[Table_Title] 万联晨会 市 场 研 究 | [Table_InnerMarketIndex] | 国内市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 上证指数 | 4,134.02 | 0.05% | | 深证成指 | 14,283.00 | 0.86% | | 沪深 300 | 4,719.58 | 0.12% | | 科创 50 | 1,480.99 | 1.78% | | 创业板指 | 3,328.06 | 1.32% | | 上证 50 | 3,079.73 | -0.28% | | 上证 180 | 10,399.66 | 0.20% | | 上证基金 | 7,199.52 | 0.04% | | 国债指数 | 225.82 | 0.01% | | [Table_InterIndex] | 国际市场表现 | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌幅% | | 道琼斯 | 49,451.98 | -1.34% | | S&P500 | 6,832.76 | -1.57% | | 纳斯达克 | 2 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating a positive outlook for 2026 [5]. Core Insights - The electronic industry is expected to outperform the CSI 300 index in 2025, with a valuation slightly above historical averages. The first three quarters of 2025 show improved performance and profitability. The report suggests focusing on investment opportunities in AI computing infrastructure and terminal innovation for 2026 [2][3]. Summary by Sections 1. Market Performance and Overview - The electronic industry achieved a 47.88% increase in 2025, outperforming the CSI 300 index by 30.21 percentage points [15]. - The industry's revenue for the first three quarters of 2025 reached CNY 29,756.92 billion, a year-on-year increase of 19.46%, with a net profit of CNY 1,477.90 billion, up 37.79% [20][23]. 2. AI Computing Infrastructure - The demand for AI computing hardware is robust, particularly in the PCB and storage sectors. The PCB industry is expected to benefit from increased capital expenditure and demand for high-end products like HDI and multi-layer boards [3][43]. - The storage chip market is entering a new growth cycle driven by AI, with major players adjusting production to optimize supply and demand dynamics, leading to price increases [3][43]. 3. Terminal Innovation - AI-enabled smartphones and PCs are projected to see increased market penetration, with significant growth potential in AI mobile devices and AIPC [4][43]. - AI glasses are expected to contribute to market growth, with a steady increase in shipments and a fully covered supply chain in China [4][43]. 4. Investment Recommendations - The report recommends focusing on companies in the storage and PCB sectors that are well-positioned to benefit from the ongoing AI wave and capital expenditure increases. It also highlights the potential of leading manufacturers in AI mobile devices and AI glasses [8][43].

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% compared to the market index in the next six months [41]. Core Insights - The SW Electronics sector's fund heavy positions and overweight ratios have increased year-on-year but decreased quarter-on-quarter, indicating a high level of interest despite recent declines [1][11]. - The focus for Q4 2025 is on AI computing power and semiconductor self-sufficiency, with key stocks including Cambricon, Haiguang Information, and SMIC leading the way [2][22]. - The semiconductor and components sectors are currently overweight, while consumer electronics have shifted to an underweight position [3][31]. Summary by Sections Fund Heavy Positions and Overweight Ratios - In Q4 2025, the SW Electronics sector's allocation ratio is 11.90%, with a quarter-on-quarter decrease of 0.52 percentage points but a year-on-year increase of 3.05 percentage points. The fund heavy position ratio is 20.22%, down 1.92 percentage points quarter-on-quarter but up 3.28 percentage points year-on-year. The overweight ratio stands at 8.32%, reflecting a quarter-on-quarter decline of 1.39 percentage points but a year-on-year increase of 0.23 percentage points [1][11][13]. Top Heavy Positions - The top ten stocks in the SW Electronics sector for Q4 2025 include Cambricon, Haiguang Information, SMIC, Luxshare Precision, and others, with semiconductor stocks making up 70% of the list. The performance of these stocks has varied, with only 40% showing gains in the quarter [2][16][22]. Focus Areas - The investment focus remains on AI computing and storage, with significant interest in companies like Cambricon and Dongshan Precision, which are leaders in their respective fields. The semiconductor self-sufficiency trend is also highlighted, with companies like Tuojing Technology and Hu Silicon Industry benefiting from domestic equipment adoption [2][22]. Subsector Allocation - The semiconductor sector is still a key focus for institutional investors, with an overweight ratio of 7.74%, despite a quarter-on-quarter decline of 0.76 percentage points. The components sector has seen a slight increase in its overweight ratio to 1.75%. In contrast, consumer electronics have shifted from overweight to underweight, now at 0.45% [3][31]. Concentration of Fund Heavy Positions - The concentration of the top five fund heavy positions in the SW Electronics sector has decreased, with their market value accounting for 35.52% of the total fund heavy positions, down 0.84 percentage points quarter-on-quarter. This trend indicates a diversification in fund allocations [3][36]. Investment Recommendations - The report suggests focusing on AI computing and semiconductor self-sufficiency as key investment opportunities. It recommends monitoring the performance of PCB and storage sectors, which are expected to benefit from the growth in AI computing [4][37].

市 场 研 究 核心观点 【市场回顾】 周三，A 股窄幅整理，上证指数收涨 0.09%，报 4131.98 点，深证成 指跌 0.35%，创业板指跌 1.08%。沪深两市 A 股成交额约 1.98 万亿元 人民币，近 2000 股上涨。申万行业方面，建筑材料、有色金属行业 领涨，通信行业领跌；概念板块方面，金属钴、金属锌、金属铅、金 属镍、金属铜概念涨幅居前。港股方面，香港恒生指数收涨 0.31%， 恒生科技指数涨 0.9%。美国三大股指小幅收跌，道指跌 0.13%，标普 500 指数持平，纳指跌 0.16%。欧洲股市涨跌不一，亚太股市多数上 涨。 【重要新闻】 【李强主持国务院第十八次专题学习】2 月 11 日，国务院以深化拓 展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学 习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总书 记关于人工智能发展的重要指示精神和党中央有关决策部署，全面推 进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力， 推动高质量发展。 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 12 日 ...

Group 1 - The core viewpoint of the report indicates that the profitability of A-shares is expected to continue its recovery, with a notable increase in the number of companies issuing positive earnings forecasts for 2025 [3][4] - As of February 9, 2026, 2,976 A-share companies have disclosed their annual earnings forecasts, representing a disclosure rate of 54.32% [8][10] - Among the disclosed forecasts, 1,106 companies (37.16%) issued positive earnings forecasts, with the largest segment being those predicting earnings growth, totaling 625 companies (21.00%) [12][21] Group 2 - The stable sector has the highest proportion of positive forecasts at 57.58%, followed by the cyclical sector at 42.55%, and the financial sector at 42.27% [13][19] - Five industries have a positive forecast rate exceeding 50%, with non-bank financials, non-ferrous metals, and the automotive industry leading in expected profit growth [16][21] - The report highlights significant performance disparities among industries, with defense, automotive, and beauty care sectors turning losses into profits, while energy-related sectors like oil and coal show negative growth [21][24] Group 3 - Investment recommendations suggest focusing on sectors with improving profitability, particularly in non-ferrous metals, basic chemicals, machinery, and TMT (Technology, Media, and Telecommunications) [24] - The report emphasizes that technological innovation and industrial upgrades are key drivers for the recovery in profitability, suggesting a strategic focus on high-end manufacturing and technological innovation sectors [24]

证券研究报告|银行 保持流动性充裕和社会融资条件相对宽松 [Table_ReportType] ——银行行业快评报告[Table_ReportDate] [事件Table_Summary] ： 2026 年 2 月 10 日，央行发布《2025 年第四季度中国货币政策执 行报告》。 投资要点： ⚫ 2025 年适度宽松的货币政策效果逐步显现：金融总量保持较快增 长，年末社会融资规模存量、广义货币供应量（M2）同比分别增长 8.3%和 8.5%，明显高于名义 GDP 增速。人民币贷款还原地方化债 影响后增长 7%左右，信贷支持力度持续较强。社会综合融资成本 进一步下行，12 月新发放企业贷款利率、个人住房贷款利率均在 3.1%左右。信贷结构持续优化，年末科技贷款、绿色贷款、普惠贷 款、养老产业贷款、数字经济产业贷款分别同比增长 11.5%、20.2%、 10.9%、50.5%、14.1%，均保持两位数增长，持续高于全部贷款增 速。 2026 年 02 月 11 日 [Table_Chart] 行业相对沪深 300 指数表现 -10% -5% 0% 5% 10% 15% 20% 25% 银行 沪深300 财政金融 ...

Core Insights - The A-share market experienced a narrow consolidation, with the Shanghai Composite Index rising by 0.13% to 4,128.37 points, while the Shenzhen Component Index increased by 0.02% and the ChiNext Index fell by 0.37% [2][8] - The total trading volume in the A-share market was approximately 2.11 trillion RMB, with over 2,100 stocks rising. The media sector led the gains, while the real estate sector lagged [2][8] - In the Hong Kong market, the Hang Seng Index rose by 0.58%, and the Hang Seng Tech Index increased by 0.62% [2][8] - The U.S. stock indices closed mixed, with the Dow Jones up by 0.1%, the S&P 500 down by 0.33%, and the Nasdaq down by 0.59% [2][8] Industry News - The Ministry of Industry and Information Technology and other departments issued an implementation opinion on strengthening the capacity building of the information and communication industry to support low-altitude infrastructure development. The goal is to achieve a ground mobile communication network coverage rate of no less than 90% for low-altitude public air routes by 2027 [3][9] - The National Development and Reform Commission and other departments released an implementation opinion on accelerating the application of artificial intelligence in the bidding and tendering field. By the end of 2026, key scenarios such as bid document detection and intelligent evaluation assistance are expected to achieve full coverage in some provinces and cities [4][10] Film Industry Insights - The 2026 Spring Festival film season is expected to feature six highly anticipated films, including "Fast Life 3" and "Silent Awakening," among others [11] - The 2025 Spring Festival box office reached a record high of 9.514 billion RMB, a year-on-year increase of 18.36%, driven by strong performances from major films [12] - The box office forecast for the 2026 Spring Festival period predicts the top three films to be "Fast Life 3," "Silent Awakening," and "The Courier: Winds Rise in the Desert," with expected revenues of approximately 3.45 billion, 1.845 billion, and 1.47 billion RMB, respectively, leading to a total box office of around 9.298 billion RMB [14]

证券研究报告|传媒 [Table_Title] IP 续作与新题材并行，2026 年春节档票房 弹性仍在 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2026 年春节档上映影片中，共有 6 部市场关注度较高，分别是《飞驰 人生 3》、《惊蛰无声》、《镖人：风起大漠》、《熊出没·年年有熊》、《星 河入梦》、《熊猫计划之部落奇遇记》。 投资要点： 整体票房回顾：2025 年春节档票房再创历史新高，头部影片效应显著。 春节档是中国电影市场最重要的档期之一，2025 年春节档共收获票房 95.14 亿元，同比上涨 18.36%，刷新中国影史春节档最高票房纪录。这 一成绩主要得益于档期内头部影片的强劲表现，从电影票房分布来看， 2025 年头部电影《哪吒之魔童闹海》单片票房占比过半，与《唐探 1900》、 《封神第二部：战火西岐》贡献档期总票房超 85%，头部集中度显著。 在长假与节日效应共同作用下，市场大盘与单片爆发力攀升至新高度。 内部结构：2026 年春节档 IP 续作与头部新作并存，口碑、影片质量成 就最终票房。 ...

[Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 10 日 星期二 核心观点 市 场 研 究 [Table_Summary] 概览 【市场回顾】 周一，A 股单边上行，上证指数收涨 1.41%，报 4123.09 点，深证成 指涨 2.17%，创业板指涨 2.98%。沪深两市 A 股成交额约 2.25 万亿元 人民币，超 4300 股上涨。申万行业方面，通信、综合、传媒行业领 涨；概念板块方面，Sora 概念（文生视频）、短剧游戏、AI 语料概念 涨幅居前。港股方面，香港恒生指数收涨 1.76%，恒生科技指数涨 1.34%。美国三大股指全线收涨，道指涨0.04%，标普500指数涨0.47%， 纳指涨 0.9%。欧洲及亚太股市全线上涨。 【重要新闻】 【开局之年首次考察，习近平总书记关注科技自立自强】2 月 9 日上 午，"十五五"开局之年首次考察，习近平总书记来到位于北京亦庄的 国家信创园，了解信息技术应用创新和北京加快建设国际科技创新中 心情况，察看代表性科技创新成果展示。考察期间，习近平总书记强 调"建设社会主义现代化强国，关键在科技自立自强"，传 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [47]. Core Insights - In Q4 2025, the SW Media Industry Index decreased by 4.92%, with a slight reduction in capital activity, yet it remains at a high level. The fund's heavy allocation in the media sector has shifted to an underweight status, while the gaming sector continues to attract market attention and remains overweight [1][2][10]. - The gaming sector occupies a significant portion of the top ten heavy stocks, indicating high market interest. Among the top ten heavy stocks, eight are from the gaming industry, with notable declines in stock prices for most, except for one stock that saw an increase [2][24]. Summary by Sections 1. Capital Activity - The SW Media Industry Index closed at 819.69 points at the end of Q4 2025, down from 862.14 points at the beginning of the quarter, reflecting a 4.92% decline. The average daily trading volume was 51.09 billion yuan, a decrease of 5.20 billion yuan from the previous quarter [10]. 2. Industry Allocation Status - The allocation ratio for the SW Media Industry in Q4 2025 was 1.63%, with a fund heavy allocation ratio of 1.22%, indicating a low allocation of 0.41%. This reflects a shift from overweight to underweight status [13][16]. - The number of heavy allocation stocks accounted for 50.77% of the total, showing a slight decrease in concentration, ranking 14th among all primary industries [17]. - The gaming sector maintained an overweight status with a 40.26% allocation, while other sub-sectors remained underweight [35][39]. 3. Fund Concentration - The concentration of fund heavy stocks decreased slightly, with the top five, ten, and twenty stocks accounting for 68.74%, 85.72%, and 97.33% of the total fund heavy stock value, respectively, indicating a high concentration in leading stocks [3][43]. 4. Investment Recommendations - Given the current fund allocation and valuation levels in the SW Media Industry, it is suggested to focus on leading companies in the gaming sector, particularly those with rich game license reserves and applications in AI [45].