Report Summary Industry Investment Rating No industry investment rating is provided in the given content. Core View The report focuses on the differentiation in the mid - stream industries and suggests paying attention to the release of downstream consumption. It presents recent events in the production and service industries, and analyzes the price and operation status of upstream, mid - stream, and downstream industries [1]. Detailed Summary by Directory 1. Mid - view Event Overview - **Production Industry**: From January 15th to 16th, China Aero - Engine's "Taihang 7", "Taihang 15", and "Taihang 110" gas turbine innovation and development demonstration projects passed the evaluation and acceptance of the National Energy Administration, which will drive the industrialization and commercialization of China's gas turbine industry [1]. - **Service Industry**: As of January 17th, 2026, since the full - island customs closure of Hainan Free Trade Port on December 18th, 2025, Haikou Customs supervised 4.86 billion yuan in off - island duty - free shopping, a 46.8% year - on - year increase; 745,000 shopping visitors, a 30.2% increase; and 3.494 million shopping items, a 14.6% increase [1]. 2. Industry Overview - **Upstream**: Copper prices declined slightly; egg and pork prices rebounded; PTA prices dropped [2]. - **Mid - stream**: PX and urea in the chemical industry maintained high operating rates; power plant coal consumption was at a low level [3]. - **Downstream**: Second - tier city commercial housing sales increased seasonally; domestic flight frequencies decreased slightly [4]. 3. Key Industry Price Index Tracking - **Agriculture**: On January 19th, the spot price of corn was 2,262.9 yuan/ton (up 0.38% year - on - year), eggs 7.9 yuan/kg (up 8.28%), palm oil 8,620 yuan/ton (down 2.31%), cotton 15,889.3 yuan/ton (up 0.74%), and the average wholesale price of pork 18.5 yuan/kg (up 2.33%) [36]. - **Non - ferrous Metals**: On January 19th, the spot price of copper was 101,140 yuan/ton (down 2.07%), zinc 24,402 yuan/ton (up 1.16%), aluminum 23,890 yuan/ton (down 1.98%), and nickel 146,416.7 yuan/ton (up 0.46%) [36]. - **Black Metals**: On January 19th, the spot price of rebar was 3,232.3 yuan/ton (down 0.42%), iron ore 833.9 yuan/ton (down 1.03%), wire rod 3,480 yuan/ton (down 0.50%), and glass 12.9 yuan/square meter (down 0.23%) [36]. - **Non - metals**: On January 19th, the spot price of natural rubber was 15,583.3 yuan/ton (down 1.48%), and the China Plastics City price index was 775.7 (up 1.34%) [36]. - **Energy**: On January 19th, the spot price of WTI crude oil was 59.3 US dollars/barrel (up 0.37%), Brent crude oil 64.1 US dollars/barrel (up 1.25%), liquefied natural gas 3,514 yuan/ton (down 0.90%), and coal 803 yuan/ton (up 0.88%) [36]. - **Chemical Industry**: On January 19th, the spot price of PTA was 5,019.8 yuan/ton (down 2.02%), polyethylene 6,840 yuan/ton (up 2.47%), urea 1,767.5 yuan/ton (up 1.29%), and soda ash 1,214.3 yuan/ton (down 0.35%) [36]. - **Real Estate**: On January 19th, the national cement price index was 134.5 (down 0.44% year - on - year), the building materials composite index increased by 0.03%, and the national concrete price index decreased by 0.18% [36].

Market Overview - The Shanghai Composite Index stabilized on Monday, closing up 0.29% at 4114.00 points, with a trading volume of 27.325 billion yuan, a decrease of 3.243 billion yuan compared to last Friday [1]. Industry Insights - The gas turbine industry is currently experiencing a supply-demand imbalance, with significant order growth from the global top three gas turbine manufacturers [1]. - The downstream applications for gas turbines include power generation, petrochemicals, and transportation [1]. - Recent successful evaluations of several gas turbine innovation development demonstration projects by the National Energy Administration highlight advancements in this sector [1]. Investment Competition - The 82nd "Digging Gold" competition, organized by the Daily Economic News App, commenced on January 19, with registration open from January 17 to January 30. Participants can simulate trading with a capital of 500,000 yuan [1]. - Cash rewards for the competition include 688 yuan for the first place, 188 yuan for the second to fourth places, and 88 yuan for the fifth to tenth places, with additional rewards for monthly leaderboard positions [3]. Expert Opinions - Some experts believe that recent market corrections do not affect the bullish trend, suggesting that the A-share market may enter a prolonged slow bull phase [4]. - Potential investment opportunities identified by experts include sectors such as display panels, gas turbines, and humanoid robots [5].

Core Insights - The successful completion of the evaluation and acceptance of the "Taihang" gas turbine innovation development demonstration projects marks a significant advancement in China's gas turbine industry, indicating breakthroughs in core technologies such as R&D design, key materials development, component manufacturing, testing, and maintenance [2][3] Group 1: Project Achievements - The "Taihang 7" gas turbine has accumulated over 25,000 operating hours, filling the gap in domestic gas turbine applications for offshore platforms, thus enhancing oil and gas exploration capabilities [2] - The "Taihang 15" gas turbine demonstration unit has run for over 6,300 hours, successfully utilizing associated gas resources from offshore oil fields to provide autonomous power supply for island microgrids, validating the unit's stability and reliability [2] - The "Taihang 110" gas turbine demonstration unit has accumulated over 8,400 equivalent operating hours, achieving 100% domestic intellectual property rights and filling the gap for 110 MW heavy-duty gas turbine products in China, making it the largest domestic commercial heavy-duty gas turbine currently available [3]

Group 1: Commercial Space Industry - Zhongke Aerospace's IPO guidance status has changed to acceptance, marking a significant step in the IPO process for five commercial space companies in China, aiming to become the "first stock" in the commercial space sector [1] - Blue Arrow Aerospace's IPO review status has been changed to "accepted," with plans to raise 7.5 billion yuan for reusable rocket technology and capacity enhancement projects [1] Group 2: Gas Turbine Industry - The successful completion of evaluation and acceptance for the "Taihang Brothers" gas turbine projects signifies a breakthrough in core technologies for gas turbine R&D, which will significantly promote the industrialization and commercialization of China's gas turbine industry [2] Group 3: Small and Medium Enterprises - The Ministry of Industry and Information Technology has revised the management measures for cultivating high-quality small and medium enterprises, including raising the revenue threshold for "specialized, refined, distinctive, and innovative" enterprises to 50 million yuan and increasing R&D expenditure requirements [3] Group 4: Real Estate Financing - The People's Bank of China and the National Financial Regulatory Administration have announced that the minimum down payment ratio for commercial property loans will be adjusted to no less than 30%, allowing local authorities to set lower limits based on city-specific conditions [4] Group 5: High-Energy Ion Implantation Technology - The successful operation of China's first serial high-energy hydrogen ion implanter marks a significant advancement in mastering the full-chain R&D technology, which is crucial for promoting the autonomy and security of high-end manufacturing equipment [5] Group 6: Monitoring Systems - The completion and trial operation of the Beidou high-precision monitoring system at the Three Gorges project represent a significant application of Beidou technology in major water conservancy projects, enhancing the safety monitoring system's capabilities [6] Group 7: Electric Grid Investment - Huatai Securities reports that the State Grid's planned investment of 4 trillion yuan during the 14th Five-Year Plan period will benefit electric grid equipment manufacturers, with a 40% increase in investment compared to the previous plan [8] Group 8: National Innovation Strategy - The Ministry of Science and Technology aims to strengthen strategic planning and policy measures to enhance the overall effectiveness of the national innovation system, focusing on regional innovation and collaboration among various innovation entities [9]

Group 1: Commercial Space Industry - Zhongke Aerospace's IPO guidance status has changed to acceptance, marking a significant step in the process for five commercial space companies in China to launch IPOs [1] - The five companies include Blue Arrow Aerospace, Tianbing Technology, Zhongke Aerospace, Star Glory, and Xinghe Power, all aiming to become the first commercial space stock in China [1] - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, with plans to raise 7.5 billion yuan for reusable rocket technology and capacity enhancement projects [1] Group 2: Gas Turbine Industry - China Aviation Engine Group announced the successful completion of evaluation and acceptance for three gas turbine innovation development demonstration projects, which will significantly boost the gas turbine industry in China [2] - The projects include the "Taihang 7," "Taihang 15," and "Taihang 110" gas turbines, marking breakthroughs in core technologies such as design, material development, and manufacturing [2] Group 3: Small and Medium Enterprises - The Ministry of Industry and Information Technology has revised the "Quality Small and Medium Enterprises Gradient Cultivation Management Measures," incorporating technology-based SMEs into the cultivation framework [3] - Changes include the cancellation of province-specific criteria, raising revenue thresholds for "specialized, refined, distinctive, and innovative" small giants to over 50 million yuan, and increasing R&D expenditure requirements [3] Group 4: Real Estate Financing - The People's Bank of China and the National Financial Regulatory Administration have announced that the minimum down payment ratio for commercial property loans will be adjusted to no less than 30% [4] - Local financial institutions are allowed to set their minimum down payment ratios based on local government policies [4] Group 5: High-Energy Ion Implantation Technology - China National Nuclear Corporation announced the successful operation of the country's first series-type high-energy hydrogen ion implanter, achieving international advanced levels in core indicators [5] - This development signifies China's mastery of the full-chain R&D technology for high-energy hydrogen ion implanters, enhancing the safety of the industrial chain [5] Group 6: Monitoring Systems - The Three Gorges Hub Beidou high-precision monitoring system has been completed and is in trial operation, marking a significant application of Beidou technology in major water conservancy projects [6] - This system represents a step towards achieving a "self-controllable and efficient intelligent" safety monitoring system for the Three Gorges project [6] Group 7: Electric Grid Investment - Huatai Securities reported that the State Grid's investment is expected to reach 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan [9] - The investment will support the construction of cross-provincial transmission channels and the reinforcement of weak grids in the western regions, with a focus on high voltage construction [9] Group 8: National Innovation Strategy - The Ministry of Science and Technology aims to strengthen strategic planning and policy measures to enhance the national innovation system, focusing on regional innovation and collaboration [10] - The goal is to create a significant strategic support point for building a technology powerhouse in China [10]

Core Viewpoint - China Aviation Engine Group has successfully passed the evaluation and acceptance of three gas turbine innovation demonstration projects, marking a significant advancement in the country's gas turbine industry and its capabilities in independent research, design, manufacturing, testing, and maintenance [1] Group 1: Project Achievements - The "Taihang" series gas turbines have demonstrated stable operation, with the "Taihang 7" turbine accumulating over 25,000 hours of operation, filling the gap for domestic gas turbines in offshore platform applications [1] - The "Taihang 15" turbine has operated for over 6,300 hours, utilizing associated gas resources from offshore oil fields to provide autonomous power supply for island microgrids, validating the unit's stability and reliability [1] - The "Taihang 110" turbine has achieved over 8,400 equivalent hours of operation, possessing complete independent intellectual property rights and achieving 100% localization, filling the gap for 110 MW heavy-duty gas turbine products in China [1] Group 2: Industry Impact - The successful development of these gas turbines is expected to significantly promote the industrialization and commercialization of China's gas turbine industry [1] - The "Taihang 110" turbine is currently the largest domestically produced commercial heavy-duty gas turbine, having passed national product verification and achieved international commercial orders [1]

Core Viewpoint - China Aviation Engine Group (China Aviation) has successfully completed the evaluation and acceptance of its gas turbine innovation development demonstration projects, marking a significant advancement in the independent research, design, manufacturing, testing, and operational maintenance capabilities of gas turbines in China [1][3]. Group 1: Project Achievements - The "Taihang 7" gas turbine has accumulated over 25,000 operating hours, filling the gap in the application of domestic gas turbines for offshore platforms, thus enhancing oil and gas exploration and development capabilities [2][3]. - The "Taihang 15" gas turbine demonstration unit has run for over 6,300 hours, utilizing associated gas resources from offshore oil fields to provide autonomous power supply for microgrid systems, validating the unit's stability and reliability [5]. - The "Taihang 110" heavy gas turbine has operated for over 8,400 equivalent hours, achieving 100% domestic production and filling the gap in the domestic market for 110 MW heavy gas turbine products, which is currently the largest commercial heavy gas turbine in China [7]. Group 2: Strategic Implications - The demonstration projects are part of a strategic collaboration between China Aviation and China National Offshore Oil Corporation (CNOOC), aimed at establishing a national-level testing and demonstration base for autonomous gas turbines in the marine engineering sector [5][7]. - China Aviation aims to leverage the successful evaluation and acceptance of these projects as a new starting point to deepen technological innovation, accelerate product iteration and upgrades, and promote the large-scale application of these technologies to enhance national energy security and drive high-quality development in the equipment manufacturing industry [1][7].

Core Viewpoint - The successful completion of the evaluation and acceptance of the "Taihang" gas turbine projects marks a significant advancement in China's gas turbine industry, indicating breakthroughs in core technologies related to research, design, materials, manufacturing, testing, and maintenance [1][2]. Group 1: Project Achievements - The "Taihang 7" gas turbine has accumulated over 25,000 operating hours, filling the gap in domestic gas turbine applications for offshore platforms, thus enhancing oil and gas exploration capabilities [1]. - The "Taihang 15" gas turbine demonstration unit has run for over 6,300 hours, utilizing associated gas resources from offshore oil fields to ensure independent power supply for microgrid systems, demonstrating its stability and reliability [1]. - The "Taihang 110" gas turbine demonstration unit has achieved over 8,400 equivalent operating hours, possesses complete independent intellectual property rights, and is fully domestically produced, filling the gap for 110 MW heavy-duty gas turbine products in China [2]. Group 2: Industry Impact - The successful validation and international commercial orders for the "Taihang 110" gas turbine highlight its status as the largest domestically produced commercial heavy-duty gas turbine in China [2]. - The advancements in the "Taihang" series are expected to significantly promote the industrialization and commercialization of the gas turbine sector in China [1].

Group 1 - China Aviation Engine Group's "Taihang Three Brothers" has completed evaluation and acceptance, marking a significant breakthrough in gas turbine R&D and technology, which will strongly promote the industrialization and commercialization of the gas turbine industry in China [1][1][1] - The People's Bank of China and the National Financial Regulatory Administration announced that the minimum down payment ratio for commercial housing loans will be adjusted to no less than 30%, aiming to support a new model for real estate development [1][1] - The Ministry of Industry and Information Technology has revised the management measures for high-quality small and medium-sized enterprises, including technology-based SMEs in the cultivation scope, which will be implemented from April 1, 2026 [1][1] Group 2 - The National Energy Administration announced that by 2025, China's total electricity consumption will exceed 10 trillion kilowatt-hours, reaching 10.4 trillion kilowatt-hours, a year-on-year increase of 5%, which is unprecedented for a single country [1][1][1] - In 2025, the foreign trade import and export volume of Yiwu, Zhejiang, is expected to exceed 800 billion yuan, reaching 836.5 billion yuan, with imports hitting 105.8 billion yuan, a year-on-year increase of 32.3% [1][1] - In 2025, Shanxi's renewable energy generation is projected to reach 118 billion kilowatt-hours, a year-on-year increase of 26%, equivalent to the annual electricity consumption of approximately 35 million households [1][1]

Core Viewpoint - China Aviation Engine Group has successfully completed the evaluation and acceptance of three gas turbine innovation demonstration projects, marking significant advancements in domestic gas turbine technology and paving the way for industrialization and commercialization in the sector [1]. Group 1: Project Achievements - The "Taihang" series gas turbines have demonstrated stable operational performance, with the "Taihang 7" turbine accumulating over 25,000 hours of operation, filling the gap in domestic gas turbines for offshore platforms [1]. - The "Taihang 15" gas turbine demonstration unit has run for over 6,300 hours, utilizing associated gas resources from offshore oil fields to provide autonomous power supply for island microgrids, validating the unit's stability and reliability [1]. - The "Taihang 110" gas turbine demonstration unit has operated for over 8,400 equivalent hours, achieving 100% domestic production and filling the gap for 110 MW heavy-duty gas turbine products in China, currently being the largest domestic commercial heavy-duty gas turbine [1].