捕捉小盘科技行情的机会 科技力量的崛起推动资本市场由传统行业向科技集中。美股前十大巨头中科 技板块个股占比显著提升；纳斯达克科技指数成分股市值占比由 1990 年的 1.51%提升至 2025 年的 52.20%，生成式 AI 周期下，英伟达市值一度升至 约 4.5 万亿美元，科技资产已成为全球资本市场核心配置方向之一。 小盘交投活跃，牛市行情的领头羊。市场主线扩散过程中，小盘股往往成为 牛市行情的领头羊。在 A 股历轮牛市中，中证 1000、中证 2000 等小盘指 数涨幅显著领先宽基指数；本轮 2024 年"9·24"行情启动以来，中证 2000 指 数涨幅已超 100%，小盘风格阶段性占优。 宽松流动性为小微盘行情提供支撑。宏观层面，2025 年 12 月 M2 同比增速 升至 8.5%，一年期同业拆借利率由 2024 年末的 2.50%降至 1.96%。利率 中枢下移与风险偏好回升共同改善小盘资产的交易环境。 科技邂逅小盘：中证 360 互联网+大数据 100（930734.CSI）投资价值分析 证券研究报告 | 2026年02月03日 中证 360 互联网+大数据 100 指数（930734.CSI ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market benchmark [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the successful launch of new products by Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications and game IPs, particularly in the context of marketing and content creation [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Data Tracking - The total box office for the week of January 26 to February 1 reached 257 million yuan, with the top three films being "Zootopia 2" (41 million yuan), "Water Pipe" (63 million yuan), and "Return to Silent Hill" (33 million yuan) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were "Whiteout Survival" by Didi Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Didi Interactive [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for potential investment opportunities, particularly in AI marketing and content creation [4][36]. - Specific companies recommended for investment include Giant Network, G-bits, and K-Young Network, which are expected to benefit from AI product implementations [4][36].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry has shown a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to February 1 [1][11]. - Key companies that performed well include Tiandi Online, Hengdian Film, Yinsai Group, and Dingsheng Co., while companies like Giant Network and Baina Qiancheng faced declines [1][11]. - The report highlights the success of AI applications and game IPs, particularly the popularity of the Clawdbot AI project and the DeepSeek-OCR2 document recognition model [2][15][16]. - The report emphasizes the potential for investment in AI marketing and gaming sectors, suggesting a focus on companies like Giant Network, Jibite, and Kayi Network for their promising product cycles and performance [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable increases in stock prices for companies like Tiandi Online (51% increase) and Hengdian Film (32% increase) [11][12]. - The top three films at the box office during the week generated a total of 2.57 billion yuan, with "Zootopia 2" leading at 0.41 billion yuan [3][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival" by Diandian Interactive, "Gossip Harbor: Merge & Story" by Lemon Microfun, and "Kingshot" by Diandian Interactive [26][27]. Company Earnings Forecast and Investment Ratings - Key companies with an "Outperform" rating include: - Kayi Network (24.92 yuan, market cap 532 million yuan, EPS 1.01 for 2025E) [5][38]. - Jibite (455.00 yuan, market cap 328 million yuan, EPS 22.92 for 2025E) [5][38]. - Sanqi Interactive (26.52 yuan, market cap 587 million yuan, EPS 1.38 for 2025E) [5][38].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by over 10% [5][40]. Core Insights - The media industry saw a weekly increase of 0.32%, outperforming both the CSI 300 index (0.08%) and the ChiNext index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the success of new products from Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications in marketing and content services, particularly in the context of the GEO restructuring and commercialization efforts [4][36]. Industry Performance - The media sector ranked 9th in terms of weekly performance among all sectors, with notable gainers including Tiandi Online (up 51%), Hengdian Film (up 32%), and Insai Group (up 28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Company Forecasts and Ratings - Key companies with "Outperform" ratings include: - Kaiying Network (24.92 CNY, market cap 532 million CNY, EPS 1.01 for 2025E) [5][38] - G-bits (455.00 CNY, market cap 328 million CNY, EPS 22.92 for 2025E) [5][38] - 37 Interactive Entertainment (26.52 CNY, market cap 587 million CNY, EPS 1.38 for 2025E) [5][38] Important Data Tracking - The box office for the week of January 26 to February 1 reached 257 million CNY, with top films including "Zootopia 2" (41 million CNY, 16.0% market share) and "Water Pipe" (63 million CNY, 13.8% market share) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were Point Interactive's "Whiteout Survival," Lemon Micro's "Gossip Harbor: Merge & Story," and Point Interactive's "Kingshot" [26][27]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for investment opportunities, particularly in companies that are expected to benefit from AI-driven marketing and product cycles [4][36].

证券研究报告 | 2026年02月02日 2026年02月03日 金融工程日报 沪指单边下行险守 4000 点，资源股全线下挫、白酒表现活跃 核心观点 金融工程日报 市场表现：20260202 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中北证 50 指数表现较好，风格指数中沪深 300 价值指数表现较好。 食品饮料、银行、电新、家电、电力公用事业行业表现较好，有色金属、钢 铁、煤炭、石油石化、基础化工行业表现较差。特高压、白酒、光纤、培育 钻石、配网等概念表现较好，黄金精选、铅锌矿、黄金珠宝、存储器、磷化 工等概念表现较差。 市场资金流向：截至 20260130 两融余额为 27153 亿元，其中融资余额 26987 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.4%。 折溢价：20260130 当日 ETF 溢价较多的是 G60 创新 ETF 申万菱信，ETF 折价较多的是现金流 500ETF。近半年以来大宗交易日均成交金额达到 23 亿元，20260130 当日大宗交易成交金额为 16 亿元，近半年以来平均折价率 6.93%，当日折价 ...

Group 1: Core Insights - The report maintains an "outperform" rating for the retail sector, anticipating a rebound in consumer spending due to potential policy support and low valuations in the sector [3][51] - Gold jewelry sector remains resilient despite price fluctuations, with a focus on brand building, craftsmanship innovation, and cultural storytelling driving long-term growth [1][12] - AI applications are expected to create new growth opportunities for online service providers, enhancing their capabilities in consumer insights and brand marketing strategies [2][19] Group 2: Gold Jewelry Sector - Gold prices have shown significant volatility, with a year-to-date increase of 12.28% until January 29, followed by a single-day drop of 8.35% on January 30, impacting short-term market sentiment but not the long-term growth logic of leading companies [1][12] - Companies with a high proportion of investment gold business, such as Cai Bai Co., are projected to see substantial revenue growth, with expected net profits for 2025 ranging from 1.06 to 1.23 billion, representing a year-on-year increase of 47.43% to 71.07% [14][18] Group 3: AI and E-commerce - The introduction of AI technologies is reshaping industry dynamics, particularly in e-commerce, where the shift from traditional search to generative AI dialogue is expected to transform brand marketing strategies [20][21] - Online service providers are positioned to leverage deep partnerships with leading e-commerce platforms, enhancing their ability to generate content and optimize marketing efforts through AI [21][23] Group 4: Investment Recommendations - For the gold jewelry sector, companies like Cai Bai Co., Luk Fook Holdings, and Chow Tai Fook are recommended due to their strong growth potential and low valuations [3][51] - In the beauty and personal care sector, companies such as Proya Cosmetics and Mao Geping are highlighted for their innovative product launches and platform strategies [3][51] - Cross-border e-commerce leaders like Small Commodity City and Anker Innovations are expected to benefit from AI applications that enhance cost efficiency and product innovation [3][51] - Offline retail is anticipated to see a boost during the peak sales season, with companies like Miniso and Yonghui Superstores recommended for their growth prospects [3][51]

Group 1: Core Insights - The report maintains an "outperform" rating for the retail sector, indicating potential for growth in the consumer market, particularly in the jewelry and beauty segments, as well as cross-border e-commerce [3][51]. - Fluctuations in gold prices have short-term emotional impacts on the jewelry sector, but the long-term growth logic remains intact, driven by brand building, craftsmanship innovation, and cultural storytelling [1][12]. - AI applications are rapidly being integrated into the retail sector, particularly through online service providers, which are leveraging deep partnerships with major e-commerce platforms to enhance consumer insights and brand strategies [2][19]. Group 2: Industry Summaries - In the gold and jewelry sector, companies with a high proportion of investment gold business, such as Cai Bai Co., are expected to achieve stable growth despite short-term price fluctuations, with projected net profits for 2025 expected to increase by 47.43% to 71.07% [1][14]. - The beauty and personal care sector is seeing a return to low valuations, with traditional leaders showing signs of recovery and new product launches expected to drive growth [3][51]. - Cross-border e-commerce leaders have demonstrated strong resilience against risks, with AI applications expected to enhance cost efficiency and product innovation, providing a catalyst for sustained growth [3][51]. Group 3: Recent Industry Data - In December 2025, the total retail sales of consumer goods reached 45,136 billion yuan, with a year-on-year growth of 0.9%, indicating a weak overall growth trend influenced by high base effects from the previous year [24][30]. - Online retail sales for the year reached 159,722 billion yuan, growing by 8.6%, with physical goods online retail accounting for 26.1% of total retail sales, reflecting a slight increase in penetration [25][30]. - The jewelry category saw a year-on-year growth of 5.9% in December, supported by rising prices and holiday gifting demand, while the cosmetics category grew by 8.8% due to promotional activities and consumption upgrades [30].

证券研究报告 | 2026年02月03日 宏观经济深度报告 有形之手（1）：财政 ABC 之"四本账" 本报告是"有形之手"系列研究的第一篇，聚焦财政"四本账"，系统梳理 其运行框架、收支规律及内在关联。 我国财政预算体系核心可以概括为"四横五纵"。即横向的"四本账"与纵 向的五级政府预算。纵向来看，实行一级政府一级预算，共五级。年度预算 编制流程大体可以分为两轮，即"二上二下"。 "四本账"既相对独立又相互衔接，存在当期跨账本的调配。一般公共预算 是"总枢纽"，与其他三本账常有资金往来，可接收调入资金或提供补贴； 同时，四本账借助结转结余和预算稳定调节基金开展跨年度调节，保障财政 运行稳定。 各账本功能明确、各有侧重。 一般公共预算是财政预算体系的核心，规模也最大，可以理解为狭义上的财 政预算。收入由税收收入和非税收入两部分组成，税收是绝对的主体，占比 超过八成。一般公共预算支出主要包括公共服务、民生类支出和基建类支出。 目前存在"财权-事权"错配，即地方财政收入占比低但支出占比高的问题。 这一形势下，中央持续加大对地方的转移支付力度。 政府性基金预算收入以国有土地使用权出让收入为主，支出专项用于特定公 共 ...

证券研究报告 | 2026年02月02日 2026年02月03日 金融工程日报 沪指单边下行险守 4000 点，资源股全线下挫、白酒表现活跃 核心观点 金融工程日报 市场表现：20260202 市场全线下跌，规模指数中上证 50 指数表现较好，板 块指数中北证 50 指数表现较好，风格指数中沪深 300 价值指数表现较好。 食品饮料、银行、电新、家电、电力公用事业行业表现较好，有色金属、钢 铁、煤炭、石油石化、基础化工行业表现较差。特高压、白酒、光纤、培育 钻石、配网等概念表现较好，黄金精选、铅锌矿、黄金珠宝、存储器、磷化 工等概念表现较差。 市场情绪：20260202 市场情绪较为低迷，收盘时有 44 只股票涨停，有 130 只股票跌停。昨日涨停股票今日收盘收益为 0.40%，昨日跌停股票今日收盘 收益为-7.34%。今日封板率 61%，较前日下降 4%，连板率 20%，较前日 提升 10%。 市场资金流向：截至 20260130 两融余额为 27153 亿元，其中融资余额 26987 亿元，融券余额 166 亿元。两融余额占流通市值比重为 2.6%，两融 交易占市场成交额比重为 9.4%。 折溢价：202 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the food and beverage sector [4][5][10]. Core Views - The food and beverage sector is expected to perform well in 2026, with a focus on four main investment themes: cost advantages, efficiency improvements, innovation-driven growth, and opportunities for recovery in distressed segments [3][10][14]. - The report highlights the increasing signals of a bottoming out in the liquor market, particularly for baijiu, and emphasizes the importance of sales performance during the Spring Festival [2][10]. - The report suggests a diversified approach to investment, recommending leading companies in various sub-sectors, including dairy, beverages, snacks, and restaurant supply chains [2][3][10]. Summary by Relevant Sections Liquor - Baijiu prices are stable with an upward trend, and the report emphasizes monitoring sales during the Spring Festival. Key recommendations include Kweichow Moutai, Shanxi Fenjiu, and Luzhou Laojiao, with a focus on their market positioning and growth potential [2][10][11]. - The report anticipates a continued decline in production for smaller liquor companies, while larger firms are expected to manage inventory effectively [10][11]. Beer - The beer industry is experiencing healthy inventory levels, with expectations for demand recovery. Recommendations include Yanjing Beer and China Resources Beer, focusing on their growth potential and market strategies [11][12]. Snacks - The report identifies strong growth potential in the konjac snack segment, recommending leading companies like Weidong and Yanjinpuzi for their innovative product offerings and competitive advantages [12][17]. Dairy - The dairy sector is advised to focus on leading companies like Yili, with expectations for steady demand recovery and improved profitability in 2026. The report notes the importance of managing inventory and product innovation [14][15]. Beverages - The beverage sector is characterized by a focus on inventory reduction during the off-season, with key recommendations for companies like Nongfu Spring and Dongpeng Beverage, which are expected to benefit from market expansion and product innovation [15][16].