Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - For the stock index, the re - inflow of institutional allocation funds at the beginning of the year and policy support suggest a long - term strategy of buying on dips [4]. - For treasury bonds, the improvement in economic expectations may put pressure on the bond market, but with uncertain economic recovery momentum, the bond market is expected to be weak and volatile in the first quarter [7]. - For precious metals, they may experience a short - term correction, but the long - term upward cycle may not end. It's recommended to stay on the sidelines [9]. - For non - ferrous metals, most metals are expected to be in a high - level or upward - trending state, but some may face short - term adjustments [12][14]. - For black building materials, steel prices are expected to oscillate at the bottom, and iron ore prices are expected to oscillate due to supply and demand factors [30][33]. - For energy and chemicals, different products have different outlooks, such as rubber being neutral, crude oil having an upward potential for heavy oil products, etc. [52][54]. - For agricultural products, the price trends of different products are diverse. For example, pig prices may weaken in the medium - term, while egg prices may rise first and then fall [77][78]. Summary by Relevant Catalogs Stock Index - **Market Information**: Events include the US raid on Venezuela, a nuclear fusion conference, a company's IPO application, and changes in shareholding ratios [2]. - **Strategy**: Long - term strategy of buying on dips due to institutional funds and policy support [4]. Treasury Bonds - **Market Information**: Contract prices of TL, T, TF, and TS decreased. PMI data improved, and there were regulations on fund sales fees. The central bank had a net injection of funds [5][6]. - **Strategy**: The bond market may face pressure due to economic improvement expectations, but with uncertain economic recovery, it's expected to be weak and volatile in Q1 [7]. Precious Metals - **Market Information**: Domestic and foreign prices of gold and silver decreased. The Fed's policy may turn tight, and silver's lease rate is high [8]. - **Strategy**: A short - term correction may occur, but the long - term upward cycle may not end. It's recommended to stay on the sidelines [9]. Non - Ferrous Metals Copper - **Market Information**: Peripheral copper prices fluctuated, LME and domestic inventories changed, and Chile's copper production decreased [11]. - **Strategy**: Copper prices are expected to remain high with a slowdown in the upward trend, supported by supply and geopolitical factors [12]. Aluminum - **Market Information**: LME aluminum prices were strong, and domestic inventories and spot prices changed [13]. - **Strategy**: Aluminum prices are expected to rise due to external factors and supply - side support [14]. Zinc - **Market Information**: Domestic and foreign zinc prices changed, and inventories and basis data were provided [15]. - **Strategy**: Zinc prices may correct in the short - term but will maintain a wide - range oscillation in the medium - term [16]. Lead - **Market Information**: Domestic and foreign lead prices decreased, and inventories and basis data were provided [17]. - **Strategy**: Lead prices are expected to be weak in the short - term [17]. Nickel - **Market Information**: Nickel prices oscillated, and cost and supply - related data were provided [18]. - **Strategy**: The bottom of nickel prices may have appeared, and it's recommended to stay on the sidelines [18]. Tin - **Market Information**: Tin prices decreased, and supply, demand, and inventory data were provided [19]. - **Strategy**: Tin prices are expected to fluctuate with market sentiment, and it's recommended to stay on the sidelines [20]. Carbonate Lithium - **Market Information**: Spot and futures prices of carbonate lithium changed, and import prices of lithium concentrate increased [21]. - **Strategy**: Although the first - quarter demand is weak, the future supply - demand is expected to improve. It's recommended to stay on the sidelines or take a light position [21]. Alumina - **Market Information**: Alumina index prices increased, and basis, inventory, and ore prices were provided [22]. - **Strategy**: It's recommended to stay on the sidelines and wait for opportunities to short if there are no production cuts [23]. Stainless Steel - **Market Information**: Stainless steel futures prices increased, and spot prices and inventory data were provided [24]. - **Strategy**: It's recommended to go long on dips and pay attention to policy implementation [25]. Casting Aluminum Alloy - **Market Information**: Casting aluminum alloy prices increased, and inventory and trading volume data were provided [26]. - **Strategy**: Prices are expected to be strong and oscillate due to cost and supply factors [27]. Black Building Materials Steel - **Market Information**: Futures prices of rebar and hot - rolled coils decreased, and inventory and spot price data were provided [29]. - **Strategy**: Steel prices are expected to oscillate at the bottom, and the winter storage willingness is weak [30]. Iron Ore - **Market Information**: Iron ore futures prices increased slightly, and spot prices and basis data were provided [31]. - **Strategy**: Iron ore prices are expected to oscillate due to supply, demand, and inventory factors [32][33]. Glass and Soda Ash - **Market Information**: Glass futures prices were flat, and soda ash futures prices decreased. Inventory and trading data were provided [34][36]. - **Strategy**: Glass prices may rise in the short - term, and it's recommended to short soda ash at high prices in the 1200 - 1250 yuan/ton range [35][36]. Manganese Silicon and Ferrosilicon - **Market Information**: Futures prices of manganese silicon and ferrosilicon decreased. Spot prices and basis data were provided [37]. - **Strategy**: The market sentiment may continue to be bullish, but attention should be paid to risks. The future market is affected by overall sentiment and cost factors [39][40]. Industrial Silicon and Polysilicon - **Market Information**: Industrial silicon prices decreased, and polysilicon prices increased slightly. Supply, demand, and inventory data were provided [41][44]. - **Strategy**: Industrial silicon prices are expected to oscillate, and polysilicon prices are expected to be weak and oscillate. It's recommended to stay on the sidelines [43][45]. Energy and Chemicals Rubber - **Market Information**: Rubber prices oscillated, and supply, demand, and inventory data were provided [47][50]. - **Strategy**: It's recommended to stay on the sidelines and partially close the hedging position [52]. Crude Oil - **Market Information**: Crude oil and refined oil futures prices decreased, and inventory data were provided [53]. - **Strategy**: The value of heavy oil products is expected to rise, and the crack spread of asphalt or fuel oil may increase [54]. Methanol - **Market Information**: Regional spot prices of methanol changed [55]. - **Strategy**: It's recommended to go long on dips due to low valuation and improved future outlook [56]. Urea - **Market Information**: Regional spot and futures prices of urea changed [57]. - **Strategy**: It's recommended to take profit at high prices due to expected fundamental negatives [58]. Pure Benzene and Styrene - **Market Information**: Prices, basis, and supply - demand data of pure benzene and styrene were provided [59]. - **Strategy**: It's recommended to go long on the non - integrated profit of styrene before Q1 [60]. PVC - **Market Information**: PVC futures prices decreased, and cost, supply - demand, and inventory data were provided [61]. - **Strategy**: It's recommended to short on rallies due to the supply - demand imbalance [62]. Ethylene Glycol - **Market Information**: Ethylene glycol futures prices decreased, and supply - demand, inventory, and cost data were provided [63]. - **Strategy**: The supply - demand situation needs improvement, and it's expected to compress valuation without further production cuts [64]. PTA - **Market Information**: PTA futures prices decreased, and supply - demand, inventory, and cost data were provided [65]. - **Strategy**: PTA may enter a inventory accumulation period after the Spring Festival. It's recommended to pay attention to short - term callback risks and mid - term long - buying opportunities [66][67]. p - Xylene - **Market Information**: p - Xylene futures prices decreased, and supply - demand, inventory, and cost data were provided [68]. - **Strategy**: p - Xylene is expected to accumulate a small amount of inventory before the maintenance season. It's recommended to pay attention to short - term callback risks and mid - term long - buying opportunities [69]. Polyethylene (PE) - **Market Information**: PE futures and spot prices increased, and supply - demand and inventory data were provided [70]. - **Strategy**: It's recommended to go long on the LL5 - 9 spread on dips [71]. Polypropylene (PP) - **Market Information**: PP futures prices increased, and supply - demand and inventory data were provided [72]. - **Strategy**: The PP price may bottom out after the supply - surplus pattern changes in Q1 [74]. Agricultural Products Live Pigs - **Market Information**: Pig prices decreased in most areas, and demand varied in the north and south [76]. - **Strategy**: Short - term pig prices may be strong, but they may weaken in the medium - term. It's recommended to short on rallies and pay attention to far - month contract support [77]. Eggs - **Market Information**: Egg prices were stable in most areas, and the price is expected to rise first and then fall [78]. - **Strategy**: It's recommended to short on rallies due to limited price increase and decrease space [79]. Soybean Meal and Rapeseed Meal - **Market Information**: Futures prices of soybean meal and rapeseed meal decreased, and supply - demand and inventory data were provided [80]. - **Strategy**: Prices are expected to oscillate due to supply - demand factors [81]. Oils - **Market Information**: Futures prices of three major oils were weak and oscillated, and supply - demand and inventory data were provided [82]. - **Strategy**: Oil prices are close to the bottom range due to weak current fundamentals but optimistic expectations [83]. Sugar - **Market Information**: Sugar futures prices oscillated, and production data of India and Thailand were provided [84][85]. - **Strategy**: International sugar prices may rebound after February, and domestic sugar prices may continue to rebound in the short - term [86]. Cotton - **Market Information**: Cotton futures prices increased slightly, and supply - demand, inventory, and export data were provided [87]. - **Strategy**: It's recommended to wait for a correction and then go long on cotton [88].

Industry News - The Shanghai municipal government has issued measures to accelerate the construction of a low-altitude economy advanced manufacturing cluster, aiming for the core industry scale to reach approximately 80 billion yuan by 2028, forming a complete industrial chain for new low-altitude aircraft [4] - The revised regulations on the management of sales expenses for publicly raised securities investment funds have been officially released, increasing the redemption fee for holdings over 7 days but less than 30 days from 0.7% to 1%, which is expected to save investors 51 billion yuan annually and reduce the comprehensive fee rate of public funds by about 20% [4] - The commercial space sector is set to see a surge in launches of various commercial rockets in 2025, injecting strong momentum into China's space industry, with plans for manned lunar missions and the Chang'e 7 mission to search for water ice on the moon [4] Company News - Yushut Technology has responded to reports regarding its IPO, stating that it has not applied for any "green channel" related matters [7] - iMoutai announced that from January 4 until before the Spring Festival, the maximum quantity of the 2026 Flying Moutai liquor that can be purchased per person per day will be adjusted to 6 bottles [7] - Xingqi Eye Medicine announced that its application for the supplement of atropine sulfate eye drops has been approved [8] - Zhongkuang Resources announced the trial operation of its 30,000-ton high-purity lithium salt technical transformation project [9] - Shengyi Technology signed an investment intention agreement for a high-performance copper-clad laminate project worth 4.5 billion yuan [10] - The National Integrated Circuit Industry Investment Fund increased its stake in SMIC's H-shares from 4.79% to 9.25% as of December 29 [11] - Tiangong Technology plans to invest 2.32 billion yuan to acquire 54.87% of the shares of Suzhou Haomi Wave, entering the automotive intelligent driving, low-altitude flight, and robotics sectors [11] - Yanjiang Co. plans to acquire control of Yongqiang Technology, a high-frequency carrier board manufacturer, with its high-end products certified by Intel and Huawei [12] - Tongling Nonferrous Metals announced a delay in the second phase of the Mirador copper mine project, which is expected to impact the company's operating performance in 2026 [13] - Longpan Technology plans to invest 2 billion yuan to build a high-performance lithium battery cathode material project [14] - Bailong Oriental has released a performance forecast, expecting a year-on-year net profit increase of 46.34% to 70.73% in 2025 [14]

Group 1: Technological Innovation and Development - Technological innovation is identified as the core driving force for high-quality development, with advancements in AI models, chip self-research, and applications of humanoid robots and drones marking significant progress [1] - The "14th Five-Year Plan" emphasizes significantly improving the level of technological self-reliance and strength as a primary goal for economic and social development [1] Group 2: Space Exploration and Measurement Technology - The VLBI (Very Long Baseline Interferometry) tracking system for the Tianwen-2 mission has successfully completed 52 observation tasks, demonstrating the reliability and stability required for long-distance space missions [2] - The Tianwen-2 mission aims to explore asteroids and comets, with a complex trajectory requiring high operational reliability and emergency response capabilities [2] Group 3: Drone Technology Advancements - The first 6-ton tilt-rotor unmanned aerial vehicle, Lan Ying R6000, has successfully completed its maiden flight, marking a significant breakthrough in drone technology previously monopolized by foreign entities [4] - The drone's design allows for seamless transitions between vertical takeoff and high-speed flight, expanding its application scenarios [4] Group 4: AI Development and Open Source Models - China's AI large models have gained global recognition through open-source initiatives, significantly accelerating the development of new productive forces and contributing to high-quality growth [6] - The "Qianwen family" of models has been downloaded over 700 million times globally, with nearly 400 models open-sourced, facilitating widespread access to AI technology [6] Group 5: Humanoid Robotics Innovation - The development of humanoid robots by Yushu Technology has involved overcoming complex motion control challenges, leading to successful demonstrations of dynamic balance and rapid response capabilities [8] - The company aims to further integrate AI and sensor technologies into humanoid robots, positioning them as a new productive force for economic and social development [9] Group 6: Chip Development and GPU Technology - The company has achieved significant milestones in GPU development, maintaining a "one generation per year" research and development pace, and has successfully launched four generations of GPU architectures [11] - The focus on creating a comprehensive software ecosystem alongside hardware innovations aims to enhance overall product performance and compatibility [11]

Core Viewpoint - Russia plans to develop a megawatt-class nuclear-powered rocket engine prototype by 2030, highlighting the collaboration between the State Atomic Energy Corporation and the State Space Corporation for lunar and rocket engine projects [1] Group 1: Company Developments - The CEO of the State Atomic Energy Corporation, Likhachev, announced the intention to create a nuclear-powered rocket engine prototype by 2030 [1] - The company has made progress in over 100 high-tech new fields, particularly in nuclear medicine and nuclear fusion [1] Group 2: Financial Outlook - By 2025, the overseas order volume for the State Atomic Energy Corporation is expected to reach $200 billion, with revenue from overseas projects projected at $16.5 billion [1]

明日，A股市场将迎来2026年首个交易日。元旦假期期间，港股迎来新年开门红，在美上市的中国资产 也有强势表现，一定程度上提振了市场对A股新年开门红的预期。 展望后市，机构认为，开年后A股震荡向上的概率更高，投资者对春季行情应保持耐心，消费与成长板 块有望成为春季行情的两条主线。配置上，热度和持仓集中度相对较低但关注度开始提升、催化开始增 多且长期ROE有提升空间的板块值得关注，此外人民币汇率也具备继续走强可能，这或为港股带来一定 利好。 影响后市投资大事件 1月1日起房贷利率下调 自2026年1月1日起，存量住房公积金贷款利率下调25个基点。此外，由于2025年5年期以上LPR累计下 调10个基点，因此部分重定价日在1月1日的商贷利率也迎来下调。 2026年"国补"政策明确 近日，国家发展改革委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政策的通 知》，明确2026年"两新"政策的支持范围、补贴标准和工作要求。通知称：继续实施汽车报废更新和汽 车置换更新补贴；继续实施家电以旧换新补贴，支持范围聚焦冰箱、洗衣机、电视、空调、电脑、热水 器等6类产品；同时，将数码产品购新补贴拓展为数码和智能产品 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the electric vehicle (EV) market in Europe and the commercial aerospace sector, highlighting key companies and technological advancements in these industries. Electric Vehicle Market in Europe - Germany plans to restart an electric vehicle subsidy program with a total of €3 billion, offering approximately €4,000 per vehicle, including second-hand cars, with a price cap of €45,000 [3][4] - France maintains its ecological subsidy policy, with a maximum subsidy of €7,700 per vehicle in 2026, which includes incentives for EU-produced batteries [3][4] - The UK has set a Zero Emission Vehicle (ZEV) penetration target of 33% for 2026, with penalties for manufacturers not meeting the standards, and offers a subsidy of up to £3,750 per vehicle [3][4] - The overall European EV market is expected to exceed 5 million units in 2026, representing a year-on-year growth of 28% [3][4] Commercial Aerospace Sector - Two companies, JunDa Co. and Dongfang Risheng, are highlighted for their production of solar wing batteries for space satellites, with their performance influenced by advancements in commercial rocket cost reduction and the stability of silicon-perovskite tandem technology [5] - If China launches 10,000 low-orbit satellites, the market value of these companies could increase by approximately 200% [5] - If the U.S. deploys 100 GW of battery capacity annually, as suggested by Elon Musk, the market value elasticity for these companies will further increase [5] Technological Insights - The rising silver prices have increased the cost of photovoltaic components, particularly affecting TOPCON batteries, which have a higher silver usage [6] - HJT (Heterojunction Technology) batteries, which utilize silver-coated copper technology, are less sensitive to silver price fluctuations, maintaining a cost advantage even as silver prices rise [6] - HJT batteries are suitable for space photovoltaic applications due to their lightweight nature and compatibility with perovskite technology, which can lower costs through shared TCO glass layers [6] Investment Recommendations - Investors are advised to focus on the HJT sector due to its cost advantages and potential benefits from recent market trends and technological advancements [6]

争 匆 - 联创光电中标资阳商业航天发射技术研究院项目,合同金额 1,960万元, ● 标志着其商业航天电磁发射技术首个工程化订单成功交付,为未来批量化 订单积累经验,公司正积极准备产能以应对潜在的大规模需求。 可控核聚变被视为终极能源,2025年被认为是资本开支元年,联创光电 ● 基于超导磁体产品进行前瞻布局。2025年11月该领域招标额激增至 40 亿元,预示未来成都、南昌、上海等地将加大投入,为联创光电带来市场 机会。 可控核聚变核心投资逻辑在于其技术和市场潜力。联创光电在托卡马克装 ● 置中高温超导磁体设计和生产具备优势,价值量占比约 40%。参与南昌星 火 1 号反应堆项目,预计启动局将带来约 50 亿元订单。 联创光电在激光反无人机领域取得进展,"光刃一代"和"光刃二代"已 完成设计、研编和验收，主要用于短距离打击无人机，随着下游需求损害人。" 产品凝影搬家，主要用于短距离打击无人机，随着下游需求损需求损害骗小】 shuimu2026 bet 产品逐步成熟并具备广阔市场前景。 行研报 ： 方面,智能控制产品和背光源业务通过调整业务结构,提升管理能力,改 善盈利能力。2025年前三季度,公司毛利率达 ...

重点关注 全球市场"黑天鹅" 对于原油市场，兴业期货表示，此次美委军事冲突预计将对全球原油市场形成短多长空的影响。短期 看，尽管委内瑞拉产量、出口占全球比重均有限，但因事件关注度高，地缘风险溢价或仍将触发，可能 推动国际油价在周一开盘上涨5—10美元/桶。中期看，2026年一、二季度全球原油市场本身面临较大的 供应过剩压力。在全球经济需求前景疲弱、陆上及海上原油库存高企的背景下，油价驱动将重归基本 面。长期视角下，若美资石油公司进入委内瑞拉并修复油田，该国原油产能中长期或提升，为全球市场 带来新的供应增量，加剧远期供需平衡的压力。 对于美元，兴业期货认为，短期看，本次事件可能通过风险情绪短期推升美元指数。但是委内瑞拉经济 与金融体量有限，且长期受到美国制裁，对美元的影响更多体现在情绪层面。从中、长期看，美联储降 息预期、美元流动性、美元信用对美元指数走势的影响更大。 宏观 要闻 国常会：部署复制推广跨境贸易便利化专项行动政策措施 2025年12月31日召开的国务院常务会议，听取国家水网建设情况汇报；部署复制推广跨境贸易便利化专 项行动政策措施；审议通过《供水条例（草案）》和《中华人民共和国药品管理法实施条例（ ...

Geopolitical Impact - The U.S. military's large-scale strike on Venezuela, resulting in the capture of President Maduro, represents a significant geopolitical shock, increasing global uncertainty and enhancing the safe-haven appeal of precious metals [2][3] - The event highlights the U.S. strong stance on strategic resources in Latin America, leading to decreased security in key mineral trade flows and potential increases in regional premiums [3] Oil Market Analysis - The military conflict is expected to have a short-term bullish and long-term bearish impact on the global oil market. In the short term, geopolitical risk premiums may drive oil prices up by $5 to $10 per barrel due to heightened attention on the situation [3] - In the medium term, the global oil market may face significant oversupply pressures in 2026, with weak economic demand and high inventory levels likely driving prices back to fundamental levels [3] - Long-term, if U.S. oil companies enter Venezuela and restore oil fields, the country's production capacity may increase, adding new supply to the global market and intensifying future supply-demand balance pressures [3] Dollar Impact - In the short term, the event may temporarily boost the U.S. dollar index due to heightened risk sentiment. However, Venezuela's limited economic and financial size means the long-term impact on the dollar will be more influenced by Federal Reserve interest rate expectations and dollar liquidity [4] Market Performance - During the New Year holiday, Chinese assets performed strongly, with the Hang Seng Index rising by 2.76% and the Nasdaq China Golden Dragon Index increasing by 4.38% [9] - The China Securities Regulatory Commission's new regulations are expected to save investors approximately 510 billion yuan annually in investment costs, marking a significant reduction in public fund fee rates [10] Industry Developments - The Shanghai government aims to build a leading low-altitude economy manufacturing cluster, targeting a core industry scale of around 80 billion yuan by 2028 [16] - Luxshare Precision, a key player in the Apple supply chain, issued a clarification stating that its core business is progressing as planned, countering recent market rumors [17] - Tesla reported a significant decline in global vehicle deliveries for 2025, with 1.636 million units delivered, a year-on-year decrease of approximately 8.6%, marking the first time it was surpassed by BYD [18][19]

转自：北京日报客户端 由中共北京市委宣传部、首都文明办主办的"2025北京榜样"发布仪式1月4日举行。91岁高龄的科学家滕 吉文、"红墙卫士"崔申迪、视障女孩周彤等10人当选年榜人物。 1.滕吉文，男，91岁，中国科学院院士、中国科学院地质与地球物理研究所研究员 主要事迹： 1975年，滕吉文带队开启青藏高原首次地球物理系统观测，由于高原缺氧，他的牙齿开始松动。为了确 保能持续深入高原开展研究，他拔除全部牙齿，从此戴上了满口假牙。他在中外学术期刊发表论文300 余篇，出版专著9部。91岁高龄仍坚守岗位，每年发表论文，指导学生，投身科普事业，近十年完成近 百场报告，激励后辈投身地球科学研究。 2.杜京林，女，37岁，北京站客运车间值班长 主要事迹： 杜京林是北京站的旅客服务标兵，为提升服务技能，她默画铁路接算站示意图，熟记列车停站时刻，自 学英语、手语，成为解决旅客乘车疑难问题的行家里手。她带领团队构建服务体系，近五年服务老幼病 残孕等重点旅客超32万人次。截至2024年，服务组收获表扬2436次、表扬信520封、锦旗32面。在她的 带领下，服务组始终保持"零投诉"，用实际行动擦亮北京站服务"金名片"。 3.晋 ...