数字渗透力明显增强。数字产业、数字消费、数字基础设施全域拓展，融入了千行百业的生产经营，也 融入了千家万户的日常生活。2025年，规模以上数字产品制造业增加值比上年增长9.3%，信息传输、 软件和信息技术服务业增加值增长11.1%。人工智能成为更多人工作生活中的好伙伴、好帮手，实实在 在为大家的日常生活增添了便利。消费新模式、新场景加快拓展，带动网上零售额增长8.6%。5G、千 兆光网、物联网等新型基础设施建设有序推进。 绿色引领力全面彰显。我国加快构建清洁低碳、安全高效的新型能源体系，2025年，规模以上工业水 电、核电、风电、太阳能等清洁能源发电量比上年增长8.8%，非化石能源占能源消费总量的比重比上 年提高约2个百分点，绿色能源设备、绿色材料等产品产量都实现了较快增长。新能源产业竞争力不断 提升，新能源汽车年产销量均突破1600万辆，绿色生产生活方式更加普及。传统产业绿色转型也取得了 明显成效，2025年规模以上建材、钢铁、有色等主要耗能行业单位增加值能耗都比上年有明显的下降。 产业向新力积聚成势。高端装备、绿色能源、智能制造等新兴领域持续投资扩产，科技创新和产业创新 融合发展成果厚积薄发。2025年， ...

每经AI快讯，协合新能源(00182.HK)涨超6%，截至发稿涨6.06%，报0.35港元，成交额565.95万港元。 ...

天眼查工商信息显示，近日，马鞍山润安新能源有限公司成立，法定代表人为戴维，注册资本455万人 民币，经营范围含发电业务、输电业务、供(配)电业务，建设工程施工，新兴能源技术研发，太阳能发 电技术服务，热力生产和供应，合同能源管理，在线能源计量技术研发，在线能源监测技术研发等。股 东信息显示，该公司由宁德时代（300750）旗下时代绿色能源有限公司全资持股。 ...

指数冲高回落的震荡行情中，宽基指数成为资金流出的主要方向，沪深300单周净流出逾千 亿元 文 |《财经》记者 黄慧玲 编辑 | 郭楠 陆玲 市场震荡中，投资者行为出现显著分化。机构与大户减持半导体、新能源等前期热门赛道，散户资金流 向商业航天等短期题材。与此同时，部分机构资金开始转向港股互联网等估值相对较低的板块进行布 局。 资金撤出宽基指数 近期A股市场呈现"先扬后抑、结构分化"的格局，上证指数在实现逾十年最长17连阳后进入震荡调整阶 段。 1月12日，上证指数以1.09%的涨幅收于4165.29点，实现17连阳。当日晚间，多家上市公司发布风险提 示公告，提示市场存在非理性炒作情形。1月14日，随着中午休市期间沪深北交易所提高融资保证金最 低比例，午后市场迅速回落，当日沪深两市成交额达到3.65万亿元。随后两个交易日，市场继续震荡回 调，1月16日沪指险守4100点关口收于4101.91点，距离高点回落2.12%。市场单日成交额从最高近4万亿 元高位逐步回落至3万亿元，反映资金追高意愿减弱，震荡整理特征显著。 在此背景下，宽基指数成为资金撤离的主要方向，整体流出规模显著。《财经》根据Wind数据统计， 近一 ...

Summary of Key Points from Conference Call Records Industry Overview - **Investment in Power Grid**: The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan, a 40% increase compared to the previous plan, focusing on cross-regional transmission, distribution networks, ultra-high voltage, and digital dispatching, with an average annual investment of 800 billion yuan, benefiting companies like China Electric Power Construction and China Energy Engineering [1][4][5] Company-Specific Insights - **China Electric Power Construction**: Expected to gain significantly from the State Grid's investment due to its experience in ultra-high voltage direct current transmission [4] - **China Energy Engineering**: Positioned to benefit from the investment due to its design advantages [4] - **China Aviation Energy's Solar Projects**: The Yulin and Wuhan solar projects showed significant performance differences, with the Wuhan project experiencing a 35% year-on-year decline in output, attributed to both sunlight variability and competition from hydropower [7] - **CITIC Construction's Wind Projects**: The Cangzhou project performed well, while the Chifeng project faced challenges due to consumption issues, highlighting the supply-demand imbalance in the wind power sector [8] - **Jia Shi China Electric Power's Hydropower Projects**: Experienced a decline in output due to changes in water temperature and adjustments in dispatch strategies, though overall hydropower remains stable [9] Market Dynamics - **REITs Market Performance**: The REITs total return index fell by 0.4%, with operational REITs declining by 0.8% and property REITs by less than 0.2%, while industrial parks maintained a 0.4% increase, indicating a return to normal trading activity [6] - **Energy RISE Resources**: High uncertainty and significant regional differentiation in energy resources, with market mechanisms leading to increased supply pressure in general demand areas [10] Regulatory and Policy Insights - **Public REITs Feedback**: The second feedback from Shan Zheng Jinzhong emphasized the need for reasonable performance forecasts and management capabilities, encouraging long-term platform projects with appropriate reward and punishment systems [12] - **Real Estate Support Policies**: Recent supportive policies in the real estate sector include extending the housing tax refund policy until the end of 2027, lowering the minimum down payment for commercial properties to 30%, and a 25 basis point reduction in various structural monetary policy tool rates, aimed at promoting inventory reduction in the real estate market [3] Future Outlook - **Green Hydrogen Development**: Green hydrogen is seen as a crucial part of the energy transition, with increasing economic viability as global emission reduction policies become more established, particularly with international shipping companies investing in methanol ships that could transition to green hydrogen [15] - **Yunnan Modern Industrial System Policy**: This policy aims to integrate water, wind, and solar development to reduce costs and enhance competitiveness, with significant growth potential despite lengthy approval processes [13] Additional Considerations - **Market Mechanism Impacts**: The restructuring of market mechanisms will lead to unique advantages for different energy projects, with larger projects better positioned to optimize resources and enhance trading strategies [11] - **Lancang River Basin Development Potential**: The basin has significant development potential, with pricing for new hydropower units influenced by local market prices and cost-sharing arrangements [14]

Group 1: Internet Company Revenue and Profit - JD.com leads the revenue chart with 956.8 billion, followed by Alibaba at 731.9 billion and Tencent at 557.4 billion [1] - Alibaba's net profit stands at 76.5 billion, significantly higher than JD.com's 22.3 billion, while Tencent shows a strong profit of 166.6 billion [1] - The profit margin for Tencent is notably high at 30.63%, compared to Alibaba's 10.45% and JD.com's 2.33% [1] Group 2: Market Trends and Insights - The data indicates a competitive landscape among major internet companies, with varying revenue and profit margins suggesting different business strategies and operational efficiencies [1] - The significant profit margins of Tencent may indicate a focus on high-margin services, while JD.com and Alibaba are still scaling their operations [1] Group 3: Financial Performance Overview - The overall financial performance of the top internet companies reflects a diverse range of growth strategies, with some companies prioritizing revenue growth while others focus on profitability [1] - The financial results for the third quarter of 2025 highlight the ongoing evolution of the internet sector in China, with implications for future investment opportunities [1]

Core Viewpoint - The A-share market is experiencing high volatility with a cooling market sentiment, as indicated by the recent adjustments in financing margin ratios and the focus on performance indicators as the annual report forecast period approaches [1][8]. Group 1: Market Trends - The A-share market has shown a high-level oscillation pattern, with previous leading sectors experiencing increased volatility [1][8]. - The China Securities Regulatory Commission emphasized the need for timely counter-cyclical adjustments to prevent significant market fluctuations [1][8]. - The market is expected to shift focus from narrative-driven trends to performance-based evaluations as annual report forecasts are released [9][10]. Group 2: Investment Strategies - Citic Securities suggests constructing portfolios based on "resources + traditional manufacturing pricing weight estimation," focusing on sectors like chemicals, non-ferrous metals, power equipment, and new energy [9]. - Investors are advised to increase allocations in non-bank sectors (securities, insurance) and consider high-growth sectors such as semiconductor equipment to enhance returns [9]. - Guotai Junan highlights the importance of focusing on sectors with high growth or recovery potential, particularly in technology and industries benefiting from price increases due to policy changes [15][16]. Group 3: Market Outlook - Multiple securities firms, including GF Securities and Industrial Securities, predict that the market will see opportunities from late January to mid-March, coinciding with the annual report forecast disclosures [10][11]. - The spring market rally is expected to continue, with structural adjustments rather than systemic risks being the primary concern [11][12]. - The market is anticipated to enter a phase of "spring excitement," focusing on companies with solid fundamentals and performance exceeding expectations [12][13]. Group 4: Sector Focus - The technology sector, particularly AI applications, is expected to shift from broad-based gains to a more focused performance on companies with strong fundamentals [16]. - The rise in commodity prices is seen as a significant trend, driven by global supply chain changes and resource revaluation, with sectors like non-ferrous metals and new energy materials being highlighted [16][15].

Core Viewpoint - Shanxi Province is implementing a comprehensive energy transformation plan, leveraging technology to transition from a coal-dominated economy to a diversified energy system, aligning with national energy revolution goals [1][2][3]. Group 1: Energy Transition and Innovation - The Shanxi government has issued an implementation opinion to accelerate energy technology innovation, providing a "Shanxi plan" for national energy transformation [1]. - Shanxi has become the first national pilot for comprehensive energy reform, focusing on energy technology innovation and system reform [1][2]. - As of now, Shanxi has established 369 intelligent coal mines and 75 green mining demonstration mines, with advanced coal production capacity accounting for 84% [2]. Group 2: New Energy Development - The province is constructing a new energy system, promoting the integration of traditional and renewable energy sources, and developing bases for clean energy and unconventional natural gas [2][3]. - The new energy base project in Jinbei will have a total construction scale of 10 million kilowatts, capable of delivering 27 billion kilowatt-hours of clean electricity annually to the Beijing-Tianjin-Hebei region [3]. Group 3: Modern Coal Chemical Industry - Shanxi is enhancing the coal chemical industry, with advanced coking capacity reaching 96.6%, and is focusing on high-value utilization of coal as a chemical raw material [4][5]. - The province is developing multiple energy technology innovation platforms and creating various coal chemical industry chains to transition coal from a single fuel to high-end chemical raw materials [4][5]. Group 4: Digital Transformation and Computing Power - Shanxi is leveraging its coal and green energy advantages to build a computing power ecosystem, integrating computing power with various industries [6]. - The province's computing power center revenue grew by 69.5% in the first half of 2025, with significant increases in the manufacturing and information technology sectors [6]. Group 5: Policy and Strategic Direction - The provincial government is committed to deepening the energy revolution and developing new productive forces in line with national directives [7].

Core Viewpoint - China is enhancing its efforts to attract foreign investors through new policies that promote reinvestment of profits locally, offering tax breaks, expedited approvals, and improved business services [2][3]. Foreign Investment and Reinvestment - During the "14th Five-Year Plan," China attracted US$708.7 billion in foreign investment and established 229,000 new foreign enterprises [3]. - The "Measures to Encourage Foreign-Invested Enterprises to Reinvest in China" were introduced by the NDRC, Ministry of Finance, and Ministry of Commerce to support long-term investment growth [3]. Reinvestment Definition and Implications - Reinvestment involves foreign companies reinvesting their profits earned in China back into the local market for further growth [4]. - This can include launching new ventures, expanding existing operations, and acquiring shares or assets in Chinese companies [4]. Profit-Retention and Reinvestment Loop - The goal is to create a cycle where earnings remain in China, promoting expansion and unlocking benefits such as tax incentives and streamlined approvals [5]. Key Incentives for Foreign Investors - The new policy includes 12 measures to facilitate reinvestment, such as faster project approvals, simplified paperwork, flexible land-use options, tax credits of up to 10% for reinvested profits, easier foreign exchange and financing support, and priority access to high-tech industries [6][7][8][9][10]. Multinational Responses - Major multinationals are responding positively to these incentives, with examples including Lexus completing a new energy project in Shanghai in under five months, Vandewiele opening its largest manufacturing base in Jiangsu, and Weidmann Electrical Insulation launching a US$91 million plant in Wuhan [11][12][14]. - Executives express confidence in China's market prospects, highlighting the benefits of streamlined approvals and tax credits [15][16][17]. Focus on High-Tech and R&D - High-tech industries accounted for 34.6% of foreign investment in 2024, reflecting a six-point increase since 2020 [18]. - Multinationals are establishing R&D centers and regional headquarters to support local product development, with innovation clusters in cities like Shanghai, Shenzhen, and Wuhan driving growth in various sectors [19][20]. Financial Benefits and Policy Support - China's reinvestment framework offers financial benefits such as tax credits for reinvested profits, flexible land-use policies, and streamlined foreign exchange and financing services [22][23]. - Companies are leveraging these advantages to accelerate projects and drive sustainable growth, as seen in Otis's plans for elevator modernization and L'Oréal's investment in green manufacturing [24]. Strategic Timing for Reinvestment - With favorable tax incentives and support for key industries, China is positioning itself as a long-term growth hub for global companies [25]. - Reinvesting now allows businesses to reduce operational costs, access booming sectors, and establish local partnerships, thereby benefiting from China's evolving markets [26].

盘前要闻 1、证监会、央媒不断发声！强调给市场"降温"而非"熄火" 类型：市场 情绪影响：正面 证监会、央媒不断发声，强调给市场"降温"而非"熄火"。证监会近日召开2026年系统工作会议强调，坚 持稳字当头，严肃查处过度炒作乃至操纵市场等违法违规行为，坚决防止市场大起大落。央广网评论 称，打击的不是热门赛道本身，而是蹭热点却无基本面支撑的"伪龙头"，要让资金真正流向优质标的。 2、特朗普为夺格陵兰岛再挥关税大棒，欧洲8国集体反击，金银同创新高 类型：市场 情绪影响：负面 周一盘初，国际黄金和白银价格均创历史新高，现货黄金涨超1%，报4649美元。现货白银向上触及94 美元，日内上涨4.4%。消息面上，特朗普宣布自今年2月1日起，对丹麦、挪威、瑞典等多国出口至美 国的商品加征10%关税。原因是这些国家反对美国控制格陵兰岛。而欧盟多国正考虑对价值930亿欧元 美国商品加征关税。 3、国常会：研究加快培育服务消费新增长点等促消费举措 类型：行业 情绪影响：正面 国务院总理李强1月16日主持召开国务院常务会议。会议指出，要加快培育服务消费新增长点。要完善 促消费长效机制，制定和实施好扩大消费"十五五"规划、城乡居民增 ...