Investment Rating - The report maintains a "Market Weight" rating for the building materials industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [46]. Core Insights - The building materials industry is experiencing an optimization in supply and demand dynamics due to the "anti-involution" policies, with expectations for price increases in electronic fabrics [2][4]. - The cement sector is anticipated to see a further contraction in total production capacity in 2026, driven by regulatory measures and a potential recovery in real estate sales in key cities [4][39]. - The flat glass market is showing signs of recovery with a slight increase in production and prices, although short-term demand remains weak due to seasonal factors [4][40]. - The photovoltaic glass market is facing challenges with excess supply and ongoing losses, but long-term demand is expected to be supported by the development of new energy bases [4][40]. - The glass fiber industry is in a structural recovery phase, with increasing demand for high-end products driven by advancements in AI and 5G technologies [4][40]. Summary by Sections Cement - The Ministry of Industry and Information Technology has implemented measures to control cement production capacity, leading to an expected reduction in total capacity in 2026 [4][39]. - Recent data indicates a recovery in real estate sales, which, combined with major infrastructure projects, may improve the supply-demand balance in the cement industry [4][39]. - Recommended stocks include Shangfeng Cement, Taipai Group, and Huaxin Cement, which have favorable fundamentals and high dividend yields [4][39]. Glass and Fiberglass - The flat glass production in 2025 is projected to be 97,591 million weight boxes, a 3% decrease year-on-year, but December 2025 saw a 3.4% increase compared to the previous year [4][40]. - The price of float glass has shown a slight recovery, with expectations for price stabilization due to supply-side adjustments [4][40]. - The fiberglass market is benefiting from increased demand for low-DK glass fabrics, with Taiwanese manufacturers shifting production to meet this demand [4][40]. - Recommended stocks in the fiberglass sector include China Jushi, which is expected to benefit from the structural recovery in the industry [6][40]. Consumer Building Materials - Leading companies like Keshun and Sankeshu have announced price increases due to rising raw material costs, indicating a trend of price stabilization in the industry [6][42]. - The demand for new construction is weakening, but renovation and urban renewal projects are expected to drive growth [6][42]. - Recommended stocks include Beixin Building Materials, Tubaobao, and Sankeshu, which are well-positioned to recover ahead of their peers [6][42].

Investment Rating - The report maintains an "Overweight" rating for the computer industry, expecting the industry index to outperform the market index by over 10% in the next six months [30]. Core Insights - The report highlights the recent surge in AI-related activities, particularly the "Spring Festival Treat Plan" by Alibaba's Qianwen APP, which led to a significant increase in AI-driven orders, indicating a growing demand for AI computing power [3][27]. - The report emphasizes the potential investment opportunities in the AI computing power supply chain, driven by the increasing adoption of AI applications by major tech companies [3][27]. Summary by Sections 1. Industry Performance Review - The SW computer sector experienced a cumulative decline of 0.49% over the past two weeks, outperforming the CSI 300 index by 0.23 percentage points, ranking 20th among 31 sectors [11]. - In February, the sector rose by 1.50%, surpassing the CSI 300 index by 1.22 percentage points, and has increased by 8.55% year-to-date, outperforming the CSI 300 index by 6.61 percentage points [11][16]. 2. Valuation Situation - As of February 12, 2026, the SW computer sector's PE TTM (excluding negative values) stands at 59.40 times, placing it in the 96.39th percentile over the past five years and the 91.04th percentile over the past ten years [21][22]. 3. Industry News - Key developments include the launch of the Seedance 2.0 video generation model by Doubao, which enhances video content creation capabilities [22]. - Alibaba's Qianwen APP achieved over 1.2 billion AI-driven orders within six days of launching its promotional campaign, highlighting the rapid growth in AI application usage [22]. - Major tech companies, including Amazon, Google, Microsoft, and Meta, are projected to increase their capital expenditures to $660 billion in 2026, a 60% increase from 2025 [22]. - MiniMax introduced its M2.5 model, significantly reducing operational costs while maintaining competitive performance [22]. - Google is integrating AI shopping features into its search engine, allowing direct purchases through AI-driven interactions [22]. 4. Company Announcements - Notable company announcements include: - Guiding Compass reported a 40.39% increase in revenue for 2025, reaching 2.146 billion yuan [25]. - Zhongke Shuguang plans to raise up to 8 billion yuan through convertible bonds for AI-related projects [25]. - Unisplendour announced a plan to raise up to 5.57 billion yuan for acquisitions and R&D [26]. 5. Weekly Perspective - The report suggests continued monitoring of Alibaba and other AI giants' strategies in the AI application space, as their growth is expected to drive demand for computing power [27]. 6. Recommended Stocks - The report lists several companies to watch, including: - GuoDianYunTong (002152.SZ) for its stable growth in fintech and AI sectors [28]. - Digital China (000034.SZ) as a key player in the domestic computing demand [28]. - Inspur Information (000977.SZ) for its leadership in AI server markets [28].

有色金属行业 标配（维持） 有色金属行业双周报（2026/01/30-2026/02/12） 行 业 市场博弈加剧，金属价格涨跌互现 2026 年 2 月 13 日 S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 有色金属行业重要新闻及观点 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2026年2月12日，申万有色金属行业近两周下跌11.23%，跑输 沪深300指数10.51个百分点，在申万31个行业中排名第31名。截至2026年2 月12日，近两周有色金属行业子板块中，小金属板块上涨0.19%，金属新材料 板块下跌2.30%，能源金属板块下跌6.11%，工业金属板块下跌13.51%，贵金 属板块下跌23.49%。 周 报 申万有色金属行业指数走势 小金属。稀土方面，随着供需格局逐步优化，且人形机器人有望在今年打开 稀土需求第二增长极， ...

超配（维持） 基础化工行业双周报（2026/1/30-2026/2/12） 1 月份化学原料和化学制品制造业出厂价格环比上涨 2026 年 2 月 13 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 研 究 基础化工 证 券 研 究 报 行 业 周 报 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 相关报告 | 图 | 1：近两周 31 个申万行业指数涨跌幅情况（单位：%）（截至 | | | | | | 2 | 12 | 月 日） | 3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2：年初至今申万基础化工指数行情走势（截至 | 2 | 月 | 12 | | | | | 日） | 3 | | 图 | 3：近两周申万基础化工 ...

食品饮料行业 超配（维持） 食品饮料行业双周报（2026/01/30-2026/02/12） 预制菜国标公开征求意见，关注春节需求表现 2026 年 02 月 13 日 投资要点： ◼ 风险提示：原材料价格波动、产品提价不及预期、渠道开展不及预期、 行业竞争加剧、食品安全风险、宏观经济波动风险等。 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn ◼ 行情回顾：1月30日-2月12日，SW食品饮料行业指数整体下跌0.95%，板 块涨幅位居申万一级行业第二十四位，跑输同期沪深300指数约0.23个 百分点。细分板块中，多数细分板块跑输沪深300指数。其中，调味品板 块上涨0.64%，板块涨幅最大；其他酒类板块跌幅最大，为6.40%。 ◼ 行业周观点：预制菜国标公开征求意见，关注春节需求表现。白酒板块： 受房地产政策、飞天动销、市场风格切换等因 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," aiming to establish a unified electricity market by 2030, with market transactions accounting for about 70% of total electricity consumption [4][40] - The report highlights the performance of the power equipment sector, which has seen a year-to-date increase of 9.76%, outperforming the CSI 300 index by 7.82 percentage points [11][14] - The report emphasizes the importance of new operational entities like virtual power plants and smart microgrids in participating flexibly in the electricity market [45] Summary by Sections Market Review - As of February 12, 2026, the power equipment sector rose by 4.97% over the past two weeks, ranking third among 31 sectors [11] - The wind power equipment sector decreased by 3.07%, while the photovoltaic equipment sector increased by 3.93% [18][20] Valuation and Industry Data - As of February 12, 2026, the price-to-earnings (PE) ratio for the power equipment sector is 36.66 times, with sub-sectors like the battery sector at 33.19 times and the photovoltaic sector at 34.99 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating significant variations in PE ratios compared to their historical averages [25] Industry News - The report discusses the significant growth in renewable energy installations, with a total installed capacity of 2.34 billion kilowatts by the end of 2025, accounting for 60% of the national power generation capacity [40] - It also notes the government's focus on upgrading traditional industries and promoting new energy sectors, including hydrogen energy [40] Company Announcements - The report includes recent announcements from companies in the sector, such as government subsidies received by various firms, indicating ongoing support for the industry [43]

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [5]. Core Insights - In January 2026, the production and sales of new energy vehicles (NEVs) showed stable year-on-year growth but significant month-on-month declines due to seasonal factors and policy changes regarding purchase tax and subsidies [4]. - The penetration rate of NEVs reached 40.3% in January, a year-on-year increase of 1.3 percentage points, but a month-on-month decrease of 12 percentage points [4]. - The production of power and energy storage batteries in January was 168 GWh, a month-on-month decrease of 16.7% but a year-on-year increase of 55.9% [4]. - The sales of power and energy storage batteries were 148.8 GWh, with a month-on-month decline of 25.4% and a year-on-year increase of 85.1% [4]. - Energy storage battery sales accounted for 31% of total sales in January, with a year-on-year growth of 164% [4]. - The report anticipates a rebound in demand for lithium batteries post the Spring Festival, with a significant recovery in production expected in March [4]. Summary by Sections New Energy Vehicle Market - In January 2026, NEV production and sales were 1.041 million and 945,000 units, respectively, with year-on-year growth of 2.5% and 0.1%, but month-on-month declines of 39.4% and 44.7% [4]. - Domestic NEV sales were 643,000 units, down 18.9% year-on-year and 54.4% month-on-month [4]. - Exports of NEVs reached 302,000 units, doubling year-on-year and increasing by 0.5% month-on-month [4]. Battery Production and Sales - The total production of power and energy storage batteries was 168 GWh, with power batteries accounting for 102.7 GWh (69% of total sales) and energy storage batteries 46.1 GWh (31% of total sales) [4]. - The export volume of batteries was 24.1 GWh, with power batteries making up 17.7 GWh and energy storage batteries 6.4 GWh [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly in the solid-state battery sector, which is expected to drive demand for materials and equipment upgrades [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, Keda Industrial, and others [4].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [45]. Core Insights - The demand for humanoid robots is expected to accelerate in 2026 due to advancements in embodied intelligence, supported by policy backing and rapid technological iterations. The industry is transitioning from concept to mass production, presenting opportunities for investment in the robot sector [3][41]. - The engineering machinery sector shows signs of recovery, with significant growth in excavator sales in January 2026. Factors such as the accelerated issuance of special bonds and global interest rate cuts are expected to boost demand for engineering machinery [3][41]. - The mechanical equipment sector has outperformed the CSI 300 index, with a bi-weekly increase of 4.29%, ranking 4th among 31 sectors [4][12]. Summary by Sections Market Review - As of February 12, 2026, the mechanical equipment industry has seen a bi-weekly increase of 4.29%, outperforming the CSI 300 index by 5.01 percentage points [12]. - The engineering machinery sector recorded the highest bi-weekly increase of 7.80% among the five sub-sectors [15][17]. Valuation Situation - The current PE ratio for the mechanical equipment sector is 36.68, with sub-sectors showing varying valuations: general equipment at 53.27, specialized equipment at 37.85, and engineering machinery at 25.73 [21]. Data Updates - The report highlights significant growth in excavator sales, with domestic sales showing a year-on-year increase of 23.90% in January 2026 [40]. Industry News - The report includes updates on various companies, such as OptoTech planning to raise funds for expanding its industrial automation capabilities [39]. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentec Harmonic for potential investment opportunities in the robot sector, and Sany Heavy Industry and Hengli Hydraulic in the engineering machinery sector [41][43].

超配（维持） 农林牧渔行业双周报（2026/1/30-2026/2/12） 行 业 关注产能去化进程 2026 年 2 月 13 日 投资要点： 资料来源：iFinD ，东莞证券研究 所 相关报告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 农林牧渔行业 分析师：魏红梅 SAC 执业证书编号： 分析师：黄冬祎 SW农林牧渔行业略跑输沪深300指数。2026年1月30日—2026年2月12日， SW农林牧渔行业下跌2.88%，跑输同期沪深300指数约2.16个百分点；细分 板块中，仅渔业录得正收益，上涨0.27%；饲料、养殖业、种植业、农产 品加工和动物保健均录得负收益，分别下跌1.36%、2.02%、4.45%、4.8% 和7.3%。估值方面，截至2026年2月12日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约2.61倍，近两周估值略有回落。目前行 业估值处于行业2006年以来的估 ...

Market Overview - The A-share market showed a mixed performance with the Shanghai Composite Index slightly rising by 0.09% to close at 4131.99, while the Shenzhen Component Index fell by 0.35% to 14160.93 [2] - The overall trading volume in the market was below 2 trillion yuan, indicating a lack of strong market momentum [4][6] Sector Performance - The top-performing sectors included Construction Materials (3.29%), Nonferrous Metals (2.39%), and Oil & Petrochemicals (2.18%) [3] - Conversely, the sectors that underperformed were Communication (-2.17%), Media (-1.99%), and Social Services (-1.74%) [3] Future Outlook - The market is expected to enter a phase of consolidation with potential short-term adjustments as investor sentiment becomes cautious ahead of the Spring Festival [6] - Long-term, the regulatory environment is signaling a focus on market normalization and risk prevention, suggesting a shift towards a more balanced market structure [6] - There is an emphasis on dividend assets for long-term positioning, along with opportunities in cyclical industries and undervalued traditional consumer sectors [6] Economic Indicators - Consumer demand is recovering, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and year-on-year [5] - The Producer Price Index (PPI) increased by 0.4% month-on-month but decreased by 1.4% year-on-year, reflecting ongoing pressures in the industrial sector [5] - The People's Bank of China is expected to maintain a moderately loose monetary policy to support liquidity and financing conditions [5]