2025年，面对复杂多变的国内外形势和市场环境，北方稀土带头践行国家产业政策，遵循发展战略规 划，紧抓市场变化节奏，紧盯全年生产经营任务目标，强化全面预算管理，深化对标提升及降本提质增 效。 1月16日晚，北方稀土（600111）披露业绩预告，公司预计2025年度实现归母净利润21.76亿元到23.56亿 元，同比增加116.67%到134.60%；预计2025年扣非后净利润19.6亿元到21.4亿元，同比增加117.46%到 137.43%。 北方稀土是我国最早建立并发展壮大的国有控股稀土企业。经过多年发展，公司已成为全球最大的稀土 企业集团和稀土产业基地，在我国稀土行业有着重要影响力。 去年以来，国内市场稀土价格出现修复。据中国稀土（000831）行业协会整理的数据，2025年1至12月 多数稀土价格均出现上涨，比如在轻稀土中氧化钕均价为50.87万元/吨，同比上涨27.4%；金属钕均价 为62.58万元/吨，同比上涨27%。再如在重稀土中，99.99%氧化铽均价为673.87万元/吨，同比上涨 17.2%；金属铽均价为835.91万元/吨，同比上涨16.5%。 科研创新赋能方面，北方稀土不断加大科技创新 ...

Core Viewpoint - Company expects significant profit growth in 2025, driven by strong demand in the AI industry and increased shipments of interconnect chips [1][2] Group 1: Financial Performance - Company anticipates a net profit of 2.15 billion to 2.35 billion yuan for 2025, representing a year-on-year growth of 52.29% to 66.46% [1] - The expected non-GAAP net profit is projected to be between 1.92 billion and 2.12 billion yuan, reflecting a growth of 53.81% to 69.83% compared to the previous year [1] Group 2: Industry Trends - AI is expected to continue driving growth in storage demand, with DDR5 memory interfaces gaining traction and contributing to higher average selling prices and gross margins for the company's products [2] - The penetration rate of DDR5 memory interface chips has significantly increased since 2025, with sales of the third generation RCD chips surpassing those of the second generation for the first time [2] - The company is a leading figure in setting international standards for DDR5 RCD chips, maintaining its industry leadership in memory interconnect chips [2] Group 3: Product Development - New interconnect chip products, including PCIe Retimer, MRCD/MDB, CKD, and MXC chips, are gaining recognition from end customers, which is expected to positively impact the company's performance [2] - Discussions on DDR6 standards are ongoing, with expectations that DDR6 memory modules will require more complex interconnect chips, potentially expanding the market size for memory interconnect chips [2]

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 Waste Power Batteries for New Energy Vehicles," which will take effect on April 1, 2026, aiming to establish a regulated and efficient recycling system for waste 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 waste power batteries [4]. Group 2: Industry Development - The new energy vehicle industry in China is expected to see production and sales reach 16.626 million and 16.49 million units respectively by 2025, marking a year-on-year growth of 29% and 28.2%, with new energy vehicles accounting for 47.9% of total new car sales [2]. - The country is projected to enter a large-scale "retirement" phase for power batteries, with an estimated waste battery generation of over 1 million tons by 2030 [2]. Group 3: Recycling and Utilization - By 2025, the comprehensive utilization of waste power batteries in China is expected to exceed 400,000 tons, reflecting a year-on-year increase of 32.9%, with leading companies achieving international advanced levels in the recovery rates of lithium, cobalt, and nickel [2]. - The management measures will establish a nationwide information platform for tracking waste power batteries, including a digital identity system for batteries to enhance monitoring throughout their lifecycle [4]. Group 4: Quality and Safety Standards - The management measures will no longer use the concept of "cascade utilization," which has led to quality inconsistencies in recycled battery products, emphasizing that all battery products must meet quality standards for their intended applications [6]. - Violations of the new regulations regarding the recycling and utilization of waste batteries will result in administrative penalties, reinforcing the regulatory framework [4][6].

Group 1 - The core point of the news is the launch of CIMC Enric's 50,000-ton green methanol project in Zhanjiang, Guangdong, marking it as the first large-scale production project of biomass methanol in China, amidst a growing interest in the green methanol sector [1] - The green methanol market is characterized by high prices and profits but low production rates, with production costs around 4,000 RMB per ton and selling prices reaching 1,000 USD per ton, indicating a significant profit margin that has not yet translated into widespread production [2] - The production of green methanol primarily relies on two main routes: biomass methanol and green hydrogen coupled with carbon dioxide, each facing distinct challenges in development [2][5] Group 2 - Biomass methanol production is currently the mainstream direction in the industry, with CIMC Enric adopting a pressurized circulating fluidized bed route, which is advantageous due to its compatibility with the complex composition of biomass [2][3] - The project has achieved stable production, overcoming common issues such as equipment blockage due to impurities in biomass, which has historically hindered similar projects [3] - The supply chain for biomass raw materials is a significant challenge, with CIMC Enric implementing a strategy of diversified sourcing and standardized processing to ensure stable supply and improve gasification stability [4] Group 3 - The green hydrogen route for methanol production is seen as a future trend for carbon reduction, but it currently faces high costs and challenges in storage and transportation, limiting its immediate application [5][6] - The demand for green methanol is primarily driven by international markets, particularly in Europe, where strict carbon tax policies are pushing for decarbonization in shipping [8] - The global fleet of methanol-powered ships is expected to grow significantly, with projections indicating a demand of 7 million tons by 2026 and over 14 million tons by 2030, highlighting the market potential for green methanol [9][10] Group 4 - China's green methanol market is still in its infancy, with projected production capacity increasing from 5.5 million tons in 2024 to 33.8 million tons by the end of 2025, as the number of production units expands from 2 to 9 [9][10] - Despite the rapid construction of green methanol facilities in China, the industry faces challenges such as initial technology maturity, stable raw material supply, and market demand, which may keep the average operating rate low in the early stages [10]

Market Overview - The A-share market experienced a high and then a pullback, with the Shanghai Composite Index barely holding above 4100 points, while major indices like the Shenzhen Component and Northbound 50 closed with small gains but long upper shadows [1] - The market saw active trading, with daily trading volumes frequently hitting historical highs, and weekly trading volume reaching a record 17 trillion yuan [1] Fund Flows - Significant inflows of leveraged funds continued despite market adjustments, with net financing purchases exceeding 91.3 billion yuan for the week, marking a five-month high, and the financing balance reaching 2.7 trillion yuan, setting a new record for nine consecutive days [2] - The computer industry attracted over 12.3 billion yuan in net financing purchases, while electronics and telecommunications received 10.3 billion yuan and over 9 billion yuan, respectively [2] - Major sectors like defense and non-bank financials saw net outflows of over 24.3 billion yuan and 10.8 billion yuan, respectively [2] Chip Sector - The chip sector saw multiple instances of end-of-day buying, with the sector index hitting historical highs in 7 out of the last 10 trading days [3] - Companies like *ST Chengchang and Liou Co. experienced significant price increases, with *ST Chengchang hitting 128.98 yuan per share, the highest price for any ST stock [3] - Reports indicate that major chip manufacturers AMD and Intel have sold out their server CPU production for the year, leading to planned price increases of 10%-15% [3] Power Industry Outlook - The power equipment sector has shown strong performance, with indices for ultra-high voltage, grid equipment, smart grids, and energy storage reaching historical highs [4] - The State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on technological innovation and new power system construction [4] - Goldman Sachs predicts that investments in global digital infrastructure and energy systems driven by AI could reach 5 trillion dollars over the next decade, with power grid equipment being a primary beneficiary [4]

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]

（文章来源：证券时报） （据新华社电） ...

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]