文字早评 2026/01/14 星期三 宏观金融类 股指 【行情资讯】 1、据央视新闻报道，中国申请 20.3 万颗卫星频轨资源，并非盲目扩张，而是立足长远、统筹布局的国 家行动，关乎你我未来； 2、工信部：2025 年我国工业互联网核心产业规模预计超 1.6 万亿元，带动工业增加值增长约 2.5 万亿 元； 3、工信部召开第十八次制造业企业座谈会，深入实施新一轮十大重点行业稳增长工作方案，自觉抵制 "内卷"； 4、META 计划到 2026 年将 AI 眼镜 Ray-Ban 的产能翻一番，达到 2000 万件。 期指基差比例： IF 当月/下月/当季/隔季：0.11%/0.04%/-0.05%/-0.97%； IC 当月/下月/当季/隔季：0.36%/0.09%/-0.15%/-1.94%； IM 当月/下月/当季/隔季：0.37%/-0.03%/-0.52%/-2.96%； IH 当月/下月/当季/隔季：0.12%/-0.02%/0.15%/-0.14%。 文字早评 | 2026/01/14 【策略观点】 【策略观点】 年初增量资金入场，融资规模大幅走高，市场成交量快速放大。中长期看政策支持资本市场的态度 ...

Core Viewpoint - The acquisition plan of Wuchan Zhongda (600704.SH) for Huzhou South Taihu Power Technology Co., Ltd. is progressing smoothly, with the target company obtaining the new high-tech enterprise qualification, indicating a positive outlook for the transaction [1][8]. Group 1: Acquisition Details - Wuchan Zhongda announced a cash acquisition of 100% equity in South Taihu Technology for 1.457 billion yuan, with a premium rate of 2.7 times [1][2]. - The target company is expected to generate a net profit of approximately 130 million yuan in 2024 and 49.63 million yuan from January to May 2025 [3][8]. - The acquisition is part of Wuchan Zhongda's strategy to enhance its position in the cogeneration industry and align with the "dual carbon" policy [6][7]. Group 2: Financial Performance - As of September 2025, Wuchan Zhongda's total assets exceeded 220 billion yuan [4][12]. - The company has distributed a total of 11.337 billion yuan in cash dividends to shareholders [5]. - In the first three quarters of 2025, Wuchan Zhongda achieved a revenue of 432.979 billion yuan, a year-on-year decrease of 2.03%, while net profit reached 3.051 billion yuan, showing a year-on-year increase of 30.87% [10]. Group 3: Strategic Positioning - Wuchan Zhongda is recognized as a leader in supply chain integration services and has been ranked among the Fortune Global 500 for 15 consecutive years, placing 150th in 2024 [9]. - The company aims to create a competitive supply chain ecosystem through strategic collaboration and investment activities [9]. - The acquisition of South Taihu Technology is expected to further enhance Wuchan Zhongda's profitability and market share in the cogeneration sector [11].

2025年中央经济工作会议将"坚持'双碳'引领，推动全面绿色转型"列为2026年经济工作的八项重点任务 之一。在"十五五"开局起步的关键节点，这一部署释放出我国推动绿色低碳发展"方向不变、力度不 减"的政策信号。 受访专家认为，"双碳"引领的绿色转型，是一场以能源革命为基石、产业升级为核心、规则塑造为引领 的深刻系统变革，是中国经济实现高质量发展和赢得未来主动权的战略抉择。 推动经济社会系统性变革 绿色发展是高质量发展的鲜明底色，"双碳"工作则是推动全面绿色转型的核心牵引。 "当前，我国正处在以降碳为重点战略方向、协同推进降碳减污扩绿增长的关键阶段，经济社会发展全 面绿色转型需求十分迫切。"中国环境保护产业协会党委书记、会长郭承站表示，中央再次强调"双 碳"引领，向市场传递了长期稳定的政策预期，有助于引导资金、技术、人才向绿色低碳领域集聚，推 动产业体系、能源结构和生产生活方式发生深刻变革。 生态环境部环境与经济政策研究中心副主任田春秀认为，这一部署的核心作用体现在引领发展模式深刻 转型，实现经济发展由追求速度向绿色创新引领转变，实现能源安全由传统化石能源主导，向清洁低碳 化、高效规模化、多元化方向转变，同时 ...

Group 1 - The article emphasizes the importance of Solid Oxide Cells (SOC) technology, specifically Solid Oxide Fuel Cells (SOFC) and Solid Oxide Electrolyzer Cells (SOEC), in achieving carbon neutrality goals and transforming the energy system [2][3] - SOFCs are noted for their wide fuel applicability, enhancing power generation efficiency while reducing CO2 capture costs, whereas SOECs are efficient in hydrogen production and CO2 electrolysis [2] - The upcoming 2026 Solid Oxide Battery Technology Development and Industry Forum aims to discuss breakthroughs and long-term development in the SOC industry, promoting industrial chain integration and contributing to energy structure transformation under carbon neutrality goals [3] Group 2 - The forum will feature discussions on the current state and trends of SOC technology development both domestically and internationally, as well as the demand for SOC in a carbon-neutral environment [8] - Key topics include SOC material technology, battery technology, and the integration of AI in SOC technology development and operational management [10][11] - The event will also include specialized workshops and training sessions focused on SOC stack design and testing, as well as opportunities for industry leaders to discuss market trends and challenges [12][13]

本报记者吴奕萱见习记者王楠 福建华策品牌定位咨询创始人詹军豪在接受《证券日报》采访时表示，此次合作标志着头部电池与材料 企业深度绑定已成明确趋势，将加速行业集中度提升，筑牢龙头企业竞争壁垒。他认为，这种长期协同 模式能够保障供应链稳定、降低成本，推动动力与储能市场扩容，加速技术迭代，助力"双碳"目标实 现。此外，305万吨的长期供应协议强化了需求端确定性，长期来看将推动市场供需匹配，促进行业健 康发展。 公告同时客观提示了相关风险。该协议履行过程中可能受到宏观经济、行业政策、市场价格波动、原材 料供应、产能建设及交付能力等多种因素影响，实际执行情况可能与预计存在差异。本次预计的销售金 额不构成业绩承诺或业绩预测。 工业和信息化部信息通信经济专家委员会委员盘和林对《证券日报》记者表示，宁德时代签订长协锁定 原材料是保障供应链稳定的必然选择，此举实现供需共赢与深度绑定。叠加储能电池及动力电池市场头 部集中的现状，这类合作将提升正极材料市场集中度，同时增强材料供应稳定性、稳定市场预期，推动 动力与储能市场集中度进一步提升。 容百科技表示，当前动力和储能市场的发展使得磷酸铁锂仍具备巨大市场空间。一方面，海外市场对磷 ...

Core Viewpoint - Environmental protection is evolving from a single initiative to a systematic action involving public participation, multi-party collaboration, and comprehensive coverage across various scenarios [2][3]. Group 1: Public Participation in Environmental Protection - As of June 2025, there are approximately 300,000 ecological environment volunteer teams in China, with over 35 million volunteers participating in more than 1.51 million project activities [2]. - The "2025 China Charity Expo Environmental Protection Public Welfare Display and Exchange Activity" aims to explore new paths for public participation in environmental protection and showcase outstanding project results [3]. Group 2: Collaborative Governance in Environmental Protection - Recent environmental policies, such as the "Beautiful China, Volunteers with Me" ecological environment volunteer service implementation plan (2025-2027), provide top-level design and action support for environmental public welfare [4]. - The "Good Cup New Life" initiative promotes low-carbon circular development in the beverage industry by encouraging the use of personal cups and enhancing recycling technologies [5]. Group 3: Future Directions and Innovations - The integration of artificial intelligence and big data with environmental public welfare is expected to enhance operational efficiency and precision in meeting supply and demand [8]. - The establishment of a collaborative governance system involving government guidance, corporate leadership, and public participation is essential for achieving the "dual carbon" goals and promoting ecological civilization [7].

Core Viewpoint - The recent ESG rating results from Hainan Green Development Credit Rating Co., Ltd. highlight that Wens Foodstuff Group (300498.SZ) achieved an AApi rating, showcasing its exemplary performance in ecological farming and responsibility empowerment, setting a replicable development model for the industry [1] Group 1: ESG Rating and Industry Context - Wens Foodstuff Group leads the industry with its dual-driven model of "ecological farming + responsibility empowerment" [1] - ESG has evolved from a supplementary aspect of corporate development to a critical requirement for high-quality growth amid stricter environmental regulations and a shift towards quality consumption [1] Group 2: Green Circular Economy Initiatives - The company is deeply responding to national strategies on food security and carbon neutrality by establishing a green farming model that creates an ecological loop, integrating waste resource utilization into the entire production chain [1] - Wens Foodstuff Group implements a low-carbon circular system across its entire industry chain, focusing on a "pig-fertilizer/water-grain-feed" model [1] Group 3: Technological Innovations and Economic Impact - In 2024, Wens Foodstuff Group developed a resource-based technology system for the unique geographical conditions of the Southwest region, achieving over 95% harmless treatment rate of biogas slurry [2] - The company has reduced nitrogen and phosphorus emissions by over 1,200 tons annually through the application of this technology in 43 breeding farms in Yunnan and the Southwest region, generating direct economic benefits of 23.37 million yuan and increasing surrounding farmers' income by 34.90 million yuan [2] Group 4: Commitment to Food Safety and Sustainable Practices - Wens Foodstuff Group has fully implemented antibiotic-free feed and drinking water in its pig farming operations, and its four egg-laying farms have achieved certification for antibiotic-free egg products, with a total production of 56,100 tons [3] - The company adheres to a sustainable development strategy, integrating pollution prevention into all operational stages and enhancing environmental governance through innovation and technological advancements [3]

Core Viewpoint - The article highlights how Zoucheng, a city in Shandong Province, has emerged as a leader in inland green shipping through innovative practices and strategic resource integration, establishing itself as a hub for the manufacturing of new energy vessels [1][2][3]. Group 1: Development of Green Shipping - Zoucheng has developed China's first demonstration base for inland new energy vessel manufacturing, integrating research, design, and intelligent manufacturing [1]. - The city has established a full industrial chain layout for inland vessels, combining resources from various sectors, including logistics, power technology, and ship design [2]. - The production capacity of new energy vessels at Xinneng Shipbuilding has reached a maximum of 8 vessels per month, with production efficiency increasing by 172% [2]. Group 2: Economic and Environmental Benefits - The cost of LNG fuel is approximately 70% of that of diesel, leading to significantly reduced operational costs for vessels, enhanced market competitiveness [2]. - New energy vessels have achieved a 20% reduction in carbon emissions and over 90% reduction in nitrogen oxides and particulate matter emissions [4]. Group 3: Strategic Positioning and Market Opportunities - Zoucheng has identified a market gap in the production of inland new energy vessels, focusing on this niche where traditional shipyards are unable to compete [3]. - The city is actively participating in the formulation of industry standards, transitioning from a follower to a leader in the inland new energy shipping sector [3]. Group 4: Government and Industry Collaboration - The local government has played a crucial role in supporting the new energy shipbuilding project by facilitating land supply and streamlining approval processes [6]. - Zoucheng plans to establish an industrial alliance for inland new energy vessel manufacturing by 2025 to enhance resource integration and market collaboration [6]. Group 5: International Expansion - Xinneng Shipbuilding has secured over 180 domestic and international orders, successfully exporting vessels to countries such as Vietnam, Tanzania, and Cuba [7]. - The company has adopted an innovative construction model to address logistical challenges in shipping inland vessels, enhancing its international competitiveness [6].

Group 1: Capital Market Overview - The year 2026 is seen as a critical year for the "14th Five-Year Plan," with the capital market at a pivotal point for policy reform and industrial transformation [1] - The capital market is expected to exhibit structural characteristics such as "technology-driven leadership, breakthroughs in green sectors, and coordinated consumer investment" [1] - By the end of 2025, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [1] Group 2: Market Dynamics and Economic Indicators - The focus on adjusting the structure of listed companies aims to attract long-term funds like insurance and pension funds to enhance market liquidity [2] - A significant reduction in market volatility was noted, with the number of trading days where the index fell more than 1% being the lowest in recent bull markets [2] - The nominal GDP is projected to rise from 4.0% in 2025 to 4.5% in 2026, indicating an improvement in corporate profitability [2] Group 3: Technology and AI Focus - A consensus among nearly 60 experts indicates that technology, particularly AI and its related industries, will be the core focus of the capital market in 2026 [3] - The application of AI across various industries is expected to drive significant capital expenditure from major companies [3] - The potential for domestic replacement in AI hardware and models is anticipated to be a key investment theme for the next five years [3] Group 4: Green Transition and Energy Sector - The construction of a new energy system is identified as a core engine for the "dual carbon" transition, emphasizing clean energy sources like solar, wind, and hydrogen [5] - The dual carbon goals present systemic opportunities in clean energy and related sectors, with a shift from demonstration to large-scale application [5] - The demand for new technologies and equipment in traditional industrial energy-saving transformations and the electric vehicle supply chain is expected to grow [5] Group 5: Policy and Consumer Investment - The 2025 Central Economic Work Conference prioritized domestic demand, shifting the policy focus from merely stimulating consumption to enhancing income and optimizing supply [7] - Structural opportunities in consumer spending are anticipated, particularly in sectors like healthcare, tourism, and sports, driven by policies aimed at increasing residents' income [7] - Investment strategies will focus on optimizing project efficiency and structure, with significant attention on rural revitalization and urban renewal initiatives [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信集团 回首2025年，中信集团深入贯彻落实习近平总书记关于生态文明建设的重要论述，将ESG（环境、社 会、治理）理念深度融入企业战略与运营肌理，在服务国家大局中校准航向，在推动绿色转型中激发动 能，在履行社会责任中彰显担当，在完善公司治理中行稳致远，走出一条中信特色的可持续发展进阶之 路。 2025年，是中信集团"两增一减"低碳发展战略深化落地、成效凸显的一年。我们不仅埋头苦干于自身的 碳减排，更抬头远眺产业链、价值链的绿色协同，致力于成为绿色价值的创造者与放大者。 战略牵引，目标更清晰。落实国家"双碳"战略部署，结合中信实际，制定"两增一减"低碳发展战略，明 确"碳达峰 碳中和"目标，出台《2024—2025年节能降碳行动方案》压实工作责任，引领实业板块绿色 低碳转型，驱动金融板块创新绿色产品和服务。力争于2030年全面绿色低碳转型取得显著成效，碳排放 整体达到峰值并实现稳中有降；2060年全面融入绿色低碳循环发展的产业体系和清洁低碳安全高效的能 源体 ...