Core Viewpoint - The report from Huatai Securities indicates that the A-share market experienced a decline this week, driven primarily by a decrease in risk appetite, with a notable shift between high and low-performing stocks [1] Summary by Categories Market Overview - The overall external macro risks have been initially priced in, with a cooling of financing funds and a narrowing of net outflows from ETFs, while both domestic and foreign institutional investors have shown a net inflow against the trend [1] Structural Analysis - The report suggests that segments with floating profits, crowded trading, and significant performance verification pressures have largely completed their initial pricing, indicating that the adjustment phase may be nearing its end [1] Calendar Effect - The report notes that the calendar effect for February in the A-share market is relatively positive, recommending a gradual increase in portfolio flexibility [1] Investment Strategy - The focus should be on selecting high-beta and relatively high valuation-cost performance segments within industries experiencing a reversal in prosperity or a continuation of improvement trends, particularly in lithium battery chains, communication equipment, semiconductors, certain building materials, and chemicals [1] - For low-beta segments, attention should be given to agriculture [1] - From a mid-term perspective, it is advised to overweight the upstream sectors of the power chain, insurance, and the aerospace industry chain [1]

八部门发文，强化虚拟货币监管 日前，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇管理局印发《关于进一步防范和处置虚拟货币等相关风险的通知》，进一步防范和 处置虚拟货币、RWA代币化相关风险，明确虚拟货币相关业务活动属于非法金融活动，严格监管赴境 外开展RWA代币化相关业务活动。 央行连续第15个月增持黄金 国家外汇管理局2月7日发布的数据显示，截至2026年1月末，中国黄金储备为7419万盎司，环比增加4万 盎司，为中国央行连续第15个月增持黄金。 我国成功发射可重复使用试验航天器 下周，A股将迎来春节前的最后一个交易周。业内机构认为，春节前市场或维持区间震荡，建议均衡配 置；春节后市场焦点可能重新转向具备产业催化、业绩确定性的成长板块。 大宗商品市场方面，国际金价继续宽幅震荡。在业内机构看来，尽管调整可能意味着出现布局良机，但 黄金的波动性已显著加大，投资者应将其作为资产配置的一部分，而非单一投机工具。 影响后市投资大事件 兴业证券：持股过节兼具胜率与赔率 近期全球叙事变化对市场情绪冲击最大的时刻或正逐步过去，后续事件催化增多、"春节效应"等因素， ...

平安观点： 观 报 告 宏 观 周 报 宏 2026 年 2 月 8 日 中国宏观周报（2026 年 2 月第 1 周） 二手房挂牌价恢复 证券分析师 证 券 研 究 报 告 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 从高频数据观察，本周春节临近，工业生产环比大多季节性走弱，工业品 价格指数环比回落。不过，年初以来二手房挂牌价逐步止跌，外贸港口吞 吐量及韩国、越南 1 月出口数据表现亮眼，体现外需支撑增强。 1. 工业：本周生产环比季节性走弱。1）原材料方面，本周日均铁水产量提 升，部分化工品开工率环比提升；水泥熟料产能利用率、浮法玻璃开工率、 石油沥青开工率、钢铁建材表观需求环比回落。2）中下游方面，本周纺织 聚酯开工率、织造业开工率季节性走弱；汽车半钢胎开工率、全钢胎开工 率环比回落。 2. 地产：二手房挂牌价抬升。1）销售方面，本周（截至 2 月 6 日）30 大中 城市新房销售面积同比快速增长，去年同期基数受春节假期拖累；年初以 ...

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 - 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]

本周各家券商策略分析师讨论的焦点在于是否持股过节，整体偏向乐观。 华西策略李立峰团队也指出，可稳步备战节后"红包"行情。 其复盘2017-2025年，万得全A春节后10个交易日平均涨幅3.3%，春节前10个交易日平均跌幅-1.3%，多数年份节后表现优于节 前。从胜率角度看，近九年万得全A春节后5个交易日、春节后10个交易日胜率分别为78%、78%，相较春节前胜率有明显抬升； 行业层面，31个申万一级行业中28个节后胜率高于节前，TMT指数在春节后5个交易日、10个交易日的胜率分别为89%、100%， 相比节前有明显提升，指向科技板块通常在节后阶段表现较好，弹性更足。 银河策略杨超团队称，A股市场上行动能仍较强，春节后上涨概率或大幅提升，"持币"虽可锁定确定性收益，但极有可能部分失 去节后上涨带来的超额收益。以2016年至2025年间历 史规律看，春节前，资金偏好向高股息、消费、防御板块集中，大盘风格表现占优，随着春节将至，A股市场逐步修复回暖，或 出现"节前躁动"；春节后，A股市场上涨概率较大，资金转向小盘风格，周期风格和成长风格表现更优。 广发策略刘晨明团队指出，目前4000点左右的位置，占据天时地利人和。 ...

Core Viewpoints - The contradiction between short-term profits and long-term value is intensifying in overseas markets, with a focus on strategic safety and innovation driven by AI [2] - External shocks have limited impact on the fundamentals of the Chinese market, suggesting a continuation of the spring market rally post-Spring Festival [4] - A new upward cycle is anticipated in the A-share market, driven by favorable timing and conditions [5] Group 1: Market Trends and Conditions - Recent adjustments in the A-share market are primarily driven by internal factors, with external disturbances not significantly impacting the fundamentals [4] - The upcoming period is expected to see a strong seasonal effect, particularly around the Spring Festival, with historical data indicating high probabilities of market gains [5] - The market is currently experiencing a "Risk-off" mode, with a shift towards simpler investment themes as the AI industry cycle matures [6] Group 2: Investment Strategies - Recommendations include maintaining a focus on "resources + traditional manufacturing" while increasing allocations to consumer and real estate sectors [3] - Key sectors to watch include AI computing, chemicals, and power equipment, with a focus on high-growth technology and cyclical recovery [4][7] - Emphasis on high-dividend stocks is expected to gain traction as the market transitions from high-volatility trading to more stable, predictable investments [9] Group 3: Sector-Specific Insights - The technology sector, particularly AI hardware and semiconductor industries, is expected to recover following recent adjustments [7][8] - High-quality real estate developers and related industries are recommended for investment, given the anticipated recovery in property sales during the Spring Festival [11] - The focus on cyclical recovery in sectors such as chemicals and construction materials is advised, alongside monitoring for potential rebounds in consumer spending [12]

[編纂]項下的[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) |编纂|數目 : [编纂]股H股(可予[编纂]) |编纂|數目 : [編纂]股H股(可予[編纂]及視乎[編纂]行使與 合向定) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、 0.0027%證監會交易徵費、0.00565%聯交 所交易費及0.00015%會財局交易徵費(須 於申請時以港元繳足,多繳股款可予J編 纂I) 面值 : 每股H股人民幣1.00元 【编纂】： [编纂] l 繼續] 獨家保薦人、[編纂]、[編纂]及[編纂] 据港交所2月8日披露，彤程新材料集团股份有限公司(简称：彤程新材(603650.SH))向港交所主板递交上市申请书，国 泰海通/海通国际为独家保荐人。招股书显示，彤程新材是中国领先的综合性新材料服务供应商，专注于先进化工产 品。公司主要从事新型化工材料的研发、生产、营销、销售及分销。于往绩记录期间，公司的主要业务包括三个分 部，即(i)电子材料；(ii)轮胎用橡胶助剂及其他化工产品；及(iii)可完全生物降解材料。 Red Avenue New Materials Group Co., Ltd. ...

Market Overview - A-shares experienced volatility on February 6, with the Shanghai Composite Index closing down 0.25% at 4065.58 points, and the ChiNext Index down 0.73% [1] - The overall market turnover decreased to 2.16 trillion yuan, marking a continuous six-day decline in trading volume [1] Sector Performance - The chemical and new energy sectors led the market, while the pharmaceutical sector showed relative resilience. Consumer goods experienced a pullback, and technology continued to be sluggish [1] - The chemical ETF (516020) saw a significant inflow of 199 billion yuan, with a daily gain of 2.37% after reaching a peak increase of 3.45% during the day [2][5][6][8] Chemical Sector Insights - The chemical sector is experiencing a strong upward cycle, driven by increased demand for lithium batteries and key chemical materials [9][10] - Major stocks in the chemical sector, such as Enjie Co., Ltd. and Zhejiang Longsheng, saw significant gains, with some stocks rising over 6% [6][9] Non-Ferrous Metals Sector - The non-ferrous metals sector demonstrated resilience, with the non-ferrous ETF (159876) reversing early losses to close slightly up by 0.18% despite fluctuations in international gold prices [3][11] - Over 100 billion yuan of main funds flowed into the non-ferrous metals sector, indicating strong investor interest [11] Hong Kong Market Dynamics - The Hong Kong market experienced a downward trend, with the Hang Seng Index and Hang Seng Tech Index both closing down over 1% [3] - Despite the overall decline, there was significant buying activity from southbound funds, with purchases reaching 133.7 billion HKD, 249.8 billion HKD, and 148.6 billion HKD over three days [4] Pharmaceutical Sector Developments - The Hong Kong pharmaceutical sector showed signs of recovery, with the innovative drug ETF (520880) rising by 2% during the day, driven by strong earnings forecasts from key companies [15][16] - Notable performers included Innovent Biologics, which projected a revenue increase of approximately 134% by 2025, and several other companies expecting significant profit growth [16][18] Investment Opportunities - Analysts suggest that the chemical sector remains a promising investment opportunity, particularly in leading companies and price recovery products [10][22] - For investors looking to capitalize on the pharmaceutical sector, the innovative drug ETF (520880) and the medical ETF (159137) are recommended for their strong growth potential and coverage of key industry players [21][22]

一、复牌、停牌 1、龙韵股份：拟以发行股份方式购买愚恒影业58%股权，股票复牌。 2、瑞立科密：拟发行股份购买武汉科德斯16%股权，股票停牌。 3、永太科技：拟购买永太高新25%股权，宁德时代将成为公司股东，股票停牌。 二、并购、重组 1、晶合集成：拟20亿元取得晶奕集成100%股权；晶奕集成是晶合集成四期项目的建设主体。 2、沙河股份：拟2.74亿元购买晶华电子70%股权；标的公司主营业务为物联网领域智能显示控制器、 液晶显示器件等产品研发。 3、壹网壹创：拟发行股份及支付现金购买联世传奇100%股权；标的公司是一家以AI算法为核心的全域 智能营销服务商。 4、杉杉股份：控股股东及其子公司签署重整投资协议；若重整成功，公司实际控制人将变更为安徽省 国资委。 三、股权转让、增持 1、东望时代：控股股东拟公开征集转让6%股份。 2、康泰生物：股东袁莉萍拟向华宝万盈私募基金转让2%。 1、沪硅产业：拟签订采购30.45亿元电子级多晶硅框架合同。 2、东田微：拟投资4亿元建设全球研发中心及华南制造总部项目 主要从事研发光通信精密光学元器件 等。 3、震裕科技：拟在泰国投资建设年产1500万件精密传动部件生产制造基地 ...