南华期货镍&不锈钢产业周报 1.1 核心矛盾 镍不锈钢尾盘跳水，周内主要跟随大盘以及宏观层面情绪带动偏多，贵金属以及有色领跌带领盘面大幅回 调，资金面同步炒作对盘面指引较深。此外配额发放节奏持续笼罩上方，PT Vale称目前获批配额仅为生产需 求的30%，进一步做实配额缩减预期。印尼方面周中有加强布局下游终端电池领域叙事，中长期或对供需格 局造成影响，短期推动不足。基本面上目前改善有限。菲律宾以及印尼主要矿区均进入雨季，产量以及装船 量均会受到影响，矿端发运受限。新能源方面目前价格跟随镍价上涨，节前大多厂商已经完成备货，目前高 价下进一步采购意愿不足。镍铁跟随盘面同步反弹，前期龙头采购价上行，但是目前成本高企下下游接受意 愿有所降低。不锈钢周内震荡偏强。目前盘面较高情况下库存有一定上升。现货方面盘价持续上调，试图借 趋势挺价，但是节前实际高位成交有限，下游高价接受度较低，目前多空博弈不减。 近端交易逻辑 —尾盘深度回调，受大盘影响为主 当前镍不锈钢期货盘面的近端逻辑以宏观以及大盘指引为主，近期贵金属以及有色均有不同程度的调整，沪 镍近期交易逻辑有所淡化，跟随大盘波动偏多。此外印尼端政策扰动仍有余波，基本面底部 ...

Core Insights - The newly launched Huabao Advantage Industry Mixed Fund achieved a first fundraising scale of 5.777 billion yuan, marking a significant success in the recent fund issuance market [1] - The fund's performance reflects strong market confidence in Huabao Fund's active equity investment team, which has been recognized for its impressive investment results [1][2] - Huabao Fund's manager Zheng Yingliang has gained a reputation for outstanding investment performance, with his managed funds achieving over 100% returns in 2025 [2][9] Fund Performance - Zheng Yingliang's managed funds, Huabao Core Advantage Flexible Allocation Mixed Fund and Huabao Large Cap Selected Mixed Fund, reported net value growth rates of 117.17% and 116.03% respectively in 2025, significantly outperforming their benchmarks by over 100 percentage points [2][9] - The Huabao Core Advantage Fund has a three-year net value growth rate of 151.57%, ranking 2nd out of 406 in its category, with an annualized return of 36% [9] Investment Strategy - Zheng Yingliang employs a lifecycle approach to industry investment, focusing on high-growth and mature phases while avoiding industry reshuffling periods [11] - The current investment focus includes three key sectors: artificial intelligence, new energy industry chain, and traditional manufacturing [11] Emerging Fund Managers - A group of emerging fund managers at Huabao Fund, including Ding Jingfei, Tang Hui, Qi Zhen, and Chen Huaiyi, have also demonstrated strong performance, with their funds achieving significant net value growth rates exceeding their benchmarks [13][19] - The investment strategies of these managers reflect a deep understanding of market trends and a commitment to delivering substantial returns to investors [19]

Group 1 - The core point of the article is the successful launch of the Hua Bao Advantage Industry Mixed Fund, which raised 5.777 billion yuan, marking a record high for the fund's sales channels since 2022 [1][22] - The fund management team, led by Zheng Yingliang, has received high recognition from the market, evidenced by the fund's impressive performance and the 5A rating awarded by Tianxiang Investment Consulting [1][22] - The article highlights the strong performance of Hua Bao's funds, particularly those managed by Zheng Yingliang, which have significantly outperformed their benchmarks [3][24] Group 2 - Zheng Yingliang's investment strategy focuses on macro and industry research, emphasizing the importance of understanding the industry lifecycle and avoiding periods of industry reshuffling [27] - The Hua Bao Core Advantage Fund, under Zheng's management, achieved a net value growth rate of 151.57% over the past three years, ranking 2nd out of 406 in its category [26] - The article mentions that Zheng's funds have been heavily invested in high-growth sectors such as artificial intelligence and new energy, contributing to their strong performance [7][26] Group 3 - Other emerging fund managers at Hua Bao, such as Ding Jingfei and Tang Hui, have also demonstrated impressive performance, with their funds achieving significant net value growth rates exceeding their benchmarks [29][32] - The article emphasizes Hua Bao's commitment to building a collaborative investment research team, focusing on various sectors including consumption, cycles, TMT, and new energy [33] - The company aims to enhance its core competitiveness in investment research through a deep integration of investment and research efforts [33]

AI基金汇添富新能源精选混合发起式A（017876）披露2025年四季报，第四季度基金利润952.62万元，加权平均基金份额本期利润0.0751元。报告期内，基 金净值增长率为7.17%，截至四季度末，基金规模为1.83亿元。 截至12月31日，基金成立以来夏普比率为0.5887。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至1月22日，单位净值为1.274元。基金经理是刘昇，目前管理的3只基金近一年均为正收益。其 中，截至1月22日，汇添富新能源精选混合发起式A近一年复权单位净值增长率最高，达59.66%；汇添富碳中和主题混合A最低，为51.14%。 基金管理人在四季报中表示，本基金当前的投资策略大方向是：在储能、锂电、光伏、智能车、智能电网、核电、氢能、风电、环保、公用事业等新能源各 细分行业里精选个股，侧重寻找新能源产业链中新技术、新场景等有望驱动远期成长的投资机会。当前本基金更加侧重需求旺盛、格局较好的储能产业链公 司。 截至1月22日，汇添富新能源精选混合发起式A近三个月复权单位净值增长率为21.97%，位于同类可比基金12/100；近半年复权单位净值增长率为54.83%， 位于同类可比基 ...

Group 1: Foreign Trade Performance - In 2025, Tianjin's total foreign trade import and export value reached 835.87 billion yuan, with exports exceeding 400 billion yuan for the first time, marking a year-on-year increase of 10.1% [1] - The export value of private enterprises in Tianjin reached 843.6 billion yuan, a year-on-year growth of 4.1%, with the number of exporting enterprises reaching a historical high of 11,400 [1] - The export of mechanical and electrical products was the largest category, totaling 871 billion yuan, accounting for over 60% of the city's total exports, with a year-on-year increase of 10.3% [1] Group 2: Cross-Border RMB Transactions - In 2025, Tianjin's cross-border RMB payment volume exceeded 630 billion yuan, a year-on-year increase of 17%, marking a historical high and achieving 3.5 times the scale of 2019 [11] - The volume of cross-border RMB business in Tianjin's goods trade grew by 24% year-on-year, accounting for over 30% of total foreign and domestic currency settlements [11] - The issuance of "Panda bonds" by overseas enterprises reached 6.8 billion yuan, with a year-on-year growth of 130% [11] Group 3: New Energy Industry Development - Tianjin's new energy industry is expected to achieve an output value of 80 billion yuan in 2025, with a year-on-year growth of 9.3% [5] - The city aims to build a comprehensive new energy industry chain, focusing on wind, solar, lithium, and hydrogen sectors [5] - The number of enterprises in Tianjin's new energy industry chain exceeds 110, contributing significantly to the high-quality development of the manufacturing sector [5] Group 4: Policy and Institutional Support - The People's Bank of China Tianjin Branch has established a special working group with ten government departments to enhance cross-border RMB transaction efficiency [11] - The implementation of cross-border RMB facilitation policies has expanded from three regions to sixteen, significantly increasing the number of recognized quality enterprises [12] - The total amount of cross-border RMB facilitation business in Tianjin has exceeded 540 billion yuan [12]

记者 张浩 济南报道 作为全省唯一的综合智慧能源试点,济南新旧动能转换起步区正将综合智慧能源建设作为撬动高质量发 展的关键支点,加速构建"一核多点"新能源产业链发展格局。 未来,起步区将聚焦核心区的产业承载力与创新驱动力培育,以新能源核心装备生产制造及技术攻关为核 心定位,构建集研发、生产、测试、应用于一体的产业生态闭环。在核心区布局的氢能产业园区将持续 扩容升级,依托国家电投黄河流域氢能产业基地,重点突破氢燃料电池电堆、催化剂、质子膜等核心材料 部件关键技术,推进高压储氢装备制造、氢能安全技术等领域研发产业化。同时,强化中科系科研院所、 山东氢谷新能源技术研究院等创新平台的协同联动,组建综合智慧能源创新联合体,围绕光伏建筑一体 化、地热能综合利用、储能系统优化等前沿方向开展技术攻关,筑牢产业发展的创新根基。 按照"一核多点"的联动发展模式,起步区将打破行政区域壁垒,深化与济南都市圈周边区域的产业协作,形 成"核心区主攻制造研发、周边区布局配套电站"的产业链分工体系。在起步区内,将重点推进崔寨、大 桥等组团的能源基础设施加密升级,加快500千伏先行变电站及220千伏萃青、北起等变电站建设,完 善"H"型"骨架 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].

Core Insights - The article discusses the launch of a new electrolyte precursor project by Jingmen Yuanhan Battery Materials Co., Ltd., which is a wholly-owned subsidiary of Shanghai Yuanhan Energy Technology Co., Ltd. The project represents a significant investment of 3 billion yuan and focuses on key products essential for the new energy battery electrolyte market [2]. Group 1: Project Overview - The project is located in the Jingmen Chemical Recycling Industrial Park and aims to produce core solvents such as dimethyl carbonate, methyl ethyl carbonate, and diethyl carbonate, which are crucial for new energy battery electrolytes [2]. - The project is expected to meet the demand for new energy battery electrolyte solvents in the Central and Southwest regions of China, filling a production gap in the Jingmen Chemical Recycling Industrial Park [4]. Group 2: Industry Impact - The establishment of this project will create a complete upstream and downstream industrial chain, enhancing the development momentum of emerging industries such as new energy vehicles and energy storage [4]. - The project has upstream connections with Jingmen Yingde Gas Co., Ltd. and downstream partnerships with companies like Qianxin (Jingmen) New Materials Co., Ltd. and Jingmen New Zoubang New Materials Co., Ltd. [4].