1月13日上午，工业和信息化部党组书记、部长李乐成主持召开第十八次制造业企业座谈会，深入学习 贯彻习近平总书记关于新型工业化的重要论述，贯彻落实党的二十届四中全会和中央经济工作会议精 神，聚焦实现"十五五"工业经济良好开局，听取重点行业企业情况介绍和意见建议。 会上，来自钢铁、有色、新材料、汽车、机械、船舶、轻工、医药、电子等重点行业的12家企业负责人 和中国机械工业联合会、中国石油和化学工业联合会负责同志作交流发言，介绍企业生产经营和行业发 展情况，围绕稳定经济运行、激发市场潜力、推进技术攻关、优化发展环境、加强助企帮扶等方面建言 献策。部相关司局和单位对问题诉求和意见建议现场予以回应。 转自：北京日报客户端 会议指出，当前我国工业正处于由大变强、爬坡过坎的关键阶段，在外部环境变化影响加深、内部风险 挑战增多的形势下，工业经济平稳运行压力增大。同时也要看到，我国工业经济的底盘坚实、韧性强 劲，具有超大规模市场、完整产业体系、丰富人才资源等优势，长期向好的支撑条件和基本趋势没有改 变。要坚定信心、直面问题，切实把思想和行动统一到党中央对形势的科学判断上来，牢牢锚定推动高 质量发展这个首要任务和推进新型工业化这 ...

工业和信息化部召开第十八次制造业企业座谈会 1月13日上午，工业和信息化部党组书记、部长李乐成主持召开第十八次制造业企业座谈会，深入学习 贯彻习近平总书记关于新型工业化的重要论述，贯彻落实党的二十届四中全会和中央经济工作会议精 神，聚焦实现"十五五"工业经济良好开局，听取重点行业企业情况介绍和意见建议。 会上，来自钢铁、有色、新材料、汽车、机械、船舶、轻工、医药、电子等重点行业的12家企业负责人 和中国机械工业联合会、中国石油和化学工业联合会负责同志作交流发言，介绍企业生产经营和行业发 展情况，围绕稳定经济运行、激发市场潜力、推进技术攻关、优化发展环境、加强助企帮扶等方面建言 献策。部相关司局和单位对问题诉求和意见建议现场予以回应。 会议指出，当前我国工业正处于由大变强、爬坡过坎的关键阶段，在外部环境变化影响加深、内部风险 挑战增多的形势下，工业经济平稳运行压力增大。同时也要看到，我国工业经济的底盘坚实、韧性强 劲，具有超大规模市场、完整产业体系、丰富人才资源等优势，长期向好的支撑条件和基本趋势没有改 变。要坚定信心、直面问题，切实把思想和行动统一到党中央对形势的科学判断上来，牢牢锚定推动高 质量发展这个首要 ...

会议强调，广大企业家要坚守主业，加快高质量发展。立足"两个大局"，胸怀"国之大者"，在加快自身发展的同时引领行业提质增效，以优质产 品和服务在国内外市场赢得竞争优势。深耕创新，提升核心竞争力。在提升基础研究和原始创新能力方面下苦功夫，深扎底层原理和根技术，把 创新根基和底座筑牢筑实。加强自律，打造良性生态。积极参与行业规则制定和自律机制建设，自觉抵制"内卷"，促进共赢，呵护行业发展环 境，为加快推进新型工业化、建设制造强国作出更大贡献。 部相关司局、部代管基金公司负责同志参加会议。 本文来源：工信微报 风险提示及免责条款 1月13日上午，工业和信息化部党组书记、部长李乐成主持召开第十八次制造业企业座谈会，贯彻落实党的二十届四中全会和中央经济工作会议精 神，聚焦实现"十五五"工业经济良好开局，听取重点行业企业情况介绍和意见建议。 会议指出，当前我国工业正处于由大变强、爬坡过坎的关键阶段，在外部环境变化影响加深、内部风险挑战增多的形势下，工业经济平稳运行压 力增大。同时也要看到，我国工业经济的底盘坚实、韧性强劲，具有超大规模市场、完整产业体系、丰富人才资源等优势，长期向好的支撑条件 和基本趋势没有改变。要坚定信心 ...

Core Viewpoint - The Chinese government is enhancing the comprehensive utilization of industrial solid waste as part of its solid waste management strategy, focusing on reducing waste generation and improving recycling rates [1][2]. Group 1: Waste Reduction - The initiative aims to lower the intensity of industrial solid waste generation through green design and manufacturing practices [1]. - Key industries such as steel, non-ferrous metals, and petrochemicals will be targeted for waste reduction efforts, promoting "waste-free" transformation in industrial parks and enterprises [1]. Group 2: Waste Utilization Improvement - The plan emphasizes increasing the comprehensive utilization of industrial solid waste and recycled resources, particularly focusing on typical categories like smelting slag, phosphogypsum, and red mud [2]. - The Ministry of Industry and Information Technology (MIIT) is pushing for technological advancements and industrialization in waste utilization, with a reported comprehensive utilization rate of 57% for major industrial solid waste in China [2].

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - The downstream industry is showing signs of recovery, and attention should be paid to foreign trade policy adjustments [1] - The upstream energy prices have slightly corrected, agricultural egg prices have rebounded significantly, and non - ferrous metal prices of aluminum and nickel have continued to rise [3] - In the midstream, PX prices are at a high level while polyester operating rates are low, and power plant coal consumption has decreased [4] - Downstream, the sales of commercial housing in first - and second - tier cities have rebounded beyond seasonality, and the number of domestic flights has continued to increase [5] Group 3: Summary of Related Catalogs 1. Middle - view Event Overview Production Industry - On January 12, regarding China's export of rare earths to Japan, the Chinese Foreign Ministry stated that relevant measures are taken in accordance with laws and regulations [1] - Also on January 12, the China Chamber of Commerce for Import and Export of Machinery and Electronic Products believes that the "soft landing" of the EU's anti - subsidy case on Chinese electric vehicles is conducive to the stability of the industrial chain and supply chain [1] Service Industry - The State Administration for Market Regulation will conduct an investigation and evaluation on the market competition of the food delivery platform service industry due to issues such as subsidy and price competition [2] 2. Industry Overview Upstream - Energy: International crude oil and liquefied natural gas prices have slightly corrected [3] - Agriculture: Egg prices have rebounded significantly [3] - Non - ferrous metals: Aluminum and nickel prices have continued to rise [3] Midstream - Chemical industry: PX prices are high, and polyester operating rates are low [4] - Energy: Power plant coal consumption has decreased [4] Downstream - Real estate: The sales of commercial housing in first - and second - tier cities have rebounded beyond seasonality [5] - Service: The number of domestic flights has continued to increase [5] 3. Key Industry Price Indicators - On January 12, prices of various products showed different trends, such as a 7.20% year - on - year increase in egg prices, a 4.49% increase in aluminum prices, and a 3.14% increase in WTI crude oil prices [38]

Group 1 - The core viewpoint of the report is that the recent surge in the A-share market, with the Shanghai Composite Index surpassing 4100 points, is driven by a concentration of funds entering the market due to a "bullish sentiment" among investors [1] - The current market heat is high based on volume and price indicators, but there are no signs of weakening sentiment indicators yet [1] - The rotation and fluctuation of thematic and small-cap stocks are expected to continue until around the Two Sessions, after which the market will likely return to being driven by fundamentals [1] - For allocation-focused funds, the current market excitement is not the right time to chase hot stocks, with a critical structural adjustment decision window expected from late March to April [1] - It is essential to consider where sustainable "big money" (allocation-focused funds) will flow, and to hold or increase allocations during market volatility [1] Group 2 - The report suggests enhancing allocations in sectors with improved pricing power in resources and traditional manufacturing, while also considering non-bank financials that align with consensus [1] - The firm maintains a strategy focused on "earning from performance rather than expecting valuation gains," favoring industries such as chemicals, non-ferrous metals, power equipment, new energy, and engineering machinery under the logic of improved pricing power [1] - Additionally, the report is optimistic about the insurance and brokerage sectors, given the backdrop of RMB appreciation, improved supply dynamics, and potential for globalization [1]

Core Viewpoint - The State Council's policy briefing on January 13 highlighted the progress and future plans for the Comprehensive Solid Waste Management Action Plan, emphasizing the importance of industrial solid waste utilization during the 14th Five-Year Plan period [1] Group 1: Industrial Solid Waste Utilization - The Ministry of Industry and Information Technology (MIIT) reported that the comprehensive utilization rate of major industrial solid waste in China has reached 57% [1] - MIIT aims to reduce the intensity of industrial solid waste generation by promoting green manufacturing at both the production front and during the manufacturing process [1] - Key industries targeted for waste reduction include steel, non-ferrous metals, petrochemicals, and chemicals [1] Group 2: Future Initiatives - MIIT plans to enhance the comprehensive utilization level of industrial solid waste and recycled resources, focusing on transforming waste into valuable resources [1] - The ministry will strengthen the comprehensive utilization of major industrial solid waste and actively promote the research and industrialization of advanced utilization technologies [1] - There will be a continuous selection of advanced applicable process technology and equipment for industrial resource utilization, along with efforts to enhance supply-demand matching and promote the application of advanced technologies [1]

Group 1: Hot News - Trump denied his involvement in the Justice Department's subpoena to the Federal Reserve and said Fed Chair Powell's performance was poor [2] - Guangzhou Futures Exchange warned of market uncertainties and price fluctuations, and will strengthen supervision [2] - Shanghai Gold Exchange notified significant price fluctuations in precious metals and advised risk prevention [2] - The Australian government plans to buy and stockpile key minerals worth A$1.2 billion from local miners [2] Group 2: Sector Performance - Key commodities to watch: silver, caustic soda, tin, nickel, PVC [3] - Night - session performance: non - metallic building materials rose 2.05%, precious metals 32.45%, etc. [3] Group 3: Sector Position - Shows the five - day change in commodity futures sector positions from January 6 - 12, 2026 [4] Group 4: Major Asset Performance - Equity: Shanghai Composite Index rose 1.09% daily, 4.95% monthly and yearly; other indices had various performances [5] - Fixed - income: 10 - year Treasury futures rose 0.06% daily, - 0.01% monthly and yearly; others had different changes [5] - Commodities: CRB Commodity Index rose 0.85% daily, 1.76% monthly and yearly; other commodities also had different performances [5] - Others: the US Dollar Index fell 0.24% daily, rose 0.64% monthly and yearly; CBOE Volatility was flat daily, fell 3.08% monthly and yearly [5] Group 5: Stock Market Risk Preference and Commodity Trends - Displays the trends of major commodities such as BDI, CRB index, WTI crude oil, etc. [6]

Core Insights - The A-share market has seen a significant increase in trading volume, reaching a record high of 36,449.71 billion yuan as of January 12, with an increase of over 4,900 billion yuan from the previous trading day [1][4] - Analysts suggest that the Chinese stock market is likely to stabilize and surpass important thresholds, supported by three main factors: anticipation of a new Federal Reserve chair, continued inflow of incremental funds, and policy measures aimed at stabilizing investment and the real estate market [1][4] Market Trends - The anticipated announcement of the new Federal Reserve chair is expected to create optimism regarding potential interest rate cuts in the U.S. by 2026, which may enhance overseas liquidity and support the stability and appreciation of the yuan [1][4] - The influx of funds represented by the A500 ETF and the "opening red" from insurance capital is expected to solidify liquidity in the market [1][4] - The Chinese government has emphasized the need to stabilize investment and improve expectations in the real estate market, indicating a potential increase in policy support for growth [1][4] Investment Opportunities - The technology sector, non-bank financials, and cyclical sectors are viewed positively. The technology growth sector is expected to see performance upgrades, particularly in domestic computing power and AI applications [2][5] - Non-bank financials are likely to benefit from increased wealth management demand and the movement of household deposits, with a focus on insurance and brokerage firms [2][5] - Cyclical sectors are currently undervalued, with signs of marginal improvement in economic conditions, suggesting potential opportunities in tourism, hospitality, consumer goods, and resource products like metals and chemicals [2][5][6] Thematic Focus - The environment for thematic trading is expected to improve, with a focus on AI applications, robotics, commercial aerospace, and domestic consumption as key areas of interest [2][6]

Group 1 - The core viewpoint is that the current AI+ high beta still has support, but a more balanced investment approach is recommended, focusing on performance improvements in AI hardware and opportunities in AI application sectors with lower institutional positions [1] - The first year of the 14th Five-Year Plan should emphasize new themes transitioning to main lines, such as commercial aerospace and brain-computer interfaces [1] - The current market trend is characterized by a dual focus on technology and cycles, with price increase clues and anti-involution support making cyclical styles promising [1] Group 2 - The hardware cycle discussion highlights the concept of "stronger becoming stronger" and the potential for valuation digestion if ΔG shows signs of weakness, although no significant turning point for ΔG has been observed yet [1] - The 2000 US tech bubble serves as a reminder that during the bubble formation phase, many tech companies experienced rapid valuation increases disconnected from actual profitability, driven by blind expectations and emotions [2] - The "6+6" model illustrates the process from bubble to disillusionment, emphasizing that true market survivors possess technological leadership, clear profit paths, and sound capital management [2] Group 3 - The end of the mobile internet era in A-shares from 2013 to 2015 reflects a similar disconnect between valuation and profitability, with weak macro cycles leading to concentrated trading in high-demand sectors [3] - The acceleration of leveraged funds contributed to a lack of safety margins in valuations, and the sustainability of industry competition and business models became critical considerations post-bubble [3]