Core Viewpoint - The Nanning Pumped Storage Power Station, as part of China's 14th Five-Year Plan, is set to be fully operational by the end of 2025, marking a significant step in the development of a new energy system in Guangxi [1] Group 1: Project Overview - The Nanning Pumped Storage Power Station has an installed capacity of 1.2 million kilowatts, featuring four 300,000-kilowatt pumped storage units, and is the first independent pumped storage project approved, constructed, and put into operation within a single five-year plan in China [1] - The power station is expected to consume up to 2.5 billion kilowatt-hours of clean energy annually, leading to a reduction of 2.2 million tons of carbon dioxide emissions [1] Group 2: New Scenarios and Technologies - The construction site of the Nanning Pumped Storage Power Station showcases new scenarios, including the use of a tunnel boring machine that completed a 5-kilometer drainage tunnel in 460 days, achieving four times the efficiency of manual drilling [2] - The project has implemented a battery swap station for electric heavy trucks, allowing for quick battery changes in 3 to 5 minutes, which supports the green construction initiative [3] - The waterway system of the power station utilizes innovative materials, such as reinforced concrete, which saves approximately 10,000 tons of steel compared to pure steel materials [5] Group 3: Innovative Construction Methods - The project has adopted a new water storage method combining "large flow pumping" and "small flow stabilization" to address safety concerns related to the natural basin topography, achieving a water storage efficiency over 20 times that of natural rainfall [8] - The construction timeline from the start of the main project to full operation is only 41 months, reflecting a new speed in the construction of pumped storage projects in China [7]

上证报中国证券网讯（记者 霍星羽）Choice数据显示，2025年有色金属（申万行业2021年版）板块整 体涨幅为88.21%，"夺冠"全市场。步入2026年，这场"有色盛宴"是否仍将延续？ 记者采访获悉，2026 年有色板块上行逻辑不变，但波动幅度、择时难度将加大。2026年国内外宏观环境仍总体利多有色， 铜、铝、镍和锡等品种，有望出现结构性牛市。2026年一季度有色板块或迎来"开门红"。 华鑫期货研 究所所长章孜海接受上证报记者采访时表示，有色金属有商品属性和金融属性，受到宏观面与供需基本 面的双重影响。 中信建投期货有色首席分析师江露表示，2026年美联储货币政策偏鸽，大概率进一步 渐进式降息，为有色市场提供偏多环境。 章孜海预计，下半年美联储或降息两次。国内，中央经济工 作会议指出，要继续实施更加积极的财政政策和适度宽松的货币政策。海内外宏观面形成共振，对风险 资产的影响偏积极。 在江露看来，贵金属价格正处于高位强势运行状态，且这种态势持续向有色板块 传导。基本面也为金属价格提供坚实支撑。需求端，"十五五"规划长期利好有色需求，"智能化、绿色 化"政策会推动新能源汽车、光伏、特高压等领域高速发展，有色 ...

构建立体式宣传矩阵，营造全员学习的浓厚氛围。公司官微设置"全会精神怎么看、立足岗位怎么干"互 动话题，发动员工结合自身岗位谈认识、谋思路、提举措。各单位还召开班前会宣讲等，让"以推动高 质量发展为主题""坚持智能化、绿色化、融合化方向"等核心要义走进装置、深入班组。 近日，南化公司党委中心组召开专题学习扩大会，结合全会部署和企业发展实际，研究制定了"分层研 学、分类落实、全程督效"的学习贯彻实施方案，明确将全会精神与公司"十五五"及中长期发展规划深 度融合。各级党组织和广大党员干部员工以学促干，切实把学习成果转化为推动企业高质量发展和转型 升级的强大动力。 各单位迅速行动，推动全会精神落地见效。研究院聚焦碳捕集、利用与封存(CCUS)工艺优化、电子级 硫酸提质、橡胶化学品技术升级等关键领域，制定攻关计划。煤化工部、苯化工部等单位通过开展"党 员责任区""最强操作竞赛"等活动，推动制氢系统稳定运行、苯胺产量提升。检维修部、消防支队等结 合全会提出的"统筹发展和安全"的要求，强化设备巡检维护和安全隐患排查，筑牢安全生产屏障。销售 中心、物资装备中心则聚焦市场开拓和成本管控，优化营销策略，推进采购流程升级，助力公司 ...

Core Insights - The development of the Yangtze River Economic Belt is a major regional strategy personally planned, deployed, and promoted by General Secretary Xi Jinping, focusing on ecological protection and sustainable development [1] Environmental Protection - The proportion of water quality in categories I-III in the Yangtze River Economic Belt has increased from 67% in 2015 to 96.5% now, a rise of nearly 30 percentage points, with the main stream maintaining Class II water quality for six consecutive years [2] - The total phosphorus concentration in the Yangtze River basin has decreased by over 40% compared to ten years ago, and over 90% of black and odorous water bodies in county-level cities have been eliminated [2] Industrial Development - The Yangtze River Economic Belt is a crucial area for industrial aggregation, with 30 strategic emerging industry clusters cultivated, accounting for 45% of the national total [3] - The region contributes nearly half of the national GDP while accounting for about one-third of energy consumption and carbon emissions, emphasizing its role in green development [3] Transportation Infrastructure - The high-grade waterway mileage in the Yangtze River system has reached 11,500 kilometers, allowing for significant improvements in shipping capabilities [4] - By 2025, the port throughput along the Yangtze River is expected to reach 4.2 billion tons, with the number of major ports increasing to 18, reflecting substantial growth since 2015 [5]

2026年伊始，A股业绩预告帷幕拉开。盐湖股份、天赐材料、华菱钢铁、首钢股份、孩子王、传化智联 等一批深市代表性公司率先交出2025年度业绩"预增"答卷，为市场注入暖意。 初步统计显示，这些公司预计净利润同比增幅均超过25%，最高增幅超300%，呈现出强劲的增长动 能。 尽管所属行业各异，涵盖资源化工、新能源材料、钢铁制造、消费服务、现代物流等多个领域，但业绩 向好的背后，折射出共同的驱动力：通过核心技术突破构筑壁垒、依托智能化与绿色化推动产业升级、 借助资本市场工具优化治理，以及敏锐捕捉新消费与新科技趋势。 业内人士认为，这深刻诠释了经济结构转型期中，优质上市公司如何凭借内生韧性与创新活力实现高质 量发展。 景气度回升龙头凭核心优势领跑 "高端化+智能化"重塑竞争力 在新能源产业链上游，新一轮景气周期正在启动。具备核心资源储备与显著技术优势的龙头企业，成为 此轮行业上行最直接的受益者，业绩弹性得到充分体现。 盐湖股份预计，2025年实现归属于上市公司股东的净利润82.9亿元至88.9亿元，同比增长77.78%至 90.65%。 据公司相关负责人介绍，业绩增长主要得益于钾肥和碳酸锂两大核心产品产销稳定、价格回 ...

1月5日，赛力斯发布2025年12月产销快报。数据显示，赛力斯新能源汽车12月销量60,981辆，同比增长 63.40%，已连续三个月单月销量突破5万大关；1-12月累计销量达472,269辆，同比增长10.63%，迎来年 度销量新里程碑。问界2025年12月交付新车超5.7万辆，创单月交付新纪录；2025全年累计交付新车突 破42万辆，领跑高端新能源汽车市场。 2025年，赛力斯坚持"软件定义汽车"的技术路线和"用户定义汽车"的市场导向，持续深耕高端化、智能 化、绿色化发展路径。通过不断完善产品矩阵，已形成问界M5、M7、M9、M8四大产品序列，全面覆 盖豪华细分市场。 截至目前，问界累计交付新车超97万辆，持续刷新中国新能源市场交付速度。其中，问界M9累计20个 月稳居50万元级以上豪华SUV销量第一，上市以来累计交付超26万辆，成为中国高端豪华车市场的代表 车型；问界M8上市8个月累计交付超15万辆，迅速占领40万元级高端SUV市场；问界M7累计交付超37 万辆，全新问界M7在2025年9月正式上市后，凭借全方位进阶的产品力，成为30万元级SUV的价值之 选。 技术创新是企业发展之本。赛力斯始终立足技术 ...

Core Insights - The 2026 China International Chemical Equipment Exhibition will take place from June 9 to June 11, 2026, at the Shanghai New International Expo Center, organized by the China Chemical Equipment Association and Zhenwei International Exhibition Group [2] Exhibition Overview - The exhibition is a leading event in the chemical equipment industry in Asia, focusing on cutting-edge technologies and innovations in petrochemicals, fine chemicals, and environmental protection equipment [2] - The theme for this year's exhibition is "Digitalization, Greenization, and Intelligence," with expectations to attract over 1,000 enterprises from 12 countries and regions, covering an exhibition area of 70,000 square meters and attracting more than 100,000 professional visitors [2] Exhibits Range - The exhibition will feature a wide range of products including: 1. Petrochemical equipment such as complete sets of oil and chemical devices and refining technologies [4] 2. Chemical unit equipment for various production processes [4] 3. Environmental protection equipment for wastewater treatment and air pollution control [4] 4. Pumps, valves, pipelines, and related components [4] 5. Automation and instrumentation for chemical processes [4] 6. Safety and emergency firefighting equipment [4] 7. Smart chemical park technologies including IoT and big data services [4] Industry Trends and Opportunities - The exhibition will highlight green chemical equipment, showcasing technologies like catalytic desulfurization and VOCs treatment systems, aligning with China's dual carbon goals [10] - Intelligent solutions will be presented, including micro-reactors and AI-driven process optimization technologies to help companies reduce costs and improve efficiency [10] - The exhibition will cover the entire industrial chain, featuring themes such as heat exchangers, separation filtration, and powder processing [10] Market Growth - The global market for chemical environmental protection equipment is expected to exceed 420 billion yuan by 2026, with China accounting for 38% of this market. The investment intensity in the Yangtze River Delta region is 1.7 times the national average [11] - International participation is significant, with over 10% of exhibitors being foreign companies, providing a platform for technical exchange and cross-border cooperation for domestic enterprises [11]

长江商报消息 ●长江商报记者 徐阳 区域钢铁龙头华菱钢铁（000932.SZ）经营显韧性。 根据公告，华菱钢铁预计2025年度实现归属于上市公司股东的净利润（以下简称"归母净利润"）26亿元 —30亿元，同比增长27.97%—47.66%。 值得注意的是，这是华菱钢铁在2025年面临一次性补缴约6.57亿元环境保护税及滞纳金的不利因素下， 仍预计实现归母净利润正增长。 资料显示，华菱钢铁的主营业务是钢材产品的生产和销售。公司的主要产品是宽厚板、热冷轧薄板、线 棒材、无缝钢管。 近年来，华菱钢铁加快推进"高端化、绿色化、智能化、精益化"四化转型，并以科技创新持续赋能， 2021年至2025年前三季度研发投入金额合计292.83亿元。 2025年预计盈利高增长 钢铁行业市场景气度仍然不高，华菱钢铁经营业绩逆势稳增长。 2025年度业绩预告显示，华菱钢铁预计2025年度实现利润总额47亿元—53亿元，比上年同期增长 13.49%—27.98%；归母净利润26亿元—30亿元，比上年同期增长27.97%—47.66%；实现扣非净利润23 亿元—27亿元，比上年同期增长76.14%—106.78%。 长江商报记者注意到， ...

中证报中证网讯（记者 黄灵灵）近日，盐湖股份（000792）、天赐材料（002709）、华菱钢铁 （000932）、首钢股份（000959）、孩子王（301078）、传化智联（002010）等多家深市公司率先披露 2025年业绩预告，释放业绩向好积极信号。 钢铁行业企业通过高端化、绿色化、智能化转型实现动能切换。华菱钢铁预计2025年实现归母净利润26 亿元至30亿元，同比增长27.97%至47.66%。 公司在多个细分领域打造"隐形冠军"产品，全年新增专利授权超500项。钢铁大模型的深度应用与5G智 慧工厂建设成效显著，机器人应用密度每万人约100台，超低排放改造全面完成。同时，公司通过股份 回购、引入长线资金、稳定分红等举措，积极履行市值管理责任。 首钢股份凭借"制造+服务"优势实现稳健增长，预计2025年实现归母净利润9.2亿元至10.6亿元，同比增 长95.29%至125.01%。 首钢股份有关负责人表示，良好的业绩主要得益于公司依托技术创新、数智赋能、绿色低碳"三大利 器"，持续提升"制造+服务"能力，有力保障了国计民生重大工程自主材料供应、自主技术护航。 其中，绿色低碳产业公司以领先技术构建增长壁 ...

Core Viewpoint - The A-share market is witnessing a wave of positive earnings forecasts for 2025, with several representative companies from various sectors reporting expected net profit increases of over 25%, and some exceeding 300%, indicating strong growth momentum [2] Group 1: Company Performance - Salt Lake Co. expects a net profit of 8.29 billion to 8.89 billion yuan for 2025, representing a year-on-year increase of 77.78% to 90.65% [3] - Tianqi Lithium anticipates a net profit of 1.1 billion to 1.6 billion yuan for 2025, with a growth rate of 127.31% to 230.63% [4] - Hualing Steel forecasts a net profit of 2.6 billion to 3 billion yuan for 2025, reflecting a growth of 27.97% to 47.66% [7] - Shougang Co. expects a net profit of 920 million to 1.06 billion yuan for 2025, indicating a growth of 95.29% to 125.01% [8] - Chuanhua Zhihui anticipates a net profit of 540 million to 700 million yuan for 2025, with a significant increase of 256.07% to 361.57% [8] - Kidswant projects a net profit of 275 million to 330 million yuan for 2025, showing a growth of approximately 51.72% to 82.06% [9] Group 2: Growth Drivers - Salt Lake Co.'s growth is attributed to stable production and sales of potassium fertilizer and lithium carbonate, along with favorable pricing and new lithium salt projects [4] - Tianqi Lithium's performance is driven by increased demand for electric vehicle batteries and energy storage, rising raw material prices, and strong customer relationships [5][6] - Hualing Steel's growth is supported by its transformation towards high-end, green, and intelligent production, alongside stable operational performance [7] - Shougang Co. leverages technological innovation and digital empowerment to enhance its manufacturing and service capabilities [8] - Chuanhua Zhihui focuses on market demand and optimizes its logistics and chemical business strategies for significant performance improvement [8] - Kidswant's growth strategy includes expanding product categories and enhancing supply chain efficiency, alongside strategic acquisitions to strengthen its market position [9][10]