Core Viewpoint - The People's Bank of China and other regulatory bodies have issued a notification to further prevent and address risks associated with virtual currencies and Real World Assets (RWA) tokenization, emphasizing the illegal nature of such activities within the country [1][2]. Group 1: Regulatory Stance - The central bank and the China Securities Regulatory Commission reaffirm a long-standing prohibitive policy stance on virtual currency-related activities, stating that virtual currencies do not hold the same legal status as fiat currencies and any related activities are illegal [2]. - The notification reiterates that any issuance of stablecoins pegged to the Renminbi without approval from relevant authorities is prohibited [2]. Group 2: RWA Tokenization - The notification defines RWA tokenization as the process of converting ownership and income rights of assets into tokens using encryption and distributed ledger technology [3]. - Activities related to RWA tokenization within the country are prohibited unless approved by relevant authorities, and foreign entities are also barred from providing such services to domestic subjects [3][4]. Group 3: Compliance and Management - Domestic financial institutions' overseas subsidiaries must adhere to compliance and risk management frameworks when providing RWA tokenization services abroad [5]. - Intermediary and technology service providers involved in RWA tokenization must establish robust compliance systems and report their business activities as required [5]. Group 4: Virtual Currency Mining - The notification emphasizes the ongoing crackdown on virtual currency mining activities, with local governments responsible for identifying and shutting down existing mining projects and prohibiting new ones [7]. - The National Development and Reform Commission will work with relevant departments to strictly control mining activities and ensure compliance with regulations [7]. Group 5: Risk Monitoring - Financial institutions are prohibited from providing services related to virtual currencies, including account opening, fund transfers, and the issuance of financial products linked to virtual currencies [7]. - Continuous monitoring and reporting of illegal activities related to virtual currencies and RWA are mandated to maintain a high-pressure stance against violations [8].

Group 1: Regulatory Developments - The National Health Commission released a draft for public consultation on the "National Food Safety Standard for Prepared Dishes," clarifying that prepared dishes do not include staple foods, ready-to-eat foods, and dishes made in central kitchens, which are governed by other food safety standards [2] - The China Securities Regulatory Commission (CSRC) announced the completion of inspections for 16 randomly selected companies and 4 problem-oriented companies in 2025, with 7 companies passing the listing committee review [3] - The Ministry of Industry and Information Technology issued a notice on the construction of national computing power interconnection nodes, aiming to standardize operations and promote high-quality development in the computing power industry [3] Group 2: Company News - Hangzhou Dianzi announced a significant stock price increase of 66.79% over six trading days, with its optical communication revenue accounting for only 3.73% of its total audited revenue for 2024, indicating that its main business remains unchanged [4] - Tian Sheng New Materials received a notice from the CSRC regarding an investigation into information disclosure violations, with a projected revenue of 440 million to 458 million yuan for 2025, down from 531 million yuan in the previous year [5] - Yahui Long also received a notice from the CSRC for suspected information disclosure violations, with a projected net profit for 2025 expected to decline by 90.05% to 93.37% [5][6] - Longyun Co. plans to acquire a 58% stake in Xinjiang Yuheng Film and Television Group, expanding its business into content production and operation [6] - XWANDA announced a settlement in a lawsuit involving a claim of 2.314 billion yuan, with an expected impact on its 2025 net profit ranging from 500 million to 800 million yuan [7] - Zhongke Information clarified its involvement in a project in Xinjiang, stating that it has not signed any contracts and is not the main contractor for the project [8] - Jinghe Integrated plans to invest 2 billion yuan in Hefei Jingyi Integrated Circuit Co., acquiring 100% equity and bringing it into its consolidated financial statements [8] Group 3: Market Insights - CITIC Securities reported that strong demand for AI is expected to keep storage demand high, with price increases for storage chips likely to continue throughout 2026, benefiting domestic storage manufacturers and their core suppliers [9]

Group 1: Transformer Industry - The transformer orders have significantly increased since June 2022, with some production lines nearing full capacity due to a global "transformer shortage" [2][3] - China has become the world's largest transformer producer, accounting for approximately 60% of global production capacity, which supports domestic companies in securing international orders [2] - Major companies like Igor are expanding production capacity in multiple countries, with expectations of sustained industry growth for the next 3-5 years [3] Group 2: Large Bore Engine Sector - Large bore engines are essential for ensuring the continuous operation of AI data centers, with the global electricity demand for data centers projected to double by 2030 [4] - Weichai Power has broken the monopoly of international giants in the large bore engine market, with a forecasted 259% increase in sales of data center power generation equipment by 2025 [5] - The company is expanding its production capabilities and investing in technology to meet the growing demand from both domestic and international markets [6] Group 3: Core Components - The core components sector is experiencing high demand, with companies like Tianrun Industrial operating at full capacity to meet the needs of large engine manufacturers [7] - The company has established multiple production lines for large crankshafts and is set to become a leading player in the market with significant capacity expansions planned [8] - The global market for data center power generation units is expected to grow from $6 billion in 2023 to $12 billion by 2030, indicating a robust growth trajectory for the industry [8]

始终保持禁止性政策立场 权威专家表示，去年以来，虚拟货币、现实世界资产（RWA）相关市场炒作风气抬头，一些不法分子 借机浑水摸鱼，打着虚拟货币、RWA、"挖矿"等幌子开展非法集资、传销诈骗等非法活动，或利用虚 拟货币转移违法所得，严重侵害了社会公众的财产安全，扰乱经济金融正常秩序。通知旨在进一步防范 和处置虚拟货币、RWA代币化相关风险。 中国人民银行2月6日消息，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总 局、金融监管总局、中国证监会、国家外汇局印发《关于进一步防范和处置虚拟货币等相关风险的通 知》。 上述负责人介绍，通知对境内主体赴境外开展现实世界资产代币化相关业务提出了要求。一方面，严格 监管赴境外开展相关业务活动。按照"相同业务、相同风险、相同规则"的监管原则，境内主体直接或间 接赴境外开展外债形式的现实世界资产代币化业务，或者以境内资产所有权、收益权等（以下统称"境 内权益"）为基础在境外开展类资产证券化、具有股权性质的现实世界资产代币化业务，由国家发展改 革委、证监会、国家外汇局等相关部门按照职责分工，依法依规进行严格监管。对于境内主体以境内权 益为基础在境外开展的其他形式的 ...

李强强调，面对新的形势和任务，尤其需要树立和践行正确政绩观，要坚持从实际出发、按规律办事， 自觉为人民出政绩、以实干出政绩。春节假期将至，要重视抓好安全生产、春运保障、欠薪欠款治理、 保供稳价等工作，确保群众过一个安全、幸福、祥和的节日。 国务院全体会议组成人员出席会议，有关部门、单位负责人列席会议。 李强指出，今年是"十五五"开局之年，形成高质量的政府工作报告和规划纲要，对于凝聚共识、提振信 心、推动发展具有重要作用。要深入贯彻习近平总书记重要指示精神和党中央决策部署，准确把握今年 和未来五年的国内外形势，把发展所需和群众所盼结合起来，充分体现高质量发展要求，切实回应社会 关切，进一步把两个文件稿修改好。 李强指出，要落实好中央经济工作会议部署的各项工作，勇于攻坚克难，确保"十五五"开好局、起好 步。宏观政策要靠前发力，财政资金尽可能提前安排，加强资金下达和项目建设的协同配合，使政策尽 快落地见效。各项重点工作要抓紧推进，条件成熟的及早组织实施。坚持政策支持和改革创新并举，更 好激发市场活力，挖掘内需新增长点。要密切跟踪形势变化，突出稳就业、稳企业、稳市场、稳预期， 做好政策预研储备，根据需要及时推出，确保 ...

会议指出，经过不懈努力，近年来我国空气质量显著改善，人民群众获得感不断增强。新修订的《环境 空气质量标准》对PM2.5年均浓度目标提出更高要求。要坚持规划引领，强化政策配套，对标新标准做 好统筹衔接，完善财政、金融、科技、价格等支持政策，加强重点区域治理和联防联控，持续提升治理 效能，守护好美丽蓝天。 会议讨论并原则通过《中华人民共和国招标投标法（修订草案）》，决定将草案提请全国人大常委会审 议。会议指出，要以本次修法为契机，改革完善招标投标体制机制，破除隐性壁垒，改进评标办法，提 高工作透明度，严厉打击违法活动，标本兼治促进招标投标市场规范健康发展。 会议还研究了其他事项。 国务院总理李强2月6日主持召开国务院常务会议，听取2025年国务院部门办理全国人大代表建议和全国 政协提案工作情况汇报，研究促进有效投资政策措施，部署修订《环境空气质量标准》，讨论《中华人 民共和国招标投标法（修订草案）》。 会议指出，办理好人大代表建议和政协提案，是政府自觉接受监督、依法履职的内在要求，也是深入践 行全过程人民民主的重要体现。过去一年，国务院部门将办理工作与贯彻落实党中央决策部署相结合， 与落实《政府工作报告》目标任务 ...

Core Insights - In 2025, Tangshan Port is projected to achieve a foreign trade cargo throughput of 38.156 million tons, representing a year-on-year growth of 2.59% [1] Group 1 - Tangshan Port is located in the Jing-Tang Port area and is actively engaged in loading cargo at its container terminal [1] - The growth forecast for Tangshan Port's foreign trade cargo throughput indicates a positive trend in the port's operational capacity and trade activities [1]

Core Viewpoint - Delijia (603092) has achieved rapid development since its establishment in 2017, becoming a leading player in the domestic wind power gearbox industry, with a projected net profit of 816 million yuan in 2025, representing a year-on-year growth of approximately 52.8% [1] Group 1: Company Development and Strategy - Delijia's growth is attributed to its strategic partnerships with major clients like Sany Heavy Energy and Envision Energy, and its ability to capitalize on the "installation rush" in 2020 [2] - The company has established collaborations with several leading manufacturers, including Dongfang Electric and Mingyang Smart Energy, solidifying its market position as the second-largest player in the domestic market [2] - Delijia has invested heavily in R&D, holding over 60 authorized patents, including more than 20 invention patents, and has developed a high-power density and high-reliability product technology system [2][3] Group 2: Product Quality and Reliability - The company’s products exceed industry standards in design safety and operational performance, supported by a comprehensive preventive quality management system [3] - Delijia's products have received multiple international certifications, enhancing customer trust and long-term relationships with major clients [3] Group 3: Market Trends and Future Outlook - The wind power gearbox market is expected to maintain a strong supply-demand balance, with domestic new installations projected to exceed 120 GW in 2026, driven by global energy transition [4] - The company anticipates a steady growth in the replacement market, with an estimated annual demand of 15 GW to 20 GW during the 14th Five-Year Plan period, providing a stable growth opportunity [5] - Delijia is expanding its offshore large megawatt gearbox business, with ongoing projects in Shantou and Wuxi to enhance production capacity [5][6] Group 4: International Expansion - Delijia is actively pursuing overseas market opportunities, having established technical exchanges and collaborations with multiple international clients [6] - The company’s products are gradually gaining recognition in overseas markets, with a focus on achieving stable export volumes as its capabilities in large megawatt and offshore products improve [6]

农业农村部2月6日消息，为深入贯彻今年中央一号文件精神，农业农村部日前印发《关于落实〈中共中 央国务院关于锚定农业农村现代化、扎实推进乡村全面振兴的意见〉的实施意见》（以下简称《实施意 见》）提出，守牢国家粮食安全底线，持续巩固拓展脱贫攻坚成果，提升乡村产业发展水平、乡村建设 水平、乡村治理水平，努力把农业建成现代化大产业、使农村基本具备现代生活条件、让农民生活更加 富裕美好，加快建设农业强国，为推进中国式现代化提供基础支撑。 四是推进农业发展全面绿色转型，稳步提升可持续发展能力。提升农业资源保护利用水平，加强农业投 入品管理，发展生态低碳农业。 五是培育壮大乡村富民产业，千方百计促进农民稳定增收。做强农产品加工流通业，加快提升乡村特色 产业，发展壮大农业企业，强化农业品牌培育。 六是加快补齐农村现代生活条件短板，因地制宜推进宜居宜业和美乡村建设。接续推进乡村建设行动， 持续整治提升农村人居环境，保护传承优秀农耕文化，引导推动乡村善治。 七是进一步深化农村改革，激发农业农村发展活力。稳定土地承包关系，加快健全现代农业经营体系， 提升农村宅基地管理服务水平，稳健发展新型农村集体经济。 《实施意见》部署8方面40 ...

Core Viewpoint - Guohai Securities aims to integrate its development with national strategies, focusing on high-quality development and modern economic systems as outlined in the 14th Five-Year Plan [1][2]. Group 1: Company Strategy and Development - Guohai Securities emphasizes the importance of adhering to the Party's leadership and integrating it into corporate governance and culture through a "dual brand party building" initiative [2]. - The company is committed to enhancing its service capabilities in sectors like technology and green finance, adopting a comprehensive service model that includes investment banking, research, and risk management [3]. - The firm plans to transform into a customer-centric organization, improving its professional capabilities across various client segments, including retail, corporate, and institutional clients [4]. Group 2: Differentiation and Competitive Advantage - In a competitive landscape, Guohai Securities focuses on niche markets and differentiated services, particularly in wealth management and asset management [5][6]. - The company aims to establish a unique service system driven by digital tools and investment advisory, while also emphasizing sustainable absolute returns in asset management [6]. - Guohai Securities leverages its regional advantages and partnerships to create a collaborative ecosystem that supports local and ASEAN market needs [7]. Group 3: Compliance and Risk Management - The company prioritizes stable operations and financial risk prevention, enhancing its compliance and risk management frameworks [8]. - Guohai Securities is implementing a proactive compliance management system that includes real-time monitoring and intelligent risk assessment [8]. - The firm is committed to fostering a culture of compliance and risk awareness among all employees, ensuring a robust operational framework [9]. Group 4: Corporate Culture and Values - Guohai Securities is focused on cultivating a healthy corporate culture that aligns with industry standards and promotes ethical practices [9][10]. - The company integrates traditional Chinese culture and industry values into its corporate ethos, enhancing employee engagement and cultural cohesion [10]. - The firm aims to strengthen its cultural values through various initiatives, ensuring that its mission and vision resonate with employees and stakeholders [10].