Report Summary 1. Report Purpose - The report aims to objectively reflect the research views of futures and securities companies on various commodity varieties, track hot - spot varieties, analyze market investment sentiment, and summarize investment driving logics [1] 2. Data Source and Selection - The closing price data are from the previous Friday, and the weekly changes are the changes in the closing prices of the previous Friday compared with those of the Friday before last. Data sources include wind and Guotou Futures [1][2] 3. Market Data 3.1 Commodities - **Positive Growth**: Silver closed at 27941.00 with a weekly increase of 11.92%; crude oil at 470.80 with a 6.54% increase; gold at 1161.42 with a 4.10% increase; palm oil at 9240.00 with a 3.70% increase; PVC at 5063.00 with a 2.89% increase; copper at 103680.00 with a 2.31% increase; aluminum at 24560.00 with a 1.11% increase; methanol at 2320.00 with a 0.96% increase; and soybean meal at 2767.00 with a 0.58% increase [2] - **Negative Growth**: Coking coal at 1155.50 with a - 0.13% change; iron ore at 791.50 with a - 0.44% change; rebar at 3128.00 with a - 0.45% change; glass at 1056.00 with a - 0.75% change; corn at 2271.00 with a - 1.26% change; ethylene glycol at 3913.00 with a - 2.10% change; live pigs at 11220.00 with a - 2.98% change; PTA at 5270.00 with a - 3.27% change; and polysilicon at 47140.00 with a - 7.06% change [2] 3.2 A - shares - **Positive Growth**: The SSE 50 closed at 3066.50 with a 1.13% increase; the CSI 300 at 4706.34 with a 0.08% increase; and the Hang Seng Index at 27387.11 with a 2.38% increase [2] - **Negative Growth**: The CSI 500 closed at 8370.52 with a - 2.56% change [2] 3.3 Overseas Stocks - **Positive Growth**: The FTSE 100 closed at 10223.54 with a 0.79% increase; the S&P 500 at 6939.03 with a 0.34% increase [2] - **Negative Growth**: The Nasdaq Composite Index closed at 23461.82 with a - 0.17% change; the French CAC40 at 8126.53 with a - 0.20% change; and the Nikkei 225 at 53322.85 with a - 0.97% change [2] 3.4 Bonds - Chinese 2 - year treasury bonds had a yield of 1.39 with a - 0.86bp change; 10 - year treasury bonds had a yield of 1.82 with a - 1.81bp change; and 5 - year treasury bonds had a yield of 1.58 with a - 2.7bp change [2] 3.5 Foreign Exchange - The euro - US dollar exchange rate closed at 1.19 with a 0.19% increase; the US dollar central parity rate was 6.97 with a - 0.36% change; and the US dollar index was 97.12 with a - 0.40% change [2] 4. Commodity Views 4.1 Macro - financial Sector 4.1.1 Stock Index Futures - **Strategy Views**: Among 7 institutions' views, 2 are bullish, 2 are bearish, and 3 expect a sideways trend [3] - **Bullish Logics**: Abundant liquidity in Q1, central bank's structural interest - rate cuts, upward - revised corporate profit expectations, improving fundamentals, ongoing core drivers of the spring market, and capital flowing into low - valuation sectors [3] - **Bearish Logics**: Sharp decline in precious metals, nomination of Waller for Fed Chair increasing hawkish expectations, decline in January's manufacturing PMI, insufficient economic demand, and profit - taking in the capital market [3] 4.1.2 Treasury Bond Futures - **Strategy Views**: Among 7 institutions' views, 0 are bullish, 1 is bearish, and 6 expect a sideways trend [3] - **Bullish Logics**: Central bank's large - scale reverse repurchase operations, increased capital flowing back to the bond market due to stock market uncertainties, good primary - market demand for bonds, and geopolitical risks increasing risk - aversion sentiment [3] - **Bearish Logics**: Uncertainties around the Spring Festival, supply pressure of government bonds in 2026, and the need to observe the impact of allocation forces on market demand and pricing [3] 4.2 Energy Sector 4.2.1 Crude Oil - **Strategy Views**: Among 8 institutions' views, 1 is bullish, 1 is bearish, and 6 expect a sideways trend [4] - **Bullish Logics**: Geopolitical risks in the Middle East, impact of the US cold wave on production, OPEC+ suspending production increases until the end of Q1, and a weak US dollar trend [4] - **Bearish Logics**: Forecast of oversupply in 2026 by IEA and EIA, non - OPEC countries' continuous production expansion, potential over - production in Venezuela, high geopolitical premium in current prices, and weak terminal demand [4] 4.3 Agricultural Products Sector 4.3.1 Soybean Meal - **Strategy Views**: Among 7 institutions' views, 0 are bullish, 0 are bearish, and 7 expect a sideways trend [4] - **Bullish Logics**: Concerns about drought in Argentina, strong short - term Brazilian basis, inventory reduction before the festival, and relatively strong spot prices [4] - **Bearish Logics**: Expected high soybean production in Brazil, high future arrivals, decline in US soybean prices, weak demand from the breeding industry, and a 70% year - on - year increase in domestic commercial inventory [4] 4.4 Non - ferrous Metals Sector 4.4.1 Copper - **Strategy Views**: Among 7 institutions' views, 1 is bullish, 1 is bearish, and 5 expect a sideways trend [5] - **Bullish Logics**: Potential US interest - rate cuts, supply disruptions in global copper mines, weakening copper concentrate processing fees, and long - term growth in copper consumption [5] - **Bearish Logics**: Concerns about Fed's tightening policies after Waller's nomination, weakening sentiment due to precious - metal decline, increasing global visible inventory, and profit - taking before the Spring Festival [5] 4.5 Chemical Sector 4.5.1 Soda Ash - **Strategy Views**: Among 7 institutions' views, 0 are bullish, 3 are bearish, and 4 expect a sideways trend [5] - **Bullish Logics**: Macro - policies to counter deflation and involution, industry's willingness to stabilize prices, and pre - festival downstream procurement before the cancellation of export tax rebates on photovoltaic glass [5] - **Bearish Logics**: New production capacity increasing supply pressure, low - price and rigid - demand procurement by downstream, high enterprise inventory, and oversupply in the photovoltaic glass industry [5] 4.6 Precious Metals Sector 4.6.1 Gold - **Strategy Views**: Among 7 institutions' views, 0 are bullish, 0 are bearish, and 7 expect a sideways trend [6] - **Bullish Logics**: Long - term trend of de - dollarization, repeated geopolitical tensions in the Middle East, and central banks' long - term gold - buying behavior [6] - **Bearish Logics**: Nomination of hawkish Waller for Fed Chair, increased margin requirements by exchanges, and profit - taking from previous speculative trading [6] 4.7 Black Sector 4.7.1 Coking Coal - **Strategy Views**: Among 7 institutions' views, 1 is bullish, 0 is bearish, and 6 expect a sideways trend [6] - **Bullish Logics**: Geopolitical tensions increasing energy commodity premiums, downstream winter - storage replenishment, and expected supply contraction due to pre - festival mine closures [6] - **Bearish Logics**: Lack of fundamental support for price increases, low auction transaction rates, high Mongolian coal imports, and low steel - mill iron - water production [6]

Group 1 - The core viewpoint of the news highlights a significant increase in various renewable energy indices, with the China Securities Photovoltaic Industry Index rising by 5.8%, the China Securities New Energy Index by 3.6%, and the China Securities Shanghai Carbon Neutrality Index by 2.7% [1] - The E Fund Storage Battery ETF (159566) saw a net subscription of 42 million units throughout the day, indicating strong market interest, and has attracted approximately 370 million yuan in total over the past week [1] - A recent policy announcement regarding the improvement of the generation-side capacity price mechanism provides substantial compensation for energy storage capacity, ensuring attractive baseline returns for storage projects across the country [1] Group 2 - Huatai Securities emphasizes the importance of accelerating the construction of a new energy system during the 14th Five-Year Plan, focusing on the development of new energy storage and the enhancement of smart grid infrastructure [1] - The New Energy Battery Index, which focuses on the energy storage sector, comprises 50 companies involved in battery manufacturing, energy storage battery inverters, and system integration, positioning it to benefit from future energy development opportunities [5] - The E Fund Photovoltaic ETF tracks the China Securities Photovoltaic Industry Index, which includes 50 representative companies across the upstream, midstream, and downstream of the photovoltaic industry chain, indicating its strong potential in future energy markets [7]

Core Viewpoint - The Inner Mongolia Autonomous Region's People's Congress is enhancing the quality of representative work by strengthening political guidance, improving service effectiveness, and fostering closer ties with the public [1][2]. Group 1: Training and Capacity Building - In 2025, the Inner Mongolia People's Congress organized four specialized training sessions for representatives, focusing on themes such as political guidance and enhancing service capabilities, with over 360 representatives participating [2]. - The training included high-profile lectures and practical sessions, significantly improving the representatives' ability to perform their duties [2]. Group 2: Legislative Proposals and Implementation - The Inner Mongolia People's Congress reviewed and processed 10 legislative proposals and 670 suggestions, with 10 selected for focused follow-up by leadership to ensure effective implementation [2][3]. - A new evaluation system was established to assess the handling of suggestions, transitioning from mere responses to actual implementation [3]. Group 3: Community Engagement and Representation - The People's Congress initiated a digital platform allowing citizens to easily contact representatives, enhancing communication and responsiveness [3]. - In 2025, 3,920 offices for handling public petitions were established, with 13,207 representatives acting as facilitators to resolve issues [5]. Group 4: Grassroots Involvement and Social Governance - The People's Congress representatives actively engaged in community governance, with 46,102 representatives reporting to their communities and participating in mediation of civil disputes [5]. - A total of 818 projects were voted on at the county level and 2,532 at the township level, involving approximately 319.49 billion yuan, aligning government actions with public needs [5]. Group 5: Institutional Support and Future Directions - The People's Congress is working on improving the legal framework for representative duties, ensuring better support for their functions [5]. - Future plans include integrating representative work into broader regional development strategies and enhancing grassroots governance participation [5].

Group 1 - The provincial representatives are reviewing the government work report and the draft outline of the "14th Five-Year Plan," contributing their insights for a strong start to the plan [2] - The government work report is praised for its high-level perspective, practical measures, and alignment with the spirit of the Central Committee, reflecting local characteristics and public expectations [2] - Representatives emphasize the importance of integrating legislative decisions with reform and development, enhancing supervision, and supporting representatives in conducting focused inspections and research activities [2] Group 2 - Suggestions from representatives include enhancing infrastructure for new energy vehicles and promoting the development of agricultural machinery [3] - There is a call for increased medical support and public education on malignant tumors, emphasizing the role of traditional Chinese medicine in prevention and treatment [3] - Recommendations for cultural community development focus on transitioning from hardware construction to software empowerment, promoting cultural resources at the grassroots level, and establishing regular training mechanisms [3]

Group 1: Nuclear Power Development - During the "14th Five-Year Plan" period, China General Nuclear Power Group (CGN) received approval for 16 nuclear power units, started construction on 10 units, and completed 4 units [1][4] - As of now, CGN has 28 operational nuclear units and 20 under construction, with a total installed capacity exceeding 56 million kilowatts [4] - The "Hualong One" reactor technology has achieved 12 major technical indicators at the international optimal level, making it the only reactor type without significant review issues [4] Group 2: Renewable Energy Expansion - CGN's clean energy grid-connected electricity generation exceeded 1.67 trillion kilowatt-hours during the "14th Five-Year Plan," with installed capacity growing from 62 million kilowatts to 113 million kilowatts [1] - The operational capacity of domestic renewable energy surpassed 70 million kilowatts, and CGN expanded its overseas renewable energy business to 18 countries [1] - The company achieved nearly a threefold increase in domestic renewable energy capacity compared to the end of the "13th Five-Year Plan," with cumulative grid-connected electricity exceeding 370 billion kilowatt-hours [1] Group 3: Technological Advancements - CGN has implemented 144 advanced construction technologies during the "14th Five-Year Plan," introducing smart construction models that significantly enhance engineering efficiency and quality [5] - The "Hualong One" technology is undergoing continuous iteration and upgrades, with the 2.0 version set to enter the demonstration project construction phase [5] Group 4: Green Energy Initiatives - CGN established China's first fully green electricity supply virtual power plant and has engaged in market transactions totaling over 2.1 trillion kilowatt-hours of electricity over the past five years [4] - The cumulative green electricity trading volume exceeded 30 billion kilowatt-hours, and the external sales volume of CCER carbon assets surpassed 5 million tons [4] - CGN has built its first hydrogen production station and successfully developed a seawater direct hydrogen production experimental prototype [4]

Core Insights - The National Energy Group has established a solid energy supply foundation through supply assurance, price stability, green transformation, and innovative reforms, achieving significant milestones in coal production, wind power capacity, and market capitalization [1][2]. Energy Supply and Production - The company has stabilized its self-produced coal volume at 600 million tons and has achieved a wind power capacity exceeding 72 million kilowatts, contributing to a market capitalization surpassing 1 trillion yuan [1]. - The group aims to enhance effective investment and promote the transformation and upgrading of traditional industries while developing emerging industries on a large scale by 2026 [1]. Renewable Energy Development - During the 14th Five-Year Plan, the group has focused on expanding scale and optimizing layout, resulting in a threefold increase in renewable energy installed capacity compared to the end of the 13th Five-Year Plan [2]. - The company has developed large-scale wind and solar bases and launched the world's largest open offshore photovoltaic project, showcasing innovative integration of green energy and agriculture [2]. Energy Storage and Hydrogen Production - The group has made significant advancements in energy storage, with 195 new storage projects operational by the end of 2025, accounting for approximately 6% of the national new energy storage capacity [2]. - The hydrogen energy sector has been established with a production capacity of 6,000 tons per year, representing 5% of the national total, with various applications leading industry development [2]. Coal Power Upgrades - The company is focusing on upgrading coal power as a key transformation strategy, with four projects selected as national pilot projects for next-generation coal power [3]. - These upgrades are expected to reduce carbon emissions by 10% for certain coal power units by 2024 [3]. Energy Security and Supply Assurance - The National Energy Group has built a resilient supply assurance system, prioritizing supply stability and price control while enhancing emergency supply capabilities [3][4]. - The company has accelerated the release of high-quality coal production capacity, achieving significant operational metrics, including a stable self-produced coal volume and record daily power generation [3][4]. Transportation and Logistics - The group is improving its transportation network, with ongoing projects like the Huanghua Port Phase V and the Dongyue Railway, enhancing coal transportation efficiency [4]. - The company’s coal production and power generation metrics account for significant national shares, with annual coal production representing one-sixth of the national total [4]. Reform and Innovation - The company has implemented comprehensive reforms, completing 161 specific reform tasks to enhance governance and operational efficiency [5][6]. - The restructuring of assets has led to a significant increase in the market value of China Shenhua, with over 200 billion yuan in asset restructuring [6]. Future Outlook - By 2026, the company plans to strengthen its safety and supply responsibilities, enhance investment effectiveness, and promote high-quality development while focusing on carbon asset management and technological innovation [6].

针对风光富集区与负荷中心逆向分布的问题，国网扬州供电公司率先投运全国首台及江苏第二台输电移 相器工程，大幅提升宝应、高邮等新能源聚集区的消纳能力与城区供电可靠性，实现区内东西源荷互 济，工程建设成本较传统方案降低约50%，相关成果入选国家能源局首台（套）重大技术装备名录，并 在全国推广。 依托长江与京杭大运河交汇独特的地理优势，扬州风光资源禀赋得天独厚，近年来新能源发展驶入快车 道。全国首个"交改直"工程——扬州至镇江直流输电工程成效显著，一期投运以来，每年向苏南地区输 送清洁能源超60亿千瓦时，直接带动高邮地区新能源投资超130亿元，待二期工程贯通后，可将跨区输 送能力提升至240万千瓦，畅通绿电南送"主动脉"。 1月19日，随着江苏高邮泰润耿庭、泰润三垛、恒禾三垛3个光伏项目全容量并网，扬州市新能源发电总 装机容量突破1000万千瓦，达到1100万千瓦，占该市总装机容量超65%，标志着扬州成为江苏内陆地区 新能源装机规模最大的城市。 ...

Core Viewpoint - The Xilin Gol League has made significant achievements in enhancing energy supply security and optimizing energy supply capabilities since the start of the 14th Five-Year Plan, in line with the new energy security strategy. Group 1: Coal Supply - The foundation for coal supply has been strengthened, with the Xilin Gol League implementing national policies for stable coal production and supply, resulting in the approval of new coal production capacity of 16.75 million tons per year and the elimination of outdated capacity of 450,000 tons per year. The total approved coal production capacity has reached 210 million tons per year, with cumulative coal production nearing 670 million tons, ranking second in the region for both approved capacity and production [1][1][1]. Group 2: Coal Power Support - The coal power support capacity has been enhanced, with the construction of coal power projects accelerated through the "two exchanges and one direct" ultra-high voltage channel. New thermal power installations have added 6.61 million kilowatts, bringing the total thermal power capacity to 19.025 million kilowatts, ranking second in the region. Cumulative electricity generation has exceeded 300 billion kilowatt-hours, placing third in the region [1][1][1]. Group 3: Renewable Energy Development - The development of renewable energy has shown strong momentum, with the completion and grid connection of several projects, including the first phase of a 7 million kilowatt ultra-high voltage base and subsequent projects totaling 4 million kilowatts of wind and solar capacity. New renewable energy installations have reached 15.47 million kilowatts, nearly a 1.5 times increase compared to the end of the 13th Five-Year Plan, with total renewable energy capacity approaching 26 million kilowatts and cumulative generation exceeding 190 billion kilowatt-hours, leading the region in both capacity and generation for five consecutive years [1][1][1].

Core Viewpoint - The GDP of Tibet Autonomous Region is projected to exceed 300 billion yuan by 2025, demonstrating significant economic growth over the years [1] Economic Growth Timeline - The GDP of Tibet took 50 years to surpass 100 billion yuan, achieving this milestone in 2015 [1] - It took only 6 years to reach 200 billion yuan in 2021 [1] - The current projection indicates that it will take just 4 years to exceed 300 billion yuan [1] Development Strategies - During the 14th Five-Year Plan period, Tibet is focusing on tailored strategies and precise measures to foster new advantages and accumulate new growth momentum [1] - Major projects are being advanced systematically, with renewable energy sources like solar and wind accounting for over 50% of installed capacity [1] - The construction of 1,000 beautiful rural areas in the plateau region is also underway [1]

Summary of the Conference Call for Sheneng Co., Ltd. Industry Overview - The annual long-term electricity price in Shanghai has slightly decreased, but the profitability of thermal power companies remains strong due to cost control and stable coal supply strategies, including increasing the proportion of imported Indonesian coal to reduce costs [2][4]. Core Company Insights - **Focus on Renewable Energy**: Sheneng Co., Ltd. is prioritizing the development of renewable energy, with significant projects in Hainan, Xinjiang, and Shanghai. The Hainan 600,000 kW wind power project is expected to contribute over 100 million yuan in net profit for the year [2][5]. - **Investment Plans**: The company plans to invest over 130 billion yuan in the next five years, with a capital requirement of 25-26 billion yuan for renewable energy projects and pumped storage facilities [2][7]. - **Coal Procurement Strategy**: For 2026, the company anticipates that approximately 70% of its long-term coal supply will come from foreign suppliers, with a focus on increasing the proportion of imported Indonesian coal to leverage price advantages [2][8]. - **Dividend Policy**: The company aims to maintain a dividend payout ratio of 55% to 60%, ensuring stable dividends even during periods of high capital expenditure [3][24]. Financial Performance - **2025 Performance**: The overall operational performance of Sheneng Co., Ltd. remained stable in 2025, with the thermal power segment benefiting from a significant decrease in fuel costs. The average price of coal was approximately 820-850 yuan/ton, down about 16-17% year-on-year [4]. - **Net Profit from Assets**: The company’s gas cushion assets generated stable net profits of over 500 million yuan annually, while nuclear power dividends are expected to recover in 2026 [4]. Renewable Energy Development - **Project Expansion**: The company is expanding its renewable energy projects, including a second phase of the Hainan wind power project and additional wind power projects in Xinjiang [5][6]. - **Market Position**: Sheneng Co., Ltd. has over 44% of its installed capacity in renewable energy, although competition has slightly reduced utilization hours and electricity prices [2][16]. Financing Strategies - **Funding for Projects**: The company has issued four tranches of perpetual bonds totaling 4.4 billion yuan and plans to raise additional funds through refinancing to support its renewable energy projects [2][17]. - **Future Financing Plans**: The company is considering various financing tools, including convertible bonds and potential equity refinancing, to maintain a healthy balance sheet and stable cash flow [23]. Market Conditions - **Electricity Market Trends**: The long-term electricity price in Shanghai is expected to decrease by about 3 cents, which may exert some pressure on the company's revenue. However, the company is confident in its ability to maintain profitability through improved competitiveness in thermal power [9][10]. - **Impact of Market Changes**: The introduction of a continuous settlement system in the Shanghai spot market is expected to have a limited impact on the company due to its established market position and professional marketing team [13]. Additional Considerations - **Hydrogen Production Viability**: The economic feasibility of green hydrogen production from methanol in Shanghai is being explored, with potential applications in Hainan [21]. - **Subsidy Outlook**: In 2025, the company received over 1.5 billion yuan in national subsidies, which is expected to remain stable or slightly decline in 2026 [22]. This summary encapsulates the key points from the conference call, highlighting the company's strategic focus, financial performance, and market conditions.