别以为我在讲大道理，我有数据撑腰——2025年A股成交活跃度创下新高，全年成交额破了400万亿，日均万亿上下，这不是情绪堆出来的烟花，而是"真金 白银在场"，有活水，就可能走出持续性的结构行情，但前提是，钱不会平均撒，它会集中在少数被认为"确定"的方向上 说到1月5日开盘，我给你四个场景，照着看就行，场景A是强势开局，冲高回踩有承接，成片、梯队齐全，这最好；场景B是冲高回落，开盘热闹但到处点 火，轮动盘居多，追后排最难受；场景C是低开走强，早盘不热闹、午后走强、尾盘敢留仓，这种更像真金白银在选队伍；场景D是弱势震荡，指数与结构 都不强，热点没有集中度，这种就别急着动手，等第一条主线站出来再说 再谈主线候选，不要问我给你十个板块，我给你三种角色第一是科技风险偏好线，它像开年第一波的情绪旗帜，代表风险偏好，容易形成集群效应，但能不 能走得长，看两个指标，分歧后核心稳不稳，链条扩散有无梯队；第二是先进制造与智能化，它靠的是产业趋势和订单兑现，不靠一天两天的消息，容量 大、叙事长，能做慢而稳的波段；第三是高现金流高分红的底仓，很多散户要的不是一夜暴富，而是账户别被吓死，抗跌又能在回暖时跟涨，这类底仓是组 合里的压舱石 ...

Group 1 - The core viewpoint of the article is that Hebei Province will continue its old-for-new consumption policy in 2026, covering four main areas: automobile scrapping and replacement, home appliance upgrades, and the purchase of digital and smart products, with subsidies to promote green consumption and industrial upgrades [1] Group 2 - In the automotive sector, consumers who scrap eligible old vehicles and purchase new energy passenger cars or fuel passenger cars with an engine size of 2.0 liters or less can receive a one-time subsidy of up to 20,000 yuan. Those who sell old cars and buy new ones can receive a maximum subsidy of 15,000 yuan. Each consumer is limited to one subsidy for either scrapping or replacing a vehicle [1] Group 3 - For home appliances and digital products, consumers purchasing energy-efficient appliances such as refrigerators and washing machines can receive a subsidy of 15% of the sales price, with a maximum of 1,500 yuan per item. For mobile phones and tablets priced under 6,000 yuan, a similar 15% subsidy applies, with a maximum of 500 yuan per item [1] Group 4 - To ensure the orderly implementation of the old-for-new policy, the subsidy funds will be managed according to an annual total control and monthly allocation principle. The subsidies will operate on a "first come, first served" basis, and consumers who do not claim their subsidies in a given month can apply in subsequent months [1] Group 5 - Relevant departments will establish a collaborative regulatory mechanism to strengthen oversight of subsidy fund usage and market behavior, with strict measures against fraudulent claims and violations to maintain a fair and orderly market environment [2]

近日，经国务院同意，国家发展改革委、商务部正式发布《鼓励外商投资产业目录（2025年版）》，自 2026年2月1日起施行。新版目录的发布，为全球投资者提供了清晰、稳定的政策预期，标志着我国利用 外资策略正迈向更深层次、更高质量的阶段。 此次修订是自2022年版目录发布3年后的一次系统性优化，总条目增至1679条，净增加205条，修改303 条，在引导外资投向上凸显出科技创新引领、产业升级导向和区域协调发展三大战略意图，充分体现了 我国在复杂多变的国际环境中坚定不移扩大高水平对外开放的决心。 在科技创新领域的引导尤为突出，体现出通过外资助力发展新质生产力的清晰思路。外资企业已成为我 国科技创新体系的重要组成部分。《跨国公司在中国》报告显示，2013年到2023年，我国规模以上外资 工业企业研发人员全时当量从每年62.9万人增加到83.8万人，增长了33.2%；研发投入从2015.1亿元增加 到3757.6亿元，增长了86.4%。此次目录调整响应了我国当前推进绿色化、数字化、智能化转型的内在 需求，旨在吸引全球创新要素，弥补产业链关键环节的短板。新版目录通过精准引导，将进一步推动外 资从"中国制造"向"中国创新" ...

Group 1: Aerospace and Manufacturing - Chengdu is rapidly advancing multiple industrial projects, including the construction of a smart manufacturing workshop for aviation-specific cables, which aims to fill a gap in the local market [1] - The Qingyang Headquarters Economic Base project has a total investment of 2.01 billion yuan and will support the development of the aviation industry in Chengdu, with completion expected within the year [1] - Sichuan Xinrong Cable's project, with an investment of 120 million yuan, is transitioning from urban infrastructure to high-tech applications in aerospace and robotics [1] Group 2: Robotics and Hydrogen Energy - Chengdu Kanopu Robot Technology Co., Ltd. is focusing on developing advanced robotics for various sectors, including industrial, agricultural, and consumer markets, with a strong emphasis on enhancing robot intelligence [2] - Hydrogen Qi Energy Technology is set to scale its solid-state hydrogen storage technology for micro-transportation and aims to lead in the AEM hydrogen production sector [4] Group 3: Film and Media Industry - The Chengdu Film City is expanding with a new high-tech motion capture studio and several operational film studios, enhancing the region's capacity for diverse media production [5] - Infrastructure developments, including the construction of key roads and service facilities, are underway to support the growing film industry, with completion expected in the coming months [6]

明日，A股市场将迎来2026年首个交易日。元旦假期期间，港股迎来新年开门红，在美上市的中国资产 也有强势表现，一定程度上提振了市场对A股新年开门红的预期。 展望后市，机构认为，开年后A股震荡向上的概率更高，投资者对春季行情应保持耐心，消费与成长板 块有望成为春季行情的两条主线。配置上，热度和持仓集中度相对较低但关注度开始提升、催化开始增 多且长期ROE有提升空间的板块值得关注，此外人民币汇率也具备继续走强可能，这或为港股带来一定 利好。 影响后市投资大事件 多型新火箭将首飞并挑战回收 2025年，我国在载人航天、深空探测、商业航天等领域完成多项突破，实现多个首次。在"十五五"开局 之年，中国航天的新蓝图正在展开。载人登月项目将展开多项试验，嫦娥七号将奔赴月球南极寻找水冰 存在的证据，多型新火箭将首飞并挑战回收。中国航天正朝着建设航天强国的目标开启新的征程。 机构后市投资观点 中信证券：开年后市场震荡向上概率更高 2026年开年后，市场震荡向上的概率更高。中期维度下，建议抱着"赚业绩的钱而不期待估值的钱"的思 维布局，聚焦热度和持仓集中度相对较低，但关注度开始提升、催化开始增多且长期ROE有提升空间的 板块，如 ...

Core Viewpoint - The value of cosmetic packaging has evolved from merely being a product container to a key carrier of brand identity, safety, emotion, and innovation, significantly impacting product quality, user experience, and brand value [3][5]. Summary by Sections Industry Evaluation and Research - The China Fragrance and Cosmetic Industry Association released the "2025 China Cosmetic Packaging Enterprise TOP 30 Research Results," establishing a scientific evaluation system to identify industry leaders and guide high-quality development [5][7]. - The research covers key aspects of the entire supply chain, including plastic bottles, tubes, pumps, glass containers, labels, and molds, showcasing the innovation landscape in China's cosmetic packaging sector [5][7]. Evaluation Methodology - The evaluation system decomposes enterprise performance into four core dimensions with differentiated weightings: 1. Market Performance (50% weight) focuses on annual revenue, net profit, and industry standing, emphasizing economic strength and market leadership [7]. 2. Research and Innovation (15% weight) encourages companies to move beyond low-end processing through technological innovation [7][8]. 3. Service Support (15% weight) assesses the ability to provide customized services and sustainable solutions, promoting a shift from product suppliers to partners in the brand value chain [8]. 4. Green Development (20% weight) emphasizes the importance of safety, quality, and sustainability, establishing strict entry requirements for the industry [9]. Industry Characteristics - The research highlights three fundamental characteristics of the Chinese cosmetic packaging industry: 1. High regional concentration, with the TOP 30 companies primarily located in the Yangtze River Delta and Pearl River Delta regions, reflecting a "production-to-sales" logic [13][14]. 2. Low market concentration, with the TOP 30 companies accounting for only about 12% of the total market revenue, indicating significant room for industry consolidation [15]. 3. A competitive landscape where international and local companies coexist, fostering technological exchange and industry advancement [17][18]. Future Trends - The industry is experiencing four irreversible trends in transformation and upgrading: 1. Moving from "large and comprehensive" to "specialized and precise," indicating a shift towards deep specialization and collaboration within the supply chain [21][22]. 2. Innovation-driven strategies to escape homogenized competition, with leading companies increasing R&D investment to enhance market differentiation [24]. 3. A fundamental role transformation from suppliers to "brand solution partners," emphasizing the provision of comprehensive services beyond manufacturing [25]. 4. Green development becoming a commercial necessity, with sustainability now a critical factor in market competition and supplier selection [27]. Conclusion - The release of the TOP 30 research results marks a starting point for the industry, indicating a shift from scale competition to value competition and from passive execution to proactive definition [29].

什么是锑？ 你可能不熟悉，但它无处不在。 锑（元素符号Sb）是一种银灰色的脆性金属，听起来陌生，却渗透在现代生活的核心领域： 更关键的是，锑的熔点调节能力独一无二——添加0.5%的锑就能让铅合金硬度提升三倍，这特性至今 没有完全可靠的替代品。 最近一条新规震动行业： 我国将对非法出口锑制品行为开罚单——情节严重的不仅面临百万罚款，还可能追究刑事责任。 这并非空穴来风，随着国际局势变化，被称为"工业维生素"的锑，正与稀土一同成为战略资源管理的关 键棋子。 锑化镓半导体材料进入中试阶段，有望打破国外垄断。 半导体制造中，锑化铟是红外探测器、热成像仪的核心材料； 军工领域的穿甲弹涂层、导弹陀螺仪都依赖其合金特性； 阻燃行业中，85%的锑用作阻燃剂，保护着电器设备与建筑材料； 电池技术上，铅酸蓄电池的极板强化离不开它。 资源现实：中国的"锑筹码"有多重？ 目前全球已探明锑储量约150万吨，中国占其中32%，但更关键的是供给端：中国提供了全球约60%的 锑产品。这种产量集中度甚至高于稀土最紧张时期的比例。 美国地质调查局数据显示，美国100%依赖进口锑资源，其中主要来源正是中国。更让西方焦虑的是， 全球锑产业链高度集中 ...

智通财经APP讯，天龙股份(603266.SH)发布公告，公司拟以现金1.32亿元受让烟台华立投资有限公司、 石河子市明照共赢创业投资合伙企业(有限合伙)、安徽中鼎密封件股份有限公司、安徽国江未来汽车产 业投资基金合伙企业(有限合伙)、昆山禾诚企业管理合伙企业(有限合伙)、中山西湾产业发展投资基金 有限公司、昆山市久之源企业管理中心(有限合伙)合计持有的苏州豪米波技术有限公司(以下简称"苏州 豪米波"或"标的公司")32.2998%股权。 同时，公司拟以现金1亿元对苏州豪米波进行增资并获得增资后33.3333%股权。本次股权转让及增资交 割完成后，公司将以人民币2.32亿元获得苏州豪米波54.8666%股权，苏州豪米波将成为公司控股子公 司，并纳入公司的合并报表范围。 通过本次交易，公司将从汽车零组件供应向智能感知部件集成的产业链延伸，依托苏州豪米波在4D毫 米波雷达、UWB传感器、相机融合技术等智能感知领域的技术积累与产业化经验，快速切入汽车智能 驾驶、低空飞行、智慧交通、机器人等多应用领域赛道，既助推产业升级，打造第二增长曲线，又深度 响应国家鼓励制造业高端化、智能化转型的政策导向，全面提升公司在汽车电子 ...

世界上最难的事情之一，就是借了钱后还能按时还清，更别提数额高达81亿美元了。然而，土库曼斯坦不仅成功完成了这项艰巨任务，还回赠给中国一个价 值上百亿的超级大礼包。或许不少人对土库曼斯坦的了解仍停留在它是中亚五国中最神秘、最低调的国家。 西方媒体曾质疑中亚国家是否会赖账，但土库曼斯坦用实际行动打破了这些怀疑。2025年，土库曼斯坦的天然气年产量突破860亿立方米，出口量稳居全球 第一，顺利成为中国最大的海外能源供应国。对于中国而言，这为西气东输管道提供了稳定的气源，也确保了广东、上海等地的冬季供气不再担心限流。这 才是真正的铁哥们情谊。 那么，土库曼斯坦是如何成为中国能源铁哥们的呢？两国的合作究竟有多深厚？中国借给土库曼斯坦的81亿美元真的一分不少地收回了吗？而那个百亿大礼 又是什么？让我们从土库曼斯坦的资源金饭碗说起。二十年前，土库曼斯坦的天然气储量惊人，达到19.5万亿立方米，但当时它的日子却过得异常艰难。很 多老百姓幽默地说，家里煤气灶烧的不是天然气，而是心酸。 为什么会这样呢？原因很简单，虽然土库曼斯坦拥有丰富的资源，但开采和运输的技术完全依赖于外部，尤其是俄罗斯。每年出口天然气都需要看俄罗斯的 脸色， ...

Core Insights - China Bank's Ningbo branch successfully facilitated equity financing for a local "unicorn" enterprise, investing 200 million yuan to support the upgrade of the green technology innovation industry [1] - The "unicorn" company is a leading player in technological innovation and green petrochemical, included in the Hurun Research Institute's "2025 Global Unicorn List" [1] - The investment focuses on upgrading green and environmentally friendly chemical products, enhancing the company's research and application of green chemical technology [1] Group 1 - The unicorn enterprise has an integrated production chain and advanced green chemical manufacturing capabilities, with products used across various sectors including chemicals, dyeing, pharmaceuticals, food, precision electronics, and optics [1] - China Bank's Ningbo branch has been increasing financial support in technology innovation, green industries, and manufacturing, leveraging its global and comprehensive advantages to provide integrated services [1] - Following the expansion of the AIC equity investment pilot to Ningbo, the bank established the first AIC chain master merger fund in the country to promote AIC equity investment projects [1] Group 2 - In the next phase, China Bank's Ningbo branch will align with Ningbo's "14th Five-Year" development strategy to accelerate regional equity investment and broaden financial services throughout the enterprise lifecycle [2] - The focus will be on reinforcing the support of "long-term capital" and "patient capital" for local industrial upgrades, contributing to Ningbo's ambition to become a "champion city" in manufacturing [2]