Macro News - The State Council, led by Premier Li Qiang, held a meeting on January 16 to discuss measures to boost consumption, emphasizing the need to cultivate new growth points in service consumption and enhance the quality of service supply [1] - The China Securities Regulatory Commission (CSRC) held a meeting on January 15 to summarize 2025's work and plan for 2026, stressing the importance of maintaining market stability and enhancing monitoring and regulation [2] - The Ministry of Commerce announced that Canada will impose a 100% additional tax on Chinese electric vehicles in 2024, significantly impacting exports from China, although a quota of 49,000 vehicles per year will be allowed at a reduced tariff rate [3] Industry News - Beijing ChuanYueZhe Space Technology Co., Ltd. successfully completed a verification test for its CYZ1 manned spacecraft's landing buffer system on January 18, marking a significant milestone in China's commercial space sector [4] - The Ministry of Industry and Information Technology revised the management measures for cultivating high-quality small and medium-sized enterprises, now including technology-based SMEs in the cultivation scope [5] - The National Energy Administration announced that China's total electricity consumption will exceed 10 trillion kilowatt-hours by 2025, reaching 10.4 trillion kilowatt-hours, a historic first for a single country [6] Company News - The CSRC has launched an investigation into Rongbai Technology for allegedly misleading statements regarding a major contract announcement [7] - Rongbai Technology clarified that the "120 billion yuan total contract amount" with CATL is an estimate and that actual sales remain uncertain [8] - Minexplosion Optoelectronics announced plans to acquire 100% stakes in Xiazhi Precision and Jiangxi Maida, both focused on PCB manufacturing core materials [9] - Tongwei Co. expects a net loss of approximately 9 billion to 10 billion yuan for 2025 [10] - Longi Green Energy anticipates a net loss of 6 billion to 6.5 billion yuan for 2025 [11] - The Shenzhen Stock Exchange noted abnormal trading behavior in "*ST Chengchang," leading to regulatory measures against certain investors [12] - Clandestine Communications announced that its board member received a notice from the CSRC regarding an investigation for suspected insider trading [13] - The company "Lianqi Technology" is expected to see a net profit increase of approximately 52% to 66% in 2025 due to a significant rise in interconnect chip shipments [14]

通知 建设零碳园区是推动经济社会系统性变革的关键举措，对落实国家"双碳"目标、实现高质量发展 具有深远意义。近日国家公布了首批52家国家级零碳园区建设名单，标志着零碳园区建设从概念 倡导进入实质创建阶段，也将在实践上推动落实"'十五五'时期力争建成100个左右国家级零碳园 区"这一战略部署。 为贯彻落实国家"双碳"目标，推动产业园区绿色低碳高质量发展，全面提升园区管理者、相关企 业及服务机构在零碳园区规划、建设、运营及管理方面的专业能力与实践水平，中国能源报中国 能源经济研究院零碳园区专委会、中国开发区协会碳中和专业委员会将于2026年3月5—6日在北 京联合举办"零碳园区建设重点培训班"。培训班将从政策解读、标准建设、顶层设计、碳盘查、 能源规划、技术集成到运营管理、碳资产开发等全流程，提供模块化、针对性的解决方案培训， 以系统性、专业化赋能零碳园区建设从 "政策蓝图"转化为可操作的"施工图纸"。 时间及地点 时间：2026年3月5—6日（4日报到） 地点：北京市朝阳区人民日报社新媒体大厦 规模：80人 组织机构 主办单位：中国能源报中国能源经济研究院零碳园区专委会、中国开发区协会碳中和专业委员会 课程内容 ...

美国时间1月16日，美股三大指数全天窄幅震荡，收盘几乎持平。截至收盘，道指跌83.11点，跌幅为 0.17%，报49359.33点；纳指跌14.63点，跌幅为0.06%，报23515.39点；标普500指数跌4.46点，跌幅为 0.06%，报6940.01点。 【市场数据】 1月16日，上证综指跌0.26%，报4101.91点；科创50指数涨1.35%，报1514.07点；深证成指跌0.18%，报 14281.08点；创业板指跌0.2%，报3361.02点。 6、年内首次结构性"降息"落地。中国人民银行日前发布消息，决定自2026年1月19日起，下调再贷款、 再贴现利率0.25个百分点。这意味着，银行从中国人民银行"借钱"更便宜，有助于提高重点领域信贷投 放的积极性，进一步助力经济结构转型优化。 7、据新华社报道，国家能源局1月17日宣布，2025年我国全社会用电量历史性突破10万亿千瓦时，达到 10.4万亿千瓦时，同比增长5%。 8、据证监会网站，2026年1月14日，宁波容百新能源科技股份有限公司（简称容百科技）披露日常经营 重大合同的公告，涉嫌误导性陈述。近日，我会已对容百科技立案调查。下一步，将在全面 ...

昨天（1月18日），虎丘区十二届人大五次会议召开。记者从会上获悉，过去五年来，虎丘区产业 体系优化升级，新一代信息技术、高端装备制造"两大主导产业"产值分别达1300亿元和1400亿元，新能 源及绿色低碳、光子及集成电路、医疗器械及大健康"三大新兴产业"保持较快增长，高新技术产业产值 占规上工业总产值比重达60.2%。 2025年，虎丘区大力实施"科技创新与产业创新融合发展""城市更新和房地产""安全稳定""重点项 目招引和服务"四大百日攻坚行动，着力推动高质量发展。其中，现代化产业体系日益完善，入选苏锡 常首台（套）重大设备7个，获评全国首批安全应急装备产业特色园区，设立市RISC-V开源芯片产业创 新中心、市多光谱AI技术创新中心；出台具身智能产业发展三年行动计划，推出"高新十狮"品牌、"智 链十条"政策，成立OPC技术成果转化中心，国家网信办生成式大模型备案实现零的突破；入选国家卓 越级智能工厂1家，新增省先进级智能工厂19家、省绿色工厂8家，服务业增加值占地区生产总值比重达 57.5%。 五年来，面对错综复杂的外部环境和艰巨繁重的改革发展任务，全区上下全力以赴抓创新促转型， 千方百计办实事惠民生，中国 ...

（原标题：泉果基金刚登峰：A股港股仍处宝贵布局时期 投资主战场聚焦三大领域） 在经历数年调整后，2025年的权益市场虽不乏亮点，但投资者"获得感"仍不明显，市场表现与真实感受 之间为何依然存在错位？ 近日，泉果基金董事总经理、研究部总经理刚登峰接受证券时报记者采访时表示，这种错位更多源于市 场所处阶段的特殊性。"尽管仍需要时间积蓄共识，但长期来看，现在的A股、港股，都是一个非常好 的投资时期。"他认为，无论从经济基本面还是资本市场结构来看，过去几年压制权益市场的核心因 素，正在逐步进入调整的中后段。 经济修复叠加制度变化 首先是房地产。自2021年以来，房地产行业经历了时间与幅度都相对充分的调整，对居民财富效应和消 费倾向的拖累，正在逐步减弱。 在刚登峰的投资框架中，科技、新能源与周期并非彼此割裂的三条赛道，而是产业逻辑在不同阶段的体 现。"我更关注产业所处的周期位置。"他说。 在科技方向上，他并不追逐短期爆发力，而更强调确定性与兑现能力。AI浪潮带来的影响，并非一次 性的主题行情，而是通过算力投入、基础设施建设及应用落地，逐步反映到企业盈利之中。在这一过程 中，是否能够看到真实需求与持续商业化应用，是判断科 ...

Group 1 - The A-share market is transitioning from an "emotion-driven" phase to one anchored by performance, indicating a shift towards a more stable upward trend [1][2] - As the annual report preview period approaches, the focus of investment logic is shifting from narrative-driven speculation to performance verification [1][2] - A robust investment strategy should combine high-growth sectors like AI computing with cyclical sectors such as resources and manufacturing to create a balanced portfolio [1][2] Group 2 - The adjustment of financing margins does not alter the overall upward trend of the market but will impact its structure, leading to increased competition among thematic sectors [2][4] - The current market environment suggests that the next key verification point will be the performance disclosures in April, with a focus on sectors like AI applications and robotics [3][4] - The market is expected to experience short-term fluctuations, with a focus on sectors benefiting from supply-demand improvements, such as new energy and consumer goods [4][5] Group 3 - The policy environment remains supportive, with indications of potential interest rate cuts, which could bolster market confidence and support a long-term bullish trend [6][7] - The current market structure is likely to see a rotation towards sectors with strong fundamentals, such as industrial resources and consumer recovery channels [3][7] - The investment focus should remain on sectors with high growth potential, including AI, semiconductor equipment, and traditional manufacturing [3][5][10] Group 4 - The "spring rally" is facing short-term pressures due to complex macroeconomic conditions and regulatory measures aimed at stabilizing the market [8][9] - Despite recent market corrections, the underlying logic for AI applications remains intact, suggesting continued investment opportunities in this area [8][12] - The overall market sentiment is expected to stabilize, with a focus on sectors like electronics, power equipment, and non-bank financials as potential investment areas [9][10]

早 报 精 选 1、证监会：坚持稳字当头，巩固市场稳中向好势头。 2、人民日报评西贝关店事件：网络舆论环境不能成为企业发展的短板。 3、特朗普宣布就格陵兰岛问题向欧洲八国加征关税。 4、2025年我国全社会用电量历史性突破10万亿千瓦时，达到10.4万亿千瓦时，同比增长5%。 5、证监会对容百科技重大合同公告涉嫌误导性陈述立案调查。 宏 观 新 闻 1、 国务院总理李强1月16日主持召开国务院常务会议，听取提振消费专项行动进展情况汇报并研究加快培育服务消费新增长点等促 消费举措。会议指出，要加快培育服务消费新增长点，支持新业态新模式新场景竞相涌现，增加优质服务供给，解决好信用、标准、 安全管理等问题，促进服务消费提质惠民。 2、中国证监会1月15日召开2026年系统工作会议，总结2025年工作，分析当前形势，研究部署2026年工作。会议强调，坚持稳字 当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调节，强化交易监管和信息披露监管，进一步维护交易公 平性，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。 3、商务部美大司负责人表示，2024年，加拿大对中国电动汽车加征100 ...

Core Viewpoint - The interview with the Secretary of Songming County, Li Jinbo, highlights the county's strategic planning and efforts to promote economic and social development during the "14th Five-Year Plan" period, aiming for high-quality growth and integration of industry and urban development [1]. Group 1: Economic Performance - During the "14th Five-Year Plan," Songming County's economic total is expected to exceed 20 billion yuan, growing from 15.3 billion yuan to 22.3 billion yuan, with an average annual growth rate of 4.2% [1]. - The contribution rate to the city's economic growth is projected to double from the end of the "13th Five-Year Plan" to 3.2% [1]. - The industrial structure has shifted from 15:28.5:56.5 to 12.5:27:60.5, with the share of private economy increasing from 50% to 62% [1]. Group 2: Industrial Development - The number of industrial enterprises above designated size in Songming County increased from 93 to 188, with a net increase of 95 [2]. - Industrial investment has an average annual growth rate exceeding 14%, with the proportion of industrial investment rising from 19% to 42% [2]. - The number of high-tech enterprises has tripled, surpassing 100 [2]. Group 3: Social and Ecological Progress - Over 1.2 billion yuan has been invested in ecological construction, with the average water quality compliance rate increasing from 33% to 89% [2]. - The resident population grew from 411,000 to 436,000, with an urbanization rate rising from 53.7% to 57.7% [2]. - The county has been recognized as a model for beautiful county construction and has been selected as a pilot for new urbanization [2]. Group 4: Future Development Strategies - The "15th Five-Year Plan" period is seen as crucial for reshaping regional competitive advantages and promoting the integration of digitalization and industrialization [4]. - The county aims to enhance industrial development by focusing on traditional industries and nurturing emerging sectors such as renewable energy and digital economy [4]. - Efforts will be made to improve the investment environment and stimulate private sector growth through reforms and support for private enterprises [5]. Group 5: Social Welfare and Quality of Life - Employment initiatives have been recognized as a model for local labor markets, with a focus on enhancing income and job security for residents [3]. - Educational resources are being expanded, with improvements in high school education quality moving from the lower to the middle-upper tier [3]. - Continuous efforts will be made to enhance social security, healthcare, and environmental quality, ensuring a stable and harmonious social environment [5].

本报记者 侯悦林 （来源：辽宁日报） 姚华明说，全力以赴优化营商环境。以坚决整治八大突出问题、加快推进"五个环境"建设为牵引，严格 落实领导干部联系企业制度，聚焦企业融资上市、招工用工、供需对接等方面出台帮扶举措，实施"扫 码入企"执法检查，综合施策改善存贷比，深挖彻查破坏营商环境的人和事，坚持说到做到、"新 官"理"旧账"，全力打造营商环境最佳口碑地级市。持续用力扩大有效需求。充分释放消费潜力，用足 用好"两新"政策，实施服务消费提质惠民行动，推进文旅体商深度融合，积极培育冰雪经济、赛事经济 等新增长点，推动热点场馆延时服务，以消费向"热"托起经济向好。努力扩大有效投资，确保建发盛海 铜冶炼一期、LNG接收站等项目按期投产，加快清洁能源高端装备产业园等项目建设进度，推动敬业 中板中厚板生产线等项目尽早开工，形成重大项目接续不断、压茬推进的生动局面。因地制宜发展新质 生产力。坚持以科技创新为引领，鼓励金辰机械、桔子数科等重点企业加大研发投入、拓展应用场景， 用活用足政府引导基金，加强对高层次人才医疗保障、子女教育等服务供给，推动更多创新成果落地生 根、更多人才创业就业。坚持以实体经济为根基，大力推进传统产业" ...

尽管改革成效显著，但资本市场高质量发展仍存在不少亟待破解的问题与挑战。一方面，资金短期化、 风险容忍度低等问题依然存在，截至2025年三季度末，公募基金、保险资金等机构投资者持有A股流通 市值占比不足20%，与成熟市场相比仍有较大提升空间。另一方面，硬科技企业由于盈利不确定性，仍 面临融资渠道不畅、估值定价偏低等现实困境，如何平衡创新风险与资本回报，成为未来改革的关键命 题。站在"十五五"的起点，资本市场需运用系统思维，持续深化投融资综合改革，在直面挑战中迈向高 质量发展。 完善"长钱长投"政策体系。健全针对公募基金、保险资金、养老金等机构投资者的长期激励机制与考核 体系，适当放宽其在权益类资产配置比例上的限制，引导资金向长期价值投资倾斜。积极推动更多长期 资金入市，通过税收优惠、风险补偿等政策工具，提升其投资A股市场的积极性，逐步提高机构投资者 持有A股流通市值占比，缩小与成熟市场的差距。 针对硬科技企业的发展困境，要建立差异化上市标准与融资渠道，允许未盈利但具有核心技术和良好发 展前景的企业在科创板等板块融资。探索多维度估值定价模型，综合考量技术壁垒、研发投入、专利数 量、市场潜力等因素，破解估值定价难题 ...