Core Insights - 2025 is a pivotal year for Nanning to achieve the "14th Five-Year Plan" development goals, focusing on attracting investments in cutting-edge fields like artificial intelligence and new energy, while enhancing industrial park reforms and innovative investment attraction models [1] Investment and Economic Growth - Nanning's investment promotion system has exceeded expectations, with domestic investment indicators surpassing targets: manufacturing project investment completion at 122.09% and total manufacturing project investment at 104.47% [1] - In 2025, Nanning signed 356 investment projects worth over 50 million yuan, with 223 in manufacturing, accounting for 62.64% [1] - The city leads the region in the number of newly established foreign enterprises and actual foreign investment [1] Artificial Intelligence Sector Development - The artificial intelligence industry has seen significant growth, with 67 domestic AI projects signed, 52 projects operational, and 32 generating revenue [2] - Nanning has 110 core AI enterprises, representing 41.2% of the region's total, and has published 161 "AI+" scenario lists across various sectors [2] - The city is establishing itself as a hub for AI solutions in ASEAN countries, attracting leading companies for collaboration [2] Industrial Chain Enhancement - In the new energy sector, Nanning signed a "double hundred" project for the fluorine battery industry chain, adding 100 GWh of capacity [2] - The city is attracting drone component manufacturers and promoting projects in the low-altitude economy [2] - Key metal industries are being developed with support from local research institutions, pushing for high-end and intelligent transformations [2] Project and Park Development - Major projects are crucial for industrial development, with 76.35% of project investments in 2025 coming from 16 industrial parks [3] - The industrial parks' total output value increased by 12.72% year-on-year, with Nanning High-tech Zone and Guangxi-ASEAN Economic Development Zone achieving significant milestones [3] - Notable projects include the completion of the second phase of Sun Paper's project and the acceleration of the French Aisen paper project [3] Innovative Investment Attraction Models - Nanning is innovating its investment attraction methods and optimizing service mechanisms to enhance project introduction and implementation efficiency [4] - Local leaders have conducted 130 outbound investment attraction trips, engaging with 502 enterprises, and held 824 inbound investment meetings [5] - A project tracking service mechanism has been established to address challenges in land, labor, and financing, ensuring timely project commencement and production [5] Future Outlook - In 2026, Nanning will continue to focus on new productive forces, particularly in artificial intelligence, new energy, low-altitude economy, and key metals, aiming for further advancements in investment attraction and industrial park development [5]

在世界经济论坛2026年年会上，绿色经济和新能源话题引发热议。其中，一份名为《绿色经济增长的首 席执行官指南》的报告提出，全球绿色经济已成长为价值5万亿美元的巨大市场，成为继科技行业后增 长最快的领域。中国新能源产能与市场份额全球领先，是引领世界绿色转型的核心力量。然而，热议中 也有杂音。有的国家将中国的领先视为"威胁"，恶意贬低污蔑新能源，鼓吹开采使用更多油气资源。在 世界大势面前，拒绝和阻挠绿色转型，无异于用旧时代的钥匙去开新时代的大门，最终只会碰壁。 为什么在复杂的全球经济格局与气候挑战面前，我们更要坚定地拥抱新能源？ 事实胜于雄辩。从新能源产品本身来看，中国新能源发展，帮助解决了多国用能问题。目前，中国已与 上百个国家和地区开展绿色能源项目合作。清洁、高效、优质的绿色能源项目和新能源产品，有效解决 了有关国家和地区用电难、用电贵等问题。随着风电大容量机组、光伏高效晶硅电池、钙钛矿电池等不 断发展，中国正推动新能源成本进一步下降，中国制造带来的良性循环，使新能源在全球多数地区成为 最经济的选择。目前，全球三分之二的能源投资正流向清洁能源，其中又以新能源为主，这一趋势不会 逆转。 中国新能源发展，为全球创 ...

Core Viewpoint - The 2026 China Environmental Communication Annual Conference highlighted key environmental news keywords for 2025 and established an expert committee to enhance the professionalism and scientific approach of environmental communication [1] Group 1: Annual Keywords - Eight annual keywords were released, summarizing the key policy focuses and practical directions in the ecological and environmental field over the past year: green transformation, carbon market, beautiful China pilot areas, new energy, ecological environment code, extreme weather, pollution prevention, and biodiversity [1] Group 2: Expert Committee Formation - The China Environmental Journalists Association announced the formation of an expert committee aimed at integrating industry resources, promoting theoretical innovation and practical development in environmental communication, and enhancing the effectiveness of ecological civilization concept dissemination [1]

Core Viewpoint - The company Electric Alloy (300697) has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the context of rising demand for copper and alloys due to global infrastructure developments and technological advancements [1][3]. Group 1: Company Performance - As of January 28, 2026, Electric Alloy's stock closed at 19.6 yuan, marking an 8.11% increase with a turnover rate of 28.0% and a trading volume of 564,200 shares, resulting in a transaction value of 1.083 billion yuan [1]. - On the same day, the net inflow of main funds was 83.9975 million yuan, while retail investors experienced a net outflow of 1.04 billion yuan, suggesting a shift in investor confidence towards institutional investors [3]. Group 2: Strategic Business Insights - The company has no current intentions to acquire upstream mineral resources, focusing instead on enhancing its core business and product competitiveness in response to industry trends [2]. - The company’s copper material business, represented by Xiamen Copper Power New Materials Co., aims to leverage the local electric power distribution industry's advantages to produce high-quality copper busbars and components, which are essential for emerging industries such as data centers and low-voltage electrical equipment [2].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Zhejiang Rongtai Electric Material Co., Ltd.* 浙江榮泰電工器材股份有限公司 (the "Company") IMPORTANT IMPORTANT: If you are in any ...

本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其獨家保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據呈交香港公司註冊處處 長註冊的本公司招股章程作出投資決定，有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本公司、其獨家保薦 人、整體協調人、顧問或包銷團成員在香港或任何其他司法管轄區必須進行發售活動的 責任。本公司最終會否進行發售仍屬未知之數； (c) 本文件或其補充、修訂或更換附頁的內容未必會在實際最終的上市文件內全部或部分轉 載； (d) 申請版本並非最終的上市文件，本公司可能不時根據《香港聯合交易所有限公司證券上市 規則》作出更新或修訂； (e) 本文件並不構成向任何 ...

Core Viewpoint - ST Yundong (000903.SZ) expects a net profit attributable to shareholders of the listed company to be between -950 million yuan and -800 million yuan for 2025, indicating ongoing financial challenges due to increased competition and rising penetration of new energy in the commercial vehicle engine market [1] Financial Performance - The company anticipates a net profit excluding non-recurring gains and losses to be between -960 million yuan and -810 million yuan for 2025 [1] - The company's financial burden is exacerbated by a high debt-to-asset ratio due to consecutive losses, leading to significant financial expenses that the operating profit cannot cover [1] Business Challenges - The traditional business scale and profit margins continue to face pressure from the increasing penetration of new energy and intensified market competition [1] Strategic Initiatives - To capture market share, the company is maintaining high levels of R&D investment [1] - The company is implementing measures to improve operational quality, including optimizing product structure and promoting domestic supply chain alternatives, which have led to an increase in the gross profit margin per engine compared to the same period last year [1] - Management is enforcing refined management practices, strict implementation of flexible budgeting, and comprehensive cost control, resulting in a year-on-year decrease in period expenses [1] Emerging Business Development - New business areas such as unmanned logistics vehicles and intelligent rubber cutting machines are gradually contributing to incremental growth [1] - The company is steadily expanding its overseas market through technology exports and service network development [1] Overall Improvement - The overall operational status of the company has improved, with the loss margin narrowing compared to the same period last year due to the comprehensive implementation of the aforementioned measures [1]

Group 1: Trade Friction and Discrimination - The trade friction index related to China from 19 countries/regions is at a high level of 101 as of November 2025, with the EU having the highest index, particularly in sectors like semiconductor materials, rare earth magnets, and LCD products [1] - In January 2023, the EU has increased discriminatory measures against Chinese companies, including the introduction of the Carbon Border Adjustment Mechanism (CBAM) which sets high default values for carbon emissions from Chinese products [2] - The EU has also mandated member states to exclude "high-risk suppliers" in 18 key industries, unjustly labeling some Chinese companies as high-risk, thereby limiting their participation in 5G infrastructure [2] Group 2: Future Plans and Initiatives - The China Council for the Promotion of International Trade (CCPIT) plans to enhance its services for foreign enterprises and support Chinese companies in international exhibitions, with a focus on the 2027 World Expo in Belgrade, Serbia [3] - The CCPIT aims to organize high-quality economic and trade activities in 2026, including the Global Trade and Investment Promotion Summit and the 19th China-Latin America Entrepreneurs Summit, to deepen cooperation along the Belt and Road Initiative [3] - The CCPIT will innovate the Chain Expo to facilitate exchanges and cooperation between Chinese and foreign enterprises, focusing on emerging industries such as artificial intelligence and renewable energy [4] Group 3: Legal and Intellectual Property Services - The CCPIT is committed to building a world-class mediation and arbitration institution to enhance the international commercial dispute resolution framework [5] - The organization will expand its services in intellectual property disputes and overseas rights protection, aiming to strengthen the knowledge of intellectual property services [5] - The CCPIT plans to enhance its legal services, including compliance management and risk prevention, to assist enterprises in navigating trade friction [5]

Group 1: Gold Market - Recent surge in gold prices, with international spot gold surpassing $5200 per ounce and domestic prices in Shenzhen exceeding ¥1300 per gram, both reaching historical peaks [1] - The Federal Reserve has lowered the benchmark interest rate to a range of 3.50-3.75%, signaling the start of a rate-cutting cycle, which is expected to further boost gold prices [1] - By the end of 2025, COMEX gold settlement prices are projected to have increased by 64.34% compared to the beginning of the year, making gold one of the standout assets for the year [1] Group 2: Industrial Metals - The strong rise in gold is part of a broader trend, with industrial metals also experiencing significant price increases, indicating a collective rally across precious and industrial metal sectors [3] - In 2025, all industrial metal prices are expected to rise, with tin and copper leading the charge, both exceeding 43% growth, reaching 44.91% and 43.96% respectively [4] - Other metals such as aluminum, nickel, zinc, and lead are also expected to see steady increases, with growth rates of 17.03%, 9.83%, 4.68%, and 2.45% respectively [4] Group 3: Copper Market - Copper is identified as a core industrial material, essential for various sectors including power transmission and renewable energy, and is viewed as a barometer for macroeconomic health [6][7] - The supply growth of copper is slowing, with global production expected to increase by only 2.3% in 2025, primarily due to limited output from major producers like Chile and disruptions at key mines [11] - Demand for refined copper is projected to grow by 7.7% in 2026, leading to a significant supply-demand imbalance and supporting higher copper prices [14] Group 4: Aluminum Market - Domestic electrolytic aluminum production capacity has reached its limit at 45.36 million tons, with production heavily reliant on hydroelectric power from southwestern regions [19] - If hydroelectric supply stabilizes, aluminum production may see slight recovery in 2026, but overall growth potential remains limited [21] - The cost of electrolytic aluminum production is decreasing due to falling prices of raw materials, with average profits expected to remain above ¥3836 per ton in 2025 [23] Group 5: Tin Market - China, Myanmar, and Australia dominate global tin resources, with China holding the largest share at 23.8% of total reserves [30] - The semiconductor and photovoltaic industries are expected to drive tin demand, with significant growth anticipated in solder materials due to advancements in technology [32][34] - By 2025, the tin consumption in the photovoltaic sector is projected to reach 63,000 tons, further solidifying its role as a key growth area [34] Group 6: Lithium Market - Lithium, essential for electric vehicle batteries and energy storage, is projected to see supply growth of 30.8% in 2024, with demand driven by the rapid expansion of the electric vehicle market [37] - By 2026, global lithium demand is expected to reach 166,300 tons of lithium carbonate equivalent, reflecting a 20% year-on-year increase [39] Group 7: Key Companies - Zhongling Industrial is expected to benefit from the long-term supply-demand gap in electrolytic aluminum, with projected net profits of ¥15.5-17 billion in 2025, a 120.27% increase year-on-year [40] - Tianshan Aluminum is also positioned to capitalize on the growing demand for aluminum driven by the photovoltaic and automotive sectors, with expected net profits of ¥45-49 billion [40] - Luoyang Molybdenum is focusing on expanding copper production, with a target of 80-100 thousand tons by 2028, and projected net profits of ¥200-208 billion in 2025 [40]

Group 1 - The non-ferrous metal sector is leading the market with a net inflow of over 34.3 billion yuan, with 16 stocks hitting the daily limit, including Hunan Gold and China Aluminum [1][8] - The popular ETF, Huabao Non-Ferrous Metal ETF (159876), saw its price surge by 7.35% at its peak and closed up 6.95%, reaching a historical high, with a net subscription of 140 million units on the day [1][8] - The ETF has attracted over 1.2 billion yuan in net inflows over the past 20 days, indicating strong investor interest [1][8] Group 2 - President Trump's comments on the dollar's volatility have raised concerns about U.S. dollar policy, leading to a significant drop in the dollar index, which makes dollar-denominated metals cheaper and potentially increases global demand [3][10] - Aluminum prices have reached a nearly four-year high, while spot gold has hit a record high of 5,283 dollars per ounce [3][10] - The upcoming Federal Reserve meeting is expected to lean towards a dovish monetary policy, which may provide a favorable environment for the non-ferrous metal market [3][10] Group 3 - The strong performance of non-ferrous metals is attributed to macroeconomic financial policies and structural changes in supply and demand, with a global easing cycle and a weaker dollar leading to increased liquidity in the sector [3][11] - Emerging demands from AI and new energy sectors, along with domestic policies aimed at regulating industry competition, are expected to further stimulate the non-ferrous metal market [3][11]