农垦罗家沟牧光互补分布式光伏试验电站第二期的投运，优化补充公司电源结构，提升公司供电能力， 为公司绿色转型发挥积极作用。 西昌电力(600505.SH)发布公告，公司投资建设的农垦罗家沟牧光互补分布式光伏试验电站第二期项目 (4.59MW)，于2026年1月9日正式发电上网运行。 ...

格隆汇1月12日丨西昌电力(600505.SH)公布，四川西昌电力股份有限公司投资建设的农垦罗家沟牧光互 补分布式光伏试验电站第二期项目（4.59MW），于2026年1月9日正式发电上网运行。 农垦罗家沟牧光互补分布式光伏试验电站第二期项目（4.59MW），于2025年5月6日正式开工建设，项 目占地面积107亩，通过公司自有35kV线路输送到变电站，实现就地消纳。农垦罗家沟牧光互补分布式 光伏试验电站第二期的投运，优化补充公司电源结构，提升公司供电能力，为公司绿色转型发挥积极作 用。 ...

Core Insights - The aviation sector is expected to see profit recovery driven by favorable exchange rates and declining international oil prices, which will alleviate fuel cost pressures for airlines. Structural growth in air travel demand is anticipated due to economic growth, with key recommendations including Southern Airlines, Spring Airlines, and Huaxia Airlines [4][19][22]. - The highway industry in China has entered a mature phase, with future trends expected to include renovation and expansion, mergers and acquisitions, and business diversification. A key recommendation is Zhongyuan Expressway [4][58]. - The shipping industry is transitioning towards green methanol as a mainstream choice for zero-emission energy, with significant growth in renewable methanol projects expected by 2030. Recommended companies include CIMC Enric and COSCO Shipping International [4][89]. - The dry bulk shipping sector is witnessing structural growth due to increased transportation distances for iron ore imports and strong demand for alumina imports. Recommended companies include China Merchants Energy Shipping and Haitong Development [4]. Aviation Sector - The recovery in airline profits is supported by a favorable exchange rate and lower oil prices, with the potential for ticket prices to rise as demand increases [4][22]. - Domestic airlines are facing limited capacity expansion due to engine supply issues, while the demand for air travel is expected to grow structurally [25][31]. - The average fuel price decline is projected to reduce operational costs significantly for airlines, enhancing profitability [24][22]. - The domestic air travel market is expected to grow as the per capita flight frequency in China remains lower than the global average, indicating room for growth [34][35]. Highway Sector - The highway industry is projected to see a slowdown in construction investment, with new regulations potentially extending toll periods for aging highways [4][64]. - The total length of highways in China has surpassed that of the United States, with ongoing investments expected to enhance the network further [63][58]. - The introduction of new toll regulations may provide a framework for sustainable development in the highway sector [67][68]. Shipping Sector - The global shipping industry is increasingly adopting green methanol technology, with a significant number of renewable methanol projects expected to come online by 2030 [4][89]. - The demand for dry bulk shipping is expected to grow due to changes in iron ore import sources and increased distances, presenting opportunities for shipping companies [4].

Global Economic Outlook - The global economy is projected to grow by 3.2% in 2025, with developed economies at 1.6% and emerging markets at 4.2% [1] - The year 2025 is expected to showcase several sectors that significantly exceed market expectations [1] Capital Market Dynamics - The evolution of global capital markets in 2025 is influenced by three core drivers: a shift in monetary policy towards interest rate cuts, escalating geopolitical tensions, and asset revaluation and reallocation [3] - Global mergers and acquisitions (M&A) are anticipated to reach $4.5 trillion in 2025, a nearly 50% increase from 2024, marking the second-highest level on record [4] - The M&A landscape will focus on strategically driven "super deals," with 68 transactions exceeding $10 billion, including significant deals in the streaming and railway sectors [4] International Trade Trends - Despite facing challenges from U.S. unilateral tariff policies and trade protectionism, global trade is expected to grow by approximately 7% in 2025, reaching a record $35 trillion [6] - The global value chain trade remains robust, accounting for about 46% of global trade, with a shift towards resilience, sustainability, and inclusivity [6] Future Economic Drivers - Artificial Intelligence (AI) and green transition are projected to shape global economic growth trajectories in 2026, with AI expected to contribute trillions to global GDP [10] - The green industry is transitioning from policy-driven to market-driven, with significant investments anticipated in clean energy and green technologies [10] Risks and Uncertainties - The global economy faces numerous risks, including trade policies and geopolitical tensions, which could disrupt recovery processes [11] - High levels of debt in various countries, particularly in the U.S., may constrain fiscal policy and impact market confidence in dollar assets [11]

以"第一议题"固本，在管党治党中实干强基。公司党委坚持将"第一议题"作为管党治党的重要抓手，持 续宣讲党的二十届四中全会精神，加快推进高质量党建工程，擦亮"苏电铁军·盐供先锋"党建品牌。通 过深化国网巡视、三新供服巡察成果运用，将严的主基调贯穿经营管理全过程，推动"党建+业务"深度 融合，强化基层党组织战斗堡垒作用，凝聚干部职工干事创业合力。唯有以实干抓实党建，才能为公司 发展提供坚强政治保障与组织保障，推动经营管理提质升级，为各项工作落地见效筑牢根基。 由此，我们要认真学习国网盐城公司党委的做法和经验，持续深化"第一议题"制度，以学促干、以干践 学，在实干中笃定前行，以"第一议题"凝心铸魂，用实干担当破解发展难题，契合能源行业绿色转型的 时代趋势，只有这样，才能在能源转型浪潮中勇立潮头，才能为地方经济社会发展注入强劲电力动能， 进而以实际行动践行国企担当与时代使命。 "第一议题"是凝心铸魂的"定盘星"，实干担当是破局发展的"压舱石"。最近，国网盐城供电公司党委召 开第32次党委会，以"第一议题"系统学习习近平总书记近期重要讲话精神，将思想共识转化为实干行 动，锚定绿色转型、民生服务、管党治党三大方向笃定前行 ...

Core Insights - The recent bankruptcy of two prominent Turkish textile companies, Nazırme Kumaş and Fame Tekstil, highlights the systemic vulnerabilities in emerging market manufacturing amid global value chain restructuring and geopolitical instability [1][6]. Group 1: Company Background - Nazırme Kumaş, established in 1996, specialized in knitted fabrics with a monthly production capacity of 800,000 kg, focusing on high-performance and eco-friendly materials [3]. - Fame Tekstil, founded in 1992, excelled in garment manufacturing, producing 300,000 pieces monthly, with a significant portion exported to major European markets [4]. - Both companies thrived during Turkey's economic liberalization in the 1990s, benefiting from low labor costs and proximity to European markets [2][5]. Group 2: Factors Leading to Bankruptcy - The companies faced a multifaceted crisis due to soaring energy and raw material costs, declining European demand, and tightening financial conditions, leading to a complete cash flow breakdown [7][8]. - Energy prices surged over 300% from 2022 to 2023, significantly increasing operational costs for both companies, with Nazırme Kumaş's monthly electricity expenses rising from approximately $150,000 to over $600,000 [7]. - European demand weakened due to high inflation, resulting in a 12% decline in EU clothing imports in 2023, with Fame Tekstil's order volume dropping by 40% [8]. Group 3: Systemic Vulnerabilities - The companies' reliance on external markets and currency stability exposed their structural weaknesses, as they lacked pricing power and risk mitigation strategies [5][9]. - Despite maintaining a debt-to-asset ratio below 60% before bankruptcy, both companies were heavily dependent on short-term operational funding, leading to liquidity crises when orders decreased [9]. Group 4: Industry Implications and Future Directions - The bankruptcies serve as a wake-up call for the Turkish manufacturing sector, emphasizing the need for strategic restructuring towards higher value-added segments and digital resilience [10]. - The industry must transition from OEM to ODM and OBM models, leveraging Turkey's strengths in cotton production and textile tradition to develop proprietary designs and sustainable materials [10][11]. - Digitalization and flexible manufacturing are essential to adapt to demand fluctuations, with investments in advanced manufacturing systems and real-time order tracking being crucial [11][12]. - A shift towards green transformation is imperative, as compliance with EU regulations on carbon emissions will become a prerequisite for market access [12][13].

研究报告 – PVC 报告 2026 年 1 月 金融研究院 探底回升，宽幅震荡 摘要 2025 年 PVC 市场在国内需求收缩—供给缓慢扩张—出口被动放量—库存 高位钝化—成本中枢下移这一链条中反复寻找均衡点。 今年突出的变化有三点：一个是外需权重显著提升，出口在内需疲弱时承 担了"逆周期稳定器"的角色。二是产能扩张的工艺与区域结构变化，新增产 能更多来自沿海乙烯法及一体化装置，这改变了行业成本曲线的形态与边际供 给弹性。其三，库存从'高位但可消化'转向'高位且黏性'——库存的季节 性波动仍在，但其对价格的边际解释力被出口与成本所部分稀释，交易逻辑更 强调"库存变化率"而非库存绝对水平。 展望 2026 年：价格中枢难以脱离弱内需、强外需、供给弹性收敛这三因 素博弈。我们建议以"供给弹性—需求弹性—贸易弹性"的三维框架来组织交 易与风险管理：供给弹性取决于新增产能兑现、装置检修与环保约束；需求弹 性取决于地产链修复速度以及基建、制造业对冲能力；贸易弹性取决于印度等 关键市场的政策与新增产能节奏。在此框架下，策略上宜更偏向"区间+事件 驱动"，并以基差、月差与跨品种成本逻辑来构建组合。 一、行情回顾 2025 ...

Core Viewpoint - SHEIN is revolutionizing the traditional manufacturing model in the textile and apparel industry through a digital and technology-driven approach, significantly enhancing supply chain efficiency and reducing inventory levels [1][3][6]. Group 1: Transformation of Manufacturing Processes - Traditional manufacturing faced challenges such as long order cycles, high inventory rates, and unpredictable cash flows, which SHEIN's model addresses effectively [5][6]. - The "small order quick response" model allows for production of only 100-200 pieces initially, drastically reducing inventory rates to single digits, compared to the industry average of 30% [6]. - SHEIN has developed over 180 innovative tools that enhance production efficiency by an average of 35%, with some processes seeing efficiency improvements of up to 40% [3][11]. Group 2: Supplier Empowerment and Training - Suppliers are increasingly adopting SHEIN's flexible supply chain model, transitioning from large orders to smaller, more manageable ones, which aligns with consumer demand for diversity [9][21]. - SHEIN provides extensive training and resources to suppliers, enhancing their capabilities in quick response production and quality control, which has led to significant improvements in operational efficiency [10][12]. - The collaboration with SHEIN has enabled suppliers to expand their production capabilities and adapt to new market demands, resulting in increased competitiveness [9][10]. Group 3: Digitalization and Information Flow - SHEIN's commitment to digital transformation is evident in its efforts to enhance information flow across the supply chain, making processes more transparent and efficient [11][12]. - The integration of digital tools in manufacturing processes has led to improved coordination and responsiveness, which is crucial for meeting market demands [11][12]. - The Chinese government supports this digital transformation, aiming for over 70% of key business processes in textile companies to be digitized by 2027 [11]. Group 4: Sustainability Initiatives - SHEIN is actively pursuing green transformation by integrating sustainability into its supply chain, focusing on reducing resource consumption and carbon emissions [14][15]. - The company has implemented innovative technologies that have saved significant amounts of water and reduced environmental impact, aligning with its sustainability goals [15][16]. - SHEIN's green initiatives are not limited to production but extend to logistics, with plans to utilize electric vehicles for transportation, further reducing carbon emissions [15][16]. Group 5: Ecosystem Development and Global Expansion - SHEIN's "500 City Industrial Belt Export Plan" aims to integrate cross-border e-commerce with local industrial clusters, enhancing responsiveness to global market demands [21][22]. - The company is becoming a strategic partner for international brands looking to expand their online presence, providing them with a platform for agile digital transformation [22][23]. - SHEIN's initiatives in talent development and standardization are fostering a skilled workforce, which is essential for sustaining growth and innovation in the industry [23][24].

人民日报记者 董丝雨 蒋雪鸿 推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节。 "十五五"规划建议提出，"加快经济社会发展全面绿色转型，建设美丽中国。"中央经济工作会议部 署"坚持'双碳'引领，推动全面绿色转型"的重点任务。 落实中央经济工作会议精神，各地各部门坚定不移走生态优先、节约集约、绿色低碳高质量发展道 路，协同推进降碳、减污、扩绿、增长，实现高水平保护、高品质环境、高质量发展良性互动、相得益 彰。 有计划分步骤实施碳达峰行动 中央经济工作会议提出，"深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新 型能源体系建设，扩大绿电应用。加强全国碳排放权交易市场建设。" 在"双碳"目标引领下，我国经济社会发展绿色转型驶入快车道。 重点行业节能降碳改造进程提速。 辽宁本溪市的鞍钢集团本钢板材公司，通过"电炉+转炉"短流程低碳冶金工艺生产出的汽车钢，可 实现综合降碳30%以上。 能源结构变革、冶炼工艺突破……百年钢企逐绿向新，顺利完成2025年碳达峰阶段性目标。本钢集 团战略规划部双碳管理经理满桐介绍，将聚焦实现前沿低碳冶金技术产业化突破，推动深度降碳工艺大 规模应用。 中央经济工作会议提 ...

——着力推进全年经济工作八大重点任务⑥ 推动经济社会发展绿色化、低碳化是实现高质量发展的关键环节。 "十五五"规划建议提出，"加快经济社会发展全面绿色转型，建设美丽中国。"中央经济工作会议部 署"坚持'双碳'引领，推动全面绿色转型"的重点任务。 坚持"双碳"引领，推动全面绿色转型（稳中求进、提质增效 实现"十五五"良好开局） 落实中央经济工作会议精神，各地各部门坚定不移走生态优先、节约集约、绿色低碳高质量发展道 路，协同推进降碳、减污、扩绿、增长，实现高水平保护、高品质环境、高质量发展良性互动、相 得益彰。 有计划分步骤实施碳达峰行动 中央经济工作会议提出，"深入推进重点行业节能降碳改造。制定能源强国建设规划纲要，加快新 型能源体系建设，扩大绿电应用。加强全国碳排放权交易市场建设。" 在"双碳"目标引领下，我国经济社会发展绿色转型驶入快车道。 重点行业节能降碳改造进程提速。 辽宁本溪市的鞍钢集团本钢板材公司，通过"电炉+转炉"短流程低碳冶金工艺生产出的汽车钢，可 实现综合降碳30%以上。 能源结构变革、冶炼工艺突破……百年钢企逐绿向新，顺利完成2025年碳达峰阶段性目标。本钢集 团战略规划部双碳管理经理满桐介 ...