Group 1: Policy and Market Overview - The year 2025 is seen as a critical period for the interaction between policy and market, with significant support for hard technology and "AI+" sectors [1] - The release of policy dividends, including the State Council Document No. 1 and the establishment of large-scale national venture capital guidance funds, is expected to stimulate the market [1] Group 2: Fundraising Market - In 2025, a total of 5,162 new private equity investment funds were registered in China, with a total registered capital of approximately 2.79 trillion yuan, marking a year-on-year increase of 19.38% and 15.49% respectively [3] - The proportion of small-scale funds (with registered capital of 100 million yuan or less) increased to about 50.91%, while funds over 3 billion yuan decreased from 3.47% to 2.54% [4] - The number of entrepreneurial funds registered significantly outpaced other types, indicating a strong focus on early-stage investments [4] Group 3: Institutional LP Contributions - In 2025, institutional LP contributions reached approximately 1.65 trillion yuan, a year-on-year increase of 24.71%, with 3,717 new funds having institutional LP contributions [11] - Government funds accounted for 62% of the total LP contributions, with a total of 1.03 trillion yuan, reflecting a year-on-year growth of 24.74% [20] - The active regions for LP contributions were Zhejiang, Jiangsu, and Guangdong, with Zhejiang leading in the number of contributions [14] Group 4: Investment Market Activity - The number of investment events in the domestic primary market increased by 7.25% in 2025, with a total of 6,462 events, marking the first increase in four years [39] - The advanced manufacturing and healthcare sectors led in investment events, with 1,315 and 1,135 events respectively, while artificial intelligence rose to the top five sectors [42] - Early-stage investments (A-round and earlier) accounted for 67% of total investment events, indicating a strong focus on early-stage funding [47] Group 5: Active Investment Institutions - In 2025, Shenzhen Capital Group was the most active institution with 105 investments, followed by Lushan Chuangxing, which focused on early-stage projects [53] - Other notable institutions included Yida Capital, Qiji Chuangtan, and Sequoia Capital, each with over 50 investments [55]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Core Viewpoint - Shenzhen Energy Group Co., Ltd. has initiated a public bond project amounting to 20 billion yuan, which has been accepted by the Shenzhen Stock Exchange as of December 29, 2025 [1] Group 1 - The bond issuance aims to raise funds for various purposes, including supplementing working capital, investing in project construction, repaying company debts, and equity investments [1]

Core Viewpoint - Shenzhen Energy is investing over 6.82 billion yuan in a compressed air energy storage project, enhancing its position in the renewable energy sector and solidifying its business foundation [1][2]. Investment and Project Details - The total investment for the compressed air energy storage project in Xilin Gol is approximately 6.822 billion yuan, with around 1.394 billion yuan sourced from the company's own funds [2][3]. - The project will involve the construction of three 350 MW compressed air energy storage units, with a total capacity of 4,200 MWh [3]. - The project aims to facilitate the integration of renewable energy sources like wind and solar power, acting as a stabilizer in the new power system [3]. Business Diversification and Strategy - Shenzhen Energy is actively diversifying its business, focusing on low-carbon electricity, ecological protection, integrated gas, and smart services, creating a robust "four-core" business structure [6]. - The company has announced multiple projects, including the upgrade of the Ma Wan Power Plant and the construction of the Honghaiwan offshore wind project, to strengthen its core business [4][5]. - As of mid-2025, the company reported a clean energy installed capacity ratio of 76.22%, indicating significant progress in its transformation towards cleaner energy [6]. Financial Performance - Despite industry cycles, Shenzhen Energy has maintained a stable profit level, with annual net profits exceeding 2 billion yuan from 2021 to 2024 [7]. - The company has a history of consistent cash dividends, totaling 12.497 billion yuan, with an average cash dividend ratio of 34.39% [7].

Core Viewpoint - Shenzhen Energy announced an investment in a compressed air energy storage project aimed at promoting renewable energy consumption and aligning with national policies and company development strategies [1] Investment Details - The total investment for the project is 6.822 billion yuan, with 1.394 billion yuan funded by the company's own resources [1] - The remaining investment will be financed through external funding [1] - The company plans to increase its capital in Northern Holdings by 1.392 billion yuan to support the project [1] Project Objectives - The project is designed to occupy a critical node in the power system, facilitating the integration of renewable energy [1] - It aligns with national policies promoting renewable energy and supports the company's strategic development [1]

第一部分：VC/PE综合排名奖项 第一单元：早期投资篇 2025年中国早期投资机构30强 名次机构全称机构简称1中科创星中科创星2北京联想之星投资管理有限公司联想之星3启赋私募基金管理有限公司啟赋资本4真格基金真格基金5英诺基金英 诺基金6创新工场创新工场7北京腾业创业投资管理有限公司腾业创投8蓝驰创投蓝驰创投9上海线性投资管理有限公司线性资本10鼎峰科创鼎峰科创11启迪之 星（北京）投资管理有限公司启迪之星创投12宁波梅花天使投资管理有限公司梅花创投13九合创投九合创投14深圳市高捷金台创业投资管理有限公司高捷资 本15浙江银杏谷投资有限公司银杏谷资本16险峰险峰17云启资本云启资本18杭州道生投资管理有限公司道生资本19奇绩创坛奇绩创坛20明势创投明势创投21 深圳市力合创业投资有限公司力合创投22峰瑞资本峰瑞资本23荷塘创业投资管理（北京）有限公司荷塘创投24上海小苗朗程投资管理有限公司小苗朗程25北 京水木华鼎创业投资管理有限公司水木创投26北京元航投资管理有限公司元航资本27道彤投资道彤投资28北京星连肇基私募基金管理有限责任公司星连资本 29上海曜途投资管理有限公司耀途资本30北京勿忘初心投资管理 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

（原标题：全球首个30MW级纯氢燃气轮机氢储能示范项目实现纯氢发电） 人民财讯12月29日电，12月28日，由明阳集团联合深圳能源共同打造的30MW纯氢燃气轮机氢储能示范 项目取得重大突破——机组实现纯氢发电并保持稳定运行。这标志着全球首个30MW级"电—氢—电"实 证示范项目成功从蓝图迈向现实。未来，纯氢燃气轮机技术有望在电网调峰、分布式能源、工业园区综 合供能、绿色数据中心备用电源等多场景展现广阔应用前景。 ...

Core Viewpoint - The collaboration between Mingyang Group and Shenzhen Energy has achieved a significant breakthrough with the successful operation of a 30MW pure hydrogen gas turbine power generation project, marking the world's first demonstration project of its kind [1] Group 1: Project Details - The 30MW pure hydrogen gas turbine project has transitioned from concept to reality, demonstrating the feasibility of hydrogen power generation [1] - The project is recognized as a proof-of-concept for the "electricity-hydrogen-electricity" model, showcasing its potential in various applications [1] Group 2: Future Applications - The pure hydrogen gas turbine technology is expected to have broad application prospects in scenarios such as grid peak shaving, distributed energy, comprehensive energy supply in industrial parks, and backup power for green data centers [1]

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].