Core Viewpoint - Geothermal energy is gaining traction as a clean, efficient, and stable renewable energy source in the context of China's "dual carbon" goals, with expanding application scenarios and significant opportunities for development in the energy sector [1][2]. Industry Development - China possesses approximately 1/6 of the global geothermal resources and leads in direct utilization, accounting for about 37.7% of the global total [2]. - The development of geothermal energy technology has advanced significantly, with innovations such as containerized geothermal power generation reducing construction time to 1/10 and costs to 1/2 compared to international standards [2]. - The shift towards geothermal energy is crucial for achieving carbon neutrality and enhancing energy security, especially given China's reliance on imported fossil fuels [2]. Zero Carbon Park Construction - The construction of zero carbon parks presents new opportunities for geothermal energy, with the EU's carbon border adjustment mechanism emphasizing the importance of sustainable energy supply systems [3]. - Notable projects include the Liaoning Shenyang Sino-German High-end Equipment Manufacturing Industrial Park and the Zhengzhou Airport Economic Zone, which utilize geothermal energy for clean heating solutions [3]. Economic Benefits - Implementing geothermal heating in buildings can save significant amounts of natural gas and reduce energy expenditures, with estimates suggesting a savings of approximately 3 billion yuan annually for every 100 million square meters of buildings [4]. - The transition to geothermal energy not only lowers carbon emissions but also significantly reduces operational costs, as demonstrated in projects like the one in Xinxiang, Henan [4]. Future Prospects - The geothermal industry is expected to develop into a distinctive industrial cluster worth over 100 billion yuan, driven by continuous technological advancements and supportive government policies [5]. - The growth of the geothermal sector is anticipated to encompass a wide range of applications, including residential heating, hospitals, schools, and industrial uses, contributing to new economic growth points and production capabilities [5].

钨：钨精矿本期价格60.07万元/吨，环比上涨19.24%；仲钨酸铵本期价格89.06万元/吨，环比上涨 19.49%。近期美国两党议员提出设立规模为25亿美元的"战略韧性储备"；我们认为在海外加大战略备库 的背景下，钨的优先级或较高。我国发布《关于加强两用物项对日本出口管制的公告》，以及据新华社 消息"美国总统特朗普表示将2027财年美国军费提高至1.5万亿美元"，因此我们认为海外或延续高备 库，进一步支撑价格上行。相关标的：中钨高新（000657）、厦门钨业（600549）、章源钨业 （002378）、佳鑫国际资源。 锑：本期锑锭价格为16.41万元/吨，环比上涨1.26%；锑精矿价格为14.10万元/吨，环比上涨2.27%。海 外锑价为2.65万美元/吨，环比下跌11.67%。12月我国锑品出口环比/同比分别+4%/-71%，基本符合预 期。近期价格有所回调，我们认为更多系前期投机资金获利了解离场；而我们仍然坚定看好后续出口修 复带来的"内外同涨"。结合目前光伏玻璃产量走平回稳，因此若出口显著修复、需求拐点向上，有望释 放较高向上的价格弹性。资源紧缺，海外大矿减产带来全球供应显著下滑，需求稳步上行，全球 ...

Group 1 - The core viewpoint of the report highlights the strong demand in the AI industry, which is driving the entire related industrial chain upward, with various segments showing significant performance improvements [1][2] - In the equipment segment, ASML reported explosive Q4 performance, with strong storage demand leading to a doubling of orders and an upward revision of the 2026 growth guidance [1][2] - In the power generation segment, GE Vernova's Q4 revenue exceeded expectations, with backlogged orders reaching a historical high of $150 billion [1][2] - In the storage segment, SK Hynix's Q4 operating profit more than doubled year-on-year, marking its strongest performance ever [1][2] - Seagate Technology indicated in a conference call that its 2026 capacity has been fully allocated and discussions for 2027 orders have begun [1][2] - In the chip segment, Intel reported a surge in CPU demand but is facing supply shortages [1][2] Group 2 - The domestic market experienced fluctuations, with the Shenwan Chemical Index dropping by 0.86%, underperforming the CSI 300 Index by 0.94% [2] - Multiple products in the basic chemical industry saw price increases this week, including dyes and para-nitrochlorobenzene, accelerated by the cancellation of export tax rebates [2] - The real estate sector is witnessing the end of the "three red lines" policy, leading to a more stable and healthy market as old cycle risks are gradually cleared [3][4] - ByteDance and Alibaba are set to launch new AI models around the Spring Festival, with Alibaba increasing its investment in AI and cloud computing from 380 billion to 480 billion yuan over the next three years [2] - The Clawdbot AI agent has gained significant attention in the tech community, being viewed as a potential "ChatGPT moment" for 2026 [4]

国金证券近日发布石油化工行业研究：基本面依然供过于求，前期支撑原油价格的利好寒潮以及哈萨克 斯坦产量减少的供应下降已经开始修复。同时俄乌达成停火一周协议，泽连斯基确认停止袭击俄罗斯能 源设施，关注俄乌近一步进展。地缘问题仍是市场交易核心，伊朗问题是主要焦点。 以下为研究报告摘要： 原油：本周原油快速上行，原油继续计价美伊开战风险，市场担忧伊朗封锁霍尔木兹海峡。我们预计当 前地缘风险溢价计价伊朗问题8-10美元/桶。基本面依然供过于求，前期支撑原油价格的利好寒潮以及 哈萨克斯坦产量减少的供应下降已经开始修复。同时俄乌达成停火一周协议，泽连斯基确认停止袭击俄 罗斯能源设施，关注俄乌近一步进展。地缘问题仍是市场交易核心，伊朗问题是主要焦点。我们预计伊 朗问题落地前原油价格短期或继续保持强势。如果伊朗烈度低于预期或者伊朗未发生实际冲突，交易中 心重回供需则预计价格将回落。截止1月29日，WTI现货收于65.42美元，环比+6.06美元；BRENT现货 收于72.57美元，环比+6.6美元。EIA1月23日当周商业原油库存环比-229.5万桶，前值+360.2万桶。其中 库欣原油环比-27.8万桶，前值+147.8万桶 ...

Group 1 - The core viewpoint of the report indicates that the domestic steel industry is experiencing a mixed trend in raw material prices, with export policies driving external prices higher while domestic prices remain under pressure [1][2] - Steel mills are currently in a raw material stocking phase, with iron ore imports increasing but steel inventory remaining low, suggesting a cautious approach to restocking due to weak price differentials and expectations of low post-holiday production [2][3] - The profitability of steel companies has slightly decreased to 39.4%, indicating that previous raw material price increases may have started to impact financial statements [1][2] Group 2 - The average price of hot-rolled coils in major markets is reported at 3355 CNY/ton, showing a slight decrease of 1 CNY/ton from the previous week, while the inventory of hot-rolled coils has decreased by 2.82 million tons week-on-week [3] - The price index for metallurgical coke has remained stable, with trade prices for first-grade coke at 1470 CNY/ton and second-grade coke at 1570 CNY/ton, while inventory levels at major ports have decreased [4] - The price index for domestic iron concentrate shows mixed results, with the price for 66% concentrate at 978 CNY/ton, reflecting a 0.72% increase, while overall iron ore inventory at ports continues to rise [5]

新芯航途(苏州)科技有限公司成立于2023年12月，法定代表人为李俊，经营范围包括科技推广和应用服 务、软件开发、集成电路芯片设计及服务、集成电路芯片及产品销售等。股东信息显示，该公司现由苏 州好望角新芯企业管理合伙企业(有限合伙)、上海上汽创远创业投资合伙企业(有限合伙)及上述新增股 东等共同持股。公开信息显示，该公司是一家集成电路芯片设计与自动驾驶技术研发商，其自主研发的 芯片瞄准20-30万车型市场，计划对标行业主流产品。 天眼查App显示，近日，新芯航途(苏州)科技有限公司发生工商变更，新增国家人工智能产业投资基金 合伙企业(有限合伙)为股东，同时，注册资本由约1871.7万人民币增至约1919.9万人民币。 ...

结合"双碳"战略与能源强国建设目标，康艳兵总结了未来能源转型的"2方向、3原则、5个化"特征，进 一步明确"AI+能源"的发力点。"2方向"即高效与清洁，是能源转型的核心导向；"3原则"强调能源发展 需兼顾安全（Reliable）、经济性（Affordable）与低碳绿色（Sustainable），这与我国构建清洁低碳、 安全高效现代能源体系的要求高度契合；"5个化"则清晰勾勒出能源转型的具体路径：节能提效持续 化、终端用能电气化、电源结构去碳化、能源系统分散化、能源供需智慧化，而这五大特征均离不开 AI的智慧赋能，尤其是能源供需智慧化，更是"AI+能源"融合发展的核心场景，可实现"源荷互动"甚 至"荷随源动"，推动电动汽车V2B、V2G等新业态落地。 康艳兵指出，建设新型能源体系是能源转型革命的关键载体，需重点关注三大领域，而AI在其中均能 发挥重要作用。一是新型电力系统，破解源、网、荷、储协同难题；二是新型热力系统，聚焦居民采暖 与工业用热的零碳转型，依托高温工业蒸汽热泵等技术，结合AI智慧调控，实现"以绿制绿"；三是新型 燃料原料系统，合理发展绿氢、绿氨、生物质能源等，通过AI优化利用路径，规避发展风险 ...

Core Viewpoint - The fluorochemical index experienced a decline of 4.98% during the week of January 26 to January 30, underperforming compared to the Shanghai Composite Index and other benchmarks [1][2]. Market Overview - The fluorochemical index closed at 5062.85 points, down 4.98%, lagging behind the Shanghai Composite Index by 4.54%, the CSI 300 Index by 5.06%, and the basic chemical index by 4.08%, while outperforming the new materials index by 0.31% [1][2]. Fluorochemical Prices - Fluorspar prices stabilized, with the market average for wet flourspar at 3,314 CNY/ton as of January 30, reflecting a slight increase of 0.15% week-on-week, but a year-on-year decrease of 9.61% [3]. - The average price for January 2026 was 3,310 CNY/ton, down 4.92% from 2025 [3]. Refrigerant Prices - As of January 30, prices for various refrigerants remained stable week-on-week, including: - R32: 63,000 CNY/ton (domestic), 61,200 CNY/ton (export) - R125: 50,000 CNY/ton (domestic), 45,000 CNY/ton (export) - R134a: 58,000 CNY/ton (domestic), 56,000 CNY/ton (export) - R143a: 40,000 CNY/ton (domestic), 20,000 CNY/ton (export) - R227: 55,000 CNY/ton (domestic), 50,000 CNY/ton (export) - R152a: 27,000 CNY/ton (both domestic and export) - R410a: 55,500 CNY/ton (domestic), 54,000 CNY/ton (export) - R404: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R507: 46,000 CNY/ton (domestic), 35,000 CNY/ton (export) - R22: 17,500 CNY/ton (domestic), 14,500 CNY/ton (export) [3]. Market Demand and Outlook - The refrigerant market is entering a demand off-season, with exports gradually resuming post-holiday. However, delays in export license processing are hindering full recovery. The demand from A5 countries for high GWP refrigerants is expected to increase, potentially boosting exports and domestic market activity [4]. - Overall, with low inventory and constrained supply, the upcoming demand recovery, especially during peak seasons, is anticipated to provide sufficient upward momentum for refrigerant prices [4]. Company Performance Forecasts - Companies such as Juhua Co., Ltd. (600160) and Haohua Technology (600378) are expected to see significant profit increases in 2025, with Juhua projected to achieve a net profit of 3.54 to 3.94 billion CNY (up 80% to 101% year-on-year) and Haohua expected to reach 1.38 to 1.48 billion CNY (up 30.96% to 40.44%) [4]. - Other companies like Luxi Chemical (000830) and ST Lianchuang (300343) also forecast substantial profit growth for 2025 [4]. Beneficiary Stocks - Recommended stocks benefiting from the fluorochemical market include Jinshi Resources, Juhua Co., Ltd., Sanmei Co., Ltd. (603379), and Haohua Technology, among others [6].

Market Overview - The electronic industry index experienced a weekly decline of 2.18% from January 26 to January 30, 2026, with consumer electronics down 4.74%, semiconductors down 0.83%, and optoelectronics down 4.10% [1][2] - In the same period, the Nasdaq index fell by 0.17%, while notable gains were seen in companies like SanDisk (up 21.62%), Meta (up 8.76%), Apple (up 4.61%), Micron (up 3.81%), and Intel (up 3.11%) [1][2] Company Performance - Apple reported a strong fourth-quarter revenue of $143.76 billion, significantly exceeding market expectations of $138.48 billion, with net profit rising from $36.33 billion to $42.1 billion year-over-year, primarily driven by a surge in iPhone sales [3] - Meta's performance and AI capital expenditures surpassed expectations, with a revised capital expenditure guidance for 2026 set between $115 billion and $135 billion, nearly doubling year-over-year, focusing on AI computing power and infrastructure [3] - SanDisk achieved a revenue of $3.025 billion in Q4 2025, a 61% year-over-year increase, with a net profit of $803 million, reflecting a 672% growth, and a gross margin of 50.9%, up 18.6% year-over-year [4] - SK Hynix reported record highs in all three major metrics for Q4 2025, with revenue increasing by 34% to 32.83 trillion KRW and operating profit rising by 68% to 19.17 trillion KRW, achieving an operating profit margin of 58% [4] - ASML's Q4 2025 net sales reached €9.718 billion, a 4.9% year-over-year increase, with a 29.3% quarter-over-quarter growth, and new orders of €13.2 billion setting a historical record [4] Beneficiary Companies - Companies identified as beneficiaries include Huahong Semiconductor, Zhongwei Company, Jingce Electronics, Huafeng Measurement and Control, Changchuan Technology, Tongfu Microelectronics, Lanke Technology, Haiguang Information, Chipone Technology, and Zhaoxin Technology [5]

煤仓作为煤矿企业产品储存与中转的核心枢纽，其安全稳定直接关乎全流程生产、人员生命及企业效益。为深刻吸取行业相关事故教训，近年来，内蒙古鄂 尔多斯市中天合创煤炭洗选中心以"源头管控、系统治理、标本兼治、长效运行"为总体思路，持续深入开展煤仓隐患治理工作，通过一系列扎实举措，有效 破解煤仓安全难题，筑牢了煤炭储存与中转环节的安全防线。 一是构建源头防控协同机制。强化与煤矿煤质管理及井下区队联动，紧盯综掘面排水、煤水分离等关键环节，严控原煤水分。通过完善煤质监督考核，落实 责任到人，并合理控制仓位、及时放仓，从源头预防蓬仓、堵仓及水煤窜仓。 二是完善制度压实责任。系统修订涵盖水煤窜仓、蓬堵处理、动火作业等全流程的安全管理制度，特别针对全国选煤厂首例应用的3座气膜薄壳穹顶球型储 仓，制定专项运行、清仓、自燃管理等规定，使安全管理有章可循。同时建立基于智能监测数据的给料机动态巡查机制，配发便携检测设备，提升排查精准 度，并通过多形式培训宣传，强化全员安全意识。 三是改造硬件消除风险。将仓下分散的操作平台整合为贯通式安全检修巡查平台，实现人员在安全区域巡检，并将给料机启停开关集中布置。改造给料机闸 板，实现集控室远程操作 ...