证券研究报告 | 2026年02月05日 策略专题研究 26 年 A 股业绩亮点有哪些？——2026 年牛市展望系列 4 核心观点 策略研究·策略专题 | 证券分析师：吴信坤 | 证券分析师：余培仪 | | | --- | --- | --- | | 021-61761046 | 021-61761040 | | | wuxinkun@guosen.com.cn | yupeiyi@guosen.com.cn | | | S0980525120001 | S0980526010001 | | | 基础数据 | | | | 中小板/月涨跌幅(%) | | 8526.31/3.18 | | 创业板/月涨跌幅(%) | | 3311.51/3.38 | | AH 股价差指数 | | 119.27 | | A 股总/流通市值 (万亿元) | | 101.97/93.33 | | 市场走势 | | | 核心结论：①25 年 A 股盈利边际企稳，主要动力源于整体企业的降本、以及 上市公司层面新经济的拉动已超过老经济的拖累。②宏微观基本面出现脱 钩，意味着传统盈利预测模型效果阶段性下降，定量模型显示中性假设下 26 年 A ...

Core Viewpoint - The company emphasizes the importance of understanding the industry to develop suitable business models and key nodes for its growth [1] Group 1 - The company is steadily advancing its layout by considering its business development history, current focus, and talent reserves [1] - The company will continue to monitor industry trends and conduct objective analyses of its resources and advantages [1] - The company aims to cautiously carry out research and development as well as industrial implementation to ensure a stable and reliable growth pace [1]

Core Insights - The report highlights the high demand for AI computing power, as evidenced by recent price increases in cloud services from major providers like Google and Amazon, indicating a robust market environment for AI applications [2][5][15] - The introduction of new AI models, such as DeepSeek V4, is expected to drive technological advancements in domestic AI capabilities, potentially leading to a new wave of innovation in the industry [5][46] - The report maintains a "neutral" rating for the computer industry while recommending an "overweight" position on Hongsoft Technology, indicating a cautious but optimistic outlook for select companies within the sector [6][48] Industry Data - In 2025, China's software industry reported a business revenue of 154,831 billion yuan, reflecting a year-on-year growth of 13.2%, while total profits reached 18,848 billion yuan, up 7.3% [3][24] - The Producer Price Index (PPI) for the computer industry in December 2025 decreased by 0.2% month-on-month and 0.7% year-on-year, indicating some pricing pressures in the sector [3][16] - The total export value of the software industry was 62.73 billion USD in 2025, marking a 7.7% increase compared to the previous year [24] Company Announcements - Zhisheng Information announced a significant contract worth 63.7183 million yuan for the supply of server and software integration services, which is expected to positively impact its market presence and performance [4][37] - Shiji Information signed a major service agreement with Okura Nikko Hotel, providing a new generation of cloud-based hotel management systems, which enhances its brand recognition in the high-end hotel sector [4][39] Market Review - From January 1 to January 31, the Shenwan Computer Industry Index rose by 6.94%, with most sub-sectors experiencing gains, particularly horizontal general software, which increased by 16.97% [4][40] - As of January 31, 2026, the price-to-earnings ratio (TTM) for the Shenwan Computer Industry was 219.14 times, with a valuation premium of 1515.01% compared to the CSI 300 index [41][43] Monthly Strategy - The report emphasizes the acceleration of AI application penetration and the importance of companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [5][46][48] - The anticipated launch of DeepSeek V4 and the introduction of Google's Project Genie are expected to catalyze further advancements in AI applications, potentially leading to an earlier-than-expected commercialization turning point in the industry [5][46]

中国经济网北京2月5日讯 上海证券交易所4日发布关于对江西沃格光电集团股份有限公司及有关责 任人予以监管警示的决定（上证公监函〔2026〕0027号）。 经查明，江西沃格光电集团股份有限公司（以下简称：沃格光电，603773.SH）于2026年2月2日 通过上证E互动平台回复多个涉及CPI航天应用、微流控生物芯片等问题。其中，在回复CPI航天应用相 关问题时，公司提到CPI膜材及防护镀膜产品"今年已实现柔性太阳翼基材的在轨应用"，还提到"公司是 国内极少数具备CPI浆料—制膜—镀膜的全产业链生产能力的企业""产品技术水平处于行业领先地位""相 比处于研发或送样阶段的友商，公司已具备更成熟的产业化经验和大尺寸量产可行性"等表述；在回复 微流控生物芯片涉及脑机接口领域等问题时，公司提到重点推进微流控生物芯片的研发与产业化、相关 产品即将进入2量产出货阶段等表述。相关内容发布后，2026年2月3日，公司股价涨停。 经监管督促，公司于2026年2月3日盘后提交披露说明公告称，公司航天CPI产品尚未实现量产、 前述在轨应用仅涉及单颗卫星的柔性太阳翼，订单占营收不足0.1%，后续订单周期、规模及连续性具 有不确定性。相关 ...

天眼查资料显示，联想（北京）有限公司，成立于1992年，位于北京市，是一家以从事计算机、通信和 其他电子设备制造业为主的企业。企业注册资本565000万港元。通过天眼查大数据分析，联想（北京） 有限公司共对外投资了108家企业，参与招投标项目5000次，财产线索方面有商标信息1743条，专利信 息5000条，此外企业还拥有行政许可238个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，联想（北京）有限公司申请一项名为"数据处理方法及系统"的专利，公开号 CN121457698A，申请日期为2025年10月。 专利摘要显示，本申请公开了一种数据处理方法及系统，方法包括：对物料齐套问题对应的二部图中的 变量节点和约束节点进行分割，以得到多个子图；分别对每个所述子图中的节点进行处理，以得到所述 子图对应的全局特征信息；所述全局特征信息至少表征所述子图中节点之间的关联性和所述子图中节点 的语义；对多个所述子图对应的全局特征信息组成的序列进行处理，以得到所述二部图对应的全局特征 信息；根据所述二部图对应的全局特征信息，确定满足所 ...

在技术发展方面，公司第8.6代AMOLED生产线已于2025年12月30日成功提前5个月点亮，标志着公司 在中尺寸OLED技术研发、工艺调试与量产准备方面率先取得关键性突破，该产线预计将于2026年下半 年进入量产阶段。创新业务方面，公司在"第N曲线"理论指导下持续落实"屏之物联"发展战略，重点布 局钙钛矿光伏、玻璃基封装载板等创新业务，其中玻璃基封装载板技术已完成大板级玻璃载板中试线建 设并实现工艺通线。 财务和股东回报规划方面，公司存量产线折旧持续减少，在建产线项目将综合考虑爬坡情况进行分阶段 转固，折旧金额和资本开支均在2025年达到峰值，预计从2027年开始资本开支有望大幅下降。2025年公 司于5月底完成注销价值近10亿元的库存股，6月完成2024年度利润分配现金分红约18.7亿元，年内完成 超15亿元的A股回购方案，完成《未来三年(2025年-2027年)股东回报规划》的承诺，未来将持续落实股 东回报规划。 2026年02月05日，京东方A披露接待调研公告，公司于02月04日接待睿远基金等1家机构调研。 财经频道更多独家策划、专家专栏，免费查阅>> 京东方Ａ（000725）最新股价为4.35元，较 ...

Economic Policy and Agricultural Development - The central government's focus for 2026 includes four key tasks in the agricultural sector aimed at enhancing production capacity and quality, providing targeted assistance, promoting stable income growth for farmers, and advancing rural development[2] - The importance of developing new agricultural productivity is emphasized due to the return of migrant workers to rural areas, which can help utilize rural labor and improve income levels[2] - A pilot program for land extension will be implemented in 29 provinces, excluding Guizhou and Tibet, to support rural land management[2] Monetary Policy and Market Liquidity - The central bank conducted a 750 billion yuan reverse repurchase operation at a rate of 1.40%, with a net withdrawal of 302.5 billion yuan on February 4[3] - Current market liquidity is described as neutral and moderately loose, with seasonal tightening expected as the Spring Festival approaches[3] - There is potential for lowering existing mortgage rates to stimulate consumption, as pressures from exchange rates and bank net interest margins have eased[3] Stock Market Performance - On February 4, the Shanghai Composite Index rose by 0.85%, while the Shenzhen Component Index increased by 0.21%, with total trading volume at 24,809.71 billion yuan, down by 632.6 billion yuan from the previous trading day[4] - The ChiNext Index fell by 0.4%, and the STAR 50 Index decreased by 1.2%[4] - The overall A-share market saw a 0.45% increase, with the Hang Seng Index slightly up by 0.05%[4] Bond Market and Interest Rates - The yield on the 10-year government bond was reported at 1.8201%, with a change of +0.24 basis points[4] - Average interbank rates for R001 and R007 were 1.3962% and 1.5554%, respectively[4] Sector Performance - The top-performing sectors included coal (7.58%), construction materials (3.48%), real estate (2.97%), and transportation (2.82%), while sectors like media and telecommunications saw declines of -3.12% and -2.73% respectively[4][25]

瑞财经 王敏 2月3日，福建省金龙稀土股份有限公司（以下简称"金龙稀土"）在福建监管局启动IPO辅 导，拟北交所上市，辅导机构为华泰联合证券。 金龙稀土致力于为客户提供满意的产品和服务，主要产品有稀土氧化物、稀土金属、磁性材料和发光材 料四类，广泛应用于永磁材料、风力发电、汽车工业、有色金属、工业电机、节能家电、化学化工、照 明等各大领域。 | 辅导对象 | 福建省金龙稀土股份有限公司 | | | --- | --- | --- | | 成立日期 | 2000年3月3日 | | | 壮 贺 资 本 | 247,500万元 法定代表人 | 钟可祥 | | 京 新 申 状 | 福建省长汀县策武镇汀州大道南路 31号 | | | 控股股东及 | 控股股东:厦门钨业股份有限公司 | | | 持 股 比 例 | 持股比例:65.20% | | | 行业分类 | 在其他交易场 计算机、通信和其他电子 所(申请)挂牌 设备制造业(C39) | 新三板(874673.N0) | | | 或上市的情况 | | | 注 备 | 无 | | | 盈利能力 | 本期 | 上年同期 | 增减比例% | | --- | --- | -- ...

Market Overview - The market experienced a rebound with the Shanghai Composite Index returning to 4100 points, closing at 4102.20, up by 0.85% [2][4] - The Shenzhen Component Index closed at 14156.27, up by 0.21%, while the ChiNext Index fell by 0.40% to 3311.51 [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 633 billion yuan from the previous trading day [6] Sector Performance - The top-performing sectors included coal (up 7.58%), building materials (up 3.48%), and real estate (up 2.97%) [3][4] - Conversely, sectors such as media (-3.12%), telecommunications (-2.73%), and computing (-1.70%) underperformed [3][4] - Concept indices showed strong performance in coal, TOPCON batteries, and BC batteries, while concepts like Kuaishou and cloud gaming lagged behind [3][4] Future Outlook - The report indicates that the market is expected to stabilize with a focus on consumption policies and infrastructure development [6] - Short-term volatility is anticipated due to profit-taking pressures after a rapid rise in stock prices over the past two months [6] - Long-term, the market is expected to transition from a valuation-driven rally to one driven by earnings, with a focus on strategic resource products and technology growth [6] News Highlights - The central government's No. 1 document emphasizes the integration of AI with agriculture and the development of new agricultural production capabilities [5] - The People's Bank of China announced an 800 billion yuan reverse repurchase operation to maintain liquidity in the banking system [5] - In January 2026, A-share new accounts reached 4.9158 million, a 213% increase year-on-year [5]

Core Insights - The latest GDP rankings reveal that Shanghai maintains its leading position with an economic total of 56,708.71 billion yuan, while Beijing becomes China's second city to surpass the 50 trillion yuan mark [1][4] - Hefei has made significant progress, ranking 18th in the top 20 cities and achieving a growth rate of 6.1%, the highest among these cities [1][12] GDP Rankings and Growth Rates - Shanghai: 56,708.71 billion yuan, growth rate 5.4% [2] - Beijing: 52,073.4 billion yuan, growth rate 5.4% [2] - Shenzhen: 38,731.8 billion yuan, growth rate 5.5% [2] - Chongqing: 33,757.93 billion yuan, growth rate 5.3% [2] - Guangzhou: 32,039.46 billion yuan, growth rate 4.0% [2] - Hefei: 14,210 billion yuan, growth rate 6.1% [3][12] Economic Structure and Key Industries - In Shanghai, the integrated circuit, biomedicine, and artificial intelligence sectors are projected to grow by 9.6%, with total output surpassing 2 trillion yuan [3] - Beijing's GDP is supported by key industries such as information transmission, software, IT services, finance, and industrial value-added, which together account for 51.8% of its GDP [4] - Shenzhen's new industries contribute significantly, with emerging sectors accounting for 43.0% of its GDP [5] - Chongqing's new energy vehicle sector shows a growth of 13.4%, contributing 60.9% to its industrial economy [5] Consumption and Market Dynamics - Cities with GDPs over 20 trillion yuan typically exhibit strong manufacturing bases, high-income populations, and large populations, which support rising consumption [9] - The consumption market in cities like Chengdu continues to grow, with retail sales reaching 1.14 trillion yuan [6] - The distinction of being a "trillion consumption city" is evident, with cities like Shanghai, Beijing, and Shenzhen leading the way [9] Hefei's Economic Performance - Hefei's industrial value-added grew by 17.6%, with significant contributions from sectors like computer and communication equipment manufacturing [14] - The city's total import and export volume reached 455.18 billion yuan, growing by 20.2% [15] - Fixed asset investments in advanced manufacturing and high-tech services are also on the rise, indicating a shift towards higher efficiency and growth [15]