Group 1 - The State Council, led by Premier Li Qiang, is focusing on measures to boost consumption, including the implementation of a special action plan to enhance consumer spending and the cultivation of new growth points in service consumption [1][2] - The meeting emphasized the importance of cleaning up overdue enterprise payments and ensuring the payment of migrant workers' wages, highlighting the need for increased efforts and responsibility at the local level [2] - The government plans to modify and abolish certain administrative regulations to improve legislative quality and ensure the effective implementation of new and existing laws [2] Group 2 - The meeting outlined the necessity of integrating various policies to enhance consumer spending, aiming to strengthen the internal motivation for consumer spending and leverage consumption as a fundamental driver of economic growth [1] - There is a focus on supporting new business models and increasing the supply of quality services, while addressing issues related to credit, standards, and safety management to promote service consumption [1] - The government is committed to establishing a long-term mechanism for promoting consumption, including the development of a "14th Five-Year" plan for expanding consumption and a plan for increasing urban and rural residents' income [1]

Core Viewpoint - Fusion energy is becoming a central focus in China's energy transition, with Hefei emerging as a key hub for the fusion energy industry, housing nearly 60 related enterprises and top scientific facilities [1][2] Group 1: Company Strategy - Anhui Waneng Power has invested 500 million yuan through a partnership to indirectly hold a 3.45% stake in Fusion New Energy, marking a significant step in its fusion energy strategy [2] - The company positions itself as an "ecological builder, transformation pioneer, and commercial layout developer," leveraging regional advantages to advance fusion business from technology reserves to engineering and commercialization [2][3] Group 2: Technological Development - Waneng Power is implementing a dual-track model focusing on "long-term fusion breakthroughs and short-term technology implementation," collaborating with Hefei Comprehensive National Science Center to establish a joint laboratory for fusion and hydrogen energy applications [3] - The company is also focusing on the "conventional island" segment of future fusion power plants, utilizing its experience in power generation to lay a solid foundation for commercial power stations [3] Group 3: Regional Advantages - Hefei's regional advantages support Waneng Power's strategy through three main aspects: leveraging top research facilities for accelerated technology engineering, aligning with local policy for funding support, and fostering a collaborative ecosystem among enterprises [4] - The compact fusion energy experimental device (BEST) is a core project for the nuclear energy industry, currently in the assembly phase, guiding Waneng Power's operational management and investment in the industry chain [4] Group 4: Industry Trends - The capital influx into the fusion energy sector is rising, with the A-share nuclear fusion sector experiencing a surge due to the BEST project, but there are risks associated with this capital, including potential valuation bubbles and development imbalances [7] - The industry is expected to enter a critical phase in the next 5 to 10 years, with a focus on the operational launch of fusion experimental devices and the construction of demonstration and commercial reactors [7][8] Group 5: Future Outlook - Energy companies are advised to leverage their strengths and avoid blindly following trends, focusing on building core barriers in the "conventional island" segment while managing risks [8] - Waneng Power aims to deepen its approach of "ecological co-construction, technological leadership, and future layout," accelerating the establishment of joint laboratories and expanding industry chain cooperation to facilitate the transition to engineering and commercialization in fusion energy [8]

国内层面，东方超环（EAST）、紧凑型聚变能实验装置（BEST）、中国环流三号和中国环流四号为代 表的核心装置进展备受关注，由中国科学院等离子体所、核工业西南物理研究院及中国聚变能源有限公 司推进，形成梯次攻关格局。 为什么可控核聚变突然"破圈"？中信建投研报指出，其核心是供需双重突破：AI产业蓬勃发展催生远期 电力缺口，而技术迭代持续降低落地门槛，二者叠加为聚变能源商业化按下"加速键"。 从东方超环实现亿度稳态运行，到民营企业在高温超导、氢硼聚变路线上密集突破，曾被戏言"永远还 要50年"的可控核聚变正加速摆脱"概念化"标签，从基础研究迈向工程化、商业化竞速的新阶段。 2026年以来，政策立法筑牢制度根基，技术双线突破屡创纪录，资本热潮席卷赛道，安徽、四川、上海 构筑产业"黄金三角"，我国正以多元路径破解"终极能源"落地难题，可控核聚变正步入关键十年窗口 期，万亿级能源市场的新序章已然开启。 ● 本报记者 刘杨 大装置连破纪录 筑牢工程基石 通俗地讲，核聚变就是模拟太阳发光发热，因其燃料丰富、清洁环保、安全可靠，被业内称为人类 的"终极能源"。 2026年1月15日，《中华人民共和国原子能法》正式施行，这一 ...

Core Insights - The article discusses the advancements in nuclear fusion technology in China, particularly focusing on the Chengdu Nuclear Fusion Industry Corridor and the achievements of the Southwestern Institute of Physics (西物院) in developing the Chinese Circulation No. 3, which has reached significant milestones in fusion research [1][2]. Group 1: Technological Advancements - The Chinese Circulation No. 3 is the largest and highest-parameter magnetic confinement fusion device in China, achieving the first domestic "double hundred million degrees" and "million ampere billion degree high confinement mode operation," with fusion triple product reaching 10^20 [2]. - High-temperature superconducting magnets are identified as a core technology for enhancing magnetic field strength, which is crucial for effective plasma control and commercializing fusion energy [1][2]. - AI technology has been integrated into plasma control, allowing for near "autonomous driving" capabilities in managing plasma stability, significantly increasing energy confinement time [4]. Group 2: Industrial Development - The Southwestern Institute of Physics plays a pivotal role in the fusion industry by driving the localization of key components and achieving international standards in fusion technology, including the development of the first wall prototype for the ITER project [3]. - The institute is also fostering international collaboration, positioning the Chinese Circulation No. 3 as a satellite device for ITER and enhancing China's influence in global fusion research [3]. Group 3: Future Plans and Goals - The Southwestern Institute of Physics aims to achieve commercial fusion energy by 2045, with a roadmap that includes the construction of a demonstration reactor by that year, and plans to start fusion energy burning experiments by 2027 [6][7]. - The focus will remain on high-temperature superconducting technology, with a target of achieving 20 Tesla in large magnet engineering applications, while addressing challenges in the mechanical structure and quench protection technology [5][7]. - Collaboration with various stakeholders, including state-owned enterprises and universities, is essential for developing a closed-loop system for research, validation, and commercialization of fusion technology [5][7].

Core Viewpoint - Fusion energy is becoming a core focus in China's energy transition, with Hefei emerging as a key hub for the fusion energy industry, housing nearly 60 related enterprises and top scientific facilities [1][2] Group 1: Company Strategy - Anhui Waneng Power has invested 500 million yuan in fusion energy through a partnership, marking a significant step in its strategic layout for future energy solutions [1][2] - The company identifies itself as an "ecological builder, transformation pioneer, and commercial layout builder," leveraging regional advantages to advance fusion energy from technical reserves to commercialization [2][3] Group 2: Technological Development - Waneng Power is collaborating with the Hefei Comprehensive National Science Center to establish a joint laboratory for fusion and hydrogen energy applications, focusing on both long-term breakthroughs and short-term technology implementation [2][3] - The company is developing a comprehensive operational management system for fusion power plants, emphasizing remote maintenance, operational robotics, and intelligent monitoring [3] Group 3: Industry Trends - The fusion energy sector is experiencing increased capital interest, with the A-share nuclear fusion sector seeing significant stock price movements due to project advancements [3][4] - The next 5 to 10 years are expected to see a surge in the operation of fusion experimental devices and the initiation of demonstration and commercial reactors, marking a critical phase for engineering and commercialization [4][5] Group 4: Risk and Opportunity - While capital influx can accelerate technological advancements and collaborative innovation, it also poses risks such as potential valuation bubbles and misalignment between short-term capital interests and long-term industry goals [3][5] - Companies are advised to leverage their strengths and avoid blindly following trends, focusing on building core competencies in the conventional energy sector to strategically position themselves in the fusion energy landscape [5]

● 本报记者 马爽 1月16日，随着上市锣声敲响，焦煤期权在大连商品交易所正式挂牌交易。上市首日，焦煤期权市场运 行平稳，与标的焦煤期货市场形成有效联动，产业企业有序参与，市场整体反响良好。 业内人士表示，作为钢铁、煤化工产业核心原料的风险管理补充工具，焦煤期权的上市完善了煤焦钢产 业风险管理工具体系，更好地满足企业个性化、多元化的风险管理需求，对保障国家战略性资源稳定供 应、促进相关行业高质量发展具有重要意义。 上市首日平稳起步 相较于期货，期权工具具有成本相对较低、策略更加灵活的特点，为产业企业提供了更多样的避险选 择。多家参与首日交易的企业对此表示认可。 中信建投总经理廖湘俊表示，截至1月16日收盘，焦煤JM2605期货合约收跌0.38%，对应平值期权隐含 波动率约为42%，高于当前焦煤期货主力合约的30日历史波动率37%，体现出市场对利用期权进行风险 对冲的需求较旺盛。 焦煤期货运行平稳奠定基础 焦煤是钢铁行业、煤化工产业的核心基础原料。早在2013年，大商所便推出焦煤期货，为产业搭建起基 础风险管理平台，也为焦煤期权的推出奠定了坚实基础。 多年来，焦煤期货市场运行平稳、规模持续扩容，价格影响力稳步提 ...

Core Viewpoint - The A-share market is experiencing a steady upward trend supported by policy, economic stabilization, and improved liquidity, with a focus on investment logic and layout direction as the Spring Festival approaches [1][2] Policy Support - Regulatory bodies are guiding the A-share market towards a "gradual rise" pattern, with mechanisms for long-term capital entering the market being continuously improved, enhancing market stability [2] - Policies aimed at boosting domestic demand, such as fertility subsidies, are being implemented, which are expected to stabilize and improve the return on equity (ROE) for related listed companies [2] Economic Signals - The overall revenue growth rate for A-shares improved from -0.02% in the first half of 2025 to 1.2% in the third quarter, while net profit growth increased from 2.5% to 5.3% during the same period, indicating a trend of improving profitability [2] - Forecasts for 2026 suggest a stable macroeconomic environment with net profit growth expected to be 4.8% for the year, peaking in the second quarter [2] Long-term Capital Inflow - Long-term capital, particularly from insurance funds, is becoming a major source of market liquidity, with an estimated potential inflow of approximately 1.73 trillion yuan based on 2025 insurance premium income [3] - This influx of stable capital is expected to reduce market volatility and enhance internal stability [3] Market Structure and Opportunities - Structural opportunities are evident, with 39 out of 360 industry or thematic ETFs reaching new highs in December 2025, particularly in sectors like telecommunications, non-ferrous metals, and military aerospace [3] - The market is characterized by a significant divergence in performance, with small-cap stocks and thematic sectors outperforming larger indices [5] Investor Sentiment - Investor sentiment is showing signs of recovery, with a sentiment index reading of 98.1 on January 9, 2026, indicating a high level of optimism [4] - The market is currently in a phase where emotional recovery and capital reallocation are key themes, especially as the Spring Festival approaches [4][5] Investment Strategy - Investment strategies should focus on three dimensions: consensus direction, counter-consensus direction, and long-term investments, while also considering the opportunities presented by the appreciation of the renminbi [6][8] - In the consensus direction, sectors like non-ferrous metals and semiconductors are highlighted as key areas for institutional investment [7] - For counter-consensus investments, sectors related to domestic demand, such as travel services and quality real estate developers, are recommended due to their potential for valuation recovery [7] Long-term Considerations - There is a growing demand for investments that reduce volatility, with a focus on sectors that have room for ROE improvement, such as chemicals and renewable energy [8] - The appreciation of the renminbi is expected to create investment opportunities, particularly in industries like paper and aviation, which have already seen positive effects [8]

Group 1: Core Perspectives - The company aims to become a world-class investment bank by focusing on high-quality development and serving the real economy, wealth preservation, and promoting high-level opening-up [1][3] - The company's chairman emphasizes that being a top investment bank involves not just scale but also functionality, professional capability, international vision, risk management, and cultural depth [1][3] Group 2: Service to the Real Economy - The company is committed to serving the real economy, particularly through technology-driven new productivity, which is seen as a core responsibility of financial institutions [2][3] - The company has facilitated over 3.2 trillion yuan in technology finance-related equity, bond, and M&A transactions, supporting key enterprises in strategic emerging industries [3][4] Group 3: Wealth Management and Consumer Engagement - The company recognizes the importance of wealth management in enhancing residents' investment returns and promoting consumption, especially as the proportion of equity assets in Chinese households remains low compared to developed countries [5][6] - The company has adopted a buyer advisory model in wealth management, focusing on client interests and achieving a significant growth in assets under management [7] Group 4: Internationalization and Cross-Border Services - The company has established a strong international presence, with branches in major financial centers and a focus on cross-border capital flows, helping Chinese companies go global [8][9] - The company has completed over 80 billion USD in transactions related to the Belt and Road Initiative, showcasing its role in international financial cooperation [8][9] Group 5: Future Outlook and Strategic Goals - The company plans to enhance its comprehensive service capabilities and deepen its integration into national development strategies, aiming to strengthen its global influence and pricing power [10] - The company is preparing for a new strategic plan aligned with the spirit of the 20th National Congress, focusing on becoming a first-class investment bank and improving organizational capabilities [10]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) aims to enhance the strategic role and contribution of state-owned enterprises (SOEs) in China's economic development during the 14th Five-Year Plan period, with a focus on optimizing the layout and structure of state-owned capital and promoting emerging industries. Group 1: Economic Growth and Performance - During the 14th Five-Year Plan period, the total assets of enterprises supervised by the SASAC increased from 235 trillion yuan to 387 trillion yuan, representing an average annual growth of 10.5%, which significantly supported China's sustained economic and social development [1][2] - From January to November 2025, local state-owned enterprises achieved a value-added output of 6.9 trillion yuan and completed fixed asset investments of 5.3 trillion yuan [1] Group 2: Strategic Goals for the 15th Five-Year Plan - The SASAC aims to strengthen the strategic mission of SOEs, enhancing their roles in national security, public service, and economic contribution [2] - Key goals include improving the level of technological self-reliance, increasing the number of leading technology enterprises, and optimizing the layout of SOEs in critical industries [2][3] Group 3: Enhancing Capabilities of State-Owned Enterprises - The SASAC emphasizes the need to improve five key capabilities of SOEs: value creation, technological innovation, industrial upgrading, reform breakthroughs, and party leadership [2][3] - There is a focus on guiding enterprises to adopt a value creation orientation, improve productivity, and enhance risk management [2] Group 4: Technological Innovation and Industrial Upgrading - The SASAC plans to strengthen the role of SOEs in technological innovation by increasing investment in basic research and fostering talent [3] - Enterprises are encouraged to pursue intelligent, green, and integrated development, while also enhancing their competitive position in global industrial divisions [3][4] Group 5: Structural Adjustment and Investment Strategies - The SASAC aims to optimize the layout and structure of state-owned capital, focusing on strengthening core businesses and supporting the modernization of the industrial system [4][5] - There is an emphasis on leveraging long-term special bonds and loans to implement key projects that enhance supply chains and stimulate demand growth [4][5]

办法共五章三十一条，自2026年2月16日起施行。在反洗钱特别预防措施义务方面，办法提出，金融机 构与客户建立业务关系、为客户提供一次性金融服务，或者业务关系存续期间客户身份基本信息发生变 化的，应当根据名单对客户进行核查。核查发现客户或者其交易对象属于名单所列对象或者其代理人、 受其指使的组织或者人员、其直接或者间接控制的组织的，金融机构应当立即采取反洗钱特别预防措 施。在采取限制转移措施时，前款规定的组织或者人员与他人共同拥有或者控制的资金、资产，如无法 分割或者确定份额的，金融机构应当一并采取措施。 金融机构采取反洗钱特别预防措施后，办法明确，可以以适当方式告知被采取措施的对象，说明采取的 措施和理由。法律、行政法规或者相关部门另有保密要求的除外。 围绕法律责任，办法提出，依法负有反洗钱特别预防措施相关职责的部门工作人员违反规定，泄露应予 保密的信息的，依法给予处分。 ● 本报记者 彭扬 中国人民银行1月16日消息，中国人民银行、外交部、公安部等八部门日前公布的《反洗钱特别预防措 施管理办法》提出，金融机构应当建立健全反洗钱特别预防措施内控制度，识别和评估相关风险，采取 与风险相适应的管理措施。 ...