Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current supply and demand of hot-rolled coils are both increasing. Last week's data showed that the increase in production was greater than the growth in demand, and the absolute level of inventory was relatively high, which had been digested by the market. Today's sharp rise in the market will drive a certain increase in spot prices and a warming of transactions. The warming of winter storage sentiment may stimulate a wave of demand. The cost side provides strong support, and the anti-involution policy also provides strong support at the bottom. It is recommended to adopt a bullish approach and buy on dips, expecting the price to continue to rise strongly [5] Group 3: Summary of Each Section According to the Table of Contents Market Review - Futures prices: The main contract of hot-rolled coil futures increased its open interest by 103,802 lots on Wednesday, with a trading volume of 943,506 lots, a significant increase compared to the previous trading day. The intraday low was 3,259 yuan, and the high was 3,338 yuan. It closed at 3,332 yuan/ton, up 82 yuan/ton or 2.52%. It stood above the 5-day, 10-day, and 20-day moving averages [1] - Spot prices: The price of hot-rolled coils in Shanghai, a major region, was reported at 3,290 yuan/ton, an increase of 30 yuan compared to the previous trading day [1] - Basis: The basis between futures and spot was -42 yuan, indicating a slight premium of the futures over the spot [2] Fundamental Data - Supply side: As of December 31, the weekly production of hot-rolled coils increased by 109,700 tons to 3.0451 million tons. Production has rebounded for two consecutive weeks, mainly due to improved profitability of steel mills, increased production enthusiasm, iron water transfer from building materials to plates, and the end of annual maintenance and increased resumption of production [3] - Demand side: As of December 31, the weekly apparent consumption increased by 37,300 tons to 3.1077 million tons. Demand still shows resilience, but future demand data needs to be monitored [3] - Inventory side: As of December 31, the total inventory decreased by 62,600 tons to 3.7096 million tons week-on-week. Social inventory decreased by 80,600 tons, while steel mill inventory increased by 18,000 tons. The inventory is still being depleted, but the depletion rate has narrowed. The total inventory is at a five-year high, still exerting downward pressure on prices [3] - Policy side: The new regulations on the export license management of steel products will cause short-term export fluctuations, increase supply, and put pressure on prices. In the long term, it will promote industrial upgrading, structural optimization, and competitiveness enhancement. The Central Economic Work Conference held in December proposed a proactive fiscal policy and a moderately loose monetary policy, which is beneficial to prices and industry profitability [3][4] - External macro: The events in the United States and Venezuela may bring uncertainties [5] Market Driving Factor Analysis - Bullish factors: Significant decline in supply-side production, expectation of winter storage demand start, export rush, policy support ("14th Five-Year Plan", infrastructure investment), and strong iron ore prices [5] - Bearish factors: Exceeding expectations in steel mill复产 in January, seasonal weakening of demand, insufficient manufacturing orders, and inventory accumulation suppressing prices [5]

Core Viewpoint - The global economy is expected to show moderate recovery in 2026, supported by ample liquidity and a gradual recovery in inventory and profit cycles, shifting the market narrative from valuation recovery to profit support [1][30]. Group 1: Overseas Macro - The global economy will continue to recover, with K-shaped economic characteristics persisting but narrowing. Major economies are projected to have varied GDP growth rates: the US at 2.4%, Eurozone at 1.0%, Japan at 0.8%, and emerging markets at 4.2% [2][30]. - Global inflation is on a downward trend, with expectations that the Federal Reserve may cut interest rates 2-3 times in 2026, leading to a decrease in short-term rates [31][30]. Group 2: Domestic Macro - Fiscal policies are expected to drive investment recovery in major economic provinces, with a focus on infrastructure, manufacturing recovery, and a narrowing decline in real estate sales and investment [8][35]. - The Producer Price Index (PPI) is anticipated to rise initially before stabilizing, while the Consumer Price Index (CPI) may see moderate increases. The profit cycle is gradually recovering, with improvements expected in various sectors [9][35]. Group 3: Liquidity Environment - A clear trend of global liquidity easing is established, with the Federal Reserve leading improvements in overseas liquidity. Domestic monetary policy is expected to align with fiscal measures, potentially leading to interest rate cuts [12][38]. - The supply of funds is likely to be dominated by institutional capital, with private equity funds potentially driving high-net-worth individuals back into equity allocations [14][38]. Group 4: Strategic Allocation Directions - The market is expected to shift from valuation recovery to profit-driven dynamics in 2026, with Chinese assets still having room for valuation recovery [41][42]. - Key sectors to focus on include technology and advanced manufacturing, traditional export chains, and industries with increasing overseas revenue proportions [42][45]. - Future industry themes may include smart manufacturing, next-generation communications, advanced materials, and future energy solutions [47].

光谷"光芯屏端网"万亿级产业带，每一块显示面板、一颗存储芯片，背后都需要可靠的电力供给，为湖 北产业加速转型升级提供有力支撑。"新凤凰山变电站既与武汉高铁牵引站相连，又要供应光谷的各大 高科技产业园，最高峰时，凤凰山站的供电量占整个武汉市的11%。"李哲介绍。 500千伏及以上变电站，是区域性的电源支撑点，在电网中地位重要。凤凰山变电站，1982年投入运 行，是我国第一座500千伏超高压变电站。当年站内设备从法国、瑞典、日本等6个国家引进，在当时属 于世界先进水平，被誉为"中华第一站"。在40多年运行中，为适应武汉不断增长的用电需求，这座老站 经过了16次升级改造。2019年，供电容量从150万千伏安提升至300万千伏安。 "十四五"期间，伴随着武汉经济的快速发展，特别是武汉光谷新材料新制造产业的更快发展，光谷片区 高新技术企业一路增长到超5800家。为了满足快速增长的用电需求，凤凰山站只能不断扩容，就是为了 跟上光谷发展步伐。"算上这次，凤凰山站预留的变压器位置已填满，总容量已达到400万千伏安。"站 长李哲掰着指头如数家珍。 1月2日凌晨，位于湖北武汉江夏的500千伏凤凰山变电站，新扩建的第四台变压器顺利 ...

华润医药商业集团相关负责人表示，鲁南制药集团的创新活力与华润医药商业集团的渠道优势完美互 补，此次合作是双方"以实力筑基、以创新破局"的战略选择。面对医药行业转型升级的挑战，双方需 以"资源通融、模式共生"为核心，通过数字化赋能与全渠道协同，探索"工商深度联动"的新范式。未 来，希望双方合力打造"韧性更强、价值更高、影响更远"的战略合作伙伴关系，共同为健康中国建设注 入持久动力。 会上，鲁南制药集团相关负责人表示，此次与华润医药商业集团达成战略合作，是鲁南制药集团在"健 康中国"战略指引下，积极构建现代化医药产业新生态的重要举措。未来，期待通过本次战略协同与"长 赢计划"在各区域的扎实落地，双方以"长远共赢"为核心理念，聚焦产品供应链优化、市场服务深化与 创新模式探索，推动医药产业资源优化配置，以数字化、国际化赋能产业升级，共同探索健康产业可持 续发展路径，为全民健康保驾护航。 1月6日，鲁南制药集团党委书记、董事长、总经理张贵民会见华润医药商业集团一行，并作专题授课， 双方举行战略合作签约仪式。 张贵民以《生命的中医药思考》为题，从中医药文化的哲学根基出发，结合现代生命科学与健康需求， 系统阐释了中医药在维 ...

电网ETF（561380）跟踪的是恒生A股电网设备指数（HSCAUPG），该指数从A股市场中选取涉及电力 网络建设、输变电设备制造、配电系统升级及智能控制技术等领域的上市公司证券作为指数样本，综合 反映中国电网设备行业在智能化转型与产业升级过程中的整体表现。 1月7日，电网ETF（561380）涨超1.2%，政策与技术双轮驱动行业前景。 西部证券指出，我国两个大型海上风电项目实现全容量并网，海上风电产业正朝着规模化与高效化快速 发展。甘肃储能容量补偿机制正式发布，国内核心区域储能有望维持较高景气度。银价走高背景下， HJT电池性价比或有所提高。全球AI算力竞赛加剧，埃隆·马斯克旗下xAI计划将训练算力提升至2GW级 别。新能源装机持续增加，电价机制与送出通道完善助力能源转型，山东登州站升压及招远核电送出特 高压工程获核准，ITER校正场线圈采购包实现100%自主研制并竣工交付。电力设备行业受益于海内外 协同共振，景气度有望上行。 （文章来源：每日经济新闻） ...

1月5日至6日，国务院国资委党委书记、主任张玉卓赴四川深入有关中央企业科研、生产一线调研。张 玉卓深入中核集团西物院重点察看聚变能源技术攻关进展，前往航空工业成飞详细调研航空装备自主研 制情况，来到东方电气集团实地了解东方汽轮机智能制造技术及能源装备研发进展，听取企业工作汇报 和意见建议。张玉卓强调，今年是"十五五"开局之年，中央企业要抢抓机遇、锐意创新，积极为经济稳 中向好注入强劲动能。要切实狠抓提质增效，深化精益管理，以有效投资积蓄发展潜力，靠前谋划实施 一批重大项目和标志性工程，持续增强价值创造能力；加快推动产业升级，统筹推进传统产业巩固提升 和新兴动能培育壮大，推动传统产业智能化绿色化融合化转型，大力发展战略性新兴产业与未来产业， 开辟增长的"第二曲线"。（国资委） ...

人民财讯1月7日电，1月5日至6日，国务院国资委党委书记、主任张玉卓赴四川深入有关中央企业科 研、生产一线调研，张玉卓强调，今年是"十五五"开局之年，中央企业要抢抓机遇、锐意创新，积极为 经济稳中向好注入强劲动能。要切实狠抓提质增效，深化精益管理，以有效投资积蓄发展潜力，靠前谋 划实施一批重大项目和标志性工程，持续增强价值创造能力；加快推动产业升级，统筹推进传统产业巩 固提升和新兴动能培育壮大，推动传统产业智能化绿色化融合化转型，大力发展战略性新兴产业与未来 产业，开辟增长的"第二曲线"；持续加强科技创新，瞄准重点领域关键环节，加大研发投入，优化创新 生态，培育拓展应用场景；着力深化改革攻坚，进一步完善公司治理结构，探索更加符合行业和企业特 点的管理运营体系，更好激发各级企业各类人才的积极性主动性创造性。 ...

Core Insights - The production value of the "Wealthy Duck" from Nanshang Town, Guangxi, is expected to exceed 13 million yuan by 2025, driven by local ecological advantages and the promotion of traditional duck processing techniques [1][3]. Group 1: Industry Development - The Nanshang duck production technique was included in the Guangxi Intangible Cultural Heritage list in 2023, highlighting its cultural significance [3]. - As of mid-December 2025, the total production of Nanshang duck has surpassed 100,000 ducks, generating a total industry output value exceeding 13 million yuan and benefiting over 300 farming households and more than 1,200 individuals [3][4]. - The local government is implementing a "combination punch" strategy to support the duck industry, focusing on standardization, branding, and scaling up production [4]. Group 2: Economic Impact - The duck industry has created job opportunities, with local artisans like Qin Xigan and Pan Xianzheng employing over 50 villagers in their workshops, contributing to local economic growth [3][4]. - The return of local residents, such as Liao Si, who left jobs in Guangdong to start duck processing businesses, indicates a positive trend in local entrepreneurship and economic revitalization [4]. - The Nanshang duck has gained popularity in markets like Guangdong-Hong Kong-Macao, with high repurchase rates due to its quality, further enhancing its market presence [4].

Core Insights - The Yangtze River Economic Belt contributes nearly half of China's GDP while accounting for about one-third of the country's energy consumption and carbon emissions [1] Industry Developments - Traditional industries such as steel and petrochemicals in the Yangtze River Economic Belt are actively pursuing green transformation, establishing 24 national carbon peak pilot cities and parks, along with 14 zero-carbon parks [1] - Approximately 10,000 old operating vessels have been scrapped and updated as part of the push for clean energy and new energy ship development [1] Innovation and Industrial Upgrading - The region has cultivated 41 national-level advanced manufacturing clusters and 30 strategic emerging industry clusters, representing 51% and 45% of the national totals, respectively [1] - A regional innovation system is being enhanced, with three technology innovation centers and eight national laboratories established along the river, leading to breakthroughs in key technologies in fields such as artificial intelligence and quantum information [1] Future Directions - The Yangtze River Economic Belt will continue to focus on green, high-end, and intelligent development, fostering green low-carbon industries tailored to local conditions to achieve development while protecting the environment [1]

Core Viewpoint - Brazil's export and import figures for 2025 are projected to reach historical highs, with exports totaling $348.7 billion and imports at $280.4 billion, reflecting significant growth in trade activity [1] Group 1: Trade Performance - In 2025, Brazil's exports are expected to grow by 3.5% year-on-year, with export volume increasing by 5.7% [1] - Imports are projected to rise by 6.7% year-on-year, contributing to a total trade volume of $629.1 billion, also a historical high [1] - The trade surplus is forecasted to be $68.3 billion, indicating a strong trade balance [1] Group 2: Sector Contributions - The manufacturing sector is expected to lead export performance, with an estimated export value of $189 billion [1] - Agricultural products and mining exports are also anticipated to show growth, contributing to overall export figures [1] Group 3: Key Markets - China, the EU, and Argentina remain the primary export markets for Brazil, with exports to China increasing by 6% to surpass $100 billion, driven by products such as soybeans, beef, sugar, pulp, and pig iron [1] - Exports to the EU are projected to grow by 3.2%, focusing on coffee, beef, copper ore, corn, and aircraft [1] - Exports to Argentina are expected to surge by 31.4%, primarily due to the automotive industry [1] - Conversely, exports to the US are anticipated to decline by 6.6% due to increased tariffs [1] Group 4: Government Initiatives - The growth in exports is attributed to government policies aimed at industrial upgrading and enhancing international competitiveness, particularly through the "New Industrial Brazil" and "Brazil Sovereignty" plans [1]