点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【策略】持股过节，关注成长——2026年2月五维行业比较观点 2月行业配置观点：关注成长板块。结合我们对于2月主观因素的判断，五维行业比较框架视角下，预计市场风 格或主要偏向成长，高估值板块相对更值得关注。从打分的情况来看，电子、电力设备、机械设备、有色金 属、通信、计算机等行业得分较高，未来或值得投资者重点关注。 （张宇生/王国兴）2026-02-08 您可点击今日推送内容的第1条查看 【金工】市场小市值风格显著，大宗交易组合再创新高——量化组合跟踪周报20260207 本周全市场股票池中，杠杆因子获取正收益0.38%；市值因子、Beta因子和非线性市值因子分别获取负收 益-0.83%、-0.45%、-0.43%；市场 ...

2025年第四季度以来，北京证券交易所IPO发行审核会议召开频次显著提升，提速背后是对专精特新硬 科技企业的聚焦培育。这让一众新三板挂牌公司对北交所上市愈加憧憬。 转向北交所上市 今年以来，在加速上市辅导进程的同时，多家新三板挂牌公司变更上市辅导备案申报板块，并转向北交 所。 深达威2月6日发布公告称，基于公司自身主营业务、经营规模以及战略发展方向等因素，并在与辅导机 构广发证券充分沟通的基础上，公司拟将首次公开发行股票并在深交所创业板上市的计划变更为向不特 定合格投资者公开发行股票并在北交所上市。公告显示，深达威于2月5日向广东证监局申请将辅导备案 板块变更为北交所，并在中国证券监督管理委员会公开发行辅导监管系统中将拟申报板块变更为北交 所，辅导机构仍为广发证券。 据中国证券报记者统计，2026年2月首周（2月2日-2月6日），十多家新三板挂牌公司完成北交所上市辅 导备案。其中，部分公司目前尚未进入创新层，且挂牌尚不满12个月。根据相关规则，挂牌公司须进入 创新层后方可申报公开发行股票并在北交所上市。 频现"小巨人"企业 2月6日，天南电力、宝银特材、永志股份、超牌新材四家挂牌公司发布公告称，公司提交的向不 ...

本周（2月2日至6日）三大指数齐跌，沪指累计下跌1.27%，深成指跌2.11%，创业板周跌3.28%。 | 指数 | 周五涨跌幅 | 周五收盘点数 | 周五成交额(亿元) | 近一周涨跌幅 | स्ट | | --- | --- | --- | --- | --- | --- | | 上证指数 | -0.25% | 4066 | 8987 | -1.27% | | | 深证成指 | -0.33% | 13907 | 12471 | -2.11% | | | 北证50 | 0.90% | 1521 | 179 | -0.70% | 5 | | 科创50 | -0.71% | 1422 | 623 | -5.76% | 5 | | 创业板指 | -0.73% | 3236 | 5607 | -3.28% | | | 下班50 | -0.69% | 3038 | 1336 | -0.93% | 0 | | 沪深300 | -0.57% | 4644 | 5058 | -1.33% | | 多图速览>> ►牛熊股：8股涨超40%，最牛股周涨超115% Wind数据显示，本周（2月2日至2月6日）共有8只个股涨幅超40 ...

从一周涨跌幅来看，本周换手率超过100%的个股中，民爆光电、泽润新能、巨力索具涨幅居前。 按照申万一级行业分类看，本周换手率100%以上的个股中，所属电力设备、基础化工、传媒等行业的 个股居多。 本周共有55只个股换手率超过100%。其中，泽润新能排名居首，周换手率达到233.68%，C世盟周换手 率226.91%，天地在线周换手率192.93%。 ...

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

Group 1 - The new stock sector is showing signs of convergence in volatility, indicating that an upward active cycle may still be on the way [1][12] - The average increase of new stocks listed since 2025 is approximately 0.0%, with about 33.3% of new stocks achieving positive returns, an improvement from the previous week's 13.8% [12][29] - Structural highlights are emerging, particularly in sectors like photovoltaic and commercial aerospace, suggesting a potential rebound in active momentum [2][12] Group 2 - The average issuance price-to-earnings ratio for new stocks in February is 15.3X for the main board, significantly down from 23.9X in the previous month [13] - The average first-day closing price-to-earnings ratio for new stocks in February is 31.5X, a notable decrease from 58.9X in the previous month [17] - The first-day average increase for new stocks in February is 106.2%, down from 133.1% in the previous month, indicating a cooling in trading enthusiasm [20] Group 3 - Upcoming new stocks include Ai De Technology, Electric Science and Technology Blue Sky, and Linping Development, with varying industry focuses [4][35] - The expected issuance price-to-earnings ratio for new stocks pending listing is 57.1X for the science and technology board and 18.7X for the main board, indicating a slight increase in valuation [7][35] - The report suggests monitoring high-profile new stocks for potential differentiated performance due to rising industry theme heat [35][36] Group 4 - The report highlights specific stocks to watch, including Tongyu New Materials, Fengbei Biological, and He Yuan Biological-U, which are expected to perform well in the current market environment [46] - For mid-term investments, stocks like Jun Ding Da, Mai Jia Xin Cai, and Si Kan Technology are recommended for potential investment opportunities [46]

Core Viewpoint - Igor Electric Co., Ltd., a leading Chinese power equipment company, is accelerating its international expansion by applying for a listing on the Hong Kong Stock Exchange, aiming to enhance its global presence and brand influence in the context of rapid energy transition and surging AI computing demand [1][3]. Group 1: Company Overview - Igor Electric has over 20 years of experience in the power equipment sector and is recognized as a global champion in providing power equipment and solutions [3]. - The company focuses on transformer equipment and operates in five high-growth sectors: renewable energy, data centers, industrial control, distribution, and lighting [3]. - Igor Electric has established 14 production bases across Asia, Europe, and America, along with five R&D centers, ensuring its products reach global markets [3]. Group 2: Financial Performance - In the first three quarters of 2025, Igor Electric reported a revenue of 3.808 billion yuan, representing a year-on-year growth of 17.41% [5]. - The demand for data center-related products surged, with orders increasing by over 400% year-on-year, reaching a historical high due to the release of North American production capacity and the explosion of AI data center needs [5]. Group 3: Listing and Future Plans - The funds raised from the Hong Kong listing will be allocated to expanding production at the Mexican factory (500 units of new energy transformers per month), the Texas factory in the U.S. (annual capacity of 21,000 distribution transformers), and a storage power station in Uzbekistan (70 million USD) [7]. - The listing is a strategic move to integrate global resources, enhance brand international influence, and lay the foundation for future expansion in the North American market [7]. - Igor Electric's internationalization reflects the broader trend of manufacturing companies in Foshan leveraging capital markets to achieve technological, brand, and market upgrades, contributing to the city's economic openness and high-quality development [7].

证券研究报告 A股策略周报: 节前博弈与长期布局如何权衡？ 证券分析师 陈 骁 投资咨询资格编号：S1060516070001 郝思婧 投资咨询资格编号：S1060521070001 请务必阅读正文后免责条款 2026年2月8日 1 ※ 核心观点|节前博弈与长期布局如何权衡？ 1 近期动态|政策跟踪：国常会研究促进有效投资措施，虚拟货币监管政策收紧 资料来源：商务部，市场监管总局，中国政府网，央行，国家药监局，证监会，工信部，平安证券研究所 3 近一周重要政策梳理 日期 部门/会议 会议/文件/行动 主要内容 2026/2/2 商务部等九单位《2026"乐购新春"春节特别活动方 案》 涵盖"好吃""好住""好行""好游""好购""好玩"六方面内容。活动时间为2月15至23日春节9天假期， 旨在打造全域联动、全民乐享的春节消费盛宴。 2026/2/2 市场监管总局等 十部门 《低空经济标准体系建设指南（2025 年版）》 重点围绕低空航空器、低空基础设施、低空空中交通管理、安全监管和应用场景五大核心领域，建立"四维融 合"标准供给体系，要求到2027年体系基本建立。 2026/2/3 国务院 《中共中央 国务院 ...

Group 1 - The current stock market is in a high volatility phase, while convertible bond valuations are at historically high levels. The proportion of convertible bond holdings by public funds has increased, indicating a shift in asset allocation towards convertible bonds and other equity assets due to high expectations in the stock market and a scarcity of assets in the bond market [1][12] - The medium to long-term outlook suggests that economic recovery and industrial structural upgrades will continue, with the stock market expected to maintain a trend of oscillating upward in 2026. Convertible bond valuations are supported by allocation demand, although the potential for further increases is limited [1][12] Group 2 - The investment strategy for convertible bonds should adopt a "winning probability" mindset, recognizing that different industries will experience varying degrees of prosperity. Public funds possess strong fundamental research capabilities, allowing them to actively price convertible bonds linked to improving fundamentals. High premium rates on some convertible bonds may still yield strong excess returns if the underlying stocks are in high-growth sectors [2][13] - Caution is advised regarding specific types of convertible bonds with excessively high premium rates, particularly those with less than six months remaining until maturity and those that may trigger early redemption clauses. These bonds face risks of rapid premium compression due to their contractual limitations [2][13] Group 3 - The weekly performance of the convertible bond index showed a slight increase of 0.05%, with certain sectors like food and beverage, beauty care, and electric equipment performing well. The median price of convertible bonds across various parity ranges has risen, indicating that valuations remain at relatively high historical levels [3][17] - The influx of incremental capital into the market is expected to continue, with a likely "spring excitement" rally at the beginning of the year, focusing on technology and high-end manufacturing investment opportunities. The chemical sector is anticipated to see improvements in demand, with well-structured supply and demand dynamics in certain sub-sectors expected to perform well [3][17] Group 4 - Suggested focus areas for convertible bonds include: (1) the rising demand for overseas computing power and the acceleration of AI industrialization driven by domestic model iterations, with recommendations for bonds from companies like Ruike and Qizhong; (2) high-end manufacturing is expected to remain strong, with recommendations for bonds from companies like Yake, Daimei, Huachen, Yubang, and Tairui; (3) the "anti-involution" trend may optimize supply and demand patterns in certain industries, with a recommendation for bonds from Youfa [4][18]

证券研究报告 | 策略专题研究 | 中国策略 策略专题研究 报告日期：2026 年 02 月 05 日 涨价品种出现分化，券商景气度高增 ——行业景气度跟踪报告（2026 年 2 月） 核心观点 上游周期品中，前期涨价品种出现一定程度的分化。从周环比数据看，有色金属中仅 黄金价格出现上涨，白银和其他工业金属出现不同程度的下行，石油石化、基础化工 等细分品种价格亦出现一定回落。双焦价格回暖。TMT 中，半导体销售周期上行行业 景气度不减。下游消费品中，飞天茅台当年散装价格环比上行，支撑白酒走强。金融 地产方面，两市成交额放大，两融余额处于高位，彰显券商景气高增。 ❑ 上游周期 1）有色金属：价格出现分化，comex 黄金价格周环比上行；2）煤炭：煤炭开采 和洗选 PPI 同比增速修复，双焦价格回暖；3）石油石化：石油和天然气开采业 PPI 下行，原油价格承压 ❑ 中游周期 1）钢铁：铁矿石和螺纹钢价格周环比上行；2）基础化工：主要品种价格下行； 3）建筑材料：行业景气度仍处于相对低位；4）交通运输：海运业务走低，快递 业务增速放缓。 ❑ 中游制造 1）轻工制造：建材家居景气度下行，白卡纸价格处于低位。2）汽车： ...