格隆汇12月23日｜港A市场保险股拉升，其中，中国平安A股涨超2%报70.24元，领涨板块，且股价创 2021年1月以来新高；H股涨近3%报67.2港元，股价创2021年4月以来新高。 中信证券近日发布研报 称，中国平安资产端、负债端判断具有前瞻性，牵引公司经营成效显著，盈利和ROE稳步回升，保单价 值率显著高于同业，综合金融有望在AI时代释放价值，股息率具有优势且股息稳定增长，当前公司正 处于重大机遇期，将公司列为保险板块2026年首选标的，上调公司A/H估值至2026E 1.5x/1.4x PB，对应 公司A/H目标价为88元/91港元，维持"买入"评级。 ...

Core Viewpoint - The establishment of a power capacity market mechanism is urgent to ensure the balance of the power system under high proportions of renewable energy, as various power generation entities face challenges in cost recovery [1][2] Group 1: Necessity of Capacity Market - The rapid marketization of renewable energy necessitates proactive measures for the power capacity market [1] - The power system faces significant challenges in maintaining balance with a high proportion of renewable energy [1] - The profitability models for new energy storage and virtual power plants are lacking, indicating the need for a capacity market to incentivize flexible resources [1] Group 2: Market Sufficiency - The transition from a "single energy market" to a multi-faceted system including energy, capacity, and ancillary services is ongoing [2] - The capacity market is essential for ensuring reliability and economic operation of the power system [2] Group 3: Capacity Market Mechanism - The capacity market is a market-driven incentive mechanism supported by administrative power [3] - Current compensation mechanisms primarily rely on thermal power and pumped storage, with new energy storage being explored at the local level [3] - Compared to other mechanisms, the capacity market offers higher resource allocation efficiency and effective guidance for installed capacity [3] Group 4: Policy Challenges - The design of the capacity market faces moral hazards such as inflated bids and measurement biases [4] - Conflicts of interest exist among power generation, grid management, and user pricing stability [4] - Hardware limitations include the inflexibility of traditional units and the saturation of inter-provincial transmission channels [4] Group 5: Policy Expectations - Short-term recovery of traditional base-load power generation costs will primarily rely on capacity compensation prices [5] - A unified national capacity market framework is expected to be established in the medium term, incorporating more reliable power supply entities [5] - Long-term goals include the integration of the capacity market with energy, ancillary services, green electricity markets, and financial derivatives [5] Group 6: Investment Opportunities - Traditional thermal power and energy storage are expected to benefit directly from the capacity compensation mechanism [6] - There is potential for expansion in inter-provincial transmission capacity and significant profit opportunities for virtual power plants [6] - The supporting industries such as smart metering devices and power trading software are likely to benefit indirectly [6]

Core Viewpoint - The report from CITIC Securities highlights the significant challenges in maintaining the balance of the power system under a high proportion of renewable energy scenarios, emphasizing the urgent need for a power capacity market mechanism that reflects the value of capacity support [1] Group 1: Power System Challenges - The increasing share of renewable energy sources poses substantial challenges for ensuring the balance of the power system [1] - There is a need for reasonable recovery of installation costs for various power generation entities [1] Group 2: Market Mechanism Development - The establishment of a power capacity market is deemed essential for incorporating new energy storage, wind and solar power, and virtual power plants into the market [1] - In the short term, effective recovery of installation costs for traditional baseload power sources will primarily rely on capacity compensation prices [1] Group 3: Investment Opportunities - Companies in thermal power generation are expected to benefit directly from the progress in capacity market construction [1] - There are opportunities for profit model expansion in energy storage and virtual power plants [1] - The development of smart metering devices, electricity trading software, and other supporting industry chains presents additional investment opportunities [1]

中信证券研报表示，2026年，发电企业与电力用户双方签订中长期合约时需进行分时段&带曲线签约， 用户侧分时电价将与现货市场交易结果挂钩，不再接受政府规定的峰谷电价，这意味着电力市场化改革 进一步深化。目前政府规定的峰谷价差和时段长度普遍超过现货市场，机制调整后工商业储能盈利模式 受到影响，现货价差较小并且调节需求不足区域的工商业储能盈利或承压。电力系统容量短缺问题仍然 显著，已经临近容量不足矛盾加速爆发时点，有望支撑储能长期发展。 ...

Core Viewpoint - The report from CITIC Securities highlights the significant challenges in maintaining the balance of the power system under high proportions of renewable energy, emphasizing the urgent need for a power capacity market mechanism that reflects the value of capacity support [1] Group 1: Power System Challenges - The increasing share of renewable energy sources poses substantial challenges for ensuring the balance of the power system [1] - There is a need for reasonable recovery of installation costs for various power generation entities [1] Group 2: Capacity Market Development - Short-term recovery of installation costs for traditional baseload power sources is expected to be primarily through capacity compensation pricing [1] - In the medium to long term, the establishment of a power capacity market is anticipated, which will include new energy storage, wind and solar power, and virtual power plants [1] Group 3: Investment Opportunities - Companies directly benefiting from the construction of the capacity market, such as thermal power enterprises, should be monitored [1] - There are opportunities in the profitability models of energy storage and virtual power plants, as well as in supporting industries like smart metering devices and power trading software [1]

（文章来源：第一财经） 中信证券研报表示，2026年，发电企业与电力用户双方签订中长期合约时需进行分时段&带曲线签约， 用户侧分时电价将与现货市场交易结果挂钩，不再接受政府规定的峰谷电价，这意味着电力市场化改革 进一步深化。目前政府规定的峰谷价差和时段长度普遍超过现货市场，机制调整后工商业储能盈利模式 受到影响，现货价差较小并且调节需求不足区域的工商业储能盈利或承压。电力系统容量短缺问题仍然 显著，已经临近容量不足矛盾加速爆发时点，有望支撑储能长期发展。 ...

Core Viewpoint - The report from CITIC Securities highlights the significant challenges in maintaining the balance of the power system under high proportions of renewable energy, emphasizing the urgent need for a power capacity market mechanism that reflects the value of capacity support capabilities [1] Group 1: Power System Challenges - The increasing share of renewable energy sources poses substantial challenges for ensuring the balance of the power system [1] - There is a pressing need for a reasonable recovery of installation costs for various power generation entities [1] Group 2: Market Mechanism Development - The establishment of a power capacity market is deemed essential in the medium to long term, which will include new energy storage, wind and solar power, and virtual power plants [1] - In the short term, effective recovery of installation costs for traditional baseload power sources is expected to be primarily achieved through capacity compensation pricing [1] Group 3: Investment Opportunities - Companies directly benefiting from the construction of the capacity market, such as thermal power enterprises, should be monitored [1] - There are opportunities for profit model expansion in energy storage and virtual power plants [1] - The supporting industries, including smart metering devices and power trading software, present additional investment opportunities [1]

智通财经APP获悉，香港联交所最新资料显示，12月22日，微创脑科学(02172)股东将股票由中信证券经 纪香港转入国泰君安(香港)，转仓市值3.15亿港元，占比5.01%。 微创脑科学发布公告，于2025年11月20日，公司已决议根据公司于2023年7月12日采纳的股份计划向集 团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承授人)授出购股权，以合 共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授人接纳后，方可作实。 ...

微创脑科学发布公告，于2025年11月20日，公司已决议根据公司于2023年7月12日采纳的股份计划向集 团脑机接口技术研发资深总监及混沌脑机研究院首席研究员Will Zhang博士(承授人)授出购股权，以合 共认购最多50万股公司股本中每股面值0.00002美元的公司普通股，惟须待承授人接纳后，方可作实。 香港联交所最新资料显示，12月22日，微创脑科学(02172)股东将股票由中信证券经纪香港转入国泰君 安(香港)，转仓市值3.15亿港元，占比5.01%。 ...

12 月 23 日， 2025 年 Wind "金牌期货研究奖"评选结果正式揭晓。本届评选仍以"万得平台卖方机构研究报告阅读数"这一客观指标作为评选依据，在保 证数据独立公正的基础上，最终形成评选结果。本届评选共设立研究机构综合奖及研究领域单项奖，以及 10 个商品细分行业研究奖，参选机构 49 家， 共有 22 家期货公司获奖。 "金牌期货研究奖"统计了来自基金公司，以及各类资管机构的研报阅读数，评选结果旨在多角度、客观体现获奖团队和机构在各领域研究能力受市场认可 度，展示研究团队的品牌价值和研究实力， 现隆重揭晓获奖名单！ 国泰君安期货 (元 广发期货 ge CM2 五矿期货 宝城期货 410 中信期货 乖 永安期货 光大期货 上海东证期货 00 F 100 l 发 紫金天风期货 国信期货 ITG 国贸期货 型走崩裂 Maike 迈科期货 金源期货 59L 方正中期期货 信达期货 冠通期货 百 华融融达期货 19 m 宏源期货 东海期货 用数据说话 / 无主观投票 2025 年 Wind 第 6 届 金融斯货研究 评选结果重磅揭晓 研究领域单项奖 Wind金牌期货研究榜单 我能能影 . 厅 广发期货 国泰 ...