Core Insights - Gansu Electric Design Company successfully completed the final site survey for the key power supply project of the Lanhhe Railway in the Linxia section and the Zizihoyangqu Traction Station, demonstrating high professionalism and determination in challenging conditions [1][2] Group 1: Project Overview - The Lanhhe Railway is an important connection line in the national medium- and long-term railway network plan, which plays a significant role in improving regional railway layout, promoting resource development along the line, and facilitating economic and social development [1] - The power supply project's survey and design are critical for ensuring the safe and stable operation of the entire railway line [1] Group 2: Survey Challenges - The survey area is located in a high-altitude mountainous region with extreme environmental conditions, including a maximum elevation difference of over 420 meters and steep terrain, making access difficult [2] - The team faced significant challenges due to harsh weather conditions, which affected field measurement and sampling work [2] Group 3: Technical Execution - The company’s measurement personnel overcame difficulties related to instrument operation and data stability, steadily advancing control and elevation measurements [2] - The geological and hydrological team conducted geological surveys, water level observations, and sample collection, ensuring the accuracy and completeness of the data [2] Group 4: Project Impact - The successful completion of the final survey not only accurately determined the route and key points but also provided solid data support for the subsequent phases of the project [2] - This achievement significantly contributes to the overall construction progress of the Lanhhe Railway power supply project and aids in the timely completion of this strategic corridor [2]

1月30—31日，以"智赋未来 能启新篇"为主题的"中关村论坛系列活动——AI+能源发展大会"在北京中关村会议中心举行。大会由中国能源报、中国节能 协会、中国高技术产业发展促进会、中关村国联绿色产业服务创新联盟、北京海开控股（集团）股份有限公司联合主办，中国节能协会节能降碳技术推广 专业委员会、中国高技术产业发展促进会未来能源产业专委会、北京中关村科学城创新发展有限公司、龙源(北京)新能源工程技术有限公司、北京四方继 保自动化股份有限公司、厦门海辰储能科技股份有限公司协办，300多位来自政府部门、能源企业及产业链创新企业的代表及院士专家参会。 本次大会以AI与能源产业深度融合为主线，围绕能源系统转型、新型电力系统建设等议题深入交流，并探讨技术应用难点、政策支持路径与产业创新实 践。大会同步启动AI+能源绿色产业万里行、筹备产业链联盟等系列活动，为能源强国建设与"双碳"目标实现凝聚多方合力。 数智赋能能源产业高质量发展 新一轮科技革命与产业变革加速演进，正深度重塑全球竞争格局、经济结构以及人类生产生活方式。在能源转型与数字变革深度融合背景下，以数智化手 段助力能源强国建设，推动能源产业高质量发展，成为能源行业面 ...

Core Viewpoint - The construction of a beautiful China is essential for embedding a green foundation in Chinese-style modernization and is integral to achieving high-quality development [1] Group 1: Green and Low-Carbon Transition - The "14th Five-Year Plan" marks a significant milestone in ecological civilization construction and the fastest transition to green and low-carbon development in China [1] - China Huaneng has achieved a low-carbon clean energy installed capacity ratio exceeding 56.6% during the "14th Five-Year Plan" period [1] - The company is focusing on carbon peak and carbon neutrality goals, promoting a comprehensive energy base with renewable energy, hydropower, and nuclear power as key supports [1][2] Group 2: Energy Base Development - China Huaneng is actively integrating into national major regional strategies, emphasizing large-scale base development for low-carbon clean energy [2] - The company is constructing the first 10 million kilowatt-level multi-energy complementary comprehensive energy base in China, which will be fully connected to the grid by 2025 [4] - Projects like the 2 million kilowatt solar project in Suji Sand and the multi-energy complementary base in Lancang River are pivotal for regional green development [4] Group 3: Traditional Energy Optimization - China Huaneng is optimizing traditional energy while developing new energy, ensuring energy security and stability [6] - The company is implementing advanced technologies in coal-fired power plants, such as the world's first 650℃ ultra-supercritical coal-fired power unit, which is expected to reduce CO2 emissions by approximately 450,000 tons annually [7] - The company has completed over 100 million kilowatts of coal-fired power unit upgrades, significantly enhancing efficiency and flexibility [8] Group 4: Ecological and Social Responsibility - China Huaneng is committed to integrating environmental protection with economic development and social harmony, ensuring that every green energy project contributes to building a beautiful China [9] - The company has implemented various ecological restoration projects, such as the ecological rehabilitation of mining areas and the establishment of fish passage systems in hydropower stations [9][11] - The company has been recognized for its rural revitalization efforts, achieving high marks in assessments for its contributions to local economies and ecological governance [11][12]

Core Viewpoint - A new force focused on the value excavation and reshaping of existing assets in the photovoltaic renewable energy investment sector is emerging, exemplified by the establishment of the Xiamen Luoqi M&A Fund, which has successfully completed its first phase of fundraising and asset transfer, exceeding 500 million yuan [1] Group 1: Fund Overview - The Xiamen Luoqi M&A Fund is not an ordinary equity investment fund; its core objective targets the large but quality-diverse market of commercial distributed solar storage power stations [1] - The fund represents a breakthrough in a new asset category termed "quasi-infrastructure" mergers and acquisitions, indicating a complete asset closed-loop management model in the distributed clean energy sector [1] Group 2: Market Characteristics - The current Chinese distributed photovoltaic market, particularly in the commercial sector, exhibits strong incremental growth, vast existing assets, and significant quality disparities, with cumulative grid-connected capacity exceeding 200 GW since 2022, corresponding to nearly 1 trillion yuan in investment [2] - The existing solar power station assets are scattered among numerous owners, leading to obstacles in asset liquidity and creating substantial opportunities for value enhancement through professional integration [2] Group 3: Value Chain Construction - The innovation of the Xiamen Luoqi M&A Fund lies in its systematic construction of a complete value chain from asset selection and acquisition to standardized operational transformation and eventual securitization exit [2] - Biceng Energy acts as the core "back-end" service provider, responsible for rigorous full-link deep transformation of acquired assets, enhancing their intrinsic value and liquidity through systematic efficiency improvements and operational upgrades [2][5] Group 4: Fund Strategy and Securities - Luoneng Capital takes on the "front-end" role, exploring innovative green asset securitization and designing fund products that match the risk attributes of the assets [3] - The fund's strategy is defined by a "begin with the end in mind" approach, aligning asset selection standards with REITs issuance requirements, facilitating a clear securitization exit path for the assets held by the M&A fund [3] Group 5: Market Response and Future Plans - The first phase of the M&A fund successfully attracted participation from several insurance companies and local state-owned platforms, indicating market recognition of the underlying asset logic and business model [4] - Following the validation of the initial model, plans for rolling replication and scaling up are underway, with the second phase of the fund already established and expected to complete fundraising and asset transfer by the first quarter of 2026 [4] Group 6: Asset Management and Opportunities - Biceng Energy aims to continuously screen and integrate quality solar storage power stations nationwide, providing a comprehensive lifecycle management approach for sustained asset appreciation and stable exits [5] - The collaboration between Biceng Energy and Luoneng Capital creates a professional and efficient energy asset management platform, offering asset holders flexible monetization options and comprehensive operational solutions, thus optimizing asset value [5]

日前，全球顶尖科研期刊《科学》（Science）杂志公布了2025年度十大科学突破评选结果，"中国引领下的可再生能源发展"位列榜首。同期，《自然》 （Nature）期刊亦将"中国引领可再生能源跨越式发展"选为2025年振奋人心的七大科学突破。其中，中国风电产业的发展成果，被写在了最显眼的位置。 位于湖南韶山的全球首座风电行业"灯塔工厂"——三一韶山叶片工厂的系列照片，更是登上《科学》杂志"The Green Giant（绿色巨人）"专题报道。 《科学》杂志中提到，"从中国工厂涌出的技术浪潮改变了中国的能源格局.....中国太阳能和风力发电场现在的总装机容量足以满足整个美国的电力需 求。"文中的一张配图的注释更清晰写道："风力发电机叶片正等待从三一工厂运出。中国生产了全球三分之二的风力发电机，其中大部分安装于国内，但来 自国际的订单正在逐步增加。" 专题中的系列照片，完整呈现了风电叶片从工厂智能制造、跨区域陆路运输到山地现场吊装的全流程关键环节，成为中国风电产业高质量蓬勃发展的生动缩 影。无论国际舆论场评价如何，中国风电产业始终以扎实的技术沉淀与超大规模的应用实践，不断突破风电开发边界，默默重塑着全球清洁能源的 ...

0:00 / 2:30 内蒙古能源集团150万千瓦风电项目，拥有150台全国陆上最大10兆瓦风机，轮毂高达125米，叶片展开足有113米——每一台都在风中舞动着6个标准足球场 大小的"圆规"。它不仅为区域电网注入强劲绿色动能，为服务国家能源安全、推动跨区域清洁能源合作，贡献坚实的"蒙能力量"。 内蒙古能源集团"150万千瓦风电项目"从开工到发电只用了不到一年时间，每年带来约43亿度清洁电力。它通过智慧大脑实现远程操控，像指挥一支绿色舰 队。这些风机不仅每年能省下135万吨煤，减少405万吨碳排放，用草原的风点亮更多灯火，守护我们的能源未来。 ...

使命如磐，步履铿锵。从戈壁瀚海的井架凌云，到炼化厂区的银龙腾跃，从保供前线的昼夜鏖战，到创新高地的攻坚突破，中国石油始终与国家发展同频、 与时代脉搏共振。 "十四五"时期，中国石油把规划从蓝图变为实景，公司"整体基本实现高质量发展"的阶段性战略目标如期达成，在建设能源强国的征程中，用实干与创新书 写着能源央企的使命担当，交出了一份沉甸甸的时代答卷。 作为保障国家能源安全的主力军，中国石油始终把保障国家能源安全作为须臾不可忽视的"国之大者"，以实际行动当好能源保供"顶梁柱"，着力保障国家油 气核心需求，持续提升能源资源高效供给能力。 "十四五"时期，中国石油原油勘探开发战线立足资源战略，着力打好勘探开发进攻战，加快先进开采技术开发应用，助力全国原油产量连续6年保持增长、 接近历史峰值，为保障国家能源安全发挥"压舱石""顶梁柱"作用。 截至2025年底，中国石油国内原油产量约占全国总产量的1/2，长庆油田油气产量当量连续6年超过6000万吨，西南油气田建成500亿立方米大气区，新疆吉 木萨尔、大庆古龙页岩油国家级示范区建设取得突破性进展，国内油气"压舱石"更加稳固；国际油气合作沿着共建"一带一路"国家和地区跨越山 ...

以下为研究报告摘要： 投资要点 贵金属：短期贵金属巨震，但是年内仍将降息支撑贵金属价格 价格方面，周内伦敦黄金价格为4981.85美元/盎司，环比1月23日+35.60美元/盎司，涨幅为0.72%。周内 伦敦白银价格为103.19美元/盎司，环比1月23日+4.19美元/盎司，涨幅为4.23%。 数据方面，美国11月耐用品订单环比初值5.3%，前值-2.1%，预期3.8%。美国美联储FOMC利率决策(下 限)3.5%，前值3.5%，预期3.5%。美国美联储FOMC利率决策(上限)3.75%，前值3.75%，预期3.75%。美 国1月24日当周首次申请失业救济人数20.9万人，前值20万人，预期20.5万人。美国12月PPI同比3%，前 值3%，预期2.8%。 本周美联储议息会议维持联邦基金利率目标区间维持在3.5%至3.75%之间。在本次决议中，美联储的两 位理事斯蒂芬·米兰和克里斯托弗·沃勒投出了反对票，他们倾向于降息25个基点。周五，特朗普总统宣 布将提名凯文·沃什担任下届美联储主席。沃什在美联储任职期间一贯对通胀保持警惕，经常支持更高 利率。但去年他转而呼应特朗普观点，认为利率可以大幅降低。 华鑫证券近 ...

容量补偿机制"扩围"，多元主体共享灵活性溢价。1）建立电网侧独立新型储能容量电价机制：首次将 电网侧独立新型储能纳入补偿范围，标准参照当地煤电，根据顶峰能力折算。①对象：服务于电力系统 安全运行且未参与配储的电网侧独立电站；②顶峰折算公式：折算比例计算方式为"满功率连续放电时 长/全年最长净负荷高峰持续时长"，该比例最高不超过1；③监管：清单制管理，具体项目清单由省级 能源及价格主管部门联合制定。2）完善抽水蓄能容量电价机制：对抽水蓄能电站采取了"新老划断、分 类施策"的原则，推动市场化回收成本。①针对（2021年633号文件出台前开工，以下简称"633"号 文）"老电站"：按633号文进行电价核定，经营期满后重新核价；②633号文后的"新电站"：由省级价格 主管部门每3至5年制定一次省级电网同期新开工电站的"统一容量电价"。鼓励新开工电站参与市场，市 场收益按比例由电站分享，其余部分冲减系统运行费用。3）完善天然气发电容量电价机制：省级价格 主管部门可对天然气发电建立容量电价机制，容量电价按照回收天然气发电机组一定比例固定成本的方 式确定。 有序建立发电侧可靠容量补偿机制，对顶峰贡献公平付费。1）可靠容量定 ...

Group 1 - The basic chemical industry index closed at 4943.97 points, up 0.65% from last Friday, and outperformed the CSI 300 index by 0.01% this week [1][2] - Among the sub-industries, 13 out of 25 sub-industries rose, while 12 fell. The leading sectors included textile chemical products, other chemical raw materials, compound fertilizers, coal chemicals, and phosphate fertilizers, with weekly increases of 13.89%, 6.58%, 4.94%, 4.72%, and 4.56% respectively [1][2] - Conversely, modified plastics, synthetic resins, and other plastic products experienced declines, with weekly decreases of -6.44%, -4.36%, and -3.67% respectively [1][2] Group 2 - The price of disperse dyes has increased, with a rise of 1000 CNY/ton to 18000 CNY/ton on January 22, 2026, marking the first price adjustment in nearly a quarter [3] - The price of active dyes also rose from 22000 CNY/ton to 23000 CNY/ton on January 29, 2026, driven by a significant increase in the price of upstream key intermediates [3] - The price of these intermediates surged from 25000 CNY/ton to 38000 CNY/ton, an increase of over 50%, impacting downstream dye production costs [3] Group 3 - The viscose fiber industry is experiencing high operating rates and low inventory levels, creating a basis for price increases. The operating rate has remained above 90% since September 2025, with total industry inventory at 10000 tons as of January 30, 2026, down 24.53% week-on-week [4] - The inventory days are estimated at about 9 days, indicating a relatively low stock level and favorable conditions for price hikes [4] Group 4 - The PVC industry is advancing towards mercury-free production, with a focus on developing mercury-free catalysts. The industry has achieved a target of halving mercury usage per unit product by 2020 compared to 2010 [5] - The transition from "low mercury" to "mercury-free" production is expected to phase out outdated capacities, thereby restoring the supply-demand balance in the industry [5]