2月首个交易日，市场全天震荡调整，三大指数均跌超2%。截至收盘，沪指跌2.48%，深成指跌2.69%，创业板指跌2.46%。沪深两市成交额2.58万亿，较上 一个交易日缩量2508亿。盘面上，全市场超4600只个股下跌，其中123只个股跌停。从板块来看，白酒概念反复活跃，皇台酒业3连板，金徽酒3天2板，水井 坊触及涨停。电网设备概念逆势走强，汉缆股份、白云电器、三变科技、保变电气等多股涨停。下跌方面，有色金属、油气、化工、煤炭、半导体等板块跌 幅居前。 国联民生证券表示，市场在趋势上行后，窄幅震荡，波动率先升后降，当前或仍需要震荡消化前期涨幅。一方面，本月以沪深300为首的ETF流出较多，对 宽基指数形成压力，大盘风格明显弱于小盘，另一方面，主题轮动加速，部分主题冲高回落，短期小盘、成长占优，但后续有再均衡的需求。中期看，市场 波动率仍较低，仍处于趋势上行的过程中，春季行情仍在延续。随着ETF流出放缓，后续大盘权重股或有补涨的机会。我们认为在当前市场环境下，市场仍 缺乏盈利验证，并且流动性较为充裕，市场仍会灌输各类主题资产和宏大叙事下的投资机会，因而在市场完成调整后，主题资产仍会有新的机会。 浙商证券表示，展 ...

二、当日热点 1.智能电网 一、行情回顾 市场全天震荡调整，三大指数均跌超2%。电网设备板块逆势走强，通光线缆、双杰电气等多股涨停。白酒股延续涨势，皇台酒业3连板，金徽酒3天2板。下 跌方面，资源股集体调整，贵金属、油气方向领跌，中金黄金、四川黄金、准油股份等多股跌停；半导体芯片股下挫，兆易创新、闻泰科技等跌停，华虹公 司、北京君正等跌超10%。个股呈现普跌态势，沪深京三市近4700股飘绿，超百股跌停，今日成交2.61万亿。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值 ◆ | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 1、公司已完成数据 750V直流方案已在 | | 白云电器 | | | | | | | 术, 服务中国联通、 | | 603861.SS | 2天2板 | 18.28 | +9.99% | 09:30:01 | 2.03% | 96.63亿 | 字化、智能化需求, | | | | | | | | | 投入，为智能电网 | | | | | | | | ...

Group 1: Market Overview - The A-share market exhibited a structural divergence last week, with cyclical and financial sectors leading gains, while military and power equipment sectors declined [1] - In the industry, oil and petrochemicals, coal, and non-ferrous metals continued to rise month-on-month, while communications showed improvement; military, power equipment, automotive, and computer sectors experienced significant declines [1] Group 2: Macroeconomic Analysis - The manufacturing PMI for January 2026 fell to 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a weaker performance than the average for the same period in recent years [2] - The price index showed a notable rebound due to rising commodity prices, while the service sector remained stable, and the construction industry required policy support for continued activity [2] - The U.S. Federal Reserve's recent decision to maintain interest rates aligns with market expectations, but the change in leadership may introduce uncertainty into monetary policy [3] Group 3: Investment Strategy - The current period is marked by a concentration of earnings disclosures for A-share companies, with signs of economic transformation accelerating in Q4 2025 [4] - New economic growth is expanding beyond AI to include overseas markets, resource products, and service consumption, indicating a shift in economic dynamics [4] - The market is expected to stabilize, with a focus on leading companies in niche sectors and the A500 index, as regulatory measures have dampened short-term speculative sentiment [4] Group 4: Investment Directions - Emerging technology remains a primary focus, with significant demand for global AI computing power driving rapid growth in semiconductor equipment and price increases across the industry [5] - Attention should be given to sectors benefiting from domestic demand policies, including food, retail, tourism services, and cyclical commodities like oil and chemicals [5]

截至午间收盘，科创成长指数下跌2.0%，科创50指数下跌2.2%，科创综指下跌2.3%，科创200指数下跌2.6%，科创100指数下跌 3.0%。Wind数据显示，科创50ETF易方达（588080）上周获超3亿元资金净流入。 | 科创50ETF易方达 低费率 | | | 588080 | | --- | --- | --- | --- | | 跟踪上证科创板50成份指数 | | | | | 该指数由科创板中市值大、流动性 | 截至午间收盘 | 该指数 | 该指数自2020年 | | 好的50只股票组成,"硬科技"龙 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 头特征显著,半导体占比超65%, | | | | | 与医疗器械、软件开发、光伏设备 行业合计占比近80% | -2. 2% | 174. 1倍 | 96. 5% | | 科创100ETF易方达 低费率 | | | 588210 | | 跟踪上证科创板100指数 | | | | | 该指数由科创板中市值中等且流动 | 截至午间收盘 | 该指数 | | | 性较好的100只股票组成,聚焦中 | 该指数涨跌 | 滚动市盈率 | 该指数 | ...

Group 1: Automotive Industry - The ultra-luxury market has significant potential for domestic alternatives, with the Jianghuai brand expected to improve profitability through increased sales of the Zun Jie model [4][5] - The ultra-luxury car market has historically sold between 150,000 to 200,000 units annually, with domestic brands currently holding a low market share, indicating substantial future growth opportunities [4] - Jianghuai's Q3 2025 financial report shows a notable improvement in revenue and gross margin, with expectations for continued growth as the Zun Jie model begins larger-scale deliveries [5][6] Group 2: Paper Industry - The price of white cardboard is set to increase by 200 RMB per ton starting March 1, 2026, following a previous increase in January, which is expected to positively impact profitability for leading companies in the sector [7][8] - The average price of white cardboard rose by 291.05 RMB per ton from August 2025 to December 2025, indicating a recovery trend in the industry [8] - The company reported a revenue of 14.45 billion RMB in the first three quarters of 2025, with a year-on-year increase of 3.46%, and a production increase of 12.39% in the same period [9] Group 3: Organic Silicon Industry - The demand for organic silicon is steadily increasing, particularly in sectors such as electronics, construction, and renewable energy, with projected consumption growth rates of 8.0% to 8.8% from 2025 to 2027 [11][12] - The expansion of organic silicon supply is slowing, with new capacity expected to be limited in the coming years, which may help stabilize prices [12] - The "anti-involution" consensus among industry leaders is expected to positively influence pricing and market conditions, aiding in the recovery of the industry's profitability [12][13] Group 4: Food Processing Industry - The company anticipates a core operating profit growth of 44.8% to 51.2% for 2025, with projected revenues of approximately 7.75 to 7.85 billion RMB, reflecting a significant increase from the previous year [17][18] - The expansion of store numbers and market penetration in rural areas is driving revenue growth, with a total of 11,566 stores expected by the end of 2025 [19] - The company is focusing on building a membership system and enhancing online sales channels, which are expected to strengthen its market position [19] Group 5: Military Electronics Industry - The company forecasts a net profit of 338 to 388 million RMB for 2025, marking a significant turnaround from previous losses, driven by demand for AI and cloud computing technologies [20][22] - The company is actively collaborating with major tech firms and expanding its product offerings in AI and data center infrastructure, which are expected to contribute to revenue growth [23][24] - The company plans to invest in expanding its production capacity in key technology areas, including AI and defense applications, to capitalize on market opportunities [24][25] Group 6: AI and Software Development Industry - The company expects a net profit of 785 to 950 million RMB for 2025, with a growth rate of 40% to 70%, driven by advancements in AI models and increased sales [26][27] - The launch of the new AI model "Xunfei Starfire X1.5" is expected to enhance the company's competitive edge in the AI market, with significant project wins reported [28][30] - The company is expanding its B2B AI applications and has achieved notable sales success in consumer AI hardware, indicating strong market demand [30][31] Group 7: Biopharmaceutical Industry - The ADC drug market is experiencing rapid growth, with global sales expected to reach 66.2 billion USD by 2030, driven by increased R&D efforts from domestic companies [32][34] - Domestic companies are leveraging existing technologies to optimize ADC drugs, with several products showing potential to become best-in-class [33][34] - The increasing number of ADC drug pipelines in China is expected to lead to a significant number of new drug approvals in the coming years, enhancing market competitiveness [35] Group 8: Automotive Components Industry - The domestic electric vehicle market is projected to grow by 28.2% in 2025, with the company focusing on high-voltage power supply solutions for electric vehicles [37][38] - The company has established partnerships with major automotive manufacturers and is expanding its international client base, which is expected to enhance profitability [38][39] - The company anticipates a net profit of 210 to 250 million RMB for 2025, driven by increased demand in the electric vehicle sector and successful capacity expansion [39][41]

2月2日，亚太股市集体跳水。截至北京时间11:50左右，日本东证指数、日经225指数回吐此前涨幅；韩国KOSPI指数跌幅扩大至5%，其中，韩国半导体板 块领跌，SK海力士跌超6%，三星电子跌逾4%。最新消息，韩国证券交易所短暂暂停股票交易。 芯片产业链盘中持续走弱，存储产业链方向领跌，华虹公司跌超10%，此前万润科技（002654）、太极实业（600667）跌停，开普云跌超15%、有方科 技、聚辰股份、普冉股份、同有科技（300302）均跌超10%。 CPO等算力硬件股延续强势，新易盛（300502）盘中涨超10%，续创历史新高，截至午盘收盘涨幅收窄至4.89%，市值4374亿。消息面上，新易盛发布 2025年业绩预告，2025Q4净利预计环比增长29%-50%。腾景科技、德科立、长飞光纤（601869）、长光华芯、天孚通信（300394）跟涨。 电网设备板块掀涨停潮，双杰电气（300444）"20cm"涨停，亿能电力、安靠智电（300617）、新特电气（301120）、森源电气（002358）、保变电气 （600550）等多股涨停或涨超10%。据证券时报，当前全球AI算力建设进入爆发期，电力设备变压器正升级 ...

2026.02.02 本文字数：1695，阅读时长大约3分钟 作者 |一财阿驴 11:31 A股午盘丨三大指数均跌超1% 截至午间收盘，上证指数跌1.32%，深成指跌1.41%，创业板指跌1.18%。科创综指跌2.28%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | Va | 4063.54 | -54.41 | -1.32% | | 399001 | 深证成指 | Vin | 14006.25 | -199.65 | -1.41% | | 399006 | 创业板指 | w/m/ | 3306.94 | -39.41 | -1.18% | | 000680 | 科创综指 | Villa | 1790.74 | -41.82 | -2.28% | 盘面上，黄金、基本金属现跌停潮，油气、煤炭、化工、钢铁跌幅靠前；农业、半导体、房地产跌幅明 显。特高压概念股逆势上涨，白酒、培育钻石、AI应用题材活跃。 | 板块名称 | 涨幅金 | 涨速 | | --- | --- | --- | ...

Core Insights - The report highlights that the North Exchange (北交所) experienced a year of significant excess returns in 2025, with the North Exchange 50 Index rising by 38.8%, outperforming the CSI 300 by 21.1 percentage points [60]. - The report emphasizes the importance of liquidity improvements in 2026, driven by various factors including increased retail participation and the introduction of passive investment products like the North Exchange 50 ETF [7][54]. 2025 Sector Review - In 2025, the North Exchange showed a characteristic of "stable revenue, pressured profits," with overall revenue growing by 7.0% year-on-year in Q3 2025, while net profit attributable to shareholders declined by 4.8% [5][17]. - The report notes that sectors such as robotics, AI, military industry, and semiconductors demonstrated significant performance, indicating a strong correlation with the broader market [5][60]. 2026 Liquidity Outlook - The liquidity outlook for 2026 is expected to improve systematically, with increased retail investment and the launch of passive products anticipated to bring substantial incremental funds [7][54]. - Historical data suggests that previous market rallies in the North Exchange were driven by liquidity expansion, indicating a solid foundation for market support in 2026 [7]. Investment Themes - The investment strategy for 2026 focuses on three dimensions: technology growth sectors such as semiconductors and AI, macroeconomic recovery signals in consumer and cyclical sectors, and unique assets in the North Exchange that are key to domestic substitution and growth [8][5]. - The report highlights the importance of identifying high-scarcity and performance-driven targets within these themes [8]. New Stock Market Insights - The average first-day gain for new stocks in 2025 was an impressive 368.1%, primarily due to the valuation gap between primary and secondary markets [9]. - The North Exchange has a robust pipeline of new listings, particularly from advanced manufacturing sectors, which is expected to continue [9]. Industry Structure - As of December 31, 2025, the North Exchange had 287 listed companies, with 61.0% concentrated in mechanical equipment, electric power equipment, and other high-end manufacturing sectors, significantly higher than the corresponding figures for the ChiNext and STAR Market [10][12]. - The report indicates a strong focus on advanced manufacturing and "specialized, refined, distinctive, and innovative" enterprises, with a notable increase in the proportion of such companies over the years [14][16]. Financial Performance - In Q3 2025, the North Exchange's companies experienced a decline in net profit margins, with a year-on-year drop of 4.8%, contrasting with the growth seen in other markets [17][24]. - The report notes that the return on equity (ROE) was adversely affected by pressures on net profit margins and asset turnover rates, indicating a need for operational efficiency improvements [25][31]. Sector Profitability - The report highlights significant profitability disparities across sectors, with industries like automotive and home appliances showing strong growth resilience, while sectors such as media and pharmaceuticals faced severe profit declines [39]. - The automotive sector, in particular, saw a remarkable profit increase of 110.5%, indicating robust demand and market share gains [39]. Investment Participation - Institutional participation in the North Exchange has been increasing, with the number of funds holding North Exchange stocks rising significantly [40]. - The report notes that the North Exchange theme funds have outperformed the average industry returns, with several funds achieving returns exceeding 40% in 2025 [47][49]. Market Trends - The North Exchange's liquidity improved significantly in 2025, with daily trading volumes increasing from 29.9 billion yuan in 2023 to 266.9 billion yuan in 2025 [58]. - The report indicates that the North Exchange's volatility has decreased, reflecting a more stable trading environment [58].

1）全球电力设备已进入漫长景气上行周期，IEA预测到2035年电网相关投资将增至约6500亿美元。需求高景气下输配电设备供应总体紧张，中国电力设备 制造商迎来黄金窗口，2025年1-11月电力变压器出口同比增速约45%以上，延续高增趋势。（中信建投） 2月2日，智能电网、特高压板块局部大涨。杭电股份、白云电器2连板，积成电子、保变电气、汉缆股份、大连电瓷、电科院、三变科技、森源电气、双杰 电气（20CM）等集体涨停，亿能电力、安靠智电、新特电力、红相股份、灿能电力等均涨超10%。 二、事件 1）据央视财经1月31日报道，当前全球AI算力建设进入爆发期，高功率、高稳定供电成为算力集群"生命线"，电力设备变压器升级为算力基础设施核心。其 从广东、江苏等地调研发现，大量变压器工厂处于满产状态，部分面向数据中心的业务订单排到2027年。 2）据媒体1月30日报道，美国电力监管机构北美电力可靠性协会(NERC)发布的一份最新报告显示，未来五年内，多达1.51亿美国人将面临电力短缺甚至全 面停电的风险，主要原因包括极端天气、天然气系统脆弱性以及AI热潮下的电力需求激增。 3）国家电网1月15日宣布，"十五五"期间公司固定 ...

Core Viewpoint - Domestic and international cloud service providers (CSPs) are experiencing high capital expenditures, with potential for upward adjustments in domestic investments, particularly in AI infrastructure and related power equipment demand [1][2]. Group 1: Capital Expenditure Insights - Alibaba's cloud business reported a 34% year-on-year revenue growth in Q2 of FY2026, with plans to increase the originally planned capital expenditure of 380 billion yuan over the next three years [2]. - Microsoft reported total revenue of $81.3 billion in Q2 of FY2026, a 17% increase year-on-year, with Azure and other cloud services revenue growing by 39%. Capital expenditures reached $37.5 billion, up 66% year-on-year [2]. - Meta's revenue for the same quarter was $59.9 billion, a 24% year-on-year increase, with projected capital expenditures for 2026 expected to rise to between $115 billion and $135 billion, focusing on AI infrastructure [2]. Group 2: Technological Advancements in Power Systems - The data center power system is transitioning from traditional UPS to HVDC, Panama power, and SST technologies, with NVIDIA identifying 800V DC supply combined with SST as the ultimate power solution for AI data centers (AIDC) [3]. - SST technology offers energy efficiency and space-saving benefits, promoting a shift from silicon to copper, indicating significant long-term cost reduction potential [3]. Group 3: Investment Opportunities in Power Supply Units - AIDC cabinet power supply units (PSUs) are critical for high-density AI computing clusters, integrating power distribution, voltage conversion, monitoring, and cooling functions, and moving towards 48V DC or HVDC systems [4]. - The PSU market is expected to benefit from the increasing global shipment of AI servers, while SST technology, despite its current low penetration, has substantial growth potential as advanced architectures like liquid cooling and high-voltage DC become more prevalent [5]. - Upcoming product launches at the GTC conference, including Rubin GPU and Vera CPU, are expected to catalyze industry growth, reinforcing the investment outlook for SST and PSU technologies [5].