◎记者 郑维汉 2月3日晚，韩建河山发布重组预案，公司拟发行股份及支付现金购买兴福新材99.9978%股份，并募集 配套资金。本次交易预计构成重大资产重组、构成关联交易、不构成重组上市。韩建河山股票将于2月4 日复牌。 上交所迅速对韩建河山发出重组问询函，要求公司对标的公司业绩大幅波动、现金对价支付具体安排、 交易对方是否存在潜在利益安排，以及内幕信息管理等问题进行说明，并在10个交易日内针对上述问题 进行书面回复。 跨界并购有机化学原料制造商 韩建河山主要从事预应力钢筒混凝土管（PCCP）和混凝土外加剂两大类业务。2025年及以前，公司曾 从事环保业务。其中，PCCP主要用于跨流域引水、输配水重点工程、城镇引水供水工程、农田水利建 设引水工程等。混凝土外加剂则广泛应用于各种混凝土建筑施工工程和混凝土建材生产中，是基础设施 建设必不可少的原材料之一。 韩建河山称，本次交易完成后，公司新增有机化学原料制造业务板块，可增加新的收入和利润增长点， 打造第二增长曲线。 据悉，兴福新材是一家新三板公司，专注于芳香族产品的研发、生产和销售，为客户提供从小试、扩试 到商业化生产的综合性增值服务，主要产品及服务为新一代特种工 ...

Core Insights - The article discusses the journey of Zhang Wenxue, founder and chairman of Beijing Dianqing Technology Co., Ltd., who transitioned from a stable career in the aerospace sector to entrepreneurship in the hybrid aviation field, which was considered a "niche" at the time but is now gaining traction in the low-altitude economy [1][2]. Group 1: Company Background - Zhang Wenxue's background includes significant experience in aerospace, where he gained insights into the development of aviation power systems [2]. - The company focuses on developing high-power electric energy systems for aviation, addressing three core issues: energy source, storage, and distribution [4]. - The latest product from the company achieves a power density close to 20 kW/kg, surpassing some international competitors [4]. Group 2: Industry Trends - The low-altitude economy is emerging as a strategic new industry, with increasing demand for long-range eVTOL (electric vertical takeoff and landing) aircraft [6]. - The company has chosen a hybrid approach to aviation technology, which is deemed more suitable for medium to long-haul and heavy-load scenarios compared to pure electric solutions [5]. - The article highlights the significant efficiency gap between electric vertical takeoff aircraft and ground vehicles, with a 1.5-ton aircraft consuming one kilowatt-hour of electricity to fly only 400 meters, compared to 6 to 8 kilometers for a car [5]. Group 3: Organizational Development - The transition from a technical engineer to an organizational architect has been a significant learning curve for the company, emphasizing the need for a balance between technology, market demand, and cost control [6]. - The core team comprises experts from various fields, including aerospace and new energy vehicles, fostering a collaborative environment that merges high reliability with cost efficiency [7]. - The company aims not only to be a leading supplier of power systems but also to contribute to the establishment of new aviation power standards [7].

Group 1 - The core viewpoint of the news is that the 2026 Central Document No. 1 emphasizes the acceleration of breeding and promotion of breakthrough varieties, indicating a shift in the seed industry from research to industrialization, which will have profound impacts on innovation systems and industry structure [2][3] - The focus on "high-quality development" as the core theme of the seed industry will lead to a shift from quantity to a balanced emphasis on yield, quality, and efficiency, promoting the elimination of outdated production capacity [2] - The 2026 document builds on the 2025 document's call to "accelerate the tackling of a number of breakthrough varieties," highlighting the importance of efficient connections between research, field trials, and demonstration [3] Group 2 - The emphasis on cultivating leading technology enterprises in the agricultural sector indicates a shift towards "corporate and commercial breeding," with companies expected to leverage emerging technologies like AI and biotechnology for smart breeding systems [4] - Companies like Dabeinong are focusing on high-yield and quality variety breeding in crops such as corn, wheat, and peanuts, aligning with trends in grain and oil production and forage demand [4] - The strategy includes participating in breakthrough variety cultivation through innovative approaches and establishing smart farms and agricultural technology service platforms to promote integrated agricultural techniques [4]

Group 1 - The central government's 2026 No. 1 document emphasizes accelerating the research and application of high-end intelligent agricultural machinery and equipment suitable for hilly and mountainous areas, addressing current agricultural development challenges and guiding the future of smart agriculture [1] - Smart agriculture is viewed as the future of Chinese agriculture, with the need for high-end intelligent agricultural machinery being essential for increasing productivity and income, while also exploring a path suitable for China's agricultural modernization [1] - Companies like Weichai Lovol and Swan Co. are leading the charge in high-end intelligent agricultural machinery development, aligning with policy directions and industry needs to drive the transformation of smart agriculture [1] Group 2 - Weichai Lovol plans to release the first domestic AI model focused on "intelligent agricultural machinery + smart agriculture" by 2025, aiming to integrate a "smart brain" into agricultural production for full-chain intelligent empowerment [2] - The company has established 70 smart farms across over 20 provinces, managing more than 10 million mu of land, showcasing its commitment to developing smart agriculture [2] - Swan Co. focuses on niche areas, providing intelligent solutions to specific agricultural production challenges, such as improving cotton processing efficiency and reducing labor costs significantly [2][3] Group 3 - The industry anticipates that with ongoing policy implementation and increased innovation from companies, high-end intelligent agricultural machinery will evolve towards precision, sustainability, and collaboration, thereby enhancing the quality of smart agriculture and strengthening the foundation for building an agricultural powerhouse [3]

Group 1 - The core viewpoint of the article emphasizes the importance of the livestock industry in agriculture and outlines the 2026 Central Document's focus on "precise regulation, diversified supply, and supporting upgrades" to achieve a balance between supply and demand and promote healthy development [1][2] - The document highlights the need for comprehensive regulation of pig production capacity, indicating that policies will not only focus on the traditional metric of breeding sow inventory but will also utilize various methods such as adjusting import and export trade, optimizing storage policies, and guiding consumer markets [1][2] - The article notes that as of the end of December 2025, the breeding sow inventory is 39.61 million, slightly above the normal level of 39 million, suggesting that there is still room for capacity reduction [2] Group 2 - The current low prices of agricultural products present a significant opportunity for systematic structural adjustments in the industry, which can help avoid market volatility and enhance the industry's adaptability to policies [2] - The 2026 Central Document emphasizes the importance of joint prevention and control of major animal diseases, proposing a more systematic and comprehensive approach to food safety that covers the entire supply chain from feed and veterinary drugs to breeding, slaughtering, processing, and sales [3] - The document also calls for the diversification of agricultural product imports and the cultivation of internationally competitive agricultural enterprises, setting a new direction for the livestock industry focused on "quality improvement, efficiency enhancement, supply-demand balance, and high-quality development" [3]

Group 1 - The core viewpoint emphasizes the steady progress of capital market policy reforms and their positive impact on the real economy, with expectations for further developments in 2026 [1] - The policy reforms focus on the synergy between existing and new measures, highlighting the importance of counter-cyclical adjustments and leaving room for future economic policies [2] - The reforms will concentrate on three areas: investment, financing, and trading, with specific measures to enhance the feasibility of technology routes in IPO reviews and attract institutional funds [2] Group 2 - Future policies will prioritize technological innovation and the development of new productive forces, aiming for high-quality growth [3] - The "three-run" theory identifies key industries to watch: leading sectors like renewable energy and electric vehicles, parallel sectors such as humanoid robots and AI, and emerging sectors like semiconductors and commercial aerospace [4] - The investment landscape for 2026 is expected to be driven by technology, with specific sectors like storage, CPUs, and new energy showing upward trends, while commodity markets may reflect energy transition narratives [5]

随着城乡居民收入水平提高和消费结构不断升级，民众的饮食需求已从"吃得饱"向"吃得好、吃得营养 健康"转变，这也对农业生产提出了更高要求。孔祥智认为，顺应这一消费趋势，应践行大农业观、大 食物观，向耕地草原森林海洋、向植物动物微生物要热量、要蛋白，全方位多途径开发食物资源，满足 人民群众多元化食物消费和营养健康需求。而在这一过程中，已有上市公司率先布局，资本市场仍有巨 大的发力空间和发展机遇。 张大伟 制图 ◎记者 李雁争 《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》（下称《意见》）2月3日 对外发布。这是党的十八大以来第14个指导"三农"工作的中央一号文件。 《意见》共六个部分，包括：提升农业综合生产能力和质量效益、实施常态化精准帮扶、积极促进农民 稳定增收、因地制宜推进宜居宜业和美乡村建设、强化体制机制创新、加强党对"三农"工作的全面领 导。 业内专家在接受上海证券报记者采访时表示，从《意见》来看，资本在提升农业综合生产能力、壮大县 域富民产业、完善农业社会化服务体系等方面大有可为。 提升农业综合生产能力和质量效益 《意见》明确，提升农业综合生产能力和质量效益。具体措施包括稳定发展 ...

Market Performance - The A-share market experienced a rebound on February 3, with the Shanghai Composite Index closing at 4067.74 points, up 1.29%, and the Shenzhen Component Index at 14127.11 points, up 2.19% [2] - Over 4800 stocks rose, with more than a hundred stocks hitting the daily limit or increasing by over 10% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 25,656 billion yuan [2] Space Photovoltaics Sector - The photovoltaic industry chain saw a collective surge, particularly in the space photovoltaic sector, with stocks like Aotwei and Dike Co. hitting the daily limit at a 20% increase [3] - SpaceX announced the acquisition of xAI, which is expected to enhance its capabilities in the space photovoltaic domain [3] - Junda Co. announced a share placement to fund research and production of space photovoltaic batteries and plans to invest 30 million yuan for a 16.67% stake in Shanghai Xingyi Xinneng [3] Chemical Sector Activity - The chemical sector also showed strong performance, with companies like Wanfeng Co. achieving a four-day consecutive limit increase [4] - Wanfeng Co.'s stock price has risen nearly 75% this year, driven by rising prices of disperse dye intermediates [4] - Analysts suggest that the chemical industry is shifting towards profitability-focused strategies, with opportunities arising from high-end export replacements due to declines in Europe and Japan [4] Market Outlook - Short-term market fluctuations are expected due to rapid previous gains and the upcoming Spring Festival, but medium-term support factors remain unchanged, indicating potential for a slow upward trend [5] - Analysts predict that February may see a rotation of funds towards technology and cyclical sectors, with a focus on previously underperforming stocks [5] - The market is anticipated to face adjustments in February, particularly in high-performing sectors like non-ferrous metals, while technology and cyclical sectors may present significant investment opportunities [5]

◎张玮华 记者 王敬博 "市场情绪如同钟摆，总是在过度乐观与过度悲观之间摆动，而极端点往往是反转的信号。"在接受上海 证券报记者专访时，招银理财权益投资部总经理戴康引用这一比喻来解读市场。在他看来，当前市场的 波动，正是投资者需要在"钟摆"情绪中把握"价格与价值预期差"的博弈过程。 戴康认为，当前，驱动行情的流动性底色与AI产业叙事并未转向，2026年上半年市场仍有向上空间。 投资的关键在于通过"杠铃策略"平衡风险与收益，并精准把握"AI+"与"服务业+"两大主线。 流动性行情核心逻辑未变 近期A股市场呈现震荡格局，板块轮动加速。在此背景下，市场对行情主线能否延续尤为关注。 戴康认为，本轮行情是由流动性驱动的行情，其核心驱动因素与2014年至2015年的情形相似，均具备利 率较低、政策鼓励及明确的产业趋势引领等特征，本质上是市场风险偏好提升，驱动居民资产配置转向 股市，从而引发的估值扩张。结合国内外政策预期看，当前的全球流动性仍相对宽松，AI主导的专业 叙事也尚未打破，本轮行情仍具备持续性基础。 在坚定看好行情主线的同时，戴康提示了两点值得关注的变化与风险： 一是市场演进形态可能更趋平缓。中国证监会在2026 ...

（上接1版） 同时，上海将促进国企民企高质量发展，实施新一轮国资国企全面深化改革，推动一批国有企业重组整 合、协同发展，加大存量资源盘活、国有控股上市公司市值管理力度，构建国资监管综合评价体系。 深入实施"人工智能+"行动 着力推进科技创新和产业创新深度融合是上海今年的另一项工作重点。上海将推进产业智能化、绿色 化、融合化发展。深入实施"人工智能+"行动，加强算力设施、行业语料、垂类模型等布局建设，推动 新一代智能终端、智能体等广泛运用，加快重点产业智能化改造，新增50家以上先进智能工厂，积极培 育智能原生新模式新业态。 "五个中心"联动发展 2026年上海将着力加强核心功能建设，持续提升"五个中心"能级。 2026年上海市政府工作报告提出，围绕"五个中心"建设，上海要强化联动发展、相互赋能，进一步增强 辐射带动能力。 在深化国际经济中心建设方面，上海将聚焦建设现代化产业体系，持续巩固壮大实体经济根基，在集成 电路、生物医药、人工智能等领域加快实施一批重大产业项目。同时，上海将积极支持智能网联新能源 汽车、海洋经济、低空经济、航空航天、卫星互联网等产业发展，培育特色数字产业集群，大力推动服 务业扩能提质、集聚 ...