Core Viewpoint - The international capital market is optimistic about China's economic transformation and development prospects in 2026, with major foreign investment banks recommending increased allocations to A-shares and Hong Kong stocks, indicating a shift towards a dual-driven phase of profit improvement and valuation uplift [1][3]. Group 1: Investment Environment and Trends - In 2026, the investment focus is expected to be on "industrial innovation-driven + profit realization + resource supply-demand optimization," with emphasis on technology innovation, high-end manufacturing, and cyclical recovery [2][16]. - The global economic landscape in 2025 showed resilient growth amid uncertainties, with emerging markets becoming the main growth engines, which, combined with China's policy support and industrial upgrades, creates structural opportunities in the capital market [3][4]. - The investment environment is anticipated to shift from single valuation recovery to a dual-driven phase of profit improvement and valuation uplift [3][4]. Group 2: Capital Inflows and Funding Sources - The most certain source of incremental capital in 2026 is expected to be insurance funds, with foreign capital gradually shifting from trading to allocation, particularly in high-end manufacturing and technology sectors [2][7]. - Resident savings represent a significant potential slow variable, with some funds expected to migrate to equity markets through wealth management and public funds [2][7]. - The structure of incremental capital in 2026 is likely to be characterized by "multiple channels, low volatility, and long cycles," with insurance funds, foreign capital, and resident savings being the main contributors [7]. Group 3: Sector Opportunities and Focus Areas - The technology sector remains the main line of industry allocation, with a focus on the performance visibility and elasticity of computing infrastructure and key hardware being higher than that of application layers [8][10]. - High-end manufacturing and advanced industrial systems are expected to continue benefiting from manufacturing upgrades, while energy transition and new power systems are also important directions for investment [10]. - Industries related to resource security and supply chain safety, such as non-ferrous metals and key materials, are anticipated to have stable medium- to long-term demand support [10]. Group 4: Risk Assessment and Market Dynamics - The evolution of risks related to real estate and local government debt is transitioning from "emergency response" to "long-term management," while external demand uncertainty is identified as the most significant variable affecting the market in 2026 [5][6]. - The core of external demand uncertainty lies in the unpredictable external environment, which can directly disrupt domestic economic recovery and influence macro policy adjustments [6]. Group 5: Asset Allocation Recommendations - For balanced investors in 2026, an initial asset allocation recommendation is 55%-60% in stocks, 30%-35% in bonds, and 5%-10% in gold, focusing on capturing structural opportunities in hard technology, high-end manufacturing, and cyclical upgrades [12][13]. - Stocks should be the core allocation, while bonds can provide stability against market volatility, and gold should serve as a long-term strategic asset to hedge against geopolitical risks and external demand fluctuations [14][15].

免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 当次会议明确，今年将充分挖掘风、光、水、秸秆等资源潜力，加快推动"绿氢+"重大项目落地建设、 投产达效。 资讯编辑：罗莹 021-26093550 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 2月4日，吉林省召开专题会议，研究2026年新能源开发及"绿氢+"产业发展工作。据悉，该省锚定今年 新能源新增开发装机突破1000万千瓦，产业投资超过1000亿元。 吉林省风光资源富集。目前，该省"陆上风光三峡"工程持续推进，新能源产业链条聚优成势。据国网吉 林省电力有限公司数据，"十四五"期间，吉林新增风电、光伏装机1692.1万千瓦，是"十三五"时期新增 规模的3.6倍；新能源装机容量突破全省总装机容量50%，超越火电成为第一大电源。 ...

Core Viewpoint - The company,沃尔核材, is set to launch an IPO from February 5 to February 10, 2026, offering approximately 140 million H-shares at a price of HKD 20.09 per share, with a significant portion allocated for international investors [1] Group 1: Business Overview - The company's main business segments include electronic communication, power transmission, and other operations, with a strong focus on the sales of heat shrink materials within the electronic materials revenue [1] - The company ranks fifth in global communication cable manufacturers with a market share of 12.7% and holds the top position in the global heat shrink materials industry with a market share of 20.6% as of 2024 [2] - In the global electric vehicle power transmission products sector, the company ranks ninth with a market share of 1.9%, and seventh in the cable accessories market with a 2.5% share [2] Group 2: Financial Performance - The company's revenue increased from RMB 5.337 billion in 2022 to RMB 5.719 billion in 2023, and is projected to reach RMB 6.920 billion in 2024 [2] - Net profit rose from RMB 660 million in 2022 to RMB 758 million in 2023, with a forecast of RMB 921 million for 2024 [2] - For the nine months ending September 30, 2025, the company reported revenues of RMB 6.077 billion and net profits of RMB 883 million [2] Group 3: Fundraising and Use of Proceeds - The company has entered cornerstone investment agreements with various investors, agreeing to raise approximately USD 124 million (or HKD 969 million) under certain conditions [3] - Assuming the maximum offer price of HKD 20.09 per share, the estimated net proceeds from the global offering will be around HKD 2.734 billion [4] - The company plans to allocate 45% of the proceeds for product diversification and upgrades, 27% for expanding global operations and increasing capacity in China and Malaysia, 18% for potential strategic investments or acquisitions, and 10% for working capital and general corporate purposes [4]

据金阳新能源2024年业绩，年内收益约2.54亿元，净亏损约2.77亿元，同比收窄15%。每股亏损15.294 分。 智通财经APP获悉，香港联交所最新资料显示，2月4日，金阳新能源(01121)股东将股票存入华福国际证 券，存仓市值3.38亿港元，占比12.12%。 ...

Group 1 - The core viewpoint of the article highlights that Jinyang New Energy (01121) has seen its shareholders deposit stocks into Huafu International Securities, with a market value of HKD 338 million, representing 12.12% of the total [1] - Jinyang New Energy reported a revenue of approximately HKD 254 million for the year 2024, with a net loss of about HKD 277 million, which is a 15% year-on-year reduction [1] - The company recorded a loss per share of 15.294 cents [1]

【深圳经济新闻联播】 深圳牵头研制跨文化协作国际标准 为企业"走出去"提供稳定可预期的操作指引 据深圳特区报，近日，由深圳市主导提出的《协作业务关系管理—跨文化协作指南》国际标准提案在国 际标准化组织（ISO）正式获批立项。这是深圳在国际标准化领域取得的又一重大突破，标志着深圳在 国际规则制定特别是跨文化协作方面迈出关键一步，将有力提升深圳市在国际标准体系中的话语权和影 响力。 国际演艺中心主体结构工程建设过半 1月新开两融户19.05万户 同比大增157.09% 2月4日，中证数据最新数据显示，2026年1月份市场新开融资融券账户19.05万户，环比2025年12月 （14.71万户）增长29.50%，同比2025年1月（7.41万户）增长157.09%。截至1月末，市场两融账户总数 已达1580.16万户。与此同时，1月末全市场两融余额报2.72万亿元，环比增长6.87%，其中融资余额2.70 万亿元、融券余额166.09亿元，当月全市场融资融券交易金额达6.39万亿元。 国家医保局：深化医保基金管理突出问题专项整治 严肃查处基金赤字问题 2026年2月2日，国家医疗保障局召开全国医疗保障系统党风廉政建设 ...

Group 1 - The company’s board of directors has confirmed the election of Mr. Li Zhuo as the employee representative director during the employee representative assembly held on February 3, 2026 [1] - Mr. Li Zhuo, previously a non-independent director and a member of the remuneration and assessment committee, will continue to serve in his role on the committee while taking on the new position [1] - The composition of the eighth board of directors remains unchanged, and Mr. Li Zhuo meets the qualifications and conditions required by the Company Law and the company’s articles of association [1] Group 2 - Mr. Li Zhuo, born in 1989, holds a bachelor's degree in urban planning and architectural design from Jiangnan University and is currently the secretary-general of the Intelligent Manufacturing Professional Committee of the China Battery Industry Association [3] - He has held various positions, including assistant president at Guangdong Keli Yuan High-tech Holdings Co., Ltd., and general manager at Shenzhen Keli Yuan Big Data Industry Development Co., Ltd., showcasing extensive experience in energy storage and renewable energy projects [3] - Mr. Li Zhuo has practical and management experience in the development, investment, and operation of wind power, photovoltaic, energy storage, and battery swap projects [3]

Core Viewpoint - The city of Zigong is committed to achieving high-quality economic development by focusing on industrial strength, cultural tourism, and urban-rural integration, aiming for a GDP of 200.37 billion yuan in 2025, representing a growth of 6.9% [1] Economic Growth - The GDP is projected to reach 200.37 billion yuan in 2025, with an industrial added value growth of 14.6% and a service sector growth of 7.9% [1] - The total foreign trade import and export volume is expected to be 6.822 billion yuan, an increase of 5.2%, ranking fifth in the province [1] Industrial Development - Modern industrial clusters are rapidly forming, focusing on sectors such as energy-saving and environmental protection equipment manufacturing, new energy, new materials, and drones [1] - The establishment of the Sichuan Low-altitude Economic Industry Chain and the launch of key projects in the aviation industry park are significant developments [1] Innovation and Technology - Zigong has created the first provincial-level digital transformation promotion center and is developing data annotation bases [1] - Traditional industries are undergoing intelligent transformation, with multiple projects recognized as national demonstration cases [1] Cultural and Tourism Integration - The city is enhancing its cultural tourism sector, with initiatives like "Chinese Lanterns Light Up the World" and "Sichuan Cuisine Internationalization" included in the 2025 cultural trade action plan [1] - The city aims to build itself into an international tourism city, with significant cultural export projects and recognition of its cultural heritage sites [1] Urban-Rural Integration - Rural residents' disposable income is expected to grow by 5.7%, with a focus on developing rural tourism and agricultural strong towns [1] - The city has established 120 rural tourism points and has been recognized for its innovative "rural environmental protection tea house" model [1]

Core Viewpoint - The article emphasizes the significance of China-Africa cooperation in achieving sustainable development and modernization, highlighting the experiences of African journalists who visited China and observed its innovative practices in green development and technology [1]. Group 1: Observations from African Journalists - The journalist from Guinea-Bissau, Aliou Balde, noted that China's top-level design has effectively transformed its development blueprint into reality, showcasing green and innovative practices that reshape its development path [2]. - Balde highlighted the transformation of arid land into fertile fields in Xinjiang, illustrating China's commitment to ecological restoration and sustainable agriculture, which aligns with the philosophy of "lucid waters and lush mountains are invaluable assets" [2][3]. - The journalist experienced advanced technologies in urban transportation, such as autonomous electric buses, which reflect China's efforts in green and intelligent transportation systems [3]. Group 2: Technological Innovation and Sustainable Development - Gerald Mbanda from Rwanda emphasized the Chinese government's focus on technological innovation, which benefits the populace and enhances various sectors, including industrial production and healthcare [5][6]. - Mbanda's observations in Tianjin revealed the integration of digital technology and clean energy in urban management, showcasing China's advancements in automation and robotics [5]. - The systematic approach to waste management in China, as noted by Tunisian journalist Leila Attilah, demonstrates effective solid waste governance, which can serve as a model for other developing countries facing similar challenges [8]. Group 3: Implications for Africa - Balde suggested that African nations, like Guinea-Bissau, could benefit from China's experiences in clean energy, smart agriculture, and green infrastructure, advocating for deep cooperation [4]. - Mbanda pointed out that China's development model, characterized by clear planning and a people-centered approach, offers valuable lessons for African countries striving for modernization [6]. - Attilah expressed that China's practices in energy transition and environmental governance provide a blueprint for international cooperation, particularly for developing nations like Tunisia [8].

表：各省份"十五五"规划建议新兴产业与未来产业布局 （因篇幅较长，仅展示部分） "十五五"启航，新一轮产业变革的风向标已经清晰浮现。 火石创造通过梳理全国31个省（区、市）"十五五"规划建议，发现了一张密集交织、错位布局的"产业 地图"。从沿海经济大省到内陆新兴区域，一场围绕新兴产业和未来产业的战略竞合正在全面铺开。 | 120 | 地区 | 新兴产业 | 大米产业 | | --- | --- | --- | --- | | 昌 | | | | | | 广东 | 新能源、新材料、商业航天、低空经济、新能 源车船、集成电路、新型储能、医药和医疗器 | 量子科技、生物制造、氢能、核聚变能、 | | | | | 脑机接口、具身智能、第六代移动通信 | | | | 械、无人机、无人船 | | | | 江苏 | | 第三代半导体、氢能、生物制造、量子科 | | 2 | | 新一代信息技术、新能源、新材料、生物医药 、高端装备、航空航天、低空经济、大飞机 | 技、脑机接口、具身智能、深海深地、原 | | | | | 子级制造、第六代移动通信 | | | | 人工智能、集成电路、新能源、新材料、航空 | | | | 山东 ...