如果你想知道中国民营经济的真实温度与未来信心，不必翻阅冗长的统计数据，只需看一个现象：第九届民营企业领袖年会的报名热度。原定于2026年5月 15-16日召开的这场盛会，在开放报名后迅速进入"一位难求"的状态。组委会不得不数次提高审核门槛，以控制参会规模，保证交流质量。 这场以"激发民营经济新质生产力，共筑'十五五'发展新格局"为主题的年会，如同一块强大的磁石，吸引了几乎所有头部民营企业的目光。据不完全统计， 福布斯中国榜单、胡润百富榜上超过三分之一的上榜企业家已确认或正在确认参会行程。这背后，是一场关乎未来五年发展主动权的无声竞逐。 这不是一次普通的行业聚会，而是一场将直接或间接影响数千家企业未来五年命运的战略校准。随着"十五五"开局临近，这张入场券的争夺已进 入白热化。 中视央音文化传媒17733610917本次活动的重要合作机构，荣幸受邀组织各领域优秀企业代表参会。欢迎各行业企业家、高管及相关领域专业人 士踊跃参与。 年会通过精心设计的私董会、项目路演、需求发布、自由交流等多种形式，极大地降低了资源对接的信任成本和搜索成本。许多在公开市场需要漫长尽调才 能达成的合作，在这里可能因一次深入的对话而快速推进 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 摩根士丹利基金总经理兼首席投资官周文秱送来新春祝福。他表示，摩根士丹利基金在2026年将继续依 托全球一体化平台，结合本土市场超过20年的经验和洞察，为投资者提供多元化、差异化的产品选择， 致力于打造长期优异的产品业绩，以专业优质的服务帮助投资者把握全球市场的投资机会。 祝福全文： 过去一年，国内宏观经济增速进入新常态，全球资本配置进入再平衡，中国资本市场取得了跃迁式发 展。面对复杂多变的内外部环境以及资本市场的结构性机会，摩根士丹利基金秉承"全球智慧，全心为 你"的理念，在投资业绩和客户服务等方面均交出了一份亮眼的成绩单。除了大摩数字经济混合基金近 两年业绩同类排名第一，我们旗下多只固收类产品2025年业绩同类排名也跻身前十分之一，公司管理规 模更是稳中有升。 展望2026年，新一轮科技革命和产业变革有望孕育更多新机遇，中国资本市场发展前景依旧向好。摩 ...

●国家自然科学基金委员会成立40年来，在推动基础研究、培养创新人才等方面发挥了积极作用 ●新征程上，希望你们深入学习贯彻新时代中国特色社会主义思想，抓住新一轮科技革命和产业变革历 史机遇，坚持"四个面向"的战略导向，强化基础研究战略性、前瞻性、体系化布局，深化科学基金改 革，进一步完善资助体系、提升资助效能，推动营造良好科研生态，拓展国际合作空间，支持广大科研 人员勇攀科学高峰、产出更多原创性成果，为推进高水平科技自立自强、建设科技强国作出更大贡献 转自：成都日报锦观 习近平对国家自然科学基金委员会工作作出重要指示强调 强化基础研究战略性前瞻性体系化布局 支持广大科研人员勇攀科学高峰产出更多原创性成果 国家自然科学基金委员会成立于1986年2月，经过40年发展，已成为国家资助广大科研人员开展基础研 究的重要渠道。 新华社北京2月12日电 中共中央总书记、国家主席、中央军委主席习近平近日对国家自然科学基金委员 会工作作出重要指示指出，国家自然科学基金委员会成立40年来，在推动基础研究、培养创新人才等方 面发挥了积极作用。 习近平强调，新征程上，希望你们深入学习贯彻新时代中国特色社会主义思想，抓住新一轮科技革命和 ...

击上方蓝字 2026年2月4日，吉华集团（603980.SH）发布公告称，因控股股东杭州锦辉机电设备有限公司正在筹划控制权变更事项，公司股票自当日起继续停牌。这 已是该股自1月30日以来的第二次停牌延期，显示交易已进入实质性磋商阶段。作为国内染料行业第三大企业，此次潜在的控制权变更或将重塑行业竞争 格局。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 603980 | 吉华集团 | A 股 停牌 | 2026/2/4 | | | | 从乡镇企业到行业龙头的三十年征程 吉华集团的发展历程堪称中国民营化工企业的典型样本。其前身萧山染料厂创立于1992年，最初仅能生产低端分散染料。2003年改制为股份制企业后，通 过引进德国拜耳技术，成功切入高端活性染料市场。2017年在上交所上市时，公司已形成年产7万吨染料、10万吨助剂的生产能力，产品打入耐克、阿迪 达斯等国际品牌的供应链体系。 在全球纺织产业链重构的背景下，吉华集团的新篇章，或许正是中国化工企业高质量发展的一个 ...

Core Viewpoint - The recent volatility in precious and base metal markets indicates a shift from a "liquidity easing narrative" to "policy uncertainty pricing," which has triggered adjustments in crowded positions but has not undermined the long-term bullish fundamentals supporting metal prices [1] Group 1: Precious Metals - The geopolitical risk premium has not materially dissipated, with ongoing conflicts from Eastern Europe to the Middle East continuing to erode market trust in traditional safe-haven assets [1] - Central banks' net purchases of gold over several years have fundamentally reshaped the demand structure for gold, providing a non-speculative underlying support for precious metal prices [4] Group 2: Base Metals - The global energy transition and the infrastructure needs for artificial intelligence are creating a long-term growth curve for base metal consumption, with significant increases in the unit usage of copper and aluminum in electric vehicles compared to traditional fuel vehicles [4] - Demand for copper, aluminum, and tin from emerging sectors is projected to exceed 40% of total consumption within the next five years, indicating a permanent upward shift in the demand curve [4] - The "de-financialization" and "re-strategization" of base metals are ongoing, with macroeconomic sentiment-induced pullbacks providing long-term investors with opportunities to reassess under supply-side constraints and robust demand [4] Group 3: Investment Opportunities - The Huatai-PineBridge ETF (159652) covers a comprehensive index of gold, copper, aluminum, lithium, and rare earths, expected to benefit from a super cycle in non-ferrous metals [5] - The index structure features a dual-drive characteristic of traditional cycles and emerging growth, capturing both macroeconomic recovery and industrial transformation opportunities [5] - The ETF has shown a remarkable two-year return rate of 171.24%, significantly outperforming mainstream indices like the CSI 300, with a lower maximum drawdown, indicating a favorable risk-return profile [7]

Core Viewpoint - The infrastructure ETF (159619) has seen a decline of over 3%, but the ongoing industrial transformation presents opportunities for strategic repositioning, suggesting that this pullback may be a good time for investment [1] Group 1: Industry Trends - The upcoming era of industrial transformation is emphasized, highlighting the importance of construction companies' cross-industry transformation opportunities [1] - There is a notable increase in net financing from special bonds, with a total of 308.6 billion yuan as of January 30, which is higher than the same period in the past three years [1] - Key construction companies are showing signs of stabilizing and recovering in new order contracts as of Q4 2025, indicating potential acceleration in capital expenditures from major engineering and industrial firms [1] Group 2: Market Performance - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which includes listed companies involved in infrastructure construction, professional engineering, and building decoration [1] - The market share of leading construction companies is gradually increasing, supported by favorable policies that are expected to continue [1] - There is a positive outlook for the bottom rebound opportunities of leading cyclical companies in the current market environment [1]

习近平强调，未来产业具有前瞻性、战略性、颠覆性等特点，需要科学谋划、全局统筹。要聚 焦"十五五"时期我国未来产业发展的主攻方向，科学论证技术路线，提升前沿技术战略预判能力。 要综合考虑国家战略需求、技术成熟程度、要素支撑条件等因素，因地制宜、错位发展。要强化产 业协同，推动未来产业同新兴产业、传统产业相得益彰。 习近平指出，科技突破的程度，很大程度上决定未来产业发展的速度、广度、深度。要充分发挥新 型举国体制优势，坚持"产业出题、科技答题"，加大重点领域关键核心技术攻关力度，加强基础研 究战略性、前瞻性、体系化布局，加快科技成果转化应用。 中共中央政治局1月30日下午就前瞻布局和发展未来产业进行第二十四次集体学习。中共中央总书 记习近平在主持学习时强调，新一轮科技革命和产业变革加速演进，前沿技术不断涌现，引领和支 撑未来产业快速崛起。要站在推进强国建设、民族复兴伟业的战略高度，立足客观条件，发挥比较 优势，坚持稳中求进、梯度培育，推动我国未来产业发展不断取得新突破。 中国信息通信研究院余晓晖同志就这个问题进行讲解，提出工作建议。中央政治局的同志认真听取 讲解，并进行了讨论。 习近平在听取讲解和讨论后发表重要讲 ...

Core Viewpoint - The article discusses the current market dynamics in China, highlighting a significant divergence between traditional economy stocks and emerging sectors like non-ferrous metals and commercial aerospace, indicating a transition from a "structural bull market" to a "broad bull market" as the Shanghai Composite Index surpasses 4000 points [3][4]. Group 1: Market Dynamics - The divergence in market performance reflects a "new-old momentum transition," with non-ferrous metals and commercial aerospace experiencing substantial growth driven by macroeconomic and industrial logic [3][4]. - Non-ferrous metals are benefiting from a multi-dimensional resonance, including global energy transition, AI development, geopolitical uncertainties, and supply constraints, leading to a strong demand cycle [3][4]. - The rise of commercial aerospace signifies the industrialization of "new productive forces," with increasing satellite internet deployment and significant demand for rocket manufacturing and satellite development [4]. Group 2: Traditional Economy - The weakness in traditional economy stocks indicates a market waiting for performance turning points and policy catalysts, particularly in key areas like real estate that impact the consumption chain [4][5]. - Despite current underperformance, traditional stocks are expected to recover as the market transitions to a broader bull phase, with historical trends suggesting that healthy bull markets typically involve rotation across multiple sectors [4][5]. Group 3: Investment Strategy - The core strategy for navigating the current market involves "focusing on prosperity, balanced allocation, and dynamic adjustment," emphasizing the importance of aligning with industry trends and maintaining core positions in strong sectors [5][6]. - Investors are advised to consider ETFs covering diverse non-ferrous metals and the entire commercial aerospace supply chain to mitigate risks and capitalize on sector growth [5][6]. - Attention should also be given to potential recovery signals in "mid-tier" and "traditional" stocks, particularly in consumer and financial sectors, as the market evolves [5][6]. Group 4: Market Outlook - The market is anticipated to exhibit an "N-shaped" trajectory in 2026, with potential highs in the first quarter followed by consolidation in the second and third quarters, before reaching new highs in the latter half of the year [6][7]. - Future excess returns are expected to stem from the industrialization of "new productive forces" and the cyclical recovery and value reassessment of the traditional economy, necessitating a balanced investment approach [7].

Core Viewpoint - The metal market in January 2026 is characterized by significant volatility, particularly in copper prices, driven by macroeconomic policies, geopolitical conflicts, and industrial transformations [1][2]. Group 1: Copper Market Dynamics - Copper prices experienced extreme fluctuations, starting with a high opening at 108,280 yuan/ton before a sharp decline due to profit-taking by bulls [2]. - Three main factors driving the surge in copper prices include: 1. Macroeconomic conditions with the Federal Reserve maintaining interest rates and the dollar dropping below 96, creating expectations for looser monetary policy [2]. 2. Supply constraints from major producers like Glencore and Antofagasta, with anticipated declines in copper output by 2025 [2]. 3. Increased demand from emerging sectors such as AI and photovoltaics, although actual market transactions remain weak due to high prices and pre-holiday inventory management [3]. Group 2: Other Metals Overview - Aluminum prices surged due to speculative trading but are expected to enter a correction phase as demand weakens ahead of the holiday season, despite low inventory levels providing some support [5]. - Zinc prices are influenced by a weaker dollar and geopolitical tensions, but the supply-demand balance is weak, with excess refining capacity and subdued downstream consumption [6]. - Lead prices are under pressure from macroeconomic factors and weak demand, with a potential for further declines as pre-holiday stockpiling ends [7]. - Nickel prices are experiencing a weak trend due to seasonal demand slowdown, although long-term support exists from supply constraints in Indonesia [8]. - Tin prices have shown volatility but are supported by long-term demand growth in sectors like AI and electric vehicles, despite short-term production slowdowns [9].

Core Viewpoint - The diamond industry is experiencing significant changes as De Beers, the largest natural diamond producer, has announced substantial price reductions for diamonds over 0.75 carats, marking the first explicit price cut in over a year, driven by the rise of lab-grown diamonds and changing consumer preferences [1][7][12]. Group 1: Market Performance - The cultivated diamond sector showed strong performance on January 27, with stocks like Huanghe Xuanfeng hitting the daily limit, and others like Sifangda and Huifeng Diamond rising over 8% [1]. - Huanghe Xuanfeng's stock price reached 7.16, reflecting a 9.98% increase, while Sifangda and Huifeng Diamond saw increases of 8.37% and 8.29%, respectively [2]. Group 2: Price Adjustments by De Beers - De Beers has implemented a significant price reduction for mid to high-end natural diamonds, with a cumulative price drop of 40% for mainstream products in 2023 and further reductions planned for 2024 and 2025 [8][10]. - The price adjustments are a response to market changes, including high inflation and economic uncertainty, which have suppressed demand for high-end discretionary spending [12]. Group 3: Rise of Lab-Grown Diamonds - Lab-grown diamonds are increasingly penetrating the mid-range and wedding markets, posing a dual challenge to natural diamonds in terms of price and perceived value [12]. - The production of lab-grown diamonds has scaled significantly, with China being a major player, accounting for approximately 63% of global production capacity [20]. - The market for lab-grown diamonds in China is currently valued at around 14 billion, projected to exceed 102.5 billion by 2030, indicating a transformative shift in consumer preferences [20]. Group 4: Consumer Trends - Lab-grown diamonds are appealing to younger consumers due to their affordability, costing about one-tenth of the price of comparable natural diamonds [16][17]. - The rapid production of lab-grown diamonds, which can be created in as little as one week, contrasts sharply with the lengthy natural diamond formation process [15].