石泰峰主持结业式，李干杰、李书磊、陈文清、刘金国、王小洪和陈希出席结业式。 研讨班期间，全体学员以习近平新时代中国特色社会主义思想为指导，认真学习习近平总书记在开 班式上的重要讲话和党的二十届四中全会精神，联系实际深入研讨交流，加深了对全会精神的认识和理 解，增强了以实际行动贯彻落实好全会各项决策部署的责任感和使命感。结业式上，研讨班10名学员代 表发言，汇报交流了学习收获。 蔡奇表示，通过这次学习研讨，大家在全面深刻领会党的二十届四中全会精神基础上，进一步深化 了对制定和实施五年规划是中国特色社会主义制度一个重要政治优势、把握国内外形势新变化、建设现 代化产业体系、以加快构建新发展格局赢得战略主动、推动经济和社会协调发展、提高党领导经济社会 发展能力和水平等重大问题的认识，达到预期目的。要运用好研讨成果，把学习收获转化为工作成效。 要持续把学习贯彻全会精神引向深入，分级分类、深入扎实开展党员、干部教育培训。要深刻领会党中 央战略意图，准确把握发展大势，结合实际编制地方规划和专项规划，科学谋划目标任务，精准制定政 策举措，务实作出具体部署。要狠抓各项任务落实，加强政策协调和工作协同，充分调动各方面积极 性。要 ...

习近平总书记强调，党的二十届四中全会对"十五五"时期经济社会发展作出战略部署，要全面深刻准确 领会和把握。研讨班学员们表示，要深刻理解总书记重要讲话的丰富内涵、精髓要义和实践要求，更好 统一思想、凝心聚力，在党中央坚强领导下扎实做好各项工作，努力实现"十五五"良好开局。 习近平总书记强调，顺利完成"十五五"时期目标任务，必须着力提高党领导经济社会发展能力和水平， 树立和践行正确政绩观，坚持以实干出政绩。研讨班学员们表示，要学以致用、知行合一，把学习成果 转化为实干实绩，推动高质量发展不断取得新成效。 央视网消息（新闻联播）：习近平总书记近日在省部级主要领导干部学习贯彻党的二十届四中全会精神 专题研讨班开班式上发表重要讲话，强调要把学习贯彻党的二十届四中全会精神不断引向深入，深刻阐 明"十五五"时期经济社会发展的指导方针、主要目标和重点任务。研讨班学员们一致表示，要认真学习 贯彻习近平总书记重要讲话精神，深刻领悟"两个确立"的决定性意义，坚决做到"两个维护"，保持战略 定力，增强必胜信心，奋力开创中国式现代化建设新局面。 习近平总书记强调，制定和实施五年规划是我们党治国理政一条重要经验，是中国特色社会主义制度一 ...

Report Industry Investment Rating - The short - term outlook for hot - rolled coils is "Oscillating with an upward bias", maintaining a bullish view [6] Core Viewpoints - Currently, the supply of hot - rolled coils is contracting, and the demand is resilient, resulting in an overall tight balance between supply and demand. Pre - holiday winter stockpiling is an important support for current demand. The social inventory is decreasing month - on - month, and the factory inventory pressure is controllable. Although the inventory is still high year - on - year, the overall inventory risk has marginally improved. The tight balance between supply and demand and inventory reduction support prices. In the future, attention should be paid to raw material costs and the strength of post - holiday demand recovery. Technically, the price has stood above the 5 - day and 30 - day moving averages, and it is expected to oscillate with an upward bias in the short term [6] Summary by Directory Market行情回顾 - **期货价格**: On Friday, the持仓 volume of the main hot - rolled coil futures contract increased by 33,977 lots, and the trading volume was 304,877 lots, showing an increase compared to the previous trading day. The intraday low was 3,283 yuan, and the high was 3,310 yuan, with an oscillating upward trend. It closed at 3,305 yuan/ton, up 17 yuan or 0.52%. It has stood above the 5 - day and 30 - day moving averages, and if it holds, the probability of short - and medium - term strengthening is relatively high [1] - **现货价格**: The price of hot - rolled coils in the mainstream Shanghai area was reported at 3,290 yuan/ton, up 10 yuan from the previous trading day [2] - **基差**: The basis between futures and spot was - 15 yuan, with futures slightly at a premium to the spot [3] Fundamental Data - **Supply**: As of January 22, the weekly output of hot - rolled coils decreased by 29,500 tons month - on - month to 3.0541 million tons, and decreased by 172,300 tons year - on - year. The output decline may be affected by factors such as maintenance arrangements and profit fluctuations, which supports prices [4] - **Demand**: As of January 22, the weekly apparent consumption decreased by 42,000 tons month - on - month to 3.0996 million tons, and increased by 73,900 tons year - on - year. Although the demand has slightly declined month - on - month, it has maintained growth year - on - year. Pre - holiday stockpiling supports demand, and the overall demand is resilient [4] - **Inventory**: As of January 22, the total inventory decreased by 45,500 tons month - on - month to 3.5778 million tons (social inventory decreased by 46,600 tons month - on - month, and factory inventory increased by 1,100 tons). It increased by 212,700 tons year - on - year (social inventory increased by 241,800 tons year - on - year, and factory inventory decreased by 29,100 tons year - on - year). The total inventory decreased month - on - month, and the inventory pressure has marginally eased. The year - on - year increase indicates that the inventory accumulation speed this year is slightly faster than last year, but the overall risk is controllable [4] - **Policy**: The new regulations on steel export license management will cause short - term export fluctuations, increase supply, and put pressure on prices. In the long term, it will promote industrial upgrading, structural optimization, and competitiveness improvement. The Central Economic Work Conference in December proposed a proactive fiscal policy and a moderately loose monetary policy, and listed the in - depth rectification of involution - style competition as a key task in 2026, which is beneficial to prices and industry profitability. Efforts are also being made to stabilize the real estate market and expand domestic demand [5] Market Driving Factor Analysis - **Bullish factors**: Decrease in supply - side output, expectation of winter stockpiling demand, export rush, policy support ("14th Five - Year Plan", infrastructure investment), and strong iron ore as a furnace charge [6] - **Bearish factors**: Unexpected resumption of production by steel mills in January, seasonal weakening of demand, insufficient manufacturing orders, and inventory accumulation suppressing prices [6]

越来越多的省份采取了"早准备、早确定、早开工"的做法 今年是"十五五"开局之年，多地在开年之初就提前发布省级重点项目清单。 1月19日，四川省公布了《2026年四川省重点项目名单》，名单共列项目830个，2026年预计完成投资 7624.8亿元。而在此之前，山西、河北和江苏等地也已经发布省级重点项目名单。 比如，2026年，山西省级重点工程项目名单共629项，涵盖能源转型、产业升级、科教人才、基础设 施、社会民生五大领域。河北省重点建设项目共安排747项，总投资1.56万亿元。江苏省拟安排省重大 项目670个，其中实施项目550个，年度计划投资6646亿元。 重大项目或者重点项目的标准虽然各地规定不同，但是都具有一定的投资规模，这些项目在稳增长、促 投资中具有"压舱石"的作用。 2025年12月31日，四川省发改委在其官方微信公众号发布称，"十四五"以来，四川共实施1600多个省重 点项目，总投资近8.8万亿元、完成投资超4万亿元，有力支撑经济社会高质量发展。 四川省发改委称，始终把扩大有效投资作为拼经济搞建设的重要抓手，紧盯年度目标任务和"十四五"规 划安排，每年选择700至800个事关战略全局和长远发展的 ...

Core Viewpoint - The Hong Kong government is committed to actively aligning with the 14th Five-Year Plan to promote high-quality economic development and deepen participation in the Greater Bay Area construction [1] Group 1: Economic Development Initiatives - The Hong Kong government is accelerating the development of the Northern Metropolis and the Hong Kong section of the He Tao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which has officially opened [1] - The Hong Kong section aims to collaborate with Greater Bay Area cities to build an international innovation center and enhance new productivity, contributing to the nation's high-level technological self-reliance [1] Group 2: Financial and Trade Growth - Hong Kong is enhancing its role as a global financial, shipping, and trade center by developing new growth points, including establishing an international gold trading center and enriching offshore RMB market operations [1] - The government is also constructing a "rail-sea-land-river" multimodal transport system to efficiently connect with the vast mainland market [1] Group 3: Global Trade Network Expansion - In response to changing geopolitical dynamics and increasing global demand for "Made in China" products, Hong Kong aims to leverage its unique advantages under the "one country, two systems" framework to expand its global trade network [1] - The authorities have established a "Mainland Enterprises Going Global Task Force" to provide high-value professional services to assist companies in setting up financial centers and regional headquarters in Hong Kong, facilitating their overseas market expansion [1]

Group 1 - The meeting hosted by the Vice Minister of Commerce, Ling Ji, emphasized the steady progress of the Chinese economy, which provides a broad development platform for foreign enterprises [3] - During the 14th Five-Year Plan period, China will focus on expanding the service sector, welcoming British enterprises to seize opportunities in areas such as consumption, green transformation, and technological innovation [3] - The meeting highlighted the importance of deepening trade and investment cooperation between China and the UK, leveraging economic and trade relations as a stabilizing force and a driving engine for bilateral ties [3] Group 2 - The UK Trade Envoy, Nigel Adams, noted that the economic and trade relationship is crucial for UK-China relations, aligning the UK's modern industrial strategy with China's 14th Five-Year Plan [3] - Attendees from British enterprises expressed confidence in the Chinese market's potential and the improving business environment, indicating that the 14th Five-Year Plan enhances long-term investment confidence in China [3]

Group 1: Market Overview - The A-share market is expected to continue its upward trend in 2026, characterized by an elevated index center, balanced styles, and increased volatility, aligning with the "slow bull" market phase [4][20][24] - The macroeconomic environment and monetary policy are crucial variables influencing A-share performance, with a focus on the "14th Five-Year Plan" and potential policy resonance with the U.S. midterm elections [3][18][26] - The market is anticipated to see a shift from valuation expansion to profit recovery as the main driver, supported by long-term confidence in China's economic prospects [3][20][19] Group 2: Industry Analysis - Semiconductor industry is highlighted for its trend towards self-sufficiency and independence [4][20] - The robotics sector is expected to benefit from technological leadership and policy support [4][20] - The TMT (Technology, Media, and Telecommunications) sector remains promising in the digital age, with a focus on performance and growth expectations [4][20] - The renewable energy sector is projected to see improved conditions, with a rebound likely to continue [4][20] - Brokerage firms are set to directly benefit from increased market activity [4][20] - The cyclical sectors are expected to gain from anti-involution policies and economic recovery [4][20] - Real estate is viewed as having rebound opportunities under the "survival of the fittest" principle [4][20] - The pharmaceutical sector is anticipated to experience a catch-up demand while providing defensive value [4][20] - Domestic consumption trends, including the "silver economy" for the elderly and "self-indulgent consumption" for the youth, are expected to drive growth [4][20] - High-dividend stocks are still considered valuable for investment [4][20] Group 3: Thematic Investments - Focus on emerging industries and core technological breakthroughs as outlined in the "14th Five-Year Plan" [4][20] - Opportunities in the AI theme, emphasizing the "computing power-application-end" chain [4][20] - Rare earth materials are highlighted for their supply control capabilities [4][20] - The military industry is supported by policy and driven by events, with a focus on military-civilian integration and military trade exports [4][20] - The industrial mother machine sector is expected to see demand growth driven by policy support [4][20] - The low-altitude economy is projected to expand due to policy drivers and diverse application scenarios [4][20] - The digital economy is anticipated to thrive with technology and policy support, focusing on computing power, cybersecurity, data elements, industrial digitization, and digital currency [4][20] - Commercial aerospace is expected to develop driven by policy implementation, focusing on satellite internet construction and the rocket launch and manufacturing supply chain [4][20]

"十五五"规划建议开局启新，AI与机器人加速融合应用、新能源汽车不断向高端突破、企业出 海逐步提质增效、文娱消费多元创新升级，展望2026年，宏观调控如何精准发力？资本市场如 何赋能实体？稳楼市将有哪些新举措？以及哪些产业领域将成为中国经济跃升的关键引擎？ 南方财经号《大咖圆桌会》邀请权威机构、行业专家、优质自媒体等平台创作者，共同为您解 读分析，展望开局之年的经济跃升新图景。 点击进入专题>> 广货行天下 全球开"利是" 马年启新程，财智伴四季丨21财经VIP新春文创礼赠 SFC 2 智能 悦 读 · 权 威 . ry S 扫码点击下载 申请入驻南财号，请点击此处>> 出品丨21财经客户端 21世纪经济报道 编辑丨周湘杰 $$H=\left[{\frac{2\,1\,{\vec{\Xi}}\,{\vec{\Xi}}\,{\vec{\Xi}}}{1\,{\vec{\Xi}}\,{\vec{\Xi}}\,{\vec{\Xi}}}}\right]$$ ...

Core Viewpoint - The articles highlight the dedication and commitment of the aerospace industry, particularly in missile manufacturing, as they work towards achieving the goals set in the "14th Five-Year Plan" (十五五) for building a strong aviation nation [1][7]. Group 1: Commitment and Dedication - The concept of "forging arrows" symbolizes the loyalty and dedication of workers in the aerospace sector, with a focus on the mission of national defense [1][4]. - The historical context of the industry is emphasized, showcasing the evolution from humble beginnings in 1961 to a modern, technologically advanced sector [1][3]. - The average age of the party members in the research teams is 31, indicating a youthful and dynamic workforce committed to overcoming technological challenges [1][2]. Group 2: Technological Advancements - Young skilled workers are embracing change and improving efficiency through innovative management techniques, such as "sticky note management" [2]. - The production process is enhanced by automation and robotics, merging traditional craftsmanship with modern technology to achieve "zero defects" [2][3]. - Collaborative efforts across units are crucial for overcoming technical challenges, with teams working tirelessly to ensure the success of new model validations [2][3]. Group 3: Training and Knowledge Transfer - The "master-apprentice" model is being implemented to ensure knowledge transfer from experienced workers to new employees, fostering a culture of continuous learning and improvement [6]. - Older craftsmen are actively sharing their expertise, ensuring that traditional skills are preserved and adapted to modern requirements [6]. Group 4: Community Engagement and Inspiration - The aerospace industry is not only focused on production but also on inspiring the next generation, with initiatives aimed at educating children about aerospace technology [5]. - The commitment to nurturing interest in aviation and national defense among youth is seen as a vital part of the industry's future [5]. Group 5: Future Aspirations - The articles conclude with a strong belief in the potential of every individual in the industry to contribute to the overarching goals of national defense and technological advancement [7]. - The spirit of "forging arrows" is portrayed as a continuous journey, with a collective effort to achieve the ambitious targets set forth in the "14th Five-Year Plan" [7].

Core Insights - The article emphasizes the strategic importance of the new energy and storage industries in China's "14th Five-Year Plan," highlighting the government's support for these sectors to drive high-quality development [1] Industry Overview - The new energy vehicle (NEV) industry in China is projected to achieve significant growth, with production and sales expected to reach 16.62 million and 16.49 million units respectively by 2025, marking a year-on-year increase of over 20% [2] - By 2040, the market penetration rate of NEVs in China is anticipated to exceed 80%, positioning the country among the world's leading automotive powers [2] Company Positioning - 纳百川 has established itself as a core supplier in the fields of power batteries for electric vehicles, fuel vehicle power systems, and thermal management for storage batteries, maintaining a strong customer strategy [1] - The company has been a strategic partner of 宁德时代 since 2012, supplying products to major automotive brands such as T Company, NIO, Xpeng, and Li Auto [1] Technological Advancements - 纳百川 has developed a comprehensive core technology system that addresses industry challenges, achieving a temperature deviation of less than 3°C in battery module thermal distribution and a flow resistance deviation of under 5% [2][3] - The company has also made breakthroughs in key areas such as new material applications and welding technology, ensuring product reliability under complex conditions [3] Market Growth and Demand - The global energy storage market is expected to grow significantly, with projections estimating a market size of $668.7 billion by 2024 and $5.12 trillion by 2034, reflecting a CAGR of 21.7% from 2025 to 2034 [3] - 纳百川's storage business has seen rapid growth, with its revenue share increasing from less than 5% in 2022 to over 30% in Q1 2025, driven by the booming storage industry [4] Capacity Expansion - The company's production capacity is nearing saturation, with a utilization rate of 88.31% and a sales rate of 97.57% in Q1 2025, indicating a critical constraint in meeting downstream demand [4] - To capitalize on industry opportunities, 纳百川 plans to invest 579 million yuan in a new production project aimed at producing 3.6 million sets of water-cooling plates annually [4][5] Future Outlook - The "14th Five-Year Plan" is expected to deepen the development of new energy industry clusters, with the NEV and storage sectors poised for high-quality growth [5] - As the company continues to expand its production capacity and overcome bottlenecks, it is well-positioned to benefit from the upgrading of the new energy industry and solidify its leading position in thermal management [5]