Market Overview - The A-share market opened lower with the Shanghai Composite Index down 0.66% and the ChiNext Index down 1.02% [1] - The banking sector showed strong performance, with Qilu Bank rising over 2%, while sectors such as precious metals, photovoltaic equipment, and storage chips experienced significant declines [1] Institutional Insights - Tianfeng Securities suggests that the "spring market" may be more sustained this year, with potential trends including a stronger foundation for the spring rally, enhanced consumer and travel market activity, and a possible range-bound bond market [1] - The firm also notes that traditional patterns such as "bonds strong, stocks weak" before the holiday may be weakened this year, with expectations for a more balanced support for both stocks and bonds [1] - The anticipated market style post-holiday may involve a combination of growth and dividend strategies rather than a complete switch [1] Sector Analysis - Shangyin Fund indicates that recent fluctuations in the A-share market are primarily due to trading dynamics rather than fundamental changes, suggesting that the current adjustment may present attractive buying opportunities [2] - Dongfang Securities highlights that the rebound following the recent decline has been significant, indicating a stronger expectation for market stability moving forward, with a focus on technology sectors as potential areas of interest [3]

宏观经济 | 动态跟踪 开启"投资于人"新一环——房地产新动 向的信号意义 研究结论 风险提示 每位负责撰写本研究报告全部或部分内容的研究分析师在此作以下声明： ⚫ 产业转型过程中，大城市劳动密集型行业占比减少，技术密集型行业占比增加，可 能会制约劳动者的增加以及地产需求的扩大。 报告发布日期 2026 年 02 月 05 日 | 陈至奕 | 执业证书编号：S0860519090001 | | --- | --- | | | 香港证监会牌照：BUK982 | | | chenzhiyi@orientsec.com.cn | | | 021-63326320 | | 黄汝南 | 执业证书编号：S0860525120004 | | | huangrunan@orientsec.com.cn | | | 010-66210535 | | 孙金霞 | 执业证书编号：S0860515070001 | | | sunjinxia@orientsec.com.cn | | | 021-63326320 | | 孙国翔 | 执业证书编号：S0860523080009 | | | sunguoxiang@orientsec.c ...

2026年02月03日，冰轮环境披露接待调研公告，公司于02月03日接待睿远基金、东方证券自营、财通证 券、银河证券、申万证券等9家机构调研。 调研情况显示，冰轮环境致力于在能源和动力领域提供先进的系统解决方案和全生命周期服务，主要产 品形式为压缩机和换热装置，实施温控、增压等冷热能管理功能，覆盖-271℃-200℃温度区间。具体产 品包括螺杆式压缩机、离心式压缩机、吸收式制冷机、活塞式压缩机、涡旋式压缩机、工业热泵、储能 蓄能装置、真空冻干设备、速冻装置、换热设备、船用制冷设备、多联机等，广泛应用于商业制冷系 统、工业冷冻系统、商用舒适空调、工业特种空调等多个领域。 公司在数据中心液冷系统应用方面，旗下顿汉布什公司和冰轮换热技术公司为数据中心乃至液冷系统提 供一次侧冷源装备和热交换装置等冷却装备。顿汉布什公司已有131年历史，其"变频离心式冷水机 组"和"集成自然冷却功能的风冷螺杆冷水机组"两项产品入选工信部《国家绿色数据中心先进适用技术 产品目录》，已成功服务国家超级计算广州中心、中国移动贵州大数据中心等诸多项目。在核电领域， 公司聚焦核岛冷却、核能供热等核心场景，服务了红沿河、宁德、阳江等多个核电站，旗 ...

Group 1 - The spring market is expected to experience a period of volatility, with a need for adjustment after the initial momentum of the year. The average holding period for A-shares has reached a historical low, indicating excessive trading behavior [1] - The nomination of Kevin Walsh as the Federal Reserve Chairman has led to market pricing in expectations of "QT + rate cuts" and a strong dollar, suggesting a prolonged period of a volatile market before a new upward trend can be established [1] - The AI industry continues to show growth potential, with a transition towards application-level advancements expected in the long term. The recovery of cyclical alpha has not yet reached extreme values, indicating further room for growth [1] Group 2 - TrendForce has significantly revised its forecasts for the first quarter prices of DRAM and NAND Flash products, with conventional DRAM contract prices expected to increase by 90-95% and NAND Flash prices by 55-60% [2] - Despite concerns over consumer electronics demand potentially impacting storage needs, the demand driven by AI computing is becoming dominant, sustaining storage shortages [2] - In the server DRAM segment, major cloud service providers are actively negotiating annual supply agreements, leading to a projected price increase of approximately 90% for the first quarter, marking the highest annual increase on record [3] Group 3 - The demand for high-performance storage devices is expected to exceed expectations due to the expansion of AI application scenarios, with significant order increases for enterprise SSDs anticipated [3] - As traditional storage supply-demand gaps persist, domestic storage manufacturers are under pressure to expand production. Yangtze Memory Technologies has officially registered its third phase, aiming for a 15% share of global NAND flash supply by the end of 2026 [3]

财富管理"新旧动能"加速转换。 Wind统计数据显示，截至2月3日，证券投资顾问人数已突破8.78万人，距离 9 万人大关仅一步之遥。 与 2024 年末的 8.06 万人相比，投顾队伍净增人数已超过 7000 人，刷新了历史纪录。 方正证券、中金财富、招商证券、长江证券、中泰证券、申万宏源、国投证券、东方证券、中信证券 （山东）、光大证券、东莞证券、华福证券、平安证券、兴业证券和国金证券等排名亦位居行业前列， 投顾总人数均超千人。 在证券行业整体 "瘦身"、从业总人数回落的大背景下，这一结构性调整的背后，是行业发展逻辑的变 革。 "降费对券商行业形成了短期收入承压，长期生态重塑的核心格局，代销收入、分仓佣金等传统业务直 面冲击，同时倒逼行业加速向买方投顾与综合财富管理转型。"中航证券分析师薄晓旭认为，在此背景 下，以资产配置、持仓复盘、市场解读为核心的买方投顾服务成为行业竞争核心。ETF等低费率产品竞 争力进一步凸显，成为券商代销布局的重点方向。 易方达财富副董事长、首席投资官安伟则表示，ETF投资看似简单，但实际隐藏着较高的认知门槛与策 略复杂度。在客户资产配置需求不断提升的背景下，有必要通过专业的投顾服 ...

沪深两市成交额2.48万亿，较上一个交易日缩量633亿。 2月4日，A股三大指数分化，沪指震荡上行。截至收盘，沪指涨0.85%，深成指涨0.21%，创业板指跌0.4%，科创综指跌0.98%。 | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 000517 | 荣安地产 | +10.27% | 2.04 | | 600683 | 京投发展 | +10.09% | 6.00 | | 000560 | 我爱我家 | +10.06% | 3.61 | | 600325 | 华发股份 | +9.95% | 4.42 | | 000838 | 财信发展 | +9.92% | 2.66 | | 000042 | 中洲控股 | +7.91% | 9.00 | | 601155 | 新城控股 | +7.62% | 18.08 | | 600791 | 京能量化 | +7.60% | 6.51 | | 001979 | 招商蛇口 | +7.31% | 10.87 | | 600649 | 城投控股 | +6.94% | 5.55 | | 600463 | 空港股份 | +6.7 ...

智通财经APP获悉，东方证券发布研报称，谷歌DeepMind开放世界模型Genie3的实验性研究原 型"Project Genie"，允许用户创建、编辑并探索虚拟世界。当前无需过度担忧海外Genie3等通用世界模 型，游戏商用潜力极低，即使是未来对于时长支持增长，Genie3判断可能仅能支持有限的剧情向游戏， 而无法很好支持无限时长延申的大型多人在线游戏。AI游戏编辑器开始兑现增长，拥有大DAU平台的 企业，尤其是能与自研AI引擎相结合的企业，有望获得未来AIGC游戏平台的入场券。 东方证券主要观点如下： 事项：北京时间2026年1月30日凌晨，谷歌DeepMind开放了世界模型Genie3的实验性研究原型"Project Genie"，允许用户创建、编辑并探索虚拟世界。同时在1月30日晚，心动公司、TapTap平台创始人黄一 孟在各大平台同步开启直播，正式官宣一款新产品"Taptap制造"。 国内AI游戏编辑器的技术路径已具备落地商用条件 以心动、腾讯为代表的国内厂商，其技术实现路径核心在于拆解游戏生产环节、AI模拟程序员的部分 生产工作，通过将AI输出的资产封装至通用硬编物理引擎，实现AI3D引擎能力与传 ...

Core Viewpoint - The overall performance of listed securities firms is showing high-quality growth for 2025, driven by improved market conditions, optimized business structures, and ongoing policy benefits [2] Group 1: Market Performance - As of February 4, 2026, the CSI All Share Securities Company Index (399975) rose by 1.16%, with notable increases in stocks such as Huayin Securities (up 6.23%) and Dongwu Securities (up 2.61%) [1] - The securities ETF Huaxia (515010) increased by 1.04%, attracting a total net inflow of 24.52 million yuan over the past three days [1] Group 2: Earnings Reports - By January 30, 2026, major firms like CITIC Securities reported a revenue of 74.83 billion yuan for the year, a year-on-year increase of 28.75%, and a net profit of 30.05 billion yuan, up 38.46% [1] - Guotai Junan is projected to achieve a net profit of 27.53 billion to 28.01 billion yuan for 2025, reflecting a growth of 111% to 115% year-on-year [1] Group 3: Growth Drivers - The growth of listed securities firms is attributed to three main factors: improved market conditions leading to increased trading volumes, ongoing optimization of business structures, and the release of policy benefits that enhance profitability [2] - The average daily trading volume of A-shares has increased, boosting commission income from brokerage services, while the balance of margin financing has steadily expanded, enhancing interest income from credit business [2] Group 4: ETF Details - The Huaxia Securities ETF has the lowest management fee rate of 0.15% and a custody fee rate of 0.05% among comparable funds [2] - As of February 3, 2026, the tracking error for the Huaxia Securities ETF over the past month was 0.004%, indicating the highest tracking precision among comparable funds [2] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Huaxia Securities ETF is 16.78, which is below 98.42% of the historical data over the past year, indicating a historically low valuation [2]

Group 1 - The core viewpoint is that sectors with dividend attractiveness during the low cycle are worth attention, as the macroeconomic environment is currently at a turning point with PPI on a downward trend and industry profitability at a low point poised for recovery [1] - In the context of anti-involution and policy changes, sectors with supply clearance and profit elasticity are highlighted, focusing on those with enhanced dividend attractiveness [1] - The Guotai Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend and stable dividend-paying companies across industries such as banking, coal, and transportation, emphasizing traditional high-dividend sectors [1] Group 2 - The index employs strict assessments of constituent stocks' dividend yield and sustainability, utilizing a cross-industry diversification strategy to effectively control investment risks and reflect the overall market performance of high-dividend companies [1] - According to the fund announcement, the Guotai Dividend State-Owned Enterprise ETF has consistently evaluated dividends monthly since its listing, achieving continuous dividends for 22 months [1]

Group 1 - A-shares brokerage stocks have shown strong performance, with Huayin Securities rising over 7% and Dongwu Securities increasing over 3% [1] - Other notable gainers include Huaxin Securities, Guotai Haitong, and Southwest Securities, each rising over 2% [1] Group 2 - Huayin Securities has a market capitalization of 51.7 billion and a year-to-date increase of 24.85% [2] - Dongwu Securities has a market capitalization of 47.3 billion and a year-to-date increase of 4.97% [2] - Huaxin Securities has a market capitalization of 18.1 billion and a year-to-date increase of 12.01% [2] - Guotai Haitong has a market capitalization of 352.4 billion but a year-to-date decrease of 2.73% [2] - Southwest Securities has a market capitalization of 30.4 billion and a year-to-date increase of 2.23% [2]