1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - After the macro - sentiment declined last week, ferroalloys showed a trend of rising first and then falling, and fluctuating downward. The industrial side's hedging at high prices suppressed the price increase. Ferroalloys are supported by the cost side and may show a bottom - oscillating trend after the short - term correction [2]. - The production profit of ferroalloys has improved marginally, and the production reduction trend has gradually flattened and turned upward, with production starting to gradually recover. However, the demand improvement is limited, and high inventory further suppresses demand. De - stocking may still need to be achieved through production cuts [63]. 3. Summary by Relevant Catalogs 3.1 Chapter 1: Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Macro - sentiment decline last week led to a fall - back in ferroalloys. Industrial hedging at high prices restricted price increases. Silicon - manganese inventory decreased by 2.5% week - on - week, but its warehouse - receipt inventory increased by 32.96%. Silicon - iron inventory decreased by 7.48% week - on - week [2]. - On the supply side, the decline in hot - metal production last week reduced the demand for ferroalloys. Although the profit of ferroalloys has recovered recently, the downstream demand is weak, and the driving force for production reduction is not strong, with production expected to fluctuate slightly around the current level. Silicon - iron production decreased by 0.40% and silicon - manganese production decreased by 0.23% week - on - week [2]. - On the demand side, the decline in hot - metal production reduced the demand for ferroalloys. The downstream five major steel products may enter a seasonal inventory - accumulation state, also reducing the demand for ferroalloys [2]. 3.1.2 Trading - type Strategy Recommendations - Trend judgment: Range - bound oscillation. - Price range: The price range of the silicon - iron main contract 2603 is 5300 - 5800 yuan/ton, and that of the silicon - manganese main contract 2603 is 5500 - 6000 yuan/ton. - Basis strategy: Wait - and - see. - Calendar - spread strategy: Wait - and - see. - Hedging and arbitrage strategy: Wait - and - see [9]. 3.1.3 Industrial Customer Operation Recommendations - Ferroalloy price range forecast: The price range of silicon - iron in the next month is 5300 - 6000 yuan/ton with a current 20 - day rolling volatility of 19.94% and a 3 - year historical percentile of 53.8%. The price range of silicon - manganese is 5300 - 6000 yuan/ton with a current 20 - day rolling volatility of 11.18% and a 3 - year historical percentile of 10.5% [7]. - Ferroalloy hedging: For inventory management with high finished - product inventory, it is recommended to short ferroalloy futures (SF2603, SM2603) with a 15% hedging ratio at the entry range of 5800 - 6000 yuan/ton for silicon - iron and 6000 - 6200 yuan/ton for silicon - manganese. For procurement management with low regular inventory, it is recommended to buy ferroalloy futures (SF2603, SM2603) with a 25% hedging ratio at the entry range of 5200 - 5300 yuan/ton for silicon - iron and 5300 - 5400 yuan/ton for silicon - manganese [7]. 3.2 Chapter 2: This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive information**: Anti - involution expectations; accelerating the comprehensive green and low - carbon transformation and controlling high - energy - consumption and high - emission projects effectively from next year; the 15th Five - Year Plan; magnesium ingot production increased by 7.7% month - on - month in November; downstream steel profits gradually improved; silicon - manganese inventory decreased by 2.5% week - on - week; silicon - iron inventory decreased by 7.8% week - on - week [9][10]. - **Negative information**: Not clearly listed in a summarized form, but factors such as the decline in hot - metal production and high inventory of silicon - manganese are negative factors [2]. 3.2.2 Next Week's Important Events to Watch - Next Monday, China will announce the GDP growth rate for 2025. - Next Thursday, the US will announce the weekly initial jobless claims [17]. 3.3 Chapter 3: Disk Interpretation 3.3.1 Price - Volume and Capital Interpretation - Analyzed the closing prices and positions of silicon - iron and silicon - manganese, but no specific conclusions are given in the text [14]. 3.3.2 Basis and Calendar - spread Structure - Silicon - manganese warehouse - receipt inventory increased by 32.96% week - on - week. The silicon - manganese inventory base is at a five - year high, with great de - stocking pressure. The improvement in ferroalloy profits may lead to a continued increase in production, putting pressure on supply [16]. 3.4 Chapter 4: Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industry Chain - The marginal improvement of ferroalloy profits led to a weakening of the motivation for production cuts, and production began to increase slightly month - on - month [32]. 3.4.2 Import and Export Profit Tracking - Analyzed the relationship between silicon - iron export profit and export volume, but no specific conclusions are given in the text [62]. 3.5 Chapter 5: Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - On the supply side, the production profit of ferroalloys has improved marginally, and production has started to gradually recover. On the demand side, although hot - metal production may stop falling and steel production has increased month - on - month, the downstream consumption demand is difficult to rise sustainably in the off - season, and the improvement in ferroalloy demand is limited. High inventory further suppresses demand, and de - stocking may require production cuts [63]. 3.5.2 Supply - side and Deduction - Analyzed the historical and predicted weekly production of silicon - iron and silicon - manganese, as well as the relationship between production profit and production, and the relationship between hot - metal production and ferroalloy production, but no specific conclusions are given in the text [66][67][68]. 3.5.3 Demand - side and Deduction - Analyzed the historical and predicted weekly demand for silicon - iron and silicon - manganese in the five major steel products, as well as the relationship between hot - metal production, magnesium ingot production, steel enterprise profitability, and ferroalloy demand, and the relationship between ferroalloy export profit and export volume, but no specific conclusions are given in the text [70][71][74]. 3.5.4 Inventory - side and Deduction - Analyzed the historical and predicted seasonal inventory of silicon - iron and silicon - manganese, including enterprise inventory, warehouse - receipt inventory, and total inventory, but no specific conclusions are given in the text [85][90][92].

2026.01. 18 本文字数：1866，阅读时长大约3分钟 作者 | 第一财经 祝嫣然 "十四五"时期，国资系统监管企业资产总额从235万亿元增长到387万亿元，年均增长10.5%，有 力支撑了我国经济社会持续健康发展。2025年1~11月，地方监管企业实现增加值6.9万亿元，完成 固定资产投资5.3万亿元。 会议明确了接下来五年地方国资国企工作的重点和任务目标。"十五五"时期，地方国资国企工作主 要目标涵盖战略使命强化、科技自立自强水平提升、布局优化、企业活力动力增强、党的领导加强等 方面，提出了国有经济对经济社会发展的贡献度进一步提高、战略性新兴产业增加值占比大幅提升等 明确要求。 第一财经记者从日前召开的地方国资委负责人会议上了解到上述信息。 2026年是"十五五"开局之年。国资委主任张玉卓表示，起步决定后势，开局关乎全局。要不断打开 传统产业新的发展空间，推动企业通过内生发展、整合并购等方面加力布局，大力培育更多新兴支柱 产业。健全优化工作机制，积极稳妥做好存量国有资产盘活利用，充分发挥产权市场作用，持续深化 国有资本投资、运营公司改革。 在推进国有经济布局优化和结构调整方面，会议明确，各地国资委 ...

新华社北京1月18日电 九三学社第十五届中央委员会第四次全体会议18日在京开幕。会议的主要内容 是学习贯彻中共二十届四中全会精神，听取并审议九三学社第十五届中央常务委员会2025年工作报告， 审议九三学社第十五届中央委员会内部监督委员会2025年工作报告，审议有关人事事项，补选九三学社 第十五届中央委员会副主席、常务委员、委员等。九三学社中央主席武维华代表九三学社第十五届中央 常务委员会作工作报告，常务副主席邵鸿主持开幕会。 武维华强调，2026年是我国"十五五"规划的开局之年，全社将以习近平新时代中国特色社会主义思想为 指导，深入学习贯彻中共二十届四中全会和中央经济工作会议精神，坚决贯彻落实中共中央重大决策部 署和习近平总书记重要指示批示精神，大力弘扬爱国、民主、科学优良传统，围绕"十五五"时期经济社 会发展的目标任务凝心聚力、履职尽责，全面加强中国特色社会主义参政党建设，为助力基本实现社会 主义现代化取得决定性进展贡献智慧和力量。 武维华指出，一年来，在以习近平同志为核心的中共中央坚强领导下，社中央常委会以习近平新时代中 国特色社会主义思想为指导，深入学习贯彻中共二十大、二十届历次全会和中共中央致庆祝九三 ...

Core Viewpoint - The series of articles by "Zhong Caiping" published at the beginning of 2026 aims to set the tone for the economic outlook and provide guidance for development during the critical start of the "14th Five-Year Plan" period, emphasizing confidence and clarity in policy direction [1][3]. Group 1: Economic Outlook and Policy Direction - The articles highlight the resilience and strength of the Chinese economy, asserting that it can withstand significant challenges, thereby establishing a foundational tone of "seeking progress while maintaining stability" for the year [3][4]. - The emphasis on "pragmatism" and "tailored approaches" in economic work reflects a commitment to learning from past experiences and providing precise guidance for local governance [4][6]. Group 2: Key Strategies for Economic Growth - The focus on expanding domestic demand and improving livelihoods is identified as a priority, with strategies including enhancing consumer income and optimizing investment in infrastructure and public services [6][9]. - The articles advocate for a dual approach of boosting both consumption and investment, with specific measures to increase residents' income and support new consumption trends [6][7]. Group 3: Open Economy and International Cooperation - The commitment to high-level openness is reiterated, with an emphasis on quality over quantity in international trade and investment, aiming to create a mutually beneficial environment for both domestic and foreign enterprises [7][9]. - The articles outline four key areas for enhancing openness: expanding the domestic market, deepening supply chain cooperation, optimizing the investment environment, and promoting the Belt and Road Initiative [7][9]. Group 4: Guidance for Stakeholders - The articles serve as a practical guide for individuals, businesses, and local governments, emphasizing the importance of stable expectations, accurate direction, and a realistic mindset in pursuing long-term development [9]. - Stakeholders are encouraged to focus on domestic demand and cooperative opportunities, aligning with government support for new consumption and innovative production sectors [9].

2 0 2 5年1 2月2 8日，2 0 2 5第七届中国母基金5 0人论坛在京召开。本届论坛由母基金研究中心 （www. c h i n a -f o f. c om）主办，汇聚了来自政府部门、行业协会、国内主流母基金、保险资 管、银行AIC、知名投资机构、产业集团及学术界的3 0 0余位代表，为中国母基金行业建言献 策。 在主题演讲环节，国务院发展研究中心金融所副所长陈道富发表了题为《开局之年的政策选 择》的演讲。他从宏观战略、政策取向与投资变局三个维度，深入剖析了 "十五五"开局之年所 面临的复杂形势与核心任务，并特别就投融资体制的深层变革提出了前瞻性见解。 母基金研究 中心整理出演讲核心内容，供行业内人士参考交流： 陈道富首先指出，理解 2 0 2 6年的政策选择，必须将其置于"十五五"规划的宏大框架与中国式 现代化的长远目标之下进行审视。 " 十五五 "规划的灵魂是确定的"十五五"时期的历史方位。 其中， "承前启后，取得重大进展" 确定了 "十五五"规划的 时代方位 。 "承前启后"一词蕴含 深意，它表明国家的 整体 思路、政策框架和重大任务部署保持了高度的稳定性与连贯性，是 在 三个五年计划实现 ...

专题：第27届北大光华新年论坛 1月17日，"第27届北大光华新年论坛"在北京举行，主题为"内需主导，聚力增长：开启'十五五'新征 程"。北京大学党委常委、副校长董志勇出席并致辞。 董志勇强调，北京大学作为中国高等教育的排头兵，始终将自身发展与国家命运紧密相连，光华管理学 院作为服务国家战略与经济社会发展的重要学术高地，自创立以来，始终与我国改革开放和现代化建设 的伟大进程同向同行。 他表示，本届新年论坛不仅是为"十五五"发展献计献策的理论自觉，更是服务国家发展大局的使命担 当。同时他期待本次论坛能激发青年学子的时代责任感，将个人学术志趣与国家战略需求紧密结合，主 动融入国家发展大局和民族复兴伟业，写下无愧于时代的篇章。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李昂 责任编辑：李昂 专题：第27届北大光华新年论坛 1月17日，"第27届北大光华新年论坛"在北京举行，主题为"内需主导，聚力增长：开启'十五五'新征 程"。北京大学党委常委、副校长董志勇出席并致辞。 董志勇强调，北京大学作为中国高等教育的排头兵，始 ...

Core Insights - The company expects its hydrogen retail business to achieve a year-on-year growth of 100% by 2025, expanding its customer base across key strategic sectors such as semiconductors, advanced materials, and biomedicine [1] - The Luoyang hydrogen production project is anticipated to commence operations in the first half of 2026, with a projected annual hydrogen supply capacity of 22.6 million cubic meters, significantly boosting the company's hydrogen business and market share [1] - The "14th Five-Year Plan" emphasizes the strategic layout of future industries, positioning hydrogen energy alongside nuclear fusion and quantum technology as key growth points for the new economy [1] Industry Overview - Hydrogen is recognized as a crucial substance for transitioning from traditional to clean energy and supporting the upgrade of high-end manufacturing, with applications spanning energy, industry, transportation, electronics, and biomedicine [1] - Hydrogen serves as an ideal clean energy carrier and is essential in modern industrial systems, particularly in the production of ammonia and methanol, as well as in semiconductor manufacturing and advanced materials processing [2] - The company is expanding its industrial chain into high-value sectors, having established a comprehensive competitive capability from core equipment development to scenario-based solution delivery [2] Market Dynamics - According to Fortune Business Insights, the global hydrogen energy market is projected to grow from $229.53 billion in 2025 to $353.52 billion by 2032, with a compound annual growth rate of 6.36% [3] - The Asia-Pacific region is expected to dominate the global hydrogen energy market, holding a market share of 47.91% in 2024 [3] - The company has developed a synergistic model of "investment + manufacturing + sales + service," driving sales performance and diversifying application markets in the hydrogen energy sector [3] Strategic Positioning - The company is leveraging its full industrial chain layout to capitalize on industry development opportunities, aiming to solidify its benchmark position in the industrial gas sector and seize opportunities in emerging strategic sectors [4]

Group 1 - The core idea of the news is the active engagement of citizens in the "14th Five-Year Plan" through various suggestion collection initiatives, reflecting the importance of public participation in urban governance [2][4][5] - In the past year, over 103,000 suggestions were collected from citizens, with a high acceptance rate of 98.6% for important suggestions, demonstrating the effectiveness of the suggestion collection process [2][4] - The suggestion collection activities included 163 proactive engagements related to the "14th Five-Year Plan," resulting in over 30,000 suggestions, showcasing the vibrant civic participation and innovative ideas from the public [2][4] Group 2 - The suggestion collection process involved both online and offline methods, including 78 face-to-face discussions with over 1,900 citizen representatives, ensuring a comprehensive approach to gathering public opinions [4][5] - Various departments analyzed the suggestions for their typicality, policy relevance, and forward-looking nature, aiming to implement effective measures based on citizen feedback [5][6] - Initiatives such as optimizing service processes and enhancing public services were highlighted, indicating a commitment to translating citizen suggestions into actionable policies [5][6]

对于2026年国资国企重点工作，他表示，要着力推进国有经济布局优化和结构调整；打造新兴支柱产 业，紧密结合地方产业政策、区域资源禀赋、国资国企实际，推动企业通过内生发展、整合并购等方式 加力布局。 力争科技领军企业数量稳步增长 "十四五"时期，国资国企交出了一份亮眼成绩单："十四五"时期，国资系统监管企业资产总额从235万 亿元增长到387万亿元，年均增长10.5%，有力支撑了我国经济社会持续健康发展。2025年1至11月，地 方监管企业实现增加值6.9万亿元，完成固定资产投资5.3万亿元。 张玉卓表示，"十五五"时期国资国企工作要努力实现以下主要目标：战略使命明显强化，战略安全、产 业引领、国计民生、公共服务等功能更加突出，国有经济对经济社会发展的贡献度进一步提高；科技自 立自强水平明显提升，重点领域关键核心技术快速突破，科技领军企业数量稳步增长；布局明显优化， 在关系国家安全、国民经济命脉的重要行业领域控制地位持续巩固，传统产业加快转型升级，战略性新 兴产业增加值占比大幅提升；企业活力动力明显增强，中国特色现代企业制度和国资监管体制更加完善 定型，企业家精神、科学家精神有力弘扬；党的领导、党的建设明显加强 ...

湖北日报讯 （记者杨念明、王馨）1月16日下午，省委常委会召开会议，传达学习习近平总书记在二十 届中央纪委五次全会上的重要讲话和全会精神，研究部署我省贯彻落实措施；审议省委常委会2026年工 作要点，讨论拟提请省十四届人大四次会议审议的相关文件。省委书记王忠林主持会议。 会议指出，要切实把思想和行动统一到习近平总书记在二十届中央纪委五次全会上的重要讲话精神上 来，以更高标准、更实举措推进全面从严治党，持续深化正风肃纪反腐，以实际行动坚定捍卫"两个确 立"、坚决做到"两个维护"。要强化政治监督，持续推进政治监督具体化、精准化、常态化，更加坚决 有力地贯彻落实党中央决策部署。要规范权力运行，巩固拓展深入贯彻中央八项规定精神学习教育成 果，进一步完善制度规定，强化刚性约束，更加科学有效地把权力关进制度笼子。要深化标本兼治，以 保持高压震慑强化不敢腐，以加强监督制约强化不能腐，以深化廉洁教育强化不想腐，更加清醒坚定地 推进反腐败斗争。各级党委（党组）要坚决扛起全面从严治党主体责任，各级领导干部特别是"一把 手"要从严从实抓班子、带队伍，凝聚推进全面从严治党的强大合力。 会议强调，今年是"十五五"开局之年，也是支点建设 ...