Core Viewpoint - The key to building a strong energy nation in China lies in overcoming the bottleneck of grid stability and constructing a new energy system, focusing on seven types of infrastructure development [1]. Group 1: Infrastructure Development - The seven types of infrastructure include: flexible and clean transformation of coal power; large-scale energy storage to reduce costs; development of charging facilities and "vehicle-grid interaction"; enhancement of grid intelligence through artificial intelligence; construction of transmission channels for renewable energy bases in the west; resource-oriented energy consumption; and deepening market reforms to establish a unified national carbon market and green electricity market [1][2]. Group 2: Coal Power Transformation - Clean and flexible coal power is a solid support and important infrastructure for the new energy system, with a significant decline in operating hours for coal power due to its role in supporting grid stability [2]. Increasing coal power utilization hours to 5,500 could match current wind and solar generation levels [2]. Group 3: Energy Storage - The cost reduction effect from advancements in energy storage technology is diminishing, necessitating economies of scale for future cost reductions, particularly for grid-side energy storage [3]. While coal power has lower short-term costs, its long-term costs are rising, whereas large-scale energy storage costs are expected to decrease over time [3]. Group 4: Electric Vehicle Infrastructure - The rapid increase in electric vehicle adoption necessitates widespread charging infrastructure, with projections indicating that by 2025, the penetration rate of new energy vehicles will exceed 50% [4]. This infrastructure will allow for flexible charging times, leveraging peak and off-peak electricity prices [4]. Group 5: Artificial Intelligence in Energy - Artificial intelligence enhances the intelligence of the grid, improving the efficiency of matching electricity supply and demand, and enabling real-time monitoring and dynamic optimization of the entire energy production, transmission, and consumption process [5]. Group 6: Renewable Energy Bases and Transmission - The construction of large-scale renewable energy bases in the west and transmission channels to the eastern load centers is crucial, with anticipated high costs for long-distance transmission [6]. Two main transmission routes are expected to connect the west and east, focusing on wind, solar, and hydrogen energy [6]. Group 7: Resource Optimization in Energy Consumption - Viewing energy consumption as a vital resource allows for economic benefits through optimized resource allocation, including virtual power plants and load aggregation platforms [7]. Enhancing existing system capacity and scheduling efficiency can help meet energy supply demands without relying solely on new energy sources [7]. Group 8: Market-Oriented Energy Reforms - The establishment of a unified national energy market, including carbon trading, green electricity, and green certificates, is essential for supporting new energy infrastructure [8]. These reforms aim to enhance market competitiveness and adapt to dynamic energy changes, with the potential for residential electricity price reforms as electric vehicle adoption increases [8].

Core Insights - Guangdong's total deposits in domestic and foreign currencies are projected to reach 38.7 trillion yuan by the end of 2025, just shy of the 40 trillion mark, significantly outpacing Jiangsu by 10.82 trillion yuan [1] - The GDP of Guangdong is expected to be 14.58 trillion yuan in 2025, maintaining its position as the largest economy in China for 37 consecutive years, despite a modest growth rate of 3.9% [2][3] Economic Indicators - **Population Scale**: Guangdong has a resident population of 127 million, with a real-time population of 150 million, leading the nation. The province has over 30 million migrant workers, accounting for about 25% of its resident population [5] - **Business Environment**: By the end of 2025, Guangdong is expected to have over 20.37 million registered business entities, representing about 10% of the national total [6] - **Financial Sector**: Guangdong's financial institutions are projected to hold 38.72 trillion yuan in deposits by the end of 2025, maintaining a significant lead over other provinces [8] - **Foreign Trade**: In 2025, Guangdong's total goods trade import and export volume is expected to reach 9.49 trillion yuan, contributing 24.1% to the national foreign trade increment [9] - **Fiscal Revenue**: The local general public budget revenue for Guangdong is projected to be 1.3939 trillion yuan in 2025, marking a 3% increase and maintaining the top position in the country for 35 years [10] - **Capital Market**: Guangdong is expected to have 1,224 listed companies by the end of 2025, with a total market capitalization exceeding 30.75 trillion yuan, indicating a strong wealth creation capacity [11] - **Industry Clusters**: Guangdong has formed nine trillion-yuan industry clusters, including new-generation electronic information and green petrochemicals, showcasing its industrial strength [12][14]

Core Insights - The announcement of the 2025 Top Ten Scientific Advances in China and the World highlights significant technological breakthroughs that have the potential for rapid industrialization and future development [1][2][4]. Group 1: China's Top Ten Scientific Advances - The top ten scientific advances in China include the "artificial sun" EAST achieving a world record of "one billion degrees for a thousand seconds," the development of a new AI by DeepSeek, and breakthroughs in thorium molten salt reactors [2][3]. - Other notable advancements include a liver cancer prediction system featured on the cover of Nature, the completion of the first batch of wireless human implants with "North Brain No. 1," and the discovery of original innovation targets and candidate drugs for Parkinson's disease [2][3]. - The introduction of the superconducting quantum computing prototype "Zu Chongzhi No. 3" and new hydrogen production technologies also stand out among the achievements [2][3]. Group 2: Global Top Ten Scientific Advances - The global top ten scientific advances include a brain-machine interface that allows patients to express emotions through speech, the creation of an integrated electronic-photonic-quantum chip system, and the detection of the largest black hole merger event to date [3]. - Other significant discoveries include the highest energy neutrino detected, the first visible "time crystal," and record survival times for genetically modified pig organ transplants [3]. - The first detection of cosmic signals from 13 billion years ago and the largest cosmic map ever created are also highlighted, along with a detailed brain map describing numerous neurons and their activities [3]. Group 3: Characteristics of the Advances - The selected advances reflect three main characteristics: alignment with global scientific frontiers, addressing national needs, and focusing on public health and well-being [3][4]. - The emphasis on originality and practical utility in these advancements indicates a strong connection between technological development and societal needs [4][5]. - The ongoing evaluation of scientific progress through the "Double Ten" initiative has been instrumental in enhancing public understanding of technological advancements and promoting scientific literacy [4][5].

Core Viewpoint - Jin Jing New Energy (1783.HK) has shown strong performance in the stock market, continuing its upward trend with a 3.3% increase, reaching a new high since October 20, 2025 [1] Company Overview - Jin Jing New Energy is headquartered in Hong Kong and specializes in construction contracting services and green energy infrastructure solutions, including energy-efficient renovations, electric vehicle charging facility installations, energy storage system development, and power battery recycling [1] - The company holds various licenses in construction and electricity sectors, including Hong Kong's first full license for power battery disposal, supported by a professional technical team [1] Recent Developments - On January 16, the first smart lithium battery black powder production line in Hong Kong, focused on processing retired electric vehicle power batteries, officially commenced construction [1] - The project is managed by Jin Yang International (Hong Kong) Limited, a subsidiary of Jin Jing New Energy, and has received funding from the Hong Kong SAR Government's Innovation and Technology Commission under the "New Industrialization Funding Scheme," with an expected funding amount of approximately 15 million HKD [1] - The core of the project is the establishment of Hong Kong's first power battery processing facility located within the Hong Kong Environmental Park [1]

Core Viewpoint - Ganzhou is focusing on industrial development as a key task for high-quality growth, leveraging its historical significance and resources to build a modern industrial system [1][2]. Group 1: Industrial Development Strategy - Ganzhou aims to enhance its industrial base, with industrial contribution to GDP reaching 49.3%, and has established four trillion-yuan industrial clusters in non-ferrous metals, new materials, electronic information, and modern home furnishings [2]. - The city is committed to transforming traditional industries and developing strategic emerging industries, with a goal of achieving an annual growth rate of approximately 10% in industrial revenue [3][6]. Group 2: Resource Utilization and Innovation - Ganzhou is enhancing the functionality of strategic resources like rare earths and tungsten, aiming to create a globally influential rare earth and rare metal industry cluster [5]. - The city is focusing on technological innovation, establishing high-level innovation platforms, and supporting the development of new drugs and advanced materials [12][13]. Group 3: Digital Transformation and Sustainability - The city has implemented policies to support digital transformation in manufacturing, with significant investments leading to improvements in productivity and reductions in energy consumption [8]. - Ganzhou is promoting green industrial practices, with multiple national and provincial-level green industrial parks and factories established [8]. Group 4: Ecosystem and Policy Support - The local government is enhancing the business environment through targeted policies and financial support, including a 530 billion yuan government industry fund [16][19]. - Reform initiatives in development zones are aimed at improving administrative efficiency and fostering a collaborative ecosystem between government and businesses [18][20].

Group 1 - The core focus of the news is the strategic direction of Zibo City, emphasizing "intelligent, green, and integrated" development as part of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [2] - Zibo's GDP surpassed 500 billion yuan during the "14th Five-Year Plan," with the value added by the "four strong" industries accounting for 60.2%, an increase of 12.9 percentage points compared to five years ago [2] - The city aims to strengthen its industrial chains, particularly in polyolefins and engineering plastics, and promote the transformation of traditional chemical industries towards new materials and fine chemicals [3] Group 2 - Zibo plans to enhance the quality of enterprise development through initiatives aimed at increasing the number of billion-level enterprises to 20 and exceeding 850 specialized and innovative enterprises [3] - The city is focusing on the construction of smart green parks and optimizing the layout of development zones, while also improving public services and infrastructure [4] - Zibo is implementing actions to enhance the service industry, targeting over 150 key projects to elevate the quality of production and life services, including modern finance and technology services [4]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-27 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20260126：二手房销售景气度明显回暖 2026 年"经济开门红"的可能性仍在提升 海外周报 20260126：海外宏观与交易复盘：特朗普再度"TACO"，金银 续创新高 核心观点：本周海外市场由特朗普针对格陵兰岛的关税威胁及其后 "TACO"行为、以及日本财政风波所主导，贵金属和大宗商品领涨，全 球股票、债券和美元指数表现不佳，其中美国一度遭遇股债汇三杀，随后 在特朗普"TACO"、以及延续稳健的美国经济数据后回暖。下周关注可 能公布的美联储主席人选，以及美国政府关门风波。我们认为，在中期选 举临近的当下，两党大概率将致力于避免政府停摆，且即使政府停摆，其 影响相较去年 11 月也更小。 金融产品周报 20260125：持续看多，关注周期行业的长期机会 市场行情展望：（2026.1.26-2026.1.30） 观点：持续看多，关注周期行业 的长期机会 1 月整体走势判断：2026 年 1 月，宏观择时模型的月度评 分是 0 分，历史上该分数万得全 A 指数后 ...

Core Insights - The strategic emerging industries are experiencing high growth across various regions in China, with some areas seeing total asset scales exceeding one trillion yuan, supported by increased credit investments from banking institutions [1] Group 1: Credit Investment in Strategic Emerging Industries - Fujian Automotive Industry Group received a one billion yuan strategic emerging loan from China CITIC Bank in just five working days, highlighting the bank's commitment to supporting innovation in the automotive sector [2] - As of November 2025, China CITIC Bank's technology finance loan balance reached 42.79 billion yuan, serving over 9,000 technology enterprises [2] - Agricultural Bank of China reported a 116.85% increase in strategic emerging industry loans, amounting to a growth of 32.6 billion yuan by September 2025, significantly outpacing the average loan growth rate [4] Group 2: Growth in Strategic Emerging Industries - The strategic emerging industries accounted for over 25% of the industrial added value in Henan Province, with significant contributions from advanced equipment, electronic information, and new energy vehicles [5] - Gansu Province's strategic emerging industries achieved revenue of 108.29 billion yuan in 2025, marking a 38.8% year-on-year growth and surpassing the one hundred billion yuan milestone for the first time [6] - Hebei Province's strategic emerging industries saw an 11.0% increase in added value, outpacing the overall industrial growth rate by 3.1 percentage points [7] Group 3: Bank Strategies and Industry Focus - Major banks are focusing on key sectors such as new generation information technology, biomedicine, and high-end equipment to support the development of strategic emerging industries [3] - The growth rate of loans in the strategic emerging industries is reported to be over 20%, significantly exceeding the average growth rate of bank credit [8]

文 | 产业观察室，作者 | 方建华 放眼全球资本市场，纳斯达克指数在苹果、英伟达等硬科技巨头的强力引擎下，演绎了长达二十年的跨周期"慢牛"。 A股传统权重股则集中于金融、能源等领域，上证指数整体呈现"牛短熊长"的走势。 当前，中美在科技、金融及地缘领域的系统性博弈与竞合，正深刻影响全球资本流向与格局重塑。 数据来源：Wind 但与此同时，中国资本市场自2024年9月24以来，持续推进结构性变革。资本市场功能转型、经济新旧动能转换与跨周期资金配置形成同频共振，为股市长 期向好与创投行业崛起筑牢根基。 着眼未来，二级市场有望开启由"科技牛"引领的A股"长牛"新周期，这并非短期脉冲式行情，而是跨越十年以上时间周期的趋势性变革。 科技创新具有无限的延展性与迭代空间，谁也无法定义二级市场新一轮成长逻辑的触顶边界。此时任何臆测这一轮股市的顶点——是5000点抑或6000点？这 都未必准确。 个人以为，在长周期的视角下，8000点乃至10000点或许不是梦想。具体可从以下三个维度进行解构： 其一，中国资本市场加速功能转换，A股"投资性价比"底层逻辑升级。 当下中国资本市场步入"融资+投资"功能转换的关键时期，"融资端提质 ...

Core Viewpoint - The market is shifting towards growth styles and thematic investment opportunities as it enters 2026, with public utility sectors experiencing reduced attention due to weak fundamentals and style transitions. However, long-term funds still have a demand for high-yield allocations, and there are trading opportunities in regional stocks [1]. Group 1: Investment Themes - Theme 1: Profitability and Cash Flow Gradually Released, Stable Industry Landscape - The waste-to-energy sector has successfully transformed operations, focusing on improving existing assets and enhancing efficiency, leading to improved cash flow and dividend capabilities [4]. - In the nuclear power sector, the release of electricity price risks in South China is expected to stabilize profitability, with a steady contribution of profit increments as new units are put into operation during the "14th Five-Year Plan" [4][21]. - Theme 2: Continued Demand for High Dividend Yields, Focus on Strong Payment Capabilities - With ongoing interest rate cuts abroad and a low domestic interest rate environment, long-term funds are still seeking stable growth and attractive dividend yields, particularly in thermal power, waste-to-energy, and Hong Kong public utilities [4][23]. - Theme 3: Growth Directions in the New Energy System - The transition to a new power system continues, focusing on green electricity consumption and application, with accelerated grid construction promoting high-quality industry development. The sector is expected to recover from its fundamental low point, with a focus on leading companies in wind power and energy storage [5][24]. Group 2: Market Dynamics and Trends - The overall power supply is expected to remain relatively loose as significant power generation capacity is added, with a projected total installed capacity of approximately 3,840 GW by the end of 2025, reflecting a 15% year-on-year increase [9]. - The electricity consumption elasticity coefficient is showing signs of weakening, with the growth in electricity demand primarily driven by the tertiary sector and residential contributions, while the secondary sector's growth lags behind industrial value-added growth [6][7]. - The electricity price trend indicates a downward pressure, with expected reductions in most provinces, particularly in South China and East China, where the price decline may reach 3 cents per kilowatt-hour [12][13]. Group 3: Regulatory and Policy Environment - The "14th Five-Year Plan" emphasizes the need to reduce energy consumption and carbon emissions, with targets set to lower energy intensity by 13.5% and carbon emissions intensity by 18% [7]. - The market mechanism for electricity pricing is being optimized, with a shift towards a more market-driven approach, including the cancellation of administrative pricing mechanisms and the acceleration of spot market development [17][42]. - The focus on green energy applications and the establishment of supportive policies for energy storage and renewable energy consumption is expected to enhance the stability and reliability of power supply [15][52].