证券研究报告 | 2026年02月02日 | 晨会纪要 | | --- | | 数据日期:2026-01-30 | 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） | 4117.94 | 14205.89 | 4706.34 | 15297.76 | 4144.71 | 1509.40 | | 涨跌幅度（%） | -0.96 | -0.65 | -0.99 | -0.97 | 0.26 | 0.11 | | 成交金额（亿元） | 12698.55 | 15656.81 | 7505.64 | 5307.38 | 7260.69 | 929.94 | $\frac{10}{10}\leq\frac{1}{10}$. (4) [ (4) 36 $\mu$H$\mu$H$\mu$H$\mu$] 宏观与策略 宏观深度:"反内卷"与结构突围————中国经济复盘与展望 宏观快评:美国 1 月 FOMC 会议点评-降息的"两道门槛" 宏观快评:2025 年 12 月财 ...

Core Insights - The "Deep Integration of Technological Innovation and Industrial Innovation" topic was launched by the Chinese Academy of Sciences on May 27, 2025, aiming to explore strategic directions and countermeasures for integrated development, providing theoretical support for new productive forces [1] - The "Innovation and Entrepreneurship Investment Conference" showcased over 50 cutting-edge achievements, promoting industry connections [1] Industry Analysis - According to招商证券, the performance of the Sci-Tech Innovation Index-related industries showed divergence in May, with a high proportion of loss-making companies in the software development and technology sectors, indicating significant capacity clearing pressure [1] - In terms of economic conditions, the export value of integrated circuits in the information technology sector saw an expanded year-on-year growth, while the growth rate of LCD shipments slowed down [1] - Profitability forecasts suggest that in June, improvements in earnings for companies in the Sci-Tech sector may be concentrated in the TMT manufacturing segments [1] - The upgrade of Google's AI ecosystem is driving technological iterations, with innovative products like AI video generation tool Veo 3 and image tool Imagen 4 potentially catalyzing the Sci-Tech industry chain [1] - Industry allocation should pay attention to external tariff uncertainties and focus on layouts around the theme of self-control [1] Investment Products - The Guotai Sci-Tech Innovation Index ETF (589630) tracks the Sci-Tech Innovation Index (000680), which is published by the Shanghai Stock Exchange and aims to reflect the overall market performance of the Sci-Tech board, primarily focusing on small and mid-cap companies in early innovation stages [1]