Investment Rating - The report maintains a "Buy" rating for several key stocks in the construction materials sector, including Yao Pi Glass, Yinlong Co., Puyang Co., San Ke Tree, and Bei Xin Materials [7]. Core Insights - The construction materials sector saw a 4.91% increase from February 2 to February 6, 2026, outperforming the Shanghai and Shenzhen 300 index by 4.10% [12]. - The report highlights the positive impact of government policies aimed at stabilizing prices and boosting macroeconomic governance, which may lead to improved demand in municipal engineering projects [1][12]. - The cement industry is experiencing a demand bottoming out, with a focus on supply-side improvements and regional demand increases driven by large infrastructure projects [1][17]. - The glass fiber market shows structural opportunities, particularly in high-end demand segments, while the overall glass market is under pressure from inventory levels [1][34]. Summary by Sections Cement Industry Tracking - As of February 6, 2026, the national cement price index was 340.08 CNY/ton, down 0.83% week-on-week, with a significant drop in cement output and utilization rates [17]. - The report anticipates a continued decline in cement demand leading up to the Lunar New Year, with a strategy of "stabilizing prices and reducing volume" being adopted by many companies [17][30]. Glass Industry Tracking - The average price of float glass as of February 5, 2026, was 1154.49 CNY/ton, reflecting a 0.85% increase week-on-week, but overall inventory levels remain high [34]. - The report notes that downstream demand is cooling due to the upcoming holiday, although some support from export orders is noted [34]. Glass Fiber Industry Tracking - The report indicates a slight increase in the price of non-alkali glass fiber, driven by rising costs, while high-end electronic yarn prices have seen significant increases [5][34]. - The overall production capacity in the glass fiber sector remains stable, with a slight increase in inventory levels noted [5][34]. Consumer Building Materials - The consumer building materials segment is experiencing a weak recovery, with fluctuations in raw material prices impacting overall demand [6]. - The report emphasizes the potential for long-term market share growth in this segment, particularly in response to policies stimulating consumption [1][6].

Investment Rating - The report maintains an "Overweight" rating for the coal mining sector [4] Core Insights - The coal market is currently influenced by external factors, particularly the proposed significant production cuts by Indonesia, which could lead to a global coal supply shortage and increased prices [2][13] - The report emphasizes the importance of overseas markets over domestic ones, suggesting that any "black swan" events in these markets could significantly impact coal prices [2] - The report highlights the "Overseas 3 Small Coal" concept, focusing on companies with international operations that are likely to benefit from the anticipated price increases [2][13] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3868.96 points, a decrease of 0.61%, outperforming the CSI 300 Index by 0.72 percentage points [76] - The report notes that the coal market lacks imagination under current fundamental conditions, but high coal prices could enhance company valuations if unexpected events occur [1][2] Key Areas of Analysis - The report discusses the impact of Indonesia's proposed production cuts, which could reduce output by 40% to 70% compared to 2025 levels, potentially leading to a significant tightening of the global coal market [1][2] - It also mentions that the domestic coal market is expected to experience a dual weakness in supply and demand as the Chinese New Year approaches, with prices likely to stabilize [33][38] Investment Strategy - The report recommends focusing on companies with international coal sales, specifically highlighting China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) as key investment opportunities [2][13] - It also suggests that Yancoal Australia's parent company, Yanzhou Coal, should be closely monitored [13] Price Trends - As of February 6, 2026, the spot price for thermal coal at northern ports was reported at 697 RMB/ton, reflecting a slight increase of 2 RMB/ton week-on-week [33] - The report indicates that while the market is currently stable, the sentiment is optimistic due to the supply constraints from Indonesia, which may lead to price increases post-holiday [33][35] Focused Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and Zhongmei Energy, based on their performance and market positioning [10][13] - It also highlights the importance of companies like Keda Control and China Qinfa, which are positioned to benefit from market changes [13]

重磅研报 持股过节 今日概览 证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 09 年 月 日 | 【宏观】高频半月观—数据进入"假期模式"——20260208 | | --- | | 【金融工程】持股过节——20260208 | | 【金融工程】择时雷达六面图：本周资金面和宏观基本面弱化—— | | 20260207 | | 【固定收益】持债过节——20260208 | | 【固定收益】资金更为宽松，政府债融资将回落——流动性和机构行为 | | 跟踪——20260207 | | 【建筑材料】竣工端建材将迎来长周期拐点——20260208 | | 【电力设备】钙钛矿：迎来 GW 级量产——20260206 | 【钢铁】方大特钢（600507.SH）-成本优势明显，增长潜力突出—— 20260208 朝闻国盛 研究视点 【煤炭】印度扩产炼钢提振焦煤需求，拟加码美国进口优化供应格局— —20260208 【房地产】C-REITs 周报——双轨并行，商业不动产 REITs 密集上报—— 20260207 【计算机】新国都（300130.SZ）-年报业绩符合预期，软硬出海+港股 上市加速全球化布 ...

Investment Rating - The report suggests a positive investment outlook for the liquor and beverage industry, particularly highlighting the strong performance of leading brands like Moutai during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes that the liquor sector is experiencing a recovery driven by seasonal demand, with Moutai leading the way in sales and pricing improvements. The anticipated increase in social consumption due to the extended Spring Festival holiday in 2026 is expected to further boost demand [2]. - In the beer and beverage segment, Chongqing Beer is projected to achieve stable growth in 2025, with revenue expected to reach 14.72 billion yuan, reflecting a year-on-year increase of 0.5%. The company is actively expanding its product offerings and optimizing its market strategy [3]. - The report notes that the snack and dairy sectors are poised for growth due to the delayed Spring Festival, which is expected to enhance sales in these categories. The low base effect from the previous year is anticipated to contribute positively to the performance of these sectors [4][7]. Summary by Sections Liquor Sector - Moutai is expected to outperform other brands, benefiting from effective customer engagement and a supportive pricing strategy. The brand's online platform has seen significant user engagement, with over 15.31 million active users and substantial sales figures [2]. - The report suggests focusing on both short-term and long-term investment opportunities within the liquor sector, recommending brands like Guizhou Moutai and Wuliangye for immediate gains, while suggesting long-term holds on leading brands [1]. Beer and Beverage Sector - Chongqing Beer is projected to maintain a steady growth trajectory, with a focus on expanding non-traditional beverage channels and enhancing product diversity. The report indicates that the beer sector is currently undervalued, presenting potential investment opportunities if market conditions improve [3]. - East Peng Beverage's recent IPO and its strategic partnership for international expansion are highlighted as significant developments in the beverage sector, indicating a strong market position and growth potential [3]. Snack and Dairy Sector - The report identifies the snack and dairy sectors as key areas for growth, particularly during the Spring Festival preparation phase. The anticipated increase in demand for gift-oriented products is expected to drive sales in these categories [4][7]. - The dairy sector is expected to benefit from a recovery in milk prices and improved profitability in the dairy farming industry, which could enhance the overall growth prospects for dairy products [7].

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Li Ning, Anta Sports, Shenzhou International, and Huayi Group [11][25][34]. Core Insights - Adidas is expected to see a 10% revenue growth in Q4 2025, with a 13% increase for the full year, driven by strong performance across all channels and regions [1][15]. - VF Corporation reported a revenue of $2.88 billion for FY2026Q3, with a 2% year-over-year growth on a currency-neutral basis, and an improved operating profit margin [2][16]. - The North Face and Timberland brands showed strong growth, while Vans experienced a revenue decline of 10% [3][18]. - The overall performance of the sportswear sector is expected to outperform the broader apparel market, with strong inventory management capabilities among key companies [4][19]. Summary by Sections Adidas Performance - In Q4 2025, Adidas brand revenue is projected to grow by 11% on a currency-neutral basis, with a gross margin increase to 50.8% [1][15]. - For the full year 2025, revenue growth is expected at 13%, with a gross margin of 51.6% and an operating profit margin of 8.3% [1][15]. VF Corporation Financials - VF Corporation's FY2026Q3 revenue reached $2.88 billion, with a currency-neutral growth of 2% [2][16]. - The gross margin improved to 57%, and the operating profit margin increased to 12.1% [2][16]. Brand Performance - The North Face saw a 5% revenue growth in Q3, with strong performance across all product categories [3][18]. - Timberland also reported a 5% revenue increase, while Vans faced a 10% decline [3][18]. Market Outlook - The sportswear sector is expected to maintain resilience and long-term growth potential, with a focus on brands like Li Ning and Anta Sports [4][19]. - Li Ning's profit is projected to decline by 9% in 2025 but grow by 5.8% in 2026, while Anta Sports is expected to see a 15% profit decline in 2025, followed by a 6.4% increase in 2026 [4][19]. Inventory and Supply Chain - The industry inventory is reported to be healthy, with expectations for downstream replenishment to drive upstream order growth [21].

Investment Rating - The report maintains a rating of "Buy" for key companies in the environmental sector, including Huicheng Environmental and GaoNeng Environment [6]. Core Insights - The report emphasizes the integration of rural ecological environment governance with agricultural modernization, driven by the State Council's rural revitalization policy, which is expected to boost demand in wastewater treatment, waste disposal, and agricultural pollution prevention [10][12]. - The Guangdong province has issued a guiding announcement for hazardous waste utilization and disposal capacity construction for 2025, indicating a shift towards optimizing the structure of hazardous waste disposal, which will benefit companies focused on quality improvement in waste treatment [13][17]. - The environmental sector is currently experiencing low macroeconomic interest rates, making it an attractive investment opportunity, particularly for companies with strong cash flow and high dividend yields [2][18]. Summary by Sections Investment Views - The report highlights the release of the Central Committee and State Council's document on rural modernization, which aims to integrate ecological governance with agricultural development [10]. - The Guangdong announcement encourages investment in hazardous waste projects, focusing on resource utilization and high-end disposal [13]. - The environmental sector is positioned for a rebound as institutional holdings and valuations are at historical lows, suggesting a favorable investment environment [18]. Market Performance - The environmental sector outperformed the broader market, with a decline of only 0.18% compared to a 1.27% drop in the Shanghai Composite Index and a 3.28% drop in the ChiNext Index [23]. - Notable stock performances include Kairun Environment with a rise of 28.91% and Shuangliang Energy with an 18.22% increase, while Shenwu Energy saw a decline of 11.25% [23]. Key Companies - Huicheng Environmental is recommended for its strong position in hazardous waste projects and innovative technology in waste plastic recycling [20]. - GaoNeng Environment is highlighted for its comprehensive environmental system services and a robust pipeline of hazardous waste projects [20]. - Hongcheng Environment is noted for its consistent revenue growth and high dividend yield, making it an attractive investment option [18].

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including companies like Zijin Mining, China Hongqiao, and Chalco [11]. Core Insights - The report highlights that despite short-term fluctuations in macroeconomic sentiment, the long-term bullish trend for non-ferrous metals remains intact [2]. - In January, the People's Bank of China increased its gold purchases, injecting confidence into the precious metals market, while the U.S. ADP employment figures fell short of expectations, indicating a cooling job market [2][41]. - The report emphasizes the strategic importance of copper reserves, with plans to expand national copper strategic reserves and explore commercial reserve mechanisms [3]. - The aluminum market is experiencing short-term price fluctuations due to geopolitical tensions and macroeconomic policies, with supply and demand dynamics affected by seasonal factors [4]. - Nickel prices are under pressure due to declining macroeconomic sentiment, with a notable drop in prices observed [5]. - The lithium market is seeing a decline in prices and ongoing inventory reduction, with supply chain dynamics influenced by seasonal production adjustments [9]. - Cobalt prices are also weak, with reduced trading activity as companies prepare for the upcoming holiday season [10]. Summary by Sections Precious Metals - In January, China's central bank increased gold purchases from 0.93 tons to 1.24 tons, providing support to the precious metals market [2][41]. - The largest silver ETF recorded a single-day increase of 1,000 tons, marking the third-largest daily increase in history, indicating long-term investor confidence [2]. Industrial Metals - Copper prices are being closely monitored due to increased global inventories and strategic reserve discussions in China [3]. - Aluminum production is stable, but demand is declining as downstream processing enterprises begin their holiday breaks, leading to increased social inventory [4]. - Nickel prices fell by 5.8% to 132,000 yuan/ton, driven by a cooling macroeconomic sentiment [5]. Energy Metals - Lithium carbonate prices dropped by 13.2% to 138,000 yuan/ton, with ongoing inventory reduction and production adjustments ahead of the holiday season [9]. - Cobalt prices decreased by 6.3% to 410,000 yuan/ton, with demand slowing as companies finish pre-holiday stockpiling [10]. Key Companies to Watch - Companies recommended for attention include Zijin Mining, Shandong Gold, and China Hongqiao in the precious metals sector, and Chalco and Western Mining in the aluminum sector [2][4][11].

证券研究报告 | 行业周报 gszqdatemark 2026 02 08 年 月 日 社会服务 春节旺季在即，重视服务消费与商品消费 即将步入"史上最长春节假期"，考虑到节日消费传统与新兴消费趋势，我 们建议重视与春节相关的消费子板块，包括免税、出行链（景区酒店餐饮）、 茶饮（红包受益）、黄金珠宝、商超。 免税：海南离岛免税春节有望持续强劲。据海口海关统计，2026 年 1 月， 海南离岛免税购物金额 45.3 亿元，购物人数 56.0 万人次，购物数量 336.7 万件，同比分别增长 44.8%、21.0%和 14.0%。根据同程旅行数据，截至 1 月 27 日，海南省春节酒店整体预订热度同比上涨 191%，其中，海口、 三亚、陵水春节酒店预订热度分别同比涨超 227%、167%和 169%。预计 海南离岛免税行业景气趋势在春节旺季仍将保持强劲。 执业证书编号：S0680525110003 邮箱：maohongyi@gszq.com 出行链：长假+普惠政策，最长春节有望迎最热表现。据同程旅行，较长 假期将推动 26 年春节出游人群比例提升，逐步接近返乡大军比例。在休 闲度假、探亲访友、返乡团圆等多元需求的 ...

Investment Rating - The report maintains a positive outlook on the stock trading software industry, indicating a bullish market trend and recommending a focus on leading companies in this sector [1][4]. Core Insights - The report highlights a significant increase in new account openings and trading volumes, which are directly benefiting stock trading software companies. In January 2026, new account openings surged by 213.11% year-on-year, while total trading volume increased by 180.64% [9][10]. - The performance of stock trading software is closely correlated with market conditions, particularly during bull markets. For instance, the net profit of Tonghuashun in Q4 2025 is expected to grow by 30.5% to 77.1% year-on-year, driven by increased trading activity [10][28]. - The report emphasizes the role of ETFs, insurance capital, and household deposits as new growth drivers for the market, suggesting that these factors will support further index gains in 2026 [2][26]. Summary by Sections Stock Trading Software Performance - Tonghuashun is identified as a market leader benefiting from increased user engagement and demand for financial services, with projected net profits for Q4 2025 ranging from 15.29 to 20.76 billion yuan [28][29]. - Dongfang Caifu's securities business is noted as a primary growth driver, with a 50.57% increase in net profit for the first three quarters of 2025 [32]. - Jiufang Zhitu's revenue for the first half of 2025 saw a remarkable growth of 596.81%, attributed to a surge in demand for its financial software and services [37]. Market Dynamics - The report indicates that the insurance industry is experiencing robust growth, with total assets increasing by 15.1% year-on-year in 2025, which is expected to enhance the investment landscape [17][19]. - The report also notes a shift in household deposits, with a significant slowdown in growth observed in late 2025, suggesting potential implications for market liquidity [22][26]. - The anticipated continued liquidity in 2026, supported by a moderately loose monetary policy, is expected to further enhance market attractiveness [26]. Recommendations - The report suggests focusing on key players such as Tonghuashun, Dongfang Caifu, Jiufang Zhitu, and others, indicating their strong market positions and growth potential [43].

Investment Rating - The report suggests a positive investment outlook for the liquor and beverage industry, particularly highlighting the strong performance of leading brands like Moutai during the upcoming Spring Festival season [1][2]. Core Insights - The report emphasizes that the liquor sector is experiencing a recovery driven by seasonal demand, with Moutai leading the way in sales and pricing improvements. The anticipated increase in social consumption due to the extended Spring Festival holiday in 2026 is expected to further boost demand [2]. - In the beer and beverage segment, Chongqing Beer is projected to achieve stable growth in 2025, with revenue expected to reach 14.72 billion yuan, a year-on-year increase of 0.5%. The company is actively expanding its product offerings and optimizing its market strategy [3]. - The report notes that the food sector is benefiting from a delayed Spring Festival, which is likely to enhance sales of snacks and dairy products, particularly those with gifting attributes [4]. Summary by Sections Liquor Sector - The Spring Festival season is expected to catalyze sales, with Moutai showing strong performance and leading the market recovery. The brand's effective customer engagement strategies have resulted in significant user growth and order volume [2]. - The report anticipates that the overall liquor market will see a positive turnaround, supported by favorable policies and improved consumer sentiment [2]. Beer and Beverage Sector - Chongqing Beer reported a revenue of 14.72 billion yuan for 2025, with a net profit of 1.23 billion yuan, reflecting a 10.4% increase year-on-year. The company is focusing on expanding its non-alcoholic beverage channels and enhancing its product mix [3]. - East Peng Beverage's recent IPO and its strategic partnership for international expansion are highlighted as significant developments in the beverage sector [3]. Food Sector - The report indicates that the delayed Spring Festival in 2026 will create opportunities for growth in the snack and dairy product categories, particularly those with gifting potential. The low base effect from the previous year is expected to facilitate a strong start for these products [4][7].