[CSI Headlines].

Two departments: deepen the market-oriented reform of new energy feed-in tariffs

The National Development and Reform Commission and the National Energy Administration recently issued the Notice on Deepening the Market-oriented Reform of New Energy Feed-in Tariffs and Promoting the High-quality Development of New Energy. Among them, it is proposed to promote the participation of new energy on-grid electricity in market transactions. In principle, all on-grid electricity of new energy projects enters the electricity market, and the feed-in tariff is formed through market transactions。 New energy projects can be quoted to participate in the transaction, and can also accept the price formed by the market. For the amount of new energy electricity involved in inter-provincial and inter-regional transactions, the feed-in tariff and trading mechanism shall be implemented in accordance with the relevant policies for inter-provincial and inter-regional power transmission。

Comments: The full entry of new energy into the power market will increase the trading entities and transaction scale of the power market, and promote the trading of the spot market and the medium and long-term market to be more active. At the same time, measures such as shortening the medium- and long-term market trading cycle and increasing the frequency of transactions will also further enhance the liquidity and activity of the power market. In principle, all new energy on-grid electricity enters the electricity market, and the feed-in tariff is formed through market transactions, which will prompt new energy power generation enterprises to pay more attention to technological innovation and cost control, improve power generation efficiency and project quality, and gain advantages in market competition.

◆Among the A-share companies, Silver Star Energy (000862) ranks among the top four in Ningxia in terms of installed wind power capacity. Li New Energy (001258) focuses on wind power generation and photovoltaic power generation business.

[CSI Focus].

Chongqing has completely canceled housing sales restrictions, which is good for real estate agents

On February 8, the Chongqing Municipal Commission of Housing and Urban-Rural Development announced that from February 8, the re-transaction management of housing that had been included in the two-year sales restriction will be cancelled in the central urban area of Chongqing. This marks the full lifting of the housing sales restriction policy in Chongqing's property market. According to Chongqing's latest policy, after the cancellation of the restriction on sale, buyers can be listed and traded after obtaining the "Real Estate Property Certificate", which will greatly improve market liquidity and stimulate market vitality. At the same time, the policy adjustment is also conducive to optimizing the criteria for determining the number of housing units, supporting the "old for new" housing, and promoting the stable and healthy development of the real estate market.

Comments: The cancellation of housing sales restrictions, buyers can be more flexible and free to decide the re-transaction time of real estate, which will help enhance the liquidity of the real estate market, activate the real estate market transactions, improve the activity of the market and the efficiency of asset allocation, and promote the virtuous cycle of primary and secondary real estate market transactions. Since the beginning of the year, a number of provinces and cities have expressed their intention to "make every effort to promote the stabilization and recovery of the real estate and construction industry", Chongqing, as a representative of the new first-tier cities, this policy adjustment is very representative, and it is expected that other cities are likely to follow up one after another, which is good for the leading real estate brokers.

◆Among the A-share companies, I Love My Home (000560) is a leading real estate brokerage company. World Union Bank (002285) is a subsidiary of Zhuhai State-owned Assets Supervision and Administration Commission (SASAC) and a well-known real estate intermediary service provider in China.

【Selected News】

○ According to the National Bureau of Statistics, in January 2025, the national consumer price rose by 0.5% year-on-year and 0.7% month-on-month. In January, the ex-factory prices and purchase prices of industrial producers across the country both fell by 2.3 percent year-on-year, the same as the previous month, and both fell by 0.2 percent month-on-month.

○ In order to thoroughly implement the deployment requirements of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, the Central Financial Work Conference, the Central Economic Work Conference and the new "National Nine Articles" on doing a good job in science and technology finance, green finance, inclusive finance, pension finance and digital finance, actively give full play to the function of the capital market, and improve the quality and efficiency of serving the real economy, the China Securities Regulatory Commission has recently formulated the "Implementation Opinions on the "Five Major Articles" of Finance in the Capital Market.

○ According to Xinhua News Agency, the latest data released by the US Centers for Disease Control and Prevention on the 7th shows that there have been at least 24 million flu cases in the United States this flu season, including more than 310,000 hospitalized cases and more than 13,000 deaths. According to the U.S. Centers for Disease Control and Prevention, the level of influenza infections in the United States is currently at a high level, and the infection rate is on the rise. In the week ending Feb. 1, there were more than 48,000 new influenza hospitalizations and 10 new childhood influenza deaths in the United States. In the current flu season, a total of 57 childhood influenza deaths have been reported in the United States.

[Sankei perspective].

DeepSeek has opened the era of AI inclusiveness, benefiting the industry chain

With the explosion of DeepSeek, the deployment of AI large models by individual users has become a new craze. In the technology community, developers have shared how to use low-cost hardware and development kits, such as developers only need to spend 80 yuan to buy a development board, follow the tutorial for hardware connection and firmware burning, you can access DeepSeek and other large models to create a personal voice assistant system; There are also developers who have built a beanbag intelligent robot at a cost of 150 yuan, and 358 yuan can build a robot that accesses a large model and has gesture recognition and touch interaction functions.

Comments: The widespread deployment of AI large models by individual users will increase the demand for related hardware and software, driving the development of industries such as chips, servers, cloud computing, and smart terminals. A positive cycle will be formed to encourage more enterprises and developers to invest in the field of AI, promote the continuous innovation and progress of technology, reduce the overall cost and deployment threshold of AI technology, and make AI technology more widely used in various fields 688047 688018.

[Company News].

○ Super Communication (Rights Protection) (603322) issued an announcement that the company signed the "Purchase Contract" and the corresponding "Purchase Order" with Zhongte Xinlian Technology Industry Development (Beijing) Co., Ltd., and the customer purchased intelligent computing integration services from the company, with a total amount of about RMB 850 million including tax. The main subject matter of the contract is the C500-P PCie training and pushing integrated server, switch, optical fiber, optical module, network cable and others, intelligent computing cloud platform, large model agent platform, large model data knowledge platform and AI application platform.

○ Chengdi Xiangjiang (603887) issued an announcement that on February 7, China Telecom Sunshine Procurement Network released the "Announcement of Winning Candidates for the Data Center Project of Lingang Park of China Telecom Shanghai Company". According to the announcement, the company's wholly-owned subsidiary, Xiangjiang System Engineering Co., Ltd., is currently entering the publicity period as one of the first winning candidates for the project. The cumulative total bid price (including tax) is 870 million yuan.

○Capital Online (300846) issued an announcement on abnormal fluctuations in stock trading, and the company noticed that the relevant platform included the company's shares in the DeepSeek concept stock, and has carried out a full series of model adaptation work on DeepSeek, but there is uncertainty about the relevant business effect and the impact on the company's future performance.

○ Daily Interactive (300766) said in an institutional survey that the company focused on the field of data intelligence after listing, and the company did deep integration in DeepSeek 2.5 and deepened it in version 3.0. Each version of it is integrated by the company at the first time. In addition, China (Wenzhou) Digital Security Port recently released the country's first controllable large model service based on trusted data space and DeepSeek, providing more secure and efficient large model application solutions for various industries, and the company is also deeply involved.

○ Ultrasonic Electronics (000823) said on the interactive platform that the company provides BYD with automotive radar boards and on-board touch screens. For a single customer order, it is inconvenient to disclose it for commercial reasons.

[Capital Tide View].

○ On February 7, the net outflow of main funds in Shanghai and Shenzhen was 13.537 billion yuan. The top three sectors with a net inflow of major funds were software development, photovoltaic equipment and computer equipment, with net inflows of 3.755 billion yuan, 1.848 billion yuan and 1.460 billion yuan respectively. The top three stocks with net inflows of main funds are Inspur Information, Wolong Electric Drive and Changshan Beiming, with net inflows of 1.289 billion yuan, 1.098 billion yuan and 951 million yuan respectively.

○Digital China (000034) rose 10.01% on February 7, with a turnover of 4.356 billion yuan. According to the data of the Dragon and Tiger List, on the same day, the special seats for Shenzhen-Hong Kong Stock Connect bought 202 million yuan and sold 64.3993 million yuan at the same time, with a net purchase of 62.7503 million yuan by an institution and a net sale of 84.9277 million yuan by an institution.

(Source: China Securities Journal, CSI Taurus).