Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the extension of tax incentives for public rental housing until December 31, 2027, to support the construction and operation of public rental housing [1] Tax Incentives Summary - Exemption from urban land use tax during the construction period and after completion for public rental housing [1] - Exemption from stamp duty for public rental housing management units related to construction and management [1] - Exemption from deed tax and stamp duty for public rental housing purchased by management units [1] - Exemption from stamp duty for both parties involved in the rental agreement of public rental housing [1] - Exemption from land value-added tax for organizations transferring old houses as public rental housing, provided the appreciation does not exceed 20% of the deductible amount [1] - Exemption from personal income tax for housing rental subsidies received by eligible urban housing security families from local governments [1] - Exemption from property tax for public rental housing [1] - Exemption from value-added tax on rental income obtained from operating public rental housing [1] Market Support Summary - The announcement reflects a continued commitment to support the real estate market despite the national fiscal work meeting's emphasis on standardizing tax incentives [1] - The extension of these tax policies indicates a sustained effort to stabilize the real estate market, aligning with the central economic work meeting's focus on stabilizing the housing market [1]

Group 1 - A-share companies have seen a resurgence in Hong Kong listings since Q4 2025, with a total of 10 new companies added to the A+H sector, including Zhaoyi Innovation and OmniVision Technologies [1] - Notable companies such as Longqi Technology, Lanke Technology, Desay SV, Dongpeng Beverage, and Guoen Co. are accelerating their listing processes [1] - The recent trend has strengthened the linkage between the two capital markets, making the differentiation in AH share premium levels a focal point for the market [1] Group 2 - Longqi Technology, a leading ODM manufacturer, is currently in the process of going public, with an expected listing date of January 22, raising approximately 440.2 million HKD [1] - Lanke Technology has passed its listing hearing and plans to raise 900 million USD for technology research and development, with Alibaba and Morgan Asset Management as cornerstone investors [1] - Dongpeng Beverage has successfully passed the main board listing hearing in Hong Kong, holding a 26.3% market share in China's functional beverage market as of 2024, up from 15% in 2021 [2] Group 3 - The AH share premium index has shown a downward trend since 2025, attributed to the influx of quality A-share companies enhancing liquidity in the Hong Kong market [3] - As of January 16, the AH share premium index was reported at 120.43 points, reflecting a slight increase from the low of 115.44 points at the end of the previous year [3] - Among the newly listed A+H companies, the premium rates mostly range from 20% to 80%, with some companies like Guanghetong showing a premium exceeding 117.71% [3][4] Group 4 - There are currently 37 companies with an AH premium exceeding 100%, with Zhejiang Shibao leading at a premium rate of 360.30% [4] - The ongoing trend of A-share companies listing in Hong Kong is expected to continue, supported by multiple factors, as noted by various institutions and brokerages [5] Group 5 - Since the beginning of 2026, A-shares have outperformed Hong Kong stocks, leading to fluctuations in the AH share premium index [6] - The strong performance of A-shares is primarily driven by new listings in high-tech and advanced manufacturing sectors, while the Hong Kong market remains dominated by traditional sectors [6] - The current environment suggests that while Hong Kong stocks are underperforming, the AH premium index is stabilizing, indicating a preference for quality H-shares among domestic investors [6] Group 6 - The Hong Kong Stock Exchange currently has 357 companies in the listing queue, with 105 projects from A-share companies, indicating a robust pipeline for IPOs in 2026 [7]

党的二十届四中全会明确提出，"十五五"时期将以加快高水平科技自立自强、发展新质生产力为核心任 务与目标，为私募股权和创投行业（下称"创投行业"）勾勒出清晰的发展蓝图。在政策导向持续强化、 产业升级需求迫切、资本结构深度调整的多重背景下，创投行业正从"新金融工具"向推动科技创新与产 业创新深度融合的关键力量转型，迎来前所未有的发展机遇与转型挑战。 挖掘和投资 高质量资产 2025年，国家对创投行业高度重视。在政策与资金的全方位加持下，创投行业"募投管退"全链条堵点逐 步疏通，创业投资对科技创新的支撑作用日益凸显。统计数据显示，2025年VC/PE支持的中企IPO共计 164家，背后涉及951家机构，收获被投企业IPO的机构数量同比增长34.5%。 "十五五"规划建议为创投行业持续"灌溉"科技创新绘就了新蓝图。江苏高投有关负责人表示，规划建议 向行业释放三大重要信号：其一，政策导向愈发明确，私募股权和创业投资已从最初的"新金融工具"， 转变为推动科技创新与产业创新深度融合的关键力量；其二，规划建议着重强调科技创新与产业创新的 深度融合，助力新质生产力发展，这一战略导向正驱动资本持续向关键核心技术领域集中；其三，耐 ...

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the extension of tax incentives for public rental housing until December 31, 2027, to support the construction and operation of public rental housing [1] Tax Incentives Summary - Exemption from urban land use tax during the construction period and after completion for public rental housing [1] - Exemption from stamp duty for public rental housing management units related to construction and management [1] - Exemption from deed tax and stamp duty for public rental housing purchased by management units [1] - Exemption from stamp duty for both parties in the rental agreement of public rental housing [1] - Exemption from land value-added tax for organizations transferring old houses as public rental housing, provided the appreciation does not exceed 20% of the deductible amount [1] - Exemption from personal income tax for housing rental subsidies received by eligible urban housing security families from local governments [1] - Exemption from property tax for public rental housing [1] - Exemption from value-added tax on rental income obtained from operating public rental housing [1] Policy Context - The announcement reflects a continued commitment to support the real estate market despite the national fiscal work meeting's emphasis on standardizing tax incentives [1] - Experts anticipate more policies aimed at stabilizing the real estate market to be implemented following the central economic work meeting's directive [1]

证券时报记者赵黎昀 经历前期显著上行后，近两日原油价格出现回调。1月16日，国内期货市场原油主力合约2603跌超3%， 国际原油价格也再度回落至60美元/桶下方。 宏观方面，市场押注2026年美联储继续降息，提振市场心态。不过近期针对美联储的调查将加大变数， 降息路径不明朗，利好提振影响受限。而且，特朗普关税引发贸易争端的弊端或陆续显现，通胀回升、 经济疲弱等将进一步影响金融及商品市场，原油市场同样受压。产业方面，需求端来看，全球石油需求 增速平缓，对油市支撑有限；美国石油需求稳健的利好，直至年中才会对油市形成持续性支撑。供应端 来看，欧佩克+一季度暂停增产，适度减缓供应端压力，不过2025年累计增产幅度已然明显，叠加美国 与其它产油国的增产预期，油市供应端压力依然较大。 综合来看，宏观压力与产业过剩叠加施压，2026年原油价格仍面临较大的下行压力，不过考虑到地缘局 势的频繁扰动，以及美国石油需求、美联储货币政策、欧佩克+产量政策等存在阶段性支撑，原油市场 高波动性行情料将延续，价格重心缓慢下移，欧美原油年度均值或分别在60美元/桶及56美元/桶附近。 中信期货分析，开年以来原油及成品油库存延续走高，现货市场 ...

Core Viewpoint - The Ministry of Industry and Information Technology, along with five other departments, has issued the "Interim Measures for the Management of Recycling and Comprehensive Utilization of Used Power Batteries for New Energy Vehicles," which will take effect on April 1, 2026, aiming to establish a regulated, safe, and efficient recycling system for used power batteries to support the high-quality development of the new energy vehicle industry [1][2]. Group 1: Regulatory Framework - The new management measures are a significant step in implementing the "Action Plan for Improving the Recycling and Utilization System of Power Batteries for New Energy Vehicles" [3]. - The measures emphasize a comprehensive supervision system to address the complexities and challenges in the recycling process, including the management of various sources of used batteries [4]. - A nationwide information platform for tracking used power batteries will be established, incorporating a digital identity system for batteries to enhance monitoring and traceability [4]. Group 2: Industry Development - The new energy vehicle industry in China is experiencing rapid growth, with production and sales expected to reach 16.626 million and 16.49 million units respectively by 2025, marking year-on-year increases of 29% and 28.2% [2]. - The country is projected to enter a phase of large-scale retirement of power batteries, with an estimated generation of over 1 million tons of used batteries by 2030 [2]. - By 2025, the comprehensive utilization of used power batteries is expected to exceed 400,000 tons, reflecting a year-on-year growth of 32.9% [2]. Group 3: Environmental and Safety Considerations - The management measures will no longer recognize the concept of "cascade utilization," which has led to quality inconsistencies in recycled battery products [6]. - All battery products produced from used batteries must meet quality standards for their intended applications, ensuring safety for consumers [6]. - Regulatory bodies will enhance enforcement against illegal disposal and ensure that more used batteries are funneled into legitimate recycling channels [5].

Group 1 - The State Council, led by Premier Li Qiang, is focusing on boosting consumption through various measures, including the implementation of a special action plan to enhance consumer spending and the cultivation of new growth points in service consumption [1][2] - The meeting emphasized the importance of cleaning up overdue payments to enterprises and ensuring the payment of wages to migrant workers, highlighting the need for increased efforts and a robust mechanism to address these issues [2] - The government plans to modify and abolish certain administrative regulations to improve legislative quality and ensure the effective implementation of new and existing laws [2] Group 2 - The meeting discussed the need to integrate policies that enhance consumer spending with measures that improve residents' living standards, aiming to stimulate internal consumption and economic growth [1] - There is a focus on supporting new business models and enhancing service quality to promote service consumption, addressing issues related to credit, standards, and safety management [1] - The government aims to establish a long-term mechanism for promoting consumption, including the development of a "14th Five-Year" plan for expanding consumption and increasing residents' income [1]

Core Viewpoint - Tianhai Electronics has successfully passed the IPO review by the Shenzhen Stock Exchange, marking a significant milestone for the company in the automotive parts industry [1][2]. Group 1: Company Overview - Tianhai Electronics specializes in automotive transmission systems, connection systems, and intelligent control solutions, focusing on the research, production, and sales of automotive wiring harnesses, connectors, and electronic components [1]. - The company has established a strong brand image and customer reputation in the domestic automotive parts sector, becoming a primary supplier for major automakers such as Chery, SAIC Group, Geely, and Changan [2]. Group 2: Market Position - In 2024, the Chinese automotive wiring harness market is projected to reach 119.6 billion yuan, with Tianhai Electronics holding a leading market share of 8.45% [1]. - The company ranks among the top three in the automotive connector market, which is valued at 47.8 billion yuan, with a market share of 3.52% [1]. Group 3: Financial Performance - Tianhai Electronics reported revenues of 11.549 billion yuan, 12.523 billion yuan, and 10.898 billion yuan for the first three quarters of 2023 to 2025, with net profits of 652 million yuan, 614 million yuan, and 537 million yuan respectively [2]. Group 4: IPO Fund Utilization - The company aims to raise 2.46 billion yuan through its IPO, which will be allocated to projects including connector technology upgrades, wiring harness production base construction, automotive electronics production base, smart transformation and information technology projects, and the Tianhai Intelligent Connected Vehicle Industry Research Institute and supporting industrial park [2].

与上年不同，在稳增长方面，会议从消费和投资两方面部署了地方国资国企拉动需求增长的着力点。特 别强调要强化市场开拓，挖掘增长潜能，引导企业把握消费新趋势，强化供给提级、产品提档、服务提 质，打造一批带动面广、显示度高的消费新场景，不断培育消费新增长点。 日前召开的地方国资委负责人会议明确了接下来五年地方国资国企工作的重点和任务目标。"十五五"时 期，地方国资国企工作主要目标涵盖战略使命强化、科技自立自强水平提升、布局优化、企业活力动力 增强、党的领导加强等方面，提出了国有经济对经济社会发展的贡献度进一步提高、战略性新兴产业增 加值占比大幅提升等要求。立足2026年，会议部署了六方面重点工作。 国务院国资委党委书记、主任张玉卓表示，"十五五"时期地方国资国企工作要努力实现以下主要目标： 一是战略使命明显强化，战略安全、产业引领、国计民生、公共服务等功能更加突出，国有经济对经济 社会发展的贡献度进一步提高；二是科技自立自强水平明显提升，重点领域关键核心技术快速突破，科 技领军企业数量稳步增长；三是布局明显优化，在关系国家安全、国民经济命脉的重要行业领域控制地 位持续巩固，传统产业加快转型升级，战略性新兴产业增加值占 ...

Core Insights - The green methanol project by CIMC Anrui in Zhanjiang, Guangdong, has commenced production, marking it as the first large-scale bio-methanol project in China, amidst a surge of interest in the green methanol sector [1] - Despite the high profitability potential in the green methanol market, characterized by high prices and low production rates, the actual number of operational projects remains limited due to technical complexities and industry challenges [2] Industry Overview - As of the end of last year, there are plans for 51 million tons of green methanol capacity in China, but few projects have reached production [1] - The production cost of green methanol is approximately 4,000 RMB per ton, while the selling price can reach 1,000 USD per ton, indicating a significant profit margin [2] - The two main production routes for green methanol are biomass and green hydrogen with CO2 coupling, each facing unique challenges [2] Technical Challenges - Biomass-based methanol production relies on various technologies, including fixed bed, circulating fluidized bed, and gas flow bed, with CIMC Anrui opting for the circulating fluidized bed due to its compatibility with complex biomass materials [2][3] - The core device in biomass methanol production is the gasifier, which has faced issues such as clogging due to impurities in biomass. CIMC Anrui has made breakthroughs in gasification technology to address these challenges [3] Supply Chain Issues - The supply of biomass raw materials is inconsistent, and transportation costs are high. CIMC Anrui has diversified its raw material sources and standardized processing to enhance gasification stability [4] - Effective integration of the entire supply chain, from raw material collection to production and storage, is crucial for cost control and supply stability [3] Hydrogen Energy Integration - The green hydrogen route for methanol production is seen as a future trend for carbon reduction, but it currently faces high costs and storage/transportation challenges [5][6] - The ideal scenario for green hydrogen production is hindered by the intermittent nature of renewable energy sources, which complicates the economic viability of green methanol production [7] Market Demand and Growth Potential - The demand for green methanol is primarily driven by international markets, particularly in Europe, where strict carbon tax policies are in place [8] - The potential for green methanol in maritime applications is significant, with container ships being a key demand segment [8][9] - By 2025, it is projected that Asia's green methanol refueling volume will reach 12,364 tons, with China contributing significantly to this growth [8][10] Future Outlook - The green methanol industry in China is still in its early stages, with only 55,000 tons of capacity expected in 2024, increasing to 338,000 tons by the end of 2025 [9][10] - The overall industry is expected to face challenges in initial technology maturity, raw material supply stability, and market demand, with a projected industry scale of 3 to 4 million tons by 2030 [10]