铜钼矿产待重估，承建海南商业航天发射场 中国中铁(601390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 铜、钴、钼保有储量国内领先，铜、钼产能国内前列。2025 年新签订单增长 1%， 其中海外订单增长 17%。 投资要点： [维持增持 Table_Summary] 。维持预测 2025–2027 年 EPS0.98/0.98/1.00 元同比-13.0%/- 0.1%/1.9%，给予公司 2026 年 9.3 倍 PE，对应维持目标价 9.07 元。 LME 铜现货结算价维持高位，中国中铁铜、钴、钼保有储量国 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 9.07 CNY, based on a PE ratio of 9.3 times for 2026 [3][9]. Core Insights - The company holds leading reserves of copper, cobalt, and molybdenum in China, with significant production capacity in these metals. The new order growth is projected at 1% for 2025, with overseas orders expected to increase by 17% [2][4]. - The LME copper spot price remains high, recorded at 12,980 USD/ton, a year-on-year increase of 43.4%. The company’s production for the first half of 2025 includes 148,789 tons of cathode copper, 2,830 tons of cobalt, and 7,103 tons of molybdenum [4]. - The company’s subsidiary, China Railway Resources, is expected to achieve a net profit of 2.58 billion CNY in the first half of 2025, a year-on-year increase of 27.4% [4]. Financial Summary - Total revenue for 2023 is reported at 1,263.5 billion CNY, with a projected decline to 1,099.3 billion CNY in 2025, reflecting a decrease of 5.3% [7]. - The net profit attributable to the parent company is expected to decrease from 33.5 billion CNY in 2023 to 24.3 billion CNY in 2025, a decline of 13.0% [7]. - Earnings per share (EPS) are forecasted to be 0.98 CNY for 2025, with a slight increase to 1.00 CNY in 2027 [3][7]. Order Growth and Structure - The company signed new contracts totaling 27,509 billion CNY in 2025, representing a year-on-year increase of 1.3%. The overseas business saw a significant increase of 16.5% [5][20]. - The breakdown of new contracts includes 18,505 billion CNY from engineering construction, 4,725 billion CNY from emerging businesses, and 2,041 billion CNY from asset management [5][20]. Strategic Initiatives - The company is actively promoting an "AI+" initiative and has launched its first enterprise-level model, "Pioneer Model," aimed at various sectors including surveying, design, and construction [6]. - The company is involved in significant projects such as the construction of the Hainan commercial space launch site and has secured contracts for the China-Kyrgyzstan-Uzbekistan railway [6].

净利润同比高增 22%，不良率降至 1%以下 青岛银行(002948) 青岛银行 2025 年业绩快报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 青岛银行扩表保持强劲，不良指标持续改善，拨备进一步夯实，业绩保持稳健高质 量增长，维持目标价至 6.4 元，维持增持评级。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,472 | 13,498 | 14,599 | 15,953 | 17,472 | | (+/-)% | 7.1% | 8.2% ...

产业观察 [table_Header]2026.01.28 合肥核聚变科技与产业大会召开 摘要： 产业研究中心 | [Table_Authors] | 陈磊(分析师) | | --- | --- | | | 021-38038037 | | | chenlei5@gtht.com | | 登记编号 | S0880522060001 | | | 王浩(分析师) | | | 0755-23976068 | | | wanghao2@gtht.com | | 登记编号 | S0880513090004 | | | 鲍雁辛(分析师) | | | 0755-23976830 | | | baoyanxin@gtht.com | | 登记编号 | S0880513070005 | [Table_Report] 往期回顾 【具身智能产业动态】魔法原子、银河通用相继 宣布为总台 2026 春晚机器人合作伙伴 2026.01.26 【公链技术周报】以太坊重归去信任化本源，主 权货币与高性能网络竞逐技术高地 2026.01.25 分布式量子传感：加州理工学院推出全光学损耗 容忍的 DQS 方案 2026.01.25 力鸿一号遥一 ...

Investment Rating - The report assigns an "Overweight" rating for the computer industry [1] Core Insights - The establishment of a closed-loop system for data elements, combined with the catalysis of AI, is expected to accelerate the release of data value and the blossoming of the industry in 2026 [2][32] - The demand for AI applications is creating a significant supply gap in the data market, with daily token consumption for AI applications in China skyrocketing from 100 billion at the beginning of 2024 to over 30 trillion by mid-2025, reflecting a growth of over 300 times in just a year and a half [37] Summary by Sections Investment Recommendations - The report emphasizes the importance of focusing on various segments of the data supply chain, including data supply, data trading, data application development, data services, data security, computing power, and network infrastructure [7][8] The Fifth Production Element - Data has been officially recognized as the "fifth production element" by the Chinese government, alongside labor, capital, land, and technology, highlighting its critical role in modern production activities [11] - The top-level design and policy framework for data elements have become increasingly refined, with a focus on activating the potential of data elements and establishing a sound market environment [13][14] Recent Policy Developments - Since 2024, the pace of policy implementation regarding data elements has accelerated, transitioning from top-level design to actionable policies, thereby establishing a solid institutional foundation for the industrialization of data elements [18] - Key policies include the promotion of public and enterprise data resource development, the establishment of a high-efficiency data circulation market, and the enhancement of data infrastructure [19][20][24] AI and Data Market - The report highlights the emergence of a trillion-dollar blue ocean market in the data industry, with the industry value surpassing 2 trillion yuan in 2023 and expected to maintain a growth rate of over 20% annually in the coming years [43][44] - The integration of AI applications is expected to further stimulate the demand for high-quality data, creating a reciprocal relationship that enhances both AI performance and data value [39] Future Policy Outlook - The year 2026 is designated as the "Year of Data Element Value Release," with a focus on improving data flow and resource allocation channels, thereby enhancing the overall market ecosystem [32][33]

Group 1: Silver Market Overview - Since 2025, silver prices have surged, reaching new highs, primarily driven by industrial and financial demand[1] - In 2025, the price of silver rose from $29.4 to $72.0 per ounce, marking a 144.8% increase, while gold increased by 62.8%[8] - As of January 27, 2026, silver prices reached $111.6 per ounce in the spot market, a 50.3% increase since the beginning of the year[8] Group 2: Demand Dynamics - Industrial demand is the core driver of silver prices, accounting for 58.5% of total demand in 2024, with significant contributions from solar energy and electric vehicles[22] - The global silver supply is projected at 1.02 billion ounces in 2024, with 81% from mining and 19% from recycling[19] - The silver supply-demand gap has been evident since 2020 and is expected to persist until 2025, supporting price increases[24] Group 3: Price Volatility and Speculation - Silver's financial attributes lead to greater price volatility compared to gold, attracting speculative investments[14] - The increase in non-commercial long positions in silver futures often correlates with rising prices, indicating bullish market sentiment[25] - The iShares Silver Trust (SLV) locks up physical silver, reducing market liquidity and potentially exacerbating price spikes[29] Group 4: Historical Context and Future Outlook - Silver has experienced four notable price surges in the past 50 years, with the most recent driven by geopolitical risks and monetary system instability since 2024[16] - The average price increase ratio of silver to gold during past bull markets has been between 1.2 and 2.8, with the current ratio reaching 2.8 since 2026[41] - Long-term support for silver prices is expected from emerging industries and potential strategic asset recognition by governments[34]

Investment Rating - The report assigns an "Accumulate" rating for the smart glasses industry, indicating a positive outlook for investment opportunities in this sector [6][75]. Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions [6][75]. - The report highlights that AI glasses without display functions are likely to meet the underlying demand logic of traditional eyewear, potentially leading to quicker market penetration [2][6]. Summary by Sections Product Development and Market Penetration - Continuous improvement in product capabilities is anticipated, with sales expected to increase. Key factors affecting rapid market penetration include reliance on traditional offline channels for final delivery, the need for lightweight materials for comfort, battery capacity constraints, and the performance of SoC chips [4][24][32][33][38]. Market Trends and Projections - The report draws parallels with the smart watch market, predicting that AI glasses will have a penetration rate of only 0.1% in 2024, similar to the early stages of smart watches. It forecasts that global AI glasses shipments will reach 291 million units by 2034, with a CAGR of 55.16% from 2025 to 2034 [21][23][75]. Key Product Launches - The report discusses the launch of Ray-Ban Meta, which features significant improvements in audio and video quality, and integrates with Meta's social platforms, enhancing user experience and application scenarios [10][11][15][71]. Investment Recommendations - The report recommends investing in leading domestic lens brand Mingyue Lens and company Inpai, which are expected to benefit from the industry's growth. Mingyue Lens is actively collaborating with top brands in the industry, while Inpai is expanding into the smart sports equipment sector [6][75][76].

Policy Developments - The National Energy Administration plans to establish a special working group for "Nuclear Power" under the China-Shanghai Cooperation Organization energy cooperation framework, aiming to enhance practical cooperation in the energy sector by organizing and implementing the "Double Thousand" projects[5]. - The first four special working groups will focus on "Nuclear Power," "Oil and Gas," "Coal," and "Renewable Energy and Electricity," with potential for additional groups in the future[5]. Nuclear Fusion Breakthroughs - China's "artificial sun," the EAST (Experimental Advanced Superconducting Tokamak), confirmed the existence of a "density free zone" in its experiments, providing critical physical evidence for high-density operation in magnetic confinement fusion devices[5]. - The research team developed a theory model (PWSO) that identifies the role of boundary impurities in triggering radiation instability, which is crucial for understanding density limits in plasma physics[5]. Nuclear Power Plant Developments - The first nuclear fuel loading for the Guangdong Taipingling Nuclear Power Plant Unit 1 has officially begun, marking a transition from construction to commissioning phase, crucial for achieving grid connection[5]. - The Zhangzhou Nuclear Power Unit 2 has commenced commercial operation, with an annual output capacity of 10 billion kWh, reducing CO2 emissions by approximately 8.16 million tons[6]. Industry Collaborations and Innovations - A joint laboratory for "Fusion Efficient Compact Heat Exchange Equipment" has been established between Hefei Energy Research Institute and Lanshi Group, focusing on advancing fusion power generation technology[7]. - The Fujian Nuclear Power signed a cooperation framework agreement with the Fujian Meteorological Bureau to enhance meteorological services for energy projects, aiming to improve risk management against climate impacts[6]. Risk Factors - Potential risks include underperformance of industrial policies and delays in technological breakthroughs and cost reductions[8].

产业观察 [table_Header]2026.01.28 国家能源局批准七项氢能行标 摘要： 请务必阅读正文之后的免责条款部分 1 of 7 产业研究中心 力鸿一号遥一飞行器亚轨道飞行任务圆满成功— —商业航天跟踪 29 期 2026.01.20 【具身智能产业动态】字节领投自变量 10 亿元 A 加加轮融资，智元拆分灵巧手业务成立"临界 点" 2026.01.20 [Table_Summary] 国家能源局：7 项氢能行标获国家能源局批准。2025 年 12 月 30 日，国家 能源局发布 2025 年第 7 号公告，国家能源局批准《分布式电源接入电力 系统承载力评估导则》等 353 项能源行业标准、《Technical Specification for Directional Drilling in Coal Mine》等 25 项能源行业标准外文 版、《液化石油气组成的测定 气相色谱法》等 2 项能源行业标准修改通 知单，现予以发布。其中氢能相关包括：质子交换膜燃料电池 膜电极边框 材料测试方法、固体氧化物燃料电池 热电联供系统 性能测试方法、加氢 站压力设备系统完整性评价方法、加氧站压力设备系统安 ...

商誉减值致首亏，IDC 交付将改善业绩 光环新网(300383) 光环新网 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余伟民(分析师) | 010-50949926 | yuweimin@gtht.com | S0880525040028 | | 王彦龙(分析师) | 010-83939775 | wangyanlong@gtht.com | S0880519100003 | | 赵文通(分析师) | 010-83939799 | zhaowentong@gtht.com | S0880524030001 | | 杨彤昕(分析师) | 010-56760095 | yangtongxin@gtht.com | S0880525040059 | 本报告导读： 公司预告 2025 年由盈转亏，主因对中金云网等并购资产计提大额商誉减值。IDC 及 云计算业务短期承压，但机柜投放显著加速，2026 年业绩有望快速修复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A ...