Profit Growth Overview - In 2025, the cumulative year-on-year profit growth rate for industrial enterprises was 0.6%, with December showing a significant increase of 5.3% compared to November's -13.1%[1] - The profit recovery is characterized as a "V-shaped" rebound, driven by improved production activity, narrowing PPI declines, and a substantial recovery in profit margins[1][4] Contributing Factors - The increase in profits is attributed to a combination of rising production volumes, improved pricing environments, and enhanced profit margins, with December's profit margin rising from 5.29% to 5.31%[5] - The industrial added value in December rose to 5.2%, up from 4.8% in November, indicating improved industrial production activity[5] Sector Performance - The profit share of upstream and midstream industries increased to 29.6% and 53.7%, respectively, while the downstream sector saw a slight decrease to 16.7%[6] - Upstream sectors like coal mining and non-ferrous metals showed strong profit recovery, while downstream sectors like automotive and food experienced profit contractions[6][14] Revenue Trends - Cumulative revenue growth for industrial enterprises in 2025 was 1.1%, with December showing a decline of 3.2%, indicating ongoing challenges in end-demand recovery[10] - The inventory growth rate for industrial finished products was 3.9%, signaling a shift from replenishment to destocking as companies respond to weak demand[10] Future Outlook - The sustainability of profit recovery is contingent on the strengthening of domestic demand and the continued effectiveness of policy measures[15] - Risks include external uncertainties and the potential for domestic demand recovery to fall short of expectations[16]

人民财讯1月27日电，据海螺集团消息，2026年1月26日下午，海螺集团党委书记、董事长杨军一行到华 为公司调研交流，与华为公司董事、CEO任正非就建材行业AI大模型、行业未来发展及国际化等话题 进行了交流。 ...

- The report highlights the performance of eight major stock selection factors across different stock pools (All A-shares, CSI 300, CSI 500, and CSI 1000). Among these, the value factor (17.88%) and size factor (11.88%) showed strong IC mean performance, while reversal and quality factors performed relatively weaker[54][55][66] - Small-cap value style dominated the market, with the small-cap size factor performing strongly across the entire market. Value factors also showed positive performance, indicating a market preference for low valuation stocks. Additionally, technical and low-volatility factors performed well, while consensus expectation factors weakened due to reduced focus on high-performance expectation sectors[54][55][66] - The report provides detailed definitions for various factors, such as size (logarithm of market capitalization), value (e.g., book-to-price ratio, earnings-to-price ratio), growth (e.g., net income growth), quality (e.g., ROE, gross margin), consensus expectation (e.g., changes in expected EPS), technical (e.g., volume skewness), volatility (e.g., 60-day return standard deviation), and reversal (e.g., 20-day return)[66][67] - The report also tracks the performance of convertible bond selection factors, which are constructed based on the relationship between convertible bonds and their underlying stocks. Factors include stock consensus expectation, stock value, and convertible bond valuation (e.g., parity premium rate). Among these, stock consensus expectation and stock value factors achieved higher IC mean values in the past week[59][60][62]

山东将因地制宜发展先进陶瓷、高性能纤维及复合材料等先进无机非金属材料，形成新的竞争优 势。支持有条件市地发展低碳胶凝材料等新型建材，鼓励钙基新材料等新产品开拓市场。支持企业开展 先进晶体材料、复合纤维材料等小试、中试平台建设，加快科技成果转化落地。 据了解，在新型低碳水泥、钙基新材料、光伏玻璃等领域，山东将省市县一体谋划招引延链补链项 目，对建材领域36个2025年入库的"千项千亿"项目、81个技改重点导向目录项目的建设情况进行排档调 度，对38个投资过亿元的2026年建材稳增长项目进行跟踪推进，积极招引中国建材、中国铝业等央企在 鲁布局新项目和接续项目。（记者 付玉婷） 省工业和信息化厅、省财政厅、省住房城乡建设厅近日联合出台《山东省建材行业稳增长工作方 案》，强化建筑卫生陶瓷、建筑保温材料、防水卷材、新型墙体材料等新型建材产品的市场开拓能力， 进一步提升行业智能化、绿色化、融合化发展水平。 山东将推动行业积极应对低端产品过剩、高端供给不足、行业内卷竞争的困局，引导企业丰富产品 品种、提升产品品质、增强品牌影响力。支持普通水泥改特种水泥，增加海工、油井、核电水泥等差异 化产品，推动石材企业开发高端装饰板材等 ...

Core Viewpoint - The Guangdong province is focusing on enhancing traditional industries and building strong industrial clusters, with Yunfu city showing significant economic growth and development in various sectors, particularly in modern agriculture, green building materials, and metal manufacturing. Economic Growth - Yunfu's GDP has crossed three hundred billion thresholds during the 14th Five-Year Plan period, with local fiscal revenue increasing by 40%, loan balances by 50%, industrial output by 60%, electricity consumption by 70%, and market entities by 80% [1] - By 2025, Yunfu is expected to rank in the top ten for growth in 12 out of 21 major economic indicators in Guangdong province [1] Traditional Industries - Yunfu is recognized for its strong foundation in traditional industries, particularly in modern agriculture, green building materials, and metal manufacturing, aiming to create three trillion-yuan industrial clusters [1][2] - The modern agriculture cluster has surpassed one hundred billion yuan in output, with significant contributions from leading companies like Wens Foodstuff Group [2] Green Building Materials - Yunfu is transitioning from a building materials city to a strong building materials city, with a projected output value exceeding 720 billion yuan by 2025 [3] - The city has formed a green building materials industry alliance to adapt to market changes and enhance growth [3] Metal Manufacturing - Yunfu is a major player in the metal manufacturing sector, particularly known for its stainless steel kitchenware, holding over 45% of the market share in Europe and the U.S. [4] - The city is developing a 44,000-acre metal manufacturing technology park, with significant investments from major projects totaling 150 billion yuan [4] - The metal manufacturing industry has seen a cumulative growth of 154% over four years, with a projected output value of over 640 billion yuan by 2025 [4] Digital Transformation - Digital transformation is identified as a key strategy for cost reduction and efficiency improvement, with companies like Lingfeng Group implementing comprehensive upgrades across their operations [5] - The digital initiatives have resulted in a 60% increase in production capacity, a 50% improvement in efficiency, and a 35% reduction in inventory and unit costs [5] - Recommendations for promoting digital transformation include targeted policy support, talent acquisition, infrastructure improvement, and collaboration between manufacturing enterprises and research institutions [6]

专家交流：双碳政策有哪些新变化，对建材化工行业有什 么影响？20260126 摘要 中国正从能耗双控转向碳排放双控，要求高碳项目进行环评和探评，并 建立地方碳排放考核机制，将国家达峰目标分解至各省市，重点管控电 力、钢铁、有色、建材、石化化工等八大行业。 全国碳市场已纳入 3,770 家企业，预计 2027 年将达 8,000 家，覆盖电 力、水泥、钢铁、铝等行业，未来还将纳入化工、石化、有色金属等， 这些企业需严格遵守国家规定的碳排放配额。 2027 年全国碳市场预计纳入约 8,000 家企业，其排放量占全国总排放 量的 80%左右，其余企业可通过自愿减排市场（CCR）参与，通过减排 行动获取收益。 钢铁行业在 2024-2026 年为适应过渡期，2027 年开始正常发放配额， 初期配额宽松，惩戒幅度不超过 3%，后期将收紧配额，化工行业预计 2027 年进入碳市场，初期免费发放配额，未来或过渡到有偿分配。 国内碳市场价格波动，目前约 81 元/吨，高峰时超 100 元，未来 2-3 年 预计波动范围为 80-150 元/吨，各行业可据此测算成本压力，如合成氨 等化工产品每吨成本增加几十至一两百元。 Q&A ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes technological self-reliance, modern industrial system construction, and high-level opening-up, aligning closely with Guangdong's economic development needs [1][3]. Group 1: Proposals for Economic Development - During the Guangdong Two Sessions in 2026, proposals were made to leverage the "14th Five-Year Plan" to address development bottlenecks and cultivate new productive forces [1][3]. - Key proposals include enhancing open cooperation, promoting industrial upgrades, and utilizing low-carbon computing and AI systems to empower economic development [1][4]. Group 2: Directions for Industrial Upgrade - Three main directions for activating new industrial upgrade momentum were proposed: deepening open cooperation, transforming traditional industries, and cultivating emerging future industries [3][4]. - In open cooperation, suggestions include leveraging the "Belt and Road" initiative to enhance international collaboration and optimize export-import channels for high-value products [4][5]. - For traditional industry upgrades, the focus is on integrating AI and green technologies to improve efficiency and sustainability in sectors like home appliances and textiles [4][5]. - Emerging industries such as low-altitude economy and biomanufacturing are highlighted, with specific targets for growth and development by 2027 [5][6]. Group 3: Empowering Development through AI and Computing - The proposal emphasizes the importance of low-carbon computing as a core production factor, suggesting three practical paths for its integration into industrial upgrades [5][6]. - The first path involves establishing a collaborative ecosystem for low-carbon distributed intelligent computing nodes, leveraging local resources and technologies [5][6]. - The second path focuses on creating a trusted data space to drive AI applications in healthcare, enhancing data management and operational efficiency [6]. - The third path explores integrating AI into urban renewal processes, improving planning, construction, and operational efficiency through intelligent systems [6]. Group 4: Policy Environment and Future Outlook - Guangdong's strong manufacturing base, innovative ecosystem, and large market size position it well to capitalize on the "14th Five-Year Plan" policies [6]. - Ongoing initiatives like the construction of a national computing hub in the Guangdong-Hong Kong-Macao Greater Bay Area are expected to provide a favorable policy environment for these proposals [6].

中经记者 赵毅 广州报道 "十五五"规划聚焦科技自立自强、现代化产业体系建设、高水平对外开放等核心任务，与广东经济发展 需求高度契合。 2026年广东两会期间，围绕如何充分释放"十五五"规划红利，破解发展瓶颈、培育新质生产力，广东省 政协委员、广州市工商联副主席、华安达实业有限公司董事长丘育华带来两份针对性提案，分别从深化 开放合作、推动产业升级、布局未来产业及利用低碳算力与AI体系赋能等维度，为广东经济高质量发 展建言献策，助力经济大省向经济强省跨越。 作为经济大省，广东制造业基础雄厚、数字经济领先、开放优势突出，但也面临核心技术瓶颈、区域发 展不均、产业升级压力等挑战。 传统产业升级方面，丘育华主张以智能、绿色双擎驱动，运用人工智能深度渗透家电、陶瓷等传统产业 生产全流程，通过AI质检、智能调度与柔性生产系统提升效率与精准度；同时聚焦工艺革新与循环发 展，在纺织业推广无水染色技术，建材企业打造绿色工厂，形成全链条低碳生产模式，推动传统产业从 规模扩张向质量效益转型。 新兴与未来产业布局上，重点聚焦低空经济与生物制造两大赛道。建议依托国家级低空经济创新发展试 点政策，简化飞行计划申报审批流程，借助大湾区区位 ...

证券研究报告 | 宏观定期报告 2026 年 01 月 26 日 金属价格为何如此繁荣 显微镜下的中国经济（2026 年第 3 期） 频率：每周 目前金属价格繁荣是供给逻辑的结果，新一轮技术革命的迹象越来越明显，那 么未来商品价格上涨可能会转换为需求逻辑，这意味着当前较弱的能源产品价 格也会重新进入上升通道。 风险提示：地缘政治风险、国内政策落地不及预期、全球衰退及主要经济体货 币政策超预期。 定期报告 相关报告 1、《央国企动态系列报告之 56 ——地方国资会议定调改革深 化，多元布局培育新质生产 力》2026-01-25 2、《地缘紧张此起彼伏——— 国际时政周评》2026-01-25 3、《开年投资呈现积极迹象— 显微镜下的中国经济（2026 年 第 2 期）》2026-01-19 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 1 月 26 日，以有色金属为代表的资源品价格继续创新高。其中，伦敦现货黄 金价格一度突破 5100 美元/盎 ...

Market Overview - The Hang Seng Index closed at 26,750, up 0.45% for the day and 4.37% year-to-date[3] - The Nikkei 225 Index rose 0.29% to 53,847, with a year-to-date increase of 6.97%[3] - The S&P 500 Index ended at 6,916, with a slight increase of 0.03% and a year-to-date gain of 1.02%[3] Commodity and Currency Insights - Gold prices reached a historic high, surpassing $5,000 per ounce, driven by geopolitical tensions[13] - The Japanese yen rebounded strongly, with significant daily gains, as the market anticipates potential government intervention[13] Sector Performance - The commercial aerospace sector saw significant gains, with JunDa shares rising over 51% following the launch of six platforms aimed at accelerating satellite development[9] - The photovoltaic sector also performed well, with notable increases in stocks like KaiSheng New Energy (up 14.44%) and Xinyi Solar (up 11.15%) due to support from Tesla's CEO for solar energy development[9] U.S. Market Dynamics - The U.S. stock market showed mixed results, with the Nasdaq and S&P 500 slightly up, while the Dow Jones fell nearly 0.6%[9] - Notable individual stock movements included Goldman Sachs dropping nearly 4% and Nvidia rising 1.5%[10] Economic Indicators - Japan's core CPI for December 2025 rose 2.4%, aligning with expectations, while the manufacturing PMI for January 2026 increased to 51.5, indicating expansion[13]