研 行 行业周报 业 关注春节假期消费，家居估值修复仍可期 ——轻工制造&纺织服饰行业周报 | 究 分析师： | 袁艺博 | | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 09 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 轻工制造 | | | | | | | | | | | 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）九部门联合发文，打造春节消费盛宴。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com | | | | | | | | | | 022-23839135 （2）自 3 月 2 日起玖龙九大基地牛卡、瓦楞纸等纸种价格普遍上调 50 元/ 吨。 研子究行助业理评级 券 家居用品 中性 服装家纺 中性 | 证 中性 | | | --- | --- | | 纺织制造 中性 | 股份。 | | ...

――A 股市场投资策略专题 | 分析师： 严佩佩 | | SAC NO： S1150520110001 2026 年 2 月 9 日 | | --- | --- | --- | | 证券分析师 |  | [Table_Summary] 长期护理保险（简称"长护险"）是为分散因长期失能而产生的财务风 | | 严佩佩 | | 险，为需要持续性生活照料和医疗护理的个人提供经济保障或服务给付 | | 022-23839070 | | 的一种制度安排。长护险在实践中存在社会保险、商业保险和护理津贴 | | SAC NO:S1150520110001 | | 三种模式。为应对人口老龄化所带来的医疗护理需求，我国长护险制度 | | yanpp@bhzq.com | | 先后在 个试点城市试行，"十五五"期间将由"试点"阶段迈向"推 49 | | | | 行"阶段。 | | 宋亦威 |  | 日本介护险于 2000 年施行，规定 40 岁以上人群必须加入介护保险，资 | | 022-23861608 | | 金由国家公费（税收）和保险费用各承担 50%。待遇支付方面，介护服 | | SAC NO:S11505140800 ...

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/09） 崔健 渤海证券研究所晨会纪要（2026.02.09） 宏观及策略研究 关注资金变动，把握品种利差——利率债 2 月投资策略展望 经济预期分化，市场波动加剧——宏观经济周报 行业研究 业绩预告密集披露，关注改善标的——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2026/02/09） 宏观及策略研究 关注资金变动，把握品种利差——利率债 2 月投资策略展望 王哲语（证券分析师，SAC NO：S1150524070001） 周 喜（证券分析师，SAC NO：S1150511010017） 李济安（证券分析师，SAC NO：S1150522060001） 1、2026 年 1 月市场回顾 资金价格：2026 年 1 月，央行各项工具流动性净投放 1.2 万亿元，较 2025 年 12 月增加近 4000 亿元，其中， 买断式逆回购、MLF 均超量续作，呵护资金 ...

固 定 收 益 研 究 固定收益月报 关注资金变动，把握品种利差 ――利率债 2 月投资策略展望 | 分析师： | 王哲语 | SAC NO： | 年 | 月 | 日 | S1150524070001 | 2026 | 2 | 6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [Table_Author] | 年 | 月市场回顾 |  | 2026 | 1 | 证券分析师 | [Table_IndInvest] | | | | | | 资金价格：2026 | 年 | 1 月，央行各项工具流动性净投放 | 1.2 万亿元，较 |  | 2025 | 王哲语 | 年 | 12 月增加近 | 4000 亿元，其中，买断式逆回购、MLF | 均超量续作，呵护 | 022-23839051 | | 资金面的意愿，同时也降低了春节前降准的必要性。1 | 月资金价格整体抬 | wangzheyu@bhzq.com | 升，DR007 | 上行至 | 1.5%以上，与年初季节性因素、政府债供给放量预期等 ...

SAC NO：S1150520110001 022-23839070 yanpp@bhzq.com ――宏观经济周报 分析师：周喜 SAC NO：S1150511010017 2026 年 2 月 6 日 证券分析师 周喜[Table_IndInvest] 022-28451972 zhouxi@bhzq.com 宏观经济分析报告 5 经济预期分化，市场波动加剧 宋亦威[Table_IndInvest] SAC NO：S1150514080001 022-23861608 songyw@bhzq.com 严佩佩 研究助理 靳沛[Table_IndInvest] 芃 SAC NO：S1150124030005 022-23839160 jinpp@bhzq.com 风险提示：1.地缘政治风险：全球经贸局势不确定性抬升，或对市场风险 偏好形成扰动。2.经济和政策变化超预期：国内经济正处于转型阶段，基 本面超预期变动易引起相关政策调整。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 7 证 券 研 宏 观 宏 观 周 报 研 究 究 报 告 就外围环境而言，美国方面，1 月 IS ...

Investment Rating - The industry maintains a "Neutral" rating, with specific company ratings of "Buy" for 恒瑞医药 (Hengrui Medicine) and "Add" for 药明康德 (WuXi AppTec) [6][53]. Core Insights - The report highlights the recent approval of new drugs, including 埃诺格鲁肽注射液 (Energulutide Injection), which is the first of its kind approved for adult type 2 diabetes patients [16]. - The report emphasizes the importance of the recent policies from the National Medical Security Administration aimed at enhancing the medical insurance landscape, which is expected to improve service levels and create development opportunities in the industry [14]. - The report notes significant growth in product revenues for companies like 信达生物 (Innovent Biologics) and 康方生物 (CanSino Biologics), indicating a positive trend in the sector [31][32]. Industry News - The National Medical Security Administration issued a notice to accelerate the cultivation and application of new scenarios in the medical insurance field, which is expected to enhance service levels and create industry development opportunities [14]. - The Ministry of Industry and Information Technology, along with seven other departments, released a plan for the high-quality development of the traditional Chinese medicine industry from 2026 to 2030, aiming to strengthen the entire industry chain [15]. - The report mentions that in 2025, the employee medical insurance personal account had a total of 4.64 billion person-times, with a total amount of 68.77 billion yuan [15]. Company Announcements - 信达生物 (Innovent Biologics) reported a strong revenue growth of approximately 45% year-on-year for 2025, with a significant increase in Q4 revenue due to new drugs being included in the national medical insurance directory [31]. - 康方生物 (CanSino Biologics) granted exclusive commercialization rights for 伊喜宁® (Evinacumab) to 济川药业 (Jichuan Pharmaceutical), receiving an upfront payment of 80 million yuan [32]. - 恒瑞医药 (Hengrui Medicine) has had several drug applications accepted by the FDA and NMPA, indicating ongoing progress in its product pipeline [33]. Market Review - The report notes a decline in major indices, with the SW Pharmaceutical and Biological sector down by 0.97% during the week of January 30 to February 5, 2026 [45]. - The overall industry P/E ratio as of February 5, 2026, was reported at 51.01 times, with a valuation premium of 261% relative to the CSI 300 index [47]. Weekly Strategy - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, while also monitoring companies involved in small nucleic acids and AI applications [53].

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/06） 市场处于震荡整固阶段，结构性行情将是重点——A 股市场 2026 年 2 月投资 策略报告 行业研究 关注年报业绩催化与创新药械产业链——医药生物行业 2 月投资策略展望 崔健 渤海证券研究所晨会纪要（2026.02.06） 宏观及策略研究 晨会纪要（2026/02/06） 宏观及策略研究 市场处于震荡整固阶段，结构性行情将是重点——A 股市场 2026 年 2 月投资策略报告 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 要 宋亦威（证券分析师，SAC NO：S1150514080001） 云计算提价印证高景气，AI 应用迎来多点催化——计算机行业 2 月投资策略 展望 证 券 研 究 报 告 晨 会 纪 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、宏观方面 2026 年年初，出口端在结构优化、产品竞争优势以及经贸环境改善的支撑下将 ...

业 研 究 证 券 研 究 报 告 云计算提价印证高景气，AI 应用迎来多点催化 分析师： 连天龙 SAC NO： S1150525070002 2026 年 02 月 05 日 计算机 证券分析师 连天龙 liantl@bhzq.com 022-23861563 重点品种推荐 虹软科技 增持 近半年行业指数走势图 相关研究报告 海外 AI 助手 Clawdbot 出圈， AI 应用催化密集———计算 机行业周报 2026.01.29 政策赋能算力升级，AI 应用生 态持续深化———计算机行 业周报 投资要点： 行业数据 公司公告 行情回顾 本月策略 DeepSeek V4 蓄势待发，AI 算机行业周报 行业要闻 （1）SpaceX 正式收购 xAI，计划在太空建造数据中心； （2）谷歌推出 Project Genie AI 模型测试版本，能生成可玩游戏世界； （3）谷歌、亚马逊宣布云服务涨价。 2025 年 12 月计算机工业生产者出厂价格指数（PPI）环比下降 0.2%，同比 下降 0.7%。2025 年，我国软件业业务收入 154831.00 亿元，同比增长 13.2%； 软件业利润总额 18848.0 ...

Macro Economic Situation - Export continued to improve with a year-on-year growth of 6.6% in December 2025, driven by structural optimization and competitive advantages of high-tech products [8] - Fixed asset investment in 2025 decreased by 3.8% year-on-year, with infrastructure investment down by 2.2% and real estate investment down by 17.2% [10][12] - Manufacturing investment showed a slight increase of 0.6% year-on-year, but was affected by policy adjustments and demand fluctuations [11][12] Liquidity Environment - The Federal Reserve maintained the policy interest rate between 3.50% and 3.75% in January 2026, with expectations of potential rate cuts later in the year [24] - The People's Bank of China released trillions of yuan through reverse repos and MLF to address seasonal funding needs, maintaining a moderately loose monetary policy [23][27] Capital Market Liquidity Environment - ETFs experienced significant outflows in January 2026, indicating a shift towards stabilizing the market and reducing overheating risks [33][46] - Changes in financing rules have led to a more stable growth in financing, with the minimum margin requirement for margin trading increased from 80% to 100% [34] - The pace of stock supply has accelerated due to policies promoting direct financing, with increased IPO and refinancing activities [42][46] Market Strategy - The market is currently in a consolidation phase, with limited potential for significant upward movement due to high valuation levels and resistance from previous counter-cyclical adjustments [57] - The focus should shift towards structural opportunities as the market navigates through a vacuum of economic data and performance [57] Industry Allocation - In February 2026, attention should be given to relatively low-positioned consumer and cyclical sectors during the pre-holiday industry style convergence [61] - Opportunities in the AI sector are expected to grow due to ongoing capital investments and domestic demand for computing power [61] - The power equipment industry is anticipated to benefit from overseas photovoltaic expansion plans and significant investments from the State Grid [61]

行 行业月报 业 关注年报业绩催化与创新药械产业链 研 ——医药生物行业 2 月投资策略展望 houyn@bhzq.com 022-23839211 1 月，《中华人民共和国药品管理法实施条例》发布，商务部等九部门发布 关于促进药品零售行业高质量发展的意见，2026 年全国药品监督管理工作会 议在北京召开，另外第六批国家组织高值医用耗材集采开标。 研子究行助业理评级 | | | 近半年行业指数走势图 报 | | | 医药生物 投资要点： 证券分析师 行业要闻 侯雅楠 相关研究报告 行业周报 九部门发文促进药品零售行 业高质量发展，期待药店经营 拐点——医药生物行业周报 证 券 研 重点品种推荐 恒瑞医药 买入 药明康德 增持 12 月医疗保健 CPI 为 101.8，同比增长 1.8%，环比增长 0.1%。12 月医药制 造 PPI 为 96.1，同比下降 3.9%，环比下降 0.2%，仍有承压。1-12 月医药制 造业累计营业收入为 24,870.0 亿元，同比下降 1.2%；医药制造业累计利润 总额为 3,490.0 亿元，同比增长 2.7%。1-12 月基本医疗保险（含生育保险） 累计基金结余为 5,3 ...