Core Viewpoint - The National Development and Reform Commission and the National Energy Administration issued guidelines to enhance the quality of the power grid, emphasizing increased investment and the need for smart and digital upgrades by 2035 [1] Group 1: Policy and Investment - The guidelines require significant investment in power grid infrastructure to support the stable operation of new energy systems and the healthy development of various grid-connected entities [1] - By 2035, the smart and digital levels of power grid facilities are expected to improve significantly throughout their lifecycle [1] Group 2: Market Demand and Company Strategy - The demand for intelligent safety monitoring equipment is projected to continue expanding due to higher requirements for stability and safety in local power supply systems [1] - The company plans to actively leverage favorable policies and new market demands to promote the application of new leading products [1]

Core Viewpoint - The article highlights the successful completion of a live-line operation project by the State Grid Ruozhou Power Supply Company, which aims to enhance the reliability and capacity of the regional power supply network, thereby supporting economic development in Ruozhou [1][2]. Group 1: Project Overview - The reverse overload special governance project is a key initiative to optimize the regional distribution network structure, covering 25 individual projects and involving the installation of 178 pole-mounted switches [1]. - A total of 123 transformer stations have been newly built or renovated, with an overall capacity of 49,200 kVA [1]. Group 2: Operational Challenges and Solutions - The company utilized specialized equipment such as 10 kV insulated aerial work vehicles to overcome challenges posed by low winter temperatures and limited working space [1]. - The live-line operation team conducted a total of 247 live-line operations across more than 20 transformer stations, ensuring normal electricity supply for surrounding users during the project [1]. Group 3: Future Development Focus - The company plans to continue focusing on high-quality development of the power grid, enhancing live-line operation capabilities and the precision of power grid maintenance [2]. - Regular inspections and rectifications of potential hazards in the power grid will be conducted to strengthen the power supply security for the economic and social development of Ruozhou [2].

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Aluminum is a good long - position allocation variety under the support of macro and fundamental prospects, and institutions are highly consistent in bullish on Shanghai Aluminum in 2026, with the target price pointed to the 25,000 yuan mark, and the peak may be higher this year [1][2][3] - Short - term capital boosts Shanghai Aluminum to hit historical highs, which deviates from the fundamentals. Speculative participation should be cautious, and aluminum smelters' selling hedging is cost - effective [3] 3. Summary by Related Contents 3.1 Market Performance in 2025 - 2026 - In 2025, precious metals led by gold had the largest annual market since 1979. At the end of the year, silver, platinum, etc. soared, and copper in non - ferrous metals rose over 35%, tin over 40%, while aluminum only rose 15% [1] - At the beginning of 2026, due to the US military action against Venezuela, precious metals strengthened again, and funds were allocated to aluminum, pushing Shanghai Aluminum to 24,000 yuan [1] 3.2 Macro and Policy Environment - In 2026, the commodity rise is driven by macro - easing and tight supply - demand expectations. The Fed may cut interest rates, and a dovish Fed chairman is likely to be appointed, maintaining the global easing trend [2] - In China, as the first year of the "15th Five - Year Plan", there are strong policy expectations. The government has issued policies on equipment renewal, consumer goods replacement, and grid construction, providing support for aluminum's traditional application scenarios [2] 3.3 Aluminum Market Supply and Demand - The demand for aluminum is expected to increase due to policy support, and the consumption scenarios are expanding. However, the supply is restricted, with domestic production capacity approaching the ceiling and overseas production capacity limited by electricity. There is a risk of over 500,000 tons of production suspension at a Mozambique aluminum plant in Q1, and the aluminum market is expected to be in short supply in 2026 with low inventory becoming the norm [2] 3.4 Investment Suggestions and Risks - Shanghai Aluminum's valuation is rising, but the fundamental reality shows weakness, and there is a risk of industrial negative feedback. Short - term speculation should be cautious, and aluminum smelters' selling hedging is cost - effective as the profit per ton of aluminum has soared to around 8,000 yuan [3]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating in the given content. 2. Report's Core View - For industrial silicon, attention should be paid to upstream factory production cuts; for polysilicon, attention should be given to market information fermentation [2][3] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Industrial Silicon and Polysilicon Futures Market** - Si2605: The closing price was 8,860 yuan/ton, down 55 yuan from T - 1; the trading volume was 225,225 lots, a decrease of 140,976 lots; the open interest was 203,994 lots, down 12,226 lots [3] - PS2605: The closing price was 57,920 yuan/ton, up 30 yuan from T - 1; the trading volume was 23,571 lots, a decrease of 19,142 lots; the open interest was 76,368 lots, down 6,967 lots [3] - **Basis and Price** - Industrial silicon spot premiums and discounts varied with different benchmarks. For example, the premium to East - China Si5530 was +390 yuan/ton, up 55 yuan from T - 1 [3] - The price of Xinjiang 99 - silicon was 8,700 yuan/ton, unchanged from T - 1; the price of Yunnan Si4210 was 10,000 yuan/ton, unchanged [3] - The price of polysilicon - N - type re - feedstock was 53,000 yuan/ton, up 500 yuan from T - 1 [3] - **Profit** - Silicon factory profits for Xinjiang new - standard 553 were - 2,466.5 yuan/ton, down 55 yuan from T - 1; for Yunnan new - standard 553, it was - 4,774 yuan/ton, down 55 yuan [3] - Polysilicon enterprise profit was 8.7 yuan/kg, up 0.9 yuan from T - 1 [3] - **Inventory** - Industrial silicon social inventory (including warehouse receipt inventory) was 55.7 million tons, with an increase of 0.2 million tons compared to T - 5 [3] - Polysilicon factory inventory was 30.6 million tons, with an increase of 0.3 million tons compared to T - 5 [3] - **Raw Material Cost** - The price of silicon ore in Xinjiang was 320 yuan/ton, unchanged; in Yunnan, it was 250 yuan/ton, down 20 yuan compared to T - 22 [3] - The price of washed coking coal in Xinjiang was 1,475 yuan/ton, unchanged; in Ningxia, it was 1,200 yuan/ton, unchanged [3] 3.2 Macro and Industry News - On December 31st, the National Development and Reform Commission and the National Energy Administration issued the "Guiding Opinions on Promoting the High - Quality Development of Power Grids". By 2030, a new power grid platform will be initially established, with the backbone grid and distribution grid as the important foundation and the smart micro - grid as a useful supplement. The scale of "West - to - East Power Transmission" will exceed 420 million kilowatts, and the new inter - provincial power mutual - assistance capacity will be about 40 million kilowatts, supporting the proportion of new energy power generation to reach about 30% [3][5] 3.3 Trend Intensity - The trend intensity of industrial silicon was 0, and that of polysilicon was also 0, indicating a neutral outlook [5]

Group 1: Cross-Border Trade and Logistics - The State Council meeting emphasized the importance of cross-border trade facilitation in creating a top-tier business environment, focusing on efficient cross-border logistics and the integration of various transportation modes [1] - The meeting called for the promotion of green trade and the development of new business models such as cross-border e-commerce, while optimizing the regulation of special goods [1] - There is a push to enhance smart regulatory services, including the construction of smart customs and ports, and to advance the international trade "single window" for cross-border connectivity [1] Group 2: Hong Kong Stock Market Outlook - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index increasing by 2.76% and the Hang Seng Tech Index by 4.00% as of January 2, 2026 [2] - A report from CITIC Securities indicates that a continued easing of global liquidity and supportive domestic financial policies are expected to drive market growth, with increased participation from individual investors [2] - The core logic supporting the bull market is anticipated to persist and even strengthen [2] Group 3: Public Fund Fee Reform - The China Securities Regulatory Commission announced the implementation of new regulations on public fund sales fees, effective January 1, 2026, marking the completion of a three-phase fee reform [3] - The reform is expected to save investors approximately 51 billion yuan annually, with an overall reduction in public fund fee levels by about 20% [3] Group 4: High-Quality Development of Power Grid - The National Development and Reform Commission and the National Energy Administration released guidelines for promoting high-quality development of the power grid, aiming for a new grid platform by 2030 [4] - Key targets include enhancing the capacity for resource optimization, with the "West-to-East Power Transmission" expected to exceed 420 million kilowatts and new inter-provincial power support capabilities of around 40 million kilowatts [4] - The guidelines also aim for renewable energy generation to account for approximately 30% of total power generation and to support over 40 million charging facilities [4] Group 5: Offshore RMB Exchange Rate - As of January 2, 2026, the offshore RMB rose above 6.97 against the US dollar, reaching a high of 6.9664, the highest since May 2023 [5] - In December 2025, the offshore RMB appreciated by 974 basis points, a 1.38% increase, with a total appreciation of 3,626 basis points or 4.94% for the year [5] Group 6: Warren Buffett's Retirement - Warren Buffett officially retired from his position as CEO of Berkshire Hathaway on December 31, 2025, while continuing to serve as chairman of the board and retaining a significant stake in the company [6] Group 7: U.S. Military Action in Venezuela - The U.S. military conducted a raid in Venezuela, capturing President Maduro and his wife, with plans to "manage" the country until a "safe" transition can be implemented [7]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have jointly issued guidelines to promote high-quality development of the power grid, aiming for significant enhancements in resource allocation and capacity by 2030 [1] Group 1: Power Grid Development Goals - By 2030, the capacity for resource optimization in the power grid is expected to be effectively enhanced [1] - The scale of "West-to-East Power Transmission" is projected to exceed 420 million kilowatts [1] - An additional inter-provincial power mutual assistance capacity of approximately 40 million kilowatts is anticipated [1] Group 2: Renewable Energy Integration - The guidelines support the goal of renewable energy generation accounting for about 30% of total power generation [1] - The capacity to accommodate distributed renewable energy is expected to reach 900 million kilowatts [1] Group 3: Public Grid Role - The foundational role of the public grid will be fully leveraged to better serve the electricity needs of the public [1]

Key Points - The National Development and Reform Commission (NDRC) has issued a list of early batch "two heavy" construction projects for 2026, with a total investment plan of approximately 295 billion yuan, aimed at accelerating the pace of fund allocation and utilization [2] - In December, the manufacturing Purchasing Managers' Index (PMI), non-manufacturing business activity index, and comprehensive PMI output index rose to 50.1%, 50.2%, and 50.7% respectively, indicating an overall recovery in economic sentiment [2] - The Ministry of Commerce announced a notification regarding the implementation of a three-year safeguard measure on imported beef starting from January 1, 2026, due to significant damage to the domestic industry [3] - The China Securities Regulatory Commission (CSRC) is exploring innovative products such as REITs ETFs to enhance the development of the real estate investment trust market [4] - The State Grid Corporation of China aims to enhance the optimization of power grid resources by 2030, with a target of over 420 million kilowatts for "West-to-East Power Transmission" and a renewable energy generation share of around 30% [5] - The Ministry of Commerce reported a steady growth in service trade, with total service import and export amounting to 72,023.7 million yuan, reflecting a year-on-year increase of 7.1% [5]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote high-quality development of the power grid, emphasizing increased investment in the sector [1] Group 1: Investment Strategy - The guidelines call for an increase in power grid investment to align with national strategic deployments, advocating for a balanced approach to investment that is neither excessively ahead of schedule nor lagging behind [1] - There is a focus on enhancing the renovation and upgrading of existing power grid infrastructure to support the construction of a new power system [1] Group 2: Private Sector Involvement - The guidelines encourage qualified private capital to participate in power grid investment and construction, indicating a shift towards more inclusive investment strategies [1] Group 3: Management Mechanism - There is an emphasis on optimizing the investment and operational assessment management mechanisms for power grid enterprises, which may lead to improved efficiency and accountability in the sector [1]

Core Viewpoint - The successful commissioning of the 220 kV lines at the Tumote 500 kV substation by Inner Mongolia Electric Power Group enhances the regional power grid layout and supports the energy needs of various industries in Inner Mongolia, contributing to high-quality industrial development [1][6]. Group 1: Project Details - The Tumote 500 kV substation has successfully put into operation four 220 kV lines, including the 220 kV Mo Ge double circuit and Mo Yi double circuit [1]. - The new lines provide a reliable power source for the Yili 220 kV substation, meeting the demand for new large-capacity loads in the region [1]. Group 2: Risk Management - The project involved addressing six-level grid risk points, with emergency response plans and drills conducted to ensure effective handling of potential incidents [3]. - Prior to commissioning, thorough inspections of equipment were performed, and operational procedures were simulated to ensure zero errors during the startup [4]. Group 3: Strategic Importance - The commissioning of these lines reflects Inner Mongolia Electric Power Group's commitment to supporting the region's energy strategy and promoting high-quality development of the power grid [6]. - This development is crucial for establishing Inner Mongolia as a significant energy and strategic resource base in the country [6].

Core Viewpoint - The construction of the Wazhuang-Raoshan 220 kV transmission line project marks a significant step towards enhancing the power grid structure in Sanming City, Fujian Province, facilitating high-quality development in the revolutionary old area [1][6]. Group 1: Project Overview - The Wazhuang-Raoshan 220 kV transmission line project has passed the design review and is transitioning from the preparation phase to the construction phase, indicating the formation of a "closed loop" in the 220 kV backbone power grid of Sanming [1]. - The project has a total investment of 220 million yuan and is scheduled for completion by December 2026, featuring the construction of 85.6 kilometers of new power lines [3][4]. Group 2: Economic and Social Impact - The project is expected to provide a robust energy guarantee for the economic and social development of Ninghua and Jianning counties, which have a combined population of nearly 400,000 [4][6]. - The initiative aligns with the State Council's policy to support the high-quality development of revolutionary old areas, emphasizing the importance of electricity in economic growth [1][5]. Group 3: Environmental Considerations - The project incorporates environmentally friendly practices, including the use of innovative construction methods and ecological protection measures, ensuring harmony between power grid development and environmental conservation [5]. - The design process involved extensive field surveys and discussions to optimize the project while minimizing ecological impact, receiving high praise from the review agency [5].