Group 1 - During the "14th Five-Year Plan" period, Beijing Property Exchange has maintained a trading scale exceeding 10 trillion yuan for several consecutive years [1] - The exchange has completed 58,972 projects in four categories: state-owned property transfer, capital increase, asset transfer, and property leasing, with a total transaction amount of 2,198 billion yuan and a value-added amount exceeding 160 billion yuan [1] - State-owned enterprises have utilized the exchange to strengthen their strategic layout in key areas such as new energy, new materials, artificial intelligence, aerospace, and biomanufacturing [1] Group 2 - Beijing Property Exchange has empowered 238 enterprises to develop high-tech industrial clusters, with a cumulative transaction amount exceeding 300 billion yuan, fostering emerging and future industries [3] - Over five years, state-owned enterprises have transferred ownership of more than 2,600 non-core and non-advantageous enterprises through the exchange, recovering over 180 billion yuan [3] - The exchange has facilitated the optimization of state-owned economic layout and structural adjustment, promoting professional integration among state-owned enterprises [3] Group 3 - The exchange has played a significant role in promoting the complementary advantages of various ownership economies, achieving deep integration of state and social capital across industrial, financial, innovation, and talent chains [4] - During the "14th Five-Year Plan" period, the exchange has serviced over 60 green development projects, with a transaction amount exceeding 220 billion yuan, accelerating the aggregation of resources towards green industries [4] Group 4 - Beijing Property Exchange has facilitated the deep integration of technological and industrial innovation, supporting the construction of Beijing as an international technology innovation center [5] - The China Technology Exchange, under the Beijing Property Exchange, has completed 103,000 technology transfer projects with a transaction amount of nearly 980 billion yuan [5] - The exchange has established a "platform + investment bank" trading ecosystem, covering over 50,000 institutional investors and servicing more than 3,200 projects with a total amount of approximately 13.8 billion yuan [5]

2026年01月29日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：印尼事件悬而未决，套保与投机盘博弈 | 2 | | --- | --- | | 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 | 2 | | 碳酸锂：下游低位采买意愿增强，宽幅震荡延续 | 4 | | 工业硅：上游减产，盘面亦有支撑 | 6 | | 多晶硅：会议情绪偏好 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 1 月 29 日 商 品 研 究 镍：印尼事件悬而未决，套保与投机盘博弈 不锈钢：印尼加剧镍矿担忧，镍铁跟涨支撑重心 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 144,370 | -1,740 ...

Core Insights - The article highlights the strong performance of the non-ferrous metals sector, driven by macroeconomic policies and structural changes in supply and demand, with the sector leading among 31 A-share sub-industries [22][6] - The chemical sector also shows significant growth, with the chemical ETF reaching a new high since July 2022, supported by policy constraints on high-energy and high-carbon emission industries [8][22] Market Overview - As of January 28, 2026, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have respective ten-year price-to-earnings ratio percentiles of 99.88%, 93.66%, and 50.51% [1] - The market temperature gauge indicates a bullish sentiment with a 75% threshold [1] Sector Performance - The non-ferrous metals sector saw a significant inflow of capital, totaling 32.53 billion, while the banking and communication sectors also attracted substantial investments [16] - The top-performing sectors on January 28, 2026, included non-ferrous metals (+5.92%), coal (+3.54%), and oil and petrochemicals (+3.42%) [16] ETF Performance - The non-ferrous ETF (159876) surged by 6.95%, marking a historical high, and has attracted over 1.4 billion in net inflows over the past 20 days [22][19] - The chemical ETF (516020) increased by 2.48%, continuing its upward trend [22][8] Future Outlook - The non-ferrous metals sector is expected to maintain its strong performance due to emerging demands in AI and renewable energy, alongside domestic policies aimed at regulating industry competition [22][6] - The chemical sector is anticipated to benefit from the expansion of the carbon trading market and the implementation of carbon quota systems, which may reshape cost structures and accelerate the elimination of outdated capacities [8][22]

Core Viewpoint - Kolyuan is intensifying its investment in the energy storage sector by establishing a new energy storage fund, aiming to enhance its core competitiveness and capitalize on growth opportunities in the renewable energy market [1][2][3]. Group 1: Investment and Fund Establishment - Kolyuan plans to invest CNY 249 million to establish an energy storage fund, which will focus on investing in new energy storage scenarios and high-quality projects along the industry chain [1][2]. - The total target size of the fund is CNY 2 billion, with an initial size of CNY 500 million, and Kolyuan will hold a 49.80% share in the partnership [2]. - The partnership includes Tianjin Binhai New Area Emerging Industry Fund Management Co., Ltd. and other partners, leveraging local resources and industry reserves [2]. Group 2: Strategic Focus and Business Growth - Kolyuan's core strategy revolves around energy storage, with significant advancements in independent energy storage stations and zero-carbon parks, including landmark projects like the 300MW/1200MWh hybrid energy storage station [3]. - The company aims to create a full-cycle closed loop from project development to asset management, enhancing the synergy between energy storage and renewable resources [3]. - Kolyuan's energy storage business is projected to be a key driver of its performance, with expected net profit growth of 1156.74% to 1542.15% in 2025 [1][5]. Group 3: Financial Performance and Projections - Kolyuan anticipates a net profit of CNY 160 million to CNY 183 million for 2025, representing a year-on-year increase of 72.76% to 102.20% [5]. - The company is also focusing on expanding its lithium battery and energy storage business, with a strategic plan to enhance its market position in the renewable energy sector [4][6]. - Kolyuan has over 30 energy storage application projects in reserve, totaling more than 15 GWh, and plans to further expand its independent energy storage stations and related applications in 2026 [7].

Company Overview - The company is a global leader in lithium battery electrolyte supply, focusing on the R&D, production, and sales of lithium battery electrolytes and advanced battery materials [6] - It has become a rapidly growing electrolyte technology enterprise in China, ranking third among global electrolyte suppliers by shipment volume as of September 30, 2025 [6] - The company has established strategic partnerships with leading global innovative technology companies in the new energy sector [6] Technological Innovation - The company actively pursues technological innovation in advanced battery materials such as solid-state electrolytes (SSE) and sodium-ion electrolytes, independently developing several technologies [7] - Its self-developed sulfide SSE has achieved an ionic conductivity of 12 mS/cm, nearing that of liquid electrolytes, and its flame-retardant gel electrolyte has improved battery safety and heat resistance to 145°C [7] Production Capacity - The company has strategically located production bases in Zhejiang, Sichuan, and Shandong, with a total electrolyte production capacity of 180,000 tons per year as of January 18, 2026 [9] - Plans are in place to expand production capacity to over 500,000 tons per year through new facilities in various locations, including Yichang, Jining, Huzhou, Yibin, and Szolnok, Hungary [9] Quality Control and Certifications - The company has developed advanced production processes with excellent quality control and diverse formulation capabilities, achieving a product qualification rate of 99.95% as of September 30, 2025 [10] - It has received multiple certifications, including ISO9001, ISO14001, ISO27001, ISO45001, and IATF16949 [10] Financial Performance - The company's revenue for the nine months ending September 30 for 2023, 2024, and 2025 was approximately RMB 1.577 billion, RMB 1.021 billion, and RMB 1.033 billion, respectively [11] - The net profit for the same periods was RMB 86.168 million, a loss of RMB 27.609 million, and a loss of RMB 0.136 million [12] - The gross profit margin for these periods was 11%, 4.4%, and 5.7%, respectively [13] Industry Overview - The global lithium battery industry is experiencing rapid growth, with shipments expected to increase from 323.2 GWh in 2020 to 1,549.6 GWh in 2024, representing a compound annual growth rate (CAGR) of 48% [16] - China remains the largest market, with shipments projected to grow from 142.5 GWh in 2020 to 1,173.0 GWh in 2024, a CAGR of 69.4% [16] - The electrolyte market is closely tied to the lithium battery industry, with global electrolyte shipments expected to rise from approximately 342,000 tons in 2020 to about 1,509,000 tons in 2024, a CAGR of 44.9% [20]

Group 1 - The core viewpoint of the articles emphasizes the rapid growth of the global green economy, which has reached a value of $5 trillion, making it the fastest-growing sector after technology [1] - China is leading the world in renewable energy capacity and market share, positioning itself as a key player in the global green transition [1][2] - The development of China's renewable energy sector has significantly contributed to global carbon emission reductions, with an estimated 4.1 billion tons of carbon emissions reduced through the export of wind and solar products during the 14th Five-Year Plan [2] Group 2 - The transition to renewable energy is seen as a new engine for global economic growth, especially as traditional economic growth engines weaken and trade protectionism rises [3] - China's renewable energy initiatives not only provide products but also create opportunities for economic growth and job creation across various sectors, including high-end steel, smart chips, and logistics [3] - The current energy transition is characterized by a focus on sustainability and the integration of digital technologies, which will reshape global economic structures and productivity [4] Group 3 - The new energy transition is expected to drive humanity towards a higher stage of civilization, addressing the challenges of limited resources and climate change while promoting economic development [4] - This transition is systemic and digital, relying on renewable energy, new storage technologies, and smart grids, which will have a broader impact than previous energy transitions [4] - By embracing renewable energy, countries can better develop high-value manufacturing and future-oriented industries, demonstrating that green transformation is a vital opportunity rather than a burden [4]

智通财经APP获悉，据港交所1月28日披露，江西铜博科技股份有限公司(简称：铜博科技)向港交所主板递交上市申请书，国金证券(香港)为其独家 保荐人。 公司简介 招股书显示，铜博科技是一家电解铜箔解决方案提供商，专注于高性能电解铜箔的设计、研发、生产和销售。根据弗若斯特沙利文的资料，2024年 按销量计，公司是中国第九大电解铜箔生产商，市场份额约为4.0%。按2024年销售量计算，公司亦是中国高性能锂电铜箔第二大生产商，市场份额 为13.0%。 公司的产品组合包括两大核心类别：标准及高性能锂电池铜箔，作为锂离子电池中不可或缺的负极集流体；及电子电路铜箔，用于生产印刷电路板 (PCB)和覆铜板(CCL)。 公司生产的锂电池铜箔，是新能源汽车(「NEV」)、储能系统(「ESS」)及消费电子产品中各类锂电池的关键组件。公司提供厚度覆盖3μm至10μm 的可定制化铜箔产品，涵盖从标准到极高强度的多种抗拉强度等级。 同时，高端电子电路铜箔是制造印刷电路板(「PCB」)与覆铜板(「CCL」)的核心材料，广泛应用于5G/6G通信、AI服务器、高性能算力、商业航 天、汽车电子及消费电子等市场。 此外，公司向全球顶尖电池制造商供 ...

Market Overview - On January 28, the Shanghai Composite Index rose by 0.27%, the CSI 300 increased by 0.26%, the STAR Market 50 fell by 0.08%, the CSI 1000 rose by 0.21%, the ChiNext Index decreased by 0.57%, and the Hang Seng Index increased by 2.58% [3]. - The best-performing sectors on January 28 were non-ferrous metals (+5.92%), oil and petrochemicals (+3.54%), coal (+3.42%), building materials (+2.18%), and steel (+2.16%). The worst-performing sectors were comprehensive (-2.53%), media (-1.77%), national defense and military industry (-1.68%), beauty and personal care (-1.65%), and pharmaceuticals and biology (-1.56%) [3]. - The total trading volume of the A-share market on January 28 was 29,922.89 billion yuan, with a net outflow of 3.427 billion Hong Kong dollars from southbound funds [3]. Key Insights - The report discusses a strategy focused on Elon Musk's concept stocks and thematic index, highlighting that 2026 is seen as a pivotal year for the commercialization of Musk's technological ventures [4]. - Musk's companies, including Tesla, xAI, SpaceX, and Neuralink, are positioned in six key technology areas: AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy [4]. - The market's perspective is shifting from long-term valuation to actual considerations of order flow, revenue realization, and market penetration for Musk's business landscape [4]. - The investment theme is scored based on eight dimensions, with Musk's concept theme receiving a score of 95, indicating high ratings in all areas except valuation level [4]. - A stock pool of 78 beneficiaries related to AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy has been created, with a back-tested excess return of 127.44% compared to the Wind All A Index from early 2025 to the present, and 157.35% from April 9, 2025, to January 23, 2026 [4].

铜冠矿建总经理王卫生近日在接受中国证券报记者专访时表示，近年来，新一轮科技创新推动新能源、 人工智能等新兴产业快速发展，全球对以铜为主的战略性关键矿产资源的需求大幅增长，矿山开发服务 行业正迎来前所未有的发展机遇。 构建全生命周期矿山综合服务能力 铜冠矿建成立于1962年，是世界500强企业铜陵有色金属集团控股有限公司的控股子公司，2024年10月 在北交所上市。 公司深耕矿山开发服务行业数十年，秉承"大业主+大项目"市场策略，凭借自身良好的技术服务和行业 口碑积累了信誉良好、黏性极高的优质客户资源。目前，公司已与中国有色、中国中铁、北方工业、铜 陵有色、安宁股份等拥有大量优质矿业资源的公司建立了良好、稳定的合作关系，享有较高的品牌知名 度和行业声望，从而更易赢得其他潜在优质客户的认可，从而获取新的订单，与业主形成了"现代资源 +现代服务"互惠共生、和谐发展的格局。 铜冠矿建在巩固矿山工程建设和运营管理优势的同时，已稳步拓展至矿山闭坑与生态修复环节，并已实 施了安徽马鞍山凹山尾矿库综合治理、安徽铜陵老虎头尾矿库闭库修复、赞比亚卡通巴尾矿库新建等项 目，加快构建覆盖"开发-运营-修复"全生命周期的矿山综合服务能 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to challenges in the commercial vehicle engine market, including increased penetration of new energy vehicles and intensified competition [1]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an anticipated negative net profit [1]. - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies between the company and the accounting firm [1]. Reasons for Performance Changes - In 2025, the company faces ongoing challenges in the commercial vehicle engine market, leading to pressure on traditional business scale and profit margins [2]. - To capture market share, the company continues to invest heavily in research and development, which, combined with a high debt ratio from consecutive losses, results in significant financial burdens [1][2]. - The company has implemented various measures to improve operational quality, including optimizing product structure and managing costs, which have led to a reduction in losses compared to the previous year [2].