Group 1 - The price spread for domestic key refining projects this week is 2439 CNY/ton, a decrease of 102 CNY/ton (down 4%) compared to the previous week [1] - The price spread for foreign key refining projects this week is 1102 CNY/ton, a decrease of 58 CNY/ton (down 5%) compared to the previous week [1] - The average price of PX this week is 893.7 USD/ton, an increase of 3.0 USD/ton compared to the previous week, with a price spread against crude oil of 422.9 USD/ton, a decrease of 18.1 USD/ton [2] Group 2 - The average prices for POY, FDY, and DTY in the polyester sector this week are 6657 CNY/ton, 6879 CNY/ton, and 7779 CNY/ton, with increases of 107 CNY/ton, 129 CNY/ton, and 29 CNY/ton respectively compared to the previous week [1] - The weekly average profits for POY, FDY, and DTY are -61 CNY/ton, -179 CNY/ton, and -179 CNY/ton, with increases of 79 CNY/ton, 93 CNY/ton, and 27 CNY/ton respectively compared to the previous week [1] - The inventory levels for POY, FDY, and DTY are 12.8 days, 17.4 days, and 23.2 days, with changes of +1.1 days, -2.1 days, and -1.4 days respectively compared to the previous week [1] Group 3 - The operating rate for long filaments is 90.3%, an increase of 0.1 percentage points compared to the previous week [1] - Domestic refined oil prices for gasoline, diesel, and aviation kerosene have decreased this week [2] - In the US, gasoline, diesel, and aviation kerosene prices have increased this week [2] Group 4 - Relevant listed companies in the private refining and polyester filament sector include Hengli Petrochemical (600346), Rongsheng Petrochemical (002493), Hengyi Petrochemical (000703), Tongkun Co., Ltd. (601233), and Xin Fengming (603225) [2]

Core Viewpoint - The report highlights the significant advancements in the space photovoltaic industry, emphasizing the strong demand for ground data centers and space computing, which aligns with the U.S. push for "self-controlled" photovoltaic solutions, thereby enhancing China's photovoltaic industry's competitive edge in the global market [1][2]. Sub-industry Weekly Core Insights Photovoltaics & Energy Storage - The resonance between ground data centers and space computing demand is noted, with the U.S. reinforcing its "self-controlled" photovoltaic demands, which will accelerate the growth of the space photovoltaic market, benefiting core equipment companies [2]. - Major companies in the photovoltaic supply chain are releasing annual performance forecasts, confirming a "performance bottom" in Q4 alongside improved asset quality, positioning them well for the anticipated recovery in 2026 [1][2]. Wind Power - The UK government announced the results of the AR7 offshore wind auction, totaling 8.4 GW of projects, exceeding market expectations of 6-7 GW, which strengthens the outlook for domestic supply chain exports amid capacity shortages in Europe [2]. Power Grid - The State Grid's investment plan for the 14th Five-Year Plan is set at 4 trillion yuan, a 40% increase from the previous plan, establishing a strong foundation for long-term domestic market growth [3]. - The aging infrastructure in North America is highlighted, with transformer explosions and calls for tech companies to cover data center electricity costs, reinforcing the need for grid upgrades [3]. Lithium Batteries - New regulations on battery recycling are set to take effect on April 1, 2026, emphasizing a "vehicle-battery integrated scrapping" system and establishing a digital identity for batteries [3]. - Fulin Precision plans to raise 3.175 billion yuan to enhance its lithium iron phosphate production capacity and advance its strategic positioning in the industry [3]. Hydrogen and Fuel Cells - Inner Mongolia has optimized the economic viability of green hydrogen projects with a 1.2x ratio and consumption agreements, indicating a nearing explosion in the hydrogen industry supported by strong policies [4]. - The sales of hydrogen vehicles are expected to surge in December, with projections for over 10,000 units sold in 2025, signaling robust growth in the sector [4]. Important Industry Events - JunDa Co. has officially launched investments related to space photovoltaics, expanding its product range from batteries to packaging materials [5]. - Strategic collaborations have been established between Dongfang Risheng and Shanghai Port for advanced photovoltaic technologies [5]. - The UK AR7 offshore wind auction results have been published, with a total capacity of 8.4 GW, surpassing expectations [5].

Core Viewpoint - The non-ferrous metal sector experienced a weekly increase of 3.03% from January 12 to January 16, ranking among the top in all primary industries [1][2]. Summary by Category Overall Market Performance - The non-ferrous metal sector's performance included a 6.86% increase in precious metals, a 4.31% rise in minor metals, a 2.81% gain in industrial metals, a 1.47% increase in energy metals, while new metal materials saw a decline of 0.32% [1][2]. Industrial Metals - Industrial metals faced price fluctuations due to rising U.S. economic and inflation data, leading to a downward adjustment in price expectations. As of January 16, copper prices were reported at $12,803 per ton, down 1.50% week-on-week, while domestic copper prices were at 100,770 yuan per ton, down 0.63% [3]. Aluminum - The aluminum market showed signs of seasonal weakness, with prices slightly declining. As of January 16, LME aluminum was priced at $3,134 per ton, down 0.06%, and domestic aluminum was at 23,925 yuan per ton, down 1.66%. The supply side saw an increase in production capacity, while demand showed a decrease, leading to a 4.44% rise in social inventory [4]. Precious Metals - Precious metals prices were driven up by geopolitical tensions, with COMEX gold closing at $4,601.10 per ounce, a 1.83% increase week-on-week, and SHFE gold at 1,032.32 yuan per gram, up 2.57%. The market is observing fluctuations in interest rate expectations, which may affect future price trends [5].

Group 1 - The Guangdong Electric Power Grid Yangjiang Sanshan Island offshore wind power flexible direct current transmission project is the world's first ultra-large-scale integrated offshore and onshore ultra-high voltage flexible direct current transmission project, with a planned total installed capacity of 2GW and a total length of 116.5 kilometers for the submarine cable [3] - The project is located in the South China Sea, an area prone to typhoons and complex sea conditions, which poses extreme challenges to the electrical performance, mechanical strength, and environmental resistance of the submarine cable [3] - Zhongtian Technology has made significant advancements in key technologies for ±500kV direct current submarine cables, overcoming global challenges related to space charge accumulation and electric field distribution control under high direct current voltage [3] Group 2 - Zhongtian Technology has successfully developed key technologies for various voltage levels of direct current submarine cables, including ±160kV, ±200kV, ±320kV, and ±400kV, and has supplied the first ±400kV flexible direct current offshore wind project in Asia in 2021 [3] - The company plans to focus on high-capacity, long-distance, and highly reliable offshore transmission technology needs during the 14th Five-Year Plan, continuing to invest in research and development in core areas such as insulation materials, system design, and intelligent operation and maintenance [5] - Zhongtian Technology aims to build a comprehensive solution capability for direct current submarine cables, covering survey design, product manufacturing, offshore construction, and intelligent operation and maintenance [5]

Core Viewpoint - The steel industry is experiencing a stable bottom in its fundamentals, with a slight increase in price differentials and a current loss per ton of 34.6 yuan, while the profitability rate for steel companies stands at 39.8% [1][2]. Group 1: Market Overview - The iron ore port inventory has reached a high level, leading to cautious replenishment by steel mills, resulting in a slight price correction for iron ore due to a lack of further catalysts [2][5]. - The steel price trend is stabilizing, with the hot-rolled coil price showing a narrow increase, averaging 3317 yuan/ton across 24 major markets [3]. - The CITIC Steel Index decreased by 1.6% this week, underperforming the broader market by 1.2% [1][2]. Group 2: Raw Material Analysis - The coking coal market saw a price increase due to a reduction in production capacity, but the supply disturbances have not expanded further, leading to a stable overall price for coking coal [4]. - The average price for Shanxi main coking coal is reported at 1211 yuan/ton, with various grades of metallurgical coke priced between 1210 and 1600 yuan/ton [4]. - Iron ore prices are currently weak, with the 66% fine powder index at 976 yuan/ton, reflecting a slight decrease [5]. Group 3: Supply and Demand Dynamics - Steel mills are increasing production rates with fewer maintenance plans in January, indicating a clear expectation of supply growth [3]. - Demand remains weak, primarily driven by cautious replenishment strategies, with speculative demand being low [3][5]. - The total inventory of imported iron ore at 45 ports is reported at 16555.10 million tons, showing an increase of 279.84 million tons [5].

Industry Overview - The electrical equipment index (10679) increased by 0.79%, outperforming the market during the week of January 12-16. Lithium batteries rose by 1.5%, new energy vehicles by 1.29%, and photovoltaics by 0.87%. However, wind power, power generation equipment, and nuclear power saw declines of 4.74%, 4.15%, and 2.09% respectively [1][2] - The top five gainers in the sector included Huaguang Co., Yihua Tong, Sanbian Technology, Hezhong Technology, and Baobian Electric. The top five losers were Xiangrikui, Yijing Photovoltaic, Goldwind Technology, Baosheng Co., and Aerospace Machinery [2] Storage Sector - The Ukrainian Prime Minister ordered an acceleration in the import of electricity and additional power equipment. Four departments are strengthening government investment funds towards storage and new energy industries [3] - Jiangxi's virtual power plant is expected to have a regulation capacity exceeding 1GW by 2027, with several pilot projects being implemented [3] - Trina Storage signed a large contract in Latin America, solidifying its position among the top five storage solution providers in the region [3] Electric Vehicle Market - In December, electric vehicle sales reached 1.71 million units, with a year-on-year increase of 28%. Exports accounted for 2.58 million units, up 103% year-on-year [3] - The China Association of Automobile Manufacturers reported a decline in new energy passenger vehicle retail sales in January 2026, with a year-on-year decrease of 38% [3] Company Insights - Keda Technology expects a net profit of 600-660 million yuan for 2025, representing a year-on-year increase of 52.21%-67.43% [4] - Zhenyu Technology anticipates a net profit of 500-550 million yuan for 2025, with a projected increase of 96.9%-116.6% [4] - Rongbai Technology expects a net profit of approximately 30 million yuan in Q4 2025, but a full-year loss of 190-150 million yuan [4] - TCL Zhonghuan plans to invest in a new energy project and has signed a cooperation framework agreement [5] Investment Strategy - The storage sector is expected to see over 60% growth in 2026, driven by strong demand and supply constraints. The U.S. Inflation Reduction Act is anticipated to boost installations [6] - The lithium battery sector is projected to recover in March 2026, with a forecasted 5-10% growth in domestic sales [6] - The wind power sector is expected to see significant growth, with domestic offshore wind capacity projected to exceed 8GW by 2025 [6] Investment Recommendations - Companies such as CATL, Sungrow Power, and Sanyuan Electric are highlighted as strong investment opportunities due to their leadership in their respective sectors [7][8] - The report emphasizes the potential of companies involved in solid-state batteries, energy storage, and electric vehicle components, suggesting a favorable outlook for these sectors [7][8]

Core Insights - The TPU (Thermoplastic Polyurethane) market is expected to grow significantly, driven by its applications in humanoid robots, with consumption in China projected to rise from 447,000 tons in 2019 to 720,000 tons by 2024, reflecting a CAGR of 10% [1][4] - The introduction of Tesla's Optimus robot, which features soft covering materials, highlights the increasing importance of TPU in robotics, particularly for safety and interaction [2][4] Group 1: TPU Applications in Robotics - TPU materials are ideal for safety and shock absorption in humanoid robots, providing protection for internal components and suitable for high-contact scenarios [3] - The versatility of TPU allows for the production of non-load-bearing structural components, enhancing the manufacturing process through techniques like 3D printing [3] - TPU's properties make it suitable for protective and sealing applications in high-motion areas, such as joints and cables [3] Group 2: Market Growth and Investment Opportunities - The mass production of humanoid robots is anticipated to expand the TPU market significantly, with a potential market space exceeding 3 billion yuan when producing one million robots [4] - Companies with existing expertise in TPU manufacturing and partnerships with downstream robot manufacturers are positioned to benefit first from this growth [5] - Specific companies identified as beneficiaries include Kaizhong Co., Moulded Technology, and others involved in flexible covering materials and TPU production [5]

Core Viewpoint - The report highlights the continuous growth and optimization of the supply-demand structure in the Chinese electric vehicle (EV) industry, supported by favorable policies and strong market demand [2][3]. Industry Performance - In December, China's monthly production and sales of new energy vehicles reached 1.718 million and 1.71 million units, respectively, marking year-on-year increases of 12.3% and 7.2% [2][3]. - For the entire year of 2025, cumulative production and sales are projected to reach 16.626 million and 16.49 million units, reflecting year-on-year growth of 29% and 28.2% [2][3]. - New energy vehicle sales are expected to account for 47.9% of total new car sales in the market [2][3]. Supply and Demand Dynamics - The supply side is characterized by the continuous introduction of new products from battery and main engine manufacturers, with positive feedback from demand [2][3]. - The industry has experienced significant price declines, leading to reduced capital expenditures, while the supply-demand balance is improving [2][3]. - The industry is actively optimizing capacity and supply, aiming to stabilize prices and ensure profitability for enterprises [2][3]. Price Trends - The report indicates that the prices within the industry are at a bottom level and are beginning to stabilize and recover [2][3]. - Strong demand and tight supply for certain materials, such as lithium carbonate and lithium iron phosphate, are leading to price increases [2][3]. Investment Strategy - The report maintains a "recommended" rating for the new energy vehicle industry, emphasizing the selection of companies that are expected to deliver excess returns [3]. - Focus areas for investment include robotics, solid-state batteries, battery materials, and liquid cooling technologies [3][4]. Industry Dynamics - Recent price movements in the supply chain include lithium carbonate prices rising to 157,900 CNY/ton, an increase of 12.7% from the previous week [6]. - The Ministry of Industry and Information Technology plans to accelerate breakthroughs in solid-state battery technology by 2026 [7].

Group 1 - The core viewpoint of the report indicates that coal prices are returning to reasonable levels, with a slight decline in thermal coal prices, and an expectation for gradual recovery to around 750 RMB/ton [1][2] - As of January 17, the Qinhuangdao Q5500 thermal coal price is 695 RMB/ton, down 4 RMB/ton from the previous period, having previously reached the estimated target price range of 800-860 RMB/ton [1][2] - The report highlights that the recent price drop is attributed to a combination of supply tightening due to regulatory actions and increased demand driven by seasonal heating needs [2][3] Group 2 - The investment logic suggests that both thermal and coking coal prices have reached a turning point, with thermal coal prices expected to undergo a recovery process influenced by policy adjustments and market dynamics [3] - The report outlines a four-step process for thermal coal price recovery, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [3] - Coking coal prices are more influenced by market supply and demand fundamentals, with target prices linked to the price ratio between coking and thermal coal [3] Group 3 - The investment recommendation emphasizes a dual logic of cyclical recovery and stable dividends, suggesting that coal stocks are positioned for upward price movement due to low historical price levels and improving supply-demand fundamentals [4] - The report identifies four main investment lines in coal stocks, focusing on cyclical logic, dividend potential, diversified aluminum exposure, and growth logic [4] - Specific coal companies are highlighted as beneficiaries of these trends, including Jin控煤业, 兖矿能源, 中国神华, and others [4]

Core Viewpoint - The conference on "Coal Unmanned Mining Digital Technology" aims to promote the intelligent, unmanned, and high-quality development of the coal industry, showcasing innovations in key technologies, equipment development, and demonstration projects [1][4]. Group 1: Conference Overview - The conference was co-hosted by several key organizations, including the National Key Laboratory for Intelligent Mining Technology and Beijing Tianma Zhikong Technology Co., Ltd., and took place in Beijing on January 10 [1]. - The event gathered 27 leaders and experts from various sectors, including government, academia, and industry, to discuss technological innovations and development paths for the coal industry [2]. Group 2: Industry Leaders' Insights - China Coal Group's Deputy General Manager Gao Shigang emphasized the importance of integrating research and industry resources to support the laboratory's efforts in technology development and talent cultivation [4]. - The Deputy Minister of Emergency Management, Song Yuanming, highlighted the critical role of technological advancement in ensuring safety in coal production and called for a balance between efficiency and safety [4][5]. - The President of the China Coal Industry Association, Fu Jianhua, noted significant achievements in coal mine automation during the 14th Five-Year Plan period and stressed the need for a shift from technology demonstration to value realization [5]. Group 3: Technological Innovations - The conference featured the release of 12 major technological achievements in areas such as intelligent mining control systems, high-reliability communication, and intelligent safety monitoring [6]. - The achievements represent a collaborative effort to address key challenges in the industry and reflect the integration of research, industry, and application [6]. Group 4: Future Directions - The conference set the stage for future collaboration among industry experts to explore the technological pathways for the coal industry's transition to unmanned, digital, and intelligent operations [7][8]. - The laboratory aims to focus on key areas such as digital foundational theory and intelligent mining technologies to support the industry's transformation [7]. Group 5: Industry Collaboration and Development - Various industry representatives discussed the importance of collaboration between research institutions and enterprises to drive technological advancements and ensure the safety and efficiency of coal mining operations [9][10]. - The conference served as a platform for sharing insights and experiences, fostering a collective approach to overcoming challenges in the coal industry's digital transformation [8][9].