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].

Core Viewpoint - The global tin market is experiencing structural shortages, with supply heavily reliant on a few resource-rich countries. In 2024, global tin production is projected to be 300,000 tons, a decrease of 1.63% year-on-year, with Myanmar, Indonesia, and China accounting for 51% of this production. Limited new capacity is expected due to declining ore grades and mining policies. On the demand side, global tin demand is expected to reach 385,200 tons in 2024, an increase of 3.33% year-on-year, with electronic soldering accounting for 154,100 tons, or 40.01% of total demand [2]. Supply and Demand Analysis - Supply is concentrated and incremental growth is limited, while demand remains robust. The structural shortage in the global tin market is driven by weak supply and strong demand. Since early 2025, Myanmar's mining operations have been suspended longer than expected, leading to a forced reduction in smelter operating rates. Additionally, conflicts in the Democratic Republic of Congo have halted tin concentrate production, affecting approximately 6% of global tin supply, exacerbating material shortages. On the demand side, the expansion of tin solder demand from AI servers and photovoltaics continues to tighten the supply-demand balance, driving tin prices upward [2]. Related Companies - Xiyang Co., Ltd. (000960): Positioned in the tin-rich region of Yunnan, it has established an integrated tin industry chain and ranks first globally in tin production and sales [2]. - Xingye Silver Tin (000426): Both silver and tin production are increasing, with its subsidiary, Yinman Mining, being the second-largest producer of tin concentrate in China, and ongoing acquisitions of overseas tin resources [2]. - Huaxi Nonferrous Metals (600301): Engaged in both tin and antimony, the company benefits from the integration of mining rights and industrial clustering in Guangxi, serving as a platform for state-owned nonferrous metals [2].

Core Viewpoint - The Chinese data center industry is expected to enter a phase of explosive growth by 2025, with the market size projected to exceed 318 billion yuan, representing a year-on-year increase of approximately 14.7% [1][2]. Industry Summary - The market size of the Chinese data center industry is forecasted to reach 1.2 trillion yuan by 2030, with a compound annual growth rate (CAGR) of about 25%-28% [2]. - The load capacity is expected to be around 7.05 GW in 2025 and reach 9.37 GW by 2030, with a CAGR of approximately 5.85% [2]. - The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure by 2026, Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027, and Tencent increasing its investment in AI and cloud construction [2]. Investment Insights - The domestic data center sector is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment likely to benefit first [2]. - The recent initiation of AIDC tenders in China suggests a focus on the IDC sector, with recommendations to pay attention to companies like Kehua Data (002335) [3]. - The HVDC/SST industry shows significant potential for development, with high market space and further value enhancement expected, recommending attention to Jinpan Technology and Sifang Co., Ltd. (601126) [3]. - High-voltage circuit breakers are critical for power distribution and transformation, with a recommendation to focus on Liangxin Co., Ltd. (002706) [3]. - Continuous attention is advised for the power supply sector within AIDC, including companies like Zhongheng Electric (002364), Magpower (002851), and Oulu Tong (300870) [3]. - In the energy storage sector, companies such as Sungrow Power Supply (300274) and Tongfei Co., Ltd. (300990) are recommended for investment [3].

Core Insights - The meeting focused on the innovation and development of intelligent technology for unmanned coal mining, aiming to inject strong momentum into the high-quality development of the industry [1][15]. Group 1: Meeting Overview - The first academic committee and strategic advisory committee meeting of the National Key Laboratory for Intelligent Technology in Unmanned Coal Mining was held in Beijing, gathering leaders, experts, and scholars from various sectors [1][3]. - The meeting emphasized the importance of collaboration among government, industry, and academia to enhance innovation capabilities and transform them into industrial effectiveness [4][5]. Group 2: Key Contributions and Future Directions - The laboratory aims to become a leading source of innovation in unmanned coal mining technology, focusing on national strategic needs and advancing research in three major areas: energy security, deep resource development, and artificial intelligence [4][9]. - The laboratory has achieved significant results in the past year, including ten innovative outcomes, with three being landmark achievements [9][15]. Group 3: Expert Insights - Academicians highlighted the need for deep collaboration between human and machine in the entire process of coal mining, emphasizing the importance of intelligent reconstruction from perception to support [6][7]. - The laboratory's approach to talent cultivation through interdisciplinary training is seen as a solution to the challenges of recruitment and employment in the coal mining sector [6][13]. Group 4: Technological Innovations - The meeting discussed advancements in intelligent mining technologies, including smart sorting techniques that enhance coal quality and support the dual carbon strategy [8][12]. - The laboratory's collaborative model among universities, research institutes, and enterprises is designed to create a seamless connection between fundamental research, technology development, and practical application [7][14]. Group 5: Strategic Goals - The laboratory aims to strengthen its international cooperation and focus on green and low-carbon development, contributing to global coal safety and efficiency [6][7]. - Future plans include enhancing the operational mechanisms of the laboratory and focusing on key research directions to ensure sustainable development and continuous breakthroughs in core technologies [11][15].

天眼查工商信息显示，近日，河北保定农村商业银行股份有限公司发生工商变更，注册资本由8.5亿人 民币增至约8.8亿人民币，增幅约3.7%。 该公司成立于2007年1月，法定代表人为张冬，经营范围含吸收公众存款，发放短期、中期和长期贷 款，办理国内结算，办理票据承兑和贴现，代理发行、代理兑付、承销政府债券等。股东信息显示，该 公司由韩树强、隰春雨等共同持股。 ...

Group 1 - The core point of the article is that China Coal Shaanxi Energy Chemical Group Co., Ltd. has increased its registered capital from approximately 10.3 billion RMB to about 12.26 billion RMB, representing a growth of about 19% [1] Group 2 - The company was established in September 2023 and is legally represented by Liang Yunfeng [1] - The business scope includes coal washing, basic chemical raw material manufacturing, chemical product production, mining machinery manufacturing, coal and product sales, renewable resource recovery, property management, engineering management services, and solid waste treatment [1] - The company is wholly owned by China Coal Energy Co., Ltd. [1]