（文章来源：每日经济新闻） 华创证券指出，科技+顺周期仍是年度配置主线。PPI转正预期带动EPS接棒流动性，问增长要收益，科 创配置价值仍在。康波周期下的科技博弈有望继续打开估值上限，应重视端侧稳健增长、应用侧ToB商 业化落地，具体可关注算力硬件、储能、AI应用、智能驾驶等领域。 科创200ETF国泰（589220）跟踪的是科创200指数（000699），单日涨跌幅限制达20%，该指数从科创 板市场中选取市值较大、流动性较好的200只股票作为指数样本，以反映科创板市场的整体表现。指数 样本覆盖了多个高新技术产业和战略性新兴产业领域，包括信息技术、生物医药、新能源等，体现了较 强的创新性和成长性特征。 ...

证券研究报告·策略报告·策略点评 策略点评 20260209 科技"祛魅"VS 道指 50000 点时代 ——美 股周观点 [Table_Summary] ◼ 本周（2026 年 2 月 2 日-2026 年 2 月 6 日）市场回顾：发达市场全周累计涨 跌幅归零，新兴市场转跌。从涨幅来看，新兴市场下跌 1.4%。 美股：本周道指领涨，上涨 2.5%，纳指领跌，下跌 1.8%，标普下跌 0.1%。 行业上，材料、工业领涨，信息技术领跌。标普 500 成份股上涨占比 67%。 其中达维塔保健、泰瑞达、泰佩思琦、好时、康宁等领涨。 ◼ 美股因科技股巨额资本开支加深焦虑，且美伊对峙的地缘威胁持续，美股整 体收跌。具体来看： 一是，Capex 从信心的锚转变为利润的黑洞。AI 焦虑席卷科技板块，Capex 支出的逻辑反转，从"增长引擎"到"盈利枷锁"。此前，市场将巨额的资 本开支视为增长的确定性。而现在叙事出现明显转变，Capex 支出变成了投 资回报的焦虑。资本开支依然在以双位数增长，但自由现金却因巨大摊销压 力受损，且 AI 带来的直接收入比如云服务、广告优化并未展现出与之匹配 的爆发性。考虑到英伟达月底财产财报 ...

Group 1 - The core viewpoint of the article highlights the significant inflow of capital into Hong Kong stocks, particularly from southbound funds and foreign investments, which is expected to support liquidity and valuation recovery in the market [1][5] - As of last Wednesday, foreign net inflows into Hong Kong stocks reached $1.88 billion, maintaining a high level, while southbound funds saw a net inflow of HKD 56 billion, a substantial increase from HKD 2.7 billion the previous week, marking a new high since October 2025 [1][5] - The Hang Seng Technology ETF (513130) has seen continuous net inflows for a week, accumulating CNY 3.884 billion, making it one of the few ETFs in the A-share market with net inflows exceeding CNY 3.5 billion during the same period, reflecting increased confidence in the long-term allocation to the Hong Kong technology sector [1][5] Group 2 - The Hang Seng Technology Index currently has a price-to-earnings (PE) ratio of 22.13, which is significantly lower than the NASDAQ index (40.56) and the STAR 50 index (162.42), indicating strong attractiveness for investment [2][6][7] - The Hang Seng Technology ETF (513130) allows for T+0 trading and provides a convenient way to invest in core technology assets in Hong Kong, tracking companies with technological expertise in internet, cloud computing, and artificial intelligence [2][7] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in various ETF categories, including a series of dividend ETFs that may serve as a defensive strategy in investment portfolios [3][7]

E le th Q 60 i X 国家信息技术应用创新展示中心 1950 ILINING t 摄影：谢环驰 燕雁 盛佳鹏 编辑：侯俊 毕晓洋 虞东升 李贺 责任编辑：凌辰 9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建设国际 科技创新中心情况，察看代表性科技创新成果展示，并同科研人员和科技企业负责人代表亲切交流。 # illully unitie 6 ind 2 Thum 11 le E 14 69 摄影：谢环驰 燕雁 盛佳鹏 编辑：侯俊 毕晓洋 虞东升 李贺 责任编辑：凌辰 9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建设国际 科技创新中心情况，察看代表性科技创新成果展示，并同科研人员和科技企业负责人代表亲切交流。 ...

Group 1 - Keda Guokuan Software Co., Ltd. won a procurement project from Xinjiang Wan Neng Jiangbu Power Generation Co., Ltd. with a bid amount of 1.66 million yuan [1] - The company is classified in the information technology industry, focusing on system integration services and industry-specific software [2][3] - In 2024, the company's operating revenue was 1.9 billion yuan, with a revenue growth rate of -24.45% [2][3] Group 2 - The net profit attributable to the parent company for 2024 was -8 million yuan, with a net profit growth rate of 97.84% [2][3] - For the first half of 2025, the company's operating revenue was 498 million yuan, with a revenue growth rate of -24.37% [2][3] - The main business composition for 2024 included 63% from data intelligence industry applications, 21.91% from intelligent software products, and 15.06% from Internet + smart logistics cloud service platform [2][3]

来源｜新华社 编辑 ｜ 钉钉 l of 打造馬采 【 = = = 111 国家信息技术应用创新展示中心 T VE VEHINNER 9日上午，习近平总书记来到位于北京亦庄的国家信创园，了解信息技术应用创新和北京加快建设国际 科技创新中心情况，察看代表性科技创新成果展示，并同科研人员和科技企业负责人代表亲切交流。 ...

格隆汇2月9日丨同有科技(300302.SZ)在投资者互动平台表示，公司产品已规模化应用于智算中心等应 用场景。 ...

Core Viewpoint - The number of listed companies conducting private placements has significantly increased in 2023, with a total financing scale reaching 84.939 billion yuan, a 359% increase compared to the same period last year, indicating a robust recovery in the A-share market and a growing interest from public funds in high-quality projects [1][3]. Group 1: Market Activity - As of February 5, 2023, 12 listed companies have completed private placements, doubling the number from the same period last year [1]. - The total amount raised through these placements has reached 84.939 billion yuan, reflecting a substantial increase in market activity [1]. - Public funds such as E Fund, Caitong Fund, and Nord Fund have actively participated in these private placements, indicating a competitive environment for high-quality projects [1][2]. Group 2: Fund Participation - E Fund has emerged as a major player in the private placement of companies like Beiqi Blue Valley and Megmeet, with significant allocations across multiple funds [2]. - Other public fund companies, including Guotou Ruijin Fund and Huatai Asset Management, have also participated in various private placements, showcasing a broad interest in the market [2]. - The participation of multiple funds in projects like Megmeet and Beiqi Blue Valley highlights the trend of increasing collaboration among public funds in private placements [2]. Group 3: Industry Focus - The companies involved in these private placements predominantly exhibit "hard technology" characteristics, focusing on sectors such as electric vehicles, smart appliances, and electronic information technology [3]. - Approximately 70% of the financing from private placements is directed towards new productive forces, aligning with national strategic directions for industrial upgrades [3]. - The current trend indicates a healthy market environment characterized by stable volume and improved quality of projects, with a focus on high-quality companies leveraging capital markets to strengthen their core businesses [3][4]. Group 4: Investment Challenges - The increasing competition for high-quality private placement projects has raised the bar for fund managers' research and pricing capabilities [4]. - The disparity between a restrained supply of projects and a surging demand from various capital sources, including banks and insurance funds, has intensified the competition [4]. - The average issuance discount for private placements has risen, necessitating a greater emphasis on pricing strategies and research capabilities for successful investment [4].

★下周观点：持仓过节 周度报告——股指期货 高位题材回撤，股市切向低位 [★Ta一bl周e_复Su盘mm：a贵ry]金属与科技齐跌 股 指 期 货 本周（02/02-02/06）以美元计价的全球股市收跌。MSCI 全球指 数跌 0.14%，其中发达市场（+0.03%）>新兴市场（-1.42%）> 前沿市场（-1.77%）。印度股市涨 3.08%跑赢全球，韩国股市跌 5.06%全球表现最差。中国权益下跌，分市场看，中概股>A 股> 港股。A 股沪深京三市日均成交额 24069 亿元，环比上周（30636 亿元)缩量 6567 亿元。A 股宽基指数多数下跌，其中微盘股指数 涨 2.35%表现最好，科创 50 指数跌 5.76%表现较弱。本周 A 股 中信一级行业中共 15 个上涨（上周 10 个），15 个下跌（上周 20 个）。涨幅最大的行业为食品饮料（+4.44%），跌幅最大的 行业为有色金属（-8.46%）。利率方面，本周 10Y 国债收益率下 行，1Y 上行，利差缩小。ETF 资金流向方面，跟踪沪深 300 指 数的 ETF 份额本周减少 11 亿份，跟踪中证 500 的 ETF 份额减 少 16 亿份。 ...

Group 1 - Amazon's high CAPEX indicates strong demand for facilities, benefiting optical communication targets [2][12][22] - In 2024 and 2025, Amazon's cash capital expenditures are projected to reach $77.7 billion and $128.3 billion, primarily for technology facilities and fulfillment network construction [2][12] - The optical communication industry is expected to grow steadily, with China's market size projected to reach 147.3 billion yuan in 2024, reflecting a compound annual growth rate of 5.18% from 2021 to 2024 [14][15] Group 2 - The report identifies five optical communication-related companies on the Beijing Stock Exchange and three on the New Third Board, with a total market capitalization of 55.213 billion yuan as of February 6, 2026 [23][24] - Key companies include: - Hengtong Optic-Electric (920045.BJ) focuses on passive optical components, with a market cap of 24.302 billion yuan and a net profit growth of 123.75% [24][25] - Wanyuantong (920060.BJ) specializes in optical module PCBs, achieving a revenue growth of 15.39% [26][28] - Yunling Optoelectronics (874775.NQ) has seen a revenue increase of 78.17% and a net profit growth of 329.30% [29][34] Group 3 - The pharmaceutical and biological industry on the Beijing Stock Exchange showed an average weekly change of +0.14%, while other sectors like high-end equipment and information technology experienced declines [3][35] - The average P/E ratio for the pharmaceutical and biological sector rose to 29.7X, indicating a positive trend in this industry [48] Group 4 - The technology new industry saw a median P/E ratio decrease from 41.5X to 40.6X, with a total market value decline from 531.795 billion yuan to 527.389 billion yuan [4][57][58] - The report highlights that 27 out of 159 companies in the technology new industry experienced stock price increases, with an average decline of -2.18% for the sector [52][54]