2月3日，A股市场缩量上涨，成交额为2.57万亿元，三大指数全线上涨，深证成指涨逾2%。太空光伏、 稀土、光模块、商业航天、半导体设备等板块爆发，整个A股市场超4800只股票上涨，超80只股票涨 停。资金面上，沪深两市主力资金净流入超16亿元，结束连续8个交易日的净流出。 分析人士认为，A股资金面仍处于改善趋势中，2月资金有望继续净流入。温和上涨预期、政策和产业 催化仍在，春季行情或有望延续。 资金面有所改善 从主力资金来看，资金情绪出现改善。Wind数据显示，2月3日沪深两市主力资金净流入16.49亿元，结 束连续8个交易日的净流出，其中沪深300主力资金净流出18.21亿元。沪深两市出现主力资金净流入的 股票数为2169只，出现主力资金净流出的股票数为3005只。 行业板块方面，2月3日申万一级行业中有16个行业出现主力资金净流入。其中，国防军工、计算机、机 械设备行业主力资金净流入金额居前，分别为45.87亿元、18.78亿元、17.92亿元。在出现主力资金净流 出的15个行业中，有色金属、通信、电子行业主力资金净流出金额居前，分别为43.25亿元、17.60亿 元、11.75亿元。 "短期来看，一方面 ...

Group 1 - In January 2026, a total of 743 private equity firms participated in the A-share market company research, involving 366 stocks across 28 first-level industries, with a total of 2028 research instances [1] - The electric equipment industry saw significant interest, with companies like Dajin Heavy Industry attracting 54 private equity firms for research, indicating a strong focus on this sector [1] - The computer industry led the research activity with 326 instances, involving 34 listed companies, highlighting the sector's attractiveness for private equity investments [2] Group 2 - The automotive industry had two companies, Chaojie Co. and Ninebot, ranked among the top ten in research frequency, with 41 and 40 instances respectively, showing strong interest from major private equity firms [2] - Private equity firms are focusing heavily on the computer sector due to its potential for excess returns, driven by advancements in AI applications and semiconductor supply chains [3] - In January, 34 private equity firms conducted at least 10 research instances, with firms like Shanghai Jianshun Investment and Guangdong Zhengyuan Private Fund being particularly active [3]

Market Overview - A-shares exhibited a "V-shaped" trend with a total trading volume of 2.67 trillion yuan, despite a slight contraction in volume [1][5] - The market showed a good profit effect with 4,856 stocks closing in the green, particularly in technology sectors such as military, machinery, and power equipment, as well as resource sectors like non-ferrous metals, steel, and chemicals [1][12] Sector Performance - The Shanghai Composite Index rose by 1.29% to 4,067.74 points, while the ChiNext Index increased by 1.86% to 3,324.89 points, and the Shenzhen Component Index climbed by 2.19% [5] - Technology and resource stocks rebounded significantly, with specialized equipment, aerospace, optoelectronic devices, and fertilizers showing notable gains [6][12] - Among the 31 first-level industries, all but the banking sector saw gains, with 24 sectors rising over 1%, and the comprehensive sector up by 5.63% [7][11] Notable Stocks - In the machinery sector, 11 related stocks hit the daily limit, including Robotech, which surged by 20%, and other stocks like Jieput and Oatmeal Technology also saw significant increases [9][10] - The power equipment sector experienced a surge with 16 stocks hitting the daily limit, including Zairun New Energy and Aotwei, both rising by nearly 20% [10] - The non-ferrous metals sector rebounded, with notable gains from companies like Xiaocheng Technology, which rose by 18.67% [11] Market Sentiment and Outlook - Despite the positive market performance, there remains a cautious sentiment among investors, with concerns about the sustainability of the rebound due to pre-holiday risk aversion [3][15] - Analysts suggest that the current rebound is primarily driven by emotional recovery and technical corrections rather than strong fundamental support, indicating a potential for short-term volatility [12][16] - The market is expected to enter a phase of consolidation, with a likelihood of further fluctuations before establishing a more stable upward trend [19][20]

1. Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views - The disclosure rate and pre - happy rate of listed companies' performance forecasts have both increased. The overall performance shows significant repair characteristics, and the market's consensus expectation for the whole year is more optimistic [1][2]. - As February enters the period of performance and economic data vacuum, the market's policy - gaming sentiment may gradually heat up. The stock market generally has good expected performance after the Spring Festival and before the Two Sessions. Attention can be paid to sectors with strong performance expectations and low premium rates [22]. - The convertible bond valuation still has support and may maintain high - level fluctuations. The new bond issuance continues to be light, but the pace of pre - plans has accelerated [3][4][60]. 3. Summary by Directory 3.1 Annual Report Forecast Period Ends, Driving Force Shifts to Performance Verification - **Disclosure and Pre - happy Rates**: As of January 30, 2026, the disclosure rate of performance forecasts of listed companies was 54.98%, a year - on - year increase of 1.83pct. The overall pre - happy rate was 36.87%, a year - on - year increase of 4.46pct [10]. - **Performance Repair**: The median year - on - year growth rate of the net profit attributable to the parent of the whole market in 2025 was 20.29%, a significant improvement compared with - 18.58% in 2024. The growth of industrial added value and the narrowing of PPI decline contributed to the positive growth of industrial enterprise profits [12]. - **Sector Performance**: The net profit growth rate of the GEM was relatively strong, with a growth rate center of 26.57% and a year - on - year increase of 74.62pct, driven by the low - base effect and the performance explosion in the computing power sector [12]. - **Industry Performance**: The pre - happy rates of the non - bank finance and non - ferrous metals industries led, and the net profit growth rate centers of these two industries were also among the top [18]. - **Convertible Bond Underlying Stocks**: The disclosure rate of convertible bond underlying stocks was 49.86%, and the pre - happy rate was 31.11%. The year - on - year growth rate center of the net profit in 2025 turned from loss to profit [20]. 3.2 Valuation Outlook - **Valuation Increase in January**: The convertible bond ETF share continued to grow, and major holders such as public funds increased their holdings. The convertible bond valuation rose to a new high, with the 100 - yuan parity fitted conversion premium rate reaching 37.11% as of January 30, 2026, a 3.05pct increase from the end of 2025 [23]. - **Future Valuation**: The probability of the spring rally continuing is not low. The adjustment of positions of financial products and insurance may be the key incremental factor in the first half of the year. The valuation may maintain high - level fluctuations [23]. 3.3 Key Focused Convertible Bonds - **January Performance**: From December 31, 2025, to January 30, 2026, the convertible bond portfolio rose 13.79%, outperforming the benchmark index by 7.95pct. Huayi and Huachen had obvious increases [36]. - **February Portfolio Adjustment**: The "Huachuang Convertible Bond" February key - focused portfolio was adjusted to include Xingqiu, Mingli, Yirui, Huachen, Huayi, Yifeng, Bengang, Peidi, Ziyin, Qingnong, Zhongyin, and Xingye [38]. 3.4 Market Review - **Market Performance in January**: The convertible bond market fluctuated strongly, with the small - cap style leading. The Shanghai Composite Index, Shenzhen Component Index, and other major indexes all rose, and the convertible bond valuation increased by 3.05pct month - on - month [45]. - **Market Trends**: The TMT and manufacturing sectors were popular, while the financial and real - estate sectors were relatively stable. Most industries in the convertible bond and underlying stock markets rose, and there was obvious rotation among sectors [49]. - **Fund Performance**: The daily trading volume of the equity and convertible bond markets increased, and the margin trading balance also increased. Most industries received net margin purchases [55][56]. 3.5 Supply and Demand Situation - **New Bond Issuance in January**: Five new convertible bonds were issued, with a total scale of 57.80 billion yuan, and four new convertible bonds were listed, with a total scale of 41.97 billion yuan. The online new - bond subscription decreased [60]. - **Pending Issuance and New Plans**: The total pending issuance scale was about 129.911 billion yuan. Eleven new board plans were added in January, with a total scale of 137.99 billion yuan, showing both month - on - month and year - on - year increases [67]. - **Redemption and Downward Revision**: Sixteen convertible bonds announced redemption, and five convertible bonds announced proposals for downward revision [75]. - **Holder Changes**: The total scale of convertible bonds held by various entities in the Shanghai and Shenzhen Stock Exchanges decreased. The scale of convertible bonds held by public funds increased, while that of enterprise annuities and securities companies decreased [82][85][89].

市场虽然有点缩量，而且包括上证指数在内的部分指数也没有完全反包，但市场基本上还是算反包了。 | 名称 | を生 | 本月 | 本周 | 当天 | BIAS25 | | --- | --- | --- | --- | --- | --- | | A股总数量 | 5180 | 5184 | 5184 | 5184 | | | A股上涨数量 | 3641 | 2306 | 2306 | 4581 | | | A股下跌数量 | 1514 | 2796 | 2796 | 514 | | | A股零涨幅数量 | 25 | 82 | 82 | 89 | | | 涨幅>10% | 30. 14% | 2. 20% | 2. 20% | 1.68% | | | 涨幅>5%到10% | 18. 19% | 5. 25% | 5. 25% | 8. 43% | | | 涨幅>0%到5% | 21.97% | 37.04% | 37.04% | 78. 26% | | | 涨幅>-5%到0% | 16. 97% | 47.65% | 47.65% | 11.00% | | | 涨幅>-10%到-5% | 7.66% | 6.56% ...

Group 1 - In January 2026, over 600 A-share listed companies were surveyed by institutions, indicating a high level of interest in investment opportunities in the A-share market [1][3] - The sectors that attracted the most attention included electronics, machinery, pharmaceuticals, power equipment, and computers, with a notable increase in the banking sector's activity [1][8] - Jiemai Technology was the most frequently surveyed company, with over 10 surveys conducted in January, highlighting the interest from various types of institutions including public funds, private funds, and foreign capital [3][4] Group 2 - Ice Wheel Environment and Taihe New Materials also received significant attention, each with over 10 surveys, discussing their product developments and market strategies [4][5] - The banking sector saw a marked increase in survey activity, with institutions like Hu Nong Commercial Bank and Suzhou Bank outlining their credit strategies and growth plans for 2026 [7][9] - Hu Nong Commercial Bank emphasized a balanced approach to risk while setting aggressive credit targets, focusing on major projects and green transformation initiatives [9][10]

Market Overview - On February 3, A-shares experienced a slight opening followed by a decline, but rebounded significantly in the afternoon, with the Shanghai Composite Index rising by 1.29%, the Shenzhen Component Index by 2.19%, and the ChiNext Index by 1.86% [2] - The total trading volume in the Shanghai and Shenzhen markets was approximately 2.54 trillion yuan, a decrease of about 40.5 billion yuan compared to the previous day [3] Market Sentiment - Market sentiment was strong, with 4.9158 million new A-share accounts opened in January 2026, a month-on-month increase of 89% and a year-on-year increase of 213% compared to January 2025 [5] Sector Performance - High-end manufacturing and technology sectors, including electric equipment, defense, and machinery, saw active capital inflows, while traditional sectors like non-ferrous metals, non-bank financials, and banks experienced capital outflows [6] - The electric equipment sector led with a net capital inflow of 26.748 billion yuan, followed by defense with 17.106 billion yuan and machinery with 15.730 billion yuan [8] - In contrast, the non-ferrous metals sector had a net outflow of 4.542 billion yuan despite a 3.25% increase in the sector index [10] Stock Highlights - Notable stocks with significant capital inflows included Aerospace Development with a net inflow of 4.314 billion yuan, Zhejiang Wenlian with 3.556 billion yuan, and Huasheng Tiancai with 3.079 billion yuan [12] - Conversely, stocks with major capital outflows included Xingye Yinxin with a net outflow of 3.313 billion yuan and Caiwu Jiyuan with 2.765 billion yuan [14] Market Trends - A total of 83 stocks hit the daily limit up, indicating a clear market theme with structural differentiation, focusing on "new quality productivity" sectors such as photovoltaic, energy storage, and low-altitude economy [15] - The market's focus has shifted from previous "AI computing power" to a systematic layout in "new quality productivity" areas, driven by "hard technology + state-owned enterprise reform" [15] - The space and photovoltaic sectors saw a surge in interest, with over 30 stocks hitting the limit up due to rumors of a merger between SpaceX and xAI [15] Technical Analysis - The market showed a variety of limit-up stocks, with most being first-time limit-ups, indicating a cautious investor sentiment despite a recovery in short-term emotions [19] - The gold and silver markets experienced significant rebounds, with spot gold rising above $4,850 per ounce and spot silver increasing by over 8% [22] - The rebound in precious metals is attributed to a combination of market sentiment recovery, liquidity replenishment, and long-term fundamental support [23]

【博时市场点评2月3日】沪深两市反弹，沪指涨超1% 每日观点 今日沪深三大指数反弹，涨幅均超1%，两市成交较昨日缩量至不足2.6万亿。申万一级行业中，仅银行 下跌，其余行业均上涨。近期，特朗普提名凯文·沃什为下一届美联储主席，成为戳破贵金属价格快速 上行泡沫的导火索。相对于其他候选人，凯文·沃什相对更坚持美联储独立性，他主张"降息+缩表"，希 望通过缩表控制通胀，从而为降息铺路，但是市场认为短期落地可能性不大。去年12月美联储开始技术 性扩表，受制于美元流动性和就业压力，迅速转为缩表的概率较低。沃什当选或只是贵金属价格大幅调 整的诱因，并非本质。国内权益市场方面，受到风险偏好下降影晌，市场出现波动，短期或进入震荡阶 段，随着年报逐渐披露，业绩确定性或将成为市场关注的核心。 消息面 2月2日，商务部、中央宣传部、文化和旅游部等九部门联合印发通知，正式启动"2026'乐购新春'春节 特别活动"。活动旨在抓住春节消费旺季，激发消费潜力，为全年消费增长提供强劲支撑。 2月3日，A股三大指数上涨。截至收盘，上证指数报4067.74点，上涨1.29%；深证成指报14127.11点， 上涨2.19%；创业板指报3324.8 ...

Group 1 - The lithium battery industry chain is currently in an upward cycle, supported by multiple factors such as electrification and energy storage [1] - Several material companies have forecasted a significant profit surge in Q4 2025, driven by supply-demand improvements and rising product prices [1] - In 2025, China's new energy vehicle sales are expected to grow by 28.2% year-on-year, with exports doubling; the China Association of Automobile Manufacturers predicts continued growth in 2026, primarily from domestic "oil-to-electric" initiatives and improved exports [1] Group 2 - Recent price adjustments in upstream lithium carbonate are expected to benefit downstream sectors such as batteries and materials, creating a favorable upward window [1] - The overall industry strategy should focus on opportunities within leading downstream companies, as the new energy vehicle industry chain enters a new upward cycle [1] - The Guotai Mechanical ETF (516960) tracks a specialized mechanical index (000812) that includes high-quality companies in the machinery sector, reflecting the overall performance of growth-oriented and technologically advanced firms [1]

Market Overview - The A-share market indices all rose today, with the Shanghai Composite Index increasing by 1.29% to close at 4067.74 points, the Shenzhen Component Index rising by 2.19% to 14127.11 points, the Sci-Tech 50 up by 1.39% to 1471.07 points, and the ChiNext Index gaining 1.86% to 3324.89 points [1][10] - Overall, 4851 stocks rose while 529 stocks fell, with 90 stocks remaining flat. The total trading volume in the Shanghai and Shenzhen markets was 25,442 billion yuan, a decrease of 405 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the leading sectors included Comprehensive, Defense and Military Industry, Machinery Equipment, Building Materials, and Steel, with increases of 5.63%, 4.42%, 3.98%, 3.52%, and 3.28% respectively. The only sector that declined was the Banking industry, which fell by 0.85% [1][15] Sector Highlights - The top-performing concept sectors today included Power Equipment Selection, TOPcon Battery, BC Battery, Rare Earth, Photovoltaics, Perovskite Battery, Optical Module (CPO), Silicon Energy, Excavators, Optical Communication, HJT Battery, Photovoltaic Glass, Rare Earth Permanent Magnet, Aircraft Carriers, and New Energy [2][12]