3.6万亿元 2025年预计完成交通固定资产投资超过3.6万亿元。分方式看，铁路完成投资9015亿元，公路、水路完 成投资超2.6万亿元，民航完成投资1200亿元。 1月30日，中国证券报记者从交通运输部举行的例行新闻发布会获悉，2025年交通运输经济运行总体平 稳、稳中有进。交通运输部高度重视建设和用好部级科技创新平台，着力打造布局合理、定位清晰、任 务明确的部科技创新平台体系。2026年，交通运输部将完成100个前瞻性科技创新平台布局。 交通运输部新闻发言人李颖介绍，2025年，交通运输生产保持增长，营业性货运量、港口货物吞吐量、 跨区域人员流动量同比均有增加；港口吞吐量增长较快，港口外贸集装箱吞吐量同比增长近一成；交通 投资规模维持高位。 其中，在跨区域人员流动量方面，2025年完成跨区域人员流动量668.6亿人次，同比增长3.5%。分方式 看，铁路、民航客运量同比分别增长6.7%和5.5%，公路人员流动量同比增长3.3%，水路客运量同比基 本持平。 同时，李颖表示，近年来，中央科技委围绕科技创新平台建设作出系列部署，强调要建好管好用好部级 科技创新平台。"2026年，我们将完成100个前瞻性科技创新平 ...

泰山不让土壤，故能成其大。作为山东省唯一省属国有骨干券商，中泰证券扎根齐鲁大地、深耕资本市 场，其发展历程镌刻着时代印记与实干足迹。二十余载砥砺前行，公司始终与国家发展同频、与区域振 兴共振，从初创起步到深耕细作，从蓄力赋能到领跑争先，在岁月淬炼中坚守金融初心，在时代浪潮中 践行国企担当。 站在"十五五"开局的历史节点，面对党的二十届四中全会擘画的金融强国建设宏伟蓝图，中泰证券正以 初心为舵、以实干为帆，奋力驶向高质量发展的新航程。近日，中泰证券党委书记、董事长王洪在接受 中国证券报记者专访时表示，党的二十届四中全会着眼于中国式现代化全局，为金融强国建设和资本市 场高质量发展明确了发展方向、勾勒了实践蓝图。中泰证券始终坚守国有金融企业的政治本色和责任担 当，深入学习贯彻党的二十届四中全会精神，将"国之大者""省之大计"和中泰所能紧密结合，把握机 遇、聚焦主业、争创一流，奋力开创"十五五"时期高质量发展新局面。 强化思想引领 凝聚高质量发展共识 思想是行动的先导，共识是奋进的力量。唯有筑牢思想根基、凝聚发展共识，才能在高质量发展的征程 上步伐坚定、行稳致远。王洪表示，党的二十届四中全会召开以来，中泰证券迅速把思 ...

国家发展改革委1月30日消息，国家发展改革委、国家能源局近日联合印发《关于完善发电侧容量电价 机制的通知》，以引导调节性电源平稳有序建设，保障电力系统安全稳定运行，助力能源绿色低碳转 型。 政策出台后，对居民、农业用户电价水平没有影响，仍执行现行目录销售电价政策。对于工商业用户， 发电侧容量电价机制完善后，调节性电源需要通过电能量市场回收的成本下降、通过容量电价回收的成 本上升，"一升一降"形成对冲，对工商业用户的购电成本影响不大。 通知提出，适应新型电力系统和电力市场体系建设需要，分类完善煤电、气电、抽水蓄能、新型储能容 量电价机制。一是各地结合实际提高煤电容量电价标准，可参照煤电建立气电容量电价机制；二是对近 年新开工的抽水蓄能电站，按照弥补平均成本的原则制定当地统一的容量电价；三是建立电网侧独立新 型储能容量电价机制，结合放电时长和顶峰时贡献等因素确定容量电价标准。 上述负责人介绍，完善发电侧容量电价机制，较好地统筹了安全充裕、清洁低碳、经济高效等方面需 要，有利于加快建设新型电力系统。具体包括：有利于增强电力安全保供能力，调动调节性电源建设积 极性，提升顶峰出力，更好保障电力系统安全；有利于促进调节性 ...

1月30日，证监会就修改"证券期货法律适用意见第18号"公开征求意见，拟扩大上市公司战略投资者类 型、明确最低持股比例要求等。 法律适用意见提出，战略投资者本次认购比例原则上不低于本次发行完成后上市公司总股本的5%，以 资产管理产品认购的，按产品单独计算认购股份数量。战略投资者可以为产业投资者或资本投资者。 法律适用意见从多个方面进行了修订。具体来看，扩大战略投资者类型。明确全国社保基金、基本养老 保险基金、企业（职业）年金基金、商业保险资金（保险公司运用保险资金自行投资或者委托关联保险 资产管理机构以及作为单一投资人通过关联保险资产管理机构发行的股权投资计划投资）、公募基金、 银行理财等机构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。同时， 在规则上将该类投资者界定为资本投资者，将其他实业投资者界定为产业投资者。 明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者本次 认购上市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 明确资本投资者的基本要求。在长期、较大比例持股和提名董事参与公司治理基础上，要求资本投资者 应当深入了解上市公 ...

Group 1 - Global investors are showing renewed interest in China, with Goldman Sachs CEO David Solomon highlighting the positive performance of the Hong Kong stock market and an increase in IPO activity [1][3] - The demand for corporate financial advisory services is recovering, driven by the vitality of local enterprises and rapid growth in technology sectors such as artificial intelligence [1][3] - Goldman Sachs is committed to long-term development in China, actively participating in the wealth management market through its joint venture with ICBC [1][3] Group 2 - Solomon has observed a constructive outlook for China's economy, predicting that by 2025, it will achieve its growth targets, with a focus on optimizing economic structure and expanding consumption [2] - The shift in economic growth drivers towards consumption and the service economy is expected to support China's growth over the next decade [2] - Healthcare services are identified as a significant growth area due to changes in the population structure [2] Group 3 - The recent positive performance of the Hong Kong stock market and the acceleration of IPOs provide new growth opportunities for Goldman Sachs' investment banking business in China [3] - The firm is closely monitoring the development of China's economy, market trends, and areas of growth, indicating a long-term commitment to its business in the region [4][6] - Solomon believes that the attractiveness of the Chinese stock market, relative to other major global markets, depends on economic growth and corporate earnings expectations [5] Group 4 - Solomon emphasizes the importance of a balanced economic structure and ongoing market openness as key factors in attracting capital inflows into China [7]

Core Viewpoint - Huajin Securities has demonstrated significant achievements in 2025, including an 18-place increase in company bond underwriting rankings, successful issuance of convertible bonds, and a 62% year-on-year growth in institutional client trading volume, reflecting its commitment to high-quality development and service to the real economy [1][2]. Group 1: Company Achievements - In 2025, Huajin Securities successfully issued Huafa Co., Ltd. convertible bonds and achieved IPO breakthroughs through its alternative subsidiary Huajin Avenue [1]. - The company has launched innovative services such as "Youxiang Account," creating a diversified account system for unified asset management and scientific allocation [3]. Group 2: Service Enhancement - The company focuses on enhancing professional service capabilities, particularly in sectors like biomedicine, semiconductors, and artificial intelligence, by forming specialized research and service teams [2][6]. - Huajin Securities aims to deepen wealth management transformation by optimizing advisory services and upgrading digital tools to provide diversified wealth management solutions for residents [2]. Group 3: Regional Focus and Differentiation - The company leverages its resources and regional advantages, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, to drive differentiated development [5][6]. - Huajin Securities emphasizes a "regional deep cultivation - industry focus - professional empowerment" model to enhance its core competitiveness [6]. Group 4: Compliance and Risk Management - Strengthening compliance management and risk prevention is viewed as essential for sustainable development, with a focus on proactive compliance and intelligent risk management [8][9]. - The company has established a dynamic threshold management mechanism to ensure effective monitoring of risk indicators and enhance risk management capabilities [9]. Group 5: Cultural and Organizational Development - Huajin Securities integrates cultural construction into its strategic framework, promoting compliance, integrity, professionalism, and stability as core cultural values [10][11]. - The company emphasizes the importance of party leadership in its governance structure, ensuring alignment with national financial strategies [11][12].

交通运输部新闻发言人李颖介绍，2025年，交通运输生产保持增长，营业性货运量、港口货物吞吐量、 跨区域人员流动量同比均有增加；港口吞吐量增长较快，港口外贸集装箱吞吐量同比增长近一成；交通 投资规模维持高位。 其中，在跨区域人员流动量方面，2025年完成跨区域人员流动量668.6亿人次，同比增长3.5%。分方式 看，铁路、民航客运量同比分别增长6.7%和5.5%，公路人员流动量同比增长3.3%，水路客运量同比基 本持平。 3.6万亿元 2025年预计完成交通固定资产投资超过3.6万亿元。分方式看，铁路完成投资9015亿元，公路、水路完 成投资超2.6万亿元，民航完成投资1200亿元。 ● 本报记者 李嫒嫒 1月30日，中国证券报记者从交通运输部举行的例行新闻发布会获悉，2025年交通运输经济运行总体平 稳、稳中有进。交通运输部高度重视建设和用好部级科技创新平台，着力打造布局合理、定位清晰、任 务明确的部科技创新平台体系。2026年，交通运输部将完成100个前瞻性科技创新平台布局。 高博表示，交通运输部提前梳理春运期间高速公路充电特别繁忙服务区清单，"一区一策"制定充电保障 方案，最大限度增加充电停车位、增设大功 ...

Core Insights - The core objective of Ninebot is not to compete with domestic rivals but to surpass internal combustion vehicles in various aspects such as range and intelligence [1][2] - Ninebot has announced that its cumulative domestic shipment of smart electric vehicles has surpassed 10 million units, marking a new starting point for the company [1] - The company aims to evolve from a single transportation tool to an AI robotics company, creating a smart product ecosystem [2] Electric Vehicle Market Trends - The domestic two-wheeled electric vehicle market is entering a phase of stock competition, with new national standards raising quality and design requirements [1] - The transition from internal combustion engines to electric products is seen as an inevitable trend, distinguishing the 21st century from the 20th [2] Technological Innovations - Ninebot is collaborating with partners to develop next-generation battery technology aimed at achieving real-world ranges of 150 to 300 kilometers, addressing user anxiety regarding battery life [2] - The company is also focusing on enhancing safety features, including the integration of advanced technologies like millimeter-wave radar and ABS into more models [2][6] Global Strategy - Ninebot has initiated a dual-brand strategy with "Ninebot" and "Segway," planning to announce a global brand strategy by 2026 to enhance its global presence [3] - The company’s products are already available in over 100 countries, and the dual-brand strategy is expected to accelerate its globalization efforts [3] Market Expansion - Emerging markets, particularly in Southeast Asia and Latin America, are identified as key targets for Ninebot's global strategy, with ongoing market analysis to better serve local consumers [4] AI Integration - Ninebot's ultimate goal is to make smart electric vehicles the mainstream choice in the global motorcycle industry, with a focus on technological innovation [5] - The company is advancing from electric vehicles to AI robotics, integrating core robotic technologies into its products to enhance user experience [5] Future Developments - Ninebot plans to launch the Lingbo OS, a comprehensive operating system for short-distance transportation, by 2025, which will support various electric vehicle categories [5] - The company is developing L2-level driver assistance capabilities for its two-wheeled electric vehicles, utilizing AI and cloud data for enhanced safety [6]

Core Viewpoint - The article emphasizes the commitment of Zhongtai Securities to align with national development goals and the financial strong country strategy outlined in the 20th National Congress of the Communist Party of China, aiming for high-quality development during the 14th Five-Year Plan period [1][2]. Group 1: Company Positioning and Strategy - Zhongtai Securities is positioned as a key state-owned enterprise in Shandong, focusing on capital market development and aligning its operations with national and regional revitalization efforts [1]. - The company aims to integrate the spirit of the 20th National Congress into its operations, emphasizing the importance of political responsibility and social accountability in its financial services [3][4]. Group 2: Development Initiatives - The company is committed to enhancing its financial services to support the real economy, focusing on sectors such as green finance and private enterprise development [6][7]. - Zhongtai Securities plans to leverage its strengths in customer base and regional presence to create competitive advantages in wealth management, research, and investment banking [8]. Group 3: Innovation and Technology - The company is focused on innovation as a key driver for development, aiming to enhance operational efficiency through digital transformation and the application of financial technology [8]. - Zhongtai Securities is exploring the use of AI and other technologies to improve service precision and operational efficiency across various business lines [8]. Group 4: Talent Development - The company recognizes talent as a critical resource and is implementing various programs to enhance employee capabilities and leadership skills [9]. - Zhongtai Securities is committed to building a robust talent pipeline to support its strategic goals and ensure sustainable growth [9]. Group 5: Governance and Compliance - The company emphasizes the importance of strong governance and compliance, ensuring that its operations align with the directives from the central government and adhere to high standards of integrity [11][12]. - Zhongtai Securities is actively working to strengthen its internal controls and oversight mechanisms to maintain a transparent and accountable operational environment [12].

Core Viewpoint - The performance of listed securities firms in 2025 is expected to be strong, driven by active capital markets and robust growth in brokerage and proprietary trading businesses [1][2]. Group 1: Performance of Major Securities Firms - 21 listed securities firms have disclosed their 2025 performance forecasts, showing overall positive growth in net profits [2]. - CITIC Securities is projected to achieve over 30 billion yuan in net profit, with a revenue of 74.83 billion yuan, marking a 28.75% year-on-year increase [2]. - Guotai Junan expects a net profit between 27.53 billion yuan and 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [2]. - Other notable firms include招商证券 with a net profit of 12.3 billion yuan (up 18.43%), and申万宏源 with a projected net profit of 9.1 billion to 10.1 billion yuan (up 74.64% to 93.83%) [2]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller firms like国联民生 anticipate a net profit of 2.008 billion yuan, representing a significant year-on-year growth of approximately 406% [3]. -天风证券 expects to turn a profit with a net profit forecast of 12.5 million to 18.5 million yuan [3]. - Other small firms such as长江证券 and中原证券 are also expected to see net profit increases exceeding 100% and 50%, respectively [3]. Group 3: Drivers of Growth - The growth in performance is attributed to the active capital market, with wealth management, proprietary trading, and asset management businesses benefiting significantly [3]. - Guotai Haitong noted a substantial increase in income from wealth management and institutional trading due to the rising activity in the domestic capital market [3]. - CITIC Securities reported rapid growth across brokerage, investment banking, and proprietary trading revenues [3]. Group 4: Investment Value of the Sector - The non-bank financial sector has seen a decline of 1.59% as of January 30, but analysts believe that the valuation of securities firms is at a historically low level, enhancing their investment appeal [4]. - The sector is entering a golden window for valuation and performance recovery, driven by favorable policies and an improving market environment [5]. - Analysts suggest focusing on three investment themes: strong comprehensive capabilities of leading firms, firms with significant performance elasticity, and those with strong international business competitiveness [5].