- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][2][4] - The turnover rate of the indices is calculated as the weighted average turnover rate of constituent stocks, with the formula: $ \text{Turnover Rate} = \frac{\Sigma(\text{Floating Shares of Constituent Stocks} \times \text{Turnover Rate of Constituent Stocks})}{\Sigma(\text{Floating Shares of Constituent Stocks})} $[19] - The risk premium is measured relative to the 10-year government bond yield, serving as a reference for risk-free rates. It evaluates the relative investment value and deviation of indices. The report highlights that indices like CSI 1000 and CSI 2000 exhibit higher volatility in risk premiums compared to others[28][29][32] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric to assess the investment value of indices. The report notes that indices such as CSI 500 (98.51%) and CSI 1000 (98.43%) have high 5-year historical percentiles, while indices like SSE 50 (81.9%) and ChiNext Index (60.83%) are relatively lower[40][43][44] - Dividend yield is analyzed as a measure of cash return, particularly relevant during market downturns. The report observes that indices like CSI 500 (7.36%) and CSI 2000 (3.88%) have relatively low 5-year historical percentiles, while ChiNext Index (56.36%) and CSI 300 (38.76%) are higher[50][53][55] - The net asset ratio (P/B ratio below 1) is used to evaluate market valuation attitudes. The report indicates that the current net asset ratios for indices are as follows: SSE 50 (24.0%), CSI 300 (16.67%), CSI 500 (10.6%), CSI 1000 (7.0%), CSI 2000 (2.45%), and CSI All Share (5.5%)[59]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][2][4] - The daily return distribution of indices is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis deviation, while the CSI 500 has the smallest negative skewness and kurtosis deviation[4][22][23] - Risk premium analysis is conducted using the 10-year government bond yield as the risk-free rate. The CSI 1000 and CSI 500 exhibit relatively low risk premiums, while the SSE 50 and CSI 300 have higher risk premiums in the past five years[4][25][30] - PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation metric. The CSI 500 and CSI 1000 have the highest five-year percentile rankings (98.6% and 98.51%, respectively), while the SSE 50 and ChiNext Index have lower rankings (82.56% and 61.4%, respectively)[41][42][43] - Dividend yield analysis shows that the ChiNext Index and CSI 300 have relatively high five-year historical percentiles (56.12% and 36.86%, respectively), while the CSI 500 and CSI 2000 have lower percentiles (7.36% and 4.05%, respectively)[50][52][54] - The net asset ratio (P/B ratio) analysis indicates that the current net asset ratios for indices such as the SSE 50, CSI 300, and CSI 500 are 24.0%, 16.67%, and 10.4%, respectively, reflecting market valuation attitudes[56][58]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The tungsten price has reached a new high, driven by supply-side constraints and strong demand from high-end manufacturing sectors such as photovoltaic and electric vehicles [4][6][7] - The global tungsten supply is under significant pressure, with production expected to grow only marginally from 82,800 tons in 2024 to 85,500 tons in 2026, reflecting a compound annual growth rate of less than 2% [6] - The demand for tungsten is expected to continue to rise, particularly in the photovoltaic sector, where tungsten wire is increasingly replacing traditional materials, and in the electric vehicle sector, where tungsten is used in high-performance alloys [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown strong performance with a relative return of 95.34% compared to the CSI 300 index [2] Supply Dynamics - The supply of tungsten is facing continuous contraction due to stricter environmental regulations and rising operational costs, leading to reduced production capacity [6] - The average grade of tungsten ore has declined from 0.42% in 2004 to 0.28% in 2024, increasing mining and processing costs [6] Demand Drivers - The explosive growth in demand from the photovoltaic and electric vehicle sectors is a key driver for rising tungsten prices, with significant increases in tungsten consumption expected in these areas [7] - The market penetration of tungsten wire in silicon wafer cutting is projected to exceed 60% by 2025, indicating a shift towards more efficient materials [7] Investment Recommendations - The report suggests a continued positive outlook for the tungsten sector, highlighting companies such as Xiamen Tungsten, China Tungsten High-tech, Zhangyuan Tungsten, and Xianglu Tungsten as key investment opportunities [8]

- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction or evaluation [1][2][3] - The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [5][6][19][28][40][49][55] - The analysis includes comparisons of indices against their historical averages, standard deviations, and percentile rankings over the past 1 and 5 years, providing insights into valuation and market sentiment [32][43][45][54] - Key indices analyzed include the SSE 50, CSI 300, CSI 500, CSI 1000, CSI 2000, CSI All Share, and ChiNext Index, with detailed metrics such as risk premiums, PE-TTM values, dividend yields, and net asset ratios provided for each index [13][19][32][45][54][58] - The report highlights the relative valuation and investment attractiveness of these indices based on their historical positioning and current market conditions, but does not delve into specific quantitative factor or model construction [43][45][54]

证券研究报告·行业点评报告 2026 年 2 月 4 日 江海证券研究发展部 消费行业研究组 分析师：张婧 执业证书编号：S1410525010001 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.42 -2.93 -4.02 绝对收益 -2.76 -2.78 18.06 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 2 月 3 日数据 -15% -6% 4% 14% 24% 34% 2025-02 2025-06 2025-10 2026-02 农林牧渔 沪深300 相关研究报告 1. 江海证券-行业点评报告-农林牧渔行 业：能繁母猪加速去化，关注生猪养殖左 侧布局机会 – 2025.11.25 2. 江海证券-行业点评报告-农林牧渔："反 内卷"叠加亏损减产，生猪养殖有望进入 产能去化周期 – 2025.09.25 3. 江海证券-行业点评报告-农林牧渔行 业：中央一号文件发布，首提农业新质生 产力 – 2025.02.24 农林牧渔行业 聚焦农业现代化，建设农业强国 事件： ◆2026 年中央一号文件发布。2026 年 2 月 3 ...

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset break rates[1][3][4] - The turnover rate of the indices is calculated as the weighted average of the turnover rates of constituent stocks, weighted by their free-float market capitalization[18] - The risk premium is measured relative to the yield of 10-year government bonds, serving as a reference for risk-free rates, and is used to evaluate the relative investment value and deviation of indices[27][28] - The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference to assess the investment value of indices at the current point in time, with historical percentile rankings provided for comparison[39][42] - Dividend yield is tracked as a measure of cash return, reflecting the dividend investment style, particularly relevant during market downturns or periods of declining interest rates[48][53] - The net asset break rate is analyzed as the proportion of stocks within an index trading below their book value, indicating market valuation attitudes and potential undervaluation[54][57]

证券研究报告·公司点评报告 2026 年 2 月 3 日 江海证券研究发展部 机械军工行业研究组 执业证书编号：S1410524040001 | 投资评级： | 买入（维持） | | --- | --- | | 当前价格: | 69.37元 | | 市场数据 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 总股本(百万股) | | | 120.76 | | | | | | A 股股本(百万股) | | | 120.76 | | | | | | B/H 股股本(百万股) | | | -/- | | | | | | A 股流通比例(%) | | | 31.25 | | | | | | 个月最高/最低(元) | | | 88.98/36.60 | | 12 | | | | 第一大股东 | | | 蒋修华 | | | | | | 第一大股东持股比例(%) | | | 39.75 | | | | | | 上证综指/沪深 300 | | 4015.75/4605.98 | | | | | | | 数据来源：聚源 | 2 | | 日数据 ...

- The report tracks the performance of various broad-based indices in the A-share market, noting that on February 2, 2026, all indices fell by more than -2%, with the CSI 500 and CSI 1000 experiencing the largest declines of -3.98% and -3.39%, respectively[3][11] - The report compares the indices with their moving averages, highlighting that all tracked indices have simultaneously fallen below the 5, 10, and 20-day moving averages, with the CSI 500 and CSI 1000 experiencing significant single-day declines and a retreat of over 5.5% from their recent 250-day highs[3][13] - The report provides data on the trading volume and turnover rates of the indices, with the CSI 2000 having the highest turnover rate at 4.26, followed by the ChiNext Index at 3.85, and the CSI 1000 at 3.1[3][17] - The distribution of daily returns is analyzed, showing that the ChiNext Index has the largest negative skewness and kurtosis, while the CSI 500 has the smallest negative skewness and kurtosis[3][24][25] - The risk premium of the indices relative to the 10-year government bond yield is examined, with the ChiNext Index and CSI 2000 having relatively high 5-year percentile values of 5.56% and 5.24%, respectively, while the CSI 500 has a relatively low value of 0.4%[3][27][31] - The PE-TTM ratios of the indices are analyzed, with the CSI 500 and CSI 1000 having high 5-year percentile values of 98.68%, while the ChiNext Index has a lower value of 61.07%[3][42][43] - The dividend yield of the indices is tracked, with the ChiNext Index and CSI 300 having relatively high 5-year historical percentile values of 56.36% and 38.68%, respectively, while the CSI 500 and CSI 2000 have lower values of 8.1% and 5.62%[3][53][55] - The report also notes the percentage of stocks trading below their net asset value, with the CSI 500 having a rate of 11.0%, the CSI 1000 at 7.0%, and the CSI 2000 at 2.7%[3][57]

证券研究报告·黑龙江省资本市场跟踪报告 2026 年 2 月 3 日 江海证券研究发展部 执业证书编号：S1410524040001 机械军工行业研究组 黑龙江省资本市场跟踪双周报 — — 分析师：张诗瑶 （2026.1.18-2026.1.31） 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 黑龙江省资本市场跟踪报告 1. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.21-2026.1.3)–2026.01.05 2. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.7-2025.12.20)–2025.12.22 3. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.11.23-2025.12.6)–2025.12.08 4. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.1 ...

Content: --------- <doc id='1'>aa 证券研究报告·金融工程报告 2026 年 2 月 2 日 江海证券研究发展部 金融工程定期报告 分析师：梁俊炜 执业证书编号： S1410524090001 联系人：朱威 执业证书编号： S1410124010022 相关研究报告 1.可转债跟踪周报：转债较权益超额 延 续 ， 可 关 注 顺 周 期 板 块 — 2026.01.26 4.可转债跟踪周报：转债震荡调整， 估值有所回落—2026.01.05 5.可转债跟踪周报：转债反弹趋势不 变，股性提升—2025.12.29 转债随权益走弱，整体或将维持震荡 核心内容： ◆可转债市场表现：</doc> <doc id='2'>◆可转债个券表现：</doc> <doc id='3'>◆可转债条款跟踪：</doc> <doc id='4'>2.可转债跟踪周报：市场延续"春季 躁 动 " 行 情 ， 转 债 跑 出 超 额 — 2026.01.19 3.可转债跟踪周报：权益带动转债开 年大涨，可关注高景气度板块— 2026.01.12</doc> <doc id='5'>➢ 近一周（2026-01-26 至 2026-01-30），上证转债、深证转债、中证转债指数 周涨跌幅分别为-2.565%、-2.606%、-2.608%。权益市场中，上证指数周涨 跌幅为-0.440%，收于 4117.95 点；中证全指周涨跌幅为-1.536%，收于 6259.18 点。对比转债市场与权益市场，中证转债相较于中证全指周绝对收 益为-1.072%。 ➢ 近一周（2026-01-26 至 2026-01-30），可转债市场成交量与成交额分别为 247,604.22 万张与 45,107,382.59 万元，周环比变化分别为 2.33%、-3.32%； 可转债对应正股成交量与成交额分别为 5,708,126.68 万股与 100,193,434.58 万元，周环比变化为 9.15%、5.37%。对比上周，转债与正股成交活跃度小 幅提升。 ➢ 截止至 2026-01-30，可转债存续个券数为 380 只，发行规模约为 5979.58 亿 元，剩余规模约为 5068.18 亿元。转债市场转股溢价率中位数约为 32.24%、算术平均数约为 44.30%，周环比变化分别为 1.03%、2.03%。相比 上周，转股溢价率中位数窄幅波动。 ➢ 近一周（2026-01-26 至 2026-01-30）可转债个券涨幅前五分别为联瑞转 债、耐普转 02、汇车退债、天准转债、百川转 2，周涨跌幅分别为 126.51%、57.30%、43.85%、16.12%、12.75%；可转债个券跌幅前五分别为 新致转债、航宇转债、东时转债、冠中转债、惠城转债，周涨跌幅分别为- 21.57%、-20.59%、-16.38%、-16.31%、-15.82%。 ➢ 截止至 2026-01-30，可转债价格小于 100、100-110、110-120、120-130、 130-140、大于 140 的个券数量分别为 0 只（0.00%）、8 只（2.13%）、11 只 （2.93%）、75 只（19.95%）、93 只（24.73%）、189 只（50.27%），转股溢 价率中位数分别为 0.00%、51.23%、40.42%、66.92%、34.47%、26.04%，周 环比变动分别为 0.00%、-58.04%、2.85%、-17.33%、-11.14%、-2.58%。 ➢ 截止至 2026-01-30，触发下修条款的可转债个券数量 95，本周可能触发有 条件赎回条款的个券共 19 只，为富春转债（14/30）、佳禾转债（14/30）、 姚记转债（14/30）、微芯转债（14/30）、凤 21 转债（14/30）、银邦转债 （13/30）、首华转债（13/30）、华辰转债（12/30）、利柏转债（12/30）、众 和转债（12/30）、泰瑞转债（12/30）、力诺转债（12/30）、嘉元转债 （12/30）、信服转债（12/30）、永吉转债（11/30）、荣 23 转债（10/30）、 煜邦转债（10/30）、岱美转债（10/30）、润达转债（10/30）。 ◆风险提示：本报告可能存在数据缺失、数据错误、数据不及时、模型处理错 误等风险。本报告仅从金融工程角度，对可转债的市场与个券数据进行跟 踪、统计、分析，不构成对市场指数、行业或可转债个券进行预测或推荐。</doc> <doc id='7'>| 1 | 可转债市场表现 | 2 | | --- | --- | --- | | | 1.1 市场行情 | 2 | | 2 | 可转债个券表现 | 5 | | | 2.1 个券行情 | 5 | | | 2.2 估值分析 | 7 | | 3 | 可转债条款跟踪 | 8 | | | 4 风险提示 | 9 |</doc> <doc id='9'>| 图 | 1、转债指数近一年走势对比 | 2 | | --- | --- | --- | | 图 | 2、中证转债与权益市场指数近一年走势对比 | 2 | | 图 | 3、转债与正股区间成交对比（周度） | 3 | | 图 | 4、转债市场发行规模与每日存续个券数量 | 3 | | 图 | 5、转债市场剩余规模和每日成交额 | 4 | | 图 | 6、转债市场转股溢价率中位数走势（%） | 4 | | 图 | 7、不同信用评级转债近一年累计涨跌幅 | 5 | | 图 | 8、不同价格转债指数近一年累计涨跌幅 | 5 | | 图 | 9、不同规模转债指数近一年累计涨跌幅 | 6 | | 图 | 10、不同策略转债指数近一年累计涨跌幅 | 6 | | 图 | 11、涨幅前 5 个券与正股涨跌幅对比 | 6 | | 图 | 12、跌幅前 5 个券与正股涨跌幅对比 | 7 | | 图 | 13、不同价格个券数量构成 | 7 | | 图 | 14、不同价格个券转股溢价率走势（%） | 7 | | 图 | 15、不同价格个券转股溢价率中位数变动（%） | 8 | | 表 | 1、近一周可转债个券涨幅 TOP 5 | 5 | | 表 | 2、近一周可转债个券跌幅 TOP 5 | 5 |</doc> <doc id='10'>1 可转债市场表现 1.1 市场行情 近一周（2026-01-26 至 2026-01-30），上证转债、深证转债、中证转债 指数周涨跌幅分别为-2.565%、-2.606%、-2.608%。权益市场中，上证指数 周涨跌幅为-0.440%，收于 4117.95 点；中证全指周涨跌幅为-1.536%，收于 6259.18 点。对比转债市场与权益市场，中证转债相较于中证全指绝对收益 为-1.072%。 近一周（2026-01-26 至 2026-01