Core Viewpoint - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 322.9 billion, with Kweichow Moutai and Zhongji Xuchuang leading in trading volume for the Shanghai and Shenzhen markets respectively [1][2]. Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 153.37 billion, while the Shenzhen Stock Connect totaled 169.54 billion [2]. - Kweichow Moutai topped the Shanghai Stock Connect with a trading volume of 4.741 billion, followed by Cambricon Technologies at 2.160 billion [3]. - Zhongji Xuchuang led the Shenzhen Stock Connect with a trading volume of 5.845 billion, followed by CATL at 5.719 billion [3]. Sector Performance - The power equipment sector saw the highest net inflow of funds, amounting to 7.326 billion, with a net inflow rate of 5.33% [6]. - Other sectors with significant net inflows included the new energy sector at 5.573 billion and the coal sector at 3.041 billion [6]. - Conversely, the electronic sector experienced the largest net outflow of funds [7]. ETF Trading Summary - The coal ETF (515220) recorded a remarkable trading volume increase of 335% compared to the previous trading day, reaching 2.446 billion [9]. - The top ten ETFs by trading volume included the Gold ETF (518880) at 15.413 billion and the A500 ETF Fund (512050) at 14.236 billion [8]. Futures Positioning - All four major futures contracts (IH, IF, IC, IM) saw a reduction in positions, with a notable decrease in short positions [10]. Stock Market Activity - The stock market saw significant activity from institutional investors, with notable purchases in Red Baoli and Zhongji Group, while Liou shares faced heavy selling [12][13]. - The trading activity of retail investors was moderate, with significant sell-offs in commercial aerospace stocks like Hailanxin [14].

Core Viewpoint - The company, Tiantong Co., Ltd. (600330.SH), has issued a risk warning announcement stating that its main business in electronic materials and high-end specialized equipment remains stable and has not undergone significant changes [1] Business Operations - The company confirms that its production and operational order is normal, and there are no undisclosed significant information [1] - The company does not engage in the production of commercial satellites or optical module products [1] Project Updates - The company is involved in the "large-size RF piezoelectric wafer project" within the niobate lithium crystal field, which is a fundraising project with a construction period extended to December 2029 [1] - As of now, this project has not been completed and has not generated stable revenue [1] Market Sentiment - The company has gained increased attention due to the commercial aerospace concept, niobate lithium crystal field, and CPO concept [1] - The company advises investors to be cautious of speculative risks associated with hot concepts and to make rational judgments [1]

Core Viewpoint - The company, Tiantong Co., Ltd. (600330.SH), reports that its main business in electronic materials and high-end specialized equipment remains stable, with no significant changes or undisclosed major information [1] Business Operations - The company confirms that its production and operational order is normal, and its main business has not undergone significant changes [1] - The company does not engage in the production of commercial satellites [1] - The company is involved in the "large-size RF piezoelectric wafer project" within the niobate lithium crystal field, which is a fundraising project with a construction period extended to December 2029; this project has not yet been completed and has not generated stable revenue [1] - The company does not produce optical module products [1] Market Attention - The company has gained increased attention due to the commercial aerospace concept, niobate lithium crystal field, and CPO concept [1] - The company advises investors to be cautious of speculative risks associated with hot concepts and to make rational judgments and decisions [1]

Core Viewpoint - The retail sector is experiencing a strong performance, with several companies showing significant stock price increases, driven by government initiatives to boost consumer spending during the Spring Festival [1][2]. Group 1: Stock Performance - Hangzhou Xie Bai (600814) saw a stock price increase of 10.00%, reaching 8.91 [2] - Youhao Group (600778) increased by 9.94%, with a current price of 7.96 [2] - Hemei Group (002356) rose by 5.87%, now priced at 4.15 [2] - Yinzuo Shares (600858) gained 5.39%, currently at 7.04 [2] - Dongbai Group (600693) increased by 3.88%, priced at 15.79 [2] - Maoye Commercial (600828) rose by 3.63%, with a price of 7.13 [2] - Other companies like Ouyagroup (600697), Baida Group (600865), Hebai Group (000417), and Zhongxing Xiaye (000715) also showed positive stock performance [2]. Group 2: Government Initiatives - The Ministry of Commerce and nine other departments issued the "2026 'Legou New Spring' Special Activity Plan," which encourages localities to increase the number of subsidies for replacing old consumer goods during the Spring Festival and to enhance support for offline retail [1][3]. Group 3: Company Developments - Hangzhou Xie Bai has been actively improving its business model through continuous adjustments in operations, scene renewal, and marketing innovation, achieving increases in customer flow and sales per unit area [3]. - The company reported that its restaurant and entertainment sectors now account for over 50% of its business, with retail, dining, and experiential sectors each representing approximately 40%, 20%, and 40% respectively, and an overall leasing rate exceeding 90% [3]. - Hangzhou Xie Bai has also made small indirect investments in aerospace technology companies, which are gaining traction in the A-share market [3].

Market Overview - The market rebounded yesterday with the Shanghai Composite Index and ChiNext Index both rising over 1%, while the Shenzhen Component Index increased by over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.54 trillion yuan, a decrease of 40.5 billion yuan compared to the previous trading day [1] - Over 4,800 stocks in the market saw gains, indicating a rapid rotation of market hotspots [1] Sector Performance - The commercial aerospace sector experienced a significant surge, with stocks like Jieli Rigging, Tongyu Communication, Shenjian Co., and Zhongchao Holdings hitting the daily limit [1] - The space photovoltaic concept continued to strengthen, with stocks such as Guosheng Technology, Jinjing Technology, Zerun New Energy, and Haiyou New Materials also reaching the daily limit [1] - The chemical sector was active, with Hongbaoli achieving two consecutive limits in three days and Wanfeng Co. hitting four consecutive limits [1] - The precious metals sector rebounded, with Hunan Gold achieving six limits in seven days [1] - The AI application concept remained active, with Zhejiang Wenhu Interconnection achieving five limits in eleven days [1] - The banking sector showed weakness, with China Bank experiencing fluctuations and declines [1] Institutional Insights - Huatai Securities noted that the resilience of the funding environment remains, despite a decrease in trading sentiment and a drop in the number of active investors [2] - CITIC Securities highlighted that the capacity electricity price offers high revenue certainty, which is expected to significantly boost domestic energy storage installations [3] - CITIC Construction Investment stated that the global commercial aerospace sector is entering a new phase focused on large-scale deployment and ecosystem construction, driven by companies like SpaceX [4]

智通财经2月4日讯，昨日市场探底回升，沪指、创业板指均涨超1%，深成指涨超2%。沪深两市成交额 2.54万亿，较上一个交易日缩量405亿。盘面上，市场热点快速轮动，全市场超4800只个股上涨。从板 块来看，商业航天概念爆发，巨力索具、通宇通讯、神剑股份、中超控股等多股涨停。太空光伏概念持 续走强，国晟科技（维权）、金晶科技、泽润新能、海优新材封涨停。化工板块表现活跃，红宝丽3天2 板，万丰股份4连板。贵金属概念探底回升，湖南黄金7天6板。AI应用概念反复活跃，浙文互联11天5 板。下跌方面，银行板块走势较弱，中国银行震荡下跌。截至收盘，沪指涨1.29%，深成指涨2.19%， 创业板指涨1.86%。 在今日券商晨会上，华泰证券认为，资金面韧性仍存，中信证券认为，容量电价带来收益高确定性，有 望明显带动国内储能装机；中信建投认为，全球商业航天进入以规模化部署与生态构建为核心的新阶 段。 华泰证券：资金面韧性仍存 上周A股高位震荡，节前风险偏好的制约因素偏多，风险资金相对承压，前期流入意愿较强的交易型资 金情绪有所回落，参与交易的投资者人数回落至年初位置，融资资金活跃度为2025年7月中旬以来新 低，上周五单日净流 ...

证券研究报告 2026 年 2 月 4 日 星期三 【A 股市场大势研判】 资料来源：东莞证券研究所，iFinD 数据 后市展望： 大盘探底回升，三大指数集体收红 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 4067.74 | 1.29% | 51.99 | | | 深证成指 | 14127.11 | 2.19% | 302.75 | | | 沪深 300 | 4660.11 | 1.18% | 54.13 | | | 创业板 | 3324.89 | 1.86% | 60.78 | | | 科创 50 | 1471.07 | 1.39% | 20.17 | | | 北证 50 | 1549.51 | 3.27% | 49.08 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | ...

商报讯(记者苗露)昨日，A股强势反弹，沪指午后涨超1%，深证成指涨超2%；港股午后止跌，恒生指 数翻红。截至下午收盘，沪指涨1.29%报4067.74点，深证成指涨2.19%，创业板指涨1.86%，北证50指数 涨3.27%，沪深北三市合计成交约2.57万亿元。 从盘面上看，商业航天概念再度爆发，太空光伏概念拉升，CPO概念崛起，炬光科技涨超18%，盘中突 破300元大关，创历史新高。半导体板块亦走高。此外，近两日大幅回调的黄金概念亦有所反弹，湖南 黄金（002155）午后涨停，紫金矿业（601899）涨约6%。总的来说，A股全市场涨多跌少，超4800股 飘红。 商业航天概念爆发 国信证券研报称，当前金价波动对板块虽有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、 工艺创新和文化叙事能力带来的"α收益"下，预计实际基本面影响相对平稳。黄金珠宝行业岁末迎来消 费旺季，板块整体估值处于低位，金价短期波动未影响核心龙头的增长逻辑，投资金业务占比较高企 业，以及具备一口价产品力的公司，仍有望实现稳定成长。 太空光伏概念活跃 受商业航天概念爆发的影响，光伏设备板块近期持续走强，昨日太空光伏概念盘中走势活跃，成分股 ...

智通财经2月3日讯，市场探底回升，沪指、创业板指均涨超1%，深成指涨超2%。沪深两市成交额2.54 万亿，较上一个交易日缩量405亿。盘面上，市场热点快速轮动，全市场超4800只个股上涨。从板块来 看，商业航天概念爆发，巨力索具、通宇通讯、神剑股份、中超控股等多股涨停。太空光伏概念持续走 强，国晟科技、金晶科技、泽润新能、海优新材封涨停。化工板块表现活跃，红宝丽3天2板，万丰股份 4连板。贵金属概念探底回升，湖南黄金7天6板。AI应用概念反复活跃，浙文互联11天5板。下跌方 面，银行板块走势较弱，中国银行震荡下跌。截至收盘，沪指涨1.29%，深成指涨2.19%，创业板指涨 1.86%。 板块方面 商业航天概念卷土重来，巨力索具、通宇通讯、神剑股份、中超控股、天通股份、航天发展、润贝航科 等10余股涨停。 消息面上，太空探索技术公司（SpaceX）在官网发布由马斯克署名的声明，确认与人工智能企业xAI公 司合并。据报道，合并后公司预计每股定价约527美元，估值将达到1.25万亿美元。此外，近日，证监 会官网显示，星河动力、星际荣耀、天兵科技三家企业更新了IPO辅导进展。长江证券发布研报称，头 部商业航天企业有望 ...

Market Overview - Global market sentiment has improved significantly, with all major indices experiencing a rally [1] - Asian stock markets rebounded after a severe sell-off, with South Korea's market surging nearly 7% [2] - Japan's stock market saw a substantial increase of 2000 points, reaching a new high [3] Key Stock Movements - Samsung Electronics rose by 11%, while SK Hynix increased by 9.28% [4] - Indian stock market initially surged by 5% due to reduced tariffs from the US, later stabilizing around a 3% increase [5] Analyst Insights - Analysts suggest that the current rebound may be a "temporary reset" rather than a sign of restored confidence, with investors cautiously entering the market [6] - Deutsche Bank's Chief Investment Officer emphasized the importance of focusing on the entire supply chain, not just chips, in the context of AI investments [6] Commodity Performance - Gold prices increased by 5%, and silver prices rose by nearly 9.1%, recovering some losses from previous trading days [7] A-Share Market Performance - The A-share market showed a positive trend, with the Shanghai Composite Index rising by 1.29%, and the Shenzhen Component Index increasing by 2.19% [8] - A total of 4865 stocks in the two markets rose, with 83 stocks hitting the daily limit up [8] Sector Highlights - Space photovoltaic concept stocks experienced a surge, with companies like Dike Co. and Haiyou New Materials hitting the daily limit up [9] - Computing power hardware stocks continued their upward trend, with companies like Robot Co. and Tiantong Co. also reaching the daily limit up [9]