国金证券表示，AI应用产业发展趋势已确立：无论从算力ROI（投资回报率）诉求角度，还是互联网、 软件、端侧公司做产品的角度，2026年AI应用都已是'必修课'；从贡献收入角度看，整个AI应用行业基 本面已于2025年下半年出现拐点，利润端的强劲弹性有力验证了降本增效逻辑，随着经营杠杆加速释 放，板块已步入有基本面支撑的右侧投资区间。 浙商证券也表示，2026年全年建议聚焦具有价值的AI应用方向，以及游戏等板块的配置机会，关注在 Agent生态布局方面具备优势的科技公司以及AI应用落地加速带来的效率红利。 把握2026 AI商业化元年，关注港股AI核心工具！港股互联网ETF（513770）及其联接基金（A类 017125；C类017126）被动跟踪中证港股通互联网指数，前十大权重股汇聚阿里巴巴-W、腾讯控股、小 米集团-W、快手-W、哔哩哔哩-W等科技巨头及各领域AI应用公司，合计占比近77%，龙头优势显 著。 2月3日，港股科技高开低走，互联网龙头延续震荡，阿里巴巴-W跌超3%，腾讯控股、哔哩哔哩-W跌逾 5%、快手-W跌超6%，美团-W跌逾2%，小米集团-W跌超1%。 港股AI核心资产——港股互联网ETF（ ...

2月2日各行业融资余额环比变动 | 代码 | 最新融资 | 较上一日增减（亿元） | 环比增幅（%） | | --- | --- | --- | --- | | | 余额（亿元） | | | | 基础化工 | 1067.66 | 6.91 | 0.65 | | 建筑装饰 | 434.67 | 5.60 | 1.31 | | 汽车 | 1235.18 | 2.45 | 0.20 | | 建筑材料 | 143.49 | 1.67 | 1.18 | | 农林牧渔 | 311.79 | 1.62 | 0.52 | | 煤炭 | 156.52 | 1.49 | 0.96 | | 轻工制造 | 148.43 | 1.28 | 0.87 | | 电力设备 | 2359.62 | 1.08 | 0.05 | | 交通运输 | 431.47 | 0.95 | 0.22 | | 计算机 | 1868.34 | 0.72 | 0.04 | | 公用事业 | 570.02 | 0.62 | 0.11 | | 房地产 | 372.05 | 0.31 | 0.08 | | 钢铁 | 175.99 | 0.14 | 0.08 | | 银行 ...

Group 1 - The Asia-Pacific stock markets experienced a broad rise on February 3, with the South Korean Composite Stock Price Index triggering a circuit breaker after a significant drop of over 5% the previous day [1] - As of 9:37 AM, the Nikkei 225 index rose by over 3%, and the South Korean Composite Index increased by 4.9%, with notable gains in stocks like SK Hynix and Samsung Electronics [1] Group 2 - The A-share market opened higher, with the Shanghai Composite Index up by 0.66%, the Shenzhen Component Index up by 1.23%, and the ChiNext Index up by 1.44% as of 9:37 AM [2] - The non-ferrous metal sector showed mixed performance, with industrial and small metals rebounding while precious metals saw significant declines, leading to stocks like Hunan Silver and Zhaojin Gold hitting the daily limit down [2] - Spot gold and silver prices rebounded sharply, with spot gold breaking the $4,800 per ounce mark during the session [2]

【导读】日韩股市走高，韩国综合股价指数一度涨超4% 昨日恐慌性抛售大跌后，今日开盘韩国股市大幅走高。 | 名称 | 现价 | 涨跌幅 | 总市·三 | | --- | --- | --- | --- | | 三星电子 | 159500 | 6.05% | 944.18万亿 | | 005930.KS | | | | | SK海力士 | 884000 | 6.51% | 643.55万亿 | | 000660.KS | | | | | 三星生物制剂 | 1719000 | 0.47% | 122.35万亿 | | 207940.KS | | | | | 现代汽车 | 483000 | 1.05% | 98.90万亿 | | 005380.KS | | | | | LG新能源 | 386500 | 1.71% | 90.44万亿 | | 373220.KS | | | | | SK SQUARE | 536000 | 6.14% | 71.04万亿 | | 402340.KS | | | | | 韩华宇航 | 1296000 | 4.60% | 66.83万亿 | | 012450.KS | | | | 消息面上 ...

策略配置研究 2026 年 2 月 3 日 中观行业比较月报（2026 年 1 月） 轮动中把握景气线索，关注涨价与科技 证券分析师 平安观点： 1. 上游周期：地缘风险、流动性偏宽等多重驱动下，1 月商品走强波动加大。 有色涨幅最为显著，月末价格回落、波动加大，多数品种已升至近两年 90% 以上高分位区间；石油、化工品接力上涨，但价格水平多数仍处于历史中枢以 下，化工品内部分化明显；煤炭价格波动向上，钢铁、建材表现平淡。 2. 中游制造：新能源产业链材料涨价，出口支撑部分行业量的景气。1 月新 能源光伏、电池产业链材料价格普遍上涨，多数品种已处近两年 80%以上分 位，但仍远低于 2022 年高点；12 月电池出口有支撑；电网设备迎"十五五" 政策支持。机械制造的近一年价格指数相对平稳，12 月通用机械、挖掘机出 口维持高增，机器人产量延续高增。汽车内销偏弱出口韧性，12 月乘用车、 新能源车销量环比负增，但出口相对韧性；商用车内销、出口环比同步增长。 3. TMT：存储引领半导体涨价周期，AI 软硬件需求延续向好。1 月存储 DXI 指数环比上涨 28.3%，同比涨幅超 10 倍，智能设备销售均价同步上涨 ...

Market Overview - On February 2, 2026, the Shanghai Composite Index fell by nearly 2.5%[1] - The decline was attributed to expectations of tightening overseas liquidity and adjustments in cyclical sectors[6] Market Trends - The spring market rally is not over; adjustments present opportunities for low-cost positioning[11] - Short-term policy expectations remain positive, with limited external risks anticipated[11] Industry Insights - Adjustments in technology growth and certain cyclical sectors are expected to outperform in the near term[12] - From January 30, 2026, the declines in cyclical sectors included a 14.8% drop in non-ferrous metals and an 8.6% drop in steel[13] Performance Forecasts - High growth rates are projected for sectors such as beauty care (451.0%), non-bank financials (271.2%), and defense industry (140.3%) for 2025[17] - The transportation sector and non-ferrous metals are expected to see significant year-on-year profit growth of 31.2% and 22.6%, respectively[19] Risk Factors - Historical experiences may not apply to future market conditions, and unexpected policy changes could impact investment decisions[33] - Economic recovery may not meet expectations due to external disruptions or unforeseen events[33]

Core Viewpoint - The transition towards "new and old coexisting" for institutional investors is occurring, indicating a shift from "new surpassing old" in 2025 to a balanced allocation in 2026, emphasizing the need to invest in both AI technology and cyclical sectors like manufacturing and commodities [1][3]. Group 1: Technology Sector Rebalancing - The essence of the "new" is the downward movement of AI technology, transitioning towards the fourth stage of supply-demand gaps, with upstream gaps in copper, storage, and power equipment, and downstream gaps in AI applications and components [1][3]. - The internal rebalancing within technology indicates a need to avoid simplistic trading strategies based on risk preferences [3]. Group 2: Export and Overseas Business Rebalancing - The "old" aspect reflects a shift in exports and overseas business towards the midstream, with traditional industries stabilizing and growing profits as they move from downstream manufacturing to midstream sectors like engineering machinery, wind power, chemicals, and industrial metals [1][3]. - The rebalancing in overseas business highlights the increasing profitability and growth potential of midstream manufacturing compared to downstream exports [3][24]. Group 3: Resource Pricing Rebalancing - In 2026, resource pricing may not align with the assumption of a consistently weak dollar, suggesting a potential for a stronger dollar, emphasizing the return to commodity attributes and a decline in financial attributes [1][4]. - The focus on resource pricing indicates that commodities driven by supply-demand fundamentals are more likely to see price increases, making them attractive for continued investment [4][24]. Group 4: Institutional Investor Trends - Observations from Q4 2025 indicate a clear consensus among institutional investors on AI technology, overseas equipment, and globally priced resources as key investment areas, with these sectors showing significant gains in the A-share market [2][5]. - The increase in FOF products and the rise of passive funds reflect a strong demand for stable, income-generating investment products, while active funds are experiencing a decline [5][41]. Group 5: Sector-Specific Insights - In Q4 2025, institutional investors increased their holdings in sectors such as non-ferrous metals, communication, basic chemicals, non-bank financials, and machinery, while reducing exposure in pharmaceuticals, computing, electronics, media, and renewable energy [5][6]. - The allocation towards AI technology is showing divergence, with a decrease in holdings for sectors with weaker earnings visibility, while sectors with strong earnings, like CPO, are seeing increased investment [6][10].

Focus Events - Spot gold and silver prices ended a three-day decline, with London gold rising by 2.24% to $4,763.63 per ounce and London silver increasing by 4.17% to $82.43 per ounce [1] - Chip导科技 released its 2025 annual report, reporting revenue of 394 million yuan, a year-on-year increase of 11.52%, and a net profit attributable to shareholders of 106 million yuan, a year-on-year decrease of 4.91% [1] Industry Dynamics - Multiple institutions remain optimistic about the future of gold, with Guotai Junan predicting that gold prices could reach $6,000 per ounce in 2026 due to ongoing monetary system restructuring and central bank purchases [10] - Morgan Stanley raised its gold price forecast for the end of 2026 from $5,400 to $6,300 per ounce, citing sustained demand from central banks and investors [11] - Yuguang Jin铅 mentioned that fluctuations in silver prices have a complex impact on its profit margins due to the dynamic nature of raw material pricing [18] Policy and Regulation - The State Taxation Administration announced adjustments to VAT tax declaration matters, optimizing the reporting scope for general taxpayers and small-scale taxpayers [8] - The Ministry of Industry and Information Technology issued a mandatory national standard for automotive door handle safety, effective January 1, 2027, to enhance vehicle safety [12] Corporate Actions - Shanghai has initiated a project to acquire second-hand housing for affordable rental housing, focusing on matching housing types with talent needs [15] - Beiyinmei announced that its controlling shareholder's pre-restructuring plan was approved by the creditors' meeting, which may lead to changes in shareholder equity and control [21] - Midea Group reported a total expenditure of 1.998 billion yuan for repurchasing 0.35% of its shares [25]

| | 2月3日 交易提示 | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 参考行业 代码简称 发行价 市盈率 | 市盈率 | 参考行业 | 总市值 | 主营 | | 新股上市 | 世盟股份 28. 00 001220 | 15. 29 14. 64 | 道路运输业 | 25.84亿 | 提供包括运输服务、仓 储及管理服务、关务服 务在内的全方位、一体 化综合物流服务。 | 宏观新闻 1、中共中央政治局常委、国务院总理李强2月2日在山东调研。他强调，要深入贯彻习近平总书记关于做好今年和"十五五"时期经济社会发 展工作的重要指示精神，坚持远近结合，抓好开局起步，靠前发力实施各项政策，坚决把党中央各项决策部署落实到位，更加扎实有效地 促发展惠民生增后劲。 2、中共中央、国务院发布关于《现代化首都都市圈空间协同规划（2023－2035年）》，其中指出，要建成以首都为核心的世界一流都市 圈、先行示范中国式现代化的首善之区；高标准高质量建设河北雄安新区，把北京城市副中心建设成为首都发展新的增长极。 3、据伊朗政府相关人士透露，伊朗总统已正式下令开启与美国的核 ...

1．中共中央、国务院发布关于《现代化首都都市圈空间协同规划（2023—2035年）》（简称《规划》）的批复，同意《规划》。其中提出，着力优化京 津冀城市体系。构建"一核两翼、双城多点、双廊多圈"的首都都市圈空间格局。要充分发挥北京"一核"的辐射带动作用，加强"四个中心"功能建设，提 升"四个服务"水平，营造一流的中央政务环境。高标准高质量建设河北雄安新区，把北京城市副中心建设成为首都发展新的增长极，推动"两翼"比翼齐 飞。高质量谱写京津"双城记"，天津加强北方国际航运核心区建设，共同打造区域发展高地。发挥河北节点城市支撑作用，形成优势互促、联动发展的功 能格局。 2．市场监管总局会同中央空管办、国家发展改革委等十部门联合发布《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，建立技术标准与管理规范融合、国内标准与国际规则融合、强制性标准与推荐性标准融合、 基础标准与场景标准融合的"四维融合"标准供给体系。到2027年，低空经济标准体系基本建立，基本满足低空经济安全健康发展需求。到2030年，低空经 济领域标准超过300项，结构优化 ...