日迈月征，四时轮转。在这春潮涌动、辞旧迎新的美好时刻，我代表国联基金，向一直以来关心与支持公司发 展的广大投资者、合作伙伴、全体员工及家属，致以最诚挚的新春问候！ 回望2025年，中国资本市场走出了结构鲜明、改革深化的特色行情，A股与债券市场在时代变革与产业升级中 呈现出不同的发展特征，为基金行业带来了全新的发展机遇。这一年，行业与资本市场同频共振，在改革浪潮 中经历考验、实现成长，每一步发展都离不开市场环境的赋能与行业自身的坚守。 从A股市场来看，2025年是结构性机遇凸显、权益资产价值回归的一年，市场整体呈现出"科技主线领航、多板 块多点开花"的鲜明格局。AI算力基建落地、自主可控芯片技术突破、人形机器人产能释放等产业红利，推动 半导体、人工智能、高端装备等硬科技赛道持续走强，成为市场核心驱动力；同时资源、互联网、创新药、新 消费板块同步发力，走出独立行情，为权益投资创造了广阔的选股空间与操作弹性。 债券市场方面，2025年则呈现机遇与挑战并存、产品创新加速的特征。一方面，债券型ETF实现爆发式增长， 规模增幅高达3.76倍，科创债ETF等创新产品填补市场空白，推动债券市场工具化、指数化发展迈上新台阶， ...

Economic Performance - In 2025, China's GDP grew by 5.0%, reaching a total of 140 trillion yuan, meeting the initial target[10] - Fixed asset investment saw a decline of 3.8%, marking the first annual negative growth since records began[10] - Retail sales of consumer goods increased by 3.7%, with service consumption growing at 5.5%[10] 2026 Outlook - GDP growth is projected at 4.8%, with expectations of improved internal demand and a narrowing of supply-demand disparities[5] - CPI is expected to recover moderately, with the decline in the GDP deflator narrowing from -1.0% to around -0.2%[6] - Investment is anticipated to stabilize, with marginal improvements in manufacturing and a reduction in the decline of real estate investment[8] Capital Market Trends - The A-share market is expected to continue its structural bull market, led by the technology sector, with global funds increasing allocations to Chinese assets[7] - The RMB exchange rate is projected to appreciate moderately to around 6.8[7] Risks and Challenges - Insufficient internal demand and low prices are mutually reinforcing, leading to weak consumption and investment growth, which pressures corporate profits[11] - The real estate market is undergoing deep adjustments, with ongoing declines in investment and high inventory levels affecting market confidence[11] - High youth unemployment rate at 16.5% poses structural challenges to employment and income stability[11]

Group 1 - The stock price of Jiang Tung Equipment (600397) closed at 15.49 yuan on February 13, 2026, marking a historical high with an increase of 8.25% on that day and a cumulative rise of 40.95% over the past five days, despite the company expecting a net loss of 258 million to 308 million yuan for the full year of 2025 and having reported losses for three consecutive years from 2023 to 2025 [1] - The strong stock performance is primarily driven by expectations of a significant asset restructuring, with the company announcing plans to raise no more than 1.882 billion yuan through a targeted issuance to acquire 100% equity of Jiang Hard Company, Huamao Company, and Jiuye Company, which are projected to achieve a combined net profit of approximately 132 million yuan in 2025 [1] - The acquisition will add tungsten and tantalum-niobium product businesses, facilitating the company's transition from coal trading to a dual main business model of "magnetic separation equipment + new materials," which is viewed positively by the market regarding resource integration prospects [1] Group 2 - The trading environment is characterized by intense capital competition, with a single-day transaction volume of 2.717 billion yuan and a turnover rate of 17.62% on February 13, 2026, despite a net outflow of 408 million yuan from main funds, retail and speculative funds collectively saw a net inflow of 408 million yuan, indicating active participation from short-term speculative investors [2] - Technical indicators are strong, with the stock price breaking through all key moving averages (5-day, 20-day, and 60-day), the MACD histogram remaining positive, and the KDJ indicator's J line reaching 107.27, indicating an overbought condition, which supports short-term upward momentum [2] Group 3 - The small metals sector has recently shown active performance, with stocks like Zhangyuan Tungsten Industry (002378) hitting the daily limit, and stocks related to power grid equipment and state-owned enterprise reform being favored by investors, making Jiang Tung Equipment, as a small-cap stock with a circulating market value of 15.3 billion yuan, more susceptible to sector sentiment [3] - The company's transformation direction aligns with policy-supported areas such as high-end equipment and new materials, leading to high growth expectations from the market after shedding its loss-making coal business [3] Group 4 - Attention is needed regarding whether the targeted issuance plan can successfully pass regulatory approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, as well as the profitability stability of the acquired assets [4] - The company faces significant short-term financial risks, with a debt-to-asset ratio of 88.28% and a current ratio of 0.52 as of the third quarter of 2025, indicating substantial repayment pressure [4] - If the transformation does not meet expectations, the company may continue to experience performance losses [4]

经济观察网根据公开信息，永达股份（001239）在2026年及后续时间有以下值得关注的事件： 关联交易进展 合同最新进展 2025年12月22日，公司被确认为2026年度"机舱平台(后机座)"采购项目的预中标单位，订单总金额约3.5 亿元，合作周期为1年，预计全年交付陆上及海上机型共2100台。该项目将从2026年起开始执行，可能 对当年业绩产生积极影响。 以上内容基于公开资料整理，不构成投资建议。 公司拟通过发行股份及支付现金方式收购江苏金源高端装备有限公司49%的股权，并募集配套资金。该 交易已于2025年12月9日公布预案，但截至2026年2月5日，相关的审计、评估等工作尚未完成，仍需公 司董事会、股东会审议及监管机构批准后方可实施。交易完成后，永达股份将全资控股金源装备，有助 于提升在高端装备领域的竞争力。 ...

Market Overview - On February 12, the stock market experienced fluctuations, with the index rising throughout the day. The computing power leasing concept surged, AI application stocks showed volatility, and liquid cooling server stocks strengthened. The semiconductor sector gained momentum in the afternoon, while the chemical sector retreated. The film and cinema sector continued to adjust, and the retail sector saw widespread declines, particularly in the liquor sector. Overall, more than 3,200 stocks declined, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.86%, and the ChiNext Index up by 1.32% [3]. Automotive Industry - On February 12, the State Administration for Market Regulation released the "Guidelines for Compliance with Pricing Behavior in the Automotive Industry," aimed at further regulating pricing behaviors in the automotive sector to promote healthy and orderly market development [4]. Service Industry in Jiangsu - On February 12, preliminary calculations from the Jiangsu Provincial Bureau of Statistics indicated that by 2025, the added value of the service industry in the province is expected to reach 76,943.7 billion yuan, representing a year-on-year growth of 5.8%. This sector is projected to account for 54% of the regional GDP, an increase of 0.9 percentage points from the previous year [5]. Travel and Transportation - During the Spring Festival holiday, the Jiangsu Entry-Exit Border Inspection Station projected that the province would see approximately 106,000 inbound and outbound travelers, with over 730 transport vehicles (aircraft and ships) involved, indicating a lively two-way flow of travelers [5]. Education Sector - On February 12, the Ministry of Education issued opinions on deepening reforms in key elements of vocational education, proposing to explore the establishment of a rapid response channel for the addition of new majors, focusing on emerging and future industries, particularly in low-altitude economy, artificial intelligence, high-end equipment, urban renewal, and areas with urgent public needs [6]. Renewable Energy - Data from the National Energy Administration indicated that by 2025, the total installed capacity of new wind and solar power generation in the country is expected to exceed 430 million kilowatts, with wind power accounting for 120 million kilowatts and solar power for 318 million kilowatts, reflecting a year-on-year growth of 22.0%, setting a new historical high [6]. Corporate Developments - Meta recently announced plans to break ground on a new 1 billion watt data center in Lebanon, Indiana, which will create over 4,000 construction jobs and 300 operational positions [6]. - Television Broadcasts Limited, a company listed on the Hong Kong Stock Exchange, forecasted a profit of 50 million Hong Kong dollars for 2025, marking its first profit since 2018, following a loss of 491 million Hong Kong dollars in 2024 [6].

Project Progress - The Yingkou Jianfa air separation project is expected to begin trial production in Q3 2026 [2] - The Shandong Ruilin high polymer air separation gas supply project is anticipated to start trial production by the end of 2026, with full production expected in Q1 2027 [2] - The on-site gas production project in Spain is projected to be operational by Q4 2026 [2] - The Xinjiang BOG helium extraction project is steadily advancing in construction [2] Product Development - The high-purity carbon dioxide product is undergoing the third round of testing with SK Hynix [3] - The electronic-grade dichlorodihydrosilane product has entered the trial production phase, with an expected annual capacity of 200 tons upon reaching full production, and the company is advancing its testing and certification with semiconductor clients [3] Strategic Initiatives - The wholly-owned subsidiary Jin Hong Run plans to acquire a portion of the property shares of the Turing Zhuohui No. 2 Fund, which is focused on investments in high-end equipment [4]

职业教育将动态调整专业设置，加大统筹协调力度，严格落实"红黄牌"提示制度；利用大数据和人工智 能精准预测关键领域人才培养供需情况，为专业动态调整提供科学依据；面向新兴产业和未来产业，重 点增设低空经济、人工智能、高端装备、城市更新、民生紧缺等领域新专业；及时裁撤办学条件弱、水 平差、就业率低的专业点，避免专业布局"大而散""弱而全"；围绕智能化、绿色化、融合化方向，改造 升级现有专业，持续推进专业人才培养方案的迭代更新；鼓励和支持地方因地制宜设置区域特色专业 等。 改革任务还要求制订新建与升级改造课程清单，绘制能力图谱；健全教材开发机制，推进教材形态多样 化，开发紧缺教材；针对性提升教师能力，健全教师与企业人才"双向流动"机制等。 意见要求到2027年，建成职业教育专业、课程、教材、教师、实习实训先进标准体系；到2035年，建立 具有中国特色的职业教育实践模式，推动职业学校办学形态发生格局性变化。 （来源：衢州日报） 转自：衢州日报 新华社北京2月12日电 （记者 魏冠宇） 记者2月12日获悉，教育部近日印发意见深化职业教育教学关键 要素改革，将积极增新、裁撤过剩、升级改造现有专业。 ...

Core Viewpoint - The Ministry of Education's "Opinions on Deepening the Reform of Key Elements in Vocational Education" aims to establish an advanced standard system for vocational education by 2027, focusing on the development of high-skilled talent and addressing current educational shortcomings [1][3]. Group 1: Reform Objectives - By 2027, an advanced standard system for vocational education's majors, courses, teaching materials, teachers, and practical training will be established, creating a replicable and promotable new paradigm for teaching reform [3][4]. - The reform will include the dynamic adjustment of professional settings, focusing on high-skilled talent cultivation, and the establishment of a rapid response channel for new professional additions in emerging industries [3][4]. Group 2: Curriculum Development - The curriculum will be designed to align with industry upgrades and technological advancements, incorporating the latest standards and techniques into professional courses [4][6]. - There will be an emphasis on strengthening STEM education and general courses in artificial intelligence, while also integrating engineering and humanities courses into various professional fields [4][6]. Group 3: Teacher Development - The reform includes specific requirements for teacher capabilities, focusing on professional theory, practical skills, teaching abilities, and research capabilities, with a clear competency checklist for teacher training [6][7]. - A dual-flow mechanism for teachers and industry talent will be established, along with the introduction of industry mentors to enhance teaching quality [6][7]. Group 4: Implementation and Evaluation - The Ministry of Education will implement a high-skilled talent cluster training plan, focusing on key industries and ensuring that educational reforms are integrated into school assessments and funding allocation [6][7]. - Provincial education departments will be responsible for developing specific implementation plans, ensuring that the reform outcomes are effectively evaluated and integrated into the overall development of vocational schools [6][7].

近日，教育部印发《关于深化职业教育教学关键要素改革的意见》(以下简称《意见》)，这是自2015年 教育部《关于深化职业教育教学改革全面提高人才培养质量的若干意见》出台以来，在此出台的一份职 业教育教学改革的重要文件。 《意见》要求，聚焦高技能人才培养目标，加大专业设置调整优化的统筹协调力度，严格落实"红黄 牌"提示制度。利用大数据和人工智能精准预测关键领域人才培养供需情况，为专业动态调整提供科学 依据。探索建立新专业增设快速响应通道，面向新兴产业和未来产业，重点增设低空经济、人工智能、 高端装备、城市更新、民生紧缺等领域新专业。 上述领域的新增专业人才培养方向，高度契合了国家战略与产业急需。低空经济正成为新质生产力的重 要赛道，无人机物流、城市空中交通等应用快速兴起，急需掌握通信导航、飞行操控与运维技能的专门 人才；人工智能是科技革命核心驱动力，AI训练、算法应用、智能系统集成等岗位缺口巨大；高端装 备制造关乎制造业升级，涉及精密加工、智能检测等高技能工种；城市更新与民生紧缺领域则直面城镇 化提质与人口老龄化挑战，需要大量市政运维、康养护理、智慧社区管理等实用型人才。这些领域技术 迭代快、融合度高，对人才技能 ...

教育部周四发布《关于深化职业教育教学关键要素改革的意见》，其中提出：动态调整专业设置，积极 增新、裁撤过剩、升级改造现有专业。聚焦高技能人才培养目标，加大专业设置调整优化的统筹协调力 度，严格落实"红黄牌"提示制度。利用大数据和人工智能精准预测关键领域人才培养供需情况，为专业 动态调整提供科学依据。探索建立新专业增设快速响应通道，面向新兴产业和未来产业，重点增设低空 经济、人工智能、高端装备、城市更新、民生紧缺等领域新专业。 发改委称将推动京津冀教育、医疗等公共服务资源共建共享 宏观要闻 职业教育将重点增设低空经济、人工智能等领域新专业 在国务院新闻办公室周四举行的新闻发布会上，国家发展改革委有关负责人介绍，近期公布的《现代化 首都都市圈空间协同规划（2023—2035年）》明确了京津冀进一步深化协同的重点任务。国家发展改革 委副主任王昌林介绍，要拓展协同发展的"覆盖面"，强化山水林田湖草沙一体化保护和系统治理，协同 构建韧性空间格局，推动教育、医疗、养老、托育等公共服务资源共建共享。 春节9天假期内购买新车的消费者均可按政策要求申领汽车以旧换新补贴 ...