Group 1: Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - The major indices in the US stock market collectively fell, with the S&P 500 index dropping nearly 1% and the Nasdaq down over 1% [2] Group 2: Sector Performance - In the Hong Kong market, local real estate, software, and 5G concept sectors saw significant declines, while gold stocks performed well [1] - The technology sector remains a core focus for future growth, particularly in AI applications and semiconductor industries, which are expected to benefit from government policies supporting technological self-reliance [3] Group 3: Company Highlights - CSPC Pharmaceutical Group saw an 8.1% increase in stock price after receiving a drug registration approval for a new product, which is expected to enhance its product line and drive performance growth [1] - China Railway Group, a recommended stock, experienced an 11.0% increase last week, indicating a potential opportunity for investors [3] - The report suggests continued attention on leading companies in the semiconductor industry, such as Hua Hong Semiconductor and SMIC, which are expected to benefit from domestic policy support [9]

□ 本报记者 李嘉豪 2月3日，江苏省十四届人大五次会议在南京开幕。开幕会前，9位省人大代表走上"代表通道"接受记者 采访，分享各自履职路上的实干故事，娓娓道来江苏各行各业乘风破浪的奋进历程。相较去年首次开展 的采访活动，今年亮相代表人数更多，关注话题与履职实践覆盖科技自立自强、民营经济高质量发展、 构建良好教育生态、创新优化文化产品供给、激发共建共治共享活力、全面推进乡村振兴等重点领域。 一个个乘风破浪的故事，勾勒出高质量发展的生动图景和铿锵印迹。 省人大代表、南京南瑞继保电气有限公司总经理李九虎作为首位接受采访代表，分享了电力核心技术攻 关的筚路蓝缕。"电力行业有两项牵一发而动全身的关键技术，一个是继电保护，产品曾高度依赖进 口，另一个是特高压输电，是持续攻关的难题。"他介绍，如今我国新建工程继电保护国产化率已达 100%，国际公认最好的继电保护在中国。特高压技术创造12项世界第一，支撑"西电东送"工程满足中 东部地区1/5的用电。"人工智能时代，能源是底层基石，我们将鼓足干劲，为建设能源强省、能源强国 作出更大贡献！" 针对"送文化下乡"节目"不合群众胃口"的问题，省人大代表、沛县文化馆馆长王宝红走访全 ...

2026年北京市重点工程计划2月2日正式发布。北京青年报记者了解到，今年北京市将持续发挥"3个 100"市重点工程品牌效应和示范引领作用，集中推进100个重大科技创新及现代化产业项目、100个重大 基础设施项目和100个重大民生改善项目，以重大项目带动扩大有效投资。这300项重点工程当年投资超 过3000亿元。 基础设施 科技创新及现代化产业 新兴产业和未来产业项目纳入计划 北青报记者注意到，"3个100"项目中100个重大科技创新及现代化产业项目的投资占比最高，当年计划 投资1428亿元。这100个项目中，包括一批加快高水平科技自立自强的项目。市发改委相关负责人介 绍，今年本市将统筹科技基础设施平台建设，着力提升"三城一区"主平台发展能级，深化农业中关村建 设，安排重大科研基础设施项目11个，包括北京理工大学创新平台集群实验室项目、北京（平谷）农业 微生物国际创新研究院等。 亦庄线和15号线今年加站 100个重大基础设施项目中，涵盖铁路、地铁、高速公路、城市道路等多方面，当年计划投资674亿元。 其中，在轨道交通方面，今年本市一方面要提升城市轨道交通服务质效，有序推进轨道交通三期项目实 施，完善北京市轨道交 ...

Core Insights - Shandong Heavy Industry's Weichai Group projects a revenue of 355 billion yuan by 2025, marking a historical high, driven by rapid growth in new energy power and over 50% expansion in overseas markets [1] - The company's success is attributed to a strong focus on technological innovation, aligning with national goals for high-level self-reliance in technology [1] Revenue and Growth - Weichai's revenue target of 355 billion yuan for 2025 represents a significant increase, with a 6% investment in R&D contributing to this growth [1] - The M series high-end large-bore engines are expected to see sales exceed 10,000 units by 2025, with data center generator deliveries increasing by approximately 260% year-on-year [1] R&D Investment and Innovation - Over the past decade, Weichai has invested more than 30 billion yuan in R&D within the engine sector, establishing a comprehensive innovation ecosystem [3] - The company has developed a four-pronged innovation system that includes independent, open, foundational, and craftsmanship innovations, leading to the establishment of several national-level strategic technology innovation platforms [3] Strategic Focus on New Energy - Weichai is pioneering hydrogen internal combustion engine research and has developed a fully autonomous methanol engine after ten years of investment totaling 120 million yuan, emphasizing efficiency and low carbon emissions [3][4] - The company aims to create a diverse energy technology roadmap, positioning itself as a leader in the hydrogen energy sector [3] Business Structure and Market Position - Shandong Heavy Industry has elevated electric power energy to a major business segment, with Weichai as the primary entity responsible for this sector [5] - The company is building a product matrix that includes traditional, clean, and new energy power, leveraging its global resources and technological strengths to establish industry leadership [5]

科创200ETF富国（589780）跟踪科创板代表性小盘指数——科创200指数（000688），具备小市值、高 研发、强盈利的特征；1000ETF（159629）跟踪中证1000指数（000852），覆盖全市场优质中小成长 股，科技属性强、成长性高；创业板200ETF富国（159571）则跟踪创业板200指数（399606），布局创 业板中盘股主力，聚焦新兴产业、盈利可期。 今日盘中，A股科技成长主线全面爆发，半导体、存储芯片及AI算力板块集体走强，带动科创200ETF 富国（589780）涨超4.1%，1000ETF（159629）、创业板200ETF富国（159571）、科创100ETF富国 （589950）均涨超3%，截至发稿的最新涨幅分别为3.51%、3.46%、3.07%，中小盘科技股表现强势。 （文章来源：每日经济新闻） 从板块趋势来看，科技成长赛道近期呈现"政策+产业"双轮驱动特征。政策端，央行持续释放流动性支 持硬科技领域，1月以来累计净投放超万亿元，资金精准流向AI算力、半导体等战略赛道；产业端，全 球AI基础设施投资加速扩容，带动半导体产业链景气度持续回升。 研究机构指出，中长期逻辑上，在 ...

在日前召开的江苏省政协十三届四次会议上，江苏省工商联提交了 21项团体提案，其中关于加强民营 企业接班人培养的呼吁引发社会关注。记者梳理发现，这些提案积极为经济社会发展建诤言、献良策。 江苏省工商联在《关于加快完善民营经济促进法配套法规政策的提案》中提及，建议落实民营经济促进 法，将法治优势转化为推动江苏民营经济高质量发展的实际效能。 《关于支持民营企业持续提升国际竞争力 有力应对外部风险挑战的提案》提出多维度协同施策稳外贸 稳企业，支持企业加快构建均衡多元的外贸市场，健全企业海外综合服务体系，苦练内功加快发展新质 生产力等建议，全面提升江苏民营企业国际竞争力，助推高水平对外开放。 《关于破除市场准入壁垒 加快推进基础设施竞争性领域向民企开放的提案》针对市场准入隐性壁垒、 平等获取资源要素、配套服务与保障机制等方面存在的问题，建议严格执行市场准入负面清单制度，细 化重点领域开放指引，规范招投标与资质管理，深入推进要素市场化配置改革，强化基础设施竞争性领 域向民企开放政策落实监管机制。 聚焦加快高水平科技自立自强，因地制宜发展新质生产力，江苏省工商联提出多项提案，包括《关于支 持民营企业持续提升国际竞争力 有力 ...

Core Viewpoint - The company emphasizes the importance of long-term value and rational investment strategies in the evolving landscape of public funds in China, aiming for high-quality development and diversified asset allocation [1] Group 1: Industry Trends - The public fund industry in China is expected to surpass 37 trillion yuan by 2025, with a growing demand for diversified asset allocation as the equity market recovers [1] - The A-share market in 2025 is characterized by structural opportunities rather than a broad market rally, focusing on new productive forces [2] Group 2: Company Performance - The company has successfully positioned itself in key sectors such as semiconductors, resources, and high-end manufacturing, leading to significant fund performance, including a 99.32% return for the Shangyin Resource Select A fund [2] - The Shangyin Emerging Value Growth Mixed Fund has achieved a cumulative return of 287.63% since its inception in 2014, significantly outperforming its benchmark [3] Group 3: Fixed Income Strategy - In a volatile bond market, the company’s fixed income team has maintained a focus on risk-return balance, achieving a top 9% ranking in absolute return among fixed income funds [4] - Specific bond products have demonstrated strong performance, such as the Shangyin Huicheng Li 60-Day Bond, which recorded a maximum drawdown of only -0.05% and a yield of 2.61% [4] Group 4: Research and Development Capabilities - The company has enhanced its integrated research mechanism, focusing on macro, industry, and micro-level analysis to improve investment decision-making [7] - The investment team is committed to long-term performance evaluation, aligning with the industry’s high-quality development direction [7] Group 5: Client Engagement and Education - The company has introduced innovative investor education initiatives, such as the "Zhangle Duck" ambassador, to promote rational and long-term investment principles [9] - Over 500 pieces of educational content were published, significantly improving investor confidence during market fluctuations [9] Group 6: Future Outlook - The company plans to expand its product matrix to include a full spectrum of investment options, focusing on active equity, fixed income, quantitative indices, and overseas investments [10] - The company aims to strengthen its research ecosystem and enhance its multi-asset management capabilities to meet diverse investor needs [10]

行稳致远开新局丨连跨4个万亿台阶，"苏大强"的"新"引擎有多强？ 数字背后，是发展逻辑的持续深化。从科技自立自强到消费能级跃升，再到生态向绿向好，"新"已成为 驱动江苏高质量发展的核心引擎。 新科技引擎：从"单点突破"到"生态共融" 飞机总装车间内，数控制孔机精准刺入铝合金蒙皮，迸发出蓝金色火花，一个精度0.018毫米的孔位随 之成型。这不是普通的钻孔，而是为国产大飞机打造"关节"的精密手术。 在诸多动物明星中，江苏南京红山森林动物园的白面僧面猴"杜杜"是顶流之一。"您好，我是杜杜，很 高兴认识您！"在2025年底举行的世界智能制造博览会现场，一只以"杜杜"为原型打造的机器人，热情 地与参观者打招呼，引得观众纷纷驻足拍照、对话互动。 动物明星拥有了自己的智能分身，这正是"十四五"以来江苏向"新"而行的一个生动写照。当视线从展会 转向全省发展画卷，一份厚实的成绩单随之展开：全省经济总量连续跨越11万亿元、12万亿元、13万亿 元和14万亿元4个台阶，13个设区市全部跻身全国百强，"万亿之城"数量位居全国各省份榜首…… "5年前，我们几乎只能依赖国外进口设备完成飞机零部件打孔，价格高昂，有时候还不得不依靠人工一 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 ◼ 风险提示：地产信用风险失控、政策定力超预期。 东吴证券研究所 2 / 19 请务必阅读正文之后的免责声明部分 ◼ 1、玻纤：（1）2025 年以来较强内需支撑下新增产能逐步消化，供给冲 击最大的阶段已经过去。行业盈利仍处历史低位，资本开支持续放缓， 中期新增产能有限。我们 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 地产链有望震荡向上 2026 年 02 月 02 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 黄诗涛 执业证书：S0600521120004 huangshitao@dwzq.com.cn 证券分析师 石峰源 执业证书：S0600521120001 shify@dwzq.com.cn 行业走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 建筑材料 沪深300 相关研究 《继续看好地产链估值修复》 2026-01-26 《社融增速小幅回落，关注红利高股 息等方向》 2026-01-19 东吴证券研究所 1 / 19 请务必阅读正文之后的免责声明部分 ◼ 本周（2026.1.23–2026.1.30，下同）：本周建筑材料板块（SW）涨跌幅 0.73%，同期沪深 300、万得全 A 指数涨跌幅分别为 0.08%、-1.59%，超 额收益分别为 0.65%、2.32%。 ◼ 大宗建材基本面与高 ...