Core Viewpoint - The narrative economy is increasingly influencing global asset pricing, with themes such as weakening dollar credit, gold as a monetary anchor, supply chain restructuring, AI infrastructure, and the new role of non-ferrous metals driving market performance [1][2][3] Group 1: Popular Narratives in 2025 - The five main narratives shaping the financial market include: 1. Long-term weakening of dollar credit, driven by a U.S. interest rate cut cycle [2] 2. Concerns over U.S. economic sustainability due to new policy frameworks, including tax increases and deficit expansion [2] 3. Gold becoming a new anchor for the monetary system, with central banks increasing gold reserves to mitigate dollar risk [2] 4. Restructuring of global supply chains due to geopolitical risks and rising tariffs, leading to increased value in key raw materials [2] 5. AI becoming a foundational infrastructure for industry transformation, impacting demand for non-ferrous metals [2] Group 2: Impact of Narratives on Asset Pricing - The five narratives are interconnected, forming a narrative constellation that influences asset pricing through: 1. Weakening dollar credit prompting a shift from credit currencies to physical assets like gold [3] 2. Supply chain restructuring emphasizing safety and resilience over efficiency [3] 3. AI infrastructure driving demand for non-ferrous metals, elevating their status from cyclical commodities to essential resources [3] Group 3: Mechanisms of Narrative Influence - Narratives affect asset pricing through various channels: 1. Reshaping reasonable price ranges by altering investor perceptions of asset safety and scarcity premiums [4] 2. Amplifying cyclical trends through risk premiums and volatility, leading to narrative premiums in related asset classes [4] 3. Reconstructing price relationships across assets based on thematic connections rather than independent fundamentals [4] Group 4: Recent Trends in Narratives - Since October 2025, mainstream narratives have shown signs of weakening, with: 1. A rebound in the dollar reflecting a technical correction and hawkish monetary policy [7] 2. A break in the upward trend of gold prices due to changing geopolitical and trade dynamics [7] 3. A cooling of supply chain narratives amid trade negotiations [7] 4. A shift in market sentiment regarding large tech companies, indicating a potential break in their positive cycle [7] 5. Increased divergence in demand for non-ferrous metals, with both long-term growth expectations and oversupply pressures [7] Group 5: Future Narratives - Potential new narratives for the next five years include: 1. Industrialization in developing countries, providing investment opportunities for companies [9] 2. The second wave of globalization for Chinese companies, with a focus on global orders outpacing domestic ones [9] 3. The acceleration of AI applications, leading to new industry transformations [9] 4. An upgrade in service consumption, with a long-term trend towards increased service sector contributions [9] Group 6: Challenges and Responses in Research Methodology - The influence of narratives challenges traditional investment research methodologies, necessitating: 1. Incorporating narratives as identifiable variables alongside fundamentals and valuations [10][11] 2. Differentiating narrative levels to align funding duration and risk-return profiles [11] 3. Adopting momentum strategies during narrative popularity phases [11] 4. Establishing objective indicators for narrative validation, ensuring data-driven decision-making [11] 5. Maintaining awareness of valuation constraints to prevent excessive risk exposure [11]

绿色是高质量发展的底色。"十四五"以来，海螺集团践行"两山"理念，落实"双碳"行动，协同推进降碳、减污、扩绿、增长，引领行业向资源节约型、环境 友好型绿色循环产业转型发展。 海螺集团以打赢蓝天保卫战为己任，"十四五"累计投入节能环保技改资金200多亿元，超前谋划实施超低排放技术改造，大力推广应用SCR脱硝、湿法脱 硫、"电收尘"改"袋收尘"等深度减排技术，氮氧化物、二氧化硫、颗粒物平均排放浓度远优于国家及地方排放标准，较"十三五"末大幅优化。集团26家公司 通过重污染天气绩效分级A级企业评审，25家公司通过引领性企业评审，位居行业第一。 海螺集团在超过90%的基地公司推广使用替代燃料，加大生物质燃料、生活垃圾、RDF等资源综合利用，充分利用热值的同时为社会消纳有害废弃物，替代 燃料使用比例达30%以上。在甘肃平凉海螺水泥有限责任公司建成行业首个绿电制氢项目，在安徽荻港海螺水泥股份有限公司试点掺氢燃烧技术，在宁国水 泥厂建成生物质碳项目，大力建设光伏、风力发电项目，多途径开发利用清洁能源，深入推动用能结构转型。 海螺集团广泛推行"水泥+协同处置"模式，实现环境效益与经济效益的双赢，建成76个协同处置环保项目，累 ...

Core Viewpoint - Federal Reserve official Kashkari believes that President Trump's actions regarding the Federal Reserve are "related to monetary policy" and does not see "any motivation for a rate cut in January" [1] Group 1 - Kashkari's comments highlight the ongoing tension between the executive branch and the Federal Reserve regarding monetary policy [1] - The statement indicates a firm stance from the Federal Reserve against potential rate cuts in the near term, suggesting a cautious approach to monetary policy [1]

Group 1 - The core viewpoint of the articles highlights a significant increase in tin prices due to geopolitical conflicts and supply disruptions, with both London and Shanghai tin futures rising over 10% [1][3] - The recent heavy rainfall in North Kivu province, Democratic Republic of the Congo, has caused landslides that severely impacted housing and resulted in casualties, affecting the supply of tin from the region [3] - The Bisie mine in the DRC, the largest tin mine in the country and the third largest globally, is facing operational challenges due to natural disasters and transportation disruptions, raising concerns about tin supply [3] Group 2 - Supply concerns are exacerbated by ongoing disruptions in tin mining operations in other regions, including Myanmar and Indonesia, where regulatory changes are impacting production [3] - The overall sentiment in the market is driven by worries about funding and raw material supply, pushing tin prices higher, although there are indications of weakening demand in the short term [3] - Despite potential short-term risks of price corrections due to demand weakness, there is still a belief in the medium to long-term upward potential for tin prices [3]

Core Insights - The Producer Price Index (PPI) for the United States in November 2025 is reported at an annual rate of 3%, which exceeds the expected rate of 2.7% [1] - The month-over-month PPI for November is recorded at 0.2%, aligning with market expectations of 0.2% [1] Summary by Category - **PPI Annual Rate**: The annual PPI for November 2025 stands at 3%, higher than the anticipated 2.7% [1] - **PPI Monthly Rate**: The monthly PPI for November is reported at 0.2%, matching the forecast of 0.2% [1]

（文章来源：新华财经） 美国2025年11月零售销售月率0.6%，预期0.4%，前值0.0%。 ...

Core Viewpoint - The market for thermal coal in the Bohai Rim is experiencing a slight upward trend in prices due to reduced port coal inventory pressure, increased upstream pricing intentions, and tightening of imported coal supply [1][2]. Group 1: Market Price Trends - The Bohai Rim thermal coal price index has risen to 686 yuan per ton, an increase of 1 yuan per ton compared to the previous period [1]. - The overall market sentiment is being positively influenced by factors such as the easing of port coal inventory pressure and support from the cost side of the supply chain [1]. Group 2: Supply and Demand Dynamics - Coal mines in major production areas are maintaining normal production and sales, resulting in a relatively loose overall supply [1]. - There has been an increase in demand from downstream sectors, particularly in chemicals, leading to improved sales conditions in certain cost-effective mining areas [1]. - However, limited procurement increases from surrounding power plants and cautious replenishment actions from traders are leading to a stable pricing strategy from miners [1]. Group 3: Import Coal Market - Indonesian coal supply constraints have persisted since the end of last year, keeping prices firm and driving domestic import market prices upward [2]. - The price advantage of low-calorie imported coal from Indonesia compared to domestic coal has diminished, while the price advantage of high-calorie coal from Australia has also narrowed, resulting in a slowdown in procurement activity [2]. - Overall, while the coastal coal market is in a recovery phase after previous declines, limited consumer demand continues to suppress significant price increases, with expectations of a stalemate in the short term [2].

Core Viewpoint - The control dispute over Zhenxin Technology, known as the "first stock of Beidou satellite navigation," has escalated into a board seat contention, with the controlling shareholder Chengdu Guoteng Electronics Group proposing an early board election and nominating new candidates, while the founding management team opposes this move, questioning the qualifications of He Yan as the actual controller [1][2]. Group 1: Control Dispute Background - The control dispute arises from a governance deadlock within Guoteng Electronics Group, primarily due to a narrow 2% equity gap, with Guoteng holding 29.3% of Zhenxin Technology and He Yan controlling 51% of Guoteng [2]. - He Yan's control over Guoteng grants her significant voting power in Zhenxin Technology, making her the largest single shareholder, while the remaining shares are widely dispersed, preventing effective checks on her power [2]. - The conflict has roots in He Yan's past criminal charges, which have led to a division between the management team and investor shareholders, creating two opposing factions [2][3]. Group 2: Board Election Controversy - A temporary shareholders' meeting on December 26, 2024, saw the rejection of key governance proposals, coinciding with He Yan's push for an early board election to replace all current directors [4]. - The current board consists of nine members, five of whom are aligned with He Yan, while the remaining four strongly oppose her plans [4]. - Concerns have been raised about He Yan's past legal issues affecting the company's operational capabilities and her legitimacy as a controller, with management arguing that her actions have hindered the company's development [4][5]. Group 3: Company Performance and Future Outlook - Zhenxin Technology has faced declining performance, with revenues dropping from 8.52 billion yuan in 2023 to 7.97 billion yuan in 2024, and net profits falling significantly [7]. - However, in 2025, the company reported a revenue increase of 30.56% year-on-year in the first three quarters, indicating a potential recovery [7]. - The company specializes in mixed-signal integrated circuits, playing a crucial role in the Beidou satellite navigation industry, and aims to leverage opportunities in emerging sectors like low-altitude economy and commercial aerospace [7][8].

Core Viewpoint - Shanghai Electric Wind Power Group has demonstrated its comprehensive strength in high-end wind power equipment and intelligent services by winning six "Wind Power Leader" awards at the 2025 Wind Power Leader Technology Innovation Forum, showcasing advancements in both onshore and offshore wind turbines as well as after-market services [1] Group 1: AI and Innovation - The company’s AI-based technology for health monitoring and fault diagnosis of large wind turbine blades won the Annual Best Innovative Product Award, achieving over 95% accuracy in early anomaly detection and has been applied in multiple wind farms [2][4] - Shanghai Electric is leading a national key R&D project focused on AI applications in wind power equipment, aiming to optimize intelligent design, manufacturing, and operation processes [4] Group 2: Onshore Wind Turbines - The EW6.25-220 model received the Best Onshore Unit Award, designed for ultra-low wind speed markets, featuring a full carbon fiber main beam that enhances reliability and reduces load on key components [5][7] - The model integrates AI to support intelligent operations, disaster warnings, and optimize power generation strategies, reinforcing its position in the onshore wind power sector [5] Group 3: Offshore Wind Turbines - The EW12.6-270 and EW25.0-310 models won Best Offshore Unit Awards, with the former designed for mid-low wind speed areas and the latter capable of withstanding extreme weather conditions, showcasing advanced design and operational capabilities [7] - The EW25.0-310 features a 25 MW capacity and is equipped with distributed energy storage technology, enhancing grid adaptability and peak regulation capabilities [7] Group 4: Service Innovations - The S68.5 blade extension project and the Intelligent Yaw 2.0 system received the Best Service Product Award, significantly improving energy output and operational reliability for existing wind turbines [8][10] - The S68.5 project extends blade length from 66 meters to 68.5 meters, increasing the swept area and theoretical energy generation by 4%-7%, with a payback period of approximately 3.4 years [8] - The Intelligent Yaw 2.0 system replaces traditional components with advanced controls, enhancing machine reliability and reducing long-term maintenance costs [10] Group 5: Future Directions - Shanghai Electric aims to continue driving high-quality development in the renewable energy sector through technological innovation, focusing on strategic emerging industries and key core technologies to contribute to a new energy system and carbon neutrality goals [10]

新华财经上海1月14日电（记者高少华）针对被国家市场监管总局立案调查，携程公司14日下午回应 称，"公司将积极配合监管部门调查，全面落实监管要求，与行业各方携手共建可持续发展的市场环 境。" 携程公司此前发布财报显示，2025年第三季度，携程实现营收183亿元，同比增长16%；净利润为199亿 元，同比增长192.6%。 （文章来源：新华财经） 近日，市场监管总局根据前期核查，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌滥用 市场支配地位实施垄断行为立案调查。 携程在回应中同时表示，目前，公司各项业务均正常运行，将一如既往地为广大用户和合作伙伴提供优 质服务。 ...