Infrastructure Development - The Baoyin High-speed Railway's Baohui section was officially opened on December 23, 2025, completing the full operation of the Baoyin High-speed Railway and enhancing the high-speed rail network in the northwest region of China [3] - The Xi'an to Yan'an High-speed Railway commenced operations on December 26, 2025, with a total length of 299 kilometers and a design speed of 350 kilometers per hour, marking it as the highest-speed railway crossing the Loess Plateau [6] - The Guizhou Huajiang Gorge Bridge was completed and opened to traffic on September 28, 2025, with a total length of 2890 meters and a main span of 1420 meters, becoming the world's highest bridge at a vertical height of 625 meters above water [9] Energy Infrastructure - The Xiong'an 500 kV ultra-high voltage substation, a key hub for the new energy transmission channel, was officially put into operation on December 7, 2025, facilitating the introduction of clean energy from Inner Mongolia and Hebei into the Xiong'an New Area [14] - Xinjiang plays a crucial role in China's west-to-east electricity transmission, with multiple "Xinjiang electricity export" channels continuously delivering power to central and eastern regions, promoting economic growth and regional coordination [11] Renewable Energy Development - Gansu Province's Jiuquan City has developed a complete wind power industry chain, achieving a comprehensive capacity of 20 million kilowatts of wind power equipment annually, leveraging its rich wind energy resources [17] - Shandong Province has actively built marine ranches, establishing 139 provincial-level and above marine ranches by November 2025, including 71 national-level ones, accounting for 38% of the national total, thus forming a complete industry chain from breeding to deep processing [19]

甘肃证监局持续优化融资服务，支持企业利用多层次债券市场有效拓宽融资渠道，成功推动中电建电力 投资集团有限公司发行全国首单支持西部大开发的乡村振兴机构间REITs，实现我省机构间REITs零的 突破。该产品总规模达30.12亿元，创新性将平凉市崇信发电厂及配套设施转化为可流转的金融资产， 为甘肃乡村振兴项目开辟了市场化、可持续的融资新渠道，更为我省盘活各类存量资产提供了可复制、 可推广的先行经验。 ...

Core Viewpoint - The company plans to establish a wholly-owned sales subsidiary in Linzhi City, Tibet, with an investment of 20 million yuan to leverage the benefits of the Western Development Policy and enhance its market presence in the region [1] Group 1: Investment and Strategic Goals - The investment of 20 million yuan aims to strengthen the sales channel construction in the Tibet region [1] - The establishment of the subsidiary is expected to help the company secure a favorable position in the competitive regional market [1] - This move is anticipated to positively impact the company's long-term development and overall business performance [1]

Group 1 - The core viewpoint of the news is the collective surge of A-share stocks related to the Western Development concept, driven by a new policy from the central bank and other departments to support the construction of the Western Land-Sea New Corridor [1] - The People's Bank of China and the Chongqing Municipal Government will work with relevant departments to implement the 21 key measures proposed in the policy, which aim to enhance financial services for the development of the corridor [1] Group 2 - Tianli Composite saw a significant increase of 13.08%, with a total market value of 9.807 billion [2] - Chengdu Huamei and Xiling Power both rose over 11%, with market values of 30.5 billion and 6.11 billion respectively [2] - Other notable stocks include Tianjun Co., Chongqing Port, and Tianao Electronics, all achieving around 10% increase, contributing to the overall positive market sentiment [2]

每日甘肃网12月25日讯 据兰州晚报报道 12月24日7时36分，随着D4935次列车从兰州西站鸣笛启程驶向呼和 浩特东，包银高铁全线迈入贯通运营新阶段。作为我国首条连接内蒙古、宁夏两个少数民族自治区并辐射甘 肃的重要高铁通道，这条线路串联起西北大地的黄金动脉。 包银线兰州西站至呼和浩特东站首趟动车D4935鸣笛发车 D4935次列车从兰州西站出发 兰州铁路局供图 兰州西至呼和浩特东 针对不同出行人群的多样化需求，这趟高铁精心打造定制暖心服务。在餐吧车区域专设 "便民服务袋"，里面 贴心备齐了充电线、透明胶带、一次性口罩、湿巾等常用物品，解决旅客出行中的小麻烦；针对母婴出行， 列车上特别配备了儿童座椅与哺乳巾，为带娃旅客提供私密、安全的哺乳空间与舒适的儿童乘车环境；列车 还配备了便民凳，为老、幼、病、残、孕等重点旅客提供重点照顾。 包银高铁的全线贯通运营，将进一步缩短沿线城市间的时空距离，让甘肃、宁夏的特色农产品、文旅资源通 过高铁更快速地走向全国，银川沙湖、贺兰山等景区与"黄河第一桥"中山桥、张掖丹霞、敦煌莫高窟等景点 形成跨区旅游黄金线路，为新时代西部大开发、黄河流域高质量发展注入新的活力。 记者 谭安丽 ...

Core Viewpoint - The development of the western region is crucial for the overall reform and stability of the country, with a focus on forming a new pattern of major protection, major opening, and high-quality development as part of the West Development Strategy initiated by the central government [1][2][4]. Group 1: Major Protection - Major protection is emphasized as the foundation for high-quality development, highlighting the need to balance development and ecological protection in the western region, which is home to significant ecological resources [2][4]. - The importance of high-level ecological protection is underscored, as it supports the establishment of a robust ecological security barrier for the nation [2][4]. Group 2: Major Opening - Major opening is identified as a driving force for development, with a call to enhance the western region's level of openness to both domestic and international markets [3][6]. - The western region's strategic position as a frontier for national opening is highlighted, with initiatives like the China-Europe Railway Express significantly reducing logistics costs and enhancing connectivity [5][6]. Group 3: High-Quality Development - High-quality development is framed as the primary goal, necessitating a shift in economic development methods and a focus on transforming economic quality, efficiency, and dynamics [3][4]. - The integration of major protection and major opening into high-quality development is presented as a logical framework to drive the western region's development and contribute to national modernization [3][4]. Group 4: Challenges and Relationships - The western region faces challenges such as industrial transformation pressures, urban-rural integration, and social welfare shortfalls, which need to be addressed to achieve high-quality development [7][8]. - The relationship between emerging and traditional industries must be managed, leveraging technological innovations to enhance traditional sectors while developing new industries based on regional advantages [7]. - Urban-rural relationships should be balanced to strengthen urban centers while ensuring rural areas benefit from improved infrastructure and services [8]. - Economic development must align with improving living standards, ensuring that growth translates into better public services and quality of life for residents [8].

晨会纪要（2025/12/24） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.12.24） 固定收益研究 成交规模增长，信用利差走阔——信用债周报 公司研究 享西部资源红利，乘铜市景气东风——西部矿业（601168）深度报告 行业研究 美国通胀缓和，金价获得支撑——金属行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/12/24） 中央和地方持续积极优化房地产政策，托举政策持续发力，积极释放刚性和改善性住房需求，对推动房地 产止跌回稳发挥了积极的作用。尽管当前房地产市场还处在新旧模式转换时期，但随着稳楼市各项政策显 效，房地产市场继续朝着止跌回稳的方向迈进。基于城市发展正从大规模增量扩张阶段转向存量提质增效 为主的阶段这一论断，下阶段的目标是要积极构建房地产发展新模式，坚持长短结合、标本兼治，持续用 力推动房地产市场高质量发展，后续政策出台的节奏和力度值得期待。地产债方面，销售复苏进程将对债 券估值 ...

Core Viewpoint - The central economic work conference emphasizes the importance of supporting major economic provinces, with a focus on Sichuan and its role in the national economic landscape [1][2]. Group 1: Economic Growth and Development - Sichuan's economy has shown a recovery trend, with growth rates of 5.5% in Q1, 5.6% in Q2, and 5.5% in Q3, moving from seventh to fifth among major provinces [1]. - The Chengdu-Chongqing economic circle is prioritized for development, with a projected GDP increase from less than 6.4 trillion to 8.7 trillion yuan from 2019 to 2024, raising its national share from 6.3% to 6.5% [2]. - The provincial government aims to support Chengdu in enhancing its economic scale and core competitiveness, with a focus on high-quality development [3]. Group 2: Industrial Structure and Innovation - Sichuan is advancing its industrial structure, with significant growth in high-tech manufacturing (11.4%) and emerging industries (over 20%) in the first 11 months of the year [4]. - The province is focusing on a "3+6+6" industrial system in Chengdu High-tech Zone, aiming for a near 800 billion yuan contribution from three main industries over the next five years [5]. - The government plans to enhance manufacturing through high-end, intelligent, and green transformations, emphasizing innovation to improve product quality and value [5]. Group 3: Strategic Initiatives and Future Outlook - The "15th Five-Year Plan" highlights the need for coordinated development among cities in Sichuan, with each city contributing to overall economic growth [3]. - Sichuan's government is prioritizing the expansion of effective demand and internal consumption as key tasks for the upcoming year, aiming to stimulate economic growth through various initiatives [5]. - The province is expected to leverage national strategies to enhance regional development capabilities, particularly in the Chengdu-Chongqing area, creating new opportunities for modernization [2].

Core Viewpoint - The opening of the Baoyin High-Speed Railway marks the full operation of a significant project under China's 14th Five-Year Plan, completing the Beijing-Lanzhou corridor of the "Eight Vertical and Eight Horizontal" high-speed railway network [1][5]. Group 1: Project Details - The Baoyin High-Speed Railway, specifically the Baotou-Huinong section, officially opened on December 23, 2023, at 10:08 AM [1]. - The total length of the Baoyin High-Speed Railway is 422 kilometers, with 403 kilometers in Inner Mongolia and 19 kilometers in Ningxia [3]. - Initially, the railway will operate at a maximum speed of 250 kilometers per hour, with 12 train services scheduled daily [3]. Group 2: Impact on Transportation - The new railway significantly reduces travel time; for instance, a journey from Baotou to Yinchuan that previously took over 6 hours by conventional train now takes less than 3 hours [3]. - The opening of the Baoyin High-Speed Railway allows several major western cities to enter the "half-day traffic circle" of North China, enhancing connectivity and promoting the flow of talent, technology, and capital across the country [5]. Group 3: Construction and Innovation - The construction team from China Railway Shanghai Engineering Bureau aimed to create a model project known as the "most beautiful grassland high-speed railway," resulting in three national utility model patents and one overseas patent during the construction process [5]. - The Baoyin High-Speed Railway represents the longest single stretch of high-speed rail opened in Inner Mongolia, contributing to a total operational high-speed rail mileage of 880 kilometers in the region, connecting seven cities to the national high-speed rail network [6].

Core Viewpoint - The opening of the Baotou-Yinchuan high-speed railway marks the full operation of a key segment in China's "eight vertical and eight horizontal" high-speed rail network, significantly enhancing connectivity between multiple provinces and regions [1][3]. Group 1: Project Overview - The Baotou-Yinchuan high-speed railway spans 519 kilometers, connecting Baotou in Inner Mongolia to Yinchuan in Ningxia, and integrates with the Beijing-Lanzhou high-speed rail corridor [3]. - The railway reduces travel time from Baotou to Yinchuan from over 6 hours to approximately 2.5 hours, facilitating faster movement of people and goods [3][5]. Group 2: Economic and Regional Impact - The railway is expected to activate regional development potential, forming a "1-hour cultural tourism circle" along the route and enhancing logistics and information flow [5]. - The establishment of a tourism alliance among cities along the railway aims to boost local economies and improve access to fresh produce in major markets like Beijing and Tianjin [5]. Group 3: Environmental Considerations - The construction of the railway incorporated green principles, such as avoiding ecologically sensitive areas and utilizing waste materials, achieving a balance between development and environmental protection [5].