Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese innovative pharmaceutical industry is entering a new phase of development characterized by dual breakthroughs in commercialization and internationalization, with significant growth in License-out transactions from $2.562 billion in 2017 to $140.274 billion in 2025 [5][15] - The industry is transitioning from a phase of pipeline expectations to one of performance realization, with over 70% of companies achieving positive revenue growth in 2025 [6][23] - The innovative drug sector has seen a strong performance in early 2026, with the pharmaceutical and biological sector rising by 0.14%, outperforming the CSI 300 index by 1.47 percentage points [7][29] Summary by Sections Section 1: Breakthroughs in Commercialization and Internationalization - The period from 2017 to 2026 is crucial for the recognition of Chinese pharmaceutical companies in the global market, with a notable increase in License-out transactions [5][15] - In early 2026, significant deals were made, including a $12 billion upfront payment from CSPC to AstraZeneca, indicating the growing international competitiveness of Chinese innovative drugs [16][17] Section 2: Performance of the Pharmaceutical Sector - The pharmaceutical sector has shown robust growth, with companies like BeiGene reporting revenues exceeding 36 billion yuan, reflecting strong commercialization capabilities [6][23] - The overall industry is moving towards profitability, with companies like Innovent Biologics and Rongchang Biopharma achieving breakeven for the first time [6][23] Section 3: Market Trends and Subsector Performance - In the first week of February 2026, the Chinese pharmaceutical sector saw a 0.14% increase, with traditional Chinese medicine leading the gains at 2.56% [7][31] - The medical research outsourcing sector also performed well, increasing by 1.99%, while other subsectors like biological products and vaccines experienced declines [7][31][35]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese innovative pharmaceutical industry is entering a new phase of development characterized by dual breakthroughs in commercialization and internationalization, with significant increases in License-out transaction values from $2.562 billion in 2017 to $140.274 billion in 2025 [5][15] - The industry is transitioning from a phase of pipeline expectations to one of performance realization, with over 70% of companies achieving positive revenue growth in 2025 [6][23] - The innovative drug sector has seen a strong performance in the first week of February 2026, with a 0.14% increase, outperforming the CSI 300 index by 1.47 percentage points [7][29] Summary by Sections Section 1: Breakthroughs in Commercialization and Internationalization - The period from 2017 to 2026 is crucial for the recognition of Chinese pharmaceutical companies in the global market, with a notable increase in License-out transactions [5][15] - In 2026, the upfront payment for License-out transactions has already exceeded 39% of the total for 2025, indicating improved quality and competitiveness of Chinese innovative drug pipelines [5][15][16] Section 2: Performance of the Pharmaceutical Sector - The innovative drug sector is experiencing rapid revenue growth, with companies like BeiGene achieving over 36 billion yuan in revenue, showcasing strong commercialization capabilities [6][23] - Major companies such as Innovent Biologics and Rongchang Biopharma have maintained robust growth due to their core products, with some companies achieving profitability for the first time [6][23][24] Section 3: Market Trends and Subsector Performance - In the first week of February 2026, the traditional Chinese medicine sector saw the highest increase at 2.56%, while other biopharmaceutical sectors experienced declines [7][31] - The medical research outsourcing sector also performed well, with a 1.99% increase, indicating a positive trend in the pharmaceutical industry overall [7][31][35]

2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 计算机 沪深300 相关研究报告 《周观点：SpaceX 申请部署百万颗卫 星，剑指太空算力 — 行 业 周 报 》- 2026.2.1 《AWS 和谷歌拉开"云涨价"序幕， 重视 AI 基建产业链 —行业点评报告》 -2026.1.28 《周观点：SpaceX 有望引领太空革命 —行业周报》-2026.1.25 计算机 周观点：2026 年，多模态模型有望迎来 DS 时刻 ——行业周报 刘逍遥（分析师） liuxiaoyao@kysec.cn 证书编号：S0790520090001 市场回顾：本周（2026.2.2-2026.2.6），沪深 300 指数下跌 1.33%，计算机指 数下跌 3.27%。 周观点：2026 年，多模态模型有望迎来 DS 时刻 （1）2026 年，多模态模型有望迎来 DS 时刻 OpenAI 于 2024 年 2 月推出的初代 Sora 模型，堪称视频领域的 GPT‑1 时刻， 2025 年 9 月 ...

Group 1 - The chemical industry is showing clear signs of a cyclical turning point, with policies aimed at reducing excessive competition accelerating supply-demand improvements [3][28] - The basic chemical index has rebounded strongly, closing at 8447 points as of February 6, 2026, representing an increase of approximately 47.9% compared to the beginning of 2025 [3][13] - The chemical product price index (CCPI) reached 4066 points as of February 5, 2026, up about 6.3% from the low of 3825 points on November 5, 2025 [3][14] - The valuation of the chemical industry is recovering but remains at historically low levels, with a price-to-book ratio of 2.60 as of February 6, 2026, up about 20% from 2.17 on December 16, 2025 [3][20] - Capital expenditure in the chemical industry has turned negative since June 2025, indicating the end of the capacity expansion cycle [3][23] Group 2 - The North Exchange has several cyclical-related companies in the chemical new materials sector, including polyurethane, organic silicon, pesticides, PVC, petrochemicals, and soda ash [3][34] - Key companies in the North Exchange include Yinuowei, Jilin Carbon Valley, Jinhua New Materials, Yingtai Biological, Anda Technology, Jiaxian Co., and Deer Chemical, which are essential links in the industry chain [3][34] Group 3 - The North Exchange chemical new materials sector experienced a decline of 3.39% in the week from February 2 to February 6, 2026 [4][36] - The North Exchange 50 index closed at 1520.89 points, with a weekly decline of 0.70% [4][36] - The best-performing stocks in the North Exchange chemical new materials sector for the week included Gebijia (+7.52%), Bingyang Technology (+5.28%), and Yinuowei (+4.23%) [4][42] Group 4 - Recent announcements include the change of control at Kaide Quartz and Bingyang Technology's inclusion in the Sinopec supplier list for acid fracturing materials [5][74]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

Investment Rating - The investment rating for the computer industry is "Positive" (maintained) [1] Core Insights - The report highlights that 2026 is expected to be a pivotal year for multimodal models, which are anticipated to drive growth in the film, gaming, and advertising sectors due to significant improvements in capabilities and reductions in costs [5][12][15] - The launch of the Keling 3.0 series and Byte's Seedance 2.0 models marks a significant advancement in the multimodal field, enabling comprehensive video production processes and enhancing competition among industry players [6][13] - Keling AI has rapidly commercialized its multimodal models, boasting over 60 million creators and generating more than 600 million videos by the end of 2025, with an annual revenue run rate of $240 million [7][14] Summary by Sections Industry Overview - The computer index fell by 3.27% during the week of February 2-6, 2026, while the CSI 300 index decreased by 1.33% [4][16] Multimodal Model Developments - The initial Sora model by OpenAI, launched in February 2024, is compared to a significant breakthrough in video technology, with subsequent models showing substantial advancements [5][12] - The Keling 3.0 series, launched on February 5, 2026, integrates various multimedia capabilities, marking a new era in AI-driven content creation [6][13] Commercialization Potential - The report emphasizes that 2026 will be crucial for the commercialization of multimodal models, driven by enhanced model capabilities and reduced costs, which will lower barriers to entry for users [7][14] Investment Recommendations - Beneficiaries of the anticipated growth in the multimodal sector include companies such as Wanjing Technology, Haitai Ruisheng, and Hongsoft Technology, among others [8][15]

北交所策略专题报告 2026 年 02 月 08 日 2025 北交所券商执业全景：特色券商优势巩固，头部券商逐渐跃居前列 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 年格局重塑：头部券商成为执业主力军，特色券商优势巩固 2026 年 1 月 30 日北京证券交易所、全国股转公司根据对证券公司 2025 年的执 业质量情况进行了评价。2025 年度，115 家证券公司中，14 家证券公司子公司 纳入其母公司合并评价，由高到低分别被评为一、二、三、四档，其中，一档占 比 19.80%；二档占比 39.60%；三档占比 19.80%；四档占比 20.79%。从一档券 商变化来看，北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列。2025 年排名前十名分别为国泰海通、华泰证券、招商证券、申万宏源、中信证券、国 金证券、东吴证券、开源证券、中信建投、平安证券，其中华泰证券、中信证券、 平安证券分别由 2024 年的第二档跃升为第一档。从专业质量总分变化来看，头 部券商进步明显。2025 年排名前五名分别为 ...

Group 1 - The report outlines the "Implementation Plan for High-Quality Development of Traditional Chinese Medicine Industry (2026-2030)", which sets a roadmap for the future development of the traditional Chinese medicine (TCM) industry, emphasizing the promotion of national medicines and famous products [3][12][13] - The core goal by 2030 is to establish a collaborative system across the entire industry chain, enhance the supply of raw materials, and significantly improve the levels of digitalization and greening [3][13] - Specific quantitative targets include cultivating 60 high-standard raw material bases, establishing 5 innovation centers, and constructing 20 smart factories and 10 green factories [3][13][14] Group 2 - The market size for TCM products is projected to reach approximately 506.1 billion yuan in 2025, with the market for TCM raw materials expected to grow to 220.6 billion yuan [21][24][26] - The planting area for TCM materials is estimated to be around 57 million mu in 2025, indicating a steady growth trend [20][22] - The production of traditional Chinese medicine is expected to decline, with an estimated output of 1.855 million tons in 2025, down from 1.953 million tons in 2024 [28][32] Group 3 - The report identifies five companies related to the TCM industry chain listed on the Beijing Stock Exchange: Zizhong Palace, Datang Pharmaceutical, Oukan Pharmaceutical, New Ganjing, and Biological Valley [29][30] - Among the companies, Jiren Pharmaceutical is highlighted with a projected revenue of 1.23 billion yuan and a net profit of approximately 131.84 million yuan for 2024 [51] - The report notes that 52.38% of the pharmaceutical and biological stocks on the exchange experienced price increases, with TCM stocks showing a weekly increase of 4.29% [4][42]

Group 1: Core Insights - The report highlights the integration of the "base film-metalized film-capacitor" industry chain by Shengye Electric through the acquisition of Huajia New Materials, aiming to enhance supply chain security and accelerate the development of new high-end products [2][25][32] - The Beijing Stock Exchange (BSE) has become a preferred venue for mergers and acquisitions (M&A) for small and medium-sized enterprises, with 50 significant M&A events reported as of February 8, 2026 [1][20] - The new policies, including the "New National Nine Articles" and "M&A Six Articles," are expected to stimulate the M&A market starting in 2024, focusing on industrial integration and cross-industry mergers [1][9][14] Group 2: Policy and Market Dynamics - The report outlines six core directions from the Beijing Municipal Financial Committee aimed at supporting M&A to promote high-quality development of listed companies, emphasizing market-driven approaches and government guidance [14][15] - The M&A landscape is evolving with increased flexibility in payment methods, financing channels, and pricing mechanisms, encouraging diverse transaction designs and cross-border M&A [9][10] - The BSE is positioned to support innovative small and medium enterprises, particularly in advanced manufacturing and modern services, facilitating traditional industry upgrades and fostering new economic growth drivers [17][18] Group 3: Company-Specific Developments - Shengye Electric plans to acquire a 51.02% stake in Huajia New Materials for approximately 112.24 million yuan, which is expected to significantly enhance its control over the supply of metalized polypropylene films, a key component in capacitor production [2][25][34] - Huajia New Materials, a high-tech enterprise, reported revenues of 200 million yuan and a net profit of 20.89 million yuan in 2024, indicating strong financial performance and market position [34][32] - The acquisition is anticipated to create synergies by integrating upstream resources and enhancing the technological capabilities of Shengye Electric in the capacitor manufacturing sector [32][33]

商贸零售 行 业 研 究 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 商贸零售 沪深300 相关研究报告 《功效护肤品牌 HBN 母公司护家科 技递表港交所—行业周报》-2026.2.1 《老铺黄金 SKP 活动开启，关注春节 销售超预期催化 — 行 业 周 报 》 -2026.1.25 《2025 年社零同比+3.7%，海南封关 首 月 表 现 亮 眼 — 行 业 点 评 报 告 》 -2026.1.19 行业关键词：霸王茶姬、琳朝珠宝、阿嬷手作、壹网壹创、千问等 【霸王茶姬】霸王茶姬开设首家泰国旗舰店。 【琳朝珠宝】琳朝珠宝全国第二家门店落子南京德基广场。 【阿嬷手作】阿嬷手作跨界试水餐饮，推出高端广西风味螺蛳粉。 【壹网壹创】壹网壹创拟并购 AI 营销公司。 【千问】千问 APP 上线 AI 请奶茶活动引爆流量。 板块行情回顾 本周（2 月 2 日-2 月 6 日），商贸零售和社会服务指数分别报收 2426.99 点/9285.47 点，分别下跌 0.34%/上涨 ...