发布时间：2026-02-09 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 6076.69 | | 52 周最高 | 6160.52 | | 52 周最低 | 4167.51 | 行业相对指数表现 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2025-02 2025-04 2025-06 2025-09 2025-11 2026-01 建筑材料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 证券研究报告：建筑材料|行业周报 近期研究报告 《防水发布涨价函，关注内需弹性品 种》 - 2026.01.26 建材行业报告 （2026.02.02-2026.02.08） 电子布涨价超预期，看好 26 年涨价持续性 投资要点 2 月 4 日，光远新材、国际复材等玻纤龙头对电子布再度提价， 新一轮提价幅度较大，涨价幅度约 0.5-0.6 元/米。此次涨价，我们 判断一方面由于铜价及下游 CCL 涨价预期导致 ...

Core Viewpoint - Global markets are experiencing a significant rebound, with U.S. stock indices showing strong gains and A-shares also performing well, particularly in sectors like space photovoltaic, AI applications, and chemicals [1][2][8]. Market Performance - U.S. stock futures have expanded gains following the Dow Jones Industrial Average's historic breakthrough of 50,000 points [1]. - A-shares opened strong, with the Shanghai Composite Index up 1.17%, Shenzhen Component Index up 2.07%, and the ChiNext Index up 3.11% [1]. - The trading volume in the Shanghai and Shenzhen markets reached 1.49 trillion yuan, an increase of 106.8 billion yuan compared to the previous trading day [1]. Sector Highlights - **Space Photovoltaic Sector**: Led the market with over 20 stocks, including TCL Zhonghuan and Shuangliang Energy, hitting the daily limit [3]. - **CPO and Computing Hardware Stocks**: Continued strong performance with stocks like Tianfu Communication and Changfei Optical Fiber reaching new highs, driven by strategic growth in the advanced packaging market, expected to grow at a CAGR of 9.4% [4]. - **AI Applications**: Stocks such as Rongxin Culture and Chinese Online saw significant gains, spurred by advancements in AI video generation technology [5]. - **Chemical Sector**: Active performance with stocks like Runtu and Jihua Group hitting the daily limit, influenced by rising prices in disperse dyes due to increased costs of upstream intermediates [6]. Institutional Insights - CITIC Securities suggests that external disturbances have not significantly impacted China's industrial fundamentals, and the market sentiment has fully released, indicating a potential continuation of the spring market after the Spring Festival [2][8]. - Guotai Junan emphasizes the historical strength of the market during February and the pre-Spring Festival period, recommending confidence in the current market position around 4,000 points [9]. - Huajin Securities advises holding stocks through the holiday, focusing on sectors with upward trends such as electronics, media, and chemicals [10]. - Tianfeng Securities identifies three main investment directions: opportunities in AI-driven technology, economic recovery, and sectors with potential for turnaround [11].

2月9日早盘，A股市场全面走强，盘面上，电池、光伏设备、CPO、半导体等板块走强，截至10:46，科 创50指数上涨2.3%，创业板指数上涨2.4%。Wind数据显示，科创50ETF易方达（588080）、创业板ETF 易方达（159915）上周均连续5个交易日获资金净流入，合计金额分别为9.5亿元和17.7亿元。 跟踪以上指数的科创50ETF易方达（588080）、创业板ETF易方达（159915）管理费率均为0.15%/年， 为全市场ETF中最低一档，为投资者布局科技成长板块提供了低成本配置工具。 （文章来源：每日经济新闻） 申万宏源证券认为，震荡波段中，最佳机会是科技新方向，等待新亮点出现，其次是震荡区间下限探明 后的机会，春节前后关注AI产业链反弹机会。 科创50指数由科创板中市值大、流动性好的50只股票组成，半导体行业占比超65%，聚焦"硬科技"龙头 企业；创业板指数则由创业板中市值大、流动性好的100只股票组成，AI硬件与新能源产业链权重约 60%，覆盖多家CPO与锂电龙头。 ...

Group 1: Interest Rate and Bond Market - DR001 closed at 1.28 with a -4.41bp change, DR007 at 1.46 with a -2.08bp change, GC001 at 1.29 with a -13.50bp change, GC007 at 1.60 with a 2.50bp change, SHBOR 3M at 1.58 with a -0.05bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.32 with a 0.44bp change, 5 - year treasury at 1.56 with a -0.69bp change, 10 - year treasury at 1.81 with a -0.41bp change, and 10 - year US treasury at 4.22 with a 1.00bp change [4] - The central bank conducted 4055 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations last week, with 3000 billion yuan of 14 - day reverse repurchase operations on Thursday and Friday respectively [4] - This week, 4055 billion yuan of reverse repurchases will mature in the central bank's open market, with 750 billion, 1055 billion, 750 billion, 1185 billion, and 315 billion yuan maturing from Monday to Friday respectively. Additionally, 5000 billion yuan of 182 - day repurchase - style reverse repurchases will mature on Friday [5] Group 2: Stock Index Market - The closing prices and changes of major stock indices and their corresponding futures contracts: CSI 300 closed at 4644 with a -0.57% change, IF current month at 4640 with a -%0.7 change; SSE 50 at 3038 with a -0.69% change, IH current month at 3037 with a -%0.9 change; CSI 500 at 8146 with no change and IC current month at 814 with a -0.%1 change; CSI 1000 at 8052 with a -0.20% change, IM current month at at 8027 with a -0.6% change [6] - The trading volume and open interest changes of stock index futures: IF trading volume was 118040 with a 1.8% change, IF open interest was at 29 with a -%1. change; IH trading volume was 55 with a 2. change, IH open interest was at 109 with a 0. change; IC trading volume was 19 with no change, IC open interest was at 31 with a -%2. change; IM trading volume was 24 with a 4. change, IM open interest was at 40 with a 1. change [6] - Last week, CSI 300 fell 1.33% to 4643.6, SSE 50 fell 0.93% to 3037.9, CSI 500 fell 2.68% to 8146.4, and CSI 1000 fell 2.46% to 8051.6. A - share trading volume shrank significantly due to pre - holiday risk - aversion sentiment. The daily trading volumes last week were 26066 billion, 25656 billion, 25033 billion, 21943 billion, and 21635 billion yuan respectively, with the average daily trading volume decreasing by 6565.9 billion yuan compared to the previous week [6] - In the Shenwan primary industry index, food and beverage (4.3%), power equipment (2.2%), comprehensive (2%), transportation (1.9%), and banking (1.7%) led the gains last week, while non - ferrous metals (-8.5%), communication (-6.9%), electronics (-5.2%), steel (-3.3%), and computer (-3.3%) led the losses [6] Group 3: Market Outlook and Strategy - During the US stock earnings season, the performance of the AI industry chain is under test, and US stock volatility has increased. Chip giants like NVIDIA and AMD have seen continuous stock price adjustments, and internet giants like Google and Amazon have raised market concerns due to poor profit efficiency and under - expected performance [7] - Last week, the domestic news was relatively calm, the selling pace of broad - based ETFs slowed down, indicating a significant weakening of regulatory control. As the Spring Festival holiday approached, market risk - aversion sentiment increased, and the total A - share trading volume narrowed significantly to around 2.1 billion yuan. Overseas, the increased volatility of non - ferrous metals and US technology stocks has had a significant impact on domestic non - ferrous and technology sectors [7] - In the short term, after a volume - shrinking rebound, the stock index is expected to consolidate through oscillations to accumulate strength for further upward movement. In the long run, in the context of low interest rates and an "asset shortage", domestic market funds are generally abundant, and as the economy is in the process of bottom - building, the medium - to - long - term upward trend of the stock index is not expected to end. The strategy is that stock index pullbacks may be opportunities to enter long positions [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM futures contracts for different delivery months are provided, with specific values for the current month, next month, current quarter, and next quarter contracts [8]

Group 1 - The A+H chip industry chain is experiencing a strong performance, with notable increases in stock prices for companies such as Peak Technology (up over 9%), Huahong Semiconductor (up over 5%), and SMIC (up over 3%) [1] - The first ETF focused on the "Hong Kong chip" industry chain, the Hong Kong Information Technology ETF (159131), opened strongly with a price increase of 1.79% and a trading volume exceeding 30 million CNY [1] - Major storage chip companies like Samsung Electronics, SK Hynix, and Micron Technology are shifting from traditional long-term fixed-price contracts to short-term or monthly contracts, indicating a shift in market power towards suppliers [1] Group 2 - According to Huatai Securities, the recent adjustment in the AI industry chain was primarily due to concerns over capital expenditure sustainability, but as these factors are gradually digested by the market, attention should be directed towards the semiconductor and hardware sectors, which are showing improving performance [3] - The semiconductor sector has seen a 4.8% upward revision in earnings expectations over the past four weeks, ranking it among the top sectors, indicating a positive outlook for the fundamentals [3] - The Hong Kong Information Technology ETF (159131) is designed to track the "70% hardware + 30% software" index, heavily investing in semiconductor, electronics, and computer software companies, with significant weights in SMIC (15.21%), Xiaomi Group-W (12.08%), and Huahong Semiconductor (8.68%) [3]

谢天卉关于新能源2026展望观点的详细总结： 核心观点总览 谢天卉认为，2026年新能源板块是2025年行业积极变化的自然延续，全年看好。 投资逻辑由锂电新周期、固态电池产业化、AI能源需求三大维度共同驱动。 强调投资应基于深度产业研究，而非短期主题炒作。 一、 核心投资方向与逻辑 1. 锂电行业：进入新周期，重点布局 周期判断：行业经 谢天卉关于新能源2026展望观点的详细总结： 核心观点总览 谢天卉认为，2026年新能源板块是2025年行业积极变化的自然延续，全年看好。 投资逻辑由锂电新周期、固态电池产业化、AI能源需求三大维度共同驱动。 强调投资应基于深度产业研究，而非短期主题炒作。 一、 核心投资方向与逻辑 1. 锂电行业：进入新周期，重点布局 周期判断：行业经历三年下行后，于2024年12月确认反转拐点。 设备端订单量显著回升（部分公司2025年订单已超2024全年），材料端产能利用率提升、加工费上涨。 当前配置：持仓锂电设备与材料并重，并动态调整短期涨幅过大的标的。 重点细分： 六氟磷酸锂：2025年需求紧平衡，预计旺季价格回升。 铜箔：扩产周期长，产能趋于饱和，2025年3-6月旺季可能出现紧缺 ...

本周（2月9日—2月15日），国内方面，将公布1月CPI、PPI以及70个大中城市住宅销售价格月度报告等数据；海外方面，美国将公布1月多个通胀、非农数 据和1月政府预算。本周A股将有X限售股解禁。此外，本周日将开启为期9日的春节假期。 2月9日（周一） 美国2025年12月批发库存终值 澜起科技赴港IPO，预计股票将于2月9日开始交易 首届全球人形机器人自由格斗联赛（URKL）将于2月9日召开启动发布会 2月10日（周二） 美国2025年12月零售销售 美国2025年12月进口价格指数 美国2月6日当周EIA原油库存变动 中芯国际：拟于2月11日举行2025年第四季度业绩说明会 欧佩克公布月度原油市场报告 爱芯元智半导体香港IPO，预计于2月10日上市 2月11日（周三） 中国1月CPI 中国1月PPI 美国1月失业率 美国1月CPI 美国1月非农就业人口 2月12日（周四） 美国1月政府预算 美国1月PPI 美国2月7日当周首次申请失业救济人数 英国2025年12月商品贸易帐 英国2025年12月GDP 加拿大央行公布货币政策会议纪要 2月13日（周五） 国家统计局公布70个大中城市住宅销售价格月度报告 欧 ...

◎刘禹希 记者 严晓菲 一边是港股市场持续调整，另一边是南向资金逆势"扫货"。近日，在港股市场主要股指承压之际，南向 资金连续三个交易日净买入超百亿港元，累计净买入逾500亿港元。业内人士分析认为，南向资金逆势 扫货，主要缘于对港股低估值修复机会的看好，以及对市场中长期走势的积极预期。 南向资金单日净买入超200亿港元的情形并不多见。自2025年2月以来，类似情形仅出现过12次，且往往 对市场形成支撑。例如2025年4月市场回调期间，南向资金3次单日净流入超200亿港元，其中4月9日高 达355.86亿港元，助力恒指企稳回升。 付原认为：短期来看，南向资金的持续流入有助于快速提振市场情绪，缓解离岸市场的流动性压力，被 外部冲击错杀的优质标的有望迎来超跌反弹；中长期则有望增强内地资金在港股的定价能力，缓冲海外 波动对市场的冲击。 多家机构对港股后市持积极看法。华泰证券策略首席何康在研报中表示，近期的市场调整主要源于技术 面与情绪面压力，中期来看中国资产的流动性及基本面向好趋势并未改变，待技术性指标企稳后市场有 望重拾上行趋势。 光大证券策略首席分析师张宇生在近期研报中表示，港股市场在盈利修复、流动性改善、估值低 ...

2月6日，港股低开回暖，三大指数早盘跌幅集体收窄。 港股通科技ETF海富通(513860)早盘低开高走，盘中强势翻红，该ETF现涨0.14%，成交额超1亿元。成 分股中汽车股涨幅居前，理想汽车-W涨超5%，零跑汽车涨近5%，比亚迪股份等跟涨。 港股通科技ETF海富通（513860）紧密跟踪中证港股通科技指数（HKD），该指数从港股通范围内选 取50只市值较大、研发投入较高且营收增速较快的科技龙头上市公司证券作为指数样本，根据中证公司 官网，该指数最新前十大权重股包括阿里巴巴-W、腾讯控股、美团-W、小米集团-W、中芯国际、比亚 迪股份等龙头股。该ETF还配备了场外联接基金（A类021454/C类021465）。 同时，A股市场早盘探底回升，三大指数集体翻红。相关ETF方面，海富通中证A500ETF（563860）低 开高走，现涨0.16%。成分股中，湖南黄金、深南电路涨停。 海富通中证A500ETF（563860）紧密跟踪中证A500指数。该指数优选各行业市值代表性强、表征行业 龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。同时，该指数编制结合互联 互通、ESG等筛选条件，便利境内外中长 ...

Group 1 - Institutional research activity has increased significantly in 2023, with over 700 listed companies receiving institutional visits from January 1 to February 5 [1] - Key sectors attracting institutional attention include computer, machinery, pharmaceuticals, and electronics, with companies like Daikin Heavy Industries, Beijing Haitai Ruisheng Technology, and Henan Xiangyu Medical Equipment hosting over 200 institutional visits [1] - Emerging technologies such as AI computing infrastructure, brain-computer interface technology commercialization, and global energy transition are focal points for institutional investors [1] Group 2 - Daikin Heavy Industries is the first listed company in China's wind power tower industry, with a strong market share in the German offshore wind sector and successful project delivery [2] - The company has secured a local service base at the port of Cuxhaven in Germany and has completed its market layout in Poland, with local installation and inspection experience [2] - The focus of institutional research on computer, pharmaceuticals, and electronics sectors reflects a transition from conceptual phases to performance realization in emerging technologies [2]