大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【欧盟多国考虑对930亿欧元输欧美国商品加征关税】 据央视新闻报道，欧盟多国正考虑对价值930亿欧元的输欧美国商品加征关税，或限制美国企业进入欧盟市 场，以反制美国总统特朗普为得到格陵兰岛而对欧洲8国加征关税。 一名欧盟外交官当天透露称，如果欧盟与美国未能达成协议，报复性关税将从2月6日起自动生效。 特朗普17日在社交媒体上宣布，将从2月1日起对来自丹麦、挪威、瑞典、法国、德国、英国、荷兰和芬兰的输 美商品加征10%关税，并宣称加征关税的税率将从6月1日起提高至25%，直到相关方就美国"全面、彻底购买 格陵兰岛"达成协议。 近日，挪威、瑞典、法国、德国、英国、荷兰和芬兰等欧洲国家宣布向格陵兰岛派兵，参加由丹麦在该岛发起 的"北极耐力"军事演习。 【贾国龙：西贝冷冻西蓝花比市面普通市价高80%-120%，"从来不存在两岁的西蓝花"】 1月18日，西贝董事长贾国龙回应消费者热议的冷冻西蓝花问题，称选用的是市面最高品级的冷冻有机无农残 西蓝花，价格比普通的高80%至120%，采用超低温急冻技术，全程冷链运输。西贝高周转 ...

Group 1 - The core issue involves Ningbo Ronbay New Energy Technology Co., Ltd. (Ronbay Technology) being investigated by the China Securities Regulatory Commission (CSRC) for allegedly misleading statements in a significant contract announcement [1] - The CSRC has initiated an investigation into Ronbay Technology, indicating potential regulatory actions based on the findings of the investigation [1] - The CSRC aims to ensure the healthy and stable development of the market through this investigation and subsequent legal actions [1]

Core Conclusion - The market's upward momentum has slowed down this week, with active trading funds causing turnover rates to spike, surpassing the high point of August 2025. The spring market is still in progress, and a period of sideways consolidation after excessive short-term trading is normal. Although there are indications of a short-term cooling in policy, the overall stance remains accommodative [1][5]. Market Trends - The market style is shifting, with thematic sentiment cooling and strong sectors returning to the prosperity line. In the liquidity bull market phase, the profit effect is spreading, and price increases are considered a key prosperity line. The current narrative around commodities is driven by de-globalization and supply chain restructuring, leading to a re-pricing of key resource products [1][5]. Commodity Price Dynamics - Long-term, commodity prices tend to move in tandem, even during periods of economic downturn, as seen from 1970 to 1980 when prices continued to rise until 1980. There is optimism for a new super cycle in commodity prices. In the short to medium term, the focus should be on supply constraints, with potential expansion from emerging industry demand to the recovery of traditional demand. Beneficiaries on both supply and demand sides include non-ferrous metals (precious metals, copper, aluminum, strategic metals, rare earths), new energy (new energy materials, power batteries), chemical products (phosphate chemicals, fluorine chemicals), and storage chips [1][3][6]. Supply and Demand Factors - The current commodity price cycle is primarily driven by supply chain security. On the supply side, the control of strategic resources is intensifying amid great power competition, leading to increased scarcity in key mineral sectors. On the demand side, real needs driven by the AI technology revolution, energy transition, and military spending are boosting demand for strategic metals like copper, aluminum, lithium, and rare earths. A weak dollar cycle may support the elevation of commodity price levels [2][6]. Price Movement Patterns - Historically, during a commodity price increase, there are price rotations among commodities due to their interdependencies and relationships within the supply chain. For instance, during the demand expansion-driven price increase from 2009 to 2011, copper led the rise, followed by crude oil and soybeans. In the supply constraint-driven price increase from 2016 to 2018, oil and black commodities rose first, with chemical products showing sustained price increases [2][6]. Future Outlook - There is a strong belief in the potential for a new super cycle in commodity prices. The focus for the current price increase should be on supply constraint elasticity, with expansion likely moving from emerging industry demand to the recovery of traditional demand. Key supply constraints include production capacity limits for critical resources like copper and rare earths, capacity restrictions driven by "anti-involution" policies, and supply shortages driven by high AI demand. Demand opportunities are expected to arise from the transition between new and old driving forces in sectors like new energy vehicles, photovoltaics, and AIDC [3][7].

Core Viewpoint - The company is experiencing a positive trend in capacity utilization across its core product lines due to product structure optimization, global capacity layout implementation, and a recovery in downstream demand [1] Group 1: Company Performance - The company reported that its core product lines are seeing a continuous improvement in capacity utilization [1] - The demand for energy storage and solid-state batteries is experiencing a simultaneous surge, contributing to the company's growth [1] Group 2: Industry Outlook - The company's diverse product matrix and global capacity layout are expected to synergize, enhancing its competitive advantage in the global new energy materials sector [1] - Future capacity utilization is anticipated to grow in tandem with industry development, reinforcing the company's position in the market [1]

（文章来源：证券日报） 证券日报网讯 1月16日，五矿新能在互动平台回答投资者提问时表示，公司会持续关注人工智能（AI） 技术在新能源材料领域的发展与应用，目前公司暂无相关布局。 ...

Core Insights - The central economic work conference emphasizes the need for innovation-driven growth and the cultivation of new economic drivers, with Gansu Lanzhou New Area focusing on building a trillion-level new energy materials industry cluster [1] Group 1: Industry Development - Gansu Lanzhou New Area is enhancing its "soft power" in scientific innovation to strengthen the "hard support" for its industries, particularly in new energy materials [1] - The area has introduced 136 projects in the new energy materials sector with a total investment of 82 billion yuan, indicating robust growth and interest in this industry [3] Group 2: Technological Advancements - A local company has developed high-performance copper foil, a critical material for lithium-ion batteries, achieving a strength of 800 MPa, comparable to ordinary steel, through innovative additive systems and refined control techniques [2] - The thickness of the new copper foil is only 6 micrometers, significantly enhancing its performance compared to traditional materials [2] Group 3: Talent and Education - The local government is facilitating deep collaborations between enterprises and universities to build industry research institutes and talent development programs, aiming to cultivate a high-level research talent pool [2] - By 2030, the region plans to increase the total number of scientific and technological talents to over 13,000, implementing an "order-based" talent training system [2] Group 4: Infrastructure and Support - The new materials industrial park in Lanzhou New Area is rapidly developing, with advanced infrastructure and public service platforms to support project implementation and enhance the park's overall capacity [3] - The region is focusing on developing a complete new energy industry chain, including copper foil, batteries, and vehicles, to promote systematic and clustered industrial growth [3]

热点板块： 1月科技和原材料涨价方向占优，高股息可做左侧关注。1月市场迎来春季行情的启动，历年春季躁动行情，科技成长方向大概率占优。 结合短期催化剂，诸如商业航天、脑机接口、低空经济、半导体等未来产业可继续保持关注。此外受益于科技投资热潮的原材料涨价方向也可视作科技产 业的衍生，如小金属、能源金属、化工新材料等同样存在机会。而传统高股息方向可做左侧关注，等待3-4月年报行情可迎来补涨。关注：1）AI硬件的产 业趋势仍然确立，并且主要AI大模型的tokens调用量持续走高。这意味着AI应用的高峰将在2026年出现，继续关注AI硬件的高增长趋势和AI应用从量变到 质变到来的机会。2）机器人国产化和走进老百姓生活依然是2026年比较确定的趋势，机器人产品将从人形机器人向四足机器人、功能型机器人扩展。以 此带来的传感器、控制器、灵巧手等板块的阶段性机会将会反复出现。市场预期特斯拉人形机器人版本有可能更新，或将成为机器人板块新催化剂。3） 半导体国产化仍是大势所趋，关注其中的半导体设备、晶圆制造、半导体材料、IC 设计等。4）新能源材料受益于国内和海外储能需求的快速增长，各环 节均出现了一定的供不应求、价格上涨迹象，涨 ...

Group 1 - Tianji Co. expects a net profit of 70 million to 105 million yuan for 2025, recovering from a loss of 1.361 billion yuan in the previous year, driven by rapid growth in the electric vehicle and energy storage markets [1] - The company received administrative regulatory measures from the Guangdong Securities Regulatory Commission and a regulatory letter from the Shenzhen Stock Exchange due to irregularities in goodwill impairment testing, financial accounting, and information disclosure [1] Group 2 - Zhongwei New Materials announced that it secured a thousand-ton level order for sodium batteries in 2025, with shipments expected to increase significantly in 2026 as the industrialization process accelerates [2] - The economic benefits of sodium batteries are becoming apparent as lithium carbonate prices rise [2] Group 3 - Baoxin Technology plans to publicly sell part of its subsidiary's physical assets, with a listing base price of 50.2334 million yuan (including tax) [3] - The transaction does not constitute a major asset restructuring and carries uncertainties regarding the completion of the sale [3] - The asset sale aims to optimize resource allocation and focus on strategic priorities, with no significant impact on the company's financial and operational status [3]

人民财讯1月15日电，天际股份（002759）1月15日发布业绩预告，预计2025年归母净利润7000万元— 1.05亿元，上年同期亏损13.61亿元。由于新能源汽车市场和储能市场需求快速增长，公司主要产品六氟 磷酸锂在2025年第四季度销售价格上涨，公司盈利能力恢复，第四季度实现利润并一举弥补前三季度亏 损，实现全年扭亏为盈。 ...

相当于容百科技"再造一个自己" 这是一笔巨额的订单。根据公告，该协议覆盖5年供货期（实际执行至2031年），年均供应量达61万吨，年均合同金额约240亿元。 （来源：荷马财经） 新能源产业链再现"史诗级"长单。 1月13日晚间，正极材料龙头容百科技（688005.SH）公告，与宁德时代（300750.SZ）签署《磷酸铁锂正极材料采购合作协议》，约定在2026年1月1日至 2030年12月31日期间，向后者供应约305万吨磷酸铁锂正极材料，合同总金额预计超1200亿元。 消息一出，上交所于当晚火速下发问询函，要求公司就履约能力、产能规划及价格机制等核心问题作出说明，并宣布容百科技股票自1月14日起停牌一 天。 这不仅是近年来全球新能源材料领域金额最高的单一采购协议，背后则是动力电池技术路线加速调整，上游材料企业面临转型压力的真实写照。 订单规模空前 对比容百科技自身体量： 这意味着，仅靠这一份订单，容百科技未来五年年均收入将跃升至当前水平的1.6倍以上，堪称"脱胎换骨"式转型。 但问题随之而来：如此庞大的交付量，从何而来？ 截至2025年12月，容百科技通过收购贵州新仁新能源，仅拥有6万吨/年的磷酸铁锂已建成产 ...