2025年，面对复杂的外部环境和艰巨的保供任务，国能准能集团始终将保障能源安全稳定供应作为首要 政治责任和核心使命，统筹发展和安全，聚焦主责主业、绿色转型、资源获取"三篇文章"，通过一系列 科学精准、高效协同的举措，推动煤炭生产实现稳产、优产、高产。公司全年累计生产商品煤6275万 吨，创历史新高，再次以实绩书写了央企能源保供的责任和担当。 科学调度：下好保供"一盘棋" 二是强化煤质管控，优化产品结构。准能集团聚焦效益提升核心目标，深化煤质管控与产品结构优化， 建立"采—洗—运"全链条协同机制，保障商品煤热值均衡稳定，全年商品煤热值达4762kcal/kg，同比提 升37kcal/kg。同时，紧扣市场需求导向，持续做精煤炭产品体系，加大质优价高的块煤生产力度，全年 完成块煤产量105.2万吨，连续三年突破100万吨，实现增收创效。 三是加快资源获取，积蓄发展后劲。准能集团以前瞻性眼光和多元化策略，积极拓展资源储备。一方 面，跟踪政策与市场动态，紧盯资源获取重点区域、推进矿区资源深勘精勘、加快矿区周边空白资源整 合、参与外部资源项目调研与投资，并完成相关论证工作；另一方面，推动1342公顷采场接续用地项目 通过 ...

Core Viewpoint - The average price change rate of a basket of crude oil was reported at 0.57% on January 13, according to the National Oil Price System [1] Group 1 - Domestic gasoline and diesel prices are adjusted based on international crude oil price changes every 10 working days, with the adjustment effective at 24:00 on the announcement date [3] - If the adjustment amount is less than 50 yuan per ton, it will not be implemented but will be accumulated or offset in the next adjustment [3] - The adjustment window for the current pricing cycle will open at 24:00 on January 20, marking the sixth working day of the cycle on January 14 [3]

Group 1 - The overall sentiment among private fund managers regarding the A-share market in January is cautiously optimistic, with most planning to maintain their current positions. High-dividend assets, technology sectors, and leading manufacturing companies are identified as core investment directions [1][2] - The confidence index for A-share managers recorded 124.94 in January 2026, a slight increase of 0.48% from December 2025, indicating a rise in confidence compared to the previous month. The trend expectation confidence index reached 133.59, up 0.6% month-on-month, reflecting a market dominated by optimistic and neutral attitudes [1] - A breakdown of fund manager sentiment shows that 5.4% are extremely optimistic (down 0.5 percentage points), 58.7% are optimistic (up 2.6 percentage points), and 34% are neutral (down 1.6 percentage points). The proportion of pessimistic managers decreased to 1.5% (down 0.8 percentage points), while 0.4% are extremely pessimistic (up 0.4 percentage points) [1] Group 2 - Several private funds have disclosed their latest holdings and investment logic, focusing on four main areas: internet platforms with competitive advantages, consumer sectors with supply constraints, leading manufacturing companies, and hidden champions in cyclical industries. Some cyclical sectors are expected to provide stable profits and high dividends, offering returns above risk-free rates [2] - The current investment strategy includes maintaining high positions in three main lines: cyclical industry leaders with dividend characteristics, technology giants benefiting from rapid AI development, and state-owned enterprises with high barriers to entry and attractive dividend rates [2] - Recent pullbacks in dividend stocks are viewed as attractive buying opportunities, with historical data indicating that the first quarter typically sees the highest win rates and strongest gains for dividend stocks [3]

Core Viewpoint - The European Union (EU) member states voted to approve the EU-Mercosur Free Trade Agreement, paving the way for its formal signing, despite strong domestic opposition in Italy [1][2]. Group 1: Trade Agreement Details - The agreement is expected to be the largest trade deal in EU history, significantly reducing tariffs on a wide range of products between the EU and Mercosur countries [2]. - Italy's support for the agreement reflects a pragmatic balance between domestic pressures and external changes, as the EU accelerates the agreement's implementation [2]. - The agreement will lower import tariffs on EU products such as cars, machinery, and pharmaceuticals from Mercosur countries, while the EU will reduce trade barriers on meat and grains from Mercosur [2]. Group 2: Economic Implications for Italy - The trade agreement presents a "double-edged sword" for Italy, potentially expanding export opportunities and enhancing industrial competitiveness, but also posing challenges to the agricultural sector [2]. - Italy's economy is heavily reliant on exports, and the Mercosur market is seen as a vital avenue for risk diversification amid global trade uncertainties [2]. - The Italian Agricultural Machinery Manufacturers Association indicates that the agreement will benefit Italian companies by reducing export costs, simplifying customs procedures, and enhancing cooperation in agricultural technology and food supply chains [3]. Group 3: Agricultural Sector Concerns - Despite potential benefits, significant risks remain for the agricultural sector, particularly due to competitive pressures from Mercosur countries in beef, poultry, and sugar markets [5]. - Italian farmers have expressed concerns that the agreement could undermine local agriculture, especially for products not covered by geographical indications [5]. - The Italian Small Farmers Association emphasizes the need for strict compliance with EU environmental and food safety standards for imported products to protect local farmers [5]. Group 4: Upcoming Signing and Future Challenges - The EU-Mercosur Free Trade Agreement is scheduled to be signed on January 17 in Asunción, Paraguay, after delays due to internal disagreements among EU member states [6]. - The Italian government faces the critical challenge of balancing export competitiveness with agricultural stability in the wake of the agreement [7].

Group 1 - Japanese Prime Minister Fumio Kishida has decided to dissolve the House of Representatives and hold early elections on January 23, raising concerns about the potential expansion of economic stimulus and debt levels, which may worsen Japan's fiscal burden [1][2] - The yield on Japan's 10-year government bonds surged to 2.18%, the highest in 27 years, while the 30-year bond yield reached a record high of 3.52%, reflecting market anxiety over fiscal sustainability [1][2] - The Nikkei 225 index experienced significant volatility, opening with a rise of over 3.6% and closing with a gain of 3.1%, while the Japanese yen depreciated to its lowest level since July 2024 [1][2] Group 2 - Since taking office, Kishida has faced challenges including a weak yen, inflation above targets, and economic sluggishness, prompting the government to introduce a record economic stimulus plan of 21.3 trillion yen [2] - The Bank of Japan has shifted from a long-standing ultra-loose monetary policy to a forward-looking adjustment, with interest rates expected to rise to 0.75% by December 2025, the highest level in 30 years [2] - Concerns about Japan's fiscal situation have intensified, with the country's debt exceeding twice its economic output, leading to increased bond issuance and a higher debt servicing burden due to rising interest rates [2] Group 3 - Kishida emphasized the importance of promoting economic growth over concerns about rising long-term interest rates, stating that the new budget includes significant investments aimed at fostering future growth [3] - The government projects a nominal GDP growth rate of 3.4% and a real wage growth rate of 1.3%, indicating a positive outlook for the economy [3]

Group 1 - The February 2026 gold futures price on the New York Commodity Exchange fell by $14.4, closing at $4,594.4 per ounce, a decrease of 0.31% [1] - The geopolitical uncertainty has heightened market risk aversion, leading to gold and silver prices reaching historical highs, with February gold touching $4,644.00 and March silver reaching $89.215 [1] - CME Group announced adjustments to the margin setting for gold, silver, platinum, and palladium futures based on a percentage of nominal margin rather than a dollar amount, effective after the market close on January 13 [1] Group 2 - Citigroup raised its 0-3 month target price for gold to $5,000 per ounce and for silver to $100 per ounce due to increased geopolitical risks and ongoing shortages in the spot market [2] - However, Citigroup anticipates that gold prices may face significant declines in the second half of 2026 as global tensions ease [2] Group 3 - The March silver futures price increased by $1.705, closing at $86.860 per ounce, reflecting a 2.00% rise [3]

新华财经北京1月14日电（崔凯）美国2025年12月消费者价格指数（CPI）同比上涨2.7%，与11月持 平；剔除食品和能源的核心CPI同比上涨2.6%，同样持平于前值，两项指标均低于市场预期。 交易员显著上调降息预期。据市场定价模型，美联储在2026年4月降息的概率已从数据发布前的38%升 至42%，6月仍是主流预期时点。B. Riley Wealth首席市场策略师阿特·霍根表示："12月通胀表现比市场 此前预期更为温和……如果这一趋势能够延续，将为美联储在第一季度降息提供一定的政策回旋空 间。" 法国农业信贷银行G10外汇研究与策略主管瓦伦丁·马林诺夫认为，市场对CPI的反应"较为平淡"，表明 2026年两次降息预期已提前反映在美元定价中。他指出，尽管财政主导担忧导致美元近期走弱，但其相 对于欧元、英镑的实际利率优势尚未完全体现，"存在被低估的情况"。 此次数据发布背景颇为复杂。2025年8月，美国总统特朗普解雇劳工部专员，并在无证据情况下指控就 业数据遭操纵。上周日，美联储主席鲍威尔公开指责政府以刑事起诉威胁施压央行降息。分析人士指 出，此类政治干预已引发市场对美联储独立性的担忧。高盛资产管理联席首席投 ...

Core Viewpoint - The wholesale prices of gasoline and diesel in China have decreased as of January 13, with average prices for 92 gasoline at 7341 yuan/ton (down 11 yuan/ton) and diesel at 6193 yuan/ton (down 17 yuan/ton) [1] Market Overview - Despite an increase in international crude oil futures prices on January 12, the overall market demand remains weak, leading to cautious purchasing behavior among operators, who are primarily buying based on need [1] - The trading atmosphere in the market is described as flat, making it difficult for gasoline and diesel prices to find support [1] Regional Price Changes - In terms of regional price movements, gasoline prices increased in Shandong, Jiangsu, and Hubei, while they decreased in Gansu, Qinghai, Shaanxi, Sichuan, Shanghai, Zhejiang, Guangdong, Shanxi, Henan, and Guangxi [1] - Diesel prices saw an increase in Henan, but decreased in Gansu, Shaanxi, Beijing, Qinghai, Zhejiang, Guangdong, Jilin, Guangxi, Liaoning, and Fujian [1] - In Shandong's local refining sector, gasoline prices slightly increased while diesel prices also rose [1] Data Source - The data on China's gasoline and diesel wholesale prices is published by the China Economic Information Agency and the China Petroleum Economic and Technological Research Institute, in collaboration with the Shanghai Petroleum and Natural Gas Trading Center, reflecting the overall situation of the wholesale market [1]

Core Insights - The article discusses the development of a new type of power grid system that enhances electricity reliability, expands green energy usage, and optimizes user experience through the construction of strong main networks and innovative solutions like "self-healing distribution networks" and "smart microgrids" [1] Group 1: Self-Healing Distribution Networks - In Shandong, the State Grid Qingdao Power Supply Company has established a panoramic self-healing system that extends the self-healing capability of the distribution network from feeders to substation busbars, improving electricity reliability [2] - The new system allows for concurrent handling of multiple incidents, significantly enhancing emergency response capabilities during complex faults, reducing the time to restore power from hours to under 3 minutes [2] - The system can diagnose fault types within 30 seconds and automatically generate optimal load transfer strategies, streamlining the restoration process [2] Group 2: Smart Microgrids - Smart microgrids are being developed to promote green energy usage in rural areas, playing a crucial role in the transition to low-carbon living [3] - In Shanxi, a pilot project in Zhuangshang Village has resulted in a solar power generation capacity of 220,000 kWh per year, enabling local households and facilities to utilize green electricity [3] - In Tianjin, a village-level smart microgrid integrates solar power, energy storage, and charging facilities, doubling the village's renewable energy capacity and supporting local tourism and heating needs [3] Group 3: Advanced Technologies for Grid Integration - The integration of distributed renewable energy sources has led to challenges such as voltage limits and multi-level grid coordination, necessitating the development of new technologies [4] - A demonstration project in Shandong has implemented diverse grid connection methods to alleviate voltage issues and enhance stability for high proportions of renewable energy [4] - The Tianjin company has adopted a collaborative model that utilizes real-time data and AI algorithms to optimize energy distribution and support regional energy needs [4]

Core Insights - The life and health sector is entering a new phase of "deep integration and rapid development" driven by globalization and technological revolution, with advanced technologies like artificial intelligence and brain-computer interfaces expanding the pathways for innovative drug and therapy translation [1] Group 1: Forum Highlights - The fifth Guanghua Forum held at Fudan University focused on "leading the frontier, cross-border integration, and empowering transformation," aiming to build a high-end platform for thought exchange and resource connection [1] - Experts emphasized the importance of translating scientific research into practical applications, with a focus on addressing clinical problems and ensuring that innovations are applicable and beneficial to society [2] Group 2: Research and Innovation - The integration of artificial intelligence and synthetic biology is reshaping the research paradigm in life sciences, with a push towards making biomedical research a quantitative science through big data and AI [2] - Challenges in the translation of synthetic biology technologies into the health industry include the need for a regulatory science-based approval system and effective collaboration between innovation and industry chains [2] Group 3: Institutional Development - The Guanghua Life and Health Association has become a crucial hub linking academia, industry, and investment, with over 14 member units and a network of more than 6,000 alumni [3] - Future initiatives will focus on project result showcases and facilitating connections between early-stage innovation projects and industry [3] Group 4: Collaborative Achievements - A cooperation agreement was signed between the Macau Translational Medicine Center and Fudan University Pudong Hospital to establish a research institute focused on micro-nano sensing technology, microfluidics, and organ chips [4]