聊聊化工的涨价逻辑。 消息面上，万华化学自2025年12月起连续上调MDI/TDI等核心产品全球售价，与巴斯夫、陶氏等国际巨 头同步调价，行业集中检修及原料成本上涨推动聚氨酯价格走强；同期中国硫酸工业协会联合磷复肥协 会召开保供稳价会议，明确硫酸资源优先保障磷肥生产，以稳定春耕农资供应。 从基本面上来看，行业在经历约三年半的下行周期后，资本开支高峰落幕，供给扩张放缓，同时"反内 卷"政策助力产能出清和价格协同，加速了盈利修复。 周二（1月6日），化工ETF大涨超3.3%，创下22年以来新高。 从化工ETF（516020）份额变化来看，该ETF自25年8月以来份额增长明显，创下历史新高。规模上， 化工ETF最新规模也冲高至38.93亿元，再刷规模新高。 需求端，海外降息周期预期提振传统需求，新能源、储能及AI等新兴领域则带来了新的增长动力。 化工与有色金属的上涨逻辑有相似之处，都受益于供给约束和新兴需求，但化工的供给优化更多源于政 策引导和行业自律，而有色的驱动更侧重于资源稀缺性，两者并非简单复制。 从业绩上来看，化工ETF第三大权重股天赐材料前两天发了2025全年业绩预告。公司预计2025年归母净 利润11- ...

文：韦亚军 摄影：Bob 此次备案完成，标志着基金的进一步落地。 近日，中国证券投资基金业协会信息显示，福建（厦门）社保科创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，落款时间 为2025年12月31日。 据了解，该基金于2025年12月4日正式宣布签约设立。此次备案完成，标志着基金的进一步落地。 该基金由福建省、厦门市、全国社会保障基金理事会、中国建设银行等共同发起设立，首期规模200亿元。 该基金于2025年10月27日签约 ，首期规模500亿元，出资方涵盖社保基金会、浙江省、杭州市、农业银行，定位服务数字经济、人工智能、物联网等长三 角核心产业。 2、福建社保科创基金（厦门） 该基金于2025年12月4日签约，首期规模200亿元，出资方涵盖社保基金会、福建省、厦门市、建设银行，定位海洋经济、新材料、两岸集成电路合作等海 峡西岸特色产业链。 3、江苏社保科创基金（苏州） 该基金于2025年12月19日签约，首期规模同样为500亿元，出资方涵盖社保基金会、江苏省、苏州市、工银投资，定位集成电路、新能源、高端装备等长 三角先进制造集群。 4、湖北社保科创基金（武汉） 该基金于2025年 ...

6日，上证指数以震荡上行在4000点上方调整，最终收盘站稳4000点上方，报4083.67点，上涨1.50%。 截至收盘，深证成指报14022.55点，涨幅1.40%；创业板指报3319.29点，涨幅0.75%。 回顾A股历史，沪指突破4000点的情形并不多见，此前仅出现在两轮行情中，分别是2007年5月与2015 年4月两轮牛市。A股本轮行情首次站上4000点是在2025年10月29日，此后又在3800点到4000点附近反 复震荡，在去年年末蓄力多日后持续上扬，终于在2026年的第一个交易日（5日）再度站上4000点。与 前两轮行情相比，本轮突破具有明显的结构性特征，且市场参与者中，机构投资者占比增加，硬科技、 高端制造、新能源等符合国家战略方向的赛道领涨市场。 对于后市走势，多家市场机构判断，春季躁动值得期待。 羊城晚报讯 记者莫谨榕报道：6日，上证指数成功站稳4000点整数关口，收盘报4083.67点，录得13连 阳，创下十年收盘新高。当日市场呈现普涨格局，全市场成交额突破2.83万亿元，超4100只个股上涨。 在积极宏观政策支撑、宏观经济回暖及增量资金入市等多重因素的支撑下，沪指自2025年"924行 ...

Core Viewpoint - Wanbang Digital Energy, the parent company of Xixing Charging, is planning to list on the Hong Kong Stock Exchange after two unsuccessful attempts to go public in China, marking its first attempt at an IPO in Hong Kong [1][2]. Company Overview - Wanbang Energy was established in 2014 and is based in Changzhou, Jiangsu Province, focusing on the charging pile sector as the parent company of Xixing Charging [2]. - The company has become a leading player in the charging market, manufacturing charging piles and collaborating with local utility companies to build a charging network [2]. Market Position - As of 2024, Wanbang Energy is the largest global supplier of smart charging equipment, with over 470,000 units sold [2]. - Xixing Charging operates 726,000 public charging piles, holding a market share of 15.7%, ranking second among domestic operators, just behind Telai Electric [3]. Financial Performance - Wanbang Energy's revenue has been on the rise, with 2023 revenue at 3.474 billion yuan, increasing to 4.182 billion yuan in 2024, and 3.072 billion yuan in the first three quarters of 2025, representing a 23% year-on-year growth [4][6]. - The revenue breakdown for 2024 shows that smart charging equipment and services accounted for 77.9% of total revenue, while microgrid systems and large-scale energy storage systems contributed 12.3% and 9.8%, respectively [4]. Profitability Challenges - Despite revenue growth, Wanbang Energy's net profit has not kept pace, with a decline of 31.7% in 2024 to 336 million yuan, although it rebounded to 301 million yuan in the first three quarters of 2025, boosted by a one-time asset transfer gain [5][6]. Competitive Landscape - The charging pile market is highly competitive, with Wanbang Energy facing challenges in maintaining profitability due to a single revenue model primarily based on service fees [4][6]. - The recent IPO of Zhida Technology, a competitor in the home electric vehicle charging sector, indicates increasing competition in the market [6][8]. Strategic Partnerships - Wanbang Energy has established strategic partnerships with major automotive brands, including Mercedes-Benz, Porsche, Jaguar Land Rover, and Volkswagen, leveraging its historical strengths in vehicle sales [2]. Future Outlook - The company aims to expand its business through the upcoming IPO, which is seen as a necessary step to secure funding and enhance its competitive position in the evolving charging infrastructure market [8].

Group 1 - Nickel prices surged over 10% on the London Metal Exchange (LME), reaching a peak of $18,545 per ton, marking the largest intraday increase since 2022, with a cumulative rise of over 20% in the past two weeks [1] - The core logic behind the price increase is the strengthening expectation of supply contraction, driven by the suspension of nickel mining activities by Indonesia's Vale due to unapproved annual work plans [1] - The Indonesian government plans to reduce nickel mining quotas by 250 million tons by 2026, which has intensified supply constraint expectations, significantly boosting market sentiment [1] Group 2 - According to Fangzheng Securities, the suspension of nickel mining by Vale and the Indonesian government's quota reduction plan are expected to accelerate the supply-demand rebalancing in the nickel industry [2] - The long-term upward trend for industrial metals remains intact, supported by supply shortages in copper and expectations of mid-term easing from the Federal Reserve, with nickel benefiting from supply contraction and renewable energy demand [2] - The rise in nickel prices will directly benefit nickel mining, smelting, and nickel-cobalt new material companies, while also exerting cost pressure on downstream industries such as stainless steel and new energy batteries [2] Group 3 - Company Greenme focuses on the recycling and manufacturing of new energy battery materials, possessing nickel resource recovery and smelting capacity, and has established stable cooperation with downstream battery enterprises [3] - Company Huaxin Environmental's subsidiary, Anhui Huaxin Jintong Environmental Technology Co., Ltd., primarily produces cathode copper from black copper refining, along with gold, silver, and nickel products [3]

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！ □ 有助于股票市场持续成长，中长期平稳向好。股票市场对实体经济高质量发展的支持力度会持续加 大，对经济发展作出更大贡献。 □ 有助于市场更加有力地支持高新技术企业上市，更好支持新质生产力的培育与成长。一方面，科技企 业上市加快将激活股市的融资与成长双引擎；另一方面，科技赛道崛起将优化股市结构并重塑估值体 系。 □ 有助于丰富股票、基金以及衍生品等资本市场产品，为境内外投资者提供更多优质的可投资产品。一 方面，股票市场投资需求推动产品拓展与创新；另一方面，政策推动产品创新。 □ 有助于提升居民的资产配置能力，不断改善配置结构。资本市场的加速发展正深刻重塑居民资产配置 格局，推动配置能力的提升与配置结构的优化，而房地产与权益资产的占比调整则成为核心趋势。未来 房地产资产的配置占比将持续下降，权益资产的配置占比上升。这一变革是低利率环境、政策引导与市 场成熟度提升共同作用的结果。 □ 有助于金融结构发生重大转变，直接融资比重上升，间接融资比重下降，资本市场会成为货币政策关 注和调节的重点领域。直接融资的发展将有助于现代化产业体系的构建和经济结 ...

Core Insights - The Chinese private equity investment industry has reached a historic turning point after years of adjustment, with long-term investors beginning to reap rewards as short-term speculators exit the market [1] - In 2025, the total fundraising amount for the industry is expected to exceed 1.16 trillion yuan, a year-on-year increase of 8%, with over 3,500 new funds, marking an 18% increase [1] Group 1: Structural Changes and Investment Strategies - The role of state-owned capital (国资) has been further strengthened, with local guiding funds and state-owned capital accounting for over 50% of contributions, while the fundraising of foreign currency funds has decreased by 55% year-on-year [3] - State-owned limited partners (LPs) are integrating national strategies and regional economic development goals into their investment decisions, with a clear directive to allocate 70% of funds to early-stage technology companies [3] - The investment strategy of VC/PE has shifted from broad-based approaches to more targeted investments, with a noticeable decrease in the concentration of large funds exceeding 5 billion yuan [3] Group 2: Focus on Hard Technology - Hard technology is expected to be the primary focus for private equity investments in 2025 and the coming years, encompassing areas such as artificial intelligence, robotics, semiconductors, low-altitude economy, commercial aerospace, life sciences, and new energy [5] - The establishment of the Science and Technology Innovation Board, Growth Enterprise Market, Hong Kong Stock Exchange, and Beijing Stock Exchange has provided critical windows for capitalizing on hard technology investments [5] - Early-stage financing transactions (A-round and earlier) are projected to account for 62% of total transactions, with small investments under 10 million yuan exceeding 67% [5] Group 3: Exit Strategies and Market Recovery - The exit environment is showing signs of recovery, particularly in the IPO market, with A-share and Hong Kong markets accounting for 16% and 33% of global IPO numbers and fundraising amounts, respectively [7] - The number of IPO cases for invested companies in Hong Kong increased by 46.9% year-on-year, while the fundraising amount grew by 148.1% [7] - Mergers and acquisitions (M&A) have also seen significant growth, with a year-on-year increase of 84% in exit cases, totaling 352 cases in the first three quarters of 2025 [7] Group 4: Long-term Vision and Future Outlook - The theme "Visionaries Win" reflects the need for foresight in navigating the challenges and opportunities within the private equity investment landscape [9] - The upcoming 15th China Capital Annual Conference aims to gather key players in the industry to discuss emerging trends and strategies for success in fundraising and investment [9][10] - The investment landscape is expected to evolve towards greater specialization, internationalization, and sustainability, driven by ongoing policy optimization and the deep integration of technology and industry [13]

Group 1 - In 2026, China's economy officially embarks on the "14th Five-Year Plan" with strong policy collaboration and market vitality, highlighting the role of listed companies as a backbone of the national economy [1] - A series of investment and cooperation announcements have emerged, showcasing robust economic development, including the signing of 22 key projects with a total investment of approximately 40 billion yuan, with over 80% allocated to future industries [2] - Yifan Pharmaceutical has signed agreements to obtain exclusive rights for a late-stage clinical anti-tumor drug, enhancing its oncology pipeline while avoiding high costs and time associated with independent R&D [3] Group 2 - Major projects are accelerating, such as the semiconductor intelligent manufacturing industrial base in Zhengzhou, with a total investment of 1.8 billion yuan, focusing on semiconductor back-end testing equipment and IoT safety production systems [4] - The Bozhong Precision Engineering's new energy intelligent equipment R&D and manufacturing base in Suzhou has a total investment of 1 billion yuan, expected to achieve annual sales of 4 billion yuan upon full production [5] - Xusheng Group has received a notification from a North American electric vehicle manufacturer for a project with a lifecycle sales amount of approximately 7.8 billion yuan, expected to start mass production by the end of 2026 [6] Group 3 - Defu Technology's subsidiary has signed a cooperation agreement with a leading domestic CCL company to ensure stable supply of high-end electronic circuit copper foil products for 2026, positively impacting future financial performance [7] - Qiaoyin Co. has won a bid for an integrated urban sanitation project with a contract value of 1.225 billion yuan over a 25-year service period, expected to enhance market expansion and future operational performance [7]

□ 有助于股票市场持续成长，中长期平稳向好。股票市场对实体经济高质量发展的支持力度会持续加 大，对经济发展作出更大贡献。 □ 有助于市场更加有力地支持高新技术企业上市，更好支持新质生产力的培育与成长。一方面，科技企 业上市加快将激活股市的融资与成长双引擎；另一方面，科技赛道崛起将优化股市结构并重塑估值体 系。 2024年9月以来，股票市场向好势头整体巩固，上证指数累计涨幅超39%；创业板、科创板指数累计涨 幅均超99%。我国股票市场究竟发生了怎样的重大变化？这种变化会有怎样的重大意义？这是本文讨论 的主要内容。 一、我国股票市场跨入新发展时代的特征 □ 连 平 王运金 股票市场跨入新发展时代，是我国经济金融发展过程中具有里程碑意义的大事，将产生一系列重大而积 极的影响： □ 有助于丰富股票、基金以及衍生品等资本市场产品，为境内外投资者提供更多优质的可投资产品。一 方面，股票市场投资需求推动产品拓展与创新；另一方面，政策推动产品创新。 □ 有助于提升居民的资产配置能力，不断改善配置结构。资本市场的加速发展正深刻重塑居民资产配置 格局，推动配置能力的提升与配置结构的优化，而房地产与权益资产的占比调整则成为核心趋势 ...

序号股东名称持股比例1佳木斯龙源绿储新能源有限公司100% 经营范围含新兴能源技术研发；新能源原动设备销售；配电开关控制设备销售；试验机销售；太阳能热 利用产品销售；新材料技术研发；金属制品研发；电力电子元器件销售；合成材料销售；能量回收系统 研发；电池销售；蓄电池租赁；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；集 成电路设计；互联网安全服务；机械电气设备销售；智能输配电及控制设备销售；合同能源管理；节能 管理服务；在线能源计量技术研发；在线能源监测技术研发；软件开发；软件销售；信息系统集成服 务；智能控制系统集成；信息技术咨询服务；数据处理和存储支持服务；工程和技术研究和试验发展； 发电技术服务；充电桩销售；太阳能发电技术服务；光伏发电设备租赁；太阳能热发电装备销售；余热 发电关键技术研发；风力发电机组及零部件销售；风力发电技术服务；集中式快速充电站；新能源汽车 电附件销售；以自有资金从事投资活动；日用家电零售；家用电器销售；家用电器零配件销售；储能技 术服务；家用电器研发。许可项目：发电业务、输电业务、供（配）电业务；供电业务；水力发电。 企业名称佳木斯绿微龙源新能源发展有限公司法定代表 ...