Investment Rating - The report rates the low-altitude economy industry as "Outperform the Market" [1] Core Insights - The low-altitude economy is defined as a comprehensive economic form driven by low-altitude aviation activities, encompassing four main sectors: low-altitude manufacturing, low-altitude operations, low-altitude infrastructure and information services, and low-altitude supporting industries [1][15] - The development of the low-altitude economy is supported by breakthroughs in technology and increased policy support, leading to rapid growth in the sector [1][15] - The domestic general aviation industry has reached new highs, with 760 companies holding operational licenses and a total of 5,224 registered general aviation aircraft by the end of 2024, marking a year-on-year increase of 10.1% [1] Summary by Sections 1. Low-altitude Manufacturing Opportunities - Low-altitude manufacturing accounts for nearly 60% of the total value in the industry chain, with domestic companies accelerating the localization of high-strength carbon fiber products [2] - The electric propulsion systems for aircraft require higher performance parameters, with companies like Wolong Electric and Inbol accelerating the development of high-performance motors [2] - The industry is expected to transition towards a primarily electric and hybrid model, with solid-state batteries showing promise for future applications in low-altitude aircraft [2] 2. Low-altitude Operations Opportunities - Key catalysts in low-altitude operations include the progress of airworthiness certification for electric vertical takeoff and landing (eVTOL) aircraft and the transition of application scenarios from pilot projects to normalization [3] - By the third quarter of 2025, approximately 17 products are expected to enter the airworthiness acceptance or certification stage, with most manned eVTOL models anticipated to be approved by 2028 [3] - The commercialization of low-altitude logistics operations is progressing rapidly, with companies like Fengfei Aviation achieving successful pilot results in intercity and inter-island transport [3] 3. Low-altitude Infrastructure Opportunities - The low-altitude infrastructure includes both physical facilities and technical systems, with an estimated construction cost of 599.6 billion yuan for low-altitude economic infrastructure (general airports + takeoff and landing sites) from 2025 to 2030 [3] - The planning and consulting costs for this infrastructure are projected to be 35.97 billion yuan during the same period [3] 4. Low-altitude Supporting Industries Opportunities - The demand for low-altitude aircraft testing is expected to realize commercial viability first, as it is closely tied to the entire lifecycle of aircraft development, certification, and commercial operation [4] - Third-party testing institutions with aerospace experience and robust testing capabilities are likely to benefit from this demand [4]

2月3日，2026年中央一号文件正式发布。这是党的十八大以来第14个指导"三农"工作的中央一号文件， 也是"十五五"时期首个中央一号文件。 小编整理了近十年中央一号文件里的能源看点，汇总如下。 中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见 （2026年1月3日） ◆ 支持新能源汽车、智能家电、绿色建材下乡，健全农村废旧家电家具等再生资源回收体系。 ◆ 提升农村电网供电保障和综合承载能力，扩大农村充电设施覆盖范围。 ◆ 推广绿色生产和节水灌溉技术，发展生态低碳农业。 ◆ 提升秸秆综合利用能力。 ◆ 统筹做好农村灾害风险隐患排查治理，防范化解道路交通、有限空间、燃气、消防、房屋等重点领 域安全风险，加强溺水等涉险安全防护和应急救援能力建设。 中共中央 国务院关于进一步深化农村改革 扎实推进乡村全面振兴的意见 （2025年1月1日） ◆ 巩固提升农村电力保障水平，加强农村分布式可再生能源开发利用，鼓励有条件的地方建设公共充 换电设施。 ◆ 支持秸秆综合利用，精准划定禁烧范围，依法依规落实禁烧管控要求。 中共中央 国务院关于学习运用"千村示范、万村整治"工程经验有力有效推进乡村全面振兴的意见 ◆ ...

早 报 精 选 宏 观 新 闻 2、国家外汇管理局2月7日发布的最新统计数据显示，2026年1月末，中国官方黄金储备为7419万盎司，较2025年12月末增加4万 盎司。目前，中国央行已连续15个月增持黄金。 3、证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》。境内资产境外发行资产支持证券代币，应当严格遵守跨境 投资、外汇管理、网络和数据安全等法律、行政法规和有关政策规定，履行前述相关监管部门要求的核准、备案或安全审查等程序， 不得损害国家利益和社会公共利益。 4、中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中国证监会、国家外汇局等八部门 联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》。《通知》明确，境内对虚拟货币坚持禁止性政策，相关业务活动属 于非法金融活动，一律严格禁止，坚决依法取缔。《通知》还提出，未经相关部门依法依规同意，境内主体及其控制的境外主体不得 在境外发行虚拟货币。《通知》强调，未经相关部门依法依规同意，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币。 5、日本众议院选举结果公布。据日本广播协会报道，在8日举行的日本众议院选举 ...

被称为"电力心脏"的变压器，正成为海外市场的紧俏产品。据海关总署数据，2025年我国变压器出口总 值达到创纪录的646亿元，比上年增长近36%；出口单台变压器均价升至20.5万元，比上年上涨约三分 之一。同时，国内多家头部变压器生产企业订单出现大幅增长。市场对变压器的需求为何如此巨大？订 单大增的同时，企业产能是否跟得上？ 多重需求共振 变压器作为电力系统的核心设备，承担着电压转换与电能分配的关键职能，其性能优劣直接关乎电网运 行的稳定性与可靠性。当下，全球变压器市场需求迎来爆发式增长，这一态势受多重因素驱动。 巨丰投顾高级投资顾问丁臻宇向《证券日报》记者表示，全球变压器需求激增的动力主要源于三方面： 一是多个国家正在对原有老化电网设备进行更新升级；二是全球人工智能蓬勃发展，算力扩张导致用电 需求大增，带动变压器需求量上升；三是各国新能源发展，新能源发电并网过程中离不开变压器的支 撑。其中，海外市场对变压器的需求尤为强劲。 多重需求共振，推动企业订单增长。"现在公司变压器订单比较饱满，产能利用率较高。"特高压输配电 设备企业中国西电电气股份有限公司相关负责人向《证券日报》记者表示。 江苏华辰变压器股份有限公司 ...

项目位于山南市乃东区境内平均海拔约5050米的高原上，装机规模8万千瓦，配置16兆瓦／64兆瓦时构网型储能系统。项目拟建设安装15台5兆瓦风机和1 台6.25兆瓦的示范机组，该示范机组为西藏单机容量最大风电机组。 2月8日，华能在藏首个风电项目——华能才朋风电项目首批机组正式并网发电，标志着华能在藏新能源发展实现新突破。 据悉，项目预计年发电量超2.23亿千瓦时，每年可节约标煤约6万吨，减少二氧化碳排放约16.4万吨，将有效增强当地能源保障能力。不仅如此，华能才朋 风电项目还应用了全国领先的叶片防雷型监测系统，通过采用光学振动传感器和光纤通讯方式，可从根本上避免传统通讯线缆及金属传感器在雷电环境下 可能引发的附加风险。 责任编辑：罗宗 ...

八部门发文，强化虚拟货币监管 日前，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇管理局印发《关于进一步防范和处置虚拟货币等相关风险的通知》，进一步防范和 处置虚拟货币、RWA代币化相关风险，明确虚拟货币相关业务活动属于非法金融活动，严格监管赴境 外开展RWA代币化相关业务活动。 央行连续第15个月增持黄金 国家外汇管理局2月7日发布的数据显示，截至2026年1月末，中国黄金储备为7419万盎司，环比增加4万 盎司，为中国央行连续第15个月增持黄金。 我国成功发射可重复使用试验航天器 下周，A股将迎来春节前的最后一个交易周。业内机构认为，春节前市场或维持区间震荡，建议均衡配 置；春节后市场焦点可能重新转向具备产业催化、业绩确定性的成长板块。 大宗商品市场方面，国际金价继续宽幅震荡。在业内机构看来，尽管调整可能意味着出现布局良机，但 黄金的波动性已显著加大，投资者应将其作为资产配置的一部分，而非单一投机工具。 影响后市投资大事件 兴业证券：持股过节兼具胜率与赔率 近期全球叙事变化对市场情绪冲击最大的时刻或正逐步过去，后续事件催化增多、"春节效应"等因素， ...

Core Viewpoint - Beijing Property Exchange has recently disclosed two equity transfer projects involving renewable energy companies under China General Nuclear Power Group (CGN) and China Southern Power Grid, indicating a growing interest in the renewable energy sector in China [1][6]. Group 1: Project Details - **Project One: CGN New Energy Luzhou Co., Ltd. 90% Equity** - Transferor: CGN Wind Power Co., Ltd. (regulated by the State-owned Assets Supervision and Administration Commission) [1][6] - Listing Price: 34.3 million yuan [1][6] - Disclosure Period: January 23, 2026, to February 27, 2026 [1][6] - Shareholders: CGN Wind Power Co., Ltd. (90%), Luzhou Jingyuan Energy Co., Ltd. (10%) [1][6] - Asset Scale: Established in 2022 with a registered capital of 45 million yuan (paid-in capital of 41.48 million yuan), focusing on photovoltaic and wind power clean energy business [1][6] - Special Terms: The acquirer must assume a debt of 7.9435 million yuan from the transferor and commit to not using the "CGN" brand; additionally, the remaining 3.3 million yuan of registered capital must be paid [1][6]. - **Project Two: China Southern Power Grid Comprehensive Energy (Hezhou) Co., Ltd. 51% Equity** - Transferor: China Southern Power Grid Comprehensive Energy Co., Ltd. [4][8] - Listing Price: 156.72189 million yuan [4][8] - Shareholders: China Southern Power Grid Comprehensive Energy Co., Ltd. (51%), China Resources Power New Energy Investment Co., Ltd. (49%) [4][8] - Asset Scale: Registered capital of 193.59183673 million yuan, with paid-in capital of 176.93877551 million yuan; the transferor has subscribed 98.73183673 million yuan and paid in 90.23877551 million yuan [4][8].

化工板块周五（2月6日）逆市猛攻。反映化工板块整体走势的化工ETF（516020）早盘低开后迅速拉 升，盘中场内价格最高涨幅达到3.45%，而后持续高位震荡，尾盘略有回落，最终逆市收涨2.37%。 成份股方面，锂电、磷化工、石化等板块部分个股涨幅居前。截至收盘，恩捷股份涨停，宏达股份、浙 江龙盛、天赐材料等大涨超6%，恒逸石化、荣盛石化、华峰化学等亦涨幅居前。 | | | | 分时 多日 1分 5分 15分 30分 60分 日 周 月 图8 | | | | | F9 盘前盘后 露加 九特 画球 工具 @ (2) > | | 44. TETF O | | 516020 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | DOG | | | | 516020Hz工ETF] 15:00 � 0.949 通款 0.022(2.37%) 均价 0.947 服交量 0.10PV 0.9491 | | | | | 2026/02/06 | 0 946 | | +0.022 +2.379 | | | | | | ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The China Electricity Council forecasts a 5%-6% growth in electricity consumption for 2026, with a significant decline in proxy electricity prices in February [5][12] - Over 80% of provinces and cities reported a year-on-year decrease in proxy electricity prices in February, with Jiangsu, Inner Mongolia, and Liaoning experiencing the largest declines of 29.3%, 25.6%, and 23.1% respectively [5][14] - The report anticipates that by the end of 2026, the installed capacity of solar power will exceed that of coal power for the first time, with renewable energy sources accounting for half of the total installed capacity [5][14] Summary by Sections Industry Outlook - The report predicts that by 2026, the total installed capacity of renewable energy will reach half of the total installed capacity, with solar power surpassing coal power for the first time [5][14] - The total electricity consumption in China is expected to be between 10.9 and 11 trillion kilowatt-hours, reflecting a year-on-year growth of 5%-6% [5][14] Investment Trends - In January 2026, the State Grid completed fixed asset investments of 30.8 billion yuan, a year-on-year increase of 35.1% [6][14] - The Southern Power Grid plans to invest over 24 billion yuan in the first quarter of 2026, marking a year-on-year increase of over 20% [7][14] Proxy Electricity Prices - The report highlights that proxy electricity prices have generally decreased, with significant drops in various regions, indicating a more favorable supply-side environment [5][14] Key Companies and Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and integrated coal power operations, such as Huaneng International and Huadian International [8][14] - It also recommends monitoring companies in the wind and solar sectors, including Xintian Green Energy and Longyuan Power [8][14]

Core Viewpoint - The trend of "dual listing" in A-shares and H-shares continues, with more companies opting for "A+H" listings to establish dual capital platforms. Igor, a leader in the power equipment sector, has submitted its listing application to the Hong Kong Stock Exchange, benefiting from the dual explosion of demand in renewable energy and AI computing power, resulting in a stock price increase of approximately 150% since 2025 [1][2]. Company Evolution - Igor's business transformation from traditional lighting power supply to high-growth sectors like renewable energy and AI is a typical example of how Chinese power equipment companies are breaking into new markets. Initially focused on lighting power supplies, the company began its global expansion in 2007 and entered the renewable energy sector in 2013 with high-frequency magnetic devices [2][4]. - The acquisition of a 70% stake in Mu Magnetic Technology in 2018 enhanced Igor's R&D capabilities in high-frequency magnetic power devices, which are crucial for innovation in photovoltaic, energy storage, and electric vehicle sectors [2][4]. - By 2025, Igor's revenue from renewable energy products accounted for 58.6% of total revenue, marking it as the main driver of growth [2]. Global Expansion - To support its global business strategy, Igor has accelerated the establishment of overseas manufacturing facilities, with nine production bases built in countries including Malaysia, Thailand, the USA, and Mexico by September 2025. The new factory in Fort Worth, USA, is set to produce 21,000 distribution transformers annually [4][9]. - The funds raised from the Hong Kong listing will be used for overseas expansion, building a global sales network, and strategic investments and acquisitions in the upstream and downstream of the industry chain [4][9]. Financial Performance - Despite revenue growth, Igor faces the challenge of "increasing revenue without increasing profit." In the first three quarters of 2025, the company reported a profit of 188 million RMB, a decrease of approximately 13.7% year-on-year, while revenues were 3.769 billion RMB [4][5]. - The overall gross margin has been under pressure, declining from 21.7% in 2023 to 17.8% in the first three quarters of 2025, primarily due to intensified competition in the photovoltaic and energy storage sectors and high initial costs associated with overseas factories [6][7]. Market Challenges - The decline in revenue from traditional lighting products, which fell by 6.96% year-on-year in the first three quarters of 2025, has significantly impacted profitability. The gross margin for this segment has dropped to 20%, down 5.5 percentage points year-on-year [5][6]. - The data center-related business has also seen a decline, with revenues dropping by 6.25% in the first three quarters of 2025, as international clients slow down equipment updates due to cost considerations [6][7]. Future Outlook - There is potential for gross margin recovery in 2026 as overseas factory utilization improves and high-margin automotive inductors begin to ramp up production. However, uncertainties remain regarding the continuation of price wars in the renewable energy sector and the pace of recovery in data center demand [8][9]. - The upcoming listing on the Hong Kong Stock Exchange will require Igor to meet stricter disclosure requirements and address international investors' scrutiny regarding its growth logic in the "renewable energy + AI" dual track, as well as improve profit quality to support valuation [9].