Asset Overview - In January, global risk assets experienced increased volatility due to changes in Federal Reserve interest rate expectations and geopolitical conflicts, with US stocks showing a strong upward trend [1] - The domestic market saw a return of funds, with equity assets continuing the upward trend from the end of last year, although regulatory measures led to a slowdown in growth [1] - The Wind All A index rose by 5.83% for the month, with the CSI 500 and CSI 1000 indices increasing by 12.12% and 8.68% respectively [1] - 80% of the Shenwan first-level industries saw gains, with strong performances in non-ferrous metals (+22.59%) and oil and petrochemicals (+16.31%) [1] - The Hang Seng Index rose by 6.85% in January, with a net inflow of 61.7 billion HKD from southbound funds [1] Bond Market Review - The bond market saw a downward adjustment followed by recovery, with most yield rates declining [2] - The 10-year government bond yield fell by 3.6 basis points to 1.81% during January [2] Commodity Market Review - The commodity market was generally bullish in January, with precious metals leading the gains; London gold prices rose by 13.01% to $4,880 per ounce [3] - Brent crude oil prices increased by 14.64% to $69.83 per barrel, while copper prices also saw gains [3] Macroeconomic Performance - The macroeconomic data for December indicated resilience in production, supported by external demand, while internal demand remained weak [5] - Industrial enterprises' profit margins showed positive growth for several months, with a 5.2% year-on-year increase in industrial value added [5] - Exports continued to exceed expectations, with a 6.6% year-on-year increase in December, driven by strong performance in machinery and high-tech products [6] Policy Outlook - Local government meetings have emphasized a "steady progress" approach, with an average GDP growth target of 5.0% for 2026 [10] - The focus of macroeconomic policy has shifted towards enhancing the quality of internal growth rather than merely expanding scale [10] Asset Allocation Analysis - The current economic environment is characterized by "strong supply, weak demand, and price stabilization," indicating an early recovery phase [24] - The asset performance ranking is expected to be bonds, stocks > commodities in the current phase [24]

2月10日上午，珠海市十届人大六次会议开幕。珠海市委副书记、市长吴泽桐向大会作政府工作报告。 在港珠澳协同发展方面，港珠澳大桥珠海公路口岸实现 240小时过境免签、"刷脸"通关，"粤车南下"政 策落地实施，入境小客车通行能力从每小时1000辆提升至1800辆，启用综合性指定监管场地，开通珠 港"空陆鲜活产品专属快线"，全年出入境客流突破3000万人次、车流量全国口岸第一，进出口货值突破 3200亿元、增长40.1%，跃居全国跨境电商直购模式出口第二大口岸。与港澳共同承办的公路自行车 赛，成为全运会历史上首个跨越粤港澳三地的赛事，以赛事"小联通"推动湾区融合"大联通"。携手澳 门、横琴成功承办首届全球智能机械与电子产品博览会、2025RISC—V 产业发展大会暨 RDSA 国际论 坛。 记者获悉，珠海紧紧扭住"澳门+横琴" 新定位，实施新阶段支持服务横琴粤澳深度合作区建设、促进澳 门经济适度多元发展22条重点工作举措。横琴对外通道进一步畅通，黑白面将军山隧道至香海大桥新建 工程加快建设，珠机城际实现公交化运营。健全珠琴联合招商机制，落地34个跨区域布局项目，推荐至 合作区落地项目118个。共建粤港澳大湾区RIS ...

Market Overview - The A-share market exhibited a pattern of reduced volume and mixed fluctuations, with essential consumer and industrial sectors leading weekly gains[1] - The growth style's congestion level has decreased over the past two weeks, but remains lower than that of high-quality and growth stocks in absolute terms[1] Industry Insights - Congestion levels for agricultural products and banks have increased, while transportation and telecommunications sectors lag behind in weekly trading congestion[1] - Essential consumer and industrial sectors showed strong weekly performance, indicating a potential shift in market focus[4] Investment Trends - Institutional funds generally experienced a pullback as growth stocks declined, reflecting a broader trend of profit-taking among funds[4] - The Longjiang Manufacturing Champions and Low-Carbon Leaders indices performed well, highlighting specific thematic investment opportunities[4] Performance Metrics - The growth style indices showed a notable decline, with the Longjiang Growth Index down by 4.08% and the Longjiang High Valuation Index down by 6.20%[21] - In contrast, the Longjiang Low Valuation Index recorded a modest gain of 0.56%, indicating a preference for value-oriented investments during this period[31]

Group 1 - The article highlights that sectors with dividend attractiveness during the low cycle are worth attention, as the macroeconomic environment is currently at a turning point with PPI on a downward trend [1] - It emphasizes that PPI and industry profitability are at a low point but are expected to rebound, suggesting a potential recovery in these areas [1] - The focus is on industries with supply clearance and profit elasticity, particularly those that are expected to see an increase in dividend attractiveness [1] Group 2 - The Guotai Dividend State-Owned Enterprise ETF (510720) tracks the State-Owned Dividend Index (000151), which selects high-dividend capable and stable dividend record companies across sectors like banking, coal, and transportation [1] - The index employs a strict evaluation of constituent stocks based on dividend yield and sustainability, using a cross-industry diversification strategy to effectively control investment risk [1] - The fund has consistently distributed dividends for 22 consecutive months since its listing, reflecting the overall market performance of high-dividend companies [1]

Core Viewpoint - The State Council has issued a work plan to accelerate the cultivation of new growth points in service consumption, focusing on key areas such as transportation services, housekeeping services, online audio-visual services, and inbound consumption, among others [1] Group 1: Key Areas of Focus - The work plan emphasizes the importance of transportation services, housekeeping services, online audio-visual services, travel services, automotive aftermarket services, and inbound consumption as key areas for development [1] - Potential areas identified include performance services, sports event services, and emotional experience services, which are expected to contribute to new growth points in service consumption [1] Group 2: Housekeeping Services - The housekeeping service industry is projected to exceed 1.2 trillion yuan in revenue by 2024, indicating significant market potential [2] - The Ministry of Commerce plans to enhance the credibility of the housekeeping service platform to improve service quality and consumer trust [2] Group 3: Transportation Services - The Ministry of Transport aims to develop new growth points in transportation service consumption by promoting self-driving tourism, night cruise economies, and yacht consumption [3] Group 4: Online Audio-Visual Services - The online audio-visual service market has a user base of 1.091 billion, with a high penetration rate of 98.4% among internet users [4] - The industry is expected to leverage strong user engagement to convert attention into consumption, creating new service consumption spaces [4] Group 5: Automotive Aftermarket Services - China's automotive production and sales have been the highest in the world for 17 consecutive years, with a vehicle ownership of 366 million [5] - The Ministry of Commerce is focused on expanding and improving automotive aftermarket services, including RV camping and racing events [6] Group 6: Sports Event Services - The sports event economy is a growing area of consumer interest, with plans to enhance sports event services to stimulate economic growth [7] - The Ministry of Commerce and the Ministry of Finance have initiated pilot projects to support new consumption models, allocating 8.6 billion yuan to cities with significant market potential [8] Group 7: Policy Framework - The work plan aims to create a comprehensive policy framework to support the cultivation of new growth points in service consumption, with a focus on specific sectors like housekeeping and automotive services [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [1][27]. Core Insights - The report highlights that the overall performance of the Beijing Stock Exchange (BSE) is expected to show significant results in 2026, with a focus on high-quality development and investment opportunities in various sectors [6][25]. Summary by Sections BSE Market Overview - As of January 30, 2026, the BSE has 292 constituent stocks with an average market capitalization of 3.207 billion [4][10]. - The BSE 50 Index experienced a decline of 3.59%, closing at 1531.55 points, while the Shanghai and Shenzhen indices showed minor fluctuations [4][10]. - The average daily trading volume for the week was 28.731 billion, an increase of 7.20% from the previous week, with a turnover rate of 5.88% [4][15]. Sector Performance - The top five performing sectors on the BSE for the week were: - Oil and Petrochemicals: 33.99% - Media: 4.97% - Agriculture, Forestry, Animal Husbandry, and Fishery: 4.69% - Transportation: 2.28% - Communication: 2% [4][17]. New Stocks - One new stock was issued during the week, Meidel (920119.BJ), with updates on the status of other companies in the review process [5][22]. Key News - The BSE released a revised "Guidelines for the Preparation of Sustainable Development Reports" to enhance the quality of sustainability disclosures among listed companies [6][24]. - The first IPO of the year was accepted, with Beijing Huadian Guangda Environment Co., Ltd. aiming to raise approximately 260 million by issuing up to 32.2 million shares [6][24]. Investment Strategy - The report suggests focusing on the following sectors for investment in 2026: 1. Data Centers: KLT and Shuguang Data Creation 2. Robotics: Suzhou Axis, Audiwei, JunChuang Technology, and Fuheng New Materials 3. Semiconductors: Hualing Co. and Kaide Quartz 4. Consumer Goods: Taihu Snow, Boshenglong, Lusi Co., Kangbiter, and Thunder God Technology 5. Military Information Technology: Chengdian Guangxin and Xingtuzhihui [6][25].

相关报告：智研咨询发布的《2026-2032年中国交通运输行业市场全景评估及前景战略研判报告》 根据国家统计局公布的数据，2025年第四季度交通运输、仓储和邮政业增加值当季值为1.6万亿元， 2025年第四季度交通运输、仓储和邮政业增加值累计值为6.21万亿元；2025年第四季度交通运输、仓储 和邮政业增加值指数当季值为103.4，2025年第四季度交通运输、仓储和邮政业增加值指数累计值为 105.2。 2018-2025年交通运输、仓储和邮政业增加值Q4当季值与年度累计值统计图 数据来源：国家统计局 2018-2025年Q4交通运输、仓储和邮政业增加值指数当季值与累计值统计图 数据来源：国家统计局 ...

证券研究报告 2026.02.07 量化策略 量化策略周报（467）：静观其变 全周回顾：市场有所震荡，食品饮料与纺织服装强势，价值强于成长，贴水低位震荡 1）市场有所震荡：A 股市场在本周有所震荡，表征市场走势的宽基指数均有所下跌，最终沪深 300、中证 500、创业板指在本周涨跌幅分别为-1.33%、-2.68%、-3.28%。 2）食品饮料与纺织服装强势：本周食品饮料与纺织服装行业表现出色，涨幅在所有行业中排在前两 位，其它表现较好的行业还包括银行、电力设备及新能源、交通运输等。而有色金属与通信行业在本 周表现不佳，跌幅在所有行业中排名前两位，其它表现偏弱的行业还包括电子、计算机、传媒等。 3）价值强于成长：本周价值风格的收益强于成长风格，对应国证价值指数全周下跌 0.53%，而国证 成长指数全周下跌 1.99%。根据中金量化风格因子体系，本周表现较好的因子主要包括分红、低换 手、低流动性、低波动等。 4）贴水低位震荡：本周小盘股期指当季合约周均年化贴水震荡收窄。本周五 IH、IF、IC 和 IM 当季 年化基差率分别为-0.4%、-2.1%、-4.7%和-8.0%。IV 情绪指标本周一收盘发出开多仓信 ...

Group 1 - The overall equity market experienced adjustments, with the Shanghai Composite Index declining by 1.27% to 4065.58 points, and the Shenzhen Component Index falling by 2.11% to 13906.73 points [8][10] - The convertible bond market showed weak fluctuations, with the China Convertible Bond Index rising by 0.05% and the Shanghai Convertible Bond Index decreasing by 0.36% [15][16] - The bond market saw most yields rise, with the 1-year government bond yield increasing by 2.08 basis points, while the 3-year, 5-year, 7-year, and 10-year yields decreased [18][19] Group 2 - The commodity futures market weakened overall, with significant declines in silver prices, which dropped by 9.06%, while gold prices increased by 1.65% [9][28] - The market for agricultural products showed mixed results, with CBOT soybeans rising by 4.75% and corn increasing by 0.58% [9][10] - The overall commodity index experienced a decline of 4.49%, with precious metals leading the drop at 17.11% [27][30]

人民财讯2月10日电，【摘要】沪深北交易所宣布优化再融资一揽子措施。商务部召开汽车企业座谈 会，研究汽车流通消费有关工作。交通运输新业态协同监管部际联席会议办公室约谈高德打车。人社部 等7部门对头部平台企业和快递企业开展用工行政指导。农业农村部：大力培育农业科技领军企业，加 快实施"百千万"农业科技企业培育工程。上期所：调整铜等期货新上市合约交易保证金比例和涨跌停板 幅度。上海：加力推进城中村改造和旧住房成套改造。今年1月全国期货市场成交额同比增长超105%。 ...