新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市 公司传播ESG理念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 被称为"全球最贵年会"的冬季达沃斯年会已于1月19日召开。今年是世界经济论坛第56届年会，将以"对 话精神"（A Spirit of Dialogue）为主题，聚集来自130个国家超过3000名跨领域的各界精英，推进各方 对话。本届年会将创下政府参与度的新纪录。 "在充满不确定性的时代，对话不是一种奢侈，而是一种迫切需要。在国际合作处于关键转折点、地缘 经济和技术发生深刻变革之际，今年的年会将是我们最具影响力的一届之一。凭借历史性高水平的参与 度，年会将为前所未有的全球领导者和创新者组合提供空间，跨越分歧、洞察快速变化的全球格局，并 推动应对当下和未来最紧迫重大挑战的解决方案。"世界经济论坛总裁兼首席执行官博尔格·布伦德 （Børge Brende）在通气会上明确表示。 第四个板块将依托世界经济论坛在自然、气候、粮食和水资源领域的长期传统，设置多个环节，将这些 领域视为长期价值创造和提升竞争力的基础。 最后一个板块是人工智能问题：如何大规模 ...

一、宏观经济与市场分析 国务院新闻办公室今日将举行两场重要发布会，上午10时国家发展改革委副主任王昌林将介绍落实中央 经济工作会议精神、推动"十五五"实现良好开局有关情况；下午3时财政部副部长廖岷将阐述积极财政 政策作用及推动经济社会高质量发展相关内容，市场预计政策信号将对A股市场预期产生重要影响。 二、外围市场与关联资产 国际大宗商品市场波动显著，美国天然气期货价格日内涨超16%，现报3.600美元/百万英热；纽约期金 突破4680美元/盎司，日内涨幅达1.83%。 此外，现货白银日内涨5%至94.58美元/盎司，国内白银连续主力合约同步上涨5%，报23376.00元。 三、行业政策与动态 德国政府19日宣布重启电动汽车购车补贴，对家庭新购电动汽车提供最高6000欧元补贴，此举或对全球 新能源汽车产业链产生间接影响，相关A股出口企业有望受益。 四、监管动态与行业规范 民用无人机领域迎来新规，《民用无人驾驶航空器实名登记和激活要求》及《民用无人驾驶航空器系统 运行识别规范》两项新国标发布，将从源头规范行业运行，或推动相关合规企业市场份额提升。 同时，生态环境部等三部门联合发布文件，对重点行业实行大气环境绩效分 ...

2025年前11月固定资产投资增速始终高于全国1个百分点以上，制造业、工业技改投资保持两位数 增长，民间投资增速高于全国平均水平…… 重大基础设施项目劲头足 站在"十五五"开局新起点，回望2025年，陕西有效投资保持了总量持续增长、结构向新向优态势。 有效投资一头连着稳增长增后劲，一头连着优供给惠民生。"十四五"收官之年，陕西树立抓项目扩 投资的鲜明导向，聚力打好扩大有效投资硬仗，由点及面开辟发展新空间，推动经济结构变革、产业迈 向中高端。 政策性资金支撑强 扩大有效投资，政策"给力"至关重要。 中央预算内投资增长60％以上，"两重"资金增长20％以上，"两新"资金增长70％以上，以工代赈领 域资金增长90％以上……"2025年，陕西争取落实国家政策性资金总额创历史新高。"省发展改革委副主 任温志刚说。 量的大幅增长，既得益于国家更加积极的财政政策和适度宽松的货币政策，又得益于陕西工作机 制、举措的创新。 2025年，陕西抢抓政策机遇。省发展改革委以"四个走出去"破局、以"两个联系"通络，高频对接国 家发展改革委，协同联动省级部门、地市，联系指导县区企业，集智聚力争取国家政策性资金，推动经 济稳中向好。 "通 ...

Group 1 - Cambodia will implement a four-month visa exemption trial for Chinese citizens from June 15 to October 15, 2026, allowing a maximum stay of 14 days without visa fees [1] - Cambodia is reducing import tariffs on various goods to zero, including live poultry, computers, and laboratory instruments, to support agriculture, technology, and education [1] - Significant tax reductions on consumer goods such as sanitary napkins, diapers, and kitchen appliances, with tariffs dropping from 15% to 7%, and luxury car tariffs reduced from 35% to 7% [1] Group 2 - India is expected to see a tenfold increase in battery storage capacity, reaching approximately 5 GWh by 2026, driven by numerous approved projects [3] - The total capacity of ongoing projects in India has increased by 84% to 224 GWh, laying the groundwork for large-scale production in 2026 [3] Group 3 - The second phase of the cross-border energy agreement among Laos, Thailand, Malaysia, and Singapore has been signed, increasing the total capacity for cross-border electricity trading from 100 MW to a maximum of 200 MW [4] Group 4 - TikTok Shop Southeast Asia reported a more than 100% increase in annual GMV for 2025 compared to 2024, with daily GMV rising by 90% year-on-year [6] - The platform's strategic focus for 2026 includes driving high-quality growth and building a sustainable ecosystem, with initiatives to support top merchants and enhance logistics [7] Group 5 - Amazon has raised the on-time shipping compliance rate requirement for suppliers from 90% to 95%, with adjustments to compliance assessment methods [8] - Temu has introduced stricter penalties for store violations, including a "joint liability" mechanism affecting all stores owned by a merchant if one is rated poorly [9] Group 6 - Shopee plans to increase commission rates for various categories, with automotive parts rising from 7% to 12% and electronics from 5% to 12% starting February 2026 [11] - eBay will adjust fees for UK sellers, increasing the transaction service fee for orders over £10 from 30 pence to 40 pence starting February 12, 2026 [12] Group 7 - China's cross-border e-commerce imports and exports are projected to reach 2.75 trillion yuan by 2025, a 69.7% increase from 2020 [13] - The export scale of high-tech products, including electric vehicles and solar products, is expected to reach nearly 1.3 trillion yuan by 2025, growing 3.5 times since 2020 [13][14] Group 8 - Cainiao plans to expand its overseas warehouse network in Europe, North America, and Asia-Pacific, with a 32% year-on-year increase in order processing volume in 2025 [15] - Best's express network in Vietnam has officially launched, focusing on logistics services for e-commerce and B2B clients [16] Group 9 - The U.S. will impose a 10% tariff on goods from eight European countries starting February 1, 2026, increasing to 25% by June 1, 2026 [18] - The EU is considering retaliatory tariffs on $108 billion worth of U.S. goods in response to the U.S. tariff announcement [19] - Canada has reduced tariffs on Chinese electric vehicles from 100% to 6.1% under a new import quota system [20]

南都讯 记者杨文君 发自北京 1月19日上午，国新办举行新闻发布会，公布2025全年经济数据。会上， 国家统计局局长康义回应了物价走势的问题。 第二，扩内需及相关政策成效显现，核心CPI温和回升。随着消费品以旧换新政策拉动，部分行业产能 治理成效显现，部分领域供需关系有所改善，相关产品价格回升。2025年，扣除食品和能源后的核心 CPI比上年上涨0.7%，涨幅比上年扩大0.2个百分点。其中12月份上涨1.2%，连续4个月保持在1%以上。 具体看，2025年扣除能源的工业消费品价格上涨1.1%，其中，家用器具、通信工具价格分别上涨 1.8%、0.6%，燃油小汽车和新能源小汽车价格降幅明显收窄。服务价格保持温和上涨态势，全年上涨 0.5%。 第三，推动CPI温和回升的有利因素在累积。从基本面来看，随着提振消费专项行动有力实施，特别是 财政金融协同促内需一揽子政策等增量措施陆续推出，消费需求有望逐步扩大，物价稳定运行有基础。 12月份，CPI同比上涨0.8%，涨幅是2023年3月份以来最高。元旦假期食品消费增加，外出就餐、走亲 访友、旅游等服务消费较为活跃，九天春节假期也在临近，有助于推动CPI季节性回升。根据目前 ...

Core Insights - The resilience of the US economy has exceeded expectations, with geopolitical tensions escalating and the probability of Walsh becoming the new Federal Reserve Chairman significantly increasing, leading to adjustments in the US stock market [2] - The MSCI global index rose by 0.33%, while US stocks declined, with the S&P 500, Nasdaq, and Dow Jones falling by 0.4%, 0.7%, and 0.3% respectively [2][17] - The US retail sales for November 2025 increased by 0.6% month-on-month, surpassing market expectations, while initial jobless claims fell to 198,000, significantly below the anticipated 215,000 [2][7] - Geopolitical tensions are rising, particularly regarding US interests in Greenland and military actions in Iran and Venezuela, which may impact market risk appetite [2][12] - The market is expected to remain volatile, with the dollar strengthening and gold prices potentially adjusting despite benefiting from safe-haven demand [2][20] Economic Fundamentals - US retail sales for November 2025 showed a month-on-month increase of 0.6%, with core retail sales (excluding automobiles) rising by 0.5% [7][8] - Initial jobless claims in the US for the week ending January 10, 2026, dropped to 198,000, indicating a robust labor market [7][8] Geopolitical Developments - The geopolitical uncertainty index has significantly increased, reflecting rising tensions, particularly regarding US military interests in Greenland and actions against Iran and Venezuela [10][12] - The probability of Kevin Walsh succeeding as the Federal Reserve Chairman has risen following recent statements from President Trump [10][12] Market Performance - The US stock market has shown mixed performance, with the S&P 500, Nasdaq, and Dow Jones experiencing declines, while European and emerging markets generally saw gains [2][17] - The 10-year and 2-year US Treasury yields increased by 6 basis points and 5 basis points, respectively, indicating a shift in market expectations [20] - The dollar index rose by 0.23% to 99.37, while commodities like gold and oil also saw price increases [20] Hong Kong Market Insights - The Hong Kong stock market showed overall gains, with the Hang Seng Index and related indices rising between 1.9% and 2.7% [35][31] - The valuation of the Hang Seng Index stands at a PE ratio of 12.20, indicating a favorable position compared to historical averages [35][32] - Non-essential consumer sectors led the gains in Hong Kong, with significant inflows into technology and healthcare sectors [40][47]

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2026 年 1 月 19 日 星期一 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | | | --- | --- | --- | --- | | | | | 【重要资讯】 | | | | | 1、台积电称，得益于全球人工智能行业的蓬勃发展，预计今年第一季度营收将同 | | | | | 比增长 40%，达到 358 亿美元。2026 年是强劲成长的一年，美元营收将增长接近 30%。 | | | | | 台积电管理层表示，客户发出了强烈的"需求信号"，并直接联系公司寻求产能。 | | | | | 2、台积电表示，今年资本支出预估为 520 亿至 560 亿美元，同比大幅增长 27%至 | | | | | 37%，有望创下公司历史新高。台积电 Q4 的强劲业绩及 2026 年营收指引，清晰释 | | | | | 放出人工智能热潮将持续的信号，也重新燃起了投资者对 AI 需求韧性的信心。 | | | | | 3、美国知名资产管理 ...

周内（1月12至1月16日），大宗商品市场涨跌不一。基本金属板块领涨，黑色系领跌，农产品板块出现 分化。 具体来看，能源化工板块，燃油周上涨0.32%、原油上涨1.22%；黑色系板块，焦煤周下跌2.05%、焦炭 下跌1.77%、铁矿石下跌0.31%；基本金属板块，碳酸锂周上涨1.94%、沪锌上涨3.06%、沪镍上涨 1.62%；贵金属板块，沪金周上涨2.57%、沪银上涨20.03%；农产品板块，鸡蛋周上涨1.05%、生猪上涨 1.78%、豆粕下跌2.12%。 交易行情热点 热点一：碳酸锂涨17%后急挫，资金博弈盖过基本面 本周碳酸锂期货先扬后抑，LC2605合约周涨幅定格1.94%，但高低点振幅超17%。周一"电池出口退税 下调"消息引爆市场，主力合约次日冲至17.41万元/吨涨停；随后广期所将单日开仓上限压至400手，多 头集中止盈，周五收报14.62万元/吨并触及跌停，持仓一周锐减17.5%。 供给端保持微增。SMM口径显示，1月9-16日国内碳酸锂周产22605吨，环比仅增0.3%，其中锂辉石路 线+165吨，云母、盐湖及回收端合计-95吨。巴西SigmaGrotadoCirilo矿因尾矿问题复产再推迟 ...

Core Viewpoint - The successful commercial operation of the world's first 2×15 MW supercritical carbon dioxide waste heat power generation project, known as "Super Carbon No. 1," in Liupanshui, Guizhou, marks a significant advancement in energy conversion technology, utilizing supercritical carbon dioxide instead of steam for power generation, thus opening a new phase in thermal-electric conversion [1][4]. Group 1: Technological Breakthrough - The core innovation of "Super Carbon No. 1" is the replacement of steam with supercritical carbon dioxide as the energy conversion medium, which operates under specific temperature and pressure conditions to achieve a unique state that combines the properties of gas and liquid [2][3]. - Supercritical carbon dioxide has a higher density, allowing it to store more energy and reduce flow resistance, enabling direct expansion to drive power generation without the phase change process required by water [2][3]. Group 2: Advantages of the Technology - The technology does not consume water resources or produce wastewater, which is particularly beneficial for water-scarce regions and high-water-consumption industries like steel production [3]. - The compact design of "Super Carbon No. 1" significantly reduces the footprint compared to traditional steam power systems, and it can operate efficiently with waste heat in the range of 350 to 600 degrees Celsius [3]. - The net power generation efficiency of "Super Carbon No. 1" can improve by 20% to 50% compared to mainstream waste heat steam power technologies, enhancing the conversion of industrial waste heat into electricity [3]. Group 3: Commercialization and Impact - The technology has been recognized as a revolutionary advancement in thermal-electric conversion, with China becoming the first country to commercialize it, following years of research and development [4][5]. - The commercial operation of "Super Carbon No. 1" is expected to significantly enhance corporate profitability by converting industrial waste heat into usable energy, with projections of generating over 70 million kilowatt-hours annually compared to older systems [6]. - The technology supports China's dual carbon goals by potentially saving approximately 4.83 million tons of standard coal and reducing carbon dioxide emissions by 12.85 million tons if widely adopted across similar projects [6]. Group 4: Future Prospects - The technology can be integrated with renewable energy sources like wind and solar power, addressing the instability of new energy sources by using excess electricity to heat molten salt for energy storage, which can then be converted to electricity using supercritical carbon dioxide [7]. - The project has established a comprehensive industrial chain for supercritical carbon dioxide power generation technology in China, paving the way for its application across various sectors, including steel, chemical, cement, and glass industries [7].

假设于本公告日期至交割日期期间已发行股份数目并无变动，配售事项下的453.6万股配售股份相当于 本公告日期现有已发行H股(不包括库存股份)数目的约7.88%及现有已发行股份(不包括库存股份)数目的 约5.12%;以及经配发及发行配售股份扩大后已发行H股(不包括库存股份)数目的约7.30%及现有已发行股 份(不包括库存股份)数目的约4.87%。配售股份的配售价为每股58.38港元，较H股于2026年1月16日(即 最后交易日)于联交所所报收市价每股71.20港元折让约18.01%。 假设所有配售股份均获悉数配售且待交割后，预计配售事项最高所得款项总额及所得款项净额(经扣除 配售事项佣金及配售事项的其他相关成本及开支后)将分别约为2.65亿港元及2.58亿港元，相当于净发行 价为每股配售股份56.96港元。该等所得款项净额目前拟按如下方式使用：(a)约50%将用于通过偿还未 偿还银行贷款及租赁负债而优化本集团财务结构;及(b)约50%将用于一般公司用途。 重塑能源(02570)发布公告，于2026年1月17日，本公司与配售代理订立配售协议，据此，配售代理有条 件同意(作为本公司配售代理)竭力促使承配人(其及其最终 ...