俄罗斯的压力很好理解，毕竟俄乌战争还在打呢，中国则早就对欧盟失望了，所以一直在推行各个击破的策略，跟每个国家单独沟通就是不理欧盟，最要 命的是，如今美国也对欧洲彻底祛魅，那就很难挽回了。 美国人是从二战后开始快速崛起的，但了解美国的也都知道，初始的美国人大都来自于欧洲，他们始终摆脱不了欧洲对他们的影响，哪怕是欧洲的落魄贵 族在美国都比老钱好使，简直是最硬的通货。 欧洲现在挺悬的，名义上欧盟联合起来还是世界第二大经济体，但实际上欧盟内部四分五裂，一边要面对俄罗斯的压力，另一边中国也找到了对付欧盟的 办法，现在美国也开始施压，这可能是压倒欧盟的最后一根稻草。 为什么一说就是欧美，因为他们之间藕断丝连，美国不过是欧洲那帮人的一个旁系，别看美国在1945年之后在实力上已经碾压欧洲，但实际上在精神上一 直受欧洲的摆布，直到2025年特朗普才迈出拒绝精神矮化这一步。 特朗普开始骂欧洲，万斯开始骂欧洲，鲁比奥也开始骂欧洲，这可不纯粹的是什么赢学，而是在帮美国人补钙，下一步就该深入审丑欧洲了，特朗普想要 格陵兰岛就是为掠夺欧洲打好基础。 从1945到2025这80年间，美国人实际上是在占尽天时地利人和的局面下，一直受到欧洲的 ...

2月23日，农历正月初七，春节假期最后一天，坐落于濮阳工业园区的河南省君恒实业集团生物科技有限公 司（以下简称"君恒生物"）内，已是一派热气腾腾的生产景象。 君恒生物能把地沟油加工成可持续航空燃料（SAF），与传统航空燃油相比，这种绿色燃料全生命周期可减 少85%的碳排放。 复工复产，对君恒生物来说，不是简单的重启，而是冲刺的发令。 现有产线早已开足马力：2025年，约9.5万吨SAF从濮阳发出，为国内外航空业提供绿色动力。产能释放未来 可期：今年，随着新项目投产，君恒生物的SAF产能将翻倍跃升，年产值将一举叩开百亿元"大门"。 冲刺的"底气"还在于技术"内功"的苦练。据张霖介绍，君恒生物新项目新增预处理环节，不仅能吃进地沟 油，还能消化秸秆等更廉价的原料，使成本更低、成品竞争力更强。同时，企业自主研发的高抗酸性催化剂 载体，让高酸值废弃油脂加工更稳定；新型分子筛异构催化剂将可持续航空燃料总收率提升至72%以上，冰 点降至-42℃以下……这些创新，让更多废弃油脂变成可"飞天"的燃料。 俯瞰君恒生物100万吨/年废弃油脂加工可持续航空燃料项目建设现场。 记者 王延辉 摄 在君恒生物忙生产的同时，濮阳市商务局正通 ...

2026年马年春节，我与家人选择温暖的滇南作为旅行的目的地。云南是中国民族种类最多的省份，25个 少数民族世代聚居，也是我国水能资源作为富集的区域之一，高原风能、太阳能资源得天独厚。丰富自 然景观、多元文化和民族特色赋予了云南无穷的魅力。春节假期期间，我从昆明出发自驾南下，途径普 洱至西双版纳。一路上我领略到滇南极致的文化多样性，感叹于名山大川带来的视觉震撼，陶醉在各族 人民共度佳节时街市上浓浓的烟火气息。同时，作为电力行业研究员，旅途中亲眼见证一块块有序铺设 的光伏板，一座座耸立的风电站，一条条穿梭山间的高压电线，绿色能源在云南高速发展的成果如此具 象化地展示在我面前，一瞬间年报及研报中提到的项目和装机数据便有了温度。今年春节之旅，我感触 最深的莫过于"风光"赋予云南的发展机遇，历史上美丽的"风光"景色吸引了无数人慕名而来，而如今丰 富的"风光"资源又成为保障能源供给，促进经济发展的强劲动能。 一、普洱：穿梭能源走廊 观绿色能源与绿水青山共同发展 大年初一，我们从"春城"昆明出发，昆磨高速是昆明至滇南的必经之路，道路两侧的电力设施密集得令 人瞩目。多条输电线路与高速公路并行延伸，铁塔银线在山间起伏。在驱车前 ...

央视网消息：新春佳节，处处洋溢着浓浓的年味儿。广东、山东等地推出多种丰富多彩的活动，让人们感受不同地方特色的春节氛围。服务保 障人员坚守岗位，让每位游客都能安心游玩。 在粤港澳大湾区，春节期间第二届大湾区灯会正火热举行，本届灯会于2月10日正式在广州南沙开园亮灯，以"湾区同心·华彩千秋"为主题，总 面积约53.3万平方米，设置五大展区，上百组大型主题灯景。除此之外，主办方还组织了丰富的年俗活动。 在山东聊城，宛园新春灯会正式亮灯，各式花灯将夜空装点得如梦如幻。活动主打山体光影秀、梦幻极光秀两大科技光影项目，当地提前对景 区亮化及演艺设备开展巡检，筑牢景区夜间运营安全防线。国网聊城供电公司松林供电所所长郭雅智介绍，针对马年灯组、夜间市集新增负 荷，提前扩容线路、增设应急发电机，打造"30分钟快速响应圈"，同步上门为商户、游客提供精准用电指导。 为缓解假期自驾新能源车的"充电焦虑"，蒙阴供电部门在配齐配好各景区充电设施的基础上，通过蹲点值守、巡回检查、"零距离"服务等方 式，确保游客出行用电安全便捷。 乐享新春佳节 电力部门保驾护航 在山东蒙阴，沂蒙山云蒙景区打造一系列美丽的冰雕。造型精美、晶莹剔透，游客穿行其间 ...

Core Viewpoint - The G7's recent acknowledgment of nuclear power as a green energy source has sparked significant reactions, particularly from Germany, which has previously abandoned nuclear energy, leading to energy supply challenges [1][3][5]. Group 1: Germany's Energy Crisis - Germany's energy crisis began in 2011 after the Fukushima disaster, leading to the shutdown of nuclear power plants and a reliance on natural gas from the Nord Stream pipelines [3][5]. - The outbreak of the Russia-Ukraine war disrupted energy supplies, exacerbating Germany's economic struggles and highlighting the consequences of its decision to phase out nuclear energy [5][7]. Group 2: Global Energy Landscape - The current global proven oil reserves stand at 17,546 billion barrels, natural gas at 206 trillion cubic meters, and coal at 1,740 billion tons, with coal accounting for 58% of the total energy reserves [9][18]. - The competition for clean energy, particularly natural gas, is intensifying as countries seek to secure energy control amid geopolitical tensions [18][24]. Group 3: Nuclear Energy Potential - The Earth has proven uranium reserves of 5 million tons, which can yield energy equivalent to over 140 trillion tons of standard coal, indicating the vast potential of nuclear energy [28]. - The G7's shift in stance towards nuclear energy reflects its importance in the current energy landscape, especially as fossil fuels still dominate global energy consumption [26][28]. Group 4: Regional Energy Strategies - The U.S. remains the leading energy power, excelling in both nuclear energy and shale oil production, while countries like India are strategically purchasing cheaper Russian oil to benefit economically [32][34]. - Taiwan's energy strategy, which relies on renewable sources, faces challenges due to limited space for solar installations and mismatched energy supply and demand, leading to potential energy crises [30][32].

Group 1 - The lithium battery industry is experiencing a dual trend of rapid growth in energy storage while facing challenges in the power battery sector, particularly with the shift towards solid-state technology [2] - Major battery manufacturers are receiving strong orders in energy storage, leading to calls for capacity expansion, while upstream material prices are rebounding sharply, impacting profit growth [2] - The global pace of electrification is slowing, creating a "chilling effect" in the industry, but the strong momentum in energy storage remains a positive factor [2] Group 2 - The lithium battery industry is entering a critical phase of technological breakthroughs and expanding application scenarios, with a focus on innovation and collaboration for sustainable development [14][22] - Companies are emphasizing long-term strategies and technological innovation to adapt to the evolving market landscape, particularly in energy storage and solid-state battery development [28][49] - The industry is witnessing a structural improvement with increasing penetration rates in electric vehicles and rapid deployment of energy storage systems across various sectors [21][22]

Group 1 - In 2025, China's economy demonstrated resilience and vitality, achieving a growth rate of 6.1% despite complex global geopolitical conditions and external challenges [3] - The A-share market reached a historic milestone with a total market value surpassing 100 trillion yuan, indicating a significant transformation in market structure and the rise of technology growth sectors [3] - Guolian Minsheng Securities successfully completed a market-oriented merger, leveraging its state-owned background and market mechanisms to enhance its core business capabilities and achieve substantial growth in capital strength and operational performance [3] Group 2 - Looking ahead to 2026, China's economy is expected to exhibit characteristics of high-quality and sustainable growth, with a focus on releasing domestic demand potential, integrating technology industries, and accelerating green transformation [4] - The macroeconomic policy environment is anticipated to support reasonable price recovery and improvement in corporate profitability, providing a solid foundation for the market [4] - Guolian Minsheng Securities aims to adhere to values of compliance, stability, integrity, and innovation, focusing on serving the real economy and wealth management for residents, while enhancing financial services for various client segments [4]

展望2026年——这个充满活力与希望的"马年"，我们认为中国经济将进入"高质量发展深化年"。一方 面，中央经济工作会议明确提出"把稳增长、稳就业、稳预期作为重中之重"，财政政策有望更加积极， 特别国债、地方专项债发行节奏前置，新基建、绿色转型、数字经济等领域将成为投资主战场；另一方 面，房地产风险化解取得阶段性成效，金融体系稳健性进一步增强，人民币资产的全球配置价值日益凸 显。 在此背景下，资本市场也将迎来结构性机遇。我们判断，2026年A股市场将呈现"震荡上行、风格轮 动"的特征。随着企业盈利逐步修复、估值处于历史低位，叠加资本市场"国九条"深化落实、上市公司 分红回购机制完善，权益资产的长期吸引力正在提升。与此同时，债券市场在"宽货币+稳信用"环境 下，仍将维持偏强格局，但需警惕海外通胀反复带来的利率波动风险。 债券市场作为合晟资产的核心深耕领域，我们持续发挥十四年积淀的信用研判与利率把控能力。当前债 券市场虽面临资金面边际波动，但中长期"稳增长、宽信用"的政策基调未变，我们会继续通过精细化信 用评级体系筛选优质标的，把握信用债机会；同时动态调整久期策略，在利率波动中捕捉交易性机会， 坚守合晟债券投资的核 ...

Core Viewpoint - The event "Tianjin Visit by Foreign Diplomats" showcased the cultural richness and innovative development of Tianjin, highlighting its role as a vibrant city in China and a key player in international cooperation [13][21]. Group 1: Cultural Exchange - Foreign diplomats experienced traditional Chinese culture through activities such as visiting ancient streets and participating in the Yangliuqing Lantern Festival, which combined traditional customs with modern technology [14][15]. - The diplomats expressed admiration for Chinese classical arts, particularly during a performance of "The Drunken Concubine," and engaged with local artists, showcasing a deep appreciation for cultural exchange [15]. Group 2: Educational Collaboration - The diplomats visited the Luban Workshop at Tianjin Light Industry Vocational Technical College, which has established 26 Luban Workshops in 24 countries, providing vocational training to over 31,000 individuals [16]. - The workshop serves as a key platform for Sino-African educational cooperation, particularly with Egypt, where it has trained over 3,000 students in various technical fields [16]. Group 3: Port and Trade Development - Tianjin Port is positioned as a crucial maritime gateway, with 150 container shipping routes connecting to over 500 ports globally, enhancing trade opportunities for various countries [17]. - The port's advancements in automation and green technology have led to zero carbon emissions during operations, earning praise from diplomats for its innovative practices [18]. Group 4: Innovation and Future Opportunities - The event coincided with the beginning of spring, symbolizing new opportunities, as diplomats observed the integration of high technology in various sectors, including transportation and healthcare [18][19]. - The exhibition of advanced projects, such as the domestically developed artificial heart, attracted significant interest from diplomats, indicating potential for international collaboration in healthcare technology [19][20].

Company Overview - Hunan Junxin Environmental Protection Co., Ltd. (Junxin) has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities as joint sponsors, marking its second attempt to list [1] - Junxin specializes in comprehensive waste treatment and resource utilization solutions, including investment, management, and operation of green energy projects [1] - The Changsha Environmental Industry Park, where Junxin operates, is one of the largest comprehensive environmental parks in China [1] Business Development - In 2024, Junxin signed a service concession agreement with local authorities in Kyrgyzstan to develop a green energy project in Bishkek, with Phase I expected to commence operations by December 2025 [3] - The company has also signed investment agreements for similar projects in Osh and Issyk-Kul regions of Kyrgyzstan, and a memorandum of understanding for a project in Almaty, Kazakhstan [3] - Junxin aims to expand its business in Central Asia and continue seeking opportunities in regions with high potential [3] Market Position - According to Frost & Sullivan, Junxin's Changsha waste-to-energy project ranks fourth in daily processing capacity among all solid waste incineration projects in China, and it ranks first in average electricity generation per ton of waste [3] - Junxin's Changsha transfer project is ranked first in the country for waste transfer and treatment, while its kitchen waste project ranks third in daily processing capacity [3] Strategic Focus - Junxin plans to maintain its market leadership by focusing on core business areas, enhancing green technology capabilities, expanding overseas markets along the Belt and Road Initiative, improving operational efficiency through technological innovation and digital transformation, and strengthening talent development [4] Financial Performance - Revenue for the years ending December 31 for 2022, 2023, and 2024, as well as for the nine months ending September 30, 2025, were RMB 1.548 billion, RMB 1.837 billion, RMB 2.411 billion, and RMB 2.115 billion respectively [5] - Gross profit for the same periods was RMB 865.4 million, RMB 940.1 million, RMB 1.0007 billion, and RMB 1.2086 billion respectively [6] - Net profit for the same periods was RMB 587.5 million, RMB 652.8 million, RMB 686.2 million, and RMB 825.3 million respectively [7] Industry Overview - Solid waste is categorized into five types: municipal waste, general industrial solid waste, construction waste, hazardous waste, and agricultural waste [9] - The market for waste-to-energy and kitchen waste resource utilization is expanding, becoming a significant part of the green energy sector [9] - China's municipal waste generation is projected to grow from 235.1 million tons in 2020 to 260.6 million tons in 2024, with a rapid increase in waste incineration processing capacity [10] Future Market Trends - The demand for waste treatment capacity is expected to increase significantly, with a projected compound annual growth rate of 7.0% for waste incineration processing from 2025 to 2029, reaching an additional 308.5 million tons by 2029 [12]