炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券市场周刊 文丨张桔 编辑丨谢长艳 春节前股市经历了一轮4000点之上的强势震荡，而假期中国外国内皆是重重利好萦绕，叠加神州大地处 处展现的硬科技元素，节后股市新一轮科技热浪悄然来袭。如是背景下，节后投资何处亮剑成为马年伊 始的热议话题。 而作为机构旗手的公募基金，其关注的方向成为焦点中的焦点，其中节前调研的公司能够部分传递他们 的最新思路。Wind资讯显示，从开年到春节前，恰好10家公募基金公司的调研总次数超过了100次，其 中排在前三位的分别是博时基金（176次）、华夏基金（142次）、易方达基金（134次）。换一个角度 看被调研标的，同期被基金公司调研前三位的公司分别是天顺风能、大金重工、海天瑞声。 尤其是明星基金经理的调研引发建仓遐想。上述统计时间段中，易方达基金的萧楠、睿远基金的赵枫、 汇添富基金的劳杰男、鹏华基金的闫思倩等都出现在了调研榜上，其中劳杰男和闫思倩所调研的均是海 天瑞声。 | 附表: 2026年年初到春节前 | | | | | | --- | --- | --- | --- | --- | | 公募调研情 ...

初春，辽宁省辽阳县小北河袜业产业基地一派繁忙，厂房里，织针穿梭、线轮飞转。全国政协委员、中 国兵器工业集团有限公司首席技师马秀丽边走边看，与基地负责人交流，不时拍照、记录："咱们这里 技术工人有多少？职业技能等级认定和职称评定的渠道畅通吗？有什么难点？" 马秀丽长期关注技能人才队伍建设问题。她扎根企业生产一线30多年，从中国兵器工业集团辽宁庆阳特 种化工有限公司的一名理化分析工，逐步成长为国家级技能大师。她坦言："我的成长轨迹，就是国家 推动技能人才事业发展的缩影，所以也想为相关制度的建设完善出一份力。" 走访中，在实验台前驻足，观察年轻技工的操作；座谈中，询问企业技能人才的晋升通道；在单位工作 间隙，拉着实习学生聊就业意向和困难……这几年，马秀丽每年都参加10余场调研、座谈和考察、基层 协商会等活动，充分了解不同行业一线技能人才成长的最新动态和难点堵点。同时，马秀丽在技能人才 培育方面不断建言献策，提出进一步完善"新八级工"职业技能等级制度、加强对艰苦边远地区相关企业 骨干人才的支持保障、加强辽宁人才引育留用工作等建议。 建议提出后，马秀丽切实感受到了相关部门的重视："就说我们企业，招人不像以前那么难了，在 ...

Market Overview - The three major indices in A-shares experienced slight declines, with the Shanghai Composite Index down 0.25% to 4065 points, the Shenzhen Component down 0.33%, and the ChiNext down 0.73% [2] - The total market turnover was 2.16 trillion yuan, a decrease of 308 billion yuan from the previous trading day, with over 2700 stocks rising [2] Sector Performance - The oil and gas, chemical, and mining sectors showed strong performance, with multiple stocks such as Tongyuan Petroleum and Junyou Co. hitting the daily limit [4] - The chemical sector saw an overall increase of 1.45%, with core sub-industries like basic chemicals and diversified chemicals leading the gains [16] - The basic chemical sector had a net inflow of over 156.73 billion yuan, while the power equipment sector saw a net inflow exceeding 203.54 billion yuan [6] Fund Flow Analysis - Main funds shifted away from defense, media, and food and beverage sectors, moving towards power equipment and basic chemicals [5] - The chemical industry ETF saw significant inflows, with a total of 14.49 billion yuan in net inflows over the past 15 days, indicating strong market confidence in the sector [20] Stock Highlights - Hunan Gold and Data Port were among the top gainers, with net inflows of nearly 29 billion yuan and over 20 billion yuan, respectively [10] - Stocks like Hunan Rihua and Zhejiang Wenlian saw significant outflows, with declines of 7.63% and 9.79% [10] Market Sentiment - The market is currently in a "trial period," with a high number of first-day limit-up stocks but lacking a unified logic, indicating rapid rotation of funds [14] - The strong performance of the chemical sector is attributed to a combination of rising product prices, supply-side contraction, and demand from emerging sectors, suggesting a fundamental recovery rather than mere speculation [17]

分组1 - Green Plains Renewable Energy (GPRE) reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of $0.08 per share, compared to a loss of $0.86 per share a year ago [1] - The earnings surprise for the quarter was +121.64%, and the company had a previous surprise of +250% when it reported earnings of $0.07 per share against an expectation of $0.02 [2] - The company posted revenues of $428.85 million for the quarter, missing the Zacks Consensus Estimate by 21.91%, and this is a decline from year-ago revenues of $584.02 million [3] 分组2 - Green Plains shares have increased by approximately 28.6% since the beginning of the year, while the S&P 500 has gained only 0.5% [4] - The current consensus EPS estimate for the upcoming quarter is -$0.14 on revenues of $555.8 million, and for the current fiscal year, it is $0.27 on revenues of $2.31 billion [8] - The Zacks Industry Rank for Chemical - Specialty is currently in the bottom 25% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [9]

Core Viewpoint - Ashland reported quarterly earnings of $0.26 per share, exceeding the Zacks Consensus Estimate of $0.23 per share, but down from $0.28 per share a year ago, indicating a mixed performance in earnings despite a positive surprise [1][2]. Group 1: Earnings Performance - The earnings surprise for the recent quarter was +12.46%, while the previous quarter saw a negative surprise of -7.69% with actual earnings of $1.08 compared to an expectation of $1.17 [1][2]. - Over the last four quarters, Ashland has only surpassed consensus EPS estimates once [2]. Group 2: Revenue Analysis - Ashland's revenues for the quarter ended December 2025 were $386 million, missing the Zacks Consensus Estimate by 5.47%, and down from $405 million year-over-year [2]. - The company has topped consensus revenue estimates just once over the last four quarters [2]. Group 3: Stock Performance and Outlook - Ashland shares have increased by approximately 4.2% since the beginning of the year, outperforming the S&P 500, which gained 1.4% [3]. - The future performance of Ashland's stock will largely depend on management's commentary during the earnings call and the earnings outlook [3][4]. Group 4: Earnings Estimates and Industry Context - The current consensus EPS estimate for the upcoming quarter is $1.11 on revenues of $497.63 million, and for the current fiscal year, it is $3.83 on revenues of $1.87 billion [7]. - The Zacks Industry Rank for Chemical - Specialty is in the bottom 21% of over 250 Zacks industries, indicating potential challenges for stock performance [8].

Core Viewpoint - CSW Industrials reported quarterly earnings of $1.42 per share, missing the Zacks Consensus Estimate of $1.93 per share, representing a -26.43% earnings surprise [1]. Financial Performance - The company posted revenues of $232.99 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 6.56%, compared to $193.65 million in revenues a year ago [2]. - Over the last four quarters, CSW Industrials has surpassed consensus EPS estimates three times [2]. Stock Performance - CSW Industrials shares have increased by approximately 2.2% since the beginning of the year, outperforming the S&P 500's gain of 1.9% [3]. - The current consensus EPS estimate for the upcoming quarter is $2.67, with expected revenues of $285.73 million, and for the current fiscal year, the estimate is $10.36 on $1.08 billion in revenues [7]. Industry Outlook - The Zacks Industry Rank for Chemical - Specialty is currently in the bottom 21% of over 250 Zacks industries, indicating potential challenges for stock performance [8]. - The performance of CSW Industrials may be influenced by the overall outlook for the industry, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8].

Core Viewpoint - The A-share merger and acquisition (M&A) market remains active in early 2026, with over 297 disclosed M&A transactions, including 12 major asset restructurings as of January 28, 2026 [1]. Group 1: M&A Activity - Strategic emerging industries, particularly in semiconductors and artificial intelligence, are the core areas for listed companies' M&A activities [2]. - In January 2026 alone, several companies, including Yingxin Development, Kangxin New Materials, and Dinglong Co., announced plans for cross-industry mergers, indicating a trend of traditional manufacturing companies transitioning towards high-tech sectors [2][4]. - Notably, there have been at least eight disclosed cross-industry M&A cases this year, with four targeting semiconductor assets [4]. Group 2: Regulatory Scrutiny - Regulatory bodies have heightened scrutiny over cross-industry mergers, focusing on the authenticity of disclosures and the reasonableness of valuations [2][10]. - Companies like Kangxin New Materials and Fengfan Co. have received inquiry letters from regulators regarding their cross-industry M&A plans, highlighting concerns over speculative practices and high-risk transactions [2][10]. - The Shanghai Stock Exchange has raised questions about the feasibility of performance commitments made by companies involved in these transactions, particularly when historical performance has been poor [11][12]. Group 3: Financial Performance and Challenges - Many companies pursuing cross-industry mergers are facing challenges in their core business operations, with some reporting continuous losses [7][8]. - For instance, Yingxin Development and Han Jian Heshan have been struggling with profitability, prompting them to seek new growth avenues through M&A [7][8]. - The financial data of targeted companies, such as YB Semiconductor, shows significant projected losses, raising concerns about the viability of these acquisitions [4][11].

Core Insights - Over a thousand listed companies have been investigated by institutional investors since November, indicating a high level of interest in the market [3][4] - The top three companies receiving the most institutional attention are Ninebot, Rongbai Technology, and Lens Technology, with Ninebot leading at 179 institutions [5][6] - Despite a recent pullback in tech stocks, sectors such as application software, integrated circuits, and electronic components continue to attract significant institutional research [12][13] Institutional Research Activity - As of the week of November 17 to 23, over 400 listed companies disclosed records of institutional investor investigations, maintaining a high level of research activity [4][5] - The top ten companies by the number of institutional inquiries include: 1. Ninebot: 179 institutions 2. Rongbai Technology: 137 institutions 3. Lens Technology: 121 institutions 4. Yingtang Zhikong: 61 institutions 5. Yinglian Co.: 49 institutions 6. Qiaocheng Ultrasonic: 47 institutions 7. Tainkang: 41 institutions 8. AVIC Heavy Machinery: 40 institutions 9. World: 38 institutions 10. Obsidian: 33 institutions [5][6] Sector Focus - The focus of institutional research has been on hard technology sectors, particularly in areas such as AI, robotics, and consumer electronics [12][13] - Companies like Lens Technology are optimistic about their future in the robotics sector, projecting significant growth in humanoid and quadruped robot shipments [6] - Institutions are particularly interested in AI technology, which is expected to transition into practical applications in the coming year, with opportunities in computing power, cloud infrastructure, and various applications [13]

Group 1 - A total of 441 listed companies were investigated by institutions from November 17 to November 21 [1] - Nine Company-WD received the most attention, with 179 participating institutions [1] - Rongbai Technology, Lens Technology, and Yintan Zhikong were investigated by 137, 121, and 61 institutions respectively [1] Group 2 - Fengyuan Co., Ltd. was investigated 8 times, while Binglun Environment and Fujie Environmental Protection were investigated 6 times [1] - Institutions continue to focus on sectors such as industrial machinery, electronic components, and specialty chemicals [1]

Group 1 - The core focus of broker research in November has been on Chinese companies expanding overseas, with a total of 1990 research sessions conducted covering 398 A-share listed companies [1] - The most frequently researched stock this month is Trina Solar, which has been surveyed 39 times, followed by Luxshare Precision and Anji Technology, each with 36 surveys [1] - The industrial machinery and electronic components sectors have seen the highest interest, with 37 and 28 companies respectively being researched [1] Group 2 - Among the 398 stocks, 220 have seen price increases, with the highest increase being 189.46% for Huasheng Lithium Battery [1] - In terms of broker participation, CITIC Securities led with 102 research sessions, followed by Guotai Junan and Changjiang Securities with 99 and 77 sessions respectively [2] - The overseas expansion of Chinese companies has been a key topic during broker inquiries, with Trina Solar reporting significant growth in orders from high-margin markets like the US and Europe [2] Group 3 - The trend of Chinese companies going global is expected to significantly enhance their profit growth potential, as indicated by the performance of some representative companies exceeding market expectations [3] - The active research by brokers not only aids in value discovery and risk warning but also helps in understanding the cross-border financial needs of Chinese companies [3]