该项目是中吉共建"一带一路"的标杆工程，由陕煤集团中亚能源投资建设。兰石重装作为核心设备供应 商，承接了项目常减压蒸馏装置、催化裂化装置和辅助系统配套核心工艺设备与关键压力容器的设计制 造任务，包括加氢反应器、高压螺纹锁紧环式换热器、冷/热高压分离器、循环氢脱硫塔入口聚结器、 循环氢压缩机入口分液罐、循环氢脱硫塔等设备。 中化新网讯 近日，兰州兰石重型装备股份有限公司（以下简称兰石重装）为吉尔吉斯斯坦中大中国石 油公司80万吨/年炼油项目设计制造的11台炼化设备完工，即将发运出国。 兰石重装表示，此次出口炼化设备的完工，为中吉共建"一带一路"项目建设提供了坚实的装备支撑，进 一步提升了中国炼化装备在中亚地区的品牌影响力。公司将紧盯相关国家石油工程技术服务及装备制造 市场需求，为海外客户提供高端能源化工装备整体解决方案。 研制过程中，兰石重装充分发挥公司在海外项目执行中的技术实力与质量管控能力，推进"质量与效 率"双提升。国际事业部、销售分公司、炼化分公司、新疆公司等单位高效协同联动，克服交付周期 紧、任务重等挑战，通过优化装配与焊接方案，提升整体制造效率，高质高效完成生产任务。 ...

Core Insights - The 2025 China economic report highlights the resilience and potential of the economy, showcasing its ability to progress towards new and superior development despite external pressures [1] Trade Performance - In 2025, China's total goods trade import and export value reached 45.47 trillion yuan, maintaining its position as the world's largest goods trading nation for nine consecutive years [2] - The report indicates that China has broken the expectation of growth being hampered by tariffs, demonstrating strong export performance and competitiveness [2] Global Engagement - China engaged in trade with over 240 countries and regions, achieving growth in imports and exports with more than 190 of them, expanding its development space [5] - The trade value between China and Central Asia surpassed 100 billion USD for the first time, marking China as the largest trading partner for Central Asian countries [5] Structural Advancements - China's foreign trade is supported by a stable and flexible supply chain system, with the engineering machinery industry in Jining exemplifying the country's shift towards high-end and intelligent manufacturing [6] - In 2025, China became a net exporter of industrial robots, with equipment manufacturing exports reaching 16.03 trillion yuan, a 9.2% increase, accounting for 59.4% of total exports [6] Trade Model Innovation - The "cross-border e-commerce + industrial belt" model is transforming traditional commodity trade, enhancing the efficiency of matching supply and demand globally [6] - The report emphasizes that each achievement in foreign trade reflects the resilience of the Chinese economy, supported by institutional, market, and industrial advantages [6]

Core Viewpoint - The construction of the Western Land-Sea New Corridor is emphasized as a key project to enhance regional economic vitality and deepen cooperation with neighboring countries, transitioning towards high-quality development in the context of external economic fluctuations and supply chain risks [1]. Group 1: Infrastructure and Development Foundations - Optimizing foundational conditions such as scientific transportation layout, strong policy support, and stable institutional environment is crucial for the smooth operation of the Western Land-Sea New Corridor [2]. - Enhancements in intermodal transport networks, key hub reinforcement, and port functionality are necessary to improve the corridor's reliability and market trust [2]. Group 2: Operational Management and Service Efficiency - The need for refined management in operations is highlighted as essential for high-quality development, focusing on the entire process and elements of corridor operations to ensure reliable service and cost control [3]. - Implementation of integrated document flow and cross-departmental collaboration is aimed at improving customs efficiency and reducing redundant processes [3]. Group 3: Digital Logistics and Smart Upgrades - The integration of data elements and intelligent technology is proposed to break down information silos in traditional logistics, enhancing organizational efficiency and operational stability [4]. - Establishing data security and compliance processes for cross-border data sharing is essential for achieving interconnected data flows across the entire logistics chain [4]. Group 4: Multi-Party Coordination and Economic Development - Strengthening coordination among various stakeholders along the corridor is necessary to translate logistics advantages into economic growth for industries and trade [5]. - The focus is on creating a virtuous cycle of logistics, trade, and industry collaboration, transforming the corridor into an economic corridor that connects infrastructure, standards, and people [5].

2026 年 1 月 28 日，银河博时 MSCI 中国东盟经济互联指数 ETF(后文简称"银河博时中国东盟ETF")上市仪式在港交所举办。 香港财经事务及库务局副局长陈浩濂、香港商务及经济发展局「一带一路」办公室专员何力治、香港交易所行政总裁陈翊庭、香港证监会投资产品部临时主 管杨慧明、招商局金融控股有限公司总经理王小青、博时基金有限公司董事长张东、中国银河国际控股有限公司董事长樊敏非、博时基金(国际)有限公司董 事长兼CEO连少冬，及香港证监会、香港交易所、香港商务及经济发展局「一带一路」办公室、招商局金融控股有限公司等政府、商业机构、境内外投资者 代表等出席仪式。仪式宣告"银河博时中国东盟ETF"正式开始在港交所买卖。 银河、博时强强联合，产品方案独具特色 该产品由博时基金(国际)有限公司与中国银河国际资产管理(香港)有限公司合作创设，既发挥了博时国际作为香港最大的中资管理人之一、老牌ETF发行 人、香港资管市场创新先驱者的全球资产配置能力及其对中国资产、东盟资产投资机遇的融合设计能力;亦充分发挥了中国银河国际母公司中国银河证券在 东盟地区的布局优势，后者东盟领先的研究能力和市场地位为产品设计与发行提供 ...

Core Viewpoint - SANY Heavy Industry's stock price has shown fluctuations, with a recent decline of 2.01% and a total market capitalization of 205.69 billion yuan, while the company has experienced a year-to-date stock price increase of 5.87% [1] Group 1: Stock Performance - As of January 28, SANY Heavy Industry's stock price was 22.37 yuan per share, with a trading volume of 339 million yuan and a turnover rate of 0.18% [1] - The stock has increased by 5.87% year-to-date, decreased by 0.93% over the last five trading days, increased by 7.96% over the last 20 days, and increased by 2.24% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, SANY Heavy Industry achieved operating revenue of 65.741 billion yuan, representing a year-on-year growth of 13.56%, and a net profit attributable to shareholders of 7.136 billion yuan, reflecting a year-on-year increase of 46.58% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of SANY Heavy Industry's shareholders was 452,900, a decrease of 15.00% from the previous period, while the average circulating shares per person increased by 17.65% to 18,709 shares [2] - The company has distributed a total of 31.876 billion yuan in dividends since its A-share listing, with 8.858 billion yuan distributed in the last three years [3] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.091 billion shares, an increase of 91.071 million shares from the previous period [3]

资产配置 | 定期报告 研究结论 报告发布日期 2026 年 01 月 28 日 | 郑月灵 | 执业证书编号：S0860525120003 | zhengyueling@orientsec.com.cn | | --- | --- | --- | | 021-63326320 | | | | 周仕盈 | 执业证书编号：S0860125060012 | zhoushiying@orientsec.com.cn | | 021-63326320 | | | | 美/日风险评价上升，贵金属及低风险特征 | 2026-01-26 | | --- | --- | | 权益占优：20260126 多资产配置周报 | | | CTA 策略仍强，指增和中性策略回暖： | 2026-01-22 | | 20260119 多策略及理财配置周报 | | | 风偏继续向中间集中：20260119 多资产配 | 2026-01-20 | | 置周报 | | | 以对冲配置思路应对美股/黄金"畏高" | 2026-01-19 | | 国内风险评价稳步下行，A 股/商品占优： | 2026-01-13 | | 20260112 多资产配 ...

"印尼和中国双边贸易额连续多年保持高速增长，成绩亮眼。政治互信是两国关系发展的根基。"印度尼 西亚前驻华大使易慕龙在接受本报记者采访时表示。 在华工作期间，易慕龙走访了中国多地，感受到中国日新月异的变化。"要深入了解一个国家，应该走 入普通社区，与当地民众多交流。"他曾两次从印尼驻华大使馆出发骑行到慕田峪长城，走访了沿途多 个村庄。"中国人民友好、勤奋，对未来积极乐观，给我留下深刻印象。"易慕龙说，"国之交在于民相 亲。希望两国加强高校交流合作，帮助印尼青年更好了解中国，传承两国友好情谊。" 虽然已卸任驻华大使多年，易慕龙依然关心中印尼关系发展。"中国发展的重要经验之一是，发展必须 以稳定为前提，中国发展的成功经验对印尼具有启示意义。"在他看来，中国走的是一条中国特色社会 主义发展道路，全过程人民民主是与中国历史文化相适应的制度安排。 "中国人常说，远亲不如近邻。中国秉持亲诚惠容周边外交理念，广受周边国家欢迎。共建'一带一 路'倡议为地区国家带来了发展机遇。"易慕龙表示，印尼受益于高质量共建"一带一路"，包括雅万高铁 在内的基础设施项目不仅推进区域一体化，也为印尼发展注入动力。 易慕龙认为，中方提出的四大全球 ...

Core Insights - The 2025 China foreign trade report highlights the resilience and potential of the Chinese economy, maintaining its position as the world's largest goods trader for nine consecutive years despite external challenges [1][4]. Group 1: Trade Performance - In 2025, China's total goods trade value reached 45.47 trillion yuan, marking a continuous growth streak since joining the WTO [1]. - China engaged in trade with over 240 countries and regions, achieving import and export growth with more than 190 of them [4]. - The trade value between China and Central Asia surpassed 100 billion USD for the first time, with China becoming the largest trading partner for Central Asian countries [4]. Group 2: Manufacturing and Innovation - The high quality and cost-effectiveness of Chinese products, such as excavators, are attributed to modernized and automated production lines, showcasing the strength of China's supply chain [2][5]. - In 2025, China became a net exporter of industrial robots, with equipment manufacturing exports reaching 16.03 trillion yuan, a 9.2% increase, accounting for 59.4% of total exports [5]. Group 3: Trade Models and Market Diversification - The transformation of trade models, particularly through "cross-border e-commerce + industrial clusters," has enhanced the efficiency of matching supply and demand globally [5]. - China's foreign trade has diversified away from reliance on single markets, establishing a balanced structure between traditional and emerging markets [4][5]. Group 4: Future Outlook - The resilience of China's foreign trade is expected to continue, contributing to global economic growth and stability in 2026 [6].

Core Insights - The 2025 China economic report highlights the resilience and potential of the economy, showcasing strong performance in foreign trade despite external challenges [1] Group 1: Foreign Trade Performance - In 2025, China's total goods trade import and export value reached 45.47 trillion yuan, maintaining its position as the world's largest goods trading nation for nine consecutive years [1] - The report indicates that China has broken the expectation of growth being hindered by tariffs, demonstrating strong export performance and competitiveness [1] Group 2: Global Trade Relationships - China engaged in trade with over 240 countries and regions, achieving growth in imports and exports with more than 190 of them [4] - The trade value between China and Central Asia surpassed 100 billion USD for the first time, marking a significant milestone and establishing China as the largest trading partner for Central Asian countries [4] Group 3: Structural Advancements - China's foreign trade is supported by a stable and flexible supply chain, with the engineering machinery industry in Jining exemplifying the country's shift towards high-end and intelligent manufacturing [5] - In 2025, China became a net exporter of industrial robots, with equipment manufacturing exports reaching 16.03 trillion yuan, a 9.2% increase, accounting for 59.4% of total exports [5] - The transformation of trade models, such as the integration of cross-border e-commerce with industrial clusters, has enhanced the efficiency of matching supply and demand globally [5] Group 4: Future Outlook - Experts suggest that China's success in global trade is likely to continue into 2026, supported by institutional, market, and industrial advantages [5]

Core Insights - The 2025 China economic report highlights the resilience and potential of the economy, showcasing strong export performance and a diverse market presence [1][4]. Trade Performance - In 2025, China's total goods trade value reached 45.47 trillion yuan, maintaining its position as the world's largest goods trader for nine consecutive years [1]. - China engaged in trade with over 240 countries and regions, achieving growth in imports and exports with more than 190 of them [4]. - The trade value between China and Central Asia surpassed 100 billion USD for the first time, marking China as the largest trading partner for Central Asian countries [4]. Supply Chain and Manufacturing - The efficient and flexible supply chain system is a key factor in China's export resilience, particularly in the construction machinery sector [5]. - In 2025, China's equipment manufacturing exports amounted to 16.03 trillion yuan, growing by 9.2% and accounting for 59.4% of total exports [5]. Innovation and Trade Models - The transformation towards high-end and intelligent manufacturing is evident, with China becoming a net exporter of industrial robots in 2025 [5]. - The "cross-border e-commerce + industrial belt" model is reshaping traditional trade practices, enhancing the global matching of supply and demand [5]. Future Outlook - Experts predict that China's success in global trade will likely continue into 2026, supported by its institutional, market, and industrial advantages [5].