Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year [1] Industry Performance Summary - The black metal smelting and rolling processing industry saw a profit increase of 3.0 times compared to the previous year, totaling 1,098.3 billion yuan, with a year-on-year growth of 299.2% [1] - The non-ferrous metal smelting and rolling processing industry grew by 22.6% [1] - The computer, communication, and other electronic equipment manufacturing industry increased by 19.5% [1] - The electricity and heat production and supply industry grew by 13.9% [1] - The specialized equipment manufacturing industry saw a profit increase of 5.7% [1] - The electrical machinery and equipment manufacturing industry grew by 4.9% [1] - The general equipment manufacturing industry increased by 4.2% [1] - The agricultural and sideline food processing industry grew by 3.2% [1] - The automobile manufacturing industry saw a slight profit increase of 0.6% [1] - The petroleum, coal, and other fuel processing industry reduced losses compared to the previous year [1] - The non-metallic mineral products industry declined by 1.7% [1] - The chemical raw materials and chemical products manufacturing industry decreased by 7.3% [1] - The textile industry experienced a decline of 12.0% [1] - The oil and gas extraction industry fell by 18.7% [1] - The coal mining and washing industry saw a significant decline of 41.8% [1] Monthly Steel Industry Performance - In December, the steel industry reported a loss of 16.70 billion yuan [2] - In November, the steel industry achieved a profit of 61.80 billion yuan [3] - In October, the steel industry reported a profit of 79.80 billion yuan [4] - In September, the steel industry achieved a profit of 136.4 billion yuan [5]

Core Viewpoint - The stainless steel market is experiencing a mixed sentiment with cautious pricing strategies amid fluctuating raw material costs and demand pressures [3] Supply - In December, the crude steel output from 43 domestic stainless steel mills was 3.2605 million tons, a month-on-month decrease of 232,600 tons (6.7%) and a year-on-year decrease of 5.3% [2] - The production forecast for January is 3.4065 million tons, reflecting a month-on-month increase of 4.48% and a year-on-year increase of 19.05% [2] - The 300 series output is expected to be 1.7632 million tons in January, with a month-on-month increase of 0.92% and a year-on-year increase of 12.58% [2] Inventory - Social inventory continues to decrease, albeit at a slower pace compared to the previous week, with a total of 450,700 tons of 300 series stainless steel in Wuxi and Foshan, a week-on-week decrease of 6,700 tons [2] - As of January 20, the Shanghai Futures Exchange's stainless steel inventory was 38,256 tons, a week-on-week decrease of 8,635 tons [2] Raw Materials - Nickel ore prices in the Philippines have been rising, with the Benguet mine's 1.25% nickel ore auction price reaching $32.5 [1] - Indonesia's HPM benchmark price for January has been raised to $29.04 per wet ton for 1.6% grade, significantly higher than the previous half-month [1] - High nickel pig iron prices are trending upwards, with market negotiation ranges moving to 1,020-1,030 yuan per nickel (tax included) [1] Market Dynamics - The stainless steel market is characterized by narrow fluctuations, with cautious selling sentiment among agents and limited inquiries [3] - The People's Bank of China has lowered the re-lending and rediscount rates by 0.25 percentage points, creating space for further interest rate cuts [3] - Despite improved profits leading to increased production plans, demand remains weak due to seasonal factors and financial pressures on downstream enterprises [3] - Overall, while raw material cost support is strengthening, the combination of ample supply and weak demand is limiting upward price movement, with short-term expectations of range-bound trading between 13,800 and 14,600 [3]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - Overseas, the US economy shows resilience but trade differentiation intensifies, and metal speculation cools after acceleration; in China, the A - share market enters a stage of shrinking volume and differentiation, with a short - term correction in the upward slope of stock indices but a positive medium - term trend [2][3] - Precious metals are expected to fluctuate sharply in the short term, with an increased risk of a high - level correction in silver, and potential catch - up rallies in platinum and palladium [4][5] - Copper prices are expected to maintain high - level strong oscillations in the short term, supported by AI development and power grid investment [6][7] - Aluminum prices will remain in high - level oscillations due to market uncertainties and inventory accumulation [8][9] - Alumina may stop falling and oscillate, and a rebound depends on more production - cut news [10] - Cast aluminum is expected to oscillate at high levels due to supply - demand imbalance [11] - Zinc prices are expected to oscillate moderately upward, supported by cost increases but pressured by weak demand and inventory accumulation expectations [12][13] - Lead prices will maintain weak and stable oscillations due to weak supply - demand in the industry chain [14] - Tin prices will adjust at high levels in the short term to digest regulatory impacts and are likely to rise easily later [15][16] - Steel prices are expected to oscillate, with attention on the pre - holiday inventory accumulation rhythm [18] - Iron ore prices will oscillate under pressure due to strong supply and weak demand [19] - Coking coal and coke prices are expected to oscillate weakly before the Spring Festival [20] - Bean and rapeseed meal prices will continue to oscillate, affected by international trade and weather [21][23] - Palm oil prices are expected to oscillate moderately upward, supported by production reduction and export increase [24][25] Summary by Related Catalogs Macro - Overseas: In November 2025, US durable goods orders increased by 5.3% month - on - month, with core capital goods orders rising for the eighth consecutive month. Trump plans to raise tariffs on South Korean products, while India and the EU are about to announce a trade agreement. Gold and silver prices fluctuate after reaching highs, and copper prices rise slightly. Crude oil falls slightly, and the OPEC+ may continue to suspend production increases. The market focuses on the progress of the Fed Chairman selection and the risk of a US government shutdown [2] - Domestic: The A - share market oscillates and closes down, with the dividend and value styles outperforming. The trading volume rebounds slightly, but individual stocks generally fall. The margin trading scale continues to flow out, and the market enters a stage of shrinking volume and differentiation. The government will implement more proactive macro - policies [3] Precious Metals - COMEX silver futures show strong intraday gains but then almost give back all the gains. Platinum and palladium prices fall at night after rising during the day. The market has significant differences. The Fed's interest - rate meeting is affected by political factors, and the risk of a high - level correction in silver increases. The catch - up rallies in platinum and palladium are worth noting [4][5] Copper - Shanghai copper and LME copper show strong oscillations. The domestic spot market has poor trading, and inventory rises. The focus of the Fed's interest - rate meeting is on the successor to Powell. Alibaba's AI model release and the 14th Five - Year Plan's power grid investment will support copper consumption. Chilean mine strikes continue, and the market is in a tight - balance state [6][7] Aluminum - Shanghai aluminum and LME aluminum prices rise. Aluminum ingot and aluminum rod inventories increase. The US government faces a shutdown crisis, and the market is uncertain. Consumption is weak during the off - season, and aluminum prices remain in high - level oscillations [8][9] Alumina - Alumina futures and spot prices show different trends. Some production capacity in Guizhou is under maintenance, reducing the supply surplus. The spot price is under pressure, and there may be more production cuts in the future [10] Cast Aluminum - Cast aluminum futures prices rise. The price of scrap aluminum is resistant to decline, and the cost of cast aluminum is strongly supported. The start - up rate of aluminum alloy enterprises is slightly increased, but the supply - demand is light, and prices are expected to oscillate at high levels [11] Zinc - Shanghai zinc and LME zinc prices rise. The spot market has average trading, and inventory decreases. Some overseas mines increase production. The weak US dollar and cost increases support prices, while weak demand and inventory accumulation expectations put pressure on prices [12][13] Lead - Shanghai lead and LME lead prices show different trends. The spot market has poor trading, and inventory increases. Terminal sales are weak, and both upstream and downstream enterprises plan to have an early holiday. The industry chain has weak supply - demand, and prices will maintain weak and stable oscillations [14] Tin - Shanghai tin prices fall back, and the exchange takes regulatory measures. Alphamin's tin production in 2025 meets expectations and is expected to increase in 2026. High prices suppress consumption, and inventory accumulates. Prices will adjust at high levels in the short term and are likely to rise later [15][16] Steel (Screw and Coil) - Steel futures oscillate. The pre - holiday demand is weak, and the inventory accumulates. Steel prices are expected to oscillate, with attention on the inventory accumulation rhythm [18] Iron Ore - Iron ore futures oscillate. Overseas shipments increase slightly, and arrivals decrease significantly. The supply pressure is high, and the demand is weak. Steel mills' inventory replenishment provides some support, and prices will oscillate under pressure [19] Coking Coal and Coke - Coking coal and coke futures oscillate. The coking coal auction flow - rate increases, and the coke production decreases. The upstream supply is stable, and the downstream demand is weak. Prices are expected to oscillate weakly before the Spring Festival [20] Bean and Rapeseed Meal - Bean and rapeseed meal futures prices rise. Brazilian soybean production is expected to be high, and the harvest progresses smoothly. Argentine weather is dry, and the Sino - Canadian trade relationship is uncertain. Prices will continue to oscillate [21][23] Palm Oil - Palm oil, soybean oil, and rapeseed oil futures prices rise. Malaysian palm oil production decreases, and exports increase. The US pressure on Canada and tight domestic rapeseed supply support prices. Palm oil prices are expected to oscillate moderately upward [24][25]

Report Industry Investment Rating No relevant content provided. Core Views of the Report - The overall market shows complex trends, with different sectors having their own characteristics. For example, in the macro - financial sector, the stock index futures market needs to pay attention to the sustainability of style changes and the repair of weighted indexes; the bond market's ultra - long - end rebound may not end, and interest rates may continue to flatten. In the black sector, the overall situation is volatile, with steel products oscillating and iron ore being relatively weak. In the energy - chemical sector, the price of energy products is affected by geopolitical factors and supply - demand relations [15][16][17]. Summary by Directory 1. Based on Fundamental and Quantitative Index Judgments - **Based on Fundamental Judgments**: Different futures varieties have different trend judgments, such as trend空头, 震荡偏空, 震荡, 震荡偏多, and 趋势多头 for various commodities like烧碱, 二债, 上证50股指期货, etc. [4] - **Based on Quantitative Index Judgments**: There are also trend judgments for different varieties based on quantitative indicators, including偏空, 震荡, and 偏多 for commodities like豆二, 豆一, 甲醇, etc. [6] 2. Macro News - **International Trade Tensions**: The US threatens to impose a 100% tariff on Canadian goods if Canada reaches a new trade agreement with China. China's Ministry of Foreign Affairs states that China - Canada cooperation does not target any third - party [8]. - **Financial Policy**: The People's Bank of China emphasizes expanding the scope of macro - prudential policies to maintain financial stability. The central bank's deputy governor supports measures to increase the scale of RMB business in Hong Kong [8][10]. - **Market Fluctuations**: The precious metal market experiences significant fluctuations. The exchange takes measures to cool down the commodity futures market. Some companies have important developments, such as Alibaba releasing a new AI model and a large - scale financing in the AI unicorn [8][9]. - **Industry Policies**: The Ministry of Agriculture and Rural Affairs focuses on stabilizing beef production and milk industry relief. Tianjin optimizes housing provident fund management [10]. - **Space and Technology**: A company plans to build a space computing power network. Tencent has its own AI strategy. Humanoid robots will appear on the Spring Festival Gala [11]. - **US Government Situation**: The probability of a new US government shutdown by the end of January soars. The US durable goods orders in November 2025 show significant growth [11][12]. - **Hong Kong and OPEC+**: Hong Kong plans to increase gold storage and establish a gold trading system. OPEC+ is expected to continue the current production policy [13]. 3. Macro - Finance - **Stock Index Futures**: On Monday, the A - share market fluctuates downward. The style of the market is being repaired, but there is still pressure on weighted stocks. The strategy is to pay attention to the sustainability of style changes and the repair of weighted indexes [15]. - **Treasury Bond Futures**: The ultra - long - end rebound may not end, and interest rates may continue to flatten. The central bank's MLF operation increases, and the monetary policy is turning loose. However, the money market is still relatively expensive [16]. 4. Black Sector - **Steel and Iron Ore**: From a policy perspective, the production of the steel industry is less likely to be interfered with. Fundamentally, steel stocks increase slightly, and the fundamentals are okay. Iron ore supply is abundant, and the overall black market is in a volatile situation. Steel products oscillate, and iron ore is relatively weak [17]. - **Coking Coal and Coke**: The price of coking coal and coke may oscillate in the short term. The supply and demand situation may improve during the Spring Festival, which may support the spot price [20]. - **Ferroalloys**: The price center of silicon - based ferroalloys is rising slightly. It is recommended to go long on ferrosilicon at low prices in the medium - term and hold short positions on silicomanganese [21]. - **Soda Ash and Glass**: The market atmosphere is easing. It is recommended to wait and see. For soda ash, focus on the supply stability of leading enterprises and new production capacity. For glass, pay attention to the implementation of production line changes [22]. 5. Non - ferrous Metals and New Materials - **Zinc**: The domestic zinc inventory decreases. It is recommended to wait and see or re - enter the market with short positions as precious metals may fall back and drive down the non - ferrous sector [24]. - **Lead**: The social inventory of lead increases. It is recommended to wait and see and hold short positions. The lead consumption market is in a downturn, and the supply is relatively tight in some areas [27]. - **Lithium Carbonate**: The price may rise after a short - term correction. Attention should be paid to the possible resumption of production of mines and the impact on downstream demand [28]. - **Industrial Silicon and Polysilicon**: Industrial silicon may run strongly in the short term but is under pressure in the long - term. Polysilicon is in a volatile state, waiting for policy guidance [29][30]. 6. Agricultural Products - **Cotton**: The short - term supply is loose, and the price is in a short - term consolidation state. The long - term supply is expected to decrease, and attention should be paid to the implementation of policies [32]. - **Sugar**: The domestic sugar market is under supply pressure, and the demand is not strong during the peak season. It is recommended to trade in the low - price range [34]. - **Eggs**: As the Spring Festival approaches, the egg spot price may weaken. The futures price has limited upward space, and a short - selling idea is recommended at the current position [35]. - **Apples**: The apple market is in a game between supply support and demand constraints. The price of high - quality goods remains firm, and the price of ordinary goods is under pressure [38]. - **Corn**: The corn market has large differences in the market. It is recommended to focus on the port collection situation and conduct short - term trading [39]. - **Red Dates**: The red date market is expected to oscillate weakly. Attention should be paid to the market performance during the consumption peak season [39]. - **Pigs**: The supply and demand of the pig market both increase, and the spot market has intense competition. Attention should be paid to the impact of weight reduction before the Spring Festival on the spot price [41]. 7. Energy - Chemical Sector - **Crude Oil**: The geopolitical situation in the Middle East is tense, and the supply is in surplus. There is a high geopolitical premium, and short - term market fluctuations should be noted [43]. - **Fuel Oil**: The price of fuel oil follows the trend of crude oil. The supply and demand situation has improved marginally, and the focus is on the geopolitical situation [44]. - **Plastics**: Polyolefins have large supply pressure. The upstream is in a loss state, and the price may rebound slightly but with limited space [45]. - **Rubber**: Before the Spring Festival, downstream replenishment and the approaching off - season in overseas production areas may support the price. It is recommended to sell out - of - the - money put options at low prices [46]. - **Synthetic Rubber**: The supply and demand of synthetic rubber are stable and increasing. It is recommended to go long on dips based on the expectation of good fundamentals of butadiene [47]. - **Methanol**: The short - term supply and demand situation of methanol has improved, and the inventory is decreasing. In the long - term, the fundamentals are getting better, but attention should be paid to the arrival of imported goods [50]. - **Caustic Soda**: The spot market of caustic soda is bearish, but the far - month futures contract shows a strong trend [51]. - **Asphalt**: The price of asphalt follows the trend of crude oil and is expected to be oscillating strongly in the short - term [52]. - **Polyester Industry Chain**: The short - term market is affected by market sentiment. It is recommended to consider positive spreads between May and September contracts of PX, PTA, or MEG [53]. - **Liquefied Petroleum Gas (LPG)**: LPG is strong in the short - term, supported by import costs. However, attention should be paid to the negative feedback from the demand side [54]. - **Paper Pulp**: The paper pulp market has a lot of long - short games. The spot market trading sentiment is weakening, and the price may oscillate. If the commodity sentiment improves, it may be oscillating strongly [56]. - **Logs**: The fundamentals of logs are oscillating strongly, and the spot price is temporarily stable. The market is expected to be oscillating strongly with the improvement of commodity sentiment [56]. - **Urea**: The urea futures market is expected to be strongly oscillating, and attention should be paid to the improvement of the spot market liquidity [57].

Market Overview - The Hong Kong stock index opened slightly higher on January 27, with the Hang Seng Index rising by 0.36% to 26,863.15 points, the Hang Seng Tech Index increasing by 0.16% to 5,734.9 points, and the National Enterprises Index up by 0.28% to 9,173.2 points [1] - Major tech stocks mostly rose, with Alibaba up by 0.97%, Tencent Holdings up by 0.08%, and JD.com down by 0.17% [1] - Automotive stocks were active, with BYD rising by over 1%, while gold stocks saw some increases, with Zijin Mining up by over 4% [1] Company News - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.73105 million MWh for December 2025, a decrease of 2.31% year-on-year, with an annual cumulative total of approximately 126 million MWh, down by 1.27% year-on-year [2] - Harbin Electric (01133.HK) expects a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year [2] - Singularity National Peak (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [3] - East Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for an AI-driven drug research and development platform [4] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [5] - Kexin Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [6] - Zhenghong Pharmaceutical (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [7] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [8] - Aobo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Trading Co., Ltd. [9] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [10] - Haowei Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuan Zhi's initial public offering [11] Institutional Insights - Huatai Securities noted that foreign and southbound capital continues to flow in, with public fund positions in Hong Kong stocks dropping to 23% in Q4, significantly reducing potential selling pressure [12] - Goldman Sachs has raised its year-end gold price forecast from USD 4,900 to USD 5,400 per ounce due to increasing demand from private investors and central banks [12] - CITIC Securities recommends focusing on cloud computing service providers and continuing to recommend AI computing power sectors and AI applications, highlighting the ongoing AI industrial revolution [12]

| 铁矿石：刚需仍存，价格震荡 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：原料短期价格松动，宽幅震荡 | 5 | | 锰硅：原料短期价格松动，宽幅震荡 | 5 | | 焦炭：产业叠加资金配合，区间震荡 | 7 | | 焦煤：产业叠加资金配合，区间震荡 | 7 | | 动力煤：供需趋于双弱，煤价企稳小幅探涨 | 9 | | 原木：区间震荡 | 10 | 国 泰 君 安 期 货 研 究 2026年01月27日 国泰君安期货商品研究晨报-黑色系列 观点与策略 铁矿石：刚需仍存，价格震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 所 商 品 研 究 2026 年 1 月 27 日 【基本面跟踪】 铁矿石基本面数据 | 期 货 | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | | -10.5 | -1.32% | | | I260 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：明察宏观 文 财信研究院宏观团队 李沫 胡文艳 伍超明 核心观点 一、价比量更重要：经济、政策以及资产配置新瞄点 其一，价格直接牵动企业盈利与居民收入，是激活"价格-盈利-收入-消费"内循环的关键枢纽，比GDP等 总量指标更能反映经济内生活力。其二，当前"量增价缩"格局不可持续，推动价格回升至合理区间已是 宏观政策必然选择，否则将侵蚀供需两端并阻碍新质生产力发展。其三，A股市场未来的走势，核心在 于建立"价格-盈利-信心"正向循环，价格回升既是启动盈利修复的关键，也是稳定市场预期的压舱石。 二、2026年价格走势分析 （一）趋势研判：2026年物价回升趋势明确。从宏观视角看，供需缺口趋于收敛、M1增速触底回升、 居民就业筑底改善以及产能周期有望上行等四大领先指标，共同为物价回升奠定基础。从价格构成看， 2026年CPI与PPI的"翘尾因素"将显著高于上年；同时"十五五"开局之年，扩大内需政策与供给侧"反内 卷"政策有望形成合力，共同支撑"新涨价因素"，推动价格实现温和回升。 （二）核心判断：上游主导PPI回升，预计2026年二季度 ...

| | | | 钢材早报 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 研究中心黑色团队 2026/01/27 | | | 现 货 价 格 | | | | | | | | 日期 | 北京螺纹 | 上海螺纹 | 成都螺纹 | 西安螺纹 | 广州螺纹 | 武汉螺纹 | | 2026/01/20 | 3130 | 3270 | 3320 | 3240 | 3440 | 3340 | | 2026/01/21 | 3110 | 3260 | 3310 | 3240 | 3420 | 3340 | | 2026/01/22 | 3110 | 3260 | 3310 | 3240 | 3420 | 3340 | | 2026/01/23 | 3160 | 3260 | 3350 | 3240 | 3420 | 3340 | | 2026/01/26 | 3160 | 3290 | 3350 | 3240 | 3420 | 3340 | | 变化 | 0 | 30 | 0 | 0 | 0 | 0 | | 日期 | 天津热卷 | 上海热卷 | ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 钢材早报：驱动不强，期钢延续窄幅震荡 市场信息： 1、 央行行长潘功胜表示，2026年，中国人民银行将继续实施好适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的重要考量。今年 降准降息还有一定的空间。 2、 中国经济2025年"成绩单"出炉。2025年全年，我国GDP同比增长5.0%，达到140.19万亿元；规模以上工业增加值增长 5.9%，增速较上年加快 0.1 个百分 点；社会消费品零售总额规模增长3.7%，增速较上年加快0.2个百分点；固定资产投资下降3.8%，其中房地产开发投资下降17.2%。2025 年末全国人口 140489万人，全年出生人口792万人，死亡人口1131万人，人口总量同比减少339万人。 3、 国家统计局数据显示，2025 年，中国粗钢产量96081 万吨，同比下降4.4%；生铁产量 83604万吨，同比下降3.0%；钢材产量144612万吨，同比增长 3.1%。 4、 海关总署数据显示，2025年我国累计出口钢材11901.9万吨，同比增长7.5%，创历史新高。 5、 1 月 26 日，全国主港铁 ...

Group 1 - The core viewpoint of the articles highlights the successful green transformation of the steel industry in Qian'an and the vibrant production of rural "micro-factories," showcasing a blend of industrial strength and rural revitalization [1][2] - Tangshan Songting Steel Co., Ltd. operates the first long-process continuous casting low-carbon steel production line in the country, achieving low-carbon emission certification and gaining access to high-end international markets [1] - The city's strategy of "quality improvement and strong chain" has led to the formation of advanced steel manufacturing clusters, with high-end products like electrical steel making up 46% of the total output, indicating a shift from "steel manufacturing" to "material services" [1] Group 2 - Over 10,000 "micro-factories" have commenced operations in Qian'an, providing stable employment and income for villagers, with monthly earnings reaching over 3,000 yuan [2] - The rural "micro-factories" are benefiting from "order-based" development and collective scaling, exporting products to international markets such as Russia and Italy [2] - Qian'an is poised for high-quality development, aiming to write a new chapter as a "modern water city" and "beautiful Qian'an" [2]