Core Insights - A total of 123 companies listed on the Beijing Stock Exchange have disclosed their 2025 annual performance forecasts, showing significant performance differentiation [1] - 40 companies are expected to report positive performance, with 24 forecasting growth, 13 turning losses into profits, and 3 showing slight increases [1] - Companies demonstrating strong resilience have implemented strategies such as technological innovation, market expansion, and operational optimization [1] Performance Highlights - Twelve companies, including Hongyu Packaging, Huiwei Intelligent, and Haineng Technology, are expected to see net profit growth exceeding 100% in 2025, driven by enhanced core competitiveness and industry development benefits [2] - Hongyu Packaging anticipates a net profit of 17 million to 22 million, representing a year-on-year increase of 357.91% to 492.59%, attributed to optimized customer and product structures and improved operational efficiency [2] - Haineng Technology expects a net profit of 41 million to 44 million, with a growth of 213.65% to 236.61%, benefiting from industry demand recovery and continuous investment in high-end product development [2] Turnaround Companies - Among the 13 companies that have turned losses into profits, Lierda, Chunguang Intelligent, and Zhongcheng Technology have successfully adjusted their operational strategies [3] - Lierda forecasts a net profit of 35 million to 50 million, recovering from a loss of 109 million the previous year, driven by R&D investments and improved cash flow management [4] - Shibibai expects a net profit of 50 million to 60 million, turning around from a loss of 367,500, supported by growing market demand and operational efficiency improvements [4] Companies Preparing for Recovery - Some companies are facing performance pressure due to external factors like raw material price fluctuations and internal factors such as increased R&D investments [5] - Weibo Hydraulic and Kerun Intelligent are actively seeking to expand sales markets and enhance internal management to counteract performance declines [5] - Nacronor and Beiyikang are adjusting their strategies to address challenges related to industry cycles and sales model changes, focusing on cost reduction and new product commercialization [6]

报告导读： 海外金融紧缩预期边际改善，国内政策重心正转向内需主导。恐慌性抛售后， 中国股市已至关键位置，建议持股过节。新兴科技是主线，价值也会有春天。 投 资 要 点 ▶大势研判：持股过节。 近期中国股市波动较大，并出现单日恐慌式抛售，市场悲观情绪弥漫。究其原因：沃什"降息+缩表"倾向引发金融条件紧缩担忧、美股科 技龙头巨额资本开支扰动与前期A股权重ETF持续被抛售交织助推了交易波动和信心走弱，加之临近春节长假观望情绪升温，客观上股市微观结构受到负面冲击。 与当下谨慎共识不同的是，国泰海通策略坚决看好中国市场前景，建议持股过节：1）全球市场正快速计入美联储潜在的鹰派货币立场，但从路径角度沃什的降息 立场更鸽派和确定。与此同时，贝森特澄清强美元政策并非指干预汇率，海外金融紧缩预期边际改善。2）中国政府的政策重心正转向内需主导，并作为首要任 务，有望提振中国经济前景与资产回报。3）证监会近期再次强调"全力巩固资本市场稳中向好势头"，A股上市公司亦掀起回购热潮。我们认为，中国股市将逐步 企稳与展开春季行情，眼下是增持良机。 ▶ 重要的边际：内需政策提速，价值迎来春天。 过去五年，中国内需增长经历了明显下行，比如房地 ...

Group 1 - The core viewpoint is that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The urgency for strategic security investments and new infrastructure in the US reflects a growing competition, balancing short-term shareholder interests with long-term strategic value [2] - China's capital market has already completed the pricing adjustment from virtual to real, currently undergoing a verification and pricing process for quality and efficiency improvements [2] Group 2 - A potential "favorable timing and conditions" for a new upward cycle in the A-share market is anticipated in the coming months, particularly around the Spring Festival [3] - Historical data shows that February, especially around the Spring Festival, is a period of strong market activity, with small-cap stocks likely to outperform [3] - The recent market pullback is seen as an opportunity to regain confidence and prepare for the upcoming upward cycle, especially around the 4000-point level [3] Group 3 - The global market is quickly pricing in the potential hawkish stance of the Federal Reserve, while the Chinese government is shifting its focus towards domestic demand, which is expected to boost economic prospects [5] - The recent emphasis from the China Securities Regulatory Commission on stabilizing the capital market is expected to support a gradual recovery in the A-share market [5] - Recommendations include focusing on emerging technologies and sectors such as consumer services, food and beverage, and traditional manufacturing [5] Group 4 - The recent global asset adjustment is more about digesting emotions rather than fundamental changes, with a favorable environment for market recovery expected post-Spring Festival [6] - Key sectors to focus on include technology manufacturing, resource products, and infrastructure chains, with a particular emphasis on AI hardware and high-end manufacturing [6] - The upcoming period is expected to see increased industry catalysts and a rise in risk appetite, creating opportunities for thematic investments [6] Group 5 - The Hang Seng Technology Index is seen as having value for investment, with expectations of a rebound once the liquidity shock subsides [7] - The market is expected to experience a stronger performance post-Spring Festival, with a focus on sectors benefiting from the "14th Five-Year Plan" [7] - The rotation of investment focus is anticipated to accelerate in February, particularly towards sectors like oil, food and beverage, and construction materials [7] Group 6 - The global risk-off mode has led to a reevaluation of assets, with a focus on physical assets and a recovery in manufacturing trends [8] - Recommendations include investing in commodities like oil, copper, and lithium, as well as sectors with confirmed bottoming out in the Chinese manufacturing industry [8] - The return of capital and easing of pressure from quantitative tightening are expected to support a recovery in consumer sectors [8] Group 7 - The recent adjustments in the A-share market are primarily driven by internal factors, with external shocks having limited impact on the fundamental industry landscape [9][10] - The market sentiment has been sufficiently released, and a continuation of the spring market rally is anticipated post-Spring Festival [10] - Key sectors to watch include AI computing, chemical industries, and power equipment, with potential catalysts from local policy signals [10] Group 8 - The market is expected to maintain a range-bound oscillation, with a shift towards value and consumer sectors as high-valuation tech stocks face selling pressure [12] - Defensive sectors like banking and food and beverage are likely to attract investment, while growth sectors may regain focus post-Spring Festival [12] - The upcoming policy window and recovery in risk appetite are expected to shift market attention back to growth sectors with clear performance catalysts [12]

Group 1 - A total of 139 listed companies in the Shanghai and Shenzhen markets have received institutional research this week, with the highest frequency in the machinery equipment, electronics, and power equipment industries [1] - The defense and military industry, as well as light manufacturing, have seen an increase in institutional attention [1] - In terms of specific sectors, general equipment, semiconductors, and specialized equipment are the top three areas of institutional focus, with rising interest in optical optoelectronics and chemical pharmaceuticals [2] Group 2 - The companies with the highest number of institutional research visits include China National Heavy Duty Truck Group, Hai'an Group, Weichai Power, and Jereh Group, each receiving three visits [3] - The top three companies by institutional visit reception volume are Huanxu Electronics, Naipu Mining, and Daikin Heavy Industries, with 113, 113, and 109 visits respectively [5] - The market performance of gold concept stocks has been active this week, with Nankang Group focusing on gold and copper mines and avoiding high-risk greenfield projects [6] Group 3 - Shengda Resources reported that after the official production of the Honglin Mining Caiyuzi copper-gold mine, the output of gold and copper metals will increase, and the production capacity of Jinshan Mining will gradually rise to 480,000 tons per year [7] - The main products of the company's primary mining business include silver-lead concentrate, silver-zinc concentrate, and gold-silver concentrate, with the new copper-gold mixed concentrate being a key product post-production [7]

Group 1 - The market is currently pricing in hawkish expectations from Kevin Walsh, which may be overestimated, and further validation is needed from his actions and statements [2][24] - The domestic AI investment is still in its early stages, with significant differences in cycles compared to overseas investments, which are experiencing a surge in capital expenditure [2][22] - The micro liquidity environment in the domestic market remains favorable, and there are expectations for policy support, indicating a potential for a spring market rally [2][27] Group 2 - The long-term growth trend remains dominant, with expectations for continued outperformance in growth sectors, particularly in electronics, insurance, media, machinery, communication, chemicals, and real estate chains [3][30] - The current style switch is characterized as a small cycle level relative return convergence, with historical data indicating that such convergence typically lasts around 40 trading days [3][43] - The emotional cycle is currently in an upward phase, which supports a risk-on sentiment and a preference for growth investments [3][38] Group 3 - The recent global risk asset adjustments have shown resilience in the A-share market, despite pressures from tightening dollar liquidity and renewed concerns over AI narratives [10][22] - The anticipated spring market rally is expected to be supported by policy expectations and capital inflows, particularly in the period leading up to the National People's Congress [27][29] - The growth style is expected to outperform in the medium term, while the recent style switch is viewed as a tactical adjustment rather than a fundamental shift [24][30]

Investment Rating - The industry is rated positively, with expectations for significant growth in capital expenditures from major companies like Amazon and Google, indicating a bullish outlook for the sector [1][26]. Core Insights - Amazon raised its 2026 capital expenditure forecast to $200 billion, a more than 50% increase from $131 billion in 2025, driven by strong demand signals in AI hardware and cloud services [1]. - Google's parent company, Alphabet, expects its 2026 capital expenditure to be between $175 billion and $185 billion, nearly double its 2025 spending, reflecting robust growth in its cloud business [1]. - The demand for AI infrastructure is expected to lead to a significant increase in ASIC (Application-Specific Integrated Circuit) production from companies like Google, Amazon, Meta, OpenAI, and Microsoft, with a projected explosive growth in 2026-2027 [1][4][26]. Summary by Sections 1. Capital Expenditure and Demand - Amazon's AWS cloud division saw a 24% year-over-year growth, with a backlog of $244 billion, indicating strong enterprise investment in AI and core cloud services [1]. - Google's cloud revenue reached $17.7 billion in Q4, a 48% year-over-year increase, driven by strong demand for enterprise-level AI products [1]. 2. AI Hardware and ASIC Demand - The report highlights the strong demand for AI-related hardware, with Amazon's self-developed Trainium chip showing a 30%-40% cost advantage over similar GPUs, leading to significant revenue potential [1]. - Companies are expected to ramp up production of new generation ASIC chips, with Amazon and Google entering a phase of increased demand and production [1][4]. 3. PCB and Semiconductor Industry Outlook - The PCB industry is experiencing high demand, with companies expanding production capacity due to strong orders driven by AI applications [4][26]. - The semiconductor equipment sector is also expected to benefit from increased capital expenditures, with a focus on domestic production capabilities in light of global supply chain challenges [23][25]. 4. Specific Company Insights - Companies like North Huachuang and Zhongwei are positioned to benefit from the growing demand for semiconductor equipment and materials, with a focus on domestic production and technological advancements [28][25]. - The report emphasizes the growth potential for companies involved in AI-related PCB manufacturing, with expectations for sustained high growth in performance and revenue [4][26].

Core Viewpoint - The Hong Kong stock market experienced a significant decline influenced by the drop in US tech stocks, with major internet companies facing deep corrections, particularly Alibaba and Meituan [1][10]. Group 1: Market Performance - On February 6, the three major indices in Hong Kong opened sharply lower, with Alibaba-W dropping nearly 3% and Meituan-W and Kuaishou-W falling over 2% [1][10]. - The Hong Kong Internet ETF (513770) opened lower and saw a price drop of up to 2%, eventually closing down 1.15%, despite showing signs of strong buying interest with a net inflow of 175 million yuan over the past five days [11][13]. Group 2: Valuation and Investment Sentiment - The Hong Kong internet sector has seen a continuous decline for six days, with the market price hitting an eight-month low on February 5. The current price-to-earnings ratio (PE) for the China Securities Hong Kong Internet Index is 24.25, which is at a historical low compared to the past five years [3][13]. - Southbound capital has shown a clear bottom-fishing trend, with a cumulative net purchase exceeding 56 billion HKD this week, including a record 24.977 billion HKD on February 5, focusing on Tencent, Alibaba, and Xiaomi [5][15]. Group 3: Future Outlook - Analysts from Guohai Securities highlight that leading internet companies are generally undervalued, with a new round of competition centered around AI models improving commercial ROI. The internet sector is expected to see a valuation reset, driven by stable user traffic and the emergence of generative AI as a new growth driver [16]. - GF Securities notes that the current global dollar cycle is peaking and transitioning, with the RMB entering a mild appreciation phase. This, combined with foreign capital inflows and valuation recovery, presents a favorable re-pricing window for Chinese equity assets [16]. Group 4: ETF and Investment Strategy - The Hong Kong Internet ETF (513770) and its linked funds passively track the China Securities Hong Kong Internet Index, with the top ten weighted stocks including Alibaba-W, Tencent, and Xiaomi, accounting for nearly 77% of the ETF [6][16]. - For investors looking to reduce volatility while still focusing on technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, which combines high-growth tech stocks with stable dividend-paying companies [17].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The market value of convertible bonds held by public funds remains at a high level, and the increase at the beginning of the year is in line with expectations. The convertible bond market shows strong resilience, and convertible bond funds perform relatively well among various types of funds. [1][9] - The bottom - position style is stable, and the heavily - held bonds of funds continue to perform well. However, there may be profit - taking in convertible bonds of popular sectors, and they may underperform the underlying stocks. [2] - In terms of convertible bond strategies, the overall position should be maintained with prudent neutrality, and the elastic allocation should be shifted towards balance. [3] 3. Summary According to the Table of Contents I. How did institutional bonds perform after public funds increased their holdings at the beginning of the year? - The market value of convertible bonds held by public funds in Q4 2025 was 308.251 billion yuan, a year - on - year increase of 7.24%. In January 2026, the scale of convertible bonds held by public funds increased by 6.88% compared with the end of 2025, accounting for 44.08%. [9] - In the first week of February, the convertible bond market showed strong anti - decline ability, rising 0.05% against the trend. Convertible bond funds outperformed ordinary stock - type funds and hybrid funds. The higher the proportion of convertible bonds in the fund, the stronger the anti - decline performance. [14] - Bonds heavily held by institutions showed stronger resilience in the first week of February. For example, convertible bonds of bottom - position types such as Industrial Bank and Shanghai Commercial Bank rose 0.72% on average, 0.67 percentage points higher than the convertible bond index. [18] - Convertible bonds of popular sectors such as electronics, non - ferrous metals, and computers may have profit - taking, and they underperformed the underlying stocks to varying degrees. For example, Weice Convertible Bond and Dingjie Convertible Bond had significant callbacks. [20] II. Convertible Bond Strategy: Maintain a Prudent and Neutral Position, and Shift Elastic Allocation towards Balance - Affected by the nomination of Warsh as the Fed Chairman, the A - share market adjusted in the first half of the week and then recovered in the second half. Sectors with stable cash flows such as consumption, transportation, and banking showed compensatory growth. [25] - The average price of convertible bonds rose 0.65% to 139.63 yuan, and the 100 - yuan premium rate increased 1.83 percentage points to 38.94%. The overall position can be maintained with prudent neutrality, and the allocation focus should be adjusted in a timely manner, focusing on mid - stream manufacturing going global and consumer blue - chip stocks. [28] - New convertible bonds are relatively expensive, and non - trading funds should be cautious. Attention can be paid to near - maturity convertible bonds with strong conversion demands and the ability to promote conversion. The allocation strategy should shift from focusing on elasticity at the beginning of January to balanced allocation, with emphasis on convertible bonds priced between 130 - 150 yuan. [29] III. Market Review: Convertible Bonds Rose Weekly, and Valuation Increased (1) Weekly Market Performance: The Convertible Bond Market Rose Slightly, and Most Equity Sectors Performed Weakly - Last week, most major stock indexes declined, while the CSI Convertible Bond Index rose 0.05%. Small - cap stocks and convertible bonds showed better anti - decline performance. [35] - In terms of popular concepts, photovoltaic glass, space photovoltaic, and other concepts rose, while semiconductor - related concepts such as KIMI and MCU chips declined. [35] (2) Valuation Performance: The Premium Rates of Low - Rated and Small - Scale Convertible Bonds Rose Significantly - The closing prices of equity - biased, debt - biased, and balanced convertible bonds changed by - 5.11%, - 0.67%, and + 1.69% respectively compared with the previous Friday. The proportion of convertible bonds in the 120 - 130 yuan range decreased significantly. [43] - The premium rates of low - rated and small - scale convertible bonds rose significantly. The AA - rated convertible bonds rose 2.87 percentage points, and those with a scale of 20 - 50 billion yuan (including 50 billion yuan) rose 1.65 percentage points. [43] IV. Terms and Supply: Five Convertible Bonds Announced Early Redemption, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan (1) Terms: Five Convertible Bonds Announced Early Redemption Last Week, and Honglu Convertible Bond's Board of Directors Proposed a Downward Revision - As of February 6, Mengsheng, Feng 21, Rong 23, Xinzhi, and Shouhua Convertible Bonds announced early redemption; Daimei, Tairui, and other convertible bonds announced not to redeem early; Jiemei, Daimei, and other convertible bonds announced that they are expected to meet the early redemption conditions. [3][57] - Last week, Honglu Convertible Bond's board of directors proposed a downward revision. Meino and Hongchuan Convertible Bonds announced the results of the downward revision. Four convertible bonds announced not to revise downward, and five convertible bonds announced that they are expected to trigger a downward revision. [4][57] (2) Primary Market: Haitian Convertible Bond was Issued Last Week, and the Total Newly - Promoted Scale was Approximately 9.88 billion yuan - Haitian Convertible Bond was issued with a scale of 801 million yuan, and Shangtai Convertible Bond was listed with a scale of 1.734 billion yuan. There are 379 issued but not yet matured convertible bonds, with a balance of 530.884 billion yuan. [5][60] - There were no new board proposals last week. One company's convertible bond plan passed the general meeting of shareholders, three passed the approval of the issuance review committee, and there were no new approvals from the CSRC. Compared with the same period last year, the numbers were - 2, + 1, + 3, and - 3 respectively. [5][63] - As of February 6, seven listed companies obtained approval for convertible bond issuance, with a planned issuance scale of 5.363 billion yuan. Four new companies passed the issuance review committee, with a total scale of 4.517 billion yuan, and there were no new board proposals. [68]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the short - term (the remaining two trading weeks in February), the macro - liquidity environment is acceptable, and there seems no reason for continuous decline in A - shares, so there is no need to be overly pessimistic. However, if the macro - liquidity tightens in March, it will be a real concern [8][23] - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform [11][62] 3. Summary of Each Section 3.1 National Asset Liability Sheet Analysis - **Liability Side** - In December 2025, the liability growth rate of the real - sector was 8.4% (previous value 8.6%), in line with expectations. It's expected to drop to around 8.3% in January 2026, rebound slightly to around 8.4% in February, and decline in March [1][18] - In the financial sector, last week's capital market loosened marginally, with the peak in February expected to occur this week [1][18] - In December 2025, the government debt growth rate was 12.4% (previous value 13.1%), expected to rebound to around 12.6% in January 2026 and likely decline in February [2][19] - Last week, the government bond net increase was 734.3 billion yuan (slightly higher than the planned 721.4 billion yuan), and next week's planned net increase is 7.02 billion yuan [2][19] - **Monetary Policy** - Last week, the average weekly capital trading volume increased, the capital price decreased, the term spread narrowed slightly, and the capital market loosened marginally [2][19] - The one - year Treasury bond yield rose unilaterally last week, closing at 1.32% on the weekend. It's expected to have a lower limit of about 1.3%, a central value of around 1.4%, and a 10 - basis - point interest rate cut in 2026 [2][19] - The term spread between the ten - year and one - year Treasury bonds narrowed to 49 basis points. The spread between the ten - year and one - year, and the thirty - year and ten - year Treasury bonds is expected to be in the range of 20 - 60 basis points. The future yield fluctuation ranges of the ten - year and thirty - year Treasury bonds are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [2][19] - **Asset Side** - In December 2025, physical quantity data continued to operate stably compared to November. Attention should be paid to whether the economy can continue to stabilize or even rise marginally [3][20] - The annual real economic growth target for 2025 set by the Two Sessions is around 5%, and the nominal economic growth target is around 4.9%. It needs further observation whether 5% will be the central target for China's nominal economic growth in the next 1 - 2 years [3][20] 3.2 Stock - Bond Cost - effectiveness and Stock - Bond Style - Since 2011, China has entered a downward cycle of potential economic growth, which seems to have ended in Q4 2024, followed by a low - level narrow - range oscillation in the profit cycle. The government put forward three policy goals in 2016, and the convergence of the liability side is not over but has limited room [6][21] - Sino - US relations are in a state of equal - strength competition. If the valuation of the US technology sector is re - evaluated, global funds may flow from the US to China. Attention should be paid to the RMB exchange rate [6][21] - Last week, the capital market loosened marginally, equities declined significantly, the value style continued to outperform, and the stock - bond ratio favored bonds. The ten - year Treasury bond yield remained stable at 1.81%, the one - year Treasury bond yield rose 2 basis points to 1.32%, and the thirty - year Treasury bond yield fell 4 basis points to 2.25% [7][22] - The full - position equity strategy with a balanced style underperformed, and the broad - based rotation strategy underperformed the CSI 300 index by - 0.37pct last week. Since its establishment in July 2024, it has underperformed the CSI 300 index by - 2.52pct, with a maximum drawdown of 12.1% [7][22] - The market performance last week was unexpected. Funds may have flowed out of the stock and bond markets to buy safer assets. The decline in US technology stocks may have affected domestic growth stocks. This week, the Shanghai 50 Index (50% position) and the CSI 1000 Index (50% position) are recommended [8][23] - The current broad - based index recommendation strategy focuses on position selection and style analysis, can accommodate large - scale funds, has small fluctuations and good liquidity, and will receive more attention in the context of the marginal convergence of the national asset - liability sheet [9][24] 3.3 Industry Recommendations - **Industry Performance Review** - This week, A - shares fell with shrinking volume. The Shanghai Composite Index fell 1.3%, the Shenzhen Component Index fell 2.1%, and the ChiNext Index fell 3.3% [32] - Among the Shenwan primary industries, food and beverage, beauty care, power equipment, comprehensive, and transportation had the largest increases, while non - ferrous metals, communication, electronics, steel, and computer had the largest declines [32] - **Industry Crowding and Trading Volume** - As of February 6, the top five crowded industries were electronics, power equipment, non - ferrous metals, machinery, and communication, while the bottom five were comprehensive, beauty care, steel, social services, and coal [33] - This week, the top five industries with increased crowding were power equipment, pharmaceutical biology, machinery, national defense and military industry, and automobiles, while the top five with decreased crowding were non - ferrous metals, electronics, agriculture, forestry, animal husbandry and fishery, petroleum and petrochemicals, and non - bank finance [33] - As of February 6, the crowding of communication, power equipment, non - ferrous metals, national defense and military industry, and petroleum and petrochemicals was at relatively high percentiles since 2018, while that of transportation, non - bank finance, real estate, pharmaceutical biology, and food and beverage was at relatively low percentiles [33] - This week, the average daily trading volume of the entire A - share market was 2.4 trillion yuan, up from last week's 3.06 trillion yuan. Food and beverage, beauty care, transportation, coal, and media had the highest year - on - year trading volume growth rates, while steel, non - ferrous metals, building decoration, pharmaceutical biology, and petroleum and petrochemicals had the largest trading volume declines [35] - **Industry Valuation and Earnings** - This week, in the Shenwan primary industries, real estate, food and beverage, beauty care, comprehensive, and power equipment had the largest increases in PE(TTM), while non - ferrous metals, communication, electronics, steel, and computer had the largest declines [39] - As of February 6, 2026, industries with high 2024 full - year profit forecasts and relatively low current valuations compared to history include banking, insurance, power, public utilities, transportation, pharmaceutical biology, beauty care, new energy, and consumer electronics [40] - **Industry Prosperity** - **External Demand**: Mixed performance. In December, the global manufacturing PMI rose from 50.4 to 50.9, and most economies' PMI data in January showed an upward trend. The CCFI index fell 4.55% week - on - week. Port cargo throughput increased. South Korea's export growth rate rose to 13.4% in December and 33.9% in January, and Vietnam's export growth rate rose from 23.9% in December to 34.3% in January [44] - **Domestic Demand**: The second - hand housing price remained flat last week, and quantity indicators showed mixed performance. Highway truck traffic volume increased. The capacity utilization rate of ten industries declined from September to October 2025, increased from November to December, and slightly decreased in January. Automobile sales were weaker than the historical seasonality, new - home sales were at a historical low, and second - hand home sales were relatively strong compared to the historical seasonality. As of February 1, the national second - hand housing listing price index remained flat compared to last week. As of January 30, the production material price index rose 0.9% week - on - week [44] - **Public Offering Market Review** - In the first week of February (February 2 - 6), most active public equity funds underperformed the CSI 300. The weekly growth rates of the 10%, 20%, 30%, and 50% quantiles were 0.8%, 0%, - 0.6%, and - 1.8% respectively, while the CSI 300 fell 1.3% [59] - As of February 6, the net asset value of active public equity funds was estimated to be 3.94 trillion yuan, up from 3.66 trillion yuan in Q4 2024 [59] - **Industry Recommendations** - In the de - leveraging cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. Dividend - type stocks should generally have three characteristics: no balance - sheet expansion, good profitability, and ability to survive [11][62] - Combining the above three characteristics and the under - allocation in the public offering's fourth - quarter report, the recommended A + H dividend portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [11][62]

- The report does not contain any specific quantitative models or factors, nor their construction, evaluation, or backtesting results. The content primarily focuses on market performance, style indices, valuation, and other financial metrics without detailing any quantitative models or factors[1][2][3]