Investment Rating - The industry is rated as "outperforming the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [15]. Core Insights - The A-share market experienced a slight fluctuation, with the Shanghai Composite Index finding support around 4029 points before rebounding. Key sectors such as batteries, electronic components, consumer electronics, and general equipment showed strong performance, while sectors like liquor, retail, aerospace, and tourism lagged behind [2][3][7]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 16.75 times and 51.98 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][14]. - The total trading volume on the two exchanges was 21,636 billion, which is above the median trading volume of the past three years, indicating robust market activity [3][14]. - Despite a slight decline in the official manufacturing PMI for January, the PMI for equipment manufacturing and high-tech manufacturing remains in the expansion zone, reflecting ongoing structural optimization in the industry [3][14]. - The report anticipates that the effects of growth-stabilizing policies will gradually manifest in the first quarter, which is typically a period of the year with the most abundant liquidity [3][14]. - Investors are advised to adopt a balanced allocation strategy, focusing on technology growth sectors such as AI and high-end manufacturing while also considering investment opportunities in certain consumer sectors [3][14]. Summary by Sections A-share Market Overview - On February 6, the A-share market showed a pattern of initial decline followed by a rebound, with the Shanghai Composite Index closing at 4065.58 points, down 0.25%. The Shenzhen Component Index closed at 13,906.73 points, down 0.33% [7][8]. - Over 50% of stocks in the two markets saw gains, particularly in sectors like mining, energy metals, jewelry, batteries, and chemical raw materials, while sectors such as retail, liquor, tourism, aerospace, and media experienced declines [7][9]. Future Market Outlook and Investment Recommendations - The report suggests that the Shanghai Composite Index is likely to maintain a slight upward trend, and investors should closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [3][14]. - Short-term investment opportunities are highlighted in the battery, electronic components, consumer electronics, and general equipment sectors [3][14].

Investment Rating - The report assigns a "Cautious Accumulate" investment rating to the company [11]. Core Insights - The company has evolved from a policy-driven entity to a commercial giant leveraging domestic market advantages, becoming the second-largest player in the global duty-free market [11][20]. - The company's profitability is attributed to its unique access to scarce licenses and channel resources, distinguishing it from typical travel retailers [26]. - The report highlights the significant volatility in the company's financial performance, influenced by reliance on specific regions and consumer segments, currency fluctuations, and the rise of cross-border e-commerce [11][53]. Summary by Sections Market Data - As of February 5, 2026, the closing price is 92.47 yuan, with a market capitalization of 191.31 billion yuan and a price-to-earnings ratio of 28.50 [2][9]. Financial Performance - Projected revenues for 2025, 2026, and 2027 are 53.48 billion, 62.52 billion, and 64.58 billion yuan, respectively, with corresponding net profits of 3.92 billion, 4.96 billion, and 5.54 billion yuan [9]. - The company’s gross margin stands at 32.54%, with a return on equity of 5.48% and a debt-to-asset ratio of 18.34% [3]. Competitive Landscape - The company is positioned against international giants like Dufry and Lagardère, with a focus on domestic market expansion while beginning to explore international opportunities [11][17]. - In 2023, the company achieved a sales volume of 9.649 billion USD, ranking second globally in the duty-free sector [20]. Strategic Insights - The company is undergoing a transformation from a policy-driven model to one that emphasizes market-driven and global strategies, aiming to enhance its competitive edge [61]. - The report emphasizes the need for the company to adapt to changing consumer behaviors and market dynamics, particularly in the high-end luxury segment [62][63].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -8% -1% 6% 14% 21% 28% 35% 42% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 4,075.92 | -0.64 | 深证成指 | 13,952.71 | -1.44 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 4,670.42 | -0.60 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 4,558.24 | -0.73 | | 中证 | 500 | 8,146.11 | -1. ...

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 分析师：张刚 资料来源：Wind,中原证券 -8% -1% 6% 14% 21% 28% 35% 42% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,102.20 | 0.85 | | 深证成指 | | 14,156.27 | 0.21 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,698.68 | 0.83 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,591.65 | 0.86 | | 中证 | 500 | 8,299.06 | 0.15 | | 中证 | 1000 | 6 ...

Investment Rating - The report maintains an investment rating of "Market Perform" for the basic chemical industry [3][4]. Core Insights - In January 2026, the CITIC Basic Chemical Industry Index rose by 10.13%, outperforming the Shanghai Composite Index by 6.37 percentage points and the CSI 300 Index by 8.48 percentage points, ranking 6th among 30 CITIC first-level industries [3][7]. - The report highlights a significant recovery in chemical product prices, with notable increases in liquid chlorine, lithium hydroxide, acetonitrile, lithium carbonate, and butadiene [3][8]. - The investment strategy for February 2026 suggests focusing on industries benefiting from anti-involution policies, such as chlor-alkali, pesticides, and polyester filament, as well as coal chemical sectors benefiting from rising oil prices [3][8]. Market Review - The basic chemical sector saw 30 out of 33 sub-industries increase in January 2026, with the dye chemicals, chlor-alkali, and spandex industries leading with increases of 30.94%, 26.69%, and 20.16% respectively [3][8]. - Among 529 stocks in the basic chemical sector, 424 stocks rose while 104 fell, with the top gainers including SDIC, Hongbaoli, and Runtu, which saw increases of 90.53%, 68.92%, and 68.54% respectively [3][8]. Product Price Tracking - In January 2026, international oil prices surged, with WTI crude oil increasing by 13.57% to $65.21 per barrel and Brent crude oil rising by 16.17% to $70.69 per barrel [3][8]. - Of the 319 products tracked, 207 saw price increases, with the largest gains in liquid chlorine (71.43%), lithium hydroxide (44.10%), acetonitrile (32.86%), lithium carbonate (25.58%), and butadiene (25.31%) [3][8]. Industry and Company News - In 2025, the chemical raw materials and products manufacturing industry achieved a total profit of 376.62 billion yuan, although this represented a 7.3% decline from the previous year [15][17]. - The report notes that the chemical industry is expected to benefit from ongoing anti-involution policies, which may strengthen supply-side constraints and favor certain sub-industries [3][8].

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 英国章鱼能源进军我国电力市场，建议以 哑铃策略配置电力资产 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 04 日 投资要点： -5% -1% 4% 8% 13% 17% 22% 26% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 《电力及公用事业行业年度策略：关注稳定性 和股东回报》 2025-11-28 联系人：李智 ⚫ 行情回顾：1 月电力及公用事业指数表现强于市场。截至 2026 年 1 月 30 日，中信电力及公用事业指数 1 月上涨 2.76%，跑赢沪深 300 （1.65%）1.11 百分点。子行业方面，截至 2026 年 1 月 30 ...

云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 2025 年业绩总体符合预期，2026 收入增 速有望加快 ——润泽科技(300442)点评报告 证券研究报告-点评报告 买入(维持) 市场数据(2026-02-04) | 收盘价(元) | 82.18 | | --- | --- | | 一年内最高/最低(元) | 93.13/42.06 | | 沪深 300 指数 | 4,698.68 | | 市净率(倍) | 9.92 | | 流通市值(亿元) | 1,338 | 基础数据(2025-09-30) | 每股净资产(元) | 8.29 | | --- | --- | | 每股经营现金流(元) | 1.69 | | 毛利率(%) | 48.11 | | 净资产收益率_摊薄(%) | 34.73 | | 资产负债率(%) | 62.53 | | 总股本/流通股(万股) | 163,434.36/162,837.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -20% -9% 2% ...

分析师：徐至 登记编码：S0730525040001 xuzhi@ccnew.com 相关报告 《月度策略：继续关注科技成长及高股息"哑 铃"策略——月度策略》 2026-01-07 《月度策略：平稳收官, 高股息防御与科技成 长布局——月度策略》 2025-12-03 《月度策略：增配价值资产，等待成长资产性 价比回归——月度策略》 2025-11-05 联系人：李智 温和修复中的震荡蓄势 ——月度策略 证券研究报告-月度策略 发布日期：2026 年 02 月 04 日 投资要点： 风险提示：政策及经济数据不及预期，风险事件冲击市场流动性。报 告样本数据有限，历史过往数据不代表未来表现。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页 / 共 14页 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788号T1座22楼 股市回顾。1 月 A 股市场整体表现强劲，主要指数普遍上涨，上证 指数、深证成指和创业板指分别录得 3.76%、5.03%和 4.47%的月 度涨幅，北证 50 和科创 50 更是 ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 英国章鱼能源进军我国电力市场，建议以 哑铃策略配置电力资产 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 04 日 投资要点： -5% -1% 4% 8% 13% 17% 22% 26% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 《电力及公用事业行业年度策略：关注稳定性 和股东回报》 2025-11-28 联系人：李智 ⚫ 行情回顾：1 月电力及公用事业指数表现强于市场。截至 2026 年 1 月 30 日，中信电力及公用事业指数 1 月上涨 2.76%，跑赢沪深 300 （1.65%）1.11 百分点。子行业方面，截至 2026 年 1 月 30 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's 2025 performance is generally in line with expectations, with a forecasted net profit of 5-5.3 billion yuan, representing a year-on-year growth of 179.28%-196.03% [6][7] - The company is expected to accelerate revenue growth in 2026, driven by the delivery of new data centers and a strong demand for computing power due to the explosion of AI applications [7][8] - The company has successfully delivered 220MW of computing power centers in 2025, with a total expected delivery of 440MW for the year, marking a historical high [7] - The company is positioned to benefit from the rapid development of AI chip localization in 2026, which is anticipated to enhance overall computing power construction [7] - The establishment of a data center in Hainan is expected to provide long-term benefits due to favorable policies following the island's customs closure [7] Summary by Sections Financial Performance - The company forecasts a net profit of 5-5.3 billion yuan for 2025, with a significant increase in revenue expected in 2026 [6][7] - The projected earnings per share (EPS) for 2025-2027 are 3.17 yuan, 1.85 yuan, and 2.63 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 25.91, 44.33, and 31.30 [8] Business Development - The company has made significant progress in the construction of data centers, with a focus on liquid cooling technology and high-performance computing clusters [7] - The company is actively seeking quality acquisition targets to strengthen its position in the industry and enhance its leadership in intelligent computing [8] Market Position - The company has established a strong presence in the AI computing market, with deep coverage among leading internet and AI companies, ensuring stable and certain business growth [7][8]