in net profit for 2025, with revenue of 59.195 billion yuan [35] - Chengzhi Co.'s subsidiary successfully completed trial production of a high molecular weight polyethylene project [36] - Guangyang Co. signed a strategic cooperation agreement with Shenzhen Xuanchuang and Huangshan Guangyang [37]

Core Viewpoint - The Spring Festival travel rush in 2026 has begun, highlighting the increased pressure on transportation operation guarantees in key areas, with a focus on "Eight Stations and Two Airports" and other critical locations for power supply assurance [1] Group 1: Transportation Hub Power Supply - State Grid Beijing Electric Power Company has developed a special power supply guarantee plan for transportation hubs during the Spring Festival, establishing a dedicated service mechanism for each hub to ensure safe and stable operation of electrical facilities [1] - Beijing Tongzhou Station, located in the city's sub-center, is operational for its first Spring Festival, with staff conducting safety checks on electrical equipment [1] - The integration of automated detection systems with manual inspections at transportation hubs enhances the reliability of power supply management [1] Group 2: Monitoring and Emergency Response - In Fengtai District, which includes major railway hubs like Beijing South Station, the power supply company employs smart monitoring systems for 24/7 oversight of electrical loads, ensuring rapid response to any anomalies [4] - Beijing Chaoyang Station, a key high-speed rail hub, has implemented detailed power supply checks for new facilities as part of its fifth anniversary operational readiness [4] Group 3: Airport Power Supply Assurance - Power supply companies at Beijing Daxing and Capital International Airports have formed specialized teams to conduct thorough inspections of power supply stations and charging facilities, ensuring safety and reliability for travelers [5] - The comprehensive inspection efforts have been completed for the "Eight Stations and Two Airports," with sufficient resources allocated to support safe and smooth travel during the Spring Festival [5]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.21元（含税） 证券代码：600900 证券简称：长江电力 公告编号：2026-005 中国长江电力股份有限公司2025年中期权益分派实施公告 1. 发放年度：2025年中期 2. 分派对象： 截至股权登记日上海证券交易所收市后，在中国证券登记结算有限责任公司 上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2026/2/11 | － | 2026/2/12 | 2026/2/12 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 经股东会授权，公司 2025 年 12 月 30 日召开第六届董事会第五十次会议审议 通过本次利润分配方案。 二、 分配方案 本次利润分配以方案实施前的公司总股本24,46 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001376 | 自連能源 | 20.70 | -2.77% | 23.68万 | 4.85 Z | | 600226 | 享通股份 | 5.90 | -1.83% | 43.35万 | 2.57亿 | | 600995 | 南网储能 | 14.05 | -1.61% | 22.10万 | 3.13亿 | | 605580 | 恒盛能源 | 23.40 | -1.39% | 5.00万 | 1.17亿 | | 300125 | *ST玲达 | 7.67 | -1.29% | 4.64万 | 3558.17万 | | 600969 | 郴电围际 | 12.08 | -1.23% | 8.60万 | 1.04亿 | | 600452 | 浩陵电力 | 11.96 | -1.16% | 38.03万 | 4.54亿 | | 600236 | 桂冠电力 | 8.32 | -0.95% | 11.00万 | 9195.59万 | | 600021 | 上海电 ...

本次权益分派股权登记日为：2026年2月11日，除权除息日为：2026年2月12日。 格隆汇2月4日丨长江电力(600900.SH)公布2025年中期权益分派实施公告,本次利润分配以方案实施前的 公司总股本24,468,217,716股为基数，每股派发现金红利0.21元（含税），共计派发现金红利 5,138,325,720.36元（含税）。 ...

格隆汇2月4日丨长江电力(600900.SH)公布2025年中期权益分派实施公告,本次利润分配以方案实施前的 公司总股本24,468,217,716股为基数，每股派发现金红利0.21元（含税），共计派发现金红利 5,138,325,720.36元（含税）。 本次权益分派股权登记日为：2026年2月11日，除权除息日为：2026年2月12日。 ...