转自：新华财经 2026年1月，山东省菏泽市工业用电量以163042万千瓦时、18.42%的同比增速跃居全省第五位。此外， 来自国网菏泽供电公司的数据显示，今年1月份，全市工业用电量完成16.30亿千瓦时，同比增长2.54亿 千瓦时，增幅18.42%；从区县来看，菏泽市10个县区工业用电量全部实现同比正增长，其中郓城县、 曹县、单县工业用电量同比增长较多，展现出强劲的增长韧性。 工业用电量的逆势增长，从来不是数字的偶然攀升。春节前后，菏泽市重点企业以"不停工、不停产、 不停步"的奋进姿态，让工业用电的"体温计"精准感知经济脉动，用一线攻坚的扎实行动，全力推进工 业高质量发展。 这种忙碌直接体现在电表不断跳动的数字上。作为典型的制造业企业，电力是维持生产线运转的"口 粮"。 走进鲁西新区精进电动科技（菏泽）有限公司，电驱动核心零部件生产线高速运转，机械臂精准作业， 工人们争分夺秒赶制订单，企业满负荷生产的背后，是新能源产业用电需求的持续攀升。在鲁西新区齐 翔华利新材料有限公司，技术人员正忙碌地监控着全球首套碳四氧化加氢法甲基烯丙醇装置、国内首套 碳四法MMA工业示范装置的运行状况，春节期间企业坚持正常生产，高端 ...

美联储公布的最新会议纪要显示，与会者预计通胀率将逐步下降至2%的目标水平，但下降的速度和时间仍不确定。部分与会者认为，在通胀率偏高的情 况下进一步降息，可能会削弱市场对美联储通胀目标承诺的信心。 欧美股市集体上涨 数据显示，当地时间2月18日，美股三大指数集体上涨。截至收盘，道指涨0.26%，纳指涨0.78%，标普500指数涨0.56%。 当地时间2月18日，欧美股市迎普涨行情。美股三大指数集体收涨，英国富时100指数、法国CAC40指数盘中双双创出历史新高。 大宗商品市场方面，贵金属价格、油价携手上涨。 北京时间2月19日凌晨，美联储披露的1月货币政策会议纪要显示，美联储内部对货币政策未来走势分歧明显。 一些与会者认为，如果通胀如预期下降，可能适合进一步降息；一些与会者认为，若通胀率持续高于2%（美联储目标通胀率），则可能适合加息；还有 一些与会者认为，在通胀率偏高的情况下进一步降息，可能会削弱市场对美联储通胀目标承诺的信心，从而使通胀率上行的预期更加"根深蒂固"。 对于通胀前景，与会者预计，通胀率将逐步下降至2%的目标水平，但下降的速度和时间仍不确定。关税对核心商品价格的影响今年可能开始减弱。大多 数与会 ...

如果美国衰落，还轮得到犹太资本陪葬？ 这群金融圈最精明的掘金者，早已用脚投票，把美元留在记忆里，把资产转进了两片新战场：以色列和中国。 我们看到的不过是冰山一角，真正的大动作，早就悄悄发生了。 美元的衰败，背后躺的是美国基本面的空心，而犹太资本，向来只看价值和走势，不讲情怀。 2026年1月9日，美国债务飙破38.4万亿美元，这已经不是"负债累累"，而是"生来为债"，靠发新债偿旧债，一睁眼就是"借明天的钱活今天"。 美国买得多、卖得少。美国的制造业跑了，自己干不出啥货，全球化收割也走到头。它越来越像个炒股失败的中产：账上空空，期望高高。 于是全球资本开始自问我手里这些美元资产，还靠得住吗？ 美债遭减持，美元作为全球结算货币的"金身"开始锈蚀。曾经支撑"石油美元"帝国的基石，如今也开始动摇。 这背后最先做出反应的，就是犹太资本，他们是华尔街引擎，是"美元体系"的最大动力源。资本逐利而不讲感情，只要美国不再是最安全的地方，他们会毫 不犹豫换地方。 所以，今天我们看到犹太资本在两条战线上布局：一条回归血脉，投向"精神祖国"以色列；另一条直奔东亚，将战略目光深锁中国。 以色列，从地理上看，它盘踞在中东关键节点；从资源 ...

Core Viewpoint - The article reflects on the significance of returning home during the Chinese New Year, emphasizing the emotional connection to one's roots and the changes in the hometown over time [2][4]. Group 1: Personal Growth and Nostalgia - Personal growth is intertwined with the changes in one's hometown, highlighting the transformation of familiar places and the nostalgia associated with them [6][10]. - The anticipation of the Spring Festival is a central theme, with descriptions of traditional preparations and family gatherings that evoke a sense of warmth and belonging [7][8]. - The author notes the contrast between the past and present, where familiar streets have modernized while retaining their essence, showcasing the blend of tradition and contemporary life [11][12]. Group 2: Economic and Urban Development - Ningbo's recent development is marked by an optimization and upgrading of its industrial structure, with a projected GDP of 18,716 billion yuan in 2025, reflecting a growth rate of 4.9% [20]. - The city has transitioned from a manufacturing and port trade focus to a more diversified economy, with examples of local businesses adapting to new market demands, such as cross-border e-commerce and high-end battery manufacturing [22]. - Urban transformation is evident in the revitalization of old streets and the emergence of modern districts, blending historical charm with contemporary vibrancy [23]. Group 3: Cultural Significance and Family Values - The essence of returning home is encapsulated in family reunions during the New Year, where traditional dishes symbolize cultural heritage and familial bonds [26][31]. - The values of the "Ningbo Gang," emphasizing integrity and patriotism, are highlighted as integral to the community's identity and are passed down through generations [28]. - The article concludes with a hopeful message about the future of Ningbo, encouraging a continued connection to cultural roots amidst ongoing change [32][33].

今日问题 1.本次粉丝互动活动将从2月16日（除夕）持续到2月21日（正月初五），中证君每日将发布一道互动问题。 今日奖与 43 5 三十八 活动规则 以下哪只股票不是马年概念股? A.海马汽车 B.万里马 C.飞马国际 D.宁德时代 2. 今天的互动问题自发布之时起，截至今天24时，在本文评论区留下你的答案。答对问题，即有机会获得奖品。前10位答对的粉丝将有机会赢取精美礼 品。 3. 每日中奖名单公布后，幸运的粉丝会收到中证君的私信，请及时回复收件人真实姓名、联系方式和收件地址，以上所有个人信息仅后台可见。奖品将于 春节后一周内安排寄送，请您耐心等待。 4.为保障更多读者权益，同一账号仅限参与本次活动一次（即微信号、收货人姓名、收货地址、手机号任两个相同，均视为同一用户） 5. 本活动最终解释权归中国证券报所有。 ...

中证报中证网讯（记者 郑萃颖）近日，证监会指导沪深北证券交易所发布"污染物排放""能源利用""水资源利用"三个环境议题披露指南。上市公司ESG信息 披露规则进一步完善。 国新证券表示，此次发布是专项应用指南的精准补位，针对高耗能、高排放行业的核心披露痛点，明确了具体指标的核算方法、数据来源与披露格式。 登录新浪财经APP 搜索【信披】查看更多考评等级 首先，披露范围强制性扩容，首次明确划定强制信息披露企业范围，同时A股赴港上市热潮也进一步扩大了强制信息披露企业群体。其二，披露内容的体系 化完善，《指南》明确构建21个核心议题的披露框架，涵盖环境、社会、治理三大维度，其中环境维度新增碳排放强度、污染物排放总量等量化指标。其 三，披露标准的国际化接轨与本土化创新，在借鉴ISSB准则双重重要性原则、价值链披露等核心要求的基础上，新增乡村振兴等中国特色指标，形成兼具 国际兼容性与本土适配性的披露标准。 不同行业因业务特性、环境影响程度、社会关联度的差异，在ESG披露中的核心议题存在显著差异，需采取差异化应对策略。如高耗能行业以碳管理为核 心，构建全流程碳核算体系，细化污染物与能源利用披露，完善ESG治理与供应链协同； ...

科创板IPO（首次公开募股）流程严格遵循中国证监会、上海证券交易所（上交所）的监管要求，覆盖从前期筹备到上市后持续 监管的全周期。以下是所有核心环节的详细拆解，按时间顺序梳理： 一、前期筹备阶段（Pre-IPO） 1. 企业自我评估与战略决策 科创板IPO需4类核心中介协同： 3. 初步尽职调查与问题整改 二、辅导备案与辅导阶段 1. 辅导备案 企业与保荐机构签订《辅导协议》后，向当地证监局提交辅导备案材料（包括辅导方案、中介机构资质等），证监局受理 后启动辅导期（通常≥3个月）。 2. 辅导实施 3. 辅导验收 三、申报与受理阶段 1. 申报材料制作 对照科创板定位（"硬科技"：新一代信息技术、高端装备、新材料、新能源、节能环保、生物医药等6大领域+符合科创属 性指标），评估是否符合上市条件。 决策层确定IPO目标，成立上市工作小组（由高管、财务、法务、券商等组成）。 2. 选聘中介机构 保荐机构（主承销商）：负责整体协调、尽职调查、申报材料制作及后续发行承销（必须是证券公司，且具备保荐资 格）。 会计师事务所：负责财务审计（需具备证券期货相关业务资格）、内控鉴证。 律师事务所：负责法律合规审查、出具法律意 ...

2026年初的欧洲政坛弥漫着不同寻常的紧张气氛。 2月11日，法国政府智库"高等战略与规划委员会"发布了一份引发轩然大波的研究报告。该份报告直指 中国工业体系拥有"欧洲难以复制的优势"，其能源与用地成本比欧洲低30%至40%，高度一体化的产业 链和规模经济形成系统性竞争优势，甚至提出建议，主张对中国商品全面加税30%。这份被媒体解读 为"新广场协议"雏形的报告 与之相对，这德国总理默茨同日强调"反对狭隘保护主义""向中国学习"的演讲形成尖锐对立，将欧盟内 部关于中国政策的矛盾彻底公开化。 截止2025 年11 月, 中国与欧盟货物贸易进出口额为691.9亿美元 经济安全与市场开放的路线之争 目前法国推动的"欧洲优先"战略正在具体化为三项关键的措施：即将于下月公布的《工业加速法案》规 定了产品中"欧洲含量"的最低比例；针对关键领域外国投资的新限制条款，要求共享技术、雇佣当地工 人并与欧洲企业建立合资企业；以及对华贸易的"精准限制"清单。 这些政策背后是冰冷的数据——欧盟55%的制造业面临着来自中国的竞争消压力，其中德国受影响程度 达70%，法国则为36%。中国电动车在欧洲市场份额从5年前的3%飙升到了18%，直 ...

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]

Core Insights - The global industrial landscape is undergoing a systematic restructuring driven by unilateralism and protectionism, particularly from the U.S., leading countries to reassess and localize their industrial strategies to mitigate external risks [2][3]. Group 1: Characteristics of Industrial Restructuring - The restructuring is characterized by a shift from global integration to regionalization and a "1+N" multi-point layout, as countries seek to diversify production bases to enhance supply chain resilience. For instance, China's share of U.S. imports decreased from 21.6% in 2017 to 13.4% in 2024, while Mexico and Vietnam saw increases [3]. - The industrial value creation is transitioning from traditional manufacturing to service-oriented and green industries, with high-value services becoming integral to the industrial value chain. China's exports of new energy vehicles, lithium batteries, and photovoltaic products surged from 284.4 billion yuan in 2020 to 1.28 trillion yuan by 2025, a 3.5-fold increase [4]. - The technological innovation landscape is shifting from a unipolar to a multipolar model, with the U.S. leading in AI and high-end semiconductors, while the EU excels in green technology. This has led to a complex competitive environment where countries must invest heavily in independent R&D due to increasing technological barriers [7][12]. Group 2: Organizational and Regulatory Changes - The role of state intervention in industrial organization is becoming more pronounced, with countries employing strategic policies to influence industrial layouts. The U.S. and EU are using subsidies and regulations to shape their industrial ecosystems, leading to a competitive model centered around "chain master" enterprises [8][13]. - The weakening of traditional multilateral frameworks like the WTO is giving rise to a proliferation of regional trade agreements, which often include specific provisions for critical sectors like semiconductors and renewable energy, embedding values and standards into trade rules [8][13]. Group 3: Implications for China - To adapt to these profound changes, China must enhance its resilience and competitiveness by establishing itself as an indispensable hub in the global supply chain, leveraging its vast domestic market to attract high-end production factors [14]. - The focus should be on developing new productive forces and optimizing industrial structures, particularly by integrating productive services into the entire value chain to increase added value and expanding green exports [14][15]. - Strengthening technological advantages through foundational and original innovations is crucial, particularly in key areas like chip design, to overcome technological barriers and establish leadership in international standards [15][16].