Core Insights - The article discusses the growing popularity of ETFs due to their trading convenience, transparency, and low fees, leading to a diverse range of products that cater to various asset allocation needs [1] - In 2026, the macroeconomic environment is expected to be favorable for A-share corporate earnings, with a moderate recovery anticipated, presenting mid-term allocation value and structural investment opportunities in the equity market [1] - Key investment themes for 2026 include the resonance of the 14th Five-Year Plan with the AI industry wave and the positive impact of "anti-involution" policies on midstream manufacturing profits [2] Investment Strategies - A balanced allocation between stocks and bonds is suggested as a strategy to navigate market volatility in 2026, with the A-share dividend yield and ten-year government bond yield spread indicating a historical average attractiveness of equities [3] - The recommendation includes a core-satellite approach, focusing on high-quality broad-based assets while dynamically capturing key industry and thematic opportunities to enhance portfolio resilience [3] ETF Business Development - The company has been actively exploring and practicing in the ETF business, creating a comprehensive product line that includes broad-based, bond, industry, thematic, and Smart Beta ETFs [4] - A systematic and dynamic service framework has been established to meet various investment needs, including platforms for institutional empowerment and personal investment services [4] - The use of ETF options to construct diversified alternative strategies aims to reduce volatility and enhance the holding experience for medium to long-term capital allocation [4]

李先侠还表示，通州区将与雄安新区"两翼齐飞"，协同推进、错位承接非首都功能，完成第二批市属国 企建设搬迁，适时启动第三批市属国企搬迁，建成清华大学通州金融发展与人才培养基地、中国人民大 学通州校区二期、首都儿科研究所附属儿童医院通州院区、北京急救中心、市疾控中心，推进北京舞蹈 学院通州校区建设，同时推进人口随着功能走，深化与雄安交流合作，共同促进首都功能优化提升。 李先侠介绍，通州区将全力服务保障政治中心功能；擦亮千年运河文化品牌，将北运河打造成系统展示 运河文化之美的窗口，依托三个特色小镇打造首都当代文化展示新区，推进博物馆之城示范区建设，建 成北京艺术博物馆、军事博物馆通州分馆、梨园美术馆，丰富特展类项目、活动，让博物馆好看又好 玩；利用丰富水绿资源拓展国际交往空间，打造大运河水上礼宾路线、源头岛会客厅、绿心国际会客厅 等特色会客空间，加强国际交流与合作，建设首都国际交往重要门户；推动教育科技人才一体发展，利 用空间优势和技术要素市场改革优势，集聚高能级创新资源，打造科技成果集中转化区，"一院一策"推 进医产协同发展。 北京商报讯（记者 吴其芸）1月30日，在北京城市副中心"十五五"规划专场新闻发布会上， ...

会议指出，要坚持用习近平新时代中国特色社会主义思想凝心铸魂，持续深学细悟党的二十届四中全会 精神，切实把学习成果转化为推动黄河流域水利高质量发展的实际成效。要科学谋划"十五五"黄河保护 治理工作，系统推进黄河水沙调控和防洪减灾体系建设、现代化水网建设、水生态保护治理体系建设、 数字孪生黄河体系建设、水资源节约集约利用体系建设、水利体制机制法治管理体系建设，不断提升流 域水安全保障能力。要树立和践行正确政绩观，坚持民生为上、治水为要，锚定"幸福河"目标久久为 功，大力弘扬斗争精神，积极担当作为，努力创造经得起实践、人民、历史检验的实绩。要以更高标 准、更实举措推进全面从严治党，一体推进不敢腐、不能腐、不想腐，为建设造福人民的幸福河提供有 力保障。 会议强调，习近平总书记在开班式上发表的重要讲话，深刻阐明制定和实施五年规划是我们的重要政治 优势，围绕全面深刻准确领会和把握党的二十届四中全会战略部署等重大问题进行深入阐述，对着力提 高党领导经济社会发展能力和水平提出明确要求，对于推动"十五五"时期经济社会持续健康发展具有重 要指导意义。要站位坚定拥护"两个确立"、坚决做到"两个维护"的政治高度，深入学习贯彻习近平总 ...

编号：2026-001 投资者关系活动类别 ☑ 特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 泰康资产、国联基金、国投自营、天风证券，总计 4 人 上市公司人员 董事会秘书：赵婧；证券事务代表：李林；以及相 关工作人员 时间 2026 年 1 月 29 日(周四) 14:00-15:00 地点 国货航综合办公楼 820 会议室 形式 现场调研 投资者关系活动主 要内容介绍 公司就投资者在本次现场调研中提出的问题进行了 回复： 问题一：公司制定"十五五"发展规划的情况？ 答：国货航正按照国家和集团"十五五"规划的统 筹安排推进"十五五"规划制定工作，将积极贯彻 落实国家关于加强国际航空货运能力建设、维护产 业链供应链安全稳定、有效降低物流成本等相关决 策部署，充分发挥国货航在供应链、产业链中的责 任与担当。国货航将借助"十五五"规划契机，结 合公司战略发展方向，进一步提升核心能力，提高 资源使用效率，持续增强行业竞争力，提升投资回 证券代码：001391 证券简称：国货航 中国国际货运航空股份有限公司 投资者关系活动记 ...

Core Points - The Hainan Provincial Political Consultative Conference emphasizes expanding its "circle of friends" and gathering "cohesion" to support the development of the Hainan Free Trade Port and enhance cooperation with Hong Kong and Macau [1][2] - The conference received a total of 682 proposals, with 640 officially registered, covering various aspects such as economic development, political construction, cultural development, social construction, and ecological civilization [1] - Key focus areas include the construction of a modern industrial system, improving trade and investment facilitation, enhancing safety and risk prevention systems, optimizing the business environment, and promoting coordinated regional development [1] Summary by Categories Economic Development - 257 proposals were related to economic construction, emphasizing the need for a modern industrial system with Hainan characteristics and advantages [1] Political Construction - 86 proposals focused on political development, highlighting the importance of effective governance and policy implementation [1] Cultural Development - 101 proposals addressed cultural construction, aiming to promote cultural industries and enhance the cultural landscape of Hainan [1] Social Construction - 155 proposals were related to social development, focusing on improving people's livelihoods and addressing pressing social issues [1] Ecological Civilization - 41 proposals were dedicated to ecological civilization, stressing the importance of sustainable development and environmental protection [1]

第三是强化布局优化，不断拓展高质量发展空间。以高质量编制实施"十五五"规划为抓手，围绕推动国 有资本的"三个集中"，就是向关系国家安全、国民经济命脉的重要行业和关键领域集中，向关系国计民 生的公共服务、应急能力、公益性领域等集中，向前瞻性战略性的新兴产业集中，加快布局优化和结构 调整的步伐，强化在战略安全、公共服务领域投入，坚持传统产业转型和新兴产业发展并举，大力推进 战略性、专业化重组和高质量并购，积极有序开展国际化经营，更好支撑现代化产业体系建设。 第四是强化改革攻坚，不断激发高质量发展活力。按照进一步深化国资国企改革方案的部署，持续完善 中国特色现代企业制度，加快建立国有企业履行战略使命的评价制度，着力优化企业管理运行体系，深 化企业三项制度改革，完善国资监管体制机制，加强和改进出资人监督，着力推动解决一批制约高质量 发展的深层次矛盾问题。 第五是强化风险防控，不断筑牢高质量发展的底线。健全风险防范化解的长效机制，强化内控体系建 设，有效防控投资、债务、境外、金融、合规经营等重点领域的风险，从严从实抓好安全生产、环境保 护和质量管理工作，确保各类风险可控在控。 第一是强化提质增效，不断夯实高质量发展的根 ...

魏炳举强调，要将学习贯彻全会精神与落实立德树人根本任务、推动学院"双高计划"建设、实现内涵式 高质量发展紧密结合起来，主动对照全会精神和"十五五"规划建议中关于教育、科技、人才的战略部 署，围绕服务化工行业高端化、智能化、绿色化发展的趋势需求，结合学院"双高计划"建设和年度重点 工作，制定《重点任务分解表》，要将宏观要求转化为建设高水平特色专业群、深化产教融合与校企协 同育人、提升关键办学能力与服务发展水平的动力，明确责任部门、时间节点和预期成果，实行清单化 管理、项目化推进。 魏炳举要求，全院上下要认真消化吸收四中全会的精神内涵，以更加饱满的热情和昂扬的斗志，积极投 身于学院改革发展和中国式现代化建设的伟大实践，确保各项部署要求落到实处、取得实效，切实把学 习成果转化为推动学院高质量发展的强大动力和生动实践，为化工行业转型升级提供人才支撑与智力支 持。 近日，隶属于天津渤海化工集团有限责任公司的天津渤海职业技术学院党委召开理论学习中心组扩大会 议，专题学习贯彻党的二十届四中全会精神。学院党委书记魏炳举主持会议。 魏炳举指出，党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规 划的 ...

《中国民航报》、中国民航网 记者郝蒙 通讯员吴金仁增 报道：1月28日，民航西藏自治区管理局（以 下简称"西藏区局"）在拉萨召开2026年工作会议暨航空安全工作会议。西藏区局局长刘伟作了题为《筑 牢安全基石 聚力提质增效 全力推动西藏民航"十五五"开篇布局》的工作报告，副局长袁灼琼作了题为 《乘奋进之势强体系 聚全员之力守安全 为西藏民航高质量发展筑牢安全根基》的安全工作报告。会议 由西藏区局党委书记文斌主持。 刘伟作工作报告 会议传达学习了民航上级工作会议精神，总结回顾了西藏区局2025年及"十四五"主要工作，系统分析了 西藏民航发展面临的新形势新任务，统筹谋划了西藏民航"十五五"总体工作要求，安排部署了2026年重 点任务。 会议现场 会议强调，2026年是"十五五"开局之年，做好全年工作，意义重大。一是要坚持"安全第一"，坚决守牢 航空安全底线。加强安全管理体系建设，紧盯安全风险隐患管控，提高航空安全监管效能，提升应急管 理能力水平；二是坚持规划引领，夯实高质量发展基础。高效编制"十五五"发展规划，稳妥有序推进深 化改革，优化完善事权划分，健全规章制度体系；三是坚持客货并举，促进运输生产持续增长。强化拉 ...

1. Report Industry Investment Rating No relevant information is provided in the report. 2. Report's Core Viewpoints - **Tin**: Short - term prices are volatile due to market sentiment, and caution is advised. In the medium - to - long - term, maintain a low - buying strategy for tin prices considering supply - side low elasticity and the long - term narrative of the AI arms race [2]. - **Copper**: In the short - term, pay attention to the CL premium trend. In the medium - to - long - term, the price bottom center is expected to rise gradually, but be aware of price volatility risks [3]. - **Zinc**: The price has support from the tight domestic zinc ore supply, and there is room for restocking as demand recovers. The short - term price downside is limited, and focus on changes in zinc ore TC and refined zinc inventory [5]. - **Industrial Silicon**: Expect the price to fluctuate, and pay attention to the decline in industrial silicon production and the production reduction process of enterprises. The price range is expected to be between 8200 - 9200 yuan/ton [7]. - **Polysilicon**: In February, there is still pressure to reduce production. The price is under pressure and may be supported at 48000 yuan/ton and 45000 yuan/ton. Temporarily wait and see, and focus on the production reduction situation and downstream demand recovery [8]. - **Aluminum Oxide**: The futures price is driven by sentiment, but the high inventory in the spot market suppresses the price. It is expected to fluctuate widely around the cash cost line [9]. - **Aluminum**: In the long - term, the price is likely to be strong, but in the short - term, there is a risk of a high - level correction. Long - term investors can buy on dips [9]. - **Aluminum Alloy**: The price is expected to fluctuate in a high - level range. Focus on the actual flow of scrap aluminum, import window changes, and downstream pre - holiday inventory preparation [11]. - **Nickel**: The short - term price is expected to fluctuate strongly. The main reference range is 145000 - 155000 yuan/ton [12]. - **Stainless Steel**: In the short - term, it is expected to adjust with a strong - side fluctuation. The main reference range is 14200 - 15200 yuan/ton. Pay attention to the news from the ore end and steel mill dynamics [14]. - **Lithium Carbonate**: The short - term price may decline and adjust. The main reference range is 155000 - 170000 yuan/ton. Pay attention to the production reduction and inventory changes [17]. 3. Summary According to Relevant Catalogs 3.1 Spot Price and Basis - **Tin**: SMM 1 tin price increased by 0.46% to 438600 yuan/ton, and the SMM 1 tin open - discount decreased by 100% to 0 yuan/ton [2]. - **Copper**: SMM 1 electrolytic copper price increased by 2.48% to 104185 yuan/ton, and the SMM 1 electrolytic copper premium increased by 70 yuan/ton [3]. - **Zinc**: SMM 0 zinc ingot price increased by 0.20% to 25290 yuan/ton, and the import loss was - 2443 yuan/ton [5]. - **Industrial Silicon**: The spot price of industrial silicon was stable, and the futures price increased by 165 yuan/ton [7]. - **Polysilicon**: The spot price of polysilicon was stable, and the N - type silicon wafer price decreased [8]. - **Aluminum**: SMM A00 aluminum price increased by 2.47% to 24860 yuan/ton, and the import loss was - 2081 yuan/ton [9]. - **Aluminum Alloy**: The price of SMM ADC12 aluminum alloy increased, and the price difference between refined and scrap aluminum widened [11]. - **Nickel**: SMM 1 electrolytic nickel price increased by 1.30% to 148000 yuan/ton, and the futures import loss was - 266 yuan/ton [12]. - **Stainless Steel**: The price of 304/2B stainless steel coils was basically stable, and the price difference between futures and spot decreased [14]. - **Lithium Carbonate**: SMM battery - grade lithium carbonate price decreased by 2.33% to 168000 yuan/ton [17]. 3.2 Fundamental Data - **Tin**: In December, tin ore imports increased by 16.81%, and SMM refined tin production decreased by 0.06% [2]. - **Copper**: In December, electrolytic copper production increased by 6.80%, and imports decreased by 4.02% [3]. - **Zinc**: In December, refined zinc production decreased by 7.24%, and the galvanizing start - up rate decreased [5]. - **Industrial Silicon**: In January, the supply and demand of industrial silicon both weakened slightly, and there was a slight inventory build - up [7]. - **Polysilicon**: In December, polysilicon production increased by 0.79%, and the import volume increased by 77.50% [8]. - **Aluminum**: In December, alumina production increased by 1.08%, and domestic electrolytic aluminum production increased by 3.97% [9]. - **Aluminum Alloy**: In December, the production of recycled aluminum alloy ingots decreased by 6.16%, and the production of primary aluminum alloy ingots increased by 0.46% [11]. - **Nickel**: In December, China's refined nickel production increased by 26.10%, and imports increased by 84.63% [12]. - **Stainless Steel**: In December, the production of 300 - series stainless steel rough steel decreased by 26.72%, and imports increased by 29.32% [14]. - **Lithium Carbonate**: In December, lithium carbonate production increased by 4.04%, and the demand decreased by 2.50% [17]. 3.3 Inventory Changes - **Tin**: SHEF inventory increased by 1.79%, and social inventory increased by 4.94% [2]. - **Copper**: Global visible inventory has accumulated to a high level in recent years, with more than 50% of the inventory in the United States [3]. - **Zinc**: China's zinc ingot seven - region social inventory decreased by 1.35%, and LME inventory decreased by 0.57% [5]. - **Industrial Silicon**: Social inventory decreased by 0.36%, and warehouse receipt inventory increased by 2.89% [7]. - **Polysilicon**: Polysilicon inventory increased by 0.91% to 33.30 million tons, and silicon wafer inventory increased by 1.90% to 27.29GW [8]. - **Aluminum**: China's electrolytic aluminum social inventory increased by 5.25%, and LME inventory decreased by 0.45% [9]. - **Aluminum Alloy**: The weekly social inventory of recycled aluminum alloy ingots decreased by 2.11% [11]. - **Nickel**: SHFE inventory increased by 5.43%, and social inventory increased by 4.38% [12]. - **Stainless Steel**: The social inventory of 300 - series stainless steel increased by 0.82%, and SHFE warehouse receipts increased by 9.90% [14]. - **Lithium Carbonate**: The total lithium carbonate inventory decreased by 12.23% in December, and the downstream inventory decreased by 7.21% [17].

净利润增幅显著高于营收增幅，这意味着期货公司的经营效益在稳步提升。这是好事，只有利润保持稳 定增长，期货行业更精细化服务产业企业、更高质量服务实体经济才有底气和信心。 长期以来，期货公司主要靠收取交易手续费来生存。而如今，情况正在发生深刻变化——从"通道服务 商"升级为"综合风险管家"。就像开车不仅需要高速公路，更需要导航仪和保险一样，现代实体经济需 要的不仅是交易通道，更是全方位的风险管理和资产配置服务。 战略契合，与"十五五"同频共振。"十五五"时期是为我国基本实现社会主义现代化夯实基础、全面发力 的关键五年。"十五五"规划建议的重点是转化应用和生态系统构建。这与期货行业从简单的通道服务向 综合风险管理转型的趋势完全一致。此外，"十五五"规划建议特别强调建设现代化产业体系，巩固壮大 实体经济根基。期货行业通过为实体企业提供精准的风险管理工具，将直接服务于这一国家战略。 从跟跑到并跑，中国期货市场的国际化程度不断提高，国际业务也已成为部分期货公司新的利润增长 点。这与"十五五"规划建议强调的高水平对外开放一脉相承。 当全国150家期货公司2025年累计实现110亿元净利润的消息传来，多数人的第一反应可能是： ...