Investment Rating - Industry Rating: Recommended [3] Core Insights - The report highlights the implementation of a national seed market inspection for spring crops, focusing on key crops such as corn, soybeans, rice, cotton, potatoes, and vegetables. This initiative aims to ensure seed quality and combat counterfeit products, which is expected to enhance the planting industry chain [1][11]. - The report anticipates a continued acceleration in the commercialization of genetically modified (GM) seeds, which is crucial for improving self-sufficiency rates in key varieties. The upcoming central document is expected to catalyze the seed industry sector [1][11]. - In the pig farming sector, the average price of live pigs has decreased to 12.61 CNY/kg, reflecting a 2.91% week-on-week decline. This trend is attributed to seasonal consumption patterns and inventory adjustments post-holiday [2][12]. - The report suggests that the pig farming sector may see accelerated capacity reduction as it enters a traditional off-season for pork consumption, presenting potential investment opportunities [2][12]. Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs has initiated a seed market inspection to ensure the safety of seeds for spring production, focusing on major crops [1][11]. - The emphasis on GM technology is expected to revolutionize yield improvements and enhance self-sufficiency in key crops [1][11]. - Recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on companies with significant first-mover advantages in the seed industry such as Dabeinong and Longping High-Tech [1][11]. Pig Farming - The average price of live pigs is currently 12.61 CNY/kg, with a notable week-on-week decline of 2.91% due to seasonal factors and inventory management [2][12]. - The number of breeding sows has decreased to 39.61 million, reflecting a 2.9% year-on-year decline, indicating a trend towards capacity reduction [2][12]. - Recommended stocks in the pig farming sector include Lihua Agricultural, Muyuan Foods, and Shuanghui Development, among others [2][12]. Key Agricultural Product Data Tracking - Corn: The average price is 2377.26 CNY/ton, with a week-on-week increase of 0.32% [26]. - Wheat: The average price is 2529.67 CNY/ton, with a week-on-week increase of 0.18% [29]. - Soybeans: The average price is 4072.11 CNY/ton, remaining stable week-on-week [41]. - Cotton: The average price is 15750 CNY/ton, with a week-on-week increase of 0.56% [46]. Feed and Vitamin Prices - The average price of pig feed is 2.65 CNY/kg, stable week-on-week [53]. - Vitamin E averages 55.30 CNY/kg, reflecting a week-on-week increase of 1.47% [63].

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January, the wealth - management scale continued to decline, with a monthly decrease of 1.142 billion yuan, contrary to market expectations of a rebound. Looking ahead, before the Spring Festival in February, the scale may show a moderate growth trend [1][9]. - The inter - bank leverage ratio continued to decline, while the exchange leverage ratio increased, and non - bank institutions increased leverage [2][35]. - Interest - rate and credit - type medium - and long - term bond funds compressed their durations, while medium - short - term and short - term bond funds slightly increased their durations [3][44]. - The supply scale of government bonds increased significantly in early February, with a planned issuance of 906.7 billion yuan in the first week of February [50]. 3. Summary According to Relevant Catalogs 3.1 1 - Month Wealth - Management Scale Decline 3.1.1 Weekly Scale - From January 19 - 23, the wealth - management scale continued to rise, with a week - on - week increase of 7.41 billion yuan to 33.35 trillion yuan, higher than the historical same - period level. From January 26 - 30, due to the drive of funds returning to the balance sheet, the scale decreased by 178.8 billion yuan to 33.18 trillion yuan, and the decline was more than seasonal [8]. 3.1.2 Wealth - Management Risks - Product net values continued to rise, and the proportion of negative yields remained low. The proportion of all products with negative yields in the interval remained low at 0.96%. The wealth - management break - even level slightly increased, with the break - even rate of all products rising by 0.03 pct to 0.2%. The proportion of products with unmet performance targets continued to decline, with the non - performance rate of all wealth - management products dropping by 0.3 pct to 23.9% [15][24]. 3.2 Leverage Ratio: Inter - bank Continued to Decline - From January 26 - 30, affected by cross - month demand, capital prices seasonally increased. The average weekly trading volume of inter - bank pledged repurchase decreased, and the average overnight proportion also decreased. The inter - bank leverage ratio continued to decline, the exchange leverage ratio increased, and non - bank institutions increased leverage [32][35]. 3.3 Interest - Rate and Credit - Type Medium - and Long - Term Bond Funds Compressed Durations - From January 26 - 30, due to insufficient incremental information at the end of the month, institutions were still cautious in their operations. The average weekly durations of interest - rate and credit - type medium - and long - term bond funds decreased. The durations of medium - short - term and short - term bond funds slightly increased [42][44]. 3.4 Government Bond Supply Scale Increased Significantly in Early February - In the first week of February (February 2 - 6), the planned issuance of government bonds was 906.7 billion yuan, a significant increase from the previous week. The estimated net payment scale of government bonds was about 460.4 billion yuan, still higher than the weekly median payment level since 2025. In terms of different types of bonds, the net payment scale of treasury bonds decreased, while that of local bonds increased [50][53].

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 钠电池有望进入放量应用阶段 我们认为，钠电兼具成本和性能优势。根据 SMM 数据，1 月 30 日，国产电池级碳酸锂（99.5%）日均价为 16.05 万元，同比 （2025 年 1 月 27 日 7.78 万元）增长 106.3%。由于碳酸锂在锂 电池成本中的比重较高，假设 1GWh 锂电池需要 600 吨碳酸锂计 算，碳酸锂价格上涨 10 万元，将带来锂电池成本增加 0.06 元， 因此碳酸锂价格的明显上涨将带来锂电池成本的提升。而钠元 素凭借资源禀赋优势，相比之下性价比优势突显。根据 SMM 数 据，1 月 30 日，电池级碳酸钠（99.5%）平均价为 4150 元/吨。 此外，经过多年的发展，钠电池技术和工艺逐步成熟，在储 能、商用车、乘用车等领域，以及换电、低温等场景中的性能 优势明显，钠电池有望实现规模应用，布局钠电池以及相关材 料的企业有望受益。 [Table_Title] 看好电力设备出海成长性，容量电价政策落地 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 2 月 1 日 算力供给紧张，成为 2026 年主线 [Table_Title2] 计算机行业周报 [Table_Summary] 本周观点: 算力供给紧张，成为 2026 主线 全球 AI 基建需求依然强劲，26 年海外 AI 算力依然是主要配置方 向。TrendForce 预测 2025 年全球八大主要 CSPs 资本支出(CapEx) 总额约 4,300 亿美元(yoy+65%),预期 2026 年 CSPs 仍将维持积极 的投资，资本支出将进一步推升至 6,000 亿美元以上(yoy+40%), 展现出 AI 基础建设的长期成长潜能。 海外大厂创造 2026 算力新格局 根据财经宇宙，微软 CEO Satya Nadella 表示未来微软从 OpenAI 的"独家运营商"，转型为全球 AI 资源的总调度商，让企业客户 能根据成本与性能需求，在 GPT 5.2、Claude4.5 等多款大模型间 灵活选择。微软正通过这种饱和式的基建投入，试图在 AI 从技术 神话下沉为工业底座的过程中，完成从一家"软件服务商"向未来 "算力基础服务商" ...

[Table_Title] 政策保驾护航，中长线资金入市仍是大趋势 证券研究报告|投资策略周报 [Table_Date] 2026 年 02 月 01 日 ·行业配置上，建议关注：1）高景气科技主线：如 AI 算力链、机器人、存储、储能等；2）逢低布局涨价相关周 期品种，如化工、有色等；3）受益于 AI 应用产业趋势方向，如港股互联网。 风险提示：全球经济超预期波动、政策效果不及预期、海外流动性风险，地缘政治风险等。 | 分析师：李立峰 | 分析师：张海燕 | | --- | --- | | 邮箱：lilf@hx168.com.cn | 邮箱：zhanghy5@hx168.com.cn | | SAC NO：S1120520090003 | SAC NO：S1120521040002 | 请仔细阅读在本报告尾部的重要法律声明 [Table_Title2] 投资策略周报 [Table_Summary] ·市场回顾：本周 A 股主要指数分化，红利指数和上证 50 涨幅居前，北证 50、中证 2000 和科创 50 指领跌。资金 面上，市场日均成交额维持在 3 万亿元附近，显示投资者风险偏好高位运行。一级行业中，石 ...

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report expresses optimism for key metals in the future despite recent price declines due to market panic [1] - Supply tightening expectations remain for nickel, cobalt, antimony, lithium, rare earths, tin, tungsten, and uranium, which may support prices in the coming months [1][2][8][11][13][14][22] Nickel and Cobalt Industry Summary - As of January 30, LME nickel settled at $17,540 per ton, down 5.85% from January 23, with total LME nickel inventory increasing by 0.90% to 286,284 tons [1] - Supply constraints are expected due to increased rainfall in Indonesia affecting mining and shipping operations, alongside regulatory pressures leading to conservative sales strategies [1] - The Indonesian government plans to reduce nickel mining quotas to 250-260 million tons, which is anticipated to support nickel prices [1][16] - Cobalt prices are expected to rise due to supply tightness, with electrolytic cobalt priced at 446,000 yuan per ton as of January 30, up 1.83% [2][17] Antimony Industry Summary - Antimony prices have increased, with antimony ingot averaging 162,500 yuan per ton as of January 29, up 1.25% [6] - Supply constraints are expected to persist due to production halts at Hunan Zhenqiang Antimony Industry, which may reduce output by over 2,000 tons [6][19] Lithium Industry Summary - Lithium carbonate prices fell to 160,400 yuan per ton as of January 30, down 6.22% [8] - Supply disruptions are anticipated due to environmental assessments delaying mining operations in Jiangxi, impacting future supply [8] - Demand is expected to remain strong, potentially stabilizing prices despite recent declines [8][19] Rare Earth Industry Summary - The report highlights tightening supply expectations for rare earths, particularly due to new regulations in Vietnam and ongoing geopolitical tensions [20] - The global rare earth supply chain remains heavily reliant on China, which continues to dominate production capabilities [20] Tin Industry Summary - Tin prices are supported by uncertainties in overseas supply, with LME tin settling at $54,000 per ton as of January 30, down 0.37% [11] - Supply concerns persist due to slow recovery in Myanmar and ongoing regulatory actions in Indonesia [11][12] Tungsten Industry Summary - Tungsten prices have seen significant increases, with white tungsten concentrate priced at 597,500 yuan per ton as of January 30, up 11.58% [13] - Supply constraints are expected to continue due to strict mining quotas and environmental regulations [13][21] Uranium Industry Summary - Uranium prices remain high, with global market prices at $63.51 per pound, supported by ongoing supply tightness and geopolitical factors [14][22] - The report indicates a persistent supply-demand gap in the uranium market, with expectations for continued price support [14][22]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - The rise of Clawbot, an open-source AI gateway, indicates a significant shift in AI integration into workflows, allowing users to control tasks via messaging apps, enhancing user privacy and flexibility [2][19] - The stable issuance of 182 game licenses in January reflects consistent regulatory policies, boosting market confidence and catering to diverse player needs [3][20] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumer stimulation and employment stability 2) The gaming industry, supported by policy incentives and technological advancements 3) The film and cultural tourism sectors, which are expected to recover due to consumer policies [20] Industry Data Film Industry - Top three films by box office for the week include "Return to Silent Hill" with 24.397 million yuan, "Zootopia 2" with 23.501 million yuan, and "Water Pipe" with 22.594 million yuan [21][22] Gaming Industry - Top three iOS games are "Honor of Kings," "Delta Force," and "Peacekeeper Elite," while the top three Android games are "Heart Town," "Arknights: End of the World," and "Goose Goose Duck" [23][24] TV Series Industry - The top three TV series by viewing index are "The Peaceful Year," "Small Town Big Events," and "The Sun Shines on Me," with indices of 78.1, 76.8, and 75.9 respectively [25][26] Variety and Animation - The top variety show is "Sounding Far 2025," followed by "Sound of Life: Chinese Flow Season" and "Please Pay Attention to the Universe," while the top animation is "Immortal Reversal" with a viewing index of 237.8 [27][29]

Investment Rating - Industry rating: Recommended [4] Core Insights & Investment Recommendations - The rise of Clawbot, an open-source AI gateway, indicates a significant shift in AI integration into workflows, transforming AI from a passive assistant to an active digital employee capable of executing tasks and monitoring states continuously [2][19] - The stable issuance of 182 game licenses in January reflects consistent regulatory policies, boosting market confidence and supporting diverse product approvals to meet varied player demands [3][20] - Investment opportunities include: 1) Hong Kong internet leaders benefiting from consumer promotion and employment stability 2) The gaming industry, which is expected to see demand growth driven by policy incentives and technological advancements 3) The film and cultural tourism sectors, which are likely to recover due to consumer policies stimulating demand [20] Industry Data Film Industry - The top three films by box office for the week are: 1) "Return to Silent Hill" with a box office of 24.397 million yuan, accounting for 15.20% of the total 2) "Zootopia 2" with 23.501 million yuan, 14.60% 3) "Water Pipe" with 22.594 million yuan, 14.10% [21][22] Gaming Industry - The top three iOS games by revenue are: 1) "Honor of Kings" 2) "Delta Force" 3) "Peacekeeper Elite" - The top three Android games by popularity are: 1) "Heart Town" 2) "Arknights: End of the World" 3) "Duck Duck Goose" [23][24] TV Series Industry - The top three series by viewing index are: 1) "Peaceful Year" with an index of 78.1 2) "Small Town Big Events" with 76.8 3) "The Sun is Like Me" with 75.9 [25][26] Variety and Animation - The top three variety shows by viewing index are: 1) "Sounding Far 2025" 2) "Sound of Life: Chinese Flow Season" 3) "Universe Sparkle Please Note" [27][28] - The top three animated shows by viewing index are: 1) "Immortal Reversal" with an index of 237.8 2) "Happy Hammer" with 230 3) "Beyond Time" with 195.3 [29]

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - The life insurance premium growth turned positive in December, with a total premium income of 436.24 billion yuan for the year 2025, reflecting a year-on-year increase of 8.9% [1] - Property insurance premiums also showed improvement, with total premium income of 175.70 billion yuan for 2025, up 3.9% year-on-year [2] - The total assets of the insurance industry reached 4,131.45 billion yuan by the end of 2025, a 15.1% increase from the end of 2024 [3] - The report anticipates a significant increase in new business value (NBV) in Q1 2026, driven by high demand and the transformation of dividend insurance, which will alleviate pressure on profit margins [4] Summary by Sections Life Insurance - In December, life insurance premium income was 215.2 billion yuan, a year-on-year increase of 6.0%, marking a recovery from a previous decline of -2.4% [1] - The premium income for life insurance, health insurance, and accident insurance for 2025 was 355.57 billion, 76.99 billion, and 3.68 billion yuan, respectively, with year-on-year changes of +11.4%, -0.4%, and -9.8% [1] Property Insurance - The property insurance sector saw a total premium income of 1,413 billion yuan in December, up 4.4% year-on-year [2] - The December premium income for auto insurance was 977 billion yuan, reflecting a 2.2% increase, while non-auto insurance premiums reached 437 billion yuan, up 9.6% [2] Asset Growth - By the end of 2025, the total assets of life insurance companies were 3,639.37 billion yuan, and property insurance companies had assets of 311.74 billion yuan, representing increases of 15.3% and 7.5% respectively [3] - The net assets of the insurance industry totaled 366.40 billion yuan, a 10.2% increase from the previous year [3] Investment Recommendations - The report maintains a positive outlook for the insurance sector, suggesting that the current valuation remains low, with a price-to-earnings value (PEV) of 0.68-0.85x for January 30, 2026 [4]

证券研究报告|金融工程研究报告 [Table_Date] 2026 年 1 月 31 日 [Table_Title] PB-ROE 模型周度仓位观点 [Table_Summary] ► PB-ROE 模型方法 根据时间序列 PB-ROE 模型计算残差，模型残差是市场 实际估值超出基本面合理估值的部分，即实际估值相对于合 理估值的偏离。 当残差>0 时，实际 PB 高于基本面合理值，市场情绪高 涨，风险偏好提升。 当残差<0 时，实际 PB 低于基本面合理值，市场情绪低 迷，风险偏好下降。 ► PB-ROE 残差与可投资区域 A 股市场 PB-ROE 残差与下周指数涨幅总体正相关，并 且有统计显著性。当残差明显超越历史均值时，市场情绪极 度高涨，可配置高仓位；而当残差明显低于历史均值时，市 场存在较强安全边际，下跌空间有限，可配置中高仓位。 我们以残差历史均值±1 倍标准差为界，确定仓位信号。 ► 本周仓位观点 截至 2026/1/30，市场整体 PB-ROE 残差值为 0.18，超过 历史均值+1 倍标准差，当前处于估值扩张并且市场情绪高涨 阶 段 ， 模 型 建 议 本 周 (2026/2/2-2026/2 ...