天眼查App显示，近日，华能澜沧江(昌都)水电有限公司成立，法定代表人为李然，注册资本48亿人民 币，经营范围包括水力发电、供电业务、太阳能发电技术服务等。股权全景穿透图显示，该公司由华能 水电（600025）旗下华能澜沧江上游水电有限公司、宁德时代（300750）共同持股。 ...

华鑫证券近日发布有色金属行业周报：价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23 日+35.60美元/盎司，涨幅为0.72%。周内伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎 司，涨幅为4.23%。本周LME铜收盘价13440美元/吨，环比1月23日+460美元/吨，涨幅为+3.54%。 以下为研究报告摘要： 投资要点 贵金属：短期贵金属巨震，但是年内仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23日+35.60美元/盎司，涨幅为0.72%。周内 伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎司，涨幅为4.23%。 数据方面，美国11月耐用品订单环比初值5.3%，前值-2.1%，预期3.8%。美国美联储FOMC利率决策(下 限)3.5%，前值3.5%，预期3.5%。美国美联储FOMC利率决策(上限)3.75%，前值3.75%，预期3.75%。美 国1月24日当周首次申请失业救济人数20.9万人，前值20万人，预期20.5万人。美国12月PPI同比3%，前 值3%，预期2.8%。 本周美联储议息会议维 ...

齐立忠开篇介绍，国家电网公司承担着能源转型的重要使命，服务范围覆盖我国88%的国土，下辖27家 电网公司，保障11亿人的用电需求。经过十几年的深耕，国网已建成世界上最大的交直流同步电网，电 压等级涵盖从100KV到750KV的交流系统，以及从正负800KV到正负1100KV的直流输电系统，其中正 负800KV直流输电系统已实现标准化，主要用于新能源大规模送出，单个工程可输送800万千瓦新能 源，目前已建成几十个此类工程，未来还将有大量交直流工程投入建设。 结合行业数据，齐立忠阐述了电网建设面临的新形势与新需求。截至2025年底，我国电力总装机容量达 38亿千瓦，其中除水电外的新能源装机容量约18亿千瓦；2025年我国用电量首次突破10万亿千瓦时，当 年新增电量的98%由新能源提供，彰显了新能源在能源转型中的核心作用。预计到2030年"十五五"末， 我国新能源装机容量将接近30亿千瓦，每年仍将新增2亿千瓦新能源装机，这对电网的新能源消纳能力 提出了更高要求，也推动电网建设进入高质量发展新阶段。 齐立忠强调，人工智能作为新质生产力的核心驱动，为电网高质量发展提供了重要支撑。国家电网公司 不仅拥有最大的AI应用场景 ...

天眼查App显示，近日，北京跨赴科技有限公司发生工商变更，新增华为旗下深圳哈勃科技投资合伙企 业(有限合伙)、北京跨赴如是科技发展合伙企业(有限合伙)等为股东，同时，注册资本由约27.6万人民 币增至约30.2万人民币。 该公司成立于2023年8月，法定代表人为武鑫，经营范围包括人工智能应用软件开发、软件销售、软件 外包服务等，现由武鑫、隋小波及上述新增股东等共同持股。官网显示，该公司致力于为每个企业配备 无人的软件开发工厂。 ...

Core Viewpoint - The report highlights the similarities between the current gold price fluctuations and the "gold rush" of 2013, emphasizing the impact on consumer behavior and industry growth dynamics [1][2][3] Group 1: Historical Context and Market Response - In April 2013, a significant drop in gold prices led to a surge in gold product purchases, with retail sales growth in gold and jewelry reaching 72.16% [2][5] - The "gold rush" phenomenon resulted in substantial annual performance improvements for companies like Luk Fook Holdings, which reported a revenue increase of 43.3% and a net profit growth of 50% in the fiscal year following the price drop [7] - The subsequent decline in gold prices from 2013 to 2015 led to a demand pullback, with retail sales growth slowing to 0.04% in 2014, indicating a potential consumption overhang from the previous buying spree [8] Group 2: Current Market Dynamics and Consumer Behavior - The current gold price fluctuations are characterized by a prolonged price increase before the recent downturn, suggesting a similar initial consumer enthusiasm as seen in 2013 [3][4] - The current investment demand is driven by long-term asset allocation and wealth preservation rather than short-term speculative buying, as evidenced by the growth in investment gold products [9][10] - Companies with strong product differentiation and branding, such as Lao Pu Gold and Chow Tai Fook, have shown resilience and growth despite high gold prices, indicating a shift in consumer preferences towards quality and cultural narratives [10][11] Group 3: Investment Recommendations - The report suggests focusing on companies that can leverage the current market conditions, such as Cai Bai Co., which combines investment gold bars and jewelry, and Luk Fook Holdings, which has competitive advantages in pricing and operations [4][12] - Companies with strong product design and differentiation capabilities, like Lao Pu Gold and Chao Hong Ji, are also recommended for investment due to their ability to achieve significant growth in a challenging market environment [12]

Group 1 - The basic chemical industry index closed at 4943.97 points, up 0.65% from last Friday, and outperformed the CSI 300 index by 0.01% this week [1][2] - Among the 25 sub-industries in the Shenwan chemical classification, 13 sub-industries rose while 12 fell. The leading sectors included textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers, with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [1][2] - The sectors that experienced declines included modified plastics, synthetic resins, and other plastic products, with weekly decreases of -6.44%, -4.36%, and -3.67% respectively [1][2] Group 2 - The price of disperse dyes has increased, with a rise of 1000 yuan/ton to 18000 yuan/ton on January 22, 2026, marking the first price adjustment in nearly a quarter [3] - The price of active dyes rose from 22000 yuan/ton to 23000 yuan/ton on January 29, 2026, driven by a significant increase in the price of upstream key intermediates [3] - The price of key intermediates used in dye production has surged from 25000 yuan/ton to 38000 yuan/ton, an increase of over 50%, impacting downstream dye prices [3] Group 3 - The viscose fiber industry is experiencing high operating rates and low inventory levels, creating a basis for price increases. The industry operating rate has remained above 90% since September 2025, with total inventory at 10000 tons as of January 30, 2026, down 24.53% week-on-week [4] - The inventory days are estimated to be around 9 days, indicating a relatively low inventory level and favorable conditions for price increases in the viscose industry [4] Group 4 - The PVC industry is advancing towards mercury-free production, with the Ministry of Ecology and Environment focusing on the development of mercury-free catalysts. The industry has achieved a target of halving mercury usage per unit product by 2020 compared to 2010 [5] - The transition from "low mercury" to "mercury-free" production is expected to lead to the exit of outdated production capacities, thereby restoring the supply-demand balance in the PVC industry [5]

Group 1: Industry Dynamics - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points, and specific routes such as Shanghai-Europe and Shanghai-Mediterranean seeing declines of 11.1% and 12.0% respectively [1][8] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points, while the MR rates for the Pacific and Atlantic regions showed mixed results [1][9] - The dry bulk market has shown strength during the traditional off-season, with the BDI index increasing by 12.0% to 1949 points, driven by a mismatch in supply and demand [1][8] Group 2: Express Logistics - YTO Express held a conference emphasizing the importance of building a resilient supply chain and adhering to national postal policies [2] - The State Post Bureau has prioritized the governance of illegal charges in rural express delivery as part of its 2026 initiatives [3] - Macro trends indicate a resilient demand in the e-commerce express delivery sector, with companies like SF Express and JD Logistics expected to benefit from cyclical recovery and cost control [13] Group 3: Aviation Sector - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses significantly [4] - The State Council has issued a plan to enhance service consumption, which includes transportation services, aiming to stimulate economic growth [4] - Spring Festival travel demand is strong, with domestic flight bookings exceeding 7.16 million, reflecting a 16% increase compared to the previous year [5][6] Group 4: Shipping and Port Operations - The geopolitical situation in the Middle East remains tense, with the U.S. increasing military presence, which could impact oil shipping routes [7] - The Atlantic freight market is experiencing a surge, with dry bulk rates showing unexpected strength due to concentrated cargo volumes and tight capacity [8] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [10] Group 5: Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes showing a slight decline of 3.35% [11] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable growth in road transport [12] - Zhongyuan Express plans to recognize credit impairment and asset impairment provisions totaling 950 million, forecasting a 30% decline in annual net profit [12]

国信证券近日发布家电行业2026年2月投资策略：近期铜等原材料价格上涨引发市场对白电龙头盈利的 担忧，通过复盘此前几轮周期发现，原材料成本上涨对毛利率的负面影响逐渐减弱，白电龙头通过结构 调整、费用节省等方式，盈利能力有望穿越周期。2026年1月，以SHFE铜和SHFE铝收盘价月均值计 算，铜价和铝价同比分别上涨36.7%和20.9%。 以下为研究报告摘要： 核心观点 白电1-2月排产降幅收窄，政策拉动下需求有望企稳。据产业在线数据，2月我国白电合计排产量达到 2379万台，较去年同期生产实绩下降22.1%；1-2月合计排产量预计下降5.0%。环比2025Q4排产10%以 上的降幅来看，白电排产表现有所修复。分品类看，2月空调内/外销排产量较去年同期内/外销量分 别-38.1%/-26.5%，合计排产量1149万台，较去年同期产量下降31.6%，1-2月累计下降10.3%；冰箱内/外 销排产量较去年同期内/外销量分别-17.1%/-8.0%，合计排产量600万台，较去年同期产量下降17.0%，1- 2月累计下降6.4%；洗衣机内/外销排产量较去年同期内/外销量分别-5.9%/+1.5%，合计排产量630万台， ...

Core Viewpoint - The report from Dongwu Securities highlights the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

华源证券近日发布汽车行业周报：2020年以来汽车原材料价格的明显上涨主要分为两轮：第一轮为2020 年(尤其2020Q3开始)~2022年(主要截至2022Q1)，彼时汽车主要原材料价格出现普涨，其中碳酸锂涨幅 居前，电池级碳酸锂价格由2020Q3的平均4万元/吨涨至2022Q4的平均55万元/吨；第二轮则为2025Q4以 来的碳酸锂、六氟磷酸锂等电池原材料及铜、铝等价格的上涨。 以下为研究报告摘要： 投资分析意见：2026年国内乘用车市场面临部分原材料涨价的影响，我们预计高端车型占比高的主机厂 仍能维持一定盈利能力；此外，新能源购置税补贴及以旧换新补贴退坡下，国内乘用车市场整体表现预 计较弱，但新能源出口有望维持较高增长态势，我们维持汽车行业"看好"评级，并建议关注高端化或出 口布局较好的企业：江淮汽车（600418）、吉利汽车、比亚迪、长城汽车（601633）、赛力斯 （601127）、北汽蓝谷（600733）等。 风险提示：汽车行业景气度不及预期风险、汽车原材料涨幅超预期风险、汽车价格传导困难风险等。 (华源证券李泽,秦梓月) 回顾历史看，2020~2022年汽车原材料价格的普涨最终由上游零部件供应商、 ...