市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 04 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 [Table_MeetContact] 主持人: 李中港 Email: lizg@wlzq.com.cn 证 券 研 究 报 告 晨 会 纪 要 周二，A 股探底回升，上证指数收涨 1.29%报 4067.74 点，深证成指 涨 2.19%，创业板指涨 1.86%。两市 A 股成交额 2.57 万亿元人民币， 超 4800 股上涨。申万行业方面，综合、国防军工、机械设备行业领 涨，仅银行行业下跌；概念板块方面，全面普涨，BC 电池、钙钛矿电 池概念领涨。港股方面，恒生指数涨 0.22%，恒生科技指数跌 1.07%。 海外方面，美国股市三大股指全线下跌，道指跌 0.34%，标普 500 指 数跌 0.84%，纳指跌 1.43%。欧洲股市全线下跌、亚太股市全线上涨。 【重要新闻】 【"十五五"首个中央一号文件公布】《中共中央 国务院关于锚定农业 农村现代化 扎实推进乡村全面振兴的意见》于 2 月 3 日正式发布， ...

证券研究报告 | 策略点评 2026 年 02 月 03 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20260203 今日关注 指数涨跌情况：今日 A 股主要指数全数上涨。截止收盘，沪指涨 1.29%，收报 4067.74 点；深证成指涨 2.19%，收报 14127.11 点；科创 50 涨 1.39%，收报 1471.07 点；创业板指涨 1.86%，收报 3324.89 点。总体上，全天个股涨多跌 少，Wind 数据显示，全市场 4851 只个股上涨，529 只个股下跌，90 只个股收 平。沪深两市今日成交额合计 25442 亿元，较上个交易日缩量 405 亿元。 行业涨跌情况：今日申万一级行业涨多跌少，综合、国防军工、机械设备、 建筑材料和钢铁行业领涨，涨幅分别为 5.63%、4.42%、3.98%、3.52%和 3.28%， 仅银行行业下跌，跌幅为 0.85%。 板块涨跌情况：今日涨幅居前概念板块为电源设备精选、TOPcon 电池、BC 电 池、稀土、光伏、钙钛矿电池、光模块(CPO)、硅能源 ...

【市场回顾】 市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 26 日 星期一 [Table_Summary] 概览 核心观点 上周五 A 股三大指数集体收涨，截止收盘，沪指收涨 0.33%，深成指 收涨 0.79%，创业板指收涨 0.63%。沪深两市成交额 30849.73 亿元。 申万行业方面，电力设备、有色金属、国防军工领涨，通信、银行、 煤炭领跌；概念板块方面，BC 电池、钙钛矿电池、TOPCON 电池概念 涨幅居前，玉米、同花顺出海 50、大豆概念跌幅居前。港股方面，恒 生指数收涨 0.45%，恒生科技指数收涨 0.62%；海外方面，美国三大 指数涨跌不一，道指收跌 0.58%，标普 500 收涨 0.03%，纳指收涨 0.28%。 【重要新闻】 【北京市发布关于促进商业卫星遥感数据资源开发利用的若干措 施】《北京市关于促进商业卫星遥感数据资源开发利用的若干措施 （2026-2030 年）》提出，鼓励有能力的企业对卫星数据上下游企业 进行并购重组，整合完善地面站网、数据应用服务产业链环节，打造 具备全球竞争力的链主企业。支持 ...

Market Overview - The A-share market indices all experienced gains today, with the Shanghai Composite Index rising by 0.33% to close at 4136.16 points, the Shenzhen Component Index increasing by 0.79% to 14439.66 points, the Sci-Tech 50 up by 0.78% to 1553.71 points, and the ChiNext Index gaining 0.63% to 3349.50 points [1][10] - Overall, there were 3938 stocks that rose and 1389 that fell, with a total market turnover of 30852 billion yuan, an increase of 3935 billion yuan compared to the previous trading day [1][10] Industry Performance - Among the Shenwan first-level industries, the top gainers included Electric Power Equipment (up 3.50%), Nonferrous Metals (up 2.73%), National Defense and Military Industry (up 2.65%), Steel (up 2.50%), Media (up 2.01%), and Computer (up 1.64%) [1][10] - Conversely, the industries that saw declines included Communication (down 1.52%), Banking (down 0.90%), and Coal (down 0.76%) [1][10] Concept Sector Performance - The leading concept sectors in terms of gains today were Selected Power Equipment, BC Battery, TOPcon Battery, HJT Battery, Photovoltaics, Photovoltaic Glass, Silicon Energy, Perovskite Battery, Photovoltaic Roofs, New Energy, Satellite Internet, Anti-Overwork, Lithium Mining, Satellite Navigation, and Nickel Mining [2]

Core Insights - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index up by 0.86%, the Shenzhen Component Index up by 0.64%, and the ChiNext Index up by 1.01. The total trading volume in the Shanghai and Shenzhen markets reached 13,165.99 billion yuan [2][7] - In terms of industry performance, non-bank financials, transportation, and food and beverage sectors led the gains, while defense, beauty care, and machinery sectors lagged behind [2][7] - The Hang Seng Index rose by 2.3%, and the Hang Seng Technology Index increased by 2.13%. In the overseas markets, the Dow Jones fell by 0.64%, while the S&P 500 and Nasdaq both rose by 0.72% [2][7] Important News - The U.S. has adjusted tariffs on Chinese goods, revoking 91% of the additional tariffs and implementing a 34% reciprocal tariff, with 24% of these tariffs suspended for 90 days. Additionally, the tax rate on small packages from China has been reduced from 120% to 54% [3][8] - The People's Bank of China reported that the social financing scale increased by 8.7% year-on-year as of the end of April, with M2 balance growing by 8%. In the first four months of the year, new RMB loans increased by 1,006 billion yuan, and the social financing scale increased by 1,634 billion yuan [3][8] Industry Analysis - The report highlights a new policy initiative from seven departments aimed at accelerating the establishment of a technology finance system to support high-level technological self-reliance and innovation. This includes the establishment of a national venture capital guidance fund and enhanced support for technology innovation through various financial mechanisms [9][10] - The policy aims to promote regional innovation practices and enhance financial services for national strategic technology forces, thereby accelerating breakthroughs in key technologies and facilitating the transformation of technological achievements into commercial applications [10][11] Cosmetics Industry Overview - The cosmetics industry has shown overall weak performance due to external factors and recovering consumer demand. However, some companies have achieved significant revenue and net profit growth due to strong product capabilities and flexible marketing strategies [12] - From January 1 to May 6, 2025, the cosmetics sector rose by 29.07%, outperforming the CSI 300 Index by 32.28 percentage points. Notable performers include Bawei Co., which led the OEM sector, and Ruifeng Co., which led the brand sector [12][13] - Financial performance varies across segments, with some companies like Proya and Marubi showing strong growth, while others face short-term pressure. The report emphasizes the importance of R&D investment and product quality in driving future growth [13]