Investment Agreements - Longpan Technology plans to invest 2 billion yuan to establish a high-performance lithium battery cathode material project [2] - Yanjing Co. intends to acquire control of high-frequency carrier board manufacturer Yongqiang Technology, with stock suspension [2] - Zhongjian Technology has approved a project for the collaborative development of intelligent robots [2] - Mengwang Technology signed a cooperation agreement worth 60 million yuan with Shenzhou Liuhe for the R&D and production of heavy-lift drones [3] - Jiu Ding New Materials plans to invest 246 million yuan to build a large-scale wind turbine blade production line [4] - Jincai Hulin intends to acquire 51% of Wuxi Sanli for 63.43 million yuan [5] - Changyuan Power plans to invest in a 100MW wind farm project in Hubei Province with a total investment of 562 million yuan [7] - Shengyang Co. plans to acquire 51% of Shenzhen Daren High-Tech for 74.47 million yuan [8] Shareholding Changes - *ST Zhongzhuang announced a change in actual control to Long Jisheng due to the execution of a restructuring plan [9] - Hunan Baiyin's major shareholder reduced its stake to below 5% [10] Stock Buybacks - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan [11] - Dongcheng Pharmaceutical intends to repurchase shares for 100 million to 200 million yuan [12] - Ningde Times has repurchased a total of 15.99 million A-shares for 4.386 billion yuan [13] Business Operations and Performance - Bailong Oriental expects a net profit increase of 46.34% to 70.73% in 2025 [13] - Longjian Co. anticipates a net profit of 405 million yuan in 2025, a decrease of 2.05% [13] - BYD reported cumulative sales of 4.602 million new energy vehicles in 2025, a 7.73% increase year-on-year [14] Financing and Capital Increases - Zhenhua Co. plans to issue convertible bonds to raise no more than 878 million yuan for projects [15] - Huashu Holdings intends to raise up to 600 million yuan through a private placement to Hongtai Group [15] Other Developments - Xinxing Chemical has resumed production of biomass cellulose filament products after equipment upgrades [24] - Guoguang Electric announced the resumption of the general manager's duties after the lifting of restrictions [25]

来源：环球网 1月4日，"零碳科普校园行"走进新疆博尔塔拉蒙古自治州博乐市第八小学。这是项目第500所合作学 校，该校也成为全国首个全场景零碳科普示范校。中国环境科学学会、博州教育局、博州科技协会、博 乐市人民政府、市教育局、市科技协会、市第九中学教育集团以及宁德时代相关负责人出席项目启动仪 式。活动现场，科普"顶流"夏振东开讲《零碳科普魔法课》，带领师生开启零碳探索之旅。 零碳科普500校里程碑项目启动仪式 在宁德时代支持下，博乐市第八小学全校2500余名师生全部参与了零碳课程，学校还创新性地开设两 个"零碳科技重点班"。在硬件建设上，双方将共建全国首个零碳科普实验室，集教学、展示、科普、互 动四大功能于一体，学校还配套建设零碳科普长廊、科普楼、手工微展厅、图书角、互动墙等沉浸式科 普空间。同时，在课程资源上，项目为学校提供系统化教案和课程包，解决一线教师"缺教材、难备 课"的痛点。 夏振东《零碳科普魔法课》首秀 在启动仪式现场，中国环境科学学会副理事长兼秘书长夏祖义指出，此次活动为师生们打开了一扇通往 绿色世界的大门。"零碳科普校园行"把难懂的零碳知识，变成了小朋友们能听懂、能学会的小游戏、小 课程。博州 ...

证券研究报告 基金双周报：ETF市场跟踪报告 证券分析师 | 陈 瑶 | | 投资咨询资格编号：S1060524120003 | | --- | --- | --- | | 郭子睿 | | 投资咨询资格编号：S1060520070003 | | 任书康 | | 投资咨询资格编号：S1060525050001 | | 研究助理 | | | | 高 | 越 | 一般从业资格编号：S1060124070014 | | 胡心怡 | | 一般从业资格编号：S1060124030069 | 报告摘要 分类型ETF跟踪： 2 2026年1月4日 请务必阅读正文后免责条款 ETF市场回顾： • 收益表现与资金流向：截至12月31日，近两周ETF产品表现较好。国内主要宽基ETF中，科创100涨幅最大，行业与主题产品中，军工主题ETF涨幅最大。近 两周，国内主要宽基ETF中，中证A500ETF资金大幅流入，此外中证1000、中证500、科创100ETF资金净流入额居前。2）近两周，周期、大制造其他ETF资金 加速流入，红利、医药ETF资金流入速度放缓，消费、新能源、科技ETF资金转为净流出，金融地产ETF净流出速度放缓，军工ET ...

Key Points - The U.S. military operation in Venezuela resulted in the capture of President Nicolás Maduro and his wife, with the U.S. planning to take control of Venezuela's oil industry [2] - The Hong Kong stock market opened strongly, with the Hang Seng Index rising by 2.76% and the Hang Seng Tech Index increasing by 4% [3] - The public fund fee reduction reform has been fully implemented, expected to save investors 51 billion yuan annually, with a 20% decrease in comprehensive fund fee rates [4] - Warren Buffett officially retired as CEO of Berkshire Hathaway, continuing as chairman while retaining a significant stake [5] - The National Integrated Circuit Fund increased its stake in SMIC from 4.79% to 9.25% [6] - Baidu plans to spin off its Kunlun Chip business and apply for an IPO in Hong Kong [7] - Tesla reported 1.6361 million vehicle deliveries in 2025, losing the title of the world's top electric vehicle seller to BYD, which sold 2.2567 million vehicles, a 27.86% increase from 2024 [8] - Shanghai aims to develop a low-altitude economy, targeting an industry scale of 80 billion yuan by 2028 [9] - Moutai launched the "i Moutai" channel, with significant sales during the New Year holiday [10] - The State Grid's development plan aims for a new grid platform by 2030, enhancing renewable energy integration and supporting a significant increase in power transmission capacity [11] Brokerage Insights - CITIC Securities highlighted a structural bull market in 2025, driven by a reassessment of China's tech capabilities and external demand resilience, predicting a higher likelihood of market gains in 2026 [12] - Shenwan Hongyuan noted a favorable window for risk appetite, with potential catalysts from upcoming events like the Spring Festival and the Two Sessions [13] - Guojin Securities pointed out that market dynamics are changing, with a focus on fundamental signals and a recommendation for industrial resources and equipment exports [14][15] - Hua'an Securities emphasized the importance of macro policies and the AI industry as key investment themes for the upcoming spring market [16] - CITIC Construction Investment expressed optimism for the cross-year market, focusing on sectors like semiconductors and AI [17] - Cinda Securities suggested a gradual start to the spring market, with a need for economic data to support further index gains [18] - Everbright Securities advised patience regarding the spring market, noting historical patterns in January's performance [19] - Guotai Haitong highlighted the potential for a stable market environment due to favorable liquidity conditions and policy support [20] - Zhongtai Securities recommended cautious optimism for the tech sector, focusing on specific sub-sectors like robotics and commercial aerospace [21] - Galaxy Securities summarized the holiday events and projected a continuation of structural market trends into 2026 [22][23]

值得注意的是，在这波预增浪潮中，既有立讯精密、紫金矿业这样的老牌龙头企业，也有不少2025年新上市的次新股。例如，医药生物领域的百奥赛图， 预计净利润增幅中值高达303.57%，这主要得益于其海外市场的积极拓展以及国内市场对研发需求的释放；物流化工双轮驱动的传化智联，预计净利润同比 增长256.07%至261.57%，这主要归功于转让股权带来的投资收益以及主营业务的持续优化。当然，投资者也需保持理性，32家公司中仍有2家预告业绩下 降，1家预告亏损，A股盈利虽整体向好，但并非所有企业都能从中受益。 从预增公司的行业分布来看，2025年的"赚钱密码"已然浮出水面。电子、有色金属、医药生物、电力设备这四大领域成为了业绩预增的"主力军"。电子行 业受益于技术升级，光库科技凭借光通信器件、激光雷达光源模块的需求爆发，预计净利润同比增长65%至80%；有色金属行业则搭上了大宗商品牛市的顺 风车，除了紫金矿业之外，中国铀业、北方稀土等公司也受益于矿产品价格上涨和产能释放，实现了盈利增长；新能源领域同样不甘示弱，天赐材料受益 于储能和新能源汽车需求的快速增长，以及六氟磷酸锂价格的回暖，预计净利润同比增幅最高可达230.63 ...

今日晚间重要公告抢先看——比亚迪2025年新能源汽车累计销量460万辆，同比增长7.73%；龙蟠科技 拟投资不超过20亿元建设高性能锂电池正极材料项目；宁德时代累计回购1599万股，成交总金额为 43.86亿元。 【重大事项】 梦网科技：与神州六合签署6000万元无人机研发生产合作协议 梦网科技（002123）公告，公司与江西神州六合直升机有限责任公司签署《合作协议》，共同研发和生 产重载吊运无人机产品，研发总金额为6000万元。该合作为双方初步意向，具体实施以后续签订的合同 为准。公司与神州六合签署《合作协议》，旨在拓展新的业务增长点和赛道。神州六合成立于1993年， 神州六合拥有直升机机电类，航电类，复合材料成型等核心专业技术能力，以及完整的航空装备研发生 产体系。 金财互联：拟6343万元收购机器人零部件公司无锡三立51%股权 金财互联（002530）公告，公司拟使用自有资金6343.08万元，通过股权收购及增资方式取得无锡三立 机器人技术有限公司51%股权。交易完成后，无锡三立将成为公司控股子公司，纳入公司合并报表范 围。本次通过股权转让及增资取得无锡三立51%的股权，将热处理技术直接延伸至机器人零部 ...

市场波动较大， 建议观望 碳酸锂月报 2026/01/04 0755-23375139 zengyuke@wkqh.cn 从业资格号：F03121027 交易咨询号：Z0023147 曾宇轲（有色金属组） CONTENTS 目录 01 月度评估及策略推荐 04 需求端 02 期现市场 05 库存 03 供给端 06 成本端 01 月度评估及策略推荐 月度要点小结 ◆ 期现市场：12月31日，五矿钢联碳酸锂现货指数（MMLC）早盘报116867元，月涨25.6%。MMLC电池级碳酸锂均价为117250元。同日广期所 LC2605收盘价121580元，本周涨26.1%。 ◆ 供给：12月31日，SMM国内碳酸锂周度产量报22450吨，环比增1.2%。2025年12月国内碳酸锂产量99200吨，环比增4.0%，同比增42.4%，全年 同比增43.6%。 ◆ 需求：据乘联分会，12月1-28日，全国乘用车新能源车市场零售119.2万辆，同比去年12月同期增长5%，较上月同期增长1%，今年以来累计 零售1266.4万辆，同比增长18%。1月湖南裕能、万润新材、德方纳米和常州锂源等头部磷酸铁锂企业减产，淡季需求回落。 ◆ ...

电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《继续耐心布局高景气 —策略周报》 2025-12-21 2、《由守转攻，布局高景气方向等风起 —策略周报》2025-12-07 3、《全球共振高位调整，耐心等待情绪 企稳 —策略周报》2025-11-23 4、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 5、《波动再度放大，如何应对？ —策略 周报》2025-10-12 2026 年 01 月 04 日 证券研究报告 | 策略周报 跨年波动或有上升，不改高景气主线 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师：刘芳 分析师登记编码：S0890524100002 投资要点 【债市方面】跨年后债市情绪有望缓和，仍以震荡思维对待。跨年后，兑现 浮盈的压力减轻，债市情绪有望迎来修复。但当前央行释放的信号仍显示出短 期内降息概率较低，因而收益率也缺乏向下突破动能，建议仍以中性思维对 待，维 ...

Core Viewpoint - The precious metals market experienced a "super bull" trend in 2025, with gold, silver, platinum, and palladium reaching historical highs, driven by various macroeconomic factors and increased demand from central banks [1][6][11]. Price Performance - In 2025, COMEX gold and silver contracts saw annual maximum increases of 66% and 187%, respectively, while London spot gold and silver rose by 75% and 192% [1][2]. - Platinum and palladium also experienced significant gains, with NYMEX platinum and palladium contracts rising over 185% and 136%, respectively [1][2]. Market Dynamics - Gold prices surged in three phases throughout 2025, with notable increases in the first quarter and a subsequent high-level consolidation phase before another rise in the latter part of the year [3]. - Silver's price increase was concentrated in the fourth quarter, with COMEX silver rising from under $40/oz to $79.7/oz [4]. Supply and Demand Factors - The global silver market faced a deficit of approximately 5,835 tons in 2025, driven by low mining output and strong demand from sectors like 5G and renewable energy [8][9]. - Platinum and palladium also faced supply shortages, with the global platinum market expected to have a supply gap of 69,200 ounces in 2025 [10]. Influencing Factors - Multiple factors supported the rise in gold prices, including risk premiums, a rate-cutting cycle, and increased central bank purchases [6][7]. - The correlation between gold and silver prices remained high, with gold's price increases often leading to similar movements in silver [8]. Future Outlook - Analysts expect precious metals to maintain strength into 2026, with gold potentially reaching $5,000/oz, supported by ongoing monetary easing and geopolitical factors [11][13]. - The demand for silver and platinum is anticipated to grow due to the energy transition and industrial applications, despite potential short-term corrections [12][13].

中经记者 李哲 北京报道 据新华社报道，美国东部时间2026年1月3日上午，美国总统特朗普在发布会上确认，美军突袭位于委内 瑞拉首都加拉加斯市中心的"一座戒备森严的军事堡垒"，抓走委内瑞拉总统马杜罗。 特朗普表示，美国大型石油公司将前往委内瑞拉。"我们将让美国那些规模庞大的石油公司——它们是 全球最大的石油企业——投入数十亿美元，维修严重破败的石油基础设施。" 《中国经营报》记者了解到，委内瑞拉是全球重要的产油国，也是OPEC（石油输出国组织）的成员 国，其原油产量约占全球原油总产量的1%。此前，在美国对委内瑞拉展开制裁后，该国暂时被排除在 了减产或增产的行列之外。 此前，在俄乌冲突初期，国际油价曾出现大幅上涨。2022年2月23日布伦特原油价格为每桶96.8美元。2 月24日冲突爆发后，油价快速飙升，3月7日盘中一度突破每桶139美元，创出13年来新高。 对外经济贸易大学中国国际碳中和经济研究院执行院长董秀成向记者表示，在全球能源版图上，委内瑞 拉具有重要的战略地位，其拥有全球最大的探明石油储量，油气产业曾经有过辉煌的历史。但是，由于 委内瑞拉长期与美国交恶而被制裁，导致发展步伐趋缓，处于艰难的困境。 如今 ...