Core Insights - The new display industry is recognized as a key emerging pillar industry in China, showing strong innovation and resilience as it embarks on a new technological journey in the "14th Five-Year Plan" [1] - The integration of AI and display technology is creating new application scenarios and redefining human-computer interaction, which is seen as a new anchor point for global technological competition [2] - The industry is experiencing a recovery phase driven by improved supply and demand dynamics, technological advancements, and innovative applications [4][5] Group 1: Industry Developments - The Zhengzhou Huike new display base has achieved a daily delivery of over 10,000 display terminals and received orders for 380,000 units in January alone, with over 30% of products being exported [4] - TCL Technology expects its subsidiary TCL Huaxing to surpass 100 billion yuan in revenue and 8 billion yuan in net profit by 2025, indicating strong growth prospects [4] - BOE is experiencing increased TV product shipments due to demand from major sporting events, with a stable production rate and an expected ramp-up of its 8.6-generation AMOLED production line in the second half of the year [5] Group 2: Technological Innovations - The integration of AI with new display technologies is enhancing user interaction, with companies like BOE and TCL showcasing advanced features such as AI voice and gesture control at the 2026 International Consumer Electronics Show [2] - The smart glasses market is projected to see significant growth, with an expected shipment of 4.508 million units in 2026, reflecting a year-on-year increase of 77.7% [2] - Companies are focusing on high-value growth areas, with Changxin Technology successfully producing large-area dynamic X-ray imaging sensors, addressing a critical gap in high-end equipment manufacturing [7] Group 3: Market Trends and Future Outlook - The global display industry is gradually concentrating in China, with expectations of increased orders driven by events like the 2026 World Cup, indicating a warming demand in the industry [5] - The industry is transitioning from scale expansion to deeper value enhancement, emphasizing technological innovation and value chain improvement [7] - The next five years are expected to see a dynamic balance in global industry development, with OLED and other mainstream technologies showing clear growth trends [8]

◎记者 王墨璞嘉 2月2日晚，电投水电公告称，公司计划通过并购贷款的方式筹集资金不超过36.04亿元，以满足重大资 产重组项目中的现金支付需求。 回顾本次重组的实施进程，电投水电在2025年9月30日取得中国证监会同意的注册批复，2025年10月底 完成资产交割，2025年11月中旬完成对价股份的发行上市。 本次交易前，电投水电的主业是能源生态融合业务，涵盖大气治理、工业及市政水处理、固危废处理、 矿山及土壤修复、"新能源+生态治理"等。本次交易后，电投水电的主业新增水力发电及流域水电站新 能源一体化综合开发运营业务。 此前，电投水电邀请了7家符合合作要求的银行，通过竞争性谈判方式参与报价，由电投水电评审小组 对银行融资方案进行评审。根据评审结果，拟由建设银行作为牵头行，招商银行、工商银行、农业银行 作为参与行组建银团，向电投水电提供并购贷款。 从并购贷款的份额分配来看，牵头行建设银行为40%,参与行的份额为各20%。同时，电投水电本次并购 贷款的金额不超过36.04亿元，最终根据募集资金到位情况确定实际提取金额，贷款利率按照国债收益 率自律底线执行，利率按季浮动。 目前，电投水电董事会已经审议通过《关于公司 ...

郭晨凯 制图 ◎记者 张问之 2026年以来，上市公司的回购热潮仍在持续。1月以来，多家A股公司"真金白银"实施回购。其中：步 长制药、兴发集团等在1月披露回购计划后便火速实施；华盛锂电、荣昌生物、依依股份等则因近期公 司股票价格持续超出回购价格上限，为保障回购方案顺利实施而大幅上调回购价格。 梳理可见："基于对公司未来发展前景的信心和对公司内在价值的基本判断"成为多家公司实施回购的重 要缘由；公司回购的股份，多计划用于员工持股计划或股权激励。 以家电龙头美的集团为例，公司最新公告显示，截至1月31日，公司已斥资19.98亿元回购A股股份 2694.37万股。回溯至2025年12月底，公司累计回购股份数量为2056.46万股，支付总金额约为15.10亿 元。这意味着，2026年1月，美的集团回购金额约为4.88亿元。 果链龙头歌尔股份2月2日晚披露，其回购股份比例达到1%。公告显示，截至2月2日，歌尔股份累计回 购股份4054.81万股，斥资约11.08亿元。而截至2025年12月底，其回购股份数量为3449.70万股，支付金 额约9.50亿元。 步长制药、珀莱雅、兴发集团等回购动作则颇为迅速。2月2日晚，步 ...

上海证券报记者从中国铁路成都局集团有限公司（下称"成都局"）获悉，春运期间，中国铁路成都局集 团有限公司整体客流将呈现增长态势，预计发送旅客将达6000万人，日均150万人，同比增长5.2%。 春运期间，成都局结合春运期间务工流、探亲、学生流、旅游流等多流、多向交织，精准分析铁路 12306客票预售、候补数据及旅客实际出行需求，节前安排旅客列车开行1162.5对，节后安排旅客列车 开行1165.5对，持续提升西南铁路运输服务品质。 成都局科学提升运力供给，丰富完善便民利民惠民举措，全面提升铁路客运服务品质，全力打造平安春 运、有序春运、温馨春运，让旅客体验更美好。 铁路部门将根据客货运需求变化，动态调整列车开行，不断改进运输服务举措，努力提升广大旅客货主 服务体验。请旅客朋友及时关注"铁路12306"网站和"西南铁路"微博发布的信息，合理安排行程，共同 维护春运良好出行环境。 成都东站 ◎章林 记者 徐锐 ...

Core Insights - The 2026 Spring Festival travel season officially commenced on February 2, lasting for 40 days, with the China Railway Lanzhou Bureau Group Co., Ltd. aiming to provide a safe, orderly, and warm travel experience for passengers [2] - The bureau anticipates sending 11.1 million passengers during the Spring Festival period, representing a year-on-year increase of 5.9%, with an average daily passenger volume of 277,500 [2] - The travel peak will occur during the Spring Festival holiday, driven by family visits and tourism, followed by a second peak after the holiday as workers and students return [2] Operational Measures - To address passenger flow demands, the bureau has developed a comprehensive capacity assurance system, including basic and emergency plans, and has opened new transport routes [2] - A total of 55.5 pairs of temporary trains will be added, including 24 pairs of regular temporary trains and 31.5 pairs of high-speed trains, along with 34 pairs of peak line trains [2] - The bureau utilizes real-time data from the 12306 platform to monitor passenger flow and dynamically optimize capacity allocation to meet travel demands [2] Infrastructure Improvements - The Lanzhou Station's second waiting hall has been renovated, increasing its area to 1,437 square meters, addressing previous issues of crowding and poor lighting [3] - The renovation includes the installation of 36 central air conditioning units to maintain a comfortable indoor temperature and 24 free charging stations to meet travelers' needs [3] - During the Spring Festival, the railway department will also enhance freight capacity to ensure the stable supply of essential goods, including heating coal and fertilizers, for the winter and holiday season [3]

春运首日，南昌东站内暖意融融、年味浓浓。书法老师挥毫泼墨为旅客送"福"写联，医护人员提供健康 咨询与义诊，爱心义剪与全家福拍摄等服务广受欢迎……上海证券报记者在现场看到，一系列暖心服务 令人目不暇接，让返乡旅客从"匆忙赶路"变为"惬意享受"。 在二楼候车大厅的新春送福区，10位江西省文联书协名家与书法爱好者现场挥毫泼墨，一幅幅饱含暖心 寄语的春联与福字，陆续送到旅客手中。"本来赶路挺累的，领到免费的春联，一下子就有了过年的感 觉，心里很温暖。"正在候车的郭女士笑着说。 现场设置的多个便民服务区也吸引了众多旅客参与体验。在春运留影区内，"新春全家福、马年 送'姓'福"主题背景板前人气十足，旅客们纷纷驻足打卡定格美好瞬间。 "这场春运首日的活动，既是营造平安有序温馨的春运氛围，也是以文化赋能提升旅客出行体验。"南昌 东站副站长邹娴婧表示，春运期间，车站将持续优化服务举措，全力做好服务保障。 萍乡北站以"马到成功'萍'安路"为主题，在候车厅和"萌娃候车点"展示红色文物复制品；景德镇北站设 置陶瓷文化展示区，生动呈现"瓷都千年技艺"……据介绍，今年春运南铁管内各车站将结合本地特色， 开展形式多样的文化惠民与服务升级活 ...

Core Insights - The 2026 Spring Festival travel period is expected to see record passenger numbers, with the Guangzhou Railway Bureau predicting 78.55 million travelers, a year-on-year increase of 4.8% [2][5] - Guangzhou South Station anticipates 21.35 million arrivals and departures, while Baiyun Airport expects to serve over 10.51 million passengers, both figures marking historical highs [2][5] Transportation Capacity and Upgrades - The Guangzhou Railway Bureau plans to operate 4,459 passenger trains before the festival and 4,499 after, increasing train frequency to meet demand [5] - Guangzhou South Station will run 1,300 trains, an increase of 97 trains compared to the previous year, with an average of 534,000 passengers daily, reflecting a 3.26% increase [5] - Baiyun Airport is set to handle 65,700 flights, averaging 1,643 flights per day, with a year-on-year growth of 8.45% [5] Technological Enhancements - Guangzhou South Station has implemented 38 intelligent identification systems for security checks, significantly improving efficiency [3] - The station's real-time monitoring system for passenger flow ensures safety by sending alerts when capacity thresholds are exceeded [3] - Baiyun Airport's new T3 terminal features a fully automated passenger process, including 60 self-service check-in machines and a dual-door self-verification system that processes passengers every 6 seconds with a low error rate [4]

春运首日，往返京沪的G8、G10等列车上，乘务员提前为每位旅客备好新春福袋，内含马年红包、福 字、窗花、年历，小小福袋承载满满心意。据统计，春运首日长三角区域文化活动超百场，成为返乡路 上最亮眼的风景线。 上海虹桥站民乐快闪活动 ◎记者 宋薇萍 2月2日，2026年春运大幕正式拉开。当天，超过40万旅客从上海出发，奔赴家的方向。 上铁集团客运部工作人员告诉记者，春运期间，运力投放呈现以下特点：一是临时旅客列车开行总量较 2025年春运期间进一步增加，其中中短途直通方向夜间动车组临时旅客列车开行量明显增加；二是春运 高峰期增加沪宁杭地区去往云贵、川渝、东北、西北等长距离目的地，河南、湖南、湖北、江西等中距 离直通方向春运临时旅客列车，以及沪宁杭地区去往淮北、徐州、连云港等管内重点方向的运能供给； 三是恢复开行长三角去往青岛、福州、荆门、怀化、重庆、榆林等多个热门方向直通旅客列车；四是长 三角去往北京、天津、武汉等方向4对直通周末线高铁列车按现图满线开行，管内方向合肥去往黄山1趟 高铁列车按现图满线开行；五是用好沪苏湖高铁入沪通道能力，进一步加密上海南站旅客列车开行对 数；六是增开列车对数、列车编组规律按"一日一 ...

Core Viewpoint - The 2026 Spring Festival travel season in China is expected to see a record high of 9.5 billion trips, with significant increases in both railway and civil aviation passenger volumes [3][4]. Railway Sector - The national railway is projected to send an average of 13.48 million passengers daily during the Spring Festival, representing a year-on-year increase of 5.0% [4]. - New routes and services have been introduced, including 22 new lines totaling 3,109 kilometers and over 560 additional trains to enhance capacity [4][5]. - The railway department has improved passenger services, including a new phone booking service for elderly travelers and a free online ticket refund policy for mistaken purchases [5][6]. Civil Aviation Sector - The civil aviation sector anticipates a record passenger volume of 95 million during the Spring Festival, with an average of 2.38 million passengers per day, reflecting a year-on-year growth of approximately 5.3% [7][8]. - Airlines are increasing capacity by adding flights and larger aircraft, with China Eastern Airlines planning to operate 12.5 million flights during the period, a 3.6% increase from the previous year [8]. - Major airlines are focusing on popular routes, with high load factors on flights from major cities to destinations like Shenyang and Sanya [8][9].

◎记者 陈佳怡 自美联储新主席步入遴选程序以来，市场对领跑候选人的预期反复切换。最终，沃什在这场持续数月的 美联储主席提名拉锯战中脱颖而出。 一直以来，白宫都在寻找一位能够被市场广泛接受，并且能贯彻大幅降息要求的人选。在一众偏鸽的候 选人中，"鹰派"形象的沃什似乎格格不入。沃什为何被选中？这背后，是白宫、市场与美联储独立性的 权衡。 沃什履历光鲜，受到市场和美联储内部的认可，并主张捍卫美联储独立性。从政策主张来看，沃什虽然 历来以"鹰派"著称，但他近几个月转向支持降息，同时主张"缩表+降息"的政策组合，与白宫的降息诉 求形成呼应。 中航证券首席经济学家董忠云分析称，沃什这一主张的逻辑在于：通过缩表来减少货币供应量，实现对 通胀的有效控制，进而为下调基准利率（短端利率）创造更大政策空间。这本质上是通过紧缩信用重建 美联储政策可信度，通过传递拒绝QE常态化的纪律信号，压低长端期限溢价中的通胀风险溢价，从而 为下调短端利率创造不引发通胀反弹的空间。 近日，全球贵金属市场巨震，黄金白银遭遇恐慌性抛售。 当市场复盘这场风暴的源头时，一个名字反复被提及——凯文·沃什。据新华社报道，当地时间1月30日 美联储前理事凯文·沃 ...