Economic Overview - The US ISM non-manufacturing PMI remained stable in January, while the manufacturing PMI exceeded expectations, marking the largest expansion since February 2022[2] - Price pressures are rising, and employment is slightly weakening, posing challenges for businesses[2] - The geopolitical tensions have led companies to stock up in advance to mitigate uncertainties[2] Domestic Economic Conditions - January PMI data shows seasonal weakness, indicating insufficient domestic demand, with the construction PMI returning to contraction territory[2] - Local government meetings have resulted in lowered economic growth targets for most provinces, focusing on stabilizing investment and promoting technological innovation[2] - The real estate market shows slight recovery in transaction volumes, while agricultural wholesale prices are declining[2] Commodity Prices - Upstream coal prices are rising, while prices for non-ferrous metals and gold are declining, and crude oil prices have retreated[2] - Steel and cement prices are on a downward trend, reflecting broader commodity market dynamics[2] Policy and Market Implications - The new Fed chair nomination has increased global asset volatility, with potential implications for economic support and structural reforms[2] - The European Central Bank has maintained interest rates, downplaying the impact of a stronger euro on the economy[2]

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 ...

Core Insights - The report highlights the high demand for AI computing power, as evidenced by recent price increases in cloud services from major providers like Google and Amazon, indicating a robust market environment for AI applications [2][5][15] - The introduction of new AI models, such as DeepSeek V4, is expected to drive technological advancements in domestic AI capabilities, potentially leading to a new wave of innovation in the industry [5][46] - The report maintains a "neutral" rating for the computer industry while recommending an "overweight" position on Hongsoft Technology, indicating a cautious but optimistic outlook for select companies within the sector [6][48] Industry Data - In 2025, China's software industry reported a business revenue of 154,831 billion yuan, reflecting a year-on-year growth of 13.2%, while total profits reached 18,848 billion yuan, up 7.3% [3][24] - The Producer Price Index (PPI) for the computer industry in December 2025 decreased by 0.2% month-on-month and 0.7% year-on-year, indicating some pricing pressures in the sector [3][16] - The total export value of the software industry was 62.73 billion USD in 2025, marking a 7.7% increase compared to the previous year [24] Company Announcements - Zhisheng Information announced a significant contract worth 63.7183 million yuan for the supply of server and software integration services, which is expected to positively impact its market presence and performance [4][37] - Shiji Information signed a major service agreement with Okura Nikko Hotel, providing a new generation of cloud-based hotel management systems, which enhances its brand recognition in the high-end hotel sector [4][39] Market Review - From January 1 to January 31, the Shenwan Computer Industry Index rose by 6.94%, with most sub-sectors experiencing gains, particularly horizontal general software, which increased by 16.97% [4][40] - As of January 31, 2026, the price-to-earnings ratio (TTM) for the Shenwan Computer Industry was 219.14 times, with a valuation premium of 1515.01% compared to the CSI 300 index [41][43] Monthly Strategy - The report emphasizes the acceleration of AI application penetration and the importance of companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [5][46][48] - The anticipated launch of DeepSeek V4 and the introduction of Google's Project Genie are expected to catalyze further advancements in AI applications, potentially leading to an earlier-than-expected commercialization turning point in the industry [5][46]

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]

Industry Overview - The report highlights the recent release of the "Implementation Regulations of the Drug Administration Law of the People's Republic of China" and the issuance of opinions by nine departments to promote high-quality development in the drug retail industry [21][23][25] - The sixth batch of national procurement for high-value medical consumables has been opened for bidding, indicating ongoing efforts to regulate and enhance the medical supply chain [21][22] Industry Data - In December, the Consumer Price Index (CPI) for healthcare was 101.8, with a year-on-year increase of 1.8% and a month-on-month increase of 0.1% [26] - The Producer Price Index (PPI) for pharmaceutical manufacturing was 96.1, showing a year-on-year decrease of 3.9% and a month-on-month decrease of 0.2% [37] - For the entire year of 2025, the cumulative operating income of the pharmaceutical manufacturing industry was 24,870.0 billion, a year-on-year decrease of 1.2%, while the cumulative total profit was 3,490.0 billion, a year-on-year increase of 2.7% [39] Company Announcements - Hengrui Medicine received drug registration approval and had several drugs included in the list of breakthrough therapy designations, indicating a strong pipeline and regulatory progress [62][67] - Zai Lab entered a global strategic cooperation and licensing agreement with AbbVie for the development and commercialization of ZG006, which includes significant upfront and milestone payments [68] - Rongchang Bio signed an exclusive licensing agreement with AbbVie for RC148, a dual-specific antibody drug, which includes substantial upfront and potential milestone payments [69] Market Performance - In January, the Shanghai Composite Index rose by 3.76%, while the Shenzhen Component Index increased by 5.03%. The SW Pharmaceutical and Biological Index rose by 3.14%, with all sub-sectors showing positive growth [74] - The SW Pharmaceutical and Biological Industry's price-to-earnings ratio (TTM) was 50.97, with a valuation premium of 258% relative to the CSI 300 [77] Monthly Strategy - The report suggests focusing on investment opportunities in innovative drugs, CXO, and upstream life sciences, particularly in light of recent developments in brain-computer interfaces and AI applications [84] - The report maintains a "neutral" rating for the industry and recommends a "buy" rating for Hengrui Medicine and an "accumulate" rating for WuXi AppTec [84]

证券分析师 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 晨会纪要（2026/02/05） 崔健 渤海证券研究所晨会纪要（2026.02.05） 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 主要指数全部震荡调整，两融余额小幅下降——融资融券周报 行业研究 关注马年春晚人形机器人相关催化——机械设备行业 2 月投资策略展望 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 5 晨会纪要（2026/02/05） 3、风险提示 金融工程研究 主要指数全部上涨，两融余额继续上升——融资融券 2 月月报 王雪莹（证券分析师，SAC NO：S1150525020001） 1、市场概况 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 ...

业 研 究 行 行业月报 关注马年春晚人形机器人相关催化 ——机械设备行业 2 月投资策略展望 | | | 机械设备 投资要点： 行情回顾 宁前羽 ningqy@bhzq.com 022-23839174 重点品种推荐 | 中联重科 | 增持 | | --- | --- | | 恒立液压 | 增持 | | 捷昌驱动 | 增持 | | 豪迈科技 | 增持 | 近半年行业指数走势图 2026 年 1 月 4 日-2026 年 2 月 3 日，沪深 300 指数上涨 0.65%，申万机械 设备行业上涨 8.42%，跑赢沪深 300 指数 7.77 个百分点，在申万所有一级行 业中位于第 7 位。 截至 2026 年 2 月 3 日，申万机械设备行业市盈率（PE，TTM）为 51.18 倍， 相对于沪深 300 的估值溢价率为 265.16%。 个股方面，涨幅居前的有锋龙股份（221.77%）、田中精机（107.49%）、宇 晶股份（104.82%）、中控技术（86.46%）、罗博特科（82.08%），其中锋 龙股份受控制权变更事件影响涨幅居前；跌幅居前的有思林杰（-28.48%）、 *ST 海华（-27.74%）、 ...

- The report does not contain any quantitative models or factors for analysis[1][3][4]

Content: --------- <doc id='1'>融资融券月报 13307 主要指数全部上涨，两融余额继续上升 ――融资融券 2 月月报</doc> <doc id='2'>| 分析师：王雪莹 | SAC NO：S1150525020001 2026 年 2 月 4 日 | | --- | --- | | 证券分析师 | 核心观点： | | 王[Table_IndInvest] 雪莹 | | | | 市场概况 | |  022-23839121 | | | wangxy4430@bhzq.com  | 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 | | | 涨幅最大，上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外， | | | 上证综指上涨 3.76 %，深证成指上涨 5.03%，创业板指上涨 4.47%， | | | 沪深 上涨 上涨 300 1.65 %，中证 500 12.12%。 | |  | 截至 1 月 30 日，沪深两市两融余额为 27,064.74 亿元，较上月末增加 | | | 1,737.60亿元。其中融资余额为 26,898.76 亿元，较上月末增加 1,736.88 | | | 亿元；融券余额为 165.99 亿元，较上月末增加 0.72 亿元。市场 ETF | | | 融资余额为 亿元，较上月末增加 亿元；融券余额为 1128.80 33.06 73.71 | | | 亿元，较上月末增加 亿元。户均融资融券余额为 元，较 0.94 1,414,996 | | | 上月末增加 35,599 元；有融资融券负债的投资者数量占全体融资融券 | | | 投资者数量的占比为 23.97%，较上月末增加 0.73 个百分点。1 月 1 日 | | | -1 月 30 日每日平均参与融资融券交易的投资者数量为 600,192 名，较 | | | 上月增长 42.73%。 | |  | 板块方面，主板和科创板融资余额占沪深两市 A 股融资余额比例下降， | | | 创业板占沪深两市 A 股融资余额比例上升。融券方面，主板和科创板融 | | | 券余额占沪深两市 A 股融券余额比例上升，创业板占沪深两市 A 股融券 | | | 余额比例下降。 | |  | 标的券情况 | |  | 行业方面，本月有色金属、电子和非银金融行业融资净买入额较多，建 | | | 筑材料、轻工制造和美容护理行业融资净买入额较少；本月融资买入额 | | | 占成交额比例较高的行业为非银金融、通信和电子，较低的行业为纺织 | | | 服饰、轻工制造和建筑材料；本月有色金属、食品饮料和家用电器行业 | | | 融券净卖出额较多，电力设备、电子和医药生物行业融券净卖出额较少。 | |  | 个股方面，本月个股融资净买入额前五名为中国平安（601318）、紫金 | | | 矿业（601899）、天孚通信（300394）、招商银行（600036）、长江电 | | | 力（600900）。本月个股融券净卖出额前五名为贵州茅台（600519）、 | | | 赤峰黄金（600988）、兴业银锡（000426）、美的集团（000333）、洛 | | | 阳钼业（603993）。 | |  | 风险提示：两融业务成本超预期变动风险；两融监管政策超预期变动风 | | | 险。 | | 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 20 |</doc> <doc id='3'>金 融 工 程 研 究 证 券 研 究 报 告 融 资 融 券 月 报</doc> <doc id='5'>| 1. 市场数据概览 | | 4 | | --- | --- | --- | | 2. 行业融资融券特征 | | 9 | | 3. ETF 标的券 | | 13 | | 4. 个股标的券及重大事项 | | 15 | | 5. 结论 | | 17 |</doc> <doc id='6'>| | |</doc> <doc id='7'>| 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例 4 | | --- | | 图 2：本月融资业务情况 5 | | 图 3：本月融券业务情况 5 | | 图 4：近五年两融余额情况 6 | | 图 5：各板块融资余额情况（亿元） 6 | | 图 6：各板块融券余额情况（亿元） 6 | | 图 7：各指数融资余额情况（亿元） 7 | | 图 8：各指数融券余额情况（亿元） 7 | | 图 9：近一年融资融券机构投资者及个人投资者数量 8 | | 图 10：近一年参与融资融券交易的投资者数量与有融资融券负债的投资者数量 8 | | 图 11：本月申万一级行业涨跌幅及融资买入额占成交额比例（%） 9 | | 图 12：本月行业融资净买入额情况（万元） 9 | | 图 13：本月行业融券净卖出额情况（万元） 10 | | 图 14：近一年 ETF 融资融券余额情况 13 | </doc> <doc id='8'>| 表 1：A | 股市场主要指数本月表现 4 | | --- | --- | | 表 2：本月标的券所属行业融资情况 10 | | | 表 3：本月标的券所属行业融券情况 11 | | | 表 4：本月 ETF 融资净买入前 20 | 名 13 | | 表 5：本月个股融资净买入前 20 | 名 15 | | 表 6：本月融资买入额占成交额比例前 | 20 名 15 | | 表 7：本月个股融券净卖出前 20 | 名 16 |</doc> <doc id='9'>1. 市场数据概览 本月（1 月 1 日-1 月 30 日）A 股市场主要指数全部上涨，其中科创 50 涨幅最大， 上涨了 12.29%；上证 50 涨幅最小，上涨了 1.17%。此外，上证综指上涨 3.76 %， 深证成指上涨 5.03%，创业板指上涨 4.47%，沪深 300 上涨 1.65 %，中证 500 上涨 12.12%。</doc> <doc id='10'>表 1：A 股市场主要指数本月表现 | 指数名称 | 12 月 31 日收盘价 | 1 月 30 日收盘价 | 月涨跌幅(%) | | --- | --- | --- | --- | | 上证综指 | 3968.84 | 4117.95 | 3.76 | | 深证成指 | 13525.02 | 14205.89 | 5.03 | | 创业板指 | 3203.17 | 3346.36 | 4.47 | | 科创 50 | 1344.20 | 1509.40 | 12.29 | | 沪深 300 | 4629.94 | 4706.34 | 1.65 | | 上证 50 | 3031.13 | 3066.50 | 1.17 | | 中证 500 | 7465.57 | 8370.52 | 12.12 | 资料来源：同花顺，渤海证券研究所 图 1：近一年沪深 300 收盘价与融资买入额占成交额比例</doc> <doc id='12'>资料来源：同花顺，渤海证券研究所 1 月 30 日，沪深两市两融余额为 27,064.74 亿元，较上月末增加 1,737.