主要观点： 行业周观点 本周（2025/11/24-2025/11/28）化工板块整体涨跌幅表现排名第13位，涨跌幅为2.98%，走势处于市场整 体中上游。上证综指涨跌幅为1.40%，创业板指涨跌幅为4.54%，申万化工板块跑赢上证综指1.58个百分 点，跑输创业板指1.56个百分点。 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代糖、维生素、轻烃 化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠覆性冲击，低耗 能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本， 优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来降低能耗成本，亦或新增产能转 移至更大的海外市场，从而达到双减的目标。同时，随着生物基材料成本下降以及"非粮"原料的生物基 材料的突破，生物基材料有望迎来需求爆发期，需求超预期的高景气赛道，未来有望盈利估值与业绩的 双重提升。推荐关注合成生物学领域，重点关注凯赛生物、华恒生物等行业领先企业。 华安证券近日发布基础化工行业周报：本周（2025/11/24-2 ...

信达证券近日发布航运港口2025年11月专题：2025年1～10月，原油进口量实现4.71亿吨，同比增长 3.1%，其中，来源地为中东7国、俄罗斯、马来西亚同比增速分别为-1.23%、-8.03%、-1.25%，占比分 别为42.45%、17.66%、11.9%。2025年1～10月，主要原油接卸港口企业原油吞吐量实现3.29亿吨，同比 下滑3.25%。 以下为研究报告摘要： 本期内容提要: 一、综述：全国进出口总额及货物吞吐量情况 进出口总额：2025年1～10月，全国进出口总额实现37.31万亿元，同比增长3.6%，其中，全国进口总额 实现15.19万亿元，同比持平，全国出口总额实现22.11万亿元，同比增长6.2%。 外贸货物吞吐量：河北、山东、江苏、上海、浙江、广东同比增速分别为-0.2%、4.7%、5.6%、6.1%、 3.1%、3.2%，占比分别为9.36%、23.06%、4.43%、9.54%、13.83%、16.18%。 二、集装箱：集运运价及集装箱吞吐量情况 集运运价：2025年11月28日，CCFI收于1121.8点，同比下滑23.58%，环比2025年11月21日下滑0.09%， 其中， ...

2024年全球数据中心用电量达415TWh，约占全球总用电量的1.5%，但耗电量较为集中。美国、欧洲及 中国的数据中心用电量合计约占全球总量的85%。其中，美国自2015-2024年期间，数据中心电力消耗 以每年约12%的速度增长，增量约250TWh。2024年美国数据中心的用电量约为180TWh，占全球数据中 心总用电量近45%，并且占据美国全口径总用电量的4%。根据IEA预测，基准情况下2030年数据中心电 力消耗将增长至约945TWh，比2024年翻倍以上，年均增长率约15%，占2030年全球电力消耗的近3%。 其中，美国是最大市场，在基准情况中，2030年消耗将增至约420TWh（比2024年增长130%），占全球 增长的40%。 金元证券近日发布电子/行业深度报告：当前，单个GPU的最大额定功耗可达1000瓦。GPT-4训练时间约 95天（2280小时），采用84%的负载因子计算，其训练能耗需求约为38.2GWh，折合训练期间内日均能 耗约0.40吉瓦时（40万度电），如果以一个家庭单日电力消耗约为10度，GPT-4日均能耗约等于4万个家 庭单日用电量。 以下为研究报告摘要： 摘要 随着近些年AI模 ...

Investment Summary - The construction and building materials industry is expected to face demand challenges in 2025 due to declining infrastructure and manufacturing investment, alongside a significant drop in real estate investment [1] - Local governments are stabilizing debt management and maintaining high growth in refinancing special bonds, with infrastructure investment (excluding electricity) expected to see a negative year-on-year growth rate [1] - The real estate sector has experienced a continuous decline in fixed asset investment for 40 months, with the drop in new construction, construction, and completion areas showing signs of narrowing [1][2] Economic Impact - The negative cycle of the real estate sector continues to impact overall economic demand, although the intensity of this impact is weakening [2] - The new commodity housing price index has decreased by 11.77% from its peak in September 2021 to October 2025, while the second-hand housing price index has dropped by 20.31% in the same period [2] - Government revenue from land sales has seen a significant reduction, but general revenue has turned positive year-on-year [2] Policy Direction - The focus for 2026 will be on expanding domestic demand to counteract the negative effects of the real estate sector, with policies aimed at stabilizing the housing market and improving housing demand [3][4] - Infrastructure projects will prioritize modern infrastructure systems and effective project implementation through special bonds and long-term national bonds [3] - The government aims to enhance consumer spending and promote new consumption patterns, including the expansion of service consumption and the removal of unreasonable consumption restrictions [3] Investment Strategy - Companies in the building materials sector are expected to see improvements in profitability due to the "anti-involution" policy, which is set to optimize supply and stabilize product prices [4] - There is a growing opportunity for traditional industries to expand internationally, leveraging China's competitive advantages and the favorable conditions for overseas development [4][5] - The release of new demands driven by technological advancements and the maturation of the industrial system is anticipated to create opportunities in new materials [5]

国家能源局最新统计数据显示，前三季度新增可再生能源3.10亿千瓦，太阳能独占2.40亿千瓦。但是，掌声未 落，警报已响。随着《关于进一步深化电力体制改革加快构建新型电力系统的指导意见》（以下简称"136号 文"）政策的落地，"消纳难"与"收益低"两大难题摆在了光伏人面前。当发电的速度超过了电网消纳的速度， 当投资的回报被政策与市场双重挤压，我们靠什么继续前行？《中国能源报》记者近日在山东省规模最大的 工商业储能项目——华勤绿能30MW/60MWh储能项目找到了解决答案。 光伏面临消纳难与收益低难题 我国可再生能源的扩张势头正以前所未有的速度刷新纪录。国家能源局最新数据显示，我国可再生能源装机 总量已逼近22亿千瓦大关，其中风电与太阳能发电合计装机更是突破17亿千瓦。仅今年前三季度，全国新增 可再生能源装机就高达3.10亿千瓦，同比激增47.7%，占全部新增装机的84.4%，而太阳能发电以2.40亿千瓦的 新增量成为绝对主力。 然而，在这片繁荣景象之下，行业正面临严峻的现实考验。一方面，装机规模的快速发展给电网的消纳能力 带来巨大压力；另一方面，政策调整与市场变化正不断压缩项目的盈利空间。如何破解"增量"与"增 ...

Core Viewpoint - The company is actively addressing the electricity needs of local agricultural producers during winter, ensuring stable power supply for greenhouse operations to prevent crop damage and support farmers' income [3][6]. Group 1: Electricity Supply and Safety Measures - The company has included agricultural greenhouse electricity in its winter priority guarantee list, organizing special visits to provide services to farmers [3]. - A dedicated team conducted inspections on heating equipment, irrigation systems, and safety devices, identifying and rectifying two safety hazards related to temporary wiring [5]. - The company has established individual electricity usage files for farmers, creating tailored solutions and quick response plans for power outages [5]. Group 2: Service Enhancement and Community Support - The company is increasing inspection frequency before peak electricity demand and adverse weather conditions, responding promptly to farmers' needs [6]. - A total of 13 greenhouses in Donghe Village have undergone comprehensive inspections, eliminating six types of electricity hazards and distributing over a hundred informational materials [6]. - Future plans include optimizing rural power grid operations, enhancing emergency response capabilities, and regularly providing on-site services to promote safe electricity usage [8].

当能源革命的浪潮奔涌而至，当绿色发展的号角响彻云霄，一座屹立于祖国西北边陲的区域热源中枢， 正经历着一场关乎未来命运的涅槃重生。新疆屯富热电有限责任公司（以下简称"屯富热电"）以国家 《"十四五"现代能源体系规划》为指引，紧扣高质量发展脉搏，于2025年3月正式启动机组灵活性及节 能降碳改造项目，在历时269天的攻坚战场上，谱写了一曲国有骨干企业保供担当、难中求变、节能降 碳的雄浑乐章。 一、时代考题下的压力与生存抉择 "既要温暖光明，也要碧水蓝天。"这不仅是时代的呼唤，更是摆在所有传统火电企业面前的严峻课题。 对身为北屯市唯一热源、肩负着保供"生命线"重任的屯富热电而言，2×135MW机组就是企业发展的功 勋力量，但在构建新型电力系统与"双碳"目标的新征程中，其固有的运行模式面临两难。一方面，冬 季"以热定电"的刚性约束，使我们的机组如同一艘被锁住船舵的巨轮，转弯调头不够灵活，难以适应新 能源大规模接入后电网瞬息万变的需求。另一方面，夏季为新能源"让路"已成为新常态，机组负荷一旦 过低，便面临运行不稳、生产成本剧增的双重困境。 是安于现状而步履维艰，还是主动求变杀出一条生路？公司内部也曾有过疑虑。"不改，活 ...

Core Viewpoint - The Shouguang Power Plant has successfully implemented a zero discharge system for desulfurization wastewater, setting a new benchmark for the clean transformation of coal-fired power generation [1][7]. Group 1: Project Breakthroughs - The zero discharge project has a processing capacity of 20m3/h, sufficient to meet the wastewater treatment needs of two 1010MW units [3]. - Over 80% of water resources can be recovered during the flash evaporation process, which is then reused in the desulfurization water system, achieving water resource recycling [3]. - The project innovatively addresses the conflict between deep peak regulation of coal power and the operation of environmental facilities, maintaining a treatment capacity of 1.8m3/h even at 30% load [3] [5]. Group 2: Key Challenges - The project team overcame multiple construction challenges over nearly nine months, including site constraints, extreme weather, and complex integration of new and old systems [5]. - A dedicated team was formed to ensure quality and progress, utilizing a self-developed eccentric switch-type electric isolation door to achieve zero gas leakage [5]. - The introduction of a thermal automation system enabled automatic control of the entire process, significantly reducing the workload of operators [5]. Group 3: Industry Significance - The project exemplifies a practical approach to pollution reduction and carbon emission control in the power industry, meeting stringent national and local environmental regulations [9]. - Data from the China Electricity Council indicates that by 2024, nationwide emissions of sulfur dioxide and smoke from thermal power will have decreased by over 90% compared to 2014 [9]. - The project not only reduces pollutant emissions but also lowers fresh water consumption through wastewater recycling, achieving dual benefits of pollution reduction and carbon emission control [9]. Group 4: Future Outlook - The implementation of the 14th Five-Year Plan will continue to optimize China's energy structure, with a focus on achieving peak carbon emissions and reducing coal consumption [12]. - The role of coal power is shifting from a primary energy source to a regulatory power, emphasizing clean, efficient, and flexible capabilities [12]. - The success of the Shouguang project validates the feasibility of deep environmental upgrades while maintaining energy security, providing a reliable technical pathway for the transformation of traditional thermal power in the new power system [12].

王进军代表国家原子能机构向中国铀业成功上市表示热烈祝贺。他强调，站在新的历史起点上，希望中核集团及其所属的中国铀业，牢记职责使命，充分发 挥市场赋能优势，以"市场"为舵，以"资本"为帆，不断加大科技创新力度，持续提升综合治理效能，在天然铀领域实现资源效益、经济效益、环境效益、社 会效益齐丰收，为保障我国能源资源安全，支撑国民经济高质量发展再立新功。 2025年12月3日，随着上市钟声敲响，中国铀业股份有限公司(股票代码：001280)正式登陆深圳证券交易所主板，成为A股市场天然铀第一股。此次上市标志 着中国铀业在深化资本市场运作、服务国家能源安全战略方面迈出关键一步，更是中核集团以资本运作推动核能"三步走"战略的重要里程碑。 上市仪式现场，中核集团总经理、党组副书记张涛，国家原子能机构系统工程司副司长王进军，中核集团党组成员、总会计师王学军，中核集团党组成员、 副总经理陈军利，国家产业基金董事长曲克波，中国国新控股有限责任公司党委书记、董事长徐思伟，中信建投证券股份有限公司党委副书记、总经理金剑 华，中国铀业党委书记、董事长袁旭一同为中国铀业敲钟开市。中国矿业联合会党委书记、会长程利伟，中国核能行业协会常务副 ...

Core Viewpoint - The transformation of waste management in Ethiopia through advanced waste-to-energy technology from China represents a significant step in the globalization of China's environmental industry, showcasing a comprehensive approach that includes technology, standards, management, and capital [1][4]. Group 1: Global Expansion of China's Waste-to-Energy Industry - As of November 2025, Chinese enterprises have participated in 101 overseas waste incineration projects, indicating a broad international presence across Asia, Europe, Africa, and America [1]. - The demand for waste-to-energy solutions is growing in regions like Southeast Asia and the Middle East, with Indonesia's waste production projected to exceed 82 million tons by 2045, highlighting the urgency for effective waste management solutions [1][2]. - Chinese companies such as China Everbright, China Tianying, and others are actively involved in the full industrial chain of waste-to-energy projects, from investment to operation management [1][2]. Group 2: Technological Adaptation and Innovation - The success of Chinese waste incineration solutions abroad is attributed to their ability to adapt technology to local waste characteristics, particularly in regions with high moisture content and low calorific value [3]. - Chinese enterprises utilize advanced technologies, such as high-efficiency waste heat boiler systems with thermal efficiency exceeding 85%, to ensure stable combustion and efficient power generation [3]. - The project in Can Tho, Vietnam, exemplifies the full lifecycle management capabilities of Chinese companies, processing 400 tons of waste daily and generating approximately 60 million kilowatt-hours annually while adhering to EU emission standards [3]. Group 3: Challenges and Strategic Approaches - Despite the vast market potential, overseas projects face challenges such as stringent local environmental standards and weak waste collection systems [4]. - Chinese companies employ flexible cooperation models like EPC, BOO, or BOT to mitigate project risks and enhance community acceptance, as demonstrated by the Can Tho project, which created hundreds of jobs and gained local trust [4]. - The establishment of 101 overseas waste incineration projects marks a milestone in China's international environmental efforts and its commitment to global energy transition [4].