Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of a major grid project by the National Development and Reform Commission, marking a new phase of market competition [4][39]. - The new energy vehicle market shows strong momentum, with major manufacturers like BYD and NIO reporting substantial year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported significant delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD leading with 210,051 units [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, will push companies towards innovation and sustainable competitiveness [45]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust market activity [4]. - The approval of the first major grid project under the "14th Five-Year Plan" signifies a positive outlook for the electric power sector [4]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

1、道指历史首次站上5万点！中概股指数涨超3%，白银、比特币集体暴涨 类型：市场 情绪影响：正面 上周五全球资产集体爆发，标普500指数迎来自去年5月以来的最大单日涨幅，道指也历史性地站上了5 万点关口。英伟达单日涨超7%，市值增加超3200亿美元，纳斯达克中国金龙指数大涨3.71%。代表着极 致风险偏好的现货白银周五反弹近10%，比特币也涨近12%。 2、商业航天突传大消息！我国成功发射可重复使用试验航天器 类型：行业 盘前要闻 情绪影响：正面 2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复使用试验航天器。试 验航天器将按计划开展可重复使用试验航天器技术验证，为和平利用太空提供技术支撑。有分析指出， 随着2026年我国可重复使用试验航天器技术验证的成功，商业航天有望步入高频发射常态化阶段。 3、国常会研究促进有效投资政策措施，深入谋划实施一批重大举措、重大项目 类型：宏观 情绪影响：正面 上周五晚间国常会提出，促进有效投资对于稳定经济增长、增强发展后劲具有重要作用。在基础设施、 城市更新、公共服务、新兴产业和未来产业等重点领域，深入谋划推动一批重大项目、重大工程。要更 好发挥央国 ...

（二）行业掘金 1、据新华社报道，2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复 使用试验航天器。试验航天器将按计划开展可重复使用试验航天器技术验证，为和平利用太空提供技术 支撑。据悉，长征二号F运载火箭是中国航天科技集团公司所属中国运载火箭技术研究院抓总研制的一 种大型两级捆绑式助推器运载火箭。回顾此前，去年9月6日，我国在酒泉卫星发射中心成功发射的可重 复使用试验航天器在轨飞行268天后，成功返回预定着陆场。该航天器于2023年12月14日发射，执行任 务的同样为长征二号F运载火箭。 点评：随着太空资源竞争日益激烈，卫星互联网已成为全球科技竞争的新高地。未来太空经济将会成为 一个新的产业领域，涉及到卫星通信、卫星导航、卫星遥感、太空旅游等多个方面。星地通信产业预计 到2030年将达到2000亿元至4000亿元，年均复合增长率在10%-28%之间。星地通信产业正站在从"概念 验证"向"规模化应用"的关键转折点，随着技术成熟、成本下降和应用场景拓展，未来十年将形成"天地 一体、万物互联"的新型通信格局，成为推动数字经济高质量发展的重要引擎。概念股包括广联航空、 银邦股份、天银机电等 ...

Group 1 - Premier Li Qiang emphasized the need for significant initiatives and projects to achieve breakthroughs in developing new productive forces, strengthening domestic circulation, and promoting income growth for residents [1] - The State Council meeting focused on integrating annual work with the five-year plan, ensuring that long-term goals are reflected in annual deployments [1] Group 2 - The People's Bank of China and seven other departments issued a notice to upgrade regulations on virtual currency, maintaining a prohibitive stance on virtual currencies and clarifying the nature of stablecoins and tokenization of real-world assets [2][3] - The China Securities Regulatory Commission (CSRC) announced strict regulations for the issuance of asset-backed securities tokens based on domestic assets abroad, requiring companies to file with the CSRC and adhere to various legal and regulatory requirements [3][10] Group 3 - The Ministry of Industry and Information Technology (MIIT) initiated the construction of national computing power interconnection nodes to enhance overall computing power levels, aiming for standardized interconnection and efficient application of computing resources [4] - The national computing power interconnection node system will support regions and key industries with high demand for computing power, implementing a unified identification mechanism for resource integration [4] Group 4 - The People's Bank of China reported a continuous increase in gold reserves for the 15th consecutive month, with reserves reaching 7.419 million ounces by the end of January 2026, and foreign exchange reserves rose to $339.91 billion, marking a 1.23% increase [5] - The foreign exchange reserves have been consistently above $3.3 trillion for six months, reflecting a significant upward trend since July 2025 [5] Group 5 - A research team from Northwestern Polytechnical University announced a breakthrough in brain-machine interface technology, successfully addressing key challenges such as brain tissue damage and signal attenuation [6][7] - This advancement opens new pathways for clinical applications and aerospace utilization of brain-machine interfaces, showcasing China's innovation in micro-electromechanical systems (MEMS) [7] Group 6 - China successfully launched a reusable experimental spacecraft, which will conduct technology verification for reusable spacecraft, providing technical support for the peaceful use of space [8] - Recent trends indicate a resurgence in commercial aerospace concepts, with increased market activity and investment interest [8] Group 7 - Tesla is reportedly evaluating multiple sites in the U.S. to expand its solar battery manufacturing capabilities, aiming for an annual production capacity of 100 gigawatts within three years [11] - The company plans to increase the capacity of its Buffalo, New York factory to 10 gigawatts and is considering building a second factory in New York, with Arizona and Idaho also on the shortlist [11]

这一年，中国科技成果丰硕，创新生态日趋完善。华为持续"压强式"研发，在算力、鸿蒙生态、通信网 络、终端市场等七大领域实现硬核突破；寒武纪10年攻关实现AI芯片国产化突破；商业航天竞速，6家 企业集体冲击IPO…… 这一年，科技创新与产业融合加速。阿里巴巴3800亿元投向未来，通义千问串起阿里AI生态；全球代 工巨头工业富联（601138）蜕变为万亿算力巨头；恒瑞医药（600276）从仿制转向创新，I类新药频频 借船出海…… 科技突破、产业竞争力的提升，来自对创新的投入。根据国家统计局披露的数据，2025年，中国企业研 发经费达3.93万亿元，稳居世界第二，研发投入强度2.8%，首次超越OECD国家平均水平。 AI时代奔涌而来，创新浪潮澎湃。 2025年，是中国科技在风浪中磨砺韧性的一年，也是于变局中开创新局的关键一年。 传统产业融合焕发新动能 新兴产业不断突围前行，传统产业融合新兴科技，释放出充满活力的新质生产力。 在AI浪潮之下，"代工之王"工业富联实现关键突围，深度绑定全球科技巨头苹果、英伟达，实现了 向"全球AI算力基建供应商"的蜕变。根据公开信息，工业富联AI服务器全球代工市占率超35%，800G 高 ...

Core Insights - The article discusses the potential for a shift in U.S. Federal Reserve policy under the new chair, with expectations of interest rate cuts before any balance sheet reduction, which may exceed market expectations [2] - There is a notable interest in Chinese assets from global investors, with several foreign institutions expressing optimism about their performance [1] Market Analysis - The Dow Jones Industrial Average has historically surpassed the 50,000 mark, indicating a shift in market sentiment from growth stocks to value stocks, with increased allocations to high-dividend and defensive consumer staples [1] - Citic Securities suggests that February will see high volatility in the market, with a tilt towards risk assets, making equity assets a more favorable choice [1] Sector Research - Guotai Junan highlights the commercial aerospace industry, particularly the potential of SpaceX's plans to launch a million satellites, which could lower operational costs and make space a viable option for AI computing [7] - Huaxia Fund notes that the transformer industry is entering a high-growth cycle due to surging demand from AI data centers and global grid upgrades, with a focus on solid-state transformers as the next generation [8] - HSBC Jintrust emphasizes the attractiveness of the Hong Kong tech sector, despite recent adjustments influenced by external factors rather than fundamentals [9] Macro and Fixed Income - Tianfeng Securities anticipates that short-term deposit rates will remain stable, with potential downward pressure following the end of the quarter [14] - Morgan Stanley believes that changes in the Federal Reserve's leadership will not significantly alter the policy response function, with potential rate cuts later in the year [15] Asset Allocation - Guotai Fund advises a diversified asset allocation strategy, including A-shares, Hong Kong stocks, U.S. stocks, commodities, and bonds, with a focus on both growth and cash flow assets [3] - The article suggests a continued emphasis on "outbound + technology" strategies, particularly in sectors benefiting from cyclical recovery and AI [18]

智启十五五 十家智库给四川的十个建议4 □川观智库研究员 黄爱林 我省"十五五"规划建议明确提出"推动新技术新产品新场景应用示范"，以推动科技创新与产业创 新深度融合。当前，"场景"已不仅是技术应用的载体，更成为驱动创新、催化产业的关键引擎。 对四川而言，"十五五"期间能否深刻理解、高效运用"场景"这一关键抓手，直接关系到能否将科 技潜力转化为实实在在的发展优势，在激烈的区域竞争中突围。为此，川观智库深度对话长城企 业战略研究所咨询总监周涛，深度解码四川场景创新的未来路径。 01 判断 场景的价值升维：从创新资源到关键生产要素 川观智库："场景"大多被定义为创新资源，但近期你们提出一个新判断——"场景"正在从一种"资 源"，升级为与技术、数据、资本、人才并列的关键生产要素。这一判断的核心依据是什么？ 周涛：判断依据主要来自两个层面。从理论层面看，国务院办公厅相关文件对"场景"作出新界 定：场景是用于系统性验证新技术、新产品、新业态产业化应用，以及配套基础设施、商业模 式、制度政策的具体情境，是连接技术和产业、打通研发和市场的桥梁，是推动科技创新和产业 创新融合发展的重要载体。从这一解释可以看出，场景不仅是新技 ...

Group 1 - The State Council's recent meeting emphasized the need to enhance effective investment policies, focusing on utilizing central budget investments, ultra-long-term special bonds, and local government special bonds to support key areas such as infrastructure, urban renewal, public services, and emerging industries [1][2] - The fixed asset investment in China is projected to decline by 3.8% in 2025, amounting to 48,518.6 billion yuan, prompting the government to prioritize stabilizing investment in 2026 [1][3] - Specific measures were outlined to improve the efficiency of government investments, aiming to avoid inefficient and redundant construction while maximizing the impact of government funding [1][2] Group 2 - The National Development and Reform Commission has allocated approximately 295 billion yuan for early-stage "two heavy" construction projects and central budget investments for 2026, with a focus on accelerating the disbursement and utilization of funds [2] - The meeting highlighted the importance of enhancing investment efficiency and ensuring that various funding sources, including new policy financial tools, are effectively utilized to support private investment projects [2][3] - Future investment directions will focus on traditional infrastructure such as transportation and energy, as well as new infrastructure in areas like low-altitude and computing power, with significant potential for investment in high-tech sectors like electric vehicles and quantum technology [3][4]

Core Insights - The article discusses the rapid rise of AI applications, particularly highlighting the success of the OpenClaw AI agent and its implications for the future of AI technology and investment opportunities in 2026 [1][2]. AI and Embodied Intelligence - AI is viewed as a key market trend, with expectations for breakthroughs in multi-modal AI and biomedical fields over the next 2-3 years [1][2]. - OpenClaw, an open-source AI agent, has gained significant traction, indicating a shift towards practical AI applications that can perform tasks on behalf of users [2]. - Investment interest is focused on the emergence of super platforms and applications, with predictions of a surge in user engagement and revenue for AI-native applications by 2026 [2][3]. Hardware and Robotics - The AI application market is transitioning from infrastructure investment to commercial value realization, with a focus on cash flow-generating applications [3]. - There is potential for explosive growth in hardware, particularly in smart devices like smartphones and smart homes, driven by AI integration [3]. - The field of embodied intelligence, particularly humanoid robots, is expected to advance significantly, with predictions of breakthroughs in model efficiency and operational capabilities in real-world environments by 2026 [4][5]. Commercial Space Industry - The commercial space sector is identified as a significant growth area, with expectations for major developments, including the potential IPO of SpaceX, which could establish a new commercial model for the industry [5][6]. - The Chinese commercial space sector is anticipated to achieve milestones in rocket recovery and satellite internet, marking a critical point for rapid development [5][6]. Future Industry Breakthroughs - Emerging technologies such as quantum computing, biomanufacturing, and brain-computer interfaces are expected to see significant advancements by 2026, contributing to new economic growth points [7][8]. - The article highlights the potential for Chinese pharmaceutical companies to achieve significant milestones in drug development and clinical applications, particularly in AI-driven drug discovery and brain-computer interface technologies [8][9].

周恒 制图 ◎记者 刘怡鹤 10万颗、20万颗、100万颗……这些数字不是天上星星的数量，而是全球计划发射的卫星数量。 尽管这些卫星大多仍处于申报阶段，却一次次刷新了人们对商业航天产业的认识和想象。为何卫星部署 规模呈现爆发式增长？近地轨道空间能否容纳？从普通人的生活到地球生态，大量卫星又将带来哪些改 变？ 上海证券报记者采访专家了解到，在各国锁定太空资源和卫星技术普及化的趋势下，大规模卫星申报和 部署成为必然趋势，奠定广阔卫星应用的基础。未来，"+卫星""卫星+"将如同"互联网+""+互联网"，培 育出繁荣的服务生态。不过，在部署更多卫星的同时，既要打通卫星应用"最后一公里"的商业化堵点， 也要关注尚未被充分认识的潜在影响。 卫星申请数量屡创新高 锁定稀缺太空资源 当地时间2月4日，美国联邦通信委员会（FCC）主席布伦丹·卡尔（Brendan Carr）发布SpaceX轨道数据 中心受理及征求意见公告。他在社交媒体平台上表示："FCC欢迎SpaceX公司提交的轨道数据中心申 请，并开始就此征求意见。" 1月30日，SpaceX向FCC提交了上述申请，内容为"一个拥有前所未有的计算能力的卫星星座，可为先进 的 ...