China State Planner and the National Energy Administration issued the 15th Five-Year Plan for coal industry development, calling for accelerated structural upgrades and orderly withdrawal of backward and inefficient coal capacity. The agencies require an establish-before-shutdown approach, coordinating mine closures with regional supply security and implementing exits under market-based, rule-of-law principles. Regional measures: western China to optimize production and speed removal of mines wi

2026-08-10

China State Planner and the National Energy Administration issued the 15th Five-Year Plan for coal industry development, calling for accelerated structural upgrades and orderly withdrawal of backward and inefficient coal capacity. The agencies require an establish-before-shutdown approach, coordinating mine closures with regional supply security and implementing exits under market-based, rule-of-law principles. Regional measures: western China to optimize production and speed removal of mines with outdated technology or overlapping ecologically sensitive areas; east-central China to prudently withdraw disaster-prone mines that cannot be effectively remediated and exhausted deposits while addressing legacy liabilities and worker resettlement; southwest and northeast to set region-specific standards to steer small, low-resource, low-safety mines out and use policy guidance and market measures to ensure long-term suspended or halted mines are exited.

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2026-08-10

美银牛熊指标已经从9.4升至 9.7,创2021年以来最高,按照其逆向规则已经明确进入「Sell」区域。推动指标走高的并不是单一股票情绪,而是权益资金流、基金经理仓位、信用市场技术面和债券资金流同时偏强,其中权益资金流处于历史第97百分位、FMS仓位达到第99百分位。 但Hartnett并没有简单得出「泡沫马上破裂」的结论。相反,他认为过去一周的汇率干预再次证明, 美国政策制定者会尽量阻止金融条件突然收紧,避免去杠杆演变成系统性冲击 。报告甚至把这种机制概括为:小型危机时干预汇率和流动性,必要时更极端的工具可能演化到「收益率曲线控制」式政策托底。 真正的风险因此不是「情绪太高」本身,而是政策还能不能继续压住金融条件。一旦出现「收益率上升、美元走弱、银行股转弱」 的组合,美银认为这才可能成为牛市结构真正开始松动的信号。

2026-08-10

Aug. 10 — China’s Qianwen Open Platform went live, allowing partners and developers to integrate services on mobile, PC and AI glasses. Initial partners cover logistics, housing/residential services, local life, wealth management and auto. Integrated agents support end-to-end flows from inquiry and recommendation to order placement.