科创板系列指数基本情况跟踪 (2026年2月9日) 科创50ETF易方达 低费率 截至午间收盘 该指数涨跌 2. 0% 截至午间收盘，科创200指数上涨3.3%，科创成长指数上涨3.0%，科创100指数上涨2.2%，科创宗指上涨2.2%，科创50指数上涨2.0%。Wind数据显示，科创 50ETF易方达（588080）上周连续5个交易日获资金净流入，合计近10亿元。 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 好的50只股票组成,"硬科技"龙 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% 该指数 滚动市盈率 【联手游客 科创100ETF易方达 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 性较好的100只股票组成,聚焦中 小科创企业,电子、电力设备、医 药生物、计算机行业合计占比超 75%,其中电子、电力设备行业占 比较高 截至午间收盘 该指数涨跌 该指数 滚动市盈率 2. 5% 207. 8倍 科创综指ETF易方达 低费率 科创200ETF易方达 FFE = 2 跟踪上证科创板200指数 该指数由科创板中市值偏小、流动 性较好的200只股 ...

Market Overview - The Shanghai Composite Index fell by 1.27% to close at 4065.58 points, with a weekly high of 4104.62 points [2] - The Shenzhen Component Index decreased by 2.11% to 13906.73 points, reaching a high of 14213.61 points [2] - The ChiNext Index dropped by 3.28% to 3236.46 points, with a peak of 3390.3 points [2] - In the global market, the Nasdaq Composite Index declined by 1.84%, while the Dow Jones Industrial Average rose by 2.5% and the S&P 500 fell by 0.1% [2] - In the Asia-Pacific region, the Hang Seng Index decreased by 3.02%, and the Nikkei 225 Index increased by 1.75% [2] New Stock Issuance - Three new stocks were issued last week, including: - 易思维 (688816.SH) on February 2, 2026 - 海圣医疗 (920166.BJ) on February 4, 2026 - 爱得科技 (920180.BJ) on February 2, 2026 [3] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets was 26,549.98 billion yuan, with a financing balance of 26,383.84 billion yuan and a securities lending balance of 166.14 billion yuan [4] - The margin trading balance decreased by 514.76 billion yuan compared to the previous week [4] - The Shanghai market's margin trading balance was 13,470.36 billion yuan, down by 270.75 billion yuan, while the Shenzhen market's balance was 13,079.62 billion yuan, down by 244.01 billion yuan [4] - A total of 3,485 stocks had margin buying, with 193 stocks having buying amounts exceeding 1 billion yuan, led by 中际旭创 (179.37 billion yuan), 新易盛 (169.0 billion yuan), and 信维通信 (81.09 billion yuan) [4] Fund Issuance - One new fund was issued last week: 民生加银现金增利货币C [6] Share Buybacks - Eight companies announced share buybacks last week, with the top five by execution amount being: - 步长制药 (603858) - 金田铜业 (未提供代码) - 中炬高新 (600872) - 极米科技 (未提供代码) - 泰禾智能 (603656) [8] - The highest amounts for buybacks were in the pharmaceutical, non-ferrous metals, and food and beverage industries [8]

2月9日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股资讯一览： 一、今日财经资讯 1、李强主持召开国务院常务会议，研究促进有效投资政策措施。会议指出，促进有效投资对于稳定经 济增长、增强发展后劲具有重要作用。要创新完善政策措施，加力提效用好中央预算内投资、超长期特 别国债、地方政府专项债券等资金和新型政策性金融工具。要结合制定实施"十五五"规划，着眼于长远 发展需要和构筑未来竞争优势，在基础设施、城市更新、公共服务、新兴产业和未来产业等重点领域， 深入谋划推动一批重大项目、重大工程。要更好发挥央国企扩投资作用，加大力度支持民间投资发展， 形成促进有效投资的合力。 2、中国人民银行等八部门发布关于进一步防范和处置虚拟货币等相关风险的通知。通知指出，虚拟货 币不具有与法定货币等同的法律地位。比特币、以太币、泰达币等虚拟货币具有非货币当局发行等主要 特点，不具有法偿性，不应且不能作为货币在市场上流通使用。 3、国家外汇管理局2月7日发布的最新统计数据显示，2026年1月末，中国官方黄金储备为7419万盎司， 较2025年12月末增加4万盎司。目前，中国央行已连续15个月增持黄金。截至2026年1月末，我 ...

天风证券表示，根据经济复苏与市场流动性，可以把投资主线降维为三个方向：1、AI产业革命带来的 算力、存力、 电力及应用的科技主线机会，2、内外共振，经济逐步修复，牛市主线风格"强者恒强"， 但周期后半段易有所表现，3、赔率思维，即考虑风格轮动、底部反转的可能性。连续三年跑输但第四 年跑赢概率较大的行业有 食品饮料、农林牧渔、社会服务、 医药生物。AI产业趋势的进展取决于 AI应 用端和消费端的突破，重视AI巨头的布局。牛市初期资金更偏好少数高景气赛道，后期资金抱团聚焦 主线，新增资金获利难度提升，而周期股又具备低估值、高贝塔的属性，易随着基本面回暖的深化而发 挥较好的业绩弹性，获得增量资金青睐。 ...

Core Viewpoint - The A-share market is expected to experience a cautious sentiment ahead of the Spring Festival, with the prevailing advice from institutions being to "hold stocks during the holiday" due to historical trends indicating a higher probability of market gains post-holiday [1][3]. Market Trends - Historical data shows that the probability of market gains after the Spring Festival is significantly higher than before, with a 70% chance of an increase in the first five trading days post-holiday, and the expected gain for 2024 is projected at 4.85% [1][2]. - The market typically exhibits a pattern of "reduced volume before the holiday and increased volume afterward" [1]. Institutional Recommendations - Multiple securities firms, including Guangda Securities and Huajin Securities, suggest maintaining stock positions through the holiday, anticipating a rebound in market activity post-festival [3][4]. - Citic Securities indicates that the spring market rally is likely to continue after the holiday, despite recent adjustments, and recommends holding stocks during the holiday [5][6]. Economic and Liquidity Outlook - Economic and profit expectations are anticipated to improve during the Spring Festival, with favorable consumer data expected [4]. - Liquidity is expected to remain loose, with potential increases in net injections by the central bank and a stable level of market funds before the holiday [4]. Sector Performance - Technology growth and certain cyclical sectors are expected to outperform, supported by policy initiatives and ongoing industry trends [5][7]. - There is a potential for a rebound in sectors such as pharmaceuticals, computing, chemicals, and non-bank financials, which have historically low valuation percentiles [5][6]. Market Sentiment and Style Rotation - The market sentiment is expected to stabilize post-adjustment, with a notable rotation in style from large-cap to small-cap stocks after the holiday [6][7]. - The "Spring Festival effect" and increasing event catalysts are likely to create a favorable environment for market recovery [7].

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 ...

证券研究报告 | 策略专题研究 | 中国策略 策略专题研究 报告日期：2026 年 02 月 05 日 涨价品种出现分化，券商景气度高增 ——行业景气度跟踪报告（2026 年 2 月） 核心观点 上游周期品中，前期涨价品种出现一定程度的分化。从周环比数据看，有色金属中仅 黄金价格出现上涨，白银和其他工业金属出现不同程度的下行，石油石化、基础化工 等细分品种价格亦出现一定回落。双焦价格回暖。TMT 中，半导体销售周期上行行业 景气度不减。下游消费品中，飞天茅台当年散装价格环比上行，支撑白酒走强。金融 地产方面，两市成交额放大，两融余额处于高位，彰显券商景气高增。 ❑ 上游周期 1）有色金属：价格出现分化，comex 黄金价格周环比上行；2）煤炭：煤炭开采 和洗选 PPI 同比增速修复，双焦价格回暖；3）石油石化：石油和天然气开采业 PPI 下行，原油价格承压 ❑ 中游周期 1）钢铁：铁矿石和螺纹钢价格周环比上行；2）基础化工：主要品种价格下行； 3）建筑材料：行业景气度仍处于相对低位；4）交通运输：海运业务走低，快递 业务增速放缓。 ❑ 中游制造 1）轻工制造：建材家居景气度下行，白卡纸价格处于低位。2）汽车： ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3882.75 points, down 0.63%, with a trading volume of 14.157 billion yuan and a turnover rate of 2.13% on February 6 [1] Group 1: Index Performance - Among the index constituents, 22 stocks rose while 28 stocks fell, with Tigermed leading the gainers at 3.06% and Aier Eye Hospital leading the decliners at 3.82% [1] - The top ten constituents of the ChiNext Medical Index include Aier Eye Hospital (9.18% weight, latest price 11.07, -3.82% change) and Tigermed (8.52% weight, latest price 65.65, +3.06% change) [1] Group 2: Market Capitalization - The total market capitalization of Aier Eye Hospital is approximately 103.232 billion yuan, while Tigermed's market capitalization is around 56.526 billion yuan [1] - Other notable companies include Mindray Medical (229.746 billion yuan) and Kanglong Chemical (55.486 billion yuan) [1] Group 3: Capital Flow - The net outflow of main funds from the ChiNext Medical Index constituents totaled 604 million yuan, while retail investors saw a net inflow of 412 million yuan [1] - The detailed capital flow shows that Tigermed had a net inflow of 14.716 million yuan from main funds, while retail investors experienced a net outflow of 1.41 million yuan [2]

Core Viewpoint - The report analyzes the current status of China's manufacturing industry going abroad, identifies future leading industries for overseas expansion, and discusses the impact of RMB appreciation on exports and investments [4]. Group 1: Current Trends in Overseas Expansion - The wave of overseas expansion is still on the rise, with a slight increase in China's foreign direct investment expected by 2025, and more small and medium-sized enterprises joining the trend. Policies are aimed at promoting globalization and enhancing external demand while facilitating supply-side reforms [5]. Group 2: Industries with Significant Overseas Revenue Growth - In terms of primary industries, light manufacturing and home appliances have a high proportion of overseas revenue. The electronic and machinery supply chains, as well as service trade, have seen rapid year-on-year growth in overseas revenue. Among secondary industries, electronics and machinery-related sectors show a high overseas revenue share, with notable improvements in competitiveness for the electronic communication, finance, and gaming industries. Industries with high foreign exposure, such as light manufacturing and automotive, have shown relatively better stock performance, and private enterprises are increasingly active in overseas markets, potentially becoming the main contributors to overseas revenue during the 14th Five-Year Plan period [6]. Group 3: High Overseas Gross Margin as a Driving Force - Listed companies exhibit high overseas gross margins due to strong overseas demand, making exports a major contributor to economic growth. Companies are accelerating capacity expansion abroad, leading to increased product value. In the first half of 2025, industries such as computers, pharmaceuticals, beauty care, and machinery equipment reported high overseas gross margins. The difference in gross margins between domestic and overseas operations correlates with revenue structure, with industries like automotive, transportation, and power equipment showing higher overseas gross margins than domestic ones. The average overseas revenue gross margin increased by 0.7 percentage points year-on-year [7]. Group 4: Industry-Specific Overseas Expansion Progress - The report assesses investment trends in different regions such as ASEAN, the United States, and Latin America through forward-looking signals (announcements of foreign investments by listed companies) and mid-term validations (revenue from overseas subsidiaries). Early-stage industries for overseas expansion include machinery equipment, basic chemicals, power equipment/home appliances, food and beverages, and computers. Accelerated expansion industries include electronics, light manufacturing, and automotive [8]. Group 5: Impact of RMB Appreciation on Exports and Investments - Going abroad does not necessarily lead to a decline in export growth. It can stimulate the growth of domestic capital goods and intermediate goods exports, leading to structural adjustments in exports. It also facilitates market expansion for localized production overseas. Innovation is identified as the primary driver for strong export momentum, helping to avoid the middle-income trap. The structural aspects of going abroad are beneficial for upstream equipment investments. Although the capacity expansion of overseas subsidiaries may suppress domestic investment willingness in corresponding sectors, the exploration of overseas markets is favorable for upstream supporting enterprises' capacity expansion and R&D investments [9].

Group 1 - The APEC high-level meeting in Guangzhou coincides with the "Integrating APEC, Sharing New Opportunities" policy empowerment and investment promotion salon organized by the Guangzhou Municipal Bureau of Commerce [1] - Approximately 60,000 foreign-funded enterprises are currently operating in Guangzhou, including 368 Fortune 500 companies, with actual foreign investment reaching 25.19 billion yuan in 2025, a year-on-year increase of 9.1% [3] - Foreign enterprises, constituting less than 2% of the total number, contribute nearly 20% of the revenue in the regulated service industry, 30% of total imports and exports, and 40% of the industrial added value in Guangzhou [3] Group 2 - Guangzhou is leveraging systematic institutional innovation to provide high-quality development opportunities for global capital and enterprises, focusing on nine key sectors for foreign investment [5] - The city has established over 50,000 enterprises from APEC economies, with actual foreign investment nearing 120 billion USD, accounting for over 80% of the city's total foreign investment [3] - The salon highlighted recent policies aimed at stabilizing foreign investment and promoting openness, offering a "policy package" for foreign enterprises [5] Group 3 - The Guangzhou Municipal Bureau of Commerce has conducted 73 policy briefings and served over 7,500 enterprises in the past year, enhancing service precision and timeliness [6] - The bureau plans to upgrade its enterprise service initiatives, focusing on domestic circulation and international market connections, particularly with APEC economies [6] - The city aims to create a comfortable development environment for both domestic and foreign enterprises, promoting mutual growth in a diverse industrial ecosystem [5][6]