紫金矿业 20260226 摘要 持"矿业为主导"，以"提质、上产、控本、增效"为总方针；相较过去几年 强调"提质、控本、增效"，在当前金属价格较为合适的前提下，将"上产" 明确纳入新的总方针，并对主要矿产品产量规划指标进行了小幅上调。2026 年指引与前期变化不大：矿产金预计 105 吨，矿产铜预计 120 万吨，当量碳 酸锂预计约 12 万吨，其中当量碳酸锂由 2025 年的 2.5 万吨提升而来，主要源 于多个项目逐步放量。到 2028 年的三年规划目标为：矿产金约 130 至 140 吨， 矿产铜约 150 至 160 万吨，当量碳酸锂约 27 至 32 万吨；同时还包括矿产银、 铅锌，以及正在逐步开发和投产的矿产钼。2035 年远景目标是在三年规划基 础上实现更明显的跨越式增量，力争公司主要技术与经济指标较 2025 年实现 跨越式增长，部分指标达到全球首位，全面建成"绿色、高技术、超一流的国 际矿业集团"。 2026 年当量碳酸锂 12 万吨的产量目标如何拆分到具体项目，并进一步对应 到 2028 年 27 至 32 万吨的项目构成与节奏安排是什么？ 2026 年当量碳酸锂规划产量约 12 万吨。 ...

Core Viewpoint - The company is actively advancing its spatial and content innovation while developing its advantageous business formats, accelerating the layout of outlet projects, and exploring the replication and expansion of ZX dimension and TX curation models [1] Group 1: Business Development - The company is focusing on both light and heavy development strategies to enhance its competitive advantages [1] - The company is continuously promoting asset securitization, with the Huashan Bailian Consumer REIT being the first consumer infrastructure REIT in Shanghai, officially listed in August 2024 [1] Group 2: Digital Transformation - The company is enhancing its digital intelligence capabilities and promoting the integration of digitalization with new consumption scenarios to empower the transformation and upgrading of traditional retail [1]

Core Insights - The report emphasizes the synergy between policy support and seasonal demand, recommending investment in high-quality leading companies in the hotel and restaurant sectors [2][3] - The performance of leading restaurant and hotel stocks has been strong, driven by service consumption policy expectations and the Spring Festival consumption peak [11][12] Market Review - In January 2026, leading stocks in the A/H/U.S. markets for chain hotels and restaurants saw significant gains, with notable performers including Jiumaojiu, Guoquan, Alibaba-W, Junting Hotel, and Guming [11][12] - Jiumaojiu led the gains, with its core brand Taier showing a continued narrowing of same-store sales decline to -3% in Q4 2025, while Guoquan forecasted a robust growth in core operating profit for 2025, expected to be around 450-470 million yuan, representing a year-on-year increase of 44.8-51.2% [2][11] Restaurant and Hotel Tracking - In December 2025, the overall restaurant revenue increased by 2.2% year-on-year, while revenue from above-limit restaurants decreased by 1.1% [14] - The CPI in December 2025 rose by 0.8% year-on-year, with service CPI increasing by 0.6%, indicating resilient growth [14] - For January 2026, the hotel industry saw a RevPAR increase of 30.7% year-on-year during the Spring Festival week, with occupancy rates (OCC) up by 8.1% and average daily rates (ADR) up by 13.5% [21] Restaurant Sector Insights - The tea beverage sector is expected to maintain single-digit year-on-year growth in January, supported by platform subsidies and product innovations [20] - The hot pot sector, particularly Haidilao, experienced a slight decline in same-store sales in January but is projected to see a recovery during the Spring Festival with an expected increase of over 5% [20] - Fast food chains like KFC and Pizza Hut are anticipated to maintain resilient growth, with expected single-digit increases in same-store sales [20] Hotel Sector Insights - The hotel sector's RevPAR showed resilient growth in January 2026, driven primarily by improvements in ADR, while occupancy rates remained stable [21][22] - Economic and mid-range hotels are performing similarly to the overall market, while high-end hotels are outperforming, although luxury hotels are showing weaker data [21][22] Investment Recommendations - The report maintains an "outperform" rating, suggesting a focus on leading service consumption companies in 2026, with key recommendations including Haidilao, Huazhu Group-S, Guming, Guoquan, Yum China, Atour, and others [3][12]

"世界那么大，我想去看看"早已超越一句口号，正演变为一场规模浩大的国民生活方式迁徙——旅居。这一融合 了长期居住、深度体验与生活方式的产业，正从文旅行业的细分赛道，迅速崛起为下一个"万亿级"的超级风口。 在资本与产业政策的双重驱动下，一个全新的价值图谱正在展开。看懂其中的逻辑，便看清了未来。 一、 顶层设计加持：万亿市场获系统性资本赋能 资本敏锐的嗅觉，往往与政策导向同频共振。当前，旅居产业正获得从国家到地方政府前所未有的系统性金融支 持，为其高速发展注入了确定性。 市场数据则进一步验证了资本的眼光。据中国旅游研究院数据，全国旅居市场的潜在需求高达6亿人次，整体市场 规模预计接近3万亿元。途家平台数据显示，2025年暑期，入住7天及以上的旅居订单占比已超40%。面对如此确 定的增长赛道，资本的大规模涌入已成必然。 在省级层面，贵州省已率先出台纲领性文件，明确提出设立省级专项资金，并鼓励省文旅、养老等产业股权投资 基金优先支持旅居项目。更具突破性的是，政策将符合条件的项目纳入地方政府专项债券支持范围，并鼓励金融 机构创新"旅居贷"、保险机构推出"保险+旅居"产品。这标志着一套"财政+基金+信贷+债券+保险"的多 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 春节前，首批商业不动产REITs项目陆续申报并获受理；节后一周，上海地产、锦江、唯品会等3单项 目的反馈意见即挂网披露。高效进展背后，是市场各方对项目尽快平稳落地的期待。 转让限制应当解除。首批项目中存在个别资产土地出让合同约定股权转让事项需告知土地出让方，产权 证书附录记载项目用于租赁。针对上述情形，反馈意见逐一拆解：是否已书面告知？出让方有无异议？ 证书表述是否构成转让限制？REITs的本质是资产上市，不仅是股权的转让，更是资产的证券化路径。 任何未解除的限制，都可能影响转让合法有效性，信息披露文件中有必要对解除转让限制安排向投资者 作出详细说明。 同时，从首批项目反馈意见中可以看出，商业不动产REITs的合规性要求不限于底层资产手续的合规 性，还涵盖影响产品运行的各个方面。监管部门还对参与主体、产品发行交易、资金使用分配等事项是 否符合合规性要求进行问询，切实保障投资者合法权益。 二、资产质量是根本 REITs是资产的上市，资产的质量决定了产品的成色。REITs市场的高质量发展不仅要重视产品的融资 功能，还要重视是否具有投资价值，发挥资产和资本的协同效应 ...

Core Insights - The asset-backed securities (ABS) business of insurance asset management companies is steadily advancing, with five companies applying for a total of 20 ABS projects worth 32.053 billion yuan as of now [1][9] - In 2025, insurance asset management companies submitted nine ABS applications, with six being newly emerging holding-type real estate ABS, indicating a strong preference for this category [3][12] Group 1: ABS Applications and Approvals - As of the end of 2025, five insurance asset management companies have cumulatively submitted 20 ABS projects to the Shanghai and Shenzhen stock exchanges, totaling 32.053 billion yuan [2][10] - In 2025, nine ABS applications were approved or received feedback, amounting to 12.613 billion yuan, with Taibao Asset submitting five projects worth 6.809 billion yuan, Renbao Asset three projects worth 5.519 billion yuan, and Taikang Asset one project worth 0.285 billion yuan [2][10] - By the end of 2025, Taibao Asset led with nine submissions totaling 13.014 billion yuan, followed by Renbao Asset with five submissions totaling 12.049 billion yuan, and Taikang Asset with three submissions totaling 3.754 billion yuan [10][11] Group 2: Rise of Holding-Type Real Estate ABS - Insurance asset management companies have submitted a total of seven holding-type real estate ABS applications, with six submitted in 2025, accounting for two-thirds of the total ABS applications that year [3][12] - The first holding-type real estate ABS managed by an insurance asset management company was submitted by Renbao Asset in 2024, marking a significant innovation in the market [3][12] - The latest holding-type real estate ABS project, managed by Taibao Asset, was successfully established on February 13, 2025, with a scale of 1.1942 billion yuan, attracting diverse market investors [4][13] Group 3: Strategic Development and Market Positioning - Insurance asset management companies are focusing on the development of holding-type real estate ABS, which aligns with their long-term investment strategies and stable cash flow requirements [5][6] - The insurance asset management sector is characterized by a unique positioning that combines product management and investment allocation, allowing for a more integrated approach to ABS business [7][15] - The collaboration between insurance asset management and other business units within insurance groups enhances the effectiveness of ABS projects, leveraging the strengths of insurance capital as cornerstone investors [8][16]

□每文 （图片由四川能源发展集团有限责任公司提供）浪潮奔腾。来自金沙江中游的两滴水，相遇于银江水电站 的涡轮之中，在高峡平湖深处积蓄光明。气流涌动。来自地层深处的两股气，一同穿过乐探1井的井口阀门，在输 气管线之中汇聚能量。心手相牵。当3.8万人攥指成拳，便激发出"1+1>2"的聚合效应——2025年2月26日，四川能 源发展集团有限责任公司（以下简称四川能源发展集团）在成都正式揭牌成立。作为经省委、省政府批准，战略 性重组川投集团、省能投集团，通过新设合并方式组建的省级国有资本投资公司，四川能源发展集团在省委、省 政府的坚强领导下，在省国资委等部门的支持帮助下，坚定扛起保障能源安全、推动绿色转型、服务全省经济社 会高质量发展的重任，乘势而上开新局、砥砺奋进谱新篇。金沙江畔的电机声、乐山北的钻井声、深交所的敲钟 声、高原上的风车声……3.8万名四川能源人，奏响了保供应、惠民生、谋发展的"元年乐章"。改革发展能攀"新 高度"近年来，四川推进国企改革深化提升行动，省属国有企业"1+8"重点领域改革全面启动，组建四川能源发展 集团正是其中的标志性、引领性工程。切实增强省属国有企业能源安全支撑保障功能，箭在弦上。整合 ...

在当前市场环境下，资管机构之间的合作共赢已成为行业发展的必然趋势。通过合作，资管机构可以共 享资源、优势互补，共同应对市场挑战，实现共同发展。王晓天结合行业发展趋势，提出了资管机构合 作共赢的四大重点方向。一是共同开拓权益资产领域，打造高效的价值转化链，将优质投研能力转化为 投资者需要的稳健产品，尤其应加强结构化权益产品和MOM等业务的合作。王晓天指出，信托公司可 发挥制度灵活性和产品架构转换优势，利用结构化工具分层设计，联合各类机构将原始波动转化为风险 收益特征清晰、相对平稳的标准化工具，为投资者提供更适配的产品选择。二是共建新质生产力的创新 投资联盟，聚焦国家重点鼓励的高科技前沿领域，联合设立主题投资基金，信托公司可发挥股债结合、 创新联动的优势，为高科技企业发展提供金融支持，助力国家创新驱动发展战略落地。三是共筑资产证 券化创新工厂，联合推动REITs和ABS业务发展，信托公司可发挥在原始权益人服务和风险隔离上的独 特优势，与各方携手盘活存量资产，提升资产使用效率；四是共同开启财富管理新范式，面对高净值客 户日益复杂的需求，券商的投研能力、信托的传承架构、理财的稳健产品线应实现深度融合，为客户提 供更全 ...

业内人士认为，商业不动产REITs的启航并非一朝一夕之功，而是一场需要定力、专业与合规意识贯穿 始终的远行。在监管部门统筹指导下，试点工作坚持规范与发展并重，而"框架正确、方向清晰"下市场 自我迭代的能力，赋予了市场各方探索的勇气，也界定了需要恪守的边界。 市场主导：在实践探索中积累发展经验 创新在起步阶段大都面临逐步完善的过程，在实践中动态优化，是试点工作的重要经验。 公开数据显示，目前已经申报的商业不动产REITs合计拟募资近400亿元，资产形态覆盖商业零售、综 合体、办公楼、酒店等多维业态。记者留意到，华夏基金此次申报的三单产品，既有凯德这样的国际知 名商业运管品牌，也有银泰百货这类深度扎根中国消费市场的零售标杆，以及保利发展作为头部房企的 转型探索。三类资产，三种基因，在统一制度框架下同台亮相，是市场多元并蓄的最好注脚。 多位业内人士对记者表示，在制度框架明确、政策方向清晰的前提下，市场具备自我调节与进化纠偏的 能力。商业不动产REITs的估值逻辑、运营效率、分派稳定性，将在投资者的理性研判中逐步收敛于均 衡。而基金管理人应致力于构建真实、准确、完整的信息披露、履行主动管理能力，为市场参与者的决 策提 ...

通过制度创新、政策调整与规则优化，打造一个具有正财富效应的长期向上的市场。 普惠性财富效应是股票市场的魅力源泉，其核心之点在于"惠"与"普"。"惠"是指市场必须有显著的赚钱 效应，"普"是指参与股票市场的大多数人能够享受赚钱效应。当前中国股市正面临人民币升值、利率下 行、价值洼地、制度完善等多重战略机遇，必须通过制度创新、政策调整与规则优化，打造一个具有正 财富效应的长期向上的市场。 把银行储蓄转化为社会投资 近年来，我国经济发展出现了一个引人注目的新现象，大量社会资本脱离了生产、投资与消费领域，转 化为银行储蓄。2015年到2026年1月的10多年间，居民银行储蓄存款从35.2万亿元增加到168.02万亿元， 同期银行储蓄存款利率处于下降的趋势中，当前处于有史以来的最低水平。其间，M2增速为149.36%， 居民储蓄存款增速为377.33%，后者是前者的2.53倍。 这种"逆资本化"现象的出现与加剧，对中国经济发展的负面影响日益显现。2020年1月，原银保监会开 展专项行动以"多渠道促使居民储蓄入市""促使居民储蓄存款有效转化为资本市场长期资金"，但由于中 国股市处于熊市，再加上房地产市场在这以后低迷，这一 ...