证券研究报告 | 2026年02月04日 | 晨会纪要 | | --- | | 数据日期:2026-02-03 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 4067.73 | 14127.10 | 4660.10 | 15290.00 | 4148.91 | 1471.06 | | 涨跌幅度（%） | 1.29 | 2.19 | 1.17 | 2.30 | 2.66 | 1.39 | | 成交金额（亿元） | 11107.20 | 14335.11 | 6666.26 | 4888.38 | 6773.19 | 988.26 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 宏观深度:宏观经济深度报告-有形之手（1）：财政 ABC 之"四本账" 固定收益深度:固收+系列报告之十 ...

Group 1: Core Insights - The upcoming Spring Festival is expected to trigger a significant consumption surge, referred to as the "Golden Week" for consumer spending, with various listed companies competing in the "New Year Economy" [1] - Companies in the cultural tourism sector are innovating by merging traditional culture with modern technology to create comprehensive holiday experiences [2] - The film industry is gearing up for the Spring Festival box office, with multiple companies preparing a diverse lineup of films, indicating a competitive landscape in content creation and marketing [3] Group 2: Cultural Tourism Sector - Cultural tourism companies are enhancing their offerings by expanding spaces, innovating content, and integrating various experiences to transform traditional sightseeing into immersive holiday celebrations [2] - Notable innovations include the "Yuyuan Lantern Festival," which has expanded its format to create a narrative journey that connects historical and modern elements, enhancing brand reputation through community engagement [2] Group 3: Alcohol Industry - The alcohol sector is focusing on high-end product iterations and cultural IP collaborations, with major brands like Kweichow Moutai launching special zodiac-themed products to target the gifting and collectible markets [4] - Marketing strategies emphasize creating immersive experiences and emotional connections, with brands like Jiu Gui Jiu leveraging thematic campaigns to enhance consumer engagement [4] Group 4: Consumer Goods Sector - Companies in the consumer goods sector are focusing on health, convenience, gifting, and experiential aspects in their product offerings for the Spring Festival [5] - Innovations include health-oriented gift boxes and culturally themed products, with companies like Haoxiangni and Laiyifen targeting health-conscious consumers [6] - Sales strategies are increasingly reliant on online and offline integration, with brands like Three Squirrels and Laiyifen enhancing their market penetration through community-focused initiatives [6][7] Group 5: Marketing Strategies - Listed companies are adopting precise and interactive marketing strategies tailored to different consumer segments, enhancing brand engagement through innovative campaigns [7] - Regional specialties are being leveraged to create unique product offerings, as seen with He Bai Group's integration of local high-quality products into their New Year offerings [7] - The overall competition among various industries reflects a shift in consumer preferences towards culturally rich, emotionally engaging, and experiential purchasing processes [7]

Economic Information - Xiaohongshu platform will prohibit content collaboration with influencers in the medical beauty sector, marking a significant shift in marketing strategies within this industry [2] - In January, the expected recovery in the scale of bank wealth management products did not materialize, with a reported decline of 114.2 billion yuan in total scale, indicating a challenging start to the year for the sector [2][3] Company Alerts - Jinshiyuan anticipates a continued slow recovery in overall consumption, with expectations for a potentially "coldest Spring Festival" [6] - Aotwei reports that its orders for photovoltaic equipment in 2025 are at historical lows, although it has received bulk orders for aluminum wire bonding machines and AOI testing equipment [6] - Multiple companies, including Dahu Technology and Jiangyan Group, have announced plans to reduce shareholdings by up to 4% and 3% respectively [9] Overseas Alerts - The US stock market saw a collective decline, with the Dow Jones down 0.34%, Nasdaq down 1.43%, and S&P 500 down 0.83%, indicating a downturn in popular tech stocks [5] - Indonesian miners have suspended spot coal exports due to a government-imposed production cut plan, which could reduce output by 40% to 70% compared to 2025 levels [7]

Company News - Guizhou Moutai repurchased 329,800 shares in January, accounting for 0.0263% of the total share capital, with a total payment of 451 million yuan. By the end of January, the total repurchased shares reached 416,900, accounting for 0.0333% of the total share capital, with a total payment of 571 million yuan (excluding transaction fees) [3] - Contemporary Amperex Technology Co., Ltd. repurchased 15,990,800 A-shares by January 31, accounting for 0.3628% of the total A-shares, with a maximum transaction price of 317.63 yuan/share and a minimum of 231.50 yuan/share, totaling 4.386 billion yuan (excluding transaction fees) [3] - Zhiyang Innovation announced plans to acquire control of Lingming Photon through stock issuance, convertible bonds, and cash payments, which is expected to constitute a major asset restructuring. The stock will be suspended from trading starting February 4 for no more than five trading days [3] - Kailong High-Tech plans to acquire 70% of Shenzhen Jinwangda Electromechanical Co., Ltd. through stock issuance and cash payment, with the transaction price yet to be determined. This acquisition is expected to constitute a major asset restructuring, and the stock will resume trading on February 4 [4] - Han Jian Heshan intends to acquire 99.9978% of Liaoning Xingfu New Materials Co., Ltd. through stock issuance and cash payment, with the transaction price still to be finalized. This transaction is expected to constitute a major asset restructuring and will not result in a restructuring listing, with the stock resuming trading on February 4 [4] - ST Cube announced a stock suspension for self-examination due to abnormal price fluctuations, with the stock resuming trading on February 4. The stock price has increased by 188.06% over eight trading days, raising concerns about market sentiment and potential risks of rapid price declines [5] - Jiashitang announced a share transfer agreement with Beijing Tongrentang Group, resulting in a change of controlling shareholder to Tongrentang Group and the actual controller to the State-owned Assets Supervision and Administration Commission of Beijing Municipal Government. The stock will resume trading on February 4 [6] - Juguang Technology's stock price has deviated significantly, with a cumulative increase of over 30% in three consecutive trading days. Despite the recent improvement in the optical communication industry, the revenue from this sector only accounted for about 7% of the company's total revenue as of Q3 2025 [6] Industry News - The People's Bank of China conducted a liquidity injection of 800 billion yuan through reverse repos on February 3, with various monetary policy tools showing net injections of 700 billion yuan for medium-term lending facilities and 1.744 trillion yuan for mortgage supplementary loans in January [2] - The Ministry of Commerce announced plans to optimize the implementation of appliance recycling and subsidy policies in 2026, with sales of six categories of home appliances and four categories of digital and smart products exceeding 15 million units and sales revenue nearing 59 billion yuan in January [2] - The Ministry of Industry and Information Technology emphasized the need to promote the construction of future industry pilot zones and enhance technological supply in key areas such as 6G, quantum technology, and hydrogen energy [2] - CITIC Securities reported that the introduction of capacity electricity pricing policies will be crucial for the independent development of energy storage, while the nuclear power market may face price impacts due to the release of lower limits on thermal power prices [7]

今日提示 ·国务院新闻办公室将于2月4日上午10时举行新闻发布会，介绍锚定农业农村现代化、扎实推进乡村全 面振兴有关情况。 ·中证指数有限公司调整中证1000指数样本，2月4日收市后生效。 ·2月4日北京时间凌晨，思科全球直播2026人工智能大会。 ·智元机器人正式宣布，将于2月8日20:00全球直播全球首个大型机器人晚会《机器人奇妙夜》。 上证精选 ·2月3日，央行公布2026年1月中央银行各项工具流动性投放情况。1月，中期借贷便利（MLF）净投放 7000亿元，常备借贷便利（SLF）净投放-79亿元，其他结构性货币政策工具净投放641亿元。公开市场 业务方面，1月，公开市场国债买卖净投放1000亿元，7天期逆回购净投放1678亿元，中央国库现金管理 净投放-600亿元，其他期限逆回购净投放1000亿元。 ·广期所公告，自2026年2月5日结算时起，铂、钯期货合约涨跌停板幅度调整为20%，交易保证金标准 调整为22%。如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不 同时，则按两者中幅度大、标准高的执行。 上证聚焦 ○中央一号文件发布提出拓展无人机物联网应用 中央一号文件《中共 ...

Core Viewpoint - The company has announced a cash dividend distribution plan for its shareholders, with a total cash dividend of RMB 99,366,210.80 to be distributed based on the approved proposal at the 2026 first extraordinary general meeting of shareholders [2][4]. Dividend Distribution Plan - The cash dividend per share is set at RMB 0.20, with the distribution based on a total share capital of 507,259,997 shares, excluding 10,428,943 shares held in the company's repurchase account [4][6]. - The actual number of shares eligible for the dividend distribution is 496,831,054 shares, leading to a total cash dividend payout of RMB 99,366,210.80 [4][6]. - The reference price for ex-dividend trading will be calculated as the previous closing price minus the cash dividend, with no change in the number of circulating shares [4][6]. Implementation Details - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the record date [3][7]. - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until the transactions are completed [7]. - Specific shareholders, such as Gansu Yate Investment Group Co., Ltd., will receive their dividends directly from the company [8]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [9]. - Qualified Foreign Institutional Investors (QFIIs) will have a withholding tax of 10%, resulting in a net dividend of RMB 0.18 per share [10]. - Other shareholders, including institutional investors, will not have taxes withheld by the company, and the actual cash dividend remains RMB 0.20 per share [11].

Core Viewpoint - The company announced a cash dividend distribution of RMB 0.20 per share for the first three quarters of 2025, approved at the first extraordinary shareholders' meeting of 2026 on January 19, 2026 [2][4]. Distribution Plan - The dividend distribution is based on a total share capital of 507,259,997 shares, with 10,428,943 shares excluded from the distribution due to being held in the company's repurchase account, resulting in a distribution base of 496,831,054 shares [4][6]. - A total cash dividend of RMB 99,366,210.80 (including tax) will be distributed to shareholders [4]. Dividend Calculation - The cash dividend per share is calculated as approximately RMB 0.196 per share after accounting for the total shares and the cash dividend amount [6]. - The ex-dividend reference price will be calculated using the formula: (previous closing price - cash dividend) / (1 + change in circulating shares ratio), with the circulating shares ratio being 0 [5][6]. Implementation Details - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the end of the trading day on the record date [6]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [6]. Taxation Information - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [8]. - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of RMB 0.18 per share [9]. - Other shareholders, including institutional investors, will not have taxes withheld by the company and must determine their own tax obligations [10].

Group 1: Core Insights - The upcoming Chinese New Year is expected to drive significant consumer spending, with various listed companies competing in the "New Year Economy" [3] - The tourism and cultural sectors are enhancing traditional experiences by integrating modern technology and cultural elements, creating comprehensive holiday experiences [4] - The film industry is gearing up for the Spring Festival with a diverse lineup of movies, indicating a competitive landscape for content creation and marketing [5] Group 2: Tourism and Cultural Companies - Listed companies in the tourism sector are focusing on expanding their offerings and innovating content to transform traditional sightseeing into immersive cultural experiences [4] - The "Yuyuan Lantern Festival" by Yuyuan Group has undergone a significant upgrade, creating a new integrated experience that connects historical and modern narratives [4] - Companies like Songcheng Performance are emphasizing emotional value and immersive experiences to cater to family-oriented consumers during the holiday [4] Group 3: Alcohol Industry - Major liquor companies are adopting strategies focused on high-end product offerings and cultural branding to enhance their market presence during the festive season [6] - Guizhou Moutai has launched a special zodiac-themed product line targeting high-end gifting and collectible markets [6] - Marketing strategies in the alcohol sector are increasingly focused on creating festive atmospheres and engaging with consumers through interactive campaigns [6] Group 4: Consumer Goods - Companies in the consumer goods sector are innovating products and marketing strategies to meet diverse consumer needs for health, convenience, and gifting during the New Year [8] - Brands like Haoxiangni and Laiyifen are launching health-focused gift boxes and culturally themed products to align with consumer preferences [8] - The integration of online and offline sales channels is becoming essential for enhancing market penetration and consumer engagement [8][9] Group 5: Marketing Strategies - Listed companies are implementing targeted marketing strategies to engage different consumer segments, enhancing brand loyalty and interaction [9] - Regional specialties are being leveraged to create unique product offerings, as seen with HeBai Group's integration of local high-quality products [9] - The jewelry sector is also experiencing a sales peak, with companies preparing inventory and marketing plans to capture consumer interest during the festive season [9]

你敢信吗？ 就在今天，科技股跌得稀里哗啦，好些巨头市值蒸发几千亿，跌幅都超过40%了，可白酒呢？ 茅台 愣是昂着头，眼瞅着又要冲回1500块了。 一边是火焰，一边是海水，这市场到底在玩什么把戏？ 有人直接放 话：科技牛已经走到尾声了，热闹全是别人的，接盘才是你的。 这话听着刺耳，可看看盘面，好像还真有那么 点意思。 2026年2月3日，这天的行情可真够折腾的。 上午三大指数还冲得挺欢，下午就全泄了气，走出一根长长的上影 线。 半导体、人工智能那些之前风光无限的科技权重股，成了砸盘的主力军，拖累得A股、港股一起往下掉。 可你翻翻板块涨跌榜，燃气、煤炭、白酒这些"老面孔"反而稳得很，尤其是白酒，板块飘红，茅台股价坚挺， 跟科技股的惨状一比，简直像两个世界。 成交量也透着古怪。 整体上看，市场交投比前几天冷清了些，可每到跳水那会儿，量能就突然放大。 明眼人都 看得出来，这是有一批人被吓破了胆，慌里慌张地往外跑。 但跑归跑，指数砸到4000点边上，就像撞上了一堵 墙，怎么都跌不穿。 3970点附近，那地方是60日均线的地盘，跟整数关口一叠加，成了多头死守的防线。 这可不是一般的调整。 回想去年10月初，科技股就开始了 ...

岁末年初，白酒上市公司的分红大戏接连上演。2月3日，北京商报记者整理发现，截至目前，包括贵州 茅台、五粮液在内的四家头部白酒上市公司陆续实施2025年中期分红，分红派息总额超过420亿元。伴 随着分红方案相继披露，资本市场以一波涨停潮回应。尽管众多酒企通过分红释放利好信号，但终端市 场却仍面临着动销活力尚待激活的现状。如今，面对库存高企、动销乏力的市场环境，头部酒企已开始 多维度布局，寻找穿越行业周期的路径。 酒企"撒钱" 白酒巨头们在资本市场撒出真金白银。经粗略计算，截至目前，4家白酒企业2025年中期分红累计达到 425.36亿元，这次集中分红也被市场视为酒企"红包雨"。 2025年12月10日，贵州茅台发布公告称，公司将以总股本12.52亿股为基数，每股派发23.957元现金红利 （含税），共计派发300.01亿元（含税）；同日，五粮液发布公告称，公司将以公司现有总股本38.82亿 股为基数，向全体股东每10股派现金25.78元（含税），合计分配100.07亿元（含税），不送红股，不以 公积金转增股本；随后，2026年1月24日，泸州老窖发布2025年中期分红派息实施公告，计划以14.72亿 股总股本为 ...