Core Insights - Singapore's Mandatory Packaging Reporting (MPR) framework mandates companies to report detailed packaging data to the National Environment Agency (NEA) and submit waste reduction plans, aiming to enhance packaging waste management and establish a foundation for extended producer responsibility (EPR) measures [1][5][6] Group 1: Regulatory Framework - The MPR framework has been effective since July 2020, targeting companies with an annual turnover exceeding S$10 million that import or use packaging in Singapore [2] - Obligated companies include brand owners, manufacturers, importers, and large retailers, required to collect and report data on packaging types and amounts supplied to the Singapore market annually [3] Group 2: Reporting Requirements - Companies must submit a data report detailing packaging material, form, and weight, along with at least one 3R plan (Reduce, Reuse, Recycle) for managing packaging waste [3] - A methodology for data collection must be documented, with supporting evidence retained for verification by authorities for up to five years [4] Group 3: Compliance and Deadlines - The submission deadline for packaging data collected in a calendar year typically runs from January to March, with the next deadline set for 31 March 2026 [4] - NEA has conducted regulatory outreach, including industry briefings, to assist businesses in understanding compliance obligations [4] Group 4: Focus on Sustainability - The MPR framework is part of a broader strategy to reduce packaging waste and promote sustainable business practices, encouraging companies to identify opportunities for material reduction and improved packaging design [5] - The framework supports the future implementation of an EPR scheme for packaging waste, expected by 2025, which will increase producer responsibility for end-of-life packaging management [6] Group 5: Support for Companies - NEA and partner organizations have developed technical resources and industry programs, including a guidebook for packaging reporting and initiatives under the Packaging Partnership Programme to help firms meet regulatory and sustainability obligations [7]

本报记者 孟 珂 东源投资首席分析师刘祥东在接受《证券日报》记者采访时表示，这充分展现了创新型中小企业强劲的 内生动力与活力，彰显了新质生产力培育的积极成效。 展望未来，中央财经大学研究员张可亮对《证券日报》记者表示，北交所目前的交投十分活跃，希望尽 快增加北交所上市企业数量，同时为其匹配公募等长期资金入场，推出场内ETF，做好股票供给和资金 供给的平衡。 北交所2025年年度业绩预告披露收官。 谈及北交所有哪些投资机会，刘祥东认为，当前可围绕中国经济转型升级脉络重点把握三个方面：一是 聚焦业绩预喜且具备核心技术的成长主线，特别是在半导体零部件、新材料、工业软件等"卡脖子"环节 实现进口替代的优质公司，其业绩弹性与成长空间有望在政策扶持下持续释放。二是关注符合国家战略 方向的新兴赛道，如绿色能源、数字经济、人工智能等领域的早期领军企业。三是把握估值修复与制度 改革红利，随着北交所做市商扩容、转板机制完善及中长期资金持续流入，部分估值合理、主业扎实的 细分行业隐形冠军，其投资价值正得到市场重估，投资者可共享成长红利。 例如，宏裕包材发布业绩预报称，预计2025年实现净利润1700万元至2200万元，同比增长35 ...

Investment Rating - The industry investment rating is "Hold" [1] Core Views - The price of white cardboard has been on a continuous upward trend since the low point at the end of August 2025, reaching 4269 CNY/ton by January 30, 2026, an increase of 339 CNY/ton or 8.63% [3][21] - The recovery in industry profits is attributed to multiple factors including rising raw material costs, improved supply-demand dynamics, and price increases initiated by leading companies [4][28] Summary by Sections Weekly Special Report - White cardboard prices have shown a steady increase since the low in August 2025, with significant price recovery driven by cost pressures, supply-demand balance, and coordinated price hikes from major paper companies [3][21][28] - The inventory of white cardboard has decreased, leading to a more balanced market, which has helped stabilize prices [4][28] Weekly Market Review - From January 27 to January 31, 2026, the Shanghai Composite Index fell by 0.35%, while the Shenzhen Component Index dropped by 0.77%. The textile and apparel sector saw a slight increase of 0.01% [30][31] - The top gainers in the light industry sector included Yueyang Forest Paper (+18.35%) and Xidamen (+12.7%), while the biggest losers included Meike Home (-12.88%) and Kangxin New Materials (-11.74%) [32][33] Key Data Tracking Home Furnishing - From January 18 to January 25, 2026, the transaction area of commercial housing in 30 major cities was 121.1 million square meters, a decrease of 6.37% month-on-month [36] - In 2025, the total area of newly started residential construction was 430 million square meters, down 19.8% year-on-year [36] Packaging and Paper - As of January 30, 2026, the prices of various paper products were as follows: white cardboard at 4269 CNY/ton, with no change week-on-week [51] - The gross profit for white cardboard was -339.97 CNY/ton, an improvement from -555.13 CNY/ton at the end of August 2025 [21][28] Textile and Apparel - As of January 30, 2026, the price index for cotton in China was 16183 CNY/ton, reflecting a week-on-week increase of 1.97% [11] - In December 2025, retail sales of clothing and textiles amounted to 166.1 billion CNY, a year-on-year increase of 0.6% [11] Investment Recommendations - For the home furnishing sector, the report suggests focusing on stable companies and high-growth smart home segments due to favorable policies [14] - In the paper industry, it is recommended to pay attention to companies with diversified products and integrated operations, such as Sun Paper [14]

腾讯推出社交新产品——元宝派，并于2月1日开启公测。元宝派是腾讯旗下AI助手元宝的社交玩法，在一周前开启了小范围内 测。但目前公测还是以邀请码形式逐步开放。在内测时期，甚至在二手交易平台上都出现了元宝派内测邀请码转卖的现象。 21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起看看吧。 【巨头风向标】 SpaceX申请部署百万颗卫星 1月30日，SpaceX向美国联邦通信委员会（FCC）提交了一项新申请，内容为"一个拥有前所未有计算能力的卫星星座，可为先 进的AI模型及其相关应用提供支持"。这一卫星系统将最多包含100万颗卫星，主要通过新一代重型运载火箭"星舰"发射，建立 一个环绕地球的轨道数据中心网络。在文件中，SpaceX描述了其提出的"轨道数据中心系统"。这一卫星系统旨在适应AI、机器 学习和边缘计算带来的爆发式数据增长，将提供大规模AI推理和数据中心应用所需的计算能力，为全球数十亿用户提供服务。 这些卫星将在"500公里至2000公里高度、30度倾角的太阳同步轨道"上运行，直接利用近乎恒定的太阳能，几乎无需运营或维 ...

一、财经重要消息 财政部：2025年证券交易印花税增长57.8% 1月30日，财政部举行新闻发布会，介绍2025年财政收支情况。会上，财政部国库司副司长郑涌介绍， 2025年，证券交易印花税达到2035亿元，增长57.8%。 两部门：鼓励供需双方在中长期合同中签订随市场供需、发电成本变化的灵活价格机制 国家发展改革委、国家能源局发布《关于完善发电侧容量电价机制的通知》。其中提到，完善电力市场 交易和价格机制。煤电容量电价机制完善后，各地可根据电力市场供需、参与市场的所有机组变动成本 等情况，适当调整省内煤电中长期市场交易价格下限，在确保电力电量平衡的情况下适当放宽煤电中长 期合同签约比例要求。鼓励供需双方在中长期合同中签订随市场供需、发电成本变化的灵活价格机制。 省内市场供需双方签订中长期合同时，各地不得强制要求签订固定价，可根据电力供需、市场结构等情 况，要求年度中长期合同中约定一定比例电量实行反映实时供需的灵活价格。 财政部：2025年全国一般公共预算收入21.6万亿元，较2024年下降1.7% 政治局集体学习：前瞻布局和发展未来产业 中共中央政治局1月30日下午就前瞻布局和发展未来产业进行第二十四次集体 ...

Company Announcements - Fenglong Co., Ltd. received a commitment from UBTECH not to inject assets into the company within 36 months after the acquisition, and the stock will resume trading on February 2 after the completion of the suspension investigation [2] - Jereh Group signed a sales contract for gas turbine generator sets worth 1.82 billion USD (approximately 12.65 billion RMB) with a U.S. client, marking the fourth such contract since November 2025 [4] - China Mobile announced that the adjustment of the VAT tax category for telecom services from 6% to 9% will impact the company's revenue and profits starting January 1, 2026 [5] - Aoshikan plans to invest 1.82 billion RMB in a high-end printed circuit board project, aiming to enhance product competitiveness and meet the growing demand in various markets [6] - Yanzhou Coal Mining Company intends to publicly transfer 100% equity of its wholly-owned subsidiary, Xin Tai Coal, with a base price of 670 million RMB [7] Share Buybacks and Changes - GoerTek increased its share buyback fund from a minimum of 500 million RMB to a minimum of 1 billion RMB, with a maximum of 1.5 billion RMB [8] - Quzhou Dongfeng's controlling shareholder proposed a share buyback plan of 50 million to 100 million RMB for employee stock ownership plans [9] - Chipone Technology's major shareholder plans to reduce its stake by up to 1.95% through block trades [11] Operational and Performance Updates - China Telecom and China Unicom both reported that the VAT adjustment will affect their revenues and profits starting January 1, 2026 [12][13] - Leshan Electric Power announced a net profit increase of 3.68% for the fiscal year 2025, with total revenue of 3.395 billion RMB, reflecting a 6.24% year-on-year growth [14] Stock Price Movements - Jiamei Packaging's stock price surged by 408.11% from December 17, 2025, to January 23, 2026, leading to a suspension for investigation, with the stock resuming trading on February 2 [15] - Tiandi Online confirmed that its operations are normal and there are no undisclosed significant matters after experiencing abnormal stock price fluctuations [16] - Hunan Gold expressed uncertainty regarding the future market prices of its gold products, which have recently seen significant increases [17] - Hongbaoli's epoxy propylene comprehensive technology renovation project has entered the pre-production preparation stage, although there is uncertainty regarding the timeline for producing qualified products [19] Other Notable Events - Fushi Holdings' actual controller and chairman, Chen Yongliang, has been detained, but the company's operations remain normal [20] - ST United received a notice from the Shanghai Stock Exchange to suspend the review of its application due to outdated financial documents [21]

Group 1 - Fenglong Co., Ltd. (002931) announced that its stock will resume trading on February 2 after completing an investigation into trading fluctuations, with a price increase of 405.74% over 17 consecutive trading days from December 25, 2025, to January 23, 2026 [2][14] - Jiamei Packaging (002969) also reported a stock price increase of 408.11% during the same period, indicating a significant deviation from its fundamentals, and will resume trading on February 2 after completing its investigation [2][15] Group 2 - The National Bureau of Statistics released the Purchasing Managers' Index (PMI) for January, showing a decline in manufacturing PMI to 49.3%, non-manufacturing business activity index to 49.4%, and composite PMI output index to 49.8%, indicating a slight economic slowdown [4] - The price index showed positive signals, with the main raw material purchase price index and factory price index both rising, the latter exceeding the critical point of 50% for the first time in nearly 20 months [4] Group 3 - The China Securities Regulatory Commission (CSRC) emphasized the need to consolidate the stable and positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development [7] - The CSRC is seeking public opinion on expanding the types of strategic investors and clarifying minimum shareholding requirements to strengthen regulatory measures [8] Group 4 - The Hong Kong Securities and Futures Commission announced the suspension of the review process for 16 IPO applications due to significant deficiencies in the preparation of listing documents and potential misconduct by sponsors [11] Group 5 - SpaceX plans to build an unprecedented satellite constellation with up to 1 million satellites to provide computational infrastructure for global AI development, marking a significant milestone in the integration of space computing and communication [13]

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...

项目引进方面，2025年12月，里水镇一宗占地超210亩、总价超3.2亿元的工业用地成功出让。同月，南 方丽谷（南海园）在里水启动，聚焦化妆品与大健康产业。湾区和顺健康食品智造中心项目也已落地里 水。 产业升级方面，2025年11月，里水镇发布"科创林立"三年投入计划，承诺每年从土地出让收益中拿出 6%用于支持科技创新。部分企业研发投入出现增长，例如展逸包装研发投入同比增长928%，固特家居 增长545%，水晶岛健康增长367%。 2025年，里水镇国家级专精特新"小巨人"企业数量较上年增加75%，总量达9家。省级专精特新企业超 过百家，储备库企业64家。战略性新兴产业产值占规上工业总产值比重为43.1%。同年，里水新增3家 广东省工程中心、1家省企业技术中心及多家市、区级中试平台。 1月31日，"偶爱你特约·贤鲁跑・跑1314"活动在佛山市南海区里水镇贤鲁岛举行。同日，广东万顷园艺 世界开启2026广佛蝴蝶兰迎春花市。活动期间，沿线餐饮和民宿需求上升。 这背后，是里水GDP突破500亿元的独特路径——工农互促、三产融合。2025年，里水镇地区生产总值 突破500亿元。该镇拥有超过8000家工业企业，工业总产 ...

Core Viewpoint - The stock price of Jia Mei Packaging increased by 408.11% from December 17, 2025, to January 23, 2026, which diverges from the company's fundamentals, prompting a suspension for stock trading review [1] Group 1: Stock Performance and Trading - The company announced a stock price increase of 408.11% during the specified period, indicating a significant divergence from its fundamental performance [1] - Following the completion of the review, the company's stock will resume trading on February 2 [1] Group 2: Business Operations - Jia Mei Packaging does not engage in robotics or robotic vacuum cleaner businesses; its main operations focus on the research, design, production, and sales of food and beverage packaging containers, as well as beverage filling services [1] - The company anticipates no major changes in its main business operations over the next 12 months [1] Group 3: Financial Projections - For the fiscal year 2025, the company expects a net profit attributable to shareholders ranging from 85.4371 million to 104.4231 million yuan, representing a decline of 53.38% to 43.02% compared to the previous year [1]