Core Viewpoint - The Shanghai Gold Exchange has announced adjustments to the margin levels and price fluctuation limits for silver deferred contracts due to significant price volatility, aiming to mitigate market risks [2]. Summary by Relevant Sections - **Margin Level Adjustment**: If a one-sided market occurs for the Ag (T+D) contract on February 2, 2026, the margin level will increase from 20% to 26% [2]. - **Price Fluctuation Limit**: In the event of a one-sided market, the price fluctuation limit will be raised from 19% to 25% starting the next trading day [2]. - **Risk Management Advisory**: Members are advised to enhance risk awareness, develop detailed emergency response plans, and encourage investors to manage risks effectively and invest rationally to ensure market stability [2].

目前，在我国熟悉用户用能特性，掌握能源规划、转化、智能控制等技术，并具备能效 碳排放 评估，通晓末端节能 减碳 、投资、建设、运营等跨 学科专 业 应用 人才匮乏， 严重影响各能源企业向综合能源服务转型和发展的进程。为此，中国能源报社 特 开 展 《分布式能源规划员》（综合能源服务方向）培训 ,参加培训并经考核合格者，由人力资 源和社会保障部 社会保障能力建设 中 心 颁 发 《 分 布 式 能 源 规 划员 》 （综 合 能 源 服 务 方 向）培训证书。 一、培训 形式 及时间 培训 地点 : 线上 培训 时间： 202 6年2 月10日— 13日 二、培训组织机构 主办单位： 人力资源和社会保障部 社会保障能力建设 中心 关于 举办 《分布式能源规划员》（综合能源服务方向）培训通知 各企事业单位： 《中华人民共和国能源法》 提出，鼓励发展分布式能源和多能互补、多能联供综合能源 服务，提高终端消费清洁化、高效化、智能化水平。多能联供综合能源服务 成为现代能 源产业发展的重要方向和实现碳中和的重要路径。 电力、冷热、用户之间的关系变得越来越紧密，打破不同能源品种单独规划、设计、运行 的传统模式，实现横向 " ...

Core Viewpoint - The major chemical and petrochemical companies in China's eastern coastal regions are strategically shifting towards coal chemical projects in the western regions to reduce reliance on oil and enhance cost control, marking a transition from a "fuel era" to a "materials era" [3][10]. Group 1: Industry Trends - The investment in coal chemical projects is exemplified by Rongsheng Petrochemical's approximately 160 billion yuan investment in Inner Mongolia for a green coal chemical integration project, which aims to convert 35 million tons of raw coal annually into over 20 high-end chemical materials [3][4]. - The industry is facing declining revenue profit margins, dropping from 8.03% in 2021 to an estimated 4.85% in 2024, indicating a growing challenge of "increased production without increased profits" [6][4]. - The correlation between traditional petrochemical products and crude oil prices is weakening, with market supply and demand becoming the primary determinants of product pricing [6][4]. Group 2: Cost Advantages - The cost of producing olefins from coal is estimated to be 20% to 30% lower than traditional oil routes, making it an attractive option for profit-sensitive chemical companies [9][8]. - Rongsheng Petrochemical's project in Inner Mongolia is designed to leverage local low-cost coal resources, ensuring competitiveness even amid price fluctuations in chemical products [9][10]. Group 3: Strategic Intent - Companies are not only motivated by cost advantages but also by the desire to establish a self-controlled raw material supply chain, as seen in Hengyi Petrochemical's integrated coal-to-ethylene glycol project in Xinjiang [10][10]. - Technological advancements in modern coal chemical processes, such as gasification and methanol-to-olefins, are enabling efficient conversion of coal into high-quality chemical raw materials [10][10]. Group 4: Future Outlook - The Ministry of Industry and Information Technology's plan emphasizes the support for modern coal chemical projects in resource-rich areas, encouraging the development of new chemical materials to guide industry upgrades [12][12]. - The focus on high-end products like polyolefins, specialty rubbers, and carbon fibers in coal chemical projects indicates a significant increase in value compared to traditional bulk chemical products [12][12]. - The integration of energy resources in the west with industrial capital and technological advantages in the east is expected to redefine the future of the chemical industry, transitioning from oil dependency to coal utilization and from fuel production to material manufacturing [13][13].

Core Viewpoint - By 2025, China's energy supply security capacity will be significantly enhanced, with multiple important policy measures being introduced to solidify the foundation for a new energy system, promoting green energy development and high-quality investment opportunities [1]. Investment and Project Completion - National energy investment is expected to maintain rapid growth, with key project investments exceeding 3.5 trillion yuan, marking an 11% year-on-year increase, outpacing infrastructure and manufacturing growth by 12.9 and 10.1 percentage points respectively [3]. - The production of raw coal remains stable, with a 1.2% increase in industrial raw coal output. Oil and gas production will reach historical highs, with industrial crude oil output increasing by 1.5% and natural gas output by 6.2% [3]. Renewable Energy and Market Transactions - New installed capacity for wind and solar energy is projected to exceed 430 million kilowatts, with total installed capacity surpassing 1.8 billion kilowatts, accounting for over 60% of renewable energy generation capacity [3]. - Renewable energy generation is expected to reach approximately 4 trillion kilowatt-hours, exceeding the combined electricity consumption of the EU's 27 countries [3]. - The cumulative electricity trading volume in the national power market is anticipated to reach 6.64 trillion kilowatt-hours, a 7.4% increase year-on-year, with market-based transactions accounting for 64% of total electricity consumption, up 1.3 percentage points [3]. Green Electricity Trading and Certificates - Green electricity trading volume is projected to reach 328.5 billion kilowatt-hours, a 38.3% increase year-on-year, with long-term green electricity agreements totaling 60 billion kilowatt-hours [4]. - The green certificate market is expected to see significant growth, with cumulative transactions reaching 930 million certificates, a 120% increase year-on-year, and the average transaction price rising by 90% in the second half of 2025 [4]. Power Grid Development - China has established the world's largest and most complex AC/DC hybrid power grid, enhancing resource allocation capabilities with 45 ultra-high voltage transmission channels [6]. - The grid supports an annual average of 80 million kilowatts of new power load demand, ensuring reliable electricity supply equivalent to the total consumption of the US, EU, and Japan combined [6]. New Energy Storage Growth - New energy storage capacity is expected to grow by 84% by the end of 2025, reaching 136 million kilowatts/351 million kilowatt-hours, a more than 40-fold increase compared to the end of the 13th Five-Year Plan [10]. - The average storage duration is projected to increase to 2.58 hours, with significant contributions from regions like North China and Northwest China [10][11]. Future Grid Development - The future power system will exhibit high penetration of new energy, high electrification, and increased complexity, necessitating new requirements for grid development [7]. - The upcoming focus will be on constructing a coordinated development framework for main, distribution, and micro grids, enhancing the overall efficiency and reliability of the power supply [8].

Core Viewpoint - The article discusses the execution of four members of the Bai family crime group for serious crimes including murder, drug trafficking, and fraud, highlighting the severity of their criminal activities and the judicial process leading to their death sentences [1][2]. Group 1: Criminal Activities - The Bai family crime group, led by Bai Yingcang, was involved in a range of serious crimes including murder, drug trafficking, and organized fraud, with financial implications exceeding 29 billion yuan [1]. - The group operated in Myanmar's Kokang region, establishing multiple zones to attract investors and provide armed protection while engaging in various criminal activities [1][2]. - The group was responsible for the deaths of six Chinese citizens and injuries to many others, showcasing the extensive social harm caused by their actions [1]. Group 2: Judicial Proceedings - The Shenzhen Intermediate People's Court sentenced Bai Yingcang and others to death for their crimes, which were confirmed by the Guangdong High People's Court after an appeal [1][2]. - The Supreme People's Court upheld the lower court's ruling, affirming the clarity of the facts, sufficiency of evidence, and appropriateness of the sentencing [2]. - Following the Supreme Court's approval, the death sentences were executed, with the criminals' relatives allowed to meet them before execution [2].

"十四五"时期，我国生态环境治理交出亮眼成绩单，生态环境治理体系不断完善，产业结构绿色低碳转型显著加速，主要污染物排放 总量大幅降低，生态文明建设取得阶段性重大成效。 补齐短板、防控风险 "十四五"时期，谋划实施2.4万个生态环境治理工程，推动氮氧化物、挥发性有机物、化学需氧量、氨氮等主要污染物排放总量大幅下 降。 "十四五"时期，累计完成9 .4亿吨粗钢产能、4.7亿吨水泥熟料产能、3.6亿吨焦化产能、1.7亿千瓦煤电机组超低排放改造，建成全球规 模最大的清洁电力供应体系和清洁钢铁生产体系。 "十四五"时期，环境保护税征缴总额近1200亿元，企业因低于污染物排放标准、集中处理城乡污水、综合利用固体废物等累计获得税 收减免预计超8 0 0亿元。 …… 《中国能源报》记者在2026年1月生态环境部例行新闻发布会获悉，"十四五"时期，我国生态环境治理交出亮眼成绩单，生态环境治理 体系不断完善，产业结构绿色低碳转型显著加速，主要污染物排放总量大幅降低，生态文明建设取得阶段性重大成效。 大工程带动大治理、推进大减排 实施生态环境领域重大工程是促进污染物减排，推动生态环境质量改善的有效手段。生态环境部综合司司长孙守亮介 ...

▲图片由AI制作 国际可再生能源机构（IRENA）与国际劳工组织（ILO）日前联合发布的《可再生能源与就业——2 025年度回顾》显示，在全球能源 转型持续推进、可再生能源装机规模再创新高的背景下，相关就业增长却呈现明显放缓态势。202 4年全球可再生能源领域就业人数超 1600万人，较上年仅小幅增长，增速降至2%—3%区间，明显低于此前多年水平。 太阳能光伏继续巩固其在全球可再生能源就业中的核心地位，成为名副其实的"最大雇主"。与此同时，区域分布不均、产业链结构调 整、自动化水平提升等多重因素交织，使得就业增长形势开始发生变化。可再生能源产业正从高速扩张阶段，转向以规模化、效率提 升和结构优化为特征的新阶段。在这一过程中，如何在持续推进能源转型的同时，拓展更具韧性和包容性的就业空间，已成为各国政 策制定者和产业界必须直面的重要课题。 增长节奏放缓 全球可再生能源就业仍保持增长态势。202 4年全球可再生能源领域直接和间接就业人数达到166 0万，继续成为全球绿色经济和稳就业 的重要支撑力量。自20 12年有统计以来，可再生能源就业规模已实现持续扩张，较十余年前实现翻倍增长。 但与装机规模和投资规模的快速攀升 ...

Core Viewpoint - The nuclear fusion energy industry is experiencing rapid growth driven by national strategic planning, research breakthroughs, and capital investment, positioning it as a key pathway for addressing energy crises and climate change [2][6]. Group 1: Industry Development and Strategic Importance - Nuclear fusion is recognized for its high energy density, abundant raw materials, low radioactive pollution, and inherent safety, making it a crucial avenue for reshaping global energy supply and ensuring national energy security [2]. - China has established a "three-step" development strategy for nuclear energy since the 1980s, transitioning from scientific research to engineering and commercial applications [2][5]. - The "14th Five-Year Plan" emphasizes future energy technologies, while the "15th Five-Year Plan" aims to strategically position nuclear fusion as a key industry, fostering a collaborative ecosystem among state-owned enterprises and private companies [3][5]. Group 2: Research and Technological Advancements - The global nuclear fusion development has entered a critical phase of engineering validation and commercialization, with over 160 fusion devices in operation, construction, or planning across 40 countries [5]. - China has made significant advancements with facilities like the "Chinese Circulation 1" (HL-1), "EAST," and the new "Chinese Circulation 3" (HL-3), achieving world records in plasma stability and temperature [7][9]. - The development landscape is characterized by a "race" among various technological approaches, including magnetic confinement and inertial confinement, indicating a shift from a single-path to a multi-route exploration [7][9]. Group 3: Investment Trends and Ecosystem - The nuclear fusion sector is attracting substantial investment, with private companies raising significant funds, such as XH Fusion's record A-round financing of 1 billion yuan [9][10]. - Since 2015, nearly 20 fusion energy innovation companies have been established in China, with 80% being private enterprises, collectively raising over 20 billion yuan [9]. - The investment landscape is marked by a collaboration between state-owned enterprises and private capital, creating a new model for funding and innovation in the nuclear fusion sector [10][11]. Group 4: Challenges and Future Outlook - Despite the enthusiasm, experts caution that the commercial viability of nuclear fusion is still in its infancy, with significant scientific and engineering challenges remaining before practical applications can be realized [12][13]. - Key challenges include achieving stable plasma combustion, developing high-temperature materials, and ensuring the economic feasibility of fusion reactors [12][13]. - The integration of emerging technologies like artificial intelligence is seen as a potential catalyst for accelerating the commercialization of fusion energy [14][15].

新闻聚焦 ◐ 两部门部署完善发电侧容量电价机制 。 1月3 0日，国家发改委、国家能源局发布的《关于完善发电侧容量电价机制的通知》 指出，分类完善容量电价机制，包括完善煤电及天然气发电容量电价机制、完善抽水蓄能容量电价机制、建立电网侧独立新型储 能容量电价机制。 【更多详情】 国内新闻 ◐ 2025年能源重点项目投资额首超3 .5万亿元。 据新华社报道，国家能源局发展规划司副司长邢翼腾1月30日表示，20 25年，全 国能源投资保持较快增长，年度重点项目完成投资额首次超过3. 5万亿元，同比增长近11%。 ◐ 国家能源局：2 025年我国可再生能源发电量超欧盟2 7国用电量之和。 1月30日， 《中国能源报》记者从 国家能源局召开的 新闻发布会上了解到， 20 25年，我国 绿色低碳转型步伐加快。制定出台新能源集成融合发展、促进新能源消纳和调控等一系列 政策措施，助力新能源发展提质增效。全年风电光伏新增装机超过4.3亿千瓦、累计装机规模突破18亿千瓦，可再生能源发电装 机占比超过六成。可再生能源发电量达到约4.0万亿千瓦时，超过欧盟27国用电量之和（约3. 8万亿千瓦时）。 ◐西藏能源领域国有企业整合。 据西 ...

Group 1 - The core viewpoint of the article indicates that the U.S. President Trump announced that India will purchase oil from Venezuela instead of Iran, suggesting a shift in India's oil sourcing strategy [2] - Trump mentioned that an agreement has been conceptually reached regarding this oil purchase, reflecting ongoing improvements in U.S.-India relations [2] - The article notes that the U.S. had previously imposed a 25% tariff on countries, including India, that purchased oil and gas from Venezuela, highlighting the complexities of international trade relations [2]