Core Viewpoint - The article emphasizes the importance of developing distributed energy and integrated energy services as a crucial path towards carbon neutrality, highlighting the need for interdisciplinary talent in energy planning and management [1] Group 1: Training Overview - The training titled "Distributed Energy Planner (Integrated Energy Services Direction)" is organized to address the shortage of professionals skilled in energy planning, conversion, and intelligent control [1] - The training will be conducted online from February 10 to February 13, 2026 [2] - The training is organized by the Human Resources and Social Security Ministry's Social Security Capacity Building Center and hosted by China Energy News Co., Ltd [2] Group 2: Target Audience - The training targets various stakeholders including provincial and municipal power companies, energy groups, and enterprises in the oil and gas sector [2] - It also includes new energy companies (wind, solar, storage), energy service companies, equipment manufacturers, and research institutions [2] - Additionally, it is aimed at investment professionals in the integrated energy sector and those interested in distributed energy and integrated energy services [2] Group 3: Course Outline - The course covers an overview of integrated energy services, including its driving forces and current development status both domestically and internationally [3] - It includes modules on planning comprehensive energy solutions, distributed photovoltaic projects, natural gas distributed energy applications, and smart microgrids [4] - The curriculum also addresses hydrogen energy applications, new energy storage, energy efficiency projects, and zero-carbon factory assessments [4] Group 4: Training Fees - The training fee is set at 3600 yuan per person, which includes training, materials, and certification costs [5] Group 5: Contact Information - Contact details for inquiries include Yang (15801248899) and Wang (15201547047) [6]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Last week, Shanghai Aluminum first rose and then fell. The main contract increased by 1.11%, closing at 24,560 yuan/ton on Friday. Under the goal of carbon neutrality, production capacity is controlled in the long - term. Domestic real estate restrains demand, but opportunities for aluminum to replace copper should be noted. Currently, the demand is in the off - season, and later consumption changes should be monitored [3]. - From the perspective of the domestic fundamentals, last week, LME inventory was 495,725 tons, showing a slight increase compared with the previous week, and SHFE weekly inventory increased by 19,718 tons to 216,771 tons [3]. 3. Summary by Relevant Catalogs 3.1 Market Review - Last week, Shanghai Aluminum first rose and then fell. The main contract increased by 1.11%, closing at 24,560 yuan/ton on Friday. The demand is in the off - season, and later consumption changes should be monitored. LME inventory was 495,725 tons with a slight increase, and SHFE weekly inventory increased by 19,718 tons to 216,771 tons [3]. 3.2 Fundamentals (Inventory Structure) 3.2.1 Supply - Demand Balance - The report provides the China annual supply - demand balance sheet for aluminum from 2018 to 2024 (in 10,000 tons). In 2018, production was 3,609, net imports were 7.03, apparent consumption was 3,615.03, actual consumption was 3,662.63, and the supply - demand balance was - 47.6. From 2019 to 2023, there were varying degrees of supply - demand deficits, with the largest deficit of - 68.61 in 2019. In 2024, there will be a supply - demand surplus of 15 [11]. 3.3 Market Structure 3.3.1 Spot - Futures Price Difference - No specific content provided 3.3.2 Import Profit - No specific content provided

Group 1 - The core point of the article is that Tailin Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities and China Merchants Securities as joint sponsors [1] - Tailin Technology, established in 2018, focuses on green, low-carbon, and smart transportation, manufacturing electric light vehicles including electric bicycles, motorcycles, tricycles, and batteries [2][4] - The company ranks third in the global electric light vehicle market with a market share of approximately 5.2% and holds a 12.7% market share in China's electric two-wheeler market [4] Group 2 - Tailin Technology has shown strong revenue growth, achieving revenues of 11.88 billion yuan in 2023, 13.6 billion yuan in 2024, and 14.84 billion yuan in the first nine months of 2025, with a year-on-year growth of 14.5% in 2024 and 38.6% in the first nine months of 2025 [4][5] - The net profit for the company was 286.46 million yuan in 2023, 472.38 million yuan in 2024, and 822.70 million yuan in the first nine months of 2025, reflecting a significant year-on-year growth of 64.9% in 2024 and 122.4% in the first nine months of 2025 [5][6] - The gross profit margin has steadily increased, reaching 14.6% in the first nine months of 2025, up from 11.3% in 2023 [5][6] Group 3 - The global electric light vehicle market is expected to reach 263.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 18.3% from 2020 to 2024, projected to grow to 505.9 billion yuan by 2029 [7] - In China, the market size is anticipated to reach 142.8 billion yuan in 2024, with a CAGR of 9.6% from 2020 to 2024, and expected to reach 227.1 billion yuan by 2029 [8] - Tailin Technology has a broad sales network with over 27,000 retail stores in China and has expanded its overseas market presence to Southeast Asia, Africa, Latin America, and Europe [10] Group 4 - The company plans to use the net proceeds from its fundraising to enhance production capacity, expand its sales and distribution network, invest in research and development, upgrade its product matrix, promote its brand, and support general corporate purposes [12]

Core Viewpoint - The article emphasizes the importance of digitalization and intelligence in reshaping the future of the power system, highlighting China Datang Corporation's commitment to becoming a world-class energy supplier focused on green, low-carbon, and efficient energy solutions [2][53]. Company Overview - China Datang Corporation Limited, established on December 29, 2002, is a centrally managed state-owned enterprise with a registered capital of 37 billion yuan, primarily engaged in electricity, coal, finance, environmental protection, and emerging industries [4][53]. - The company has 46 subsidiaries and two directly affiliated institutions, including five publicly listed companies [4]. Business Operations - China Datang operates the largest thermal power plant in the world and the largest operational wind farm, with a total installed capacity exceeding 200 million kilowatts by the end of 2024 [5]. - The company has a significant presence in 31 provinces and regions in China, as well as in countries like Myanmar, Cambodia, Laos, and Indonesia [5]. Recruitment Information - The 2026 campus recruitment program is aimed at attracting recent graduates to contribute to the new energy system, with a focus on positions in production, technology, and management [54][55]. - The recruitment process includes resume submission, screening, exams, interviews, and health checks [54]. Salary and Benefits - The average annual salary for fresh graduates is around 120,000 yuan, with master's graduates in high-performing units potentially earning between 170,000 to 200,000 yuan [60]. - Benefits include various insurances, housing funds, and allowances, as well as opportunities for professional development and training [61][62][74]. Talent Development - The company promotes a talent philosophy that emphasizes responsibility and opportunity, aiming to create a fair environment for employee growth [74]. - A comprehensive training system is in place, including mentorship programs, personalized development plans, and opportunities for cross-departmental experience [76][80].

Macro Insights - In January, both manufacturing and non-manufacturing sectors fell into contraction territory, influenced by seasonal factors such as colder weather and pre-Spring Festival personnel returns, leading to a slowdown in economic activity [2] - The end of the overseas stocking season has resulted in a decline in export sentiment, putting pressure on the equipment manufacturing sector [2] - There is an increasing divergence between old and new growth drivers, with high-tech manufacturing continuing to expand while consumer goods manufacturing has entered a contraction phase [2] - Raw material prices have risen significantly faster than finished product prices, impacting profits for some companies [2] Fiscal Insights - In December 2025, both revenue and expenditure of the general public budget fell short of initial budget targets, primarily due to a sluggish real estate market and pressures on revenue growth in certain industries [3] - Special bonds and remaining limits continue to supplement local government financial capacity, with government fund expenditures showing improvement compared to historical averages [3] - High growth in spending on urban renewal and water conservancy projects in December 2025 is expected to support infrastructure investment [3] - The issuance of new local bonds at the beginning of 2026 is faster than in previous years, indicating a strong push for fiscal front-loading [3] Policy Insights - Kevin Warsh's nomination as the new Federal Reserve Chair suggests a policy path that may include further interest rate cuts while being cautious about balance sheet expansion, indicating a potential "dovish-hawkish" policy mix [4] - Market reactions have shown a notable pullback in gold and U.S. equities, reflecting concerns over Warsh's opposition to balance sheet expansion [4] - It is anticipated that the pace of balance sheet reduction will not accelerate quickly under Warsh, with interest rate cuts likely occurring before any balance sheet contraction [4] Investment Strategy - The upcoming spring market is expected to be promising, with potential positive news on both policy and fundamentals in the coming months [5] - A brief period of market correction may occur before the Spring Festival, but investors are advised to hold onto stocks as trading activity is expected to pick up post-holiday [5] Bond Market Insights - The convertible bond market is experiencing a downturn, with a recommendation for careful selection of bonds based on their terms and underlying stock performance [10] - The overall issuance of credit bonds has increased, with a total of 445 bonds issued this week, amounting to 470.374 billion yuan, a 21.90% increase from the previous week [7] - Credit spreads across various industries are mixed, with the automotive sector seeing the largest increase in AAA credit spreads, up 3.6 basis points [7] Industry Insights - The recent policy on capacity pricing for the power generation sector is expected to promote orderly and fair competition in the energy storage industry, benefiting the sector overall [11] - Uranium prices have risen to $98 per pound, a 29% increase since December 2025, driven by strong demand and tight supply conditions [12] - The global uranium supply is concentrated, with the U.S. and China being the largest demand countries, which may further support price increases [12] Company Insights - The report on Keda Manufacturing indicates a significant asset restructuring plan to acquire a 51.55% stake in Tef International, which is expected to substantially enhance the company's net profit [13] - Tesla's valuation has shifted towards an AI-driven model, with adjusted profit forecasts for 2026 and 2027, reflecting the company's focus on AI infrastructure and technology advancements [14] - Microsoft's cloud business shows robust growth, with projected net profits for FY2026 to FY2028 indicating a strong long-term growth outlook [15] - TAL Education's revenue for FY26Q3 reached $770.2 million, a 27% year-on-year increase, with net profit significantly improving, leading to upward revisions in profit forecasts [16]

Investment Rating - The investment rating for the steel industry is Neutral, maintained [6] Core Insights - The steel industry accounts for approximately 15% of the national carbon emissions, making it the highest carbon-emitting manufacturing sector. The implementation of low-carbon steelmaking is a significant challenge for Chinese steel companies [2][4] - The "carbon peak" target was first proposed in 2020, evolving into a policy of stabilizing crude steel production. The current deepening of carbon neutrality policies may accelerate the elimination of outdated production capacity in the steel industry [2][4] - As the Spring Festival approaches, demand and production are slowing down, leading to a low inventory and low expectation state in the steel market. The overall market is characterized by low production, low inventory, and low expectations, awaiting macro or industrial catalysts [4] Summary by Sections Section 1: Market Dynamics - Demand continues to weaken with a year-on-year decrease of 2.02% and a month-on-month decrease of 0.67% in apparent consumption of major steel products [4] - Steel production has slightly increased, with a year-on-year rise of 2.19% and a month-on-month rise of 0.48% in total steel output [4] - Total steel inventory has increased by 1.57% month-on-month and 13.05% year-on-year [4] Section 2: Policy and Regulatory Environment - The carbon intensity reduction target has been a binding indicator since the 12th Five-Year Plan, with a projected reduction of about 7.8% by the end of 2024, which is below expectations [4] - The Ministry of Ecology and Environment has released a carbon emission trading market allocation plan for the steel, cement, and aluminum industries, marking a significant step towards operationalizing carbon control policies [4] Section 3: Investment Opportunities - Short-term focus on energy-saving and carbon-reduction modifications in existing blast furnace-converter processes is a practical choice for steel companies [5] - Long-term investment opportunities may arise in electric arc furnace steelmaking and hydrogen metallurgy as the dual carbon policy deepens [5]

Group 1 - Multiple LOFs experienced a collective trading halt for one hour, indicating a surge in arbitrage interest among investors [1] - Fenglong Co. announced the resumption of its stock trading after a halt due to abnormal fluctuations, with a remarkable 456.34% increase in stock price over a period of 18 consecutive trading days [2][19] - Several actively managed equity funds saw their scale increase from less than 100 million to over 1.5 billion within a quarter, capitalizing on investment opportunities in hot sectors like energy storage and resources [3][20] Group 2 - In January, equity ETFs faced a net outflow of nearly 800 billion, with 12 broad-based ETFs experiencing outflows exceeding 11 billion each, totaling 939.74 billion [6][23] - Nearly 80% of investors are optimistic about the market in 2026, with significant profits reported in 2025, particularly from sectors like artificial intelligence [7][24] - The domestic market for duty-free shopping in Hainan has shown strong growth, with cumulative shopping amounts reaching 10.05 billion, a year-on-year increase of 25.32% since the new policy implementation [14][30][31] Group 3 - The 3D printing industry is witnessing a resurgence, with a 52.5% year-on-year increase in equipment production in 2025, driven by advancements in technology and market demand [16][33] - The penetration rate of new energy heavy trucks in China surpassed 50% for the first time, with sales reaching 231,100 units in 2025, marking a 182% increase year-on-year [17][34]

Core Viewpoint - Beijing Huadian Guangda Environment Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, marking it as the first company to be accepted in 2026, reflecting the growing interest in environmental protection materials in the capital market driven by the "dual carbon" policy [1] Company Overview - The company specializes in the research, production, and sales of new catalytic materials for air pollutant treatment, focusing on nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs) [2][3] - It was established in February 2013 and transformed into a joint-stock company in April 2016, with a registered capital of 130 million yuan [3] IPO Details - The company plans to publicly issue up to 32.2 million shares, aiming to raise approximately 260 million yuan [1][2] - The funds will be allocated to projects including the construction of production equipment for 5,000 cubic meters of CO oxidation catalysts and technological upgrades for 10,000 cubic meters of denitration plate catalysts [2] Financial Performance - The company reported revenues of 269 million yuan in 2022, 330 million yuan in 2023, and projected 315 million yuan for 2024, with a net profit of 19 million yuan in 2022 and 43 million yuan in 2023 [4] - The net cash flow from operating activities was negative in 2022 and 2025, indicating potential liquidity challenges [4] Accounts Receivable - As of the end of 2023, accounts receivable amounted to 172 million yuan, a 51.47% increase from the previous year, indicating a higher growth rate than revenue [5] - The company’s major clients include large state-owned enterprises and industries such as coal-fired power plants and steel groups, which may affect the payment cycle due to strict internal control processes [5]

□本报记者 王鹤静 在2025年四季度的结构性行情下，广发碳中和主题、中欧周期优选、泰信发展主题等一批主动权益基 金，凭借对储能、资源品等热门板块机遇的把握，顺利实现从业绩到规模的转化，成功盘活"小微"产 品。此外，鹏华稳健增利、富国盛利增强等二级债基抓住了"固收+"发展风口，通过进一步明确特色化 资产配置策略，资金关注度明显提高，同样顺利走出"小微"困境。 "小微"产品历来是让各家基金公司颇为头疼的"包袱"。此类产品如何把握市场机遇，盘活产品资源，从 而保护持有人利益？业内分析人士认为，基金管理人可以实施差异化战略，找准市场空白或细分领域， 打造特色产品；同时，加强投资者教育，让投资者了解产品的投资理念与优势、增强信任。而盲目跟风 市场热点、过度依赖短期营销手段等方式则不可取。 成功摆脱"小微"困境 2025年四季度的结构性行情，给公募机构提供了抓热点、做业绩的窗口期。其中，广发碳中和主题、中 欧周期优选、泰信发展主题等一批主动权益基金抓住机会，顺利摆脱生存困境。 "固收+"重整获资金认可 过去一年，在利率下行及权益市场走强的背景下，"固收+"基金颇受资金欢迎。2025年四季度，多只"固 收+"产品抓住发展 ...

Core Viewpoint - Beijing Huadian Guangda Environment Co., Ltd. has received acceptance for its IPO application on the Beijing Stock Exchange, marking it as the first company to be accepted in 2026, reflecting the growing interest in environmental protection materials in the capital market [1] Company Overview - Huadian Guangda focuses on the research, production, and sales of new catalytic materials for the removal of air pollutants such as nitrogen oxides (NOx), carbon monoxide (CO), and volatile organic compounds (VOCs) [2] - The company was established in February 2013 and transformed into a joint-stock company in April 2016, later listed on the New Third Board in June 2017 [2] - The company has a registered capital of 130 million yuan, with the controlling shareholder being Beijing Huadian Guangda New Energy Environmental Technology Co., Ltd. [2] Industry Context - The catalytic materials industry is a strategic emerging industry supported by national policies, particularly in light of China's "carbon peak and carbon neutrality" goals [3] - Recent government policies have been issued to support the catalyst and new materials industry, which will continue to promote the steady development of the catalyst sector in China [3] Financial Performance - In 2022, 2023, 2024, and the first three quarters of 2025, Huadian Guangda achieved operating revenues of 269 million yuan, 330 million yuan, 315 million yuan, and 272 million yuan respectively [4] - The net profit attributable to the parent company for the same periods was 19 million yuan, 43 million yuan, 25 million yuan, and 38 million yuan respectively [4] - The net cash flow from operating activities showed negative values in 2022 and 2025, indicating cash flow challenges [4] Accounts Receivable - As of the end of 2023, the accounts receivable balance was 172 million yuan, a 51.47% increase from the end of 2022, indicating a higher growth rate than revenue [4] - The accounts receivable balance is expected to reach 190 million yuan by the end of 2024, reflecting a 10.72% increase from 2023 [4] Customer Base - The main customers of Huadian Guangda include large coal-fired power plants, steel groups, biomass power generation companies, waste-to-energy companies, and cement enterprises [5] - The top five customers contributed to 52.16%, 52.74%, 57.56%, and 50.24% of total revenue in 2022, 2023, 2024, and the first three quarters of 2025 respectively [5]