1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - Last week, the stock market continued to adjust, with a significant style shift. The previously leading precious metals, communication, and electronics sectors had deep pullbacks, while funds flowed to relatively undervalued sectors such as liquor, beauty care, and coal. The bond market was generally volatile, with yields rising initially due to liquidity pressure and then sentiment gradually improving. The convertible bond market had more than half of the individual bonds rising, with the CSI Convertible Bond Index up 0.05% for the week, the median price up 0.69%, the arithmetic average parity down 1.74%, and the overall market conversion premium rate up 0.92% compared to the previous week [1][7][8]. - From February 9 - 13, the convertible bond market continued to deeply adjust with compressed valuations on Monday but quickly recovered on Tuesday. There were unexpected redemptions of some convertible bonds during the week, and institutions showed a strong demand for convertible bonds. After short - term liquidity disturbances, the spring rally is expected to continue. It is recommended to focus on convertible bonds with appropriate performance and valuation levels, especially in the growth technology sector, and avoid high - redemption - risk targets [2][19][20]. 3. Summary According to Relevant Catalogs Market Trends (2026/2/2 - 2026/2/6) - **Stock Market**: The market continued to adjust with shrinking trading volume and a significant style shift. Different sectors showed different performances each day. Most Shenwan primary industries rose, with food and beverage (4.31%), beauty care (3.69%), and power equipment (2.20%) leading the gains, while non - ferrous metals (-8.51%), communication (-6.95%), and electronics (-5.23%) lagged [7][8]. - **Bond Market**: It was generally volatile. Yields rose initially due to weak PMI data, commodity and equity market fluctuations, and liquidity pressure. Later, sentiment improved supported by factors such as the central bank's larger - than - expected bond purchases in January and stable local bond issuance. The 10 - year Treasury bond rate closed at 1.81% on Friday, down 0.1bp from the previous week [8]. - **Convertible Bond Market**: More than half of the individual convertible bonds rose. The CSI Convertible Bond Index was up 0.05% for the week, the median price was up 0.69%, the arithmetic average parity was down 1.74%, and the overall market conversion premium rate was up 0.92% compared to the previous week. The arithmetic average conversion premium rates of convertible bonds in the [90,100), [100,110), and [110,120) parity ranges changed by +4.58%, -0.30%, and +1.86% respectively, and were at the 99%, 100%, and 99% percentile values since 2023. Most industries in the convertible bond market rose, with social services (11.45%), national defense and military industry (2.23%), and environmental protection (2.06%) leading, while computer (-3.91%), electronics (-3.30%), and non - bank finance (-3.14%) lagged. The total trading volume of the convertible bond market last week was 4058.40 billion yuan, with an average daily trading volume of 811.68 billion yuan, slightly lower than the previous week [8][12][17]. Valuation Overview As of February 6, 2026, for equity - biased convertible bonds, the average conversion premium rates in the 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and over 130 yuan parity ranges were 59.42%, 45.57%, 36.37%, 28.64%, 19.99%, and 20.43% respectively, at high percentile values since 2010 and 2021. For bond - biased convertible bonds with a parity below 70 yuan, the average YTM was -5.24%, at the 1%/2% percentile values since 2010/2021. The average implied volatility of all convertible bonds was 52.09%, at the 97%/100% percentile values since 2010/2021, and the difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was 10.43%, at the 97%/100% percentile values since 2010/2021 [21]. Primary Market Tracking - **Last Week (2026/2/2 - 2026/2/6)**: Haitian Convertible Bond announced its issuance, and Shangtai Convertible Bond was listed. Haitian Convertible Bond has a scale of 801 million yuan, and the funds will be used for water supply and sewage treatment projects and to supplement working capital. Shangtai Convertible Bond has a scale of 1.734 billion yuan, and the funds will be used for a lithium - battery anode material project [28][29]. - **Future Outlook**: As of February 6, there are no announcements of convertible bond issuance and listing in the coming week. Last week, 4 companies passed the listing committee review, 2 were accepted by the exchange, and 1 passed the shareholders' meeting. Currently, there are 99 convertible bonds to be issued, with a total scale of 154.85 billion yuan, including 7 that have been approved for registration with a total scale of 5.36 billion yuan and 4 that have passed the listing committee review with a total scale of 4.52 billion yuan [30].

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View The report regularly sorts out the latest information on private exchangeable bond (private EB) projects obtained from public channels and conducts basic element tracking on private exchangeable bond projects. It also lists the new project information for the week from February 2, 2026, to February 6, 2026 [1]. 3. Summary by Related Catalogs New Project Information This Week - The project of North China Lingyun Industry Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been approved by the exchange. The proposed issuance scale is 500 million yuan, the underlying stock is Lingyun Co., Ltd. (600480.SH), the lead underwriter is CITIC Construction Securities, and the exchange update date is January 30, 2026 [1]. - The project of Shenzhen Huaqiang Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has received feedback from the exchange. The proposed issuance scale is 2.4 billion yuan, the underlying stock is Shenzhen Huaqiang (000062.SZ), the lead underwriter is Jinyuan United Securities, and the exchange update date is February 4, 2026 [1]. - The project of Hubei Angel Biotechnology Group Co., Ltd. to privately issue exchangeable corporate bonds to professional investors in 2026 has been accepted by the exchange. The proposed issuance scale is 1 billion yuan, the underlying stock is Angel Yeast Co., Ltd. (600298.SH), the lead underwriter is Huatai United Securities, and the exchange update date is February 5, 2026 [1]. Overall Project Status Table The table shows the status of multiple private exchangeable bond projects, including the bond name, lead underwriter, scale, underlying stock, project status, and update date. Projects are in different statuses such as "Passed", "Feedback Received", and "Accepted" [3].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - This week, the China Securities REITs Index fell 0.9% for the week, with all sectors declining. REITs in transportation, water conservancy, and ecological environmental protection had smaller declines. The ranking of weekly price - changes of major indices was: China Securities All - Bond Index > China Securities REITs Index > CSI 300 Index > China Securities Convertible Bond Index. As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP. The pilot program for commercial real - estate REITs has been further expanded, and following the Shanghai Stock Exchange, the Shenzhen Stock Exchange has also accelerated the layout of commercial real - estate REITs [1]. 3. Summary by Relevant Catalogs Secondary Market Trends - **Main Index Weekly Price - Changes**: As of February 6, 2026, the closing price of the China Securities REITs (closing) Index was 802.18 points, with a weekly price - change of - 0.9%. It performed worse than the China Securities All - Bond Index (+0.1%) but better than the China Securities Convertible Bond Index (-2.6%) and the CSI 300 Index (-1.3%). Year - to - date, the ranking of price - changes of major indices was: China Securities Convertible Bond Index (+5.9%) > China Securities REITs Index (+3.0%) > China Securities All - Bond Index (+0.5%) > CSI 300 Index (+0.3%) [2][7]. - **One - Year Performance**: In the past year, the return rate of the China Securities REITs Index was -4.4%, with a volatility of 7.5%. Its return rate was lower than that of the China Securities Convertible Bond Index, the CSI 300 Index, and the China Securities All - Bond Index; its volatility was lower than that of the CSI 300 Index and the China Securities Convertible Bond Index, but higher than that of the China Securities All - Bond Index [2][15]. - **Total Market Value and Turnover Rate**: As of February 6, 2026, the total market value of REITs was 228.3 billion yuan, a decrease of 400 million yuan from the previous week. The average daily turnover rate for the week was 0.47%, a decrease of 0.13 percentage points from the previous week [2][15]. - **Sector Performance**: As of February 6, 2026, from the perspective of different project - attribute REITs, the average weekly price - changes of equity - type REITs and concession - based REITs were -1.3% and -0.4% respectively. From the perspective of different project - type REITs, all sectors declined, with REITs in transportation, water conservancy, and ecological environmental protection having smaller declines. The top three REITs in terms of weekly gains were Ping An Ningbo Jiaotou REIT (+1.72%), CICC Hubei Ketou Optics Valley REIT (+1.57%), and Penghua Shenzhen Energy REIT (+1.48%) [3][18]. - **Trading Activity**: Among different project - type REITs, new infrastructure REITs had the highest average daily turnover rate during the period, with an average daily turnover rate of 0.9%. Transportation infrastructure REITs had the highest proportion of trading volume this week, accounting for 20.5% of the total trading volume of REITs. The top three REITs in terms of net inflow of main funds this week were E Fund Huawei Market REIT (22.04 million yuan), China AMC China Resources Commercial REIT (17.23 million yuan), and CICC Yinli Consumption REIT (14.79 million yuan) [3][25]. Primary Market Issuance - From January 1 to February 6, 2026, there were 3 REITs products in the in - inquiry stage, 4 in the feedback stage, 9 in the declared stage, and 10 commercial real - estate REITs were officially declared on the exchanges [28]. Valuation Tracking - **REITs Characteristics and Valuation Metrics**: REITs have both bond - like and stock - like characteristics. From the bond - like perspective, under the constraint of mandatory high dividends, the annualized cash distribution rate is concerned. As of January 23, the average annualized cash distribution rate of public - offering REITs was 6.3%. From the stock - like perspective, the relative net - value premium rate, IRR, and P/FFO are used to judge the valuation of REITs. The relative net - value premium rate reflects the relationship between the market value and the fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations [30]. - **Valuation by Project Type**: Different project - type REITs have different valuation levels and annualized dividend - payout rates. For example, the relative net - value premium rate of affordable rental housing REITs is 42.40%, with a P/FFO of 38.02, an IRR of 3.55%, and an annualized dividend - payout rate of 2.79% [31]. - **Comparison of Equity and Concession - Based REITs**: As of February 6, 2026, the dividend yield of equity REITs was 65BP lower than the average dividend yield of CSI Dividend - paying Stocks, and the spread between the average internal rate of return of concession - based REITs and the 10 - year Treasury bond yield was 323BP [33]. Industry News - **Guangda Baodexin Submits Commercial Real - Estate REITs Application**: On February 4, Guangda Baodexin Guangda Anshi Closed - end Commercial Real - Estate Securities Investment Fund submitted materials for application. The underlying assets are the Jing'an Dacheng Mall and the Jiangmen Dacheng Mall held by funds managed by Guangda Jiabao [38][40]. - **Huatai Zijin Huazhu Anzhu REIT Accepted by the Shenzhen Stock Exchange**: On February 5, Huatai Zijin Huazhu Anzhu Closed - end Commercial Real - Estate REIT was officially accepted by the Shenzhen Stock Exchange, which is the first commercial real - estate REIT on the Shenzhen Stock Exchange. The project is expected to raise 1.32 billion yuan, with 500 million shares and a term of 32 years. The expected distribution rates for 2026 and 2027 are 5.21% and 5.48% respectively [40].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Last week, the 1 - month PMI dropped significantly to 49.3, the central bank's treasury bond trading in January increased to 100 billion, precious metals and A - shares fluctuated greatly, the bond market rose sharply again, and the ultra - long bond yield reached a recent low. The trading activity of ultra - long bonds increased significantly, the term spread narrowed, and the variety spread widened [1][4][12]. - For the 30 - year treasury bond, as of February 6, the spread between the 30 - year and 10 - year treasury bonds was 44BP, at a relatively low historical level. For the 20 - year CDB bond, the spread between the 20 - year CDB bond and 20 - year treasury bond was 14BP, at an extremely low historical position. The probability of a near - term bond market correction is high due to factors such as weakened government support and the stock - bond seesaw effect. The 30 - 10 spread is expected to fluctuate at a high level in the short term, and the variety spread of the 20 - year CDB bond is expected to continue to fluctuate narrowly [2][3][13]. 3. Summary by Directory 3.1 Weekly Review 3.1.1 Ultra - long Bond Review - The 1 - month PMI in January dropped to 49.3, the central bank's treasury bond trading increased to 100 billion, precious metals and A - shares fluctuated, the bond market rose, and the ultra - long bond yield reached a recent low. Trading was very active, the term spread narrowed, and the variety spread widened [1][4][12]. 3.1.2 Ultra - long Bond Investment Outlook - **30 - year Treasury Bond**: As of February 6, the spread was 44BP. The economy's downward pressure eased in December, with a GDP growth rate of about 4.5%, up 0.4% from November. CPI was 0.8% and PPI was - 1.9% in December. The bond market is likely to correct due to weakened government support and the stock - bond seesaw effect. The 30 - 10 spread is expected to fluctuate at a high level [2][13]. - **20 - year CDB Bond**: As of February 6, the spread was 14BP. Similar economic data as the 30 - year treasury bond. The bond market is likely to correct, and the variety spread is expected to fluctuate narrowly [3][14]. 3.1.3 Ultra - long Bond Basic Overview - The balance of outstanding ultra - long bonds was 24.8 trillion. By variety, local government bonds and treasury bonds were the main ones. By remaining term, the 30 - year variety had the highest proportion [15]. 3.2 Primary Market 3.2.1 Weekly Issuance - Last week (February 2 - 6, 2026), the issuance of ultra - long bonds soared to 321.9 billion yuan. By variety, local government bonds accounted for the largest share. By term, 30 - year bonds had the largest issuance [20]. 3.2.2 This Week's Scheduled Issuance - The announced issuance plan for this week is 159.7 billion yuan, mainly ultra - long local government bonds [24]. 3.3 Secondary Market 3.3.1 Trading Volume - Last week, the trading of ultra - long bonds was very active, with a turnover of 1064.4 billion yuan, accounting for 12.2% of all bond turnovers. Compared with the previous week, the turnover and proportion increased [27]. 3.3.2 Yield - The ultra - long bond yield reached a recent low. Yields of different - term treasury bonds, CDB bonds, local bonds, and railway bonds changed. Representative individual bonds also had yield changes [35][36]. 3.3.3 Spread Analysis - **Term Spread**: It narrowed last week, with the 30 - year - 10 - year treasury bond spread at 44BP, down 2BP from the previous week, at the 31st percentile since 2010 [44]. - **Variety Spread**: It widened last week. The 20 - year CDB bond - treasury bond spread was 14BP, and the 20 - year railway bond - treasury bond spread was 21BP, at the 12th and 16th percentiles since 2010 respectively [48]. 3.4 30 - year Treasury Bond Futures - Last week, the main 30 - year treasury bond futures contract TL2603 closed at 112.57 yuan, up 0.58%. The total trading volume was 503,700 lots (76,441 lots), and the open interest was 117,600 lots (- 17,239 lots). The trading volume increased slightly, and the open interest decreased slightly [51].

Group 1: Core Insights - The report highlights the promising prospects of space photovoltaic technology, with Elon Musk announcing plans for SpaceX and Tesla to achieve 100GW/year solar capacity each over the next three years, specifically for space AI data centers and Starlink satellites [1][79] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Amazon projected to spend approximately $200 billion in 2026, Google between $175 billion and $185 billion, and Meta between $115 billion and $135 billion, indicating a surge in demand for power equipment [2][25] - The solid-state battery industry is advancing with strategic partnerships and new equipment solutions, while applications are being tested by major automotive companies, suggesting a growing market for related companies [3][64] Group 2: Industry Summaries - The global energy storage demand is expected to grow steadily, with projections indicating a 40% year-on-year increase in global storage installations to reach 455GWh in 2026, driven by domestic policies and international market needs [3][30] - The wind power sector is anticipated to see a 10%-20% growth in new installations in 2026, supported by strong order backlogs and improving profitability for manufacturers, with a focus on both onshore and offshore wind projects [4][49] - The photovoltaic industry is undergoing a transformation with advancements in space solar technology and traditional solar production, with a focus on supply chain improvements and new technology integration, particularly in the context of reducing costs and enhancing efficiency [1][78] Group 3: Company Focus - Key companies to watch in the photovoltaic sector include Mibet, JinkoSolar, and Junda, which are actively engaging in space photovoltaic initiatives and partnerships with aerospace firms [1][79] - In the AI-driven power equipment sector, companies like Jinpan Technology, Xinte Electric, and Hewei Electric are positioned to benefit from the increased capital expenditures by major tech firms [2][25] - The solid-state battery supply chain includes companies like CATL, Rongbai Technology, and Dangsheng Technology, which are making significant strides in material and equipment development [3][64]

Investment Rating - The investment rating for the company is "Outperform" [6] Core Insights - The company's overall performance shows steady growth in e-commerce and accelerated growth in cloud revenue, with Q4 2025 revenue at $213.4 billion, up 14% year-over-year, and operating profit at $25 billion, up 18% year-over-year [1][9] - For Q1 2026, the company expects revenue between $173.5 billion and $178.5 billion, representing a year-over-year growth of 11%-15% [1][9] - The company plans to increase capital expenditures to $200 billion in 2026, a 56% year-over-year increase [3][4] Summary by Sections Overall Performance - Q4 2025 revenue reached $213.4 billion, with a net profit of $21.2 billion, reflecting a 6% year-over-year increase [1][9] - The company included $2.44 billion in litigation, impairment, and severance costs in its operating profit [1][9] Retail and Other Businesses - North American revenue was $127.1 billion, up 10% year-over-year, while international revenue was $50.7 billion, up 17% year-over-year [2][21] - Advertising revenue grew by 23% year-over-year, reaching $21.3 billion in Q4 2025 [2][21] - The AI shopping assistant Rufus has 300 million active users, contributing nearly $12 billion in annualized incremental sales [2][29] Cloud Business - AWS revenue for Q4 2025 was $35.6 billion, a 24% year-over-year increase, with an operating profit margin of 35% [3][20] - The company plans significant capital expenditures for AWS, with $38.5 billion spent in Q4 2025, a 48% increase year-over-year [3][20] - The company has delivered over 1.4 million Trainium2 chips, with a 30%-40% improvement in cost-effectiveness compared to similar GPUs [3][27] Financial Forecasts - Revenue projections for 2026 and 2027 are adjusted to $808.5 billion and $904.8 billion, respectively, with net profit forecasts of $86.7 billion and $99.7 billion [4][5] - The company expects an EPS of $8.19 for 2026 and $9.41 for 2027 [5][33]

电力设备新能源 2026 年 2 月投资策略 优于大市 太空光伏前景广阔，全球科技巨头持续扩大 AI 资本开支 证券研究报告 | 2026年02月08日 太空光伏前景广阔。1 月，马斯克在达沃斯论坛宣布未来 3 年实现 SpaceX 与特斯拉各 100GW/年光伏产能，其中 100GW 专供太空 AI 数据中心及星 链卫星。根据财联社报道，马斯克团队先后考察中国光伏企业并开展技 术交流。目前国内多家光伏企业已宣布积极布局太空光伏业务，并开始 与国内外商业航天企业开展合作，建议关注光伏设备板块和太空业务布 局的头部组件企业【迈为股份】、【晶科能源】、【钧达股份】、【东 方日升】等。 全球科技巨头持续扩大 AI 资本开支，AIDC 电力设备有望受益。1 月以来， 各大科技巨头陆续公布 2026 年资本开支计划。1）亚马逊 2026 年资本 开支预计将达到约 2000 亿美元，同比增长超过 50%，2）谷歌 2026 年资 本开支预计将达到 1750 亿至 1850 亿美元，同比增长 91%-102%；3）Meta 预计 2026 年资本开支将达到 1150-1350 亿美元，同比增长 59%-87%。整 体而言全 ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a slight increase in scale, with a focus on loan growth at the beginning of the year, leading to a stable overall scale in January [1]. - The industry is characterized by a significant "Matthew Effect," where leading wealth management companies dominate the market, while smaller firms are still in the early stages of development [1][10]. - The transition from pure fixed income to "fixed income plus" and multi-asset strategies is a gradual but firm trend in the industry, with mixed-asset products becoming the main battlefield for this transformation [1][2]. Summary by Sections Wealth Management Product Layout - As of the end of 2025, there are 191 institutions with active wealth management products, with wealth management companies holding 92.25% of the total market scale [10]. - The mixed-asset and equity products are primarily concentrated among large banks and leading joint-stock banks, reflecting a strategic focus on these areas [10]. Performance Metrics - In January 2026, the weighted average annualized yield of bank wealth management products rose to 3.62%, an increase of 181 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in January was 423.8 billion, with most being fixed-income products [20]. Product Development Strategy - Wealth management subsidiaries are advised to prioritize mixed-asset products to build experience in equity and derivatives management before cautiously introducing pure equity products [2]. - Leading firms like Agricultural Bank Wealth Management and Everbright Wealth Management have established scale advantages in mixed-asset products, leveraging their channel and brand strengths [2]. Market Outlook - The investment strategy for 2026 should shift from focusing on yield elasticity to ensuring yield certainty, emphasizing risk budget management and the use of innovative tools and strategies [3]. - The report suggests increasing the development and application of structured products linked to broad or industry indices to meet the demand for stable returns in a volatile market [3].

一方面，实施"从混合到权益"的能力积累。理财子优先深耕混合类产品， 通过"固收打底、多策略增强"的模式，在控制波动前提下积累权益、衍生 品等实战管理经验，逐步搭建多资产配置框架。待投研体系与风控机制成熟 后，再审慎推出以追求长期资本增值为目标的纯权益类产品。 银行理财 2026 年 2 月月报 优于大市 从财报看理财子如何布局多资产 银行开年"心思"不在卖理财上，1 月份理财存量规模环比基本持平略有少 增。阶段性规模少增原因在于 1 月份银行重点抓贷款"开门红"，同时中收 营销力度着力"分红险"等更高销售佣金率的产品；不过随着居民定期存款 到期再配置，判断节后理财逐步将迎来显著增量。 本期月报中我们整理了市场各家理财子多资产产品布局：当前理财行业在多 资产产品布局上呈现"整体占比低、个体差异大、发展刚初期"的显著特征； （1）行业马太效应明显：根据 2025 年银行半年报数据披露，招银理财、兴 银理财、工银理财、中银理财、农银理财等规模领先，多数城商行理财子公 司规模在 1000 亿至 6000 亿元之间，让她合资理财公司（如贝莱德建信、汇 华理财等）及部分小型公司规模尚在百亿量级，处于差异化起步阶段：（2） ...

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by more than 10% [4][41]. Core Insights - The banking wealth management sector is experiencing a low overall allocation in multi-asset products, with significant individual differences and early-stage development characteristics [1]. - The industry is transitioning from pure fixed income to "fixed income plus" and multi-asset strategies, with mixed products currently being the main battleground for this transformation [2]. - In January 2026, the average annualized yield for bank wealth management products increased to 3.62%, reflecting a recovery of 181 basis points month-on-month [11]. Summary by Sections Market Overview - In January, the wealth management product scale remained stable, with a total scale of 31.6 trillion yuan, showing little month-on-month change [13]. - The mixed product scale reached 6,383.7 billion yuan, significantly higher than the equity product scale of 271.5 billion yuan, indicating a preference for mixed strategies [12]. Product Performance - The newly issued products in January had an initial fundraising scale of 4,238 billion yuan, primarily consisting of fixed income products, with the performance benchmark remaining stable at 2.33% [20]. - Most of the closed-end bank wealth management products that matured in January met their performance benchmarks, demonstrating a strong performance in the sector [29]. Strategic Development - Wealth management subsidiaries are focusing on mixed products first, gradually building a multi-asset allocation framework before introducing pure equity products [2]. - Leading wealth management institutions are leveraging their channel and brand advantages to strengthen mixed products as core tools for wealth management clients [2].