华泰证券：印尼配额博弈压制现货煤出口 近日，印尼部分矿场在与政府关于2026年煤炭生产配额的博弈中，选择暂停部分现货煤炭出口交付。测 算当期印尼煤炭现货出口收缩对中国月度平均动力煤消费量和平均进口量的影响分别是0.5%和4.2%， 由于2026年2月恰好是农历新年、工厂陆续放假、煤炭消费量在自然回落的过程中，情绪面的冲击可能 大于基本面冲击。 本文转载自"智通财经"，智通财经编辑：冯秋怡。 "沃什冲击"也波及到中美股票与商品。中国股票方面，当前尚未出现典型牛市顶部信号，资金面充裕、 业绩边际改善等积极因素并未发生实质性变化；从中长期看，货币秩序重构与AI产业趋势仍是驱动市 场的核心力量。继续坚定看好中国资产重估进程，维持对中国股票的超配建议，并建议在市场波动中逢 低布局。 中信证券：航空航天、电力、有色等板块盈利增速更快 基于工业增加值等六个工业中观指标采用因子分析方法构建了全方位反映工业经济基本面的"工业景气 指数"，基于历史数据测算发现该指数对制造业上市公司利润增速有较好预测效果。回测区间内(2017年 二季度到2023年四季度)，六成以上行业景气指数与对应中信一级行业利润增速的相关系数超过50%。 20 ...

Group 1 - The three major indices narrowed their declines after initially dropping over 1%, with the North Stock 50 Index falling over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion, a decrease of 304.8 billion compared to the previous trading day [1] - Over 3,700 stocks in the market declined, while the consumer sector saw significant gains, particularly in food and beverage, retail, film and television, and tourism [1] Group 2 - CITIC Securities predicts faster profit growth in sectors such as aerospace, electricity, and non-ferrous metals based on industrial indicators [2] - The Industrial Prosperity Index, constructed using six industrial indicators, shows a strong correlation with profit growth in manufacturing companies [2] - The index indicates that over 60% of industry prosperity indices correlate with corresponding profit growth rates above 50% [2] Group 3 - Huatai Securities reports that the ongoing negotiations regarding Indonesia's coal production quotas for 2026 are impacting spot coal exports [3] - The reduction in Indonesian coal spot exports is estimated to affect China's monthly average thermal coal consumption and import volumes by 0.5% and 4.2%, respectively [3] - The timing of the quota negotiations coincides with the Lunar New Year, which may amplify the emotional impact on coal consumption beyond the fundamental effects [3]

岁月为卷，改革作笔。2025年，毕节市锚定高质量发展航向，将改革基因融入发展血脉，以敢闯敢试的 锐气、善作善成的智慧，为中国式现代化毕节实践注入澎湃动能。 转自：贵州日报 贵申改 坚持"强带动"，改革推进更有力 始终坚持以习近平新时代中国特色社会主义思想为指导，坚决扛牢改革政治责任，深入贯彻中央和省委 部署，市委主要领导靠前指挥，示范领衔"建立完善支持保障机制解决外出务工人员后顾之忧"省级试 点，获国家部委批复为"全国农村改革试验区拓展试验任务"，统筹推进"一市一示范"任务，带动8个"一 县一试点"点上出彩、面上开花。全年市县两级召开深改委会议38次，研究重要改革事项76项；市领导 领衔推动重点改革任务14项、重大专题任务10项，"领导带头、上下联动"的改革引领力更足。 始终坚持建机制破梗阻、强联动提质效、抓复盘促深化，建立健全统筹调度归口管理、"一对一"联动指 导、成效"回头看"检视、经验交流推广等保障机制，以制度运转推动改革落地生根，促进社会经济文化 全面跃升发展。制造业投资增速居全省前列，纺织产业集群快速发展，"自然凉·毕燃嗨"文旅IP出圈， 人才"骨干培育工程"获评全国最佳案例，全省首部市州级营商环境 ...

证券时报记者 魏书光 伍超明认为，上游价格能否顺畅地传导至中下游，是决定PPI回升幅度与持续性的关键。而这一传导机制能否畅 通，根本上取决于终端需求的恢复程度。随着内需政策的持续推进，预计今年PPI同比有望于4月—5月转正，全年 呈"前快后稳"走势。 "传统的上游价格向下游传导的机制在2012年之后发生了明显变化，CPI与PPI走势持续背离。"银河证券首席宏观 分析师张迪基于实证数据表示，在终端需求相对扩张、政策协同发力的阶段，生产端价格变动更容易向消费端传 导，PPI对CPI的正向影响相对显著。不过，在经济结构调整深化、内需不足或国际大宗商品价格波动但终端需求 承接能力有限的阶段，价格传导机制则明显弱化甚至阶段性失效。值得关注的是，随着近年来需求约束特征凸 显，消费价格对生产价格的反向约束作用有所增强。 当前，宏观层面已发出明确信号，共同指向2026年物价将趋势回升。2026年是"十五五"规划开局之年，预计政策 重心将进一步向国内经济聚焦，从供需两端协同发力。在需求侧，中央经济工作会议将"坚持内需主导"置于重点 工作首位，着力提振消费，并推动投资止跌回稳。在上述政策合力下，物价走势温和回升将成为大概率事件。 ...

证券代码：600089 证券简称：特变电工 公告编号：临2026-009 特变电工股份有限公司 关于控股子公司竞得普查探矿权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，公司控股子公司新疆天池能源有限责任公司（以下简称"天池能源公司"）参与竞买了新疆巴里坤 哈萨克自治县三塘湖矿区库木苏五号井田（以下简称"库木苏五号井田"）普查探矿权。2026年2月5日， 新疆公共资源交易中心发布了《2025年新疆巴里坤哈萨克自治县三塘湖矿区库木苏五号井田普查探矿权 挂牌出让结果公示》，确定天池能源公司为该普查探矿权竞得人。 一、挂牌出让成交情况 特变电工股份有限公司董事会 2026年2月6日 证券代码：600089 证券简称：特变电工 公告编号：临2026-008 特变电工股份有限公司 2026年第三次临时董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 特变电工股份有限公司于2026年2月3日以电子邮件、送达方式发出召开公司 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 新浪财经 康路 发自瑞士达沃斯 在美国社会学家霍克希尔德（Arlie Russell Hochschild ）看来，当技术进步跑得太快，最先失控的不是 就业系统，而是人的身份认同。 在关于人工智能的公共讨论中，主流叙事几乎都围绕着效率、算力、成本曲线和岗位替代展开。多少工 作会消失、哪些技能会过时、哪些行业会被重塑，成为最常见的问题清单。但在美国社会学家霍克希尔 德（ Arlie Russell Hochschild） 看来，这样的讨论遗漏了一个更具决定性的变量——情绪。 现年85岁的霍克希尔德是美国加州大学伯克利分校社会学系荣休教授，是美国社会学界情感社会学的重 要奠基人之一，长期研究情感在家庭、职场以及政治中的角色。她的研究对于理解当代美国社会至关重 要。最近的两部作品揭示了美国政治的转变。其中，《故土的陌生人：美国保守派的愤怒与哀痛》 （Strangers in Their Own Land： Anger and Mourning on the American Right）曾登上《纽约时报》畅销书 榜，揭开美国保守派茶党支持者的 ...

Core Viewpoint - Indonesia's significant reduction in coal production quotas is expected to accelerate the global coal price into an upward cycle, with a focus on companies that have predictable volume and price elasticity over the next five years [2]. Group 1: Indonesia's Export Policy Adjustment - Indonesia's government has implemented a substantial reduction in coal production quotas, with a decrease of 40% to 70% compared to 2025 levels, as part of a plan to boost coal prices [2]. - The coal production for Indonesia in 2025 is projected to be 790 million tons, a 5% decrease year-on-year, down from an initial quota of 917 million tons [2]. - For 2026, Indonesia may further reduce its production quota to 600 million tons, representing a 24% decline from 2025 levels, reflecting a shift in the government's export strategy for resources including nickel and coal [2]. Group 2: Global Coal Supply and Demand Dynamics - The global coal supply-demand balance is expected to be disrupted starting in 2026, with supply contraction leading to increased demand, indicating a favorable outlook for the upward cycle of coal prices [3]. - Indonesia, as the world's largest exporter of thermal coal, is projected to export 524 million tons in 2025, a 6.1% decrease year-on-year, which will contribute to a tightening global coal supply [3]. - Other countries, such as Australia and Russia, are also expected to see production declines, with Australia facing over 5% of its capacity exiting the market and Russia's production declining due to lack of capital expenditure [3]. Group 3: China's Coal Import Outlook - Indonesia's coal exports to China are expected to decline to 210 million tons in 2025, a 10.6% decrease, accounting for 42.9% of China's total coal imports of 490 million tons [4]. - The anticipated decline in Indonesian coal production will lead to a further reduction in China's coal imports, with projections for 2026 suggesting a total import volume of around 450 million tons, a decrease of approximately 40 million tons [4]. - Domestic coal prices in China are expected to recover in 2026, ending a four-year downward trend, as stable domestic supply and slightly reduced overseas imports coincide with a steady recovery in demand [4].

Core Viewpoint - The Hong Kong stock market showed signs of recovery with major indices turning positive, supported by domestic capital inflows and a mixed performance across sectors, particularly in technology and traditional industries [1][4]. Group 1: Market Performance - The Hang Seng Technology Index reached a new low during the day but closed up by 0.74% at 5406.13 points [2] - The Hang Seng Index and the National Enterprises Index increased by 0.14% and 0.5%, respectively [1] - Major tech stocks such as Xiaomi and Baidu rose nearly 3%, while Meituan increased by nearly 2% [1] Group 2: Sector Movements - Consumer sectors including dining, dairy, and beer stocks collectively rose, while telecommunications, biomedicine, home appliances, automotive, banking, and brokerage stocks also strengthened [2] - In contrast, sectors like gold and non-ferrous metals experienced downward volatility, with semiconductor and AI-related industries undergoing continued adjustments [3] Group 3: Trading Activity - The total trading volume for the Hang Seng Index reached 315.11 billion HKD, indicating a certain level of market activity [4] - Southbound capital saw a net purchase of nearly 25 billion HKD, becoming a key driver for market support [4] - Short selling reached a record high of 40.17 billion HKD, accounting for 12.75% of the trading volume, indicating ongoing market volatility [4] Group 4: Investment Trends - There is a notable shift in market focus from high-tech sectors like AI to more traditional industries [4] - Hedge funds are reportedly increasing short positions in software stocks, contributing to a significant sell-off in that sector [6] - Goldman Sachs forecasts a 3% appreciation in the nominal effective exchange rate of the RMB, which may benefit cyclical traditional industries [6] Group 5: Future Outlook - Analysts expect the market to maintain a volatile trend, with potential rotation in investment styles and themes [8] - The current valuation expansion space for Hong Kong stocks is limited, with earnings performance likely to dictate market trends [8] - A "technology + dividend" strategy remains effective in the short term, with an emphasis on defensive sectors such as banking, insurance, telecommunications, and utilities [8]

特变电工（600089）(600089.SH)发布公告，近日，公司控股子公司新疆天池能源有限责任公司(简称"天 池能源公司")参与竞买了新疆巴里坤哈萨克自治县三塘湖矿区库木苏五号井田(简称"库木苏五号井田") 普查探矿权。2026年2月5日，新疆公共资源交易中心发布了《2025年新疆巴里坤哈萨克自治县三塘湖矿 区库木苏五号井田普查探矿权挂牌出让结果公示》，确定天池能源公司为该普查探矿权竞得人。勘查矿 种：煤炭，成交价：27.05亿元。 ...

智通财经APP讯，特变电工(600089.SH)发布公告，近日，公司控股子公司新疆天池能源有限责任公司 (简称"天池能源公司")参与竞买了新疆巴里坤哈萨克自治县三塘湖矿区库木苏五号井田(简称"库木苏五 号井田")普查探矿权。2026年2月5日，新疆公共资源交易中心发布了《2025年新疆巴里坤哈萨克自治县 三塘湖矿区库木苏五号井田普查探矿权挂牌出让结果公示》，确定天池能源公司为该普查探矿权竞得 人。勘查矿种：煤炭，成交价：27.05亿元。 ...