申港证券近日发布电力设备行业研究周报：近期，国家能源局发布了今年1-11月份全国电力工业统计数 据。今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风电累计装机 82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。全国光伏装机量21.0GW， 同比减少17%，环比增长54%。 以下为研究报告摘要： 投资摘要： 每周一谈："风光"装机环比高增消纳重要性渐增 近期，国家能源局发布了今年1-11月份全国电力工业统计数据。 风电装机情况：今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风 电累计装机82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。 光伏发电装机情况：今年11月，全国光伏装机量21.0GW，同比减少17%，环比增长54%。今年1-11月光 伏装机约274.5GW，同比增长31%。截至11月底，全国光伏累计装机量约为1161.2GW。 发电装机结构：截至今年11月底，火电装机容量占比最高，达40%，是电力安全保障的"压舱石"；光 伏、风力发电装机容量占比分 ...

国金证券近日发布电力设备与新能源行业研究：太空供电的必然选择：在功能卫星、算力星座的设计轨 道环境中，乃至未来火星基地，太阳能是唯一能够实现长期、稳定、轻量化供电的能源形式。在极端环 境中，持续能源的选择面极为有限，化学电池能量密度有限且无法自主补充；核能力系统成本高昂、审 批复杂，相比之下，光伏技术可以直接、持续性地将丰富的太阳光能量转换为电能，并且具备"高效、 轻质、低成本、柔韧、抗极端环境"等特性，满足大规模、高功率卫星的部署和设计趋势。 以下为研究报告摘要： 投资逻辑： 我们重点看好"太空光伏"作为未来一段时间、乃至贯穿2026年的最强电新主线之一！太空光伏底层投资 逻辑坚实而紧迫：1)唯一性：光伏是当前及可见未来所有航天器长期在轨运行唯一可行、可靠的供电解 决方案，技术路径无可替代；2)紧迫性：国际电信联盟(ITU)确立的近地轨道与频谱资源"先占先得"规 则，使得卫星发射数量与部署速度直接关乎国家空间战略优势与商业主动权，驱动卫星市场对高性价 比、轻量化空间太阳能系统的迫切需求。后续围绕这一主线，我们将以系列深度报告的形式进行研究， 本篇作为开篇，聚焦太空光伏技术的历史与未来，详解不同技术路线的特点 ...

Core Viewpoint - The transportation sector's performance is closely linked to macroeconomic conditions, with expectations of recovery in imports and exports boosting port throughput and cross-border logistics demand, while consumption and infrastructure investment recovery support the revival of express and logistics demand [1][2]. Investment Recommendations - The industry strategy suggests a positive outlook on policies, recommending investments in aviation, dry bulk shipping, and oil transportation. The recovery in demand and supply constraints are expected to create structural opportunities in the transportation sector [2]. - Specific recommendations include: 1. **Aviation**: Limited supply growth with a gradual demand recovery, indicating a potential turning point in supply-demand dynamics, leading to increased ticket prices and profitability [2][3]. 2. **Dry Bulk Shipping**: Continued supply constraints with improving demand structure, suggesting a basis for rising freight rates [2][4]. 3. **Oil Transportation**: Supply constraints combined with improving demand structure are expected to sustain high industry profitability [2][5]. Industry Insights - **Aviation**: The industry is expected to reach a supply-demand turning point by 2025, with capacity utilization during peak seasons exceeding 2019 levels. Supply growth is projected to be only 17% by the end of 2025 compared to 2019, while demand is expected to grow by 4.7% [3]. - **Dry Bulk Shipping**: The sector is characterized by limited supply and improving demand structure, with global dry bulk trade volume expected to grow moderately. The freight rate is anticipated to rise significantly by the end of 2025 [4]. - **Oil Transportation**: The industry is projected to maintain a high level of profitability through 2025-2026, driven by supply constraints and structural demand improvements, with historical trends indicating a correlation between freight rates and shipowner profitability [5].

1月3日晚间，贵州茅台（600519）"小茅i茅台"发布最新消息称，春节将至，为满足更多用户的需求， 自1月4日至春节前，小茅将每人每日可购买的飞天53%vol500ml贵州茅台酒(2026)最大数量调整为6瓶。 ...

银线织山河，电流连秦川。 铁塔连峰起，灯火暖长安。 绿电织锦绣，山河焕新颜。 光明续长卷，征程向曙光。 值此新元肇启，国网陕西电力砥砺奋进，以坚韧之网守护三秦灯火，用绿色动能助推时代步伐，以电力 之光，照亮每一个新征程！ ...

Group 1 - The core point of the article is that China National Petroleum Corporation has announced the oil price adjustment schedule for the year 2026, with the first adjustment set to occur on January 6, 2026 [1]

Core Viewpoint - Leading silicon wafer companies have significantly raised their prices, indicating a stabilization expectation in the industry chain [2] Group 1: Price Adjustments - On December 25, four leading silicon wafer companies jointly increased their prices, with 183N wafers priced at 1.4 yuan/piece, 210RN wafers at 1.5 yuan/piece, and 210N wafers at 1.7 yuan/piece, averaging a 12% increase [2] - The average transaction prices for silicon wafers also saw notable increases: 183N wafers at 1.2 yuan/piece (up 2.56% week-on-week), 210RN wafers at 1.31 yuan/piece (up 9.17%), and 210N wafers at 1.52 yuan/piece (up 1.33%) [2][3] Group 2: Market Dynamics - The increase in silicon wafer prices is driven by a combination of supply contraction, recovering demand, and rising costs [2] - Supply is expected to decrease by approximately 5% month-on-month in December as silicon wafer companies maintain production cuts and control sales, leading to a reduction in low-price sales [2] - The acceptance of price increases by downstream battery manufacturers has risen due to significant increases in silver prices, resulting in higher procurement of expensive orders [2] - The cost support for silicon wafers has strengthened, with multi-crystalline silicon prices rising by 1-2 yuan/kg, increasing the cost of silicon wafers by 0.05 yuan/piece [2] Group 3: Industry Outlook - The overall operating rate in the silicon wafer industry remains stable, with leading companies operating at 50% and 48%, while integrated companies range from 50% to 70% [3] - If price transmission within the industry chain proceeds smoothly, the silicon wafer market is expected to maintain a strong trend, reinforcing expectations of recovery in the photovoltaic industry chain [3] - Recent increases in commodity prices have also raised non-silicon costs for batteries and components, shifting the overall transaction focus for photovoltaic materials upward [3] Group 4: Investment Recommendations - The photovoltaic industry chain presents opportunities driven by supply-side reforms, with recommended companies including Tongwei Co., Xiexin Technology, Longi Green Energy, JA Solar, JinkoSolar, and Trina Solar [4] - Growth opportunities from new technologies are highlighted, with recommendations for Aiko Solar, Mibet, and polymer materials [4] Group 5: Sector Rating - The electric power equipment sector maintains a "recommended" rating [5]

Core Insights - The Chinese refrigeration and air conditioning equipment industry is at a critical turning point, transitioning from a price war-driven market to a stable development phase dominated by stock renewal demand and energy efficiency standards [1] - The report aims to analyze structural opportunities for growth in a mature market and provide insights into the long-term evolution and competitive landscape of the refrigeration equipment industry by benchmarking against overseas leaders [1] Group 1: Market Trends - The overseas HVAC giants are directing their capital expenditures towards data center infrastructure, driven by the global digitalization and intelligence wave, leading to increased demand for computing power [3] - The cooling systems in data centers represent a significant portion of energy consumption, making energy efficiency improvements and reduced Power Usage Effectiveness (PUE) critical requirements, thus creating market space for high-end cooling solutions [3] Group 2: Strategic Developments - Localized deepening in overseas markets and value extension in the supply chain are essential, with acquisitions of local brands allowing companies to quickly access established distribution networks and adapt to local product technologies [2] - The trend of direct overseas capacity construction in emerging markets like Southeast Asia is driven by tariff barriers, logistics costs, and the need to respond quickly to market demands while leveraging local resource advantages [2] Group 3: Investment Recommendations - In the household refrigeration equipment sector, attention should be given to industry leaders such as Midea Group [3] - In the specialized refrigeration equipment sector, domestic companies like Invec and Shenling Environment, which have rich reserves in data center cooling solutions, are worth monitoring [3] - Upstream components such as compressors, valves, and pumps are expected to benefit from the demand for data center cooling, with companies like Hanzhong Precision Machinery, Ice Wheel Environment, and Sanhua Intelligent Control being of interest [3]

Core Insights - The conference held on December 29, 2025, in Guiyang focused on the high-quality development of the coal industry in Guizhou, emphasizing the integration of artificial intelligence and coal mining [1][3] - The event gathered over 200 leaders, experts, and industry representatives to discuss achievements, recognize outstanding contributions, and plan future developments in the coal sector [2][9] Group 1: Industry Development and Strategies - The conference highlighted the importance of the coal industry as a pillar of Guizhou's economy and its role in promoting high-quality industrial development [4] - Recommendations for industry transformation included leading with "intelligentization," adhering to "green" practices, and exploring "integration" paths to extend the industrial chain [3][4] - The establishment of the Guizhou Coal Industry Association's Artificial Intelligence Professional Committee marks a significant step towards intelligent transformation in the coal sector [7] Group 2: Achievements and Future Plans - The Guizhou Coal Industry Association reported positive progress in production efficiency, structural optimization, and technological innovation during 2025, while also acknowledging challenges such as safety and environmental constraints [4][5] - Plans for 2026 include advancing a provincial coal trading platform, establishing safety standards, and promoting intelligent coal washing facilities [5] - The conference featured academic reports on innovative technologies addressing challenges in coal mining, such as gas control and resource recovery [6] Group 3: Recognition and Collaboration - Awards were presented to outstanding individuals in the coal sector, including the "Most Beautiful Coal Science Workers" and recipients of the Guizhou Coal Youth Science Award [8] - The conference facilitated strategic partnerships among various organizations to enhance technological development and talent cultivation in the coal industry [7] - Participants expressed a commitment to leveraging the conference as a platform for collaboration and to further the "rich mine and precise mining" strategy [9]

Core Viewpoint - Huaneng Beifang Xing'an Thermal Power Company emphasizes corporate culture construction, aiming to create a unique cultural system that enhances internal motivation and supports reform and development [1][2]. Group 1: Cultural Framework - The company implements a "456 project" for cultural construction, focusing on four major systems, five guarantees, and six measures to build a vibrant workforce and promote reform [1]. - The "Four Major Systems" include cultural mission, Xi Jinping's cultural thought, Huaneng Group's "Three-color Culture," and the vision of becoming world-class [1]. - A "Cultural Corridor" has been established to immerse employees in the company's cultural ethos, showcasing various themes related to corporate values and aspirations [1]. Group 2: Cultural Development Plan - A three-year cultural development blueprint has been planned, aiming for comprehensive initiation in the first year, enhancement in the second year, and distinctive formation in the third year [2]. - The core values, spirit, mission, and vision have been refined to align with the company's strategic development needs, receiving high recognition from employees [2]. Group 3: Foundation of Cultural Construction - The company has established "Five Guarantees" to ensure the effective implementation of cultural construction, including awareness, leadership, staffing, responsibility, and funding [3]. - The leadership is actively involved in overseeing cultural initiatives, fostering a collaborative environment across departments [3]. Group 4: Implementation Measures - Six measures have been adopted to promote cultural integration, including moral lectures and online party classes, to embed socialist core values into the corporate culture [4][5]. - The company has successfully created multimedia platforms to enhance cultural atmosphere and engage employees in various activities [4]. Group 5: Achievements and Recognition - Huaneng Beifang Xing'an has been recognized for its cultural achievements, successfully passing evaluations for national civilized units for fourteen consecutive years [5]. - The company has produced award-winning microfilms that reflect its commitment to social responsibility and community support [5].