本报讯 2月1日，省委书记冯飞指导海口市委常委班子2025年度专题民主生活会暨以案促改促治专题民 主生活会。 沈伟 会议通报海口市委常委班子2024年度民主生活会暨以案促改专题民主生活会整改措施落实、深入贯彻中 央八项规定精神学习教育整改整治及市委常委班子民主生活会会前征求意见情况。省委常委、海口市委 书记范少军主持会议并作动员和表态讲话，代表市委常委班子作对照检查，班子成员依次作对照检查， 认真严肃开展批评与自我批评。省委督导组到会指导。 冯飞指出，今年是"十五五"开局之年、高标准建设海南自由贸易港启航之年，海口作为省会城市、自由 贸易港核心引领区，承担的使命更重、责任更大，要求更高。全市党员干部特别是市委常委会班子成员 要深入贯彻党的二十届四中全会精神和习近平总书记在听取海南自由贸易港建设工作汇报时的重要讲话 精神，认真落实省委省政府工作部署，坚定必胜信心、保持战略定力，自觉做到"笃信、务实、担当、 自律"，在遵纪守法前提下奋力投身改革开放和自由贸易港建设的生动实践，在领先发展、先行先试、 产业升级、辐射带动等方面走在前、作表率、挑大梁。 冯飞强调，要始终把党的政治建设摆在首位，旗帜鲜明讲政治，坚持不懈用 ...

Core Viewpoint - The A-share market is experiencing a weak and volatile trend, with the core logic supporting the spring market remaining unchanged, and the precious metals sector expected to enter a wide fluctuation phase in the short term [1][6] Market Trends - The non-manufacturing business activity index for January is reported at 49.4%, a decrease of 0.8 percentage points from the previous month, indicating a decline in overall non-manufacturing sector activity [1] - The capital market service index is above 65%, reflecting high market activity in sectors such as monetary financial services and insurance [1] Investment Recommendations - Focus on sectors with lower price increases but strong logical support, including storage chips, embodied intelligence, AI edge computing, energy storage, and the lithium battery supply chain [1][5] - Emphasize sectors mentioned in the "14th Five-Year Plan," such as commercial aerospace, 6G, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces [5] Precious Metals Sector - Banks have issued risk warnings regarding precious metals business, citing increased market uncertainty and price volatility, while still recognizing the medium to long-term investment value of gold and similar assets [2] - The precious metals sector is currently in a high congestion state after rapid previous gains, expected to enter a wide fluctuation phase, but the fundamental outlook remains positive due to unresolved supply-demand gaps [6] Sector-Specific Insights - The AI industry is expected to significantly drive electricity demand, creating investment opportunities in the energy storage and power equipment sectors [6] - The pharmaceutical industry is anticipated to continue its upgrade trend driven by innovation, with a long-term positive outlook for globally competitive drugs and devices [7] - The technology growth sector is favored due to abundant liquidity and industry theme catalysts, with a focus on sectors supported by industry trends [8]

Group 1: Market Overview - The A-share market is experiencing a weak and volatile trend, with significant fluctuations in precious metal prices impacting market sentiment [1] - Despite short-term volatility, the fundamentals of the precious metal sector have not reversed, and it is expected to enter a wide-ranging fluctuation phase [1][8] Group 2: Investment Recommendations - Institutions suggest focusing on sectors with lower price increases but strong logical support, including storage chips, embodied intelligence, AI edge computing, energy storage, and the lithium battery supply chain [1][6] - The core logic supporting the spring market remains unchanged, driven by favorable domestic fundamentals, policy support, and ample liquidity [5] Group 3: Economic Indicators - In January, the non-manufacturing business activity index was reported at 49.4%, a decrease of 0.8 percentage points from the previous month, indicating a decline in overall non-manufacturing sector activity [2] - However, the capital market services and financial services sectors reported business activity indices above 65%, indicating high market activity [2] Group 4: Sector-Specific Insights - The precious metals market has seen increased volatility, prompting banks to issue risk warnings and advise clients to manage positions carefully [3] - The energy storage and power equipment sectors present notable investment opportunities, driven by the significant demand for electricity from the AI industry [9] - The pharmaceutical industry is expected to continue its upgrade trend, driven by innovation and global competitiveness in drug development [10] Group 5: Strategic Investment Changes - The China Securities Regulatory Commission is seeking to expand the types of strategic investors for listed companies, including various institutional investors [4] - Institutions recommend paying attention to sectors highlighted in the "14th Five-Year Plan," such as commercial aerospace, 6G, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces [6]

Group 1: Report Summary - The report analyzes the impact of Document No. 114 on the energy storage and lithium carbonate sectors [1] - On January 30, 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the "Notice on Improving the Capacity Tariff Mechanism on the Power Generation Side", aiming to support energy transformation [3][8] - The notice and the 15th Five - Year Plan form policy synergy, and the new energy storage in China has entered a new stage of large - scale development [3] - In the next 5 years, new energy storage will steadily reach 642GW, doubling the 15th Five - Year Plan target, with an average annual growth rate of 4.2%, and will drive the demand for lithium carbonate to increase by nearly 1 million tons [3] Group 2: Hedging Strategy - In the short term, it will continue to support the upward trend of lithium carbonate prices [4] Group 3: Core Content of the Notice - The notice constructs a "classified improvement + unified compensation + supporting optimization" system, filling the gap in the capacity tariff for independent new energy storage on the power grid side [9] - The classified capacity tariff mechanism is established, and a unified compensation mechanism for reliable capacity is set up after the continuous operation of the spot market, covering coal - fired power, gas - fired power, and eligible independent new energy storage on the power grid side [9] - Supporting measures include adjusting the lower limit of the medium - and long - term transaction price of coal - fired power, standardizing the settlement of energy storage charging and discharging electricity fees, and optimizing the cost sharing of regional pumped - storage [9] Group 4: Core Policies for Different Power Sources - For coal - fired and gas - fired power, the proportion of fixed cost recovery by coal - fired power capacity tariff is ≥50%, and gas - fired power can establish a capacity tariff [10] - For pumped - storage, existing projects maintain government pricing, and new projects adopt a "unified capacity tariff + market revenue sharing" model [10] - For independent new energy storage on the power grid side, capacity tariff can be given, calculated according to the coal - fired power capacity tariff standard combined with peak - shaving capacity, and managed by a list system [10] Group 5: Core Impact on the Energy Storage Industry - Policy synergy: The capacity tariff policy in the notice activates the energy storage market, promoting new energy storage to move from a "supplementary role" to a "main support" [11] - Technical orientation: Focus on long - duration energy storage, promoting the transformation of lithium - ion batteries and the large - scale development of non - lithium long - duration energy storage and sodium - ion batteries [11] - Market expansion: The notice helps to achieve the 300GW new energy storage installation target in the 15th Five - Year Plan [11][12] - Industrial linkage: It drives the growth of demand in the energy storage industry chain and upstream raw materials, and promotes the technological iteration of non - lithium energy storage [11] Group 6: New Energy Storage Installation Forecast - From 2026 - 2030, the cumulative new installation of new energy storage will reach nearly 500GW, and the cumulative installation will increase from 144.7GW to over 640GW [12] - From 2026 - 2029, it is a steady promotion period with a gradually slowing growth rate, and in 2030, new installation will decline [12][16] - Sodium - ion batteries and other technologies will penetrate at a moderate pace, and long - duration energy storage will become the mainstream in 2030 [12][16] Group 7: Lithium Carbonate Demand Calculation - Core assumptions include the proportion of different technical routes, consumption standards, and conversion standards [14] - From 2026 - 2030, the cumulative new installation of new energy storage will be close to 500GW, with an average annual growth rate of about 4.2%, and will drive the demand for lithium carbonate to change [14][15][16] - The demand for lithium carbonate will increase from 12.30 million tons in 2025 to 23.43 million tons in 2029, and then drop to 12.66 million tons in 2030 [15]

上海市政协十四届四次会议2月2日上午开幕，参加会议的市政协委员于今天中午陆续抵达驻地报到。截 至下午2点，大会已收到提案488件，内容涵盖经济社会发展的多个领域，其中，涉及经济建设的提案 230件。 上海两会期间，委员们将结合深入调研成果，围绕上海"十五五"规划开好局、起好步，提出务实、精准 的建言建议。 今年是"十五五"规划起步之年，围绕上海如何进一步扩大高水平对外开放，不少委员提出了更具前瞻性 的思考。市政协委员、香港贸易发展局中国内地总代表钟永喜表示，上海在"十五五"期间大有可为，关 键在于进一步完善服务企业"走出去"的生态体系。他认为，企业在海外发展过程中，往往面临规则不熟 悉等现实问题，需要专业机构提供支撑，帮助企业在海外目的地更有效地做好风险管控。 市政协委员、上海市科技企业联合会名誉会长方奇钟则提出，浦东应站在更高的发展起点上，进一步提 升开放水平，推动上海在更高层次参与国际竞争与合作。 看看新闻记者: 沈倩 赵颖文 乔建华 李会杰 在带动文旅发展、激活消费潜力方面，有委员建议充分发挥展览经济的牵引作用，推动多元业态深度融 合。市政协委员、奉贤博物馆馆长张雪松表示，展览本身具备良好的基础，下一步 ...

Core Viewpoint - The Chinese photovoltaic industry is at a crossroads amid accelerating global energy transition and rising trade protectionism and geopolitical risks. The industry's ability to emerge from a period of widespread losses is under scrutiny, especially with recent signals of domestic "anti-involution" policies and stabilization in product prices [1][17]. Group 1: "14th Five-Year Plan" and Green Hydrogen - The "14th Five-Year Plan" emphasizes the importance of renewable energy development, aiming to build a clean, low-carbon, safe, and efficient energy system, and increase the share of renewable energy supply [3][19]. - The plan provides a "stabilizing force" for the industry, ensuring that renewable energy remains a mainstream power supply [3][19]. - The hydrogen industry is entering a critical stage for scaling up, with expectations that green hydrogen costs will approach parity by the end of the "14th Five-Year Plan" and become competitive by 2030-2035 [5][21]. Group 2: Shift from "Made in China" to "Local for Local" - The global green economy has grown into a $5 trillion market, with China leading in production capacity and market share in sectors like electric vehicles, photovoltaics, and wind power [5][19]. - The strategy has shifted from exporting products to establishing local production capabilities, adapting to geopolitical challenges and local manufacturing requirements in markets like the U.S. and India [8][24]. - The company has successfully established one of the largest solar module factories in the Western Hemisphere through a joint venture model, which is being replicated in other countries [9][25]. Group 3: Addressing "Involution" and Competition - The industry faces challenges such as supply-demand imbalances and price wars, necessitating a focus on technological innovation and policy guidance to ensure long-term development [10][26]. - The key to overcoming "involution" lies in setting high standards and supporting strong players while eliminating substandard products from the market [10][26]. - The company emphasizes the need for market consolidation and collaboration among remaining firms to foster a healthier competitive environment [10][26]. Group 4: ESG as a Competitive Barrier - Effective ESG management is transitioning from a cost center to a competitive barrier, with good practices reflecting sustainable competitiveness [12][28]. - The company is advocating for improved ESG standards across the supply chain, aiming to establish a competitive edge in the industry [12][28]. - The company has made progress in ESG ratings, moving from a BBB rating to aiming for an A rating by 2025, highlighting the importance of governance and social factors [12][28]. Group 5: Future Directions and Solutions - The company is evolving from a component supplier to an energy solutions provider, focusing on comprehensive pricing and project returns rather than just component efficiency [11][27]. - There is an expectation of more substantial case studies and international applications in the coming years, reflecting the industry's shift towards integrated energy solutions [11][27]. - The key to navigating future challenges lies in building capabilities for new power systems and achieving effective global operations [15][31].

2026 年 2 月 1 日 春季行情有望延续 投 资 2026 年 2 月份投资策略报告 投资要点： S0340523110001 电话：0769-22119276 邮箱：zenghao@dgzq.com.cn | 邮箱：zenghao@dgzq.com.cn 上证指数 4117.95 深证成指 14205.89 | 涨跌幅 3.76% 5.03% 证 券 研 究 | | --- | --- | | 收盘点位 | | | 沪深 300 4706.34 | 1.65% | | 创业板指 3346.36 | 4.47% | | 北证 50 1531.55 | 6.33% | | 科创 50 1509.40 | 12.29% | | 资料来源：东莞证券研究所，iFinD 上证指数月线走势 | 报 | | 告 | | | 资料来源：东莞证券研究所，Wind | | 上证指数月线走势 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 月度策略/A 股市场 分析师：费小平 资料来源：东莞证券研究所，Wind SAC 执业证 ...

展望2026年，商会将继续坚守"一个平台、一座桥梁、一个家"的定位，引领全体会员牢牢把握民营经济 发展机遇，乘势而上、勇立潮头，共同推动商会与会员企业高质量发展。 商会对2025年度表现突出的66名个人分别授予"优秀共产党员""突出贡献奖""创业之星""优秀理事""优秀 会员"荣誉称号。 责任编辑：李靓 金蛇辞旧启新程，瑞马迎春绘华章！1月31日下午，兰州市平凉商会第四届六次理事会暨2026年迎新春 团拜会在此隆重举行。平凉籍老领导、商会名誉会长、会员代表与各界乡贤欢聚一堂，共叙桑梓深情， 共谋发展新篇，共迎新春佳节，凝聚起同心筑梦、携手奋进的磅礴力量。 过去一年平凉商会坚持党建引领，各项工作成效显著：组织党员赴红色教育基地研学，筑牢思想根基； 八大专业委员会精准服务会员，凝聚发展合力；获评平凉市招商招才联络站，积极搭建两地合作桥梁； 踊跃投身公益事业，切实履行社会责任；在兰州市工商联运动会中斩获佳绩，充分展现商会团结拼搏的 良好风貌。 会议审议并通过了新晋会员及任职人员名单。新晋成员逐一登台发言，表达了对商会平台的珍视与履职 尽责、助力商会发展的决心，为商会注入了新鲜活力与发展动力。 理事会期间，商会顾问、 ...

Group 1 - The UK government aims to establish a long-term, stable, and comprehensive relationship with China to enhance bilateral trade and investment opportunities [1][3] - The recent visit by UK Prime Minister Starmer and Trade Minister Kyle signifies a shift from the previous "ice age" in UK-China relations towards a more constructive partnership [3][4] - The UK government has introduced a ten-year modern industrial strategy to support key industries, which aligns with China's "14th Five-Year Plan," indicating potential for policy collaboration [4] Group 2 - The UK seeks to attract Chinese investment in high-end manufacturing, highlighting the complementary strengths of both countries in various sectors [5] - AstraZeneca plans to invest over 100 billion RMB in China by 2030, indicating strong bilateral investment flows [5] - The UK and China have agreed to conduct a feasibility study for a service trade agreement, focusing on sectors like creative industries, professional services, and healthcare [6] Group 3 - Both countries recognize the potential for collaboration in rapidly growing sectors such as life sciences, green technology, and artificial intelligence, which could enhance global trade [7]

扫码文末"投小圈" 加入行业交流群 文章来源：专项债信息通 2026年作为"十五五"规划开局之年，地方政府专项债政策迎来系统性重大优化，核心变革凸显"松绑赋 能+精准滴灌"双重导向。政策全面实行"负面清单"管理，明确严禁投向无收益纯公益项目、楼堂馆所、 违规房地产开发及各类形象工程，其余具备稳定经营性收益或可持续现金流的公益性项目均纳入申报范 围；同时进一步放宽资本金使用限制，省级专项债用作项目资本金的比例上限提至30%，11个试点地区 推行"自审自发"机制以压缩审批周期，在建项目续发专项债可直接通过"绿色通道"快速落地。据业内权 威机构预测，2026年全年专项债发行额度有望达4.8万亿元，较2025年增加4000亿元，资金精准对接基 建补短板、产业育动能、安全守底线需求，成为稳增长、调结构、惠民生的关键政策抓手。 一、城市更新领域：占比25%-30%， 聚焦"补短板+提品质" 该领域以"物理空间改造提质+公共功能优化升级"为双主线，紧扣城市高质量发展需求，资金投放既明 确三大细分方向优先级，又划定自有资金配套比例、项目入库标准等申报要求，是2026年专项债支持力 度最大的核心赛道之一。 核心投向具体包括三方 ...