报告日期：2026 年 1 月 7 日 申银万国期货研究所 首席点评： 上证指数创史上最长连阳纪录 中国人民银行部署 2026 年重点工作，要求灵活高效运用降准降息等多种货币政 策工具，保持流动性充裕。据央视财经，我国情绪消费市场规模快速攀升，从 2022 年 1.63 万亿元升至 2024 年 2.31 万亿元，2025 年将达 2.72 万亿元，2029 年将突破 4.5 万亿元。昨日上证指数收涨 1.5%报 4083.67 点，创史上最长连阳 纪录。开源航班追踪数据和地面观察员的观测显示，近日有大批美军飞机突然飞 往欧洲，其中 1 月 3 日至少有 10 架 C-17 运输机从美国飞往欧洲，一名美国高级 官员表示，特朗普总统及其团队正在讨论多种获取格陵兰岛的方案。隔夜美债收 益率上行，美股再创新高，夜盘大宗商品价格普遍走强。 重点品种：股指、铝、焦煤 股指：美国三大指数上涨，上一交易日股指继续大幅上涨，有色金属板块领涨， 通信板块下跌，市场成交额 2.83 万亿元。资金方面，1 月 5 日融资余额增加 192.66 亿元至 25434.22 亿元。我们预计 2026 年供给侧改革持续并将推升大宗商品的价 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整 性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致之任何損失承擔任何責任。 (於開曼群島註冊成立之有限公司) 1372) 三方秉持「優勢互補、合作共贏、綠色發展」原則，整合各自核心資源：依託中國鐵塔 全國通信基建網絡與退役物資儲備、中國再生資源覆蓋城鄉的實體回收網絡及資質優勢、本 本公告乃中國碳中和發展集團有限公司(「中國碳中和」或「本公司」，連同其附公司 統稱「本集團」)作出之自願公告，以知會本公司股東及有意投資者關於本集團業務發展之 最新消息。 本公司董事會(「董事會」)欣然宣佈，於近期，本集團與中國鐵塔股份有限公司（「中 國鐵塔」）及中國再生資源開發集團有限公司（「中國再生資源」）簽署戰略合作協議（「 協議」）。三方本著「優勢互補、合作共贏、綠色發展」的原則，將充分發揮各自在資源、 技術、市場及產業協同方面的優勢，共同探索碳中和目標下的創新合作模式，共同推動鋰電 循環經濟生態圈建設，落實國家「碳達峰、碳中和」戰略目標。 ● 合作核心內容 - 1 - 集團線上回收平台「尋 ...

一家主业造风机的企业，左手火箭、右手具身机器人，这跨界步伐，确实有点东西。 但真正体现它投资实力的，是下面这组数字：2024年，金风科技手里攥着6家上市公司的股票，年末市 值超过17亿！更夸张的是，它全年投资收益19.62亿，甚至比主业18.6亿的净利润还高。 入股商业航天蓝箭航天后，金风科技还悄悄布局了哪些硬核公司？ 最近，一家造火箭的民营企业—蓝箭航天，要上市的消息火了！但你可能想不到，它背后站着一个让人 意想不到的股东：那个我们印象中"造风力发电机"的金风科技。 没错，就是那个风电龙头。金风科技和它的关联方早早布局，拿下了蓝箭航天10%的股份。 是不是有点意外？火箭冲天，背后竟有风电巨头的身影。 而这，只是它投资故事的开始。它还通过旗下公司，投过科创板去年的明星"妖股"——上纬新材。 更关键的是，它早就悄悄押注了一大波还没上市的硬核公司：从半导体（株洲中车时代），到精密轴承 （洛阳轴承）；从储能电池（厦门海辰），到通信芯片（北京晟芯）；甚至还有农业种子（九圣禾）、 抽水蓄能（乌海）、氢能源（上海氢晨），行业覆盖高端制造、新能源、数字化等多个未来赛道。 看明白了吗？金风科技，早已不只是"追风者"。它是以风 ...

Core Viewpoint - Shanghai Petrochemical experienced a decline in stock price, with a current trading price of 2.81 yuan per share and a market capitalization of 29.625 billion yuan, reflecting a net outflow of funds [1] Group 1: Financial Performance - For the period from January to September 2025, Shanghai Petrochemical reported operating revenue of 58.886 billion yuan, a year-on-year decrease of 10.77% [2] - The company recorded a net profit attributable to shareholders of -432 million yuan, representing a significant year-on-year decline of 1349.41% [2] - Cumulative cash dividends since the A-share listing amount to 23.903 billion yuan, with 2.11 million yuan distributed in the last three years [3] Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders increased to 91,800, up by 1.62% from the previous period [2] - The top circulating shareholder, Hong Kong Central Clearing Limited, holds 84.9738 million shares, an increase of 13.0582 million shares compared to the previous period [3] - The South China CSI 500 ETF is the sixth-largest circulating shareholder, holding 32.013 million shares, a decrease of 767,200 shares from the previous period [3] Group 3: Business Overview - Shanghai Petrochemical, established on June 21, 1993, and listed on November 8, 1993, is primarily engaged in crude oil processing and the production of a wide range of petrochemical products [1] - The revenue composition includes 67.95% from refining products, 21.60% from chemical products, 9.77% from petroleum and chemical product trading, and 0.53% from other sources [1]

Core Viewpoint - The stock price of New Zhonggang has experienced fluctuations, with a recent decline of 2.03% and a total market capitalization of 3.473 billion yuan [1]. Group 1: Stock Performance - Year-to-date, New Zhonggang's stock price has increased by 1.52%, with a 0.81% rise over the last five trading days, a 4.83% decline over the last 20 days, and a 2.25% decrease over the last 60 days [2]. - As of January 7, the stock price is reported at 8.67 yuan per share, with a trading volume of 11.99 million yuan and a turnover rate of 0.34% [1]. Group 2: Financial Performance - For the period from January to September 2025, New Zhonggang achieved operating revenue of 529 million yuan, representing a year-on-year decrease of 18.48%, while the net profit attributable to shareholders increased by 2.51% to 91.83 million yuan [2]. - Since its A-share listing, New Zhonggang has distributed a total of 344 million yuan in dividends, with 204 million yuan distributed over the past three years [2]. Group 3: Company Overview - New Zhonggang, established on October 17, 1997, is located in Shengzhou City, Zhejiang Province, and was listed on July 7, 2021. The company primarily engages in the production and supply of thermal and electric power through cogeneration [2]. - The company's revenue composition includes 95.17% from cogeneration, 4.73% from energy storage, and 0.10% from other sources [2]. - New Zhonggang is classified under the public utility sector, specifically in electricity and thermal services, and is associated with concepts such as small-cap, carbon neutrality, energy storage, QFII holdings, and share buybacks [2].

Group 1: Academic Background and Career Path - Guan Qingyou is a prominent Chinese economist, currently serving as the director of the Ruishi Financial Research Institute and vice president of the China Private Economy Research Association [2] - His academic journey began with a PhD in economics from the Chinese Academy of Social Sciences, followed by postdoctoral research at Tsinghua University focusing on energy and climate change [2] - He has held significant roles in both academia and policy consulting, including serving as vice president of Minsheng Securities and founding the independent think tank Ruishi Financial Research Institute [2] Group 2: Core Research Areas - Guan's research focuses on four main areas: macroeconomics, energy economics, financial markets, and private economy, creating a framework that combines theoretical depth with practical value [4] - He introduced the concept of "Li Keqiang Economics," summarizing the new government's macro management approach of "targeted investment + prudent monetary policy" [4] - His work includes developing a model for the "third wave" of the global financial crisis, providing critical decision-making insights for investors [5] Group 3: Recent Activities and Publications - In November 2025, he analyzed the current economic situation at the Shenzhen "Private Enterprise Forum," emphasizing the need for institutional openness to overcome growth bottlenecks in the private economy [13] - He participated in the 10th China International Property Management Summit in June 2025, warning about risks in the real estate market and suggesting enhancements in service quality [14] - His upcoming publication, "New Productive Forces: The Next Growth Pole of China's Economy," will analyze the commercial viability and ethical balance in fields like photovoltaics and artificial intelligence [15] Group 4: Advisory Roles and Contributions - Guan serves as an independent director for several listed companies, including Midea Group and Hikvision, promoting the establishment of "Technology Ethics Committees" to balance innovation with social responsibility [17] - He is involved in regional development strategies, contributing to the "14th Five-Year Plan" for areas like Shaanxi and Xinjiang, advocating for technological innovation to address market gaps [17] - His insights on the global increase in RMB asset holdings highlight the underlying logic of technological standard output and regulatory collaboration [16]

Report Industry Investment Ratings - No information provided in the given content Core Views - The global geopolitical risk is potentially rising due to Trump's consideration of using force to seize Greenland, leading to short - term volatility in the US dollar index [1][15] - Gold prices continue to rise, and there is an increased willingness to go long on commodities. However, there are risks of short - term market fluctuations and precious metal corrections [2][12][13] - A - shares are extremely strong at the beginning of the year, and the market has entered a bullish phase. It is recommended to hold long positions in the short term [3][22][23] - The steel market is expected to continue its range - bound pattern in the short term due to insufficient accumulation of contradictions [4][29][30] - The overall market sentiment for lithium carbonate is more sensitive to bullish information, and the price is expected to remain strong, but caution is needed when chasing long positions [5][46][47] - Oil prices have fallen, with a decline in US API crude oil inventory but a significant increase in gasoline and diesel inventories [6][58][59] Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump and his team are discussing plans to acquire Greenland, and Fed official Milan expects data to support further interest rate cuts [11][12] - Gold prices continue to rise, and there is increased enthusiasm for short - term market speculation. The probability of a January interest rate cut is low, and attention should be paid to the next Fed chair selection and the adjustment of the Bloomberg commodity index weights [12] - It is recommended to be aware of the risk of precious metal corrections in the short term and consider going long on the gold - silver ratio [13] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US will support Ukraine if it is attacked by Russia again, and Trump warns of potential impeachment if he loses the mid - term elections. Trump is considering using the military to seize Greenland [14][15] - The global geopolitical risk is potentially rising, and the US dollar index will fluctuate in the short term [15] - It is expected that the US dollar will fluctuate in the short term [16] 1.3 Macro Strategy (US Stock Index Futures) - Trump's government is discussing plans to acquire Greenland, and there are differences among Fed officials regarding future interest rate cuts [17][18][19] - Short - term geopolitical risks remain, and the market reaction is limited. Future Fed decisions will mainly depend on data trends [19] - It is expected that the US stock market will fluctuate strongly, and a bullish approach should be maintained [20] 1.4 Macro Strategy (Stock Index Futures) - The central bank will continue to implement a moderately loose monetary policy, and A - shares are extremely strong at the beginning of the year [21][22] - The market has entered a bullish phase, and trading volume is the key indicator. It is recommended to hold long positions in the short term [22][23] 1.5 Macro Strategy (Treasury Bond Futures) - The central bank carried out a 162 - billion - yuan 7 - day reverse repurchase operation, resulting in a net withdrawal of 2963 billion yuan on the day [25] - The bond market is in a headwind situation, and it is recommended not to bet on oversold rebounds. Short - selling opportunities can be considered if there is a rebound [26][27] 2. Commodity News and Comments 2.1 Black Metal (Rebar/Hot - Rolled Coil) - Handan lifted the emergency response to heavy pollution weather [28] - Steel prices are expected to continue their range - bound pattern in the short term due to insufficient accumulation of contradictions and potential pressure on finished product inventories [29] - A range - bound approach is recommended for steel prices in the short term [30] 2.2 Black Metal (Steam Coal) - The price of steam coal in the northern port market was stable with a slight upward trend on January 6 [31] - Short - term coal prices are expected to continue their weak and volatile pattern, and attention should be paid to daily consumption and pre - holiday start - up changes [31] 2.3 Black Metal (Iron Ore) - Fenix Resources' quarterly iron ore shipments reached a new high [31] - The iron ore price is expected to have strong short - term support but limited upside [32] 2.4 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil exports increased by 31.12% from January 1 - 5, while production decreased by 34.48% [33][34] - There are preliminary signs of supply pressure relief, but there is still high uncertainty. It is recommended to lightly position long on the 05 contract in advance and add positions gradually after clear bullish signals [34] 2.5 Agricultural Products (Sugar) - Sugar production data from different regions in China shows a mixed picture, with overall weak demand [35][36][37] - The Zhengzhou sugar futures main contract is expected to be range - bound. Attention should be paid to the start of pre - holiday stocking demand and sugar mill production and sales progress [38] 2.6 Non - Ferrous Metal (Lead) - On January 5, the LME 0 - 3 lead was at a discount of $45.52 per ton [39] - Lead prices are expected to maintain a volatile and slightly bullish pattern, and it is recommended to wait and see both for single - side and arbitrage strategies [39][40] 2.7 Non - Ferrous Metal (Zinc) - On January 5, the LME 0 - 3 zinc was at a discount of $36.3 per ton, and Vedanta's fourth - quarter zinc concentrate production increased by 8% year - on - year [41] - Zinc prices are expected to maintain a volatile and slightly bullish pattern in the short term. It is recommended to be cautious when chasing long positions and to take partial profits on previous long positions [43][44] 2.8 Non - Ferrous Metal (Lithium Carbonate) - The first batch of price negotiations for lithium iron phosphate in the new year has landed [45] - The lithium carbonate price is expected to remain strong, but caution is needed when chasing long positions [46][47] 2.9 Non - Ferrous Metal (Copper) - Ukraine will ban the export of metal scrap starting from 2026, and Codelco's 2025 copper production increased slightly [48][49] - Macro factors support copper price increases, but short - term fundamentals are weakening. It is recommended to buy on dips for single - side trading and wait and see for arbitrage [50][51] 2.10 Non - Ferrous Metal (Nickel) - Indonesian mining companies can produce 25% of their 2026 planned output in Q1 [52] - It is recommended to pay attention to buying opportunities on dips for single - side trading and continue to hold previously recommended option strategies [54][55] 2.11 Non - Ferrous Metal (Tin) - On January 5, the LME 0 - 3 tin was at a discount of $30.01 per ton [56] - The supply of tin ore remains tight, and demand is weak. Attention should be paid to supply recovery and demand improvement, and beware of price drops due to the fading of capital enthusiasm [57][58] 2.12 Energy Chemical (Crude Oil) - US API crude oil inventory decreased, but refined product inventories increased significantly [58] - Attention should be paid to geopolitical risk disturbances [60] 2.13 Energy Chemical (Carbon Emissions) - On January 6, the CEA closing price was 74.63 yuan per ton [61] - The CEA price is expected to remain volatile [62]

Core Viewpoint - Jiangsu Province is making significant strides in achieving high-quality development during the "14th Five-Year Plan" period, with a projected cumulative energy consumption intensity reduction rate exceeding 14%, surpassing national targets [1] Group 1: Low-Carbon Policy Implementation - A comprehensive carbon peak and carbon neutrality policy system has been established, with differentiated actions in key sectors such as energy, industry, and transportation [2] - Thirteen carbon peak action plans have been developed for various cities, along with policies to accelerate green transformation in economic and social development [2] Group 2: Industrial Green Transformation - High-tech industries now account for 51.8% of the province's industrial output, an increase of 5.3 percentage points over five years [2] - The province has created 439 national-level green factories and 51 green industrial parks, leading the nation in green manufacturing [2] Group 3: Clean and Low-Carbon Energy System - Installed capacity for solar and wind energy has increased by 421.7% and 55.5% respectively since the end of 2020, with renewable energy now surpassing traditional thermal power as the primary energy source [2] - By November 2025, the total installed capacity of renewable energy is expected to reach 119 million kilowatts, accounting for 48.2% of the total [2] Group 4: Carbon Reduction in Key Areas - The province has added 1.5 billion square meters of green buildings, the largest scale in the country, and has implemented energy-saving renovations on 58.67 million square meters of existing buildings [2] - The penetration rate of new energy vehicles reached 47.8% from January to November 2025 [2] Group 5: Pilot Demonstration Projects - Four cities have been selected as national carbon peak pilot projects, with 14 projects recognized as national green low-carbon advanced technology demonstration projects [2] - Jiangsu is pioneering zero-carbon park construction and has established standards for such developments [2] Group 6: New Carbon Control Mechanism - Policies linking green electricity certificates and energy-saving carbon reduction have been introduced to empower local development [2] - A product carbon footprint management system is being developed, along with a public service platform and local carbon footprint database [2] Future Goals - Jiangsu aims to achieve carbon peak by 2030, focusing on implementing a dual control system for carbon emissions and accelerating the establishment of a new energy system [3]

中国碳中和(01372)发布公告，于2026年1月6日，本公司主要股东沙涛先生(沙先生)在公开市场上以平均 价格每股约1.50港元合计收购2729.9万股本公司普通股股份，占本公司已发行股本4.25%。紧随该增持 后，沙先生拥有股份权益合共1.57亿股份，于本公告日期，占本公司全部已发行股本约24.35%。 董事会相信，沙先生通过在市场上收购股份的方式进一步自愿收购股份，表明彼对本集团的长远发展前 景有信心。 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while also engaging in carbon trading initiatives [2][8]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2][3]. - The company was established on January 27, 1993, and was listed on January 24, 2022. It is headquartered in Beijing and operates in the public utility sector, specifically in wind power generation [7]. Recent Developments - Longyuan Power signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, for a 3.53 million kW renewable energy project, which includes a collaboration to develop a 3 million kW pumped storage project [2]. - The company has been involved in the national carbon market since its inception in 2021, successfully executing the first trade and contributing to the market's diversification [2]. Financial Performance - As of September 30, 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [8]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [9]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased to 34,200, a reduction of 16.42% from the previous period [8]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [9].