Core Viewpoint - The report indicates a recovery in temperatures to normal levels, leading to a decline in gas prices in Europe and the US, with significant week-on-week changes in various gas price indices as of January 9, 2026 [1][2]. Price Tracking - Gas prices have decreased significantly, with US HH prices down by 27.5%, European TTF down by 5.7%, East Asia JKM down by 1.4%, and China's LNG ex-factory and import prices down by 1.4% and 4.8%, respectively, reaching 0.7, 2.4, 2.4, 2.6, and 2.3 yuan per cubic meter [1][2]. Supply and Demand Analysis - The US natural gas market saw a week-on-week price drop of 27.5% due to rising temperatures, with storage levels decreasing by 119 billion cubic feet to 32,560 billion cubic feet, a year-on-year decline of 3.5% [3]. - European gas prices fell by 5.7% as temperatures are expected to rise, with gas consumption in Europe for January to September 2025 at 3,138 billion cubic meters, a year-on-year increase of 4.1% [3]. - European gas supply increased by 5% to 112,234 GWh, with significant contributions from inventory consumption and LNG receiving stations [3]. - Domestic gas prices in China decreased by 1.4%, with apparent consumption for January to November 2025 at 3,920 billion cubic meters, a year-on-year increase of 1.5% [3]. Pricing Progress - From 2022 to 2025, 67% of cities in China implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [4]. Investment Recommendations - The report suggests a favorable supply environment and cost optimization for city gas companies, with ongoing price mechanism adjustments and increasing demand [5]. - Key recommendations include companies like Xinao Energy, China Resources Gas, and Kunlun Energy, which are expected to benefit from these trends [5]. - Attention is drawn to companies with US gas sources and those involved in provincial pipeline businesses, highlighting potential risks and opportunities in the current market [5].

Group 1: Aviation Industry - The aviation sector is expected to benefit from the anticipated appreciation of the RMB against the USD due to the Federal Reserve's interest rate cuts, leading to foreign exchange gains for airlines [1][2] - International crude oil prices are projected to decline in 2026, alleviating fuel cost pressures for airlines [1][2] - Limited capacity expansion for domestic airlines is attributed to engine issues, while economic growth is expected to drive structural growth in air travel demand, positively impacting ticket prices and airline profits [1][2] - Recommended stocks in the aviation sector include China Southern Airlines (600029), Spring Airlines (601021), and Huaxia Airlines (002928) [2] Group 2: Road Transportation Industry - The road transportation industry in China has entered a mature phase, with total expressway mileage surpassing that of the United States, making it the largest in the world as of 2024 [2] - With a slowdown in road construction investment and increasing pressure from expiring tolls, new regulations on toll road management may be introduced [2] - Future trends in the industry are expected to include renovation and expansion, mergers and acquisitions, and business diversification [2] - Recommended stock in the road transportation sector is Zhongyuan Expressway (600020) [2] Group 3: Shipping Industry - The global shipping industry is transitioning towards zero-emission energy, with green methanol emerging as a mainstream choice due to its mature technology and effective decarbonization performance [3] - As of November 2025, there are 252 renewable methanol projects tracked globally, with an expected total installed capacity of 45.1 million tons by 2030 [3] - The total installed capacity for all electro-methanol projects is projected to be 21.8 million tons, while bio-methanol projects are expected to reach 23.3 million tons by 2030 [3] - Recommended stocks in the shipping sector include CIMC Enric and COSCO Shipping International [3] Group 4: Dry Bulk Shipping - The focus has shifted from the increase in China's iron ore imports to the changes in the sources of iron ore imports, which are leading to longer transportation distances [3] - The increase in domestic alumina production and the strong growth trend in imports require ongoing attention [3] - Recommended stocks in the dry bulk shipping sector include China Merchants Energy Shipping (601872) and Haitong Development (603162) [3]

Core Viewpoint - The successful acceptance of the Camel Mountain Coal Washing Plant by the Inner Mongolia Energy Bureau and the National Mine Safety Supervision Bureau marks a new stage in the plant's intelligent construction [1] Group 1: Intelligent Construction and Strategy - The Camel Mountain Coal Washing Plant is focused on the company's "1335" integrated development strategy, aiming to transform the industry from "large and complete" to "strong and excellent" [3] - The plant has established the first national coal selection data standard platform, integrating cloud computing, big data, and artificial intelligence with coal washing technology [3] Group 2: Technological Advancements - The intelligent control center includes intelligent management, control, predictive maintenance, and unmanned operation of washing equipment, significantly improving efficiency and quality while reducing labor costs and safety risks [3][7] - The intelligent application spans the entire production chain, achieving intelligent closed-loop control in key processes, enhancing separation precision and stability [7] Group 3: Operational Efficiency - The newly implemented unmanned intelligent loading system reduces loading time to approximately 4 minutes per vehicle, maintaining a stable daily shipment of over 8,000 tons of mixed coal [7] - The intelligent power supply and distribution system has improved shutdown and startup efficiency by over 50% through AI management and closed-loop control [7] Group 4: Systemic Results - The successful completion of the intermediate intelligent acceptance indicates that the Camel Mountain Coal Washing Plant has begun to establish a production operation model characterized by "comprehensive perception, real-time interconnection, intelligent decision-making, and collaborative control" [9] - This systemic intelligent transformation has led to significant improvements in production efficiency, safety assurance, quality control, and cost management, providing practical experience for the transformation and upgrading of traditional coal washing plants [9]

天眼查专业版工商信息数据显示，截至目前我国现存在业、存续状态的人工智能相关企业超500万家。其中，2025年新增注册相关企业超120.2万余家，从企 业注册数量趋势来看，近五年间，人工智能相关企业的注册数量呈现出逐年增长的态势，并在2025年达到顶峰。从区域分布来看，广东省人工智能相关企业 数量位居首位，以超77.2万余家相关企业数量占全国总数的15.45%。排在其后的是北京市、江苏省、山东省和浙江省，相关企业数量分别为超40.1万余家、 38.5万余家、32.8万余家和30.6万余家。 鉴于脑机接口技术涉及数据安全、伦理及高度专业的合规要求，合作前的深度尽调不可或缺。天眼风险功能支持对目标企业进行系统性扫描，高效识别其是 否存在经营异常、法律诉讼等历史记录，帮助机构提前预警并规避技术合作、股权投资及数据治理中的潜在风险。在涉及投融资、战略入股或产业整合时， 股东信息查询与股权全景穿透图可清晰揭示企业背后的资本脉络、控制链条与关联网络，并精准定位最终受益人，为理解其真实的资本背景、战略协同性与 长期稳定性提供核心依据。 近日，工业和信息化部等八部门印发《"人工智能+制造"专项行动实施意见》，旨在加快人工智能与 ...

Market Review - The overseas AI chip index decreased by 1.5% this week, while MPS and TSMC increased by 2.4% and 1.3% respectively. AMD and Marvell saw declines of 9.1% and 6.9% [1] - The domestic AI chip index rose by 7.8%, with companies like Cambricon, Loongson Technology, Aojie Technology, Zhaoyi Innovation, Changdian Technology, and Tongfu Microelectronics all experiencing gains of over 10%. Haiguang Information, Rockchip, and Hengxuan Technology had increases of 9.9%, 5.1%, and 3.8% respectively [1] - The Nvidia mapping index fell by 0.3%, while Magvint increased by 12%. Shenyu Co., Wolong Nuclear Materials, and Zhaolong Interconnect all had gains exceeding 5%, whereas companies like Changxin Bochuang, Invid, and Huitian Technology saw declines of over 4% [1] - The server ODM index dropped by 3.0%, with Gigabyte and Wiwynn experiencing declines of over 5%. Quanta, Supermicro, Foxconn, and Wistron had relatively smaller decreases [1] - The storage chip index increased by 12.1%, with Puran and Hengshuo seeing gains of 39.7% and 28.3% respectively. Zhaoyi Innovation, Beijing Junzheng, Lianyun Technology, Jiangbolong, Baiwei Storage, Shannon Chip, and Jucheng Technology all had increases exceeding 10%, while Dongxin Technology was the only company to experience a decline [1] - The power semiconductor index rose by 5.7%, while the A-share fruit chain index increased by 1% and the Hong Kong Apple index fell by 3.5% [1] Industry Data - Global electric vehicle sales are expected to reach 20.985 million units by 2025, representing a year-on-year increase of approximately 22%. This figure is projected to rise to 24.166 million units in 2026, with a year-on-year growth of about 15% [2] - Global smartwatch shipments are anticipated to grow by 7% by the end of 2025, returning to a growth trajectory after a decline in 2024 [2] - The shipment volume of foldable smartphone panels is expected to achieve a year-on-year growth of 46% in 2026, driven primarily by Apple's procurement of panels for its first foldable iPhone [2] Major Events - The Trump administration has recently relaxed restrictions on the export of NVIDIA H200 chips to China, with the Chinese government planning to allow certain users to import this AI chip as early as the first quarter of 2026 [3] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies for the construction of the first two fabs, with the first expected to be operational by 2030 and the second by 2033 [3] - After 2026, high-end GPU platforms such as Blackwell and Vera Rubin will be introduced, making rack-level power limits a critical challenge for the industry [3]

以下为研究报告摘要： 投资要点： 电子板块观点：英伟达于CES2026全面展示Rubin平台，通过六款芯片组件的极致协同，其生成token的 成本将降低至上一代Blackwell的约1/10，目前该平台已全面量产。台积电12月合并营收约3350.03亿元 新台币，同比增长20.4%，超市场预期，全年营收同比增长31.6%创历史新高，体现出半导体行业需求 端的全面复苏。当前电子行业需求持续复苏，供给有效出清，存储芯片价格上涨，我国国产化力度超预 期。建议关注AI算力、AIOT、半导体设备、关键零部件和存储涨价等结构性机会。 英伟达于CES2026全面展示Rubin平台，通过六款芯片的极致协同，其生成token的成本将降低至上一代 的约1/10，目前该平台已全面量产。1月6日至9日，2026年美国拉斯维加斯消费电子展举办，英伟达 CEO黄仁勋发布了英伟达首个采用极致协同设计、集成六款芯片的AI平台Rubin，并首次公开了六款芯 片的详细性能参数。凭借Rubin平台，生成token的成本将降低至上一代的约1/10，可降低大规模AI部署 成本。Rubin平台组件涵盖Rubin GPU、Vera CPU、NVLink6 ...

Market Overview - The overseas AI chip index decreased by 1.5% this week, while MPS and TSMC increased by 2.4% and 1.3% respectively. AMD and Marvell saw declines of 9.1% and 6.9% [1][2] - The domestic AI chip index rose by 7.8% this week, with companies like Cambricon, Loongson Technology, Aojie Technology, Zhaoyi Innovation, Changdian Technology, and Tongfu Microelectronics all experiencing gains of over 10%. Haiguang Information, Rockchip, and Hengxuan Technology had increases of 9.9%, 5.1%, and 3.8% respectively [1][2] Industry Data - Global electric vehicle sales are projected to reach 20.985 million units by 2025, representing a year-on-year increase of approximately 22%, with expectations to rise to 24.166 million units in 2026, a 15% increase [3] - Global smartwatch shipments are expected to grow by 7% year-on-year by the end of 2025, recovering from a decline in 2024 [3] - The shipment volume of foldable smartphone panels is anticipated to achieve a 46% year-on-year growth in 2026, driven by Apple's procurement for its first foldable iPhone [3] Major Events - The Trump administration has relaxed export controls on NVIDIA H200 chips to China, with the Chinese government planning to allow certain users to import this AI chip as early as Q1 2026 [4] - Micron plans to build up to four wafer fabs in New York, potentially receiving over $25 billion in federal subsidies for the first two fabs, with the first expected to be operational by 2030 and the second by 2033 [4] - After 2026, high-end GPU platforms such as Blackwell and Vera Rubin will be introduced, with rack-level power supply limits becoming a critical challenge for the industry [4]

Group 1: Industry Dynamics - The national postal conference held on January 7, 2026, forecasts an 8% year-on-year growth in express delivery volume, reaching 2.14 billion packages in 2026 [1][2] - The conference emphasizes a shift from traditional growth models focused on scale and speed to quality improvement and reasonable growth, urging companies to abandon the "price for volume" model to curb irrational competition [1][2] - The government is expected to play a more active role in industry governance, enhancing regulatory effectiveness and establishing a comprehensive policy framework [2] Group 2: Company Performance - Jitu Express reported a 14.5% year-on-year increase in package volume for Q4 2025, totaling 8.46 billion packages, with Southeast Asia and new markets seeing growth rates exceeding 70% [3] - The company plans to continue investing in infrastructure and optimizing its network partnerships to enhance operational efficiency [3] Group 3: Regulatory Developments - The Jiangxi Provincial Postal Administration held a meeting to address "anti-involution" in the express delivery industry, focusing on protecting couriers' rights and standardizing delivery fee structures [4] - The meeting called for a unified delivery fee standard across the province and emphasized the need for emergency response mechanisms for issues like wage arrears [4] Group 4: Aviation Industry Insights - The civil aviation industry reported a total profit of 6.5 billion yuan in 2025, with significant increases in transportation metrics, including a 10.5% rise in total turnover and a 13.3% increase in cargo volume [7] - The International Air Transport Association (IATA) noted a 5.7% year-on-year growth in global passenger demand for November 2025, with a record load factor of 83.7% [8] Group 5: Shipping and Port Activity - Recent unrest in Iran could impact oil exports and shipping rates, with potential scenarios including increased oil prices and shipping costs due to geopolitical tensions [9] - South Korean shipowners are actively acquiring older VLCCs, indicating a positive outlook for the VLCC market [10] - Container throughput in Chinese ports decreased by 0.65% week-on-week, while container volume increased by 6.27% [12] Group 6: Logistics and Supply Chain - The logistics sector in China is operating smoothly, with national rail freight down 8.54% and highway freight traffic down 14.87% during the last week of December 2025 [13] - The supply chain logistics sector is expected to benefit from a shift towards quality and efficiency, with companies like Debon Logistics and Aneng Logistics showing promising growth potential [17]

中国能源网版权作品，未经书面授权，严禁转载或镜像，违者将被追究法律责任。 ...

Core Viewpoint - The report highlights significant developments in the utility sector, including the operational commencement of the Zhangzhou Nuclear Power Unit 2 and the establishment of green electricity direct connection projects in Shandong and Hubei, which are expected to enhance clean energy supply and reduce production costs in the hydrogen sector [2][4]. Electricity and Coal Prices - The national average grid purchase electricity price is projected to decrease by 8% year-on-year by January 2026 [3]. - As of January 9, 2026, the price of thermal coal at Qinhuangdao for 5500 kcal is 699 yuan per ton, reflecting a week-on-week increase of 17 yuan [3]. Power Generation and Consumption - Total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2% [3]. - Cumulative power generation during the same period was 8.86 trillion kilowatt-hours, showing a year-on-year growth of 2.4% [3]. - The breakdown of power generation by source indicates a decline in thermal power by 0.7%, while hydropower, nuclear power, wind power, and solar power saw increases of 2.7%, 8.1%, 9.6%, and 24.8% respectively [3]. New Projects and Developments - The Zhangzhou Nuclear Power Unit 2 commenced commercial operation on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kilowatt-hours of clean energy annually [2]. - The green electricity direct connection project in Shandong involves a new lithium battery manufacturing base with an annual electricity consumption of 500 million kilowatt-hours and a total scale of 345 MW of renewable energy facilities [2]. - In Hubei, a green hydrogen factory is set to utilize a photovoltaic system on abandoned slopes, aiming to reduce production costs and enhance competitiveness in hydrogen applications [2]. Investment Recommendations - The report suggests focusing on companies in the renewable energy sector, particularly those involved in green electricity and nuclear power, as the market conditions are becoming favorable for high-quality development [4]. - Key recommendations include Dragon Power (001289), Zhongmin Energy (600163), and China Nuclear Power (601985), among others, indicating a positive outlook for these companies based on their growth potential and market positioning [4].