中国青年报客户端讯（浙江海洋大学 杨俊杰 陈辰 丽水学院 包敏捷 中青报·中青网记者 卞心怡）长龙山 抽水蓄能电站位于"绿水青山就是金山银山"理念发源地浙江安吉县内，地处华东电网负荷中心，紧邻天 荒坪抽水蓄能电站，是华东电网主力调峰电源之一。电站设计平均年发电量24.35亿千瓦时，平均年抽 水耗电量32.47亿千瓦时，综合效率75%。长龙山抽水蓄能电站主要包括上水库、下水库、输水系统、 主厂房、500千伏地面开关站等建筑物。1月27日，"青年眼中的家乡河·幸福河"浒溪"寻河小队"大学生 记者将镜头聚焦于该抽水蓄能电站。 水蓄能电站的坝后坡被"之"字道路隔开。春天，坡上将开满杜鹃花。浙江海洋大学杨俊杰/摄 春天，长 龙山抽水蓄能电站的坝后坡上开满杜鹃花。浙江长龙山抽水蓄能有限公司供图 长龙山抽 水蓄能电站建设运营管理中心"藏"于安吉天荒坪镇的山谷间，它是山林里的"智慧中枢"。浙江海洋大学 杨俊杰/摄 长龙山抽水蓄能电站是中国三峡集团投资、建设、运营全过程主导的第一个完整抽水蓄能项目。图中， 通往上下水库的道路如脉络般延伸，山水林坝"浑然一体"。浙江海洋大学 杨俊杰/摄 长龙山抽 水蓄能电站地下厂房是电站的核心部 ...

Macro Strategy - The IPCA model shows better application effects in the domestic credit bond market compared to the US market, with a Sharpe ratio consistently above 1.45 and above 2.2 from May to December 2025 [1][13] - The strategy exhibits asymmetric risk/reward characteristics, with 75% of sample dates showing positive excess credit returns, and a maximum excess return of 0.13% from January 2024 to December 2025 [1][13] - The practical operability of the strategy is strong, allowing for investment in bonds with similar risk characteristics even when specific bonds are not available in the secondary market [1][13] Fixed Income Opportunities - The "14th Five-Year Plan" emphasizes the development of key industries, including new pillar industries, future industries, traditional industry upgrades, infrastructure construction, green transformation, and consumer upgrades, which are expected to receive policy support and financing breakthroughs [2][14] - A total of 1,098 bond-issuing entities align with the "14th Five-Year Plan," with a total bond scale of approximately 10.8 trillion yuan, primarily rated AAA and concentrated in East and North China [2][14] - The participation of bond-issuing entities in the six key industries shows significant differentiation, with infrastructure and new pillar industries leading in both the number of issuers and bond scale [2][14] Industry Insights - The public utility sector is expected to benefit from deepened electricity reforms, with recommendations to focus on green electricity, thermal power, hydropower, nuclear power, and the valuation of photovoltaic and charging pile assets [7] - The food and beverage sector is anticipated to experience a spring consumption surge, particularly in snacks, dining, and seasonal beverages, with a positive outlook for Q1 2026 due to favorable market conditions [7] - Companies like KaiGe Precision Machinery and HeMai Co. are positioned to benefit from the growing demand in AI computing and energy storage, with projected profit growth in the coming years [9][10]

Group 1 - The core viewpoint highlights that high payload capacity and reusability are driving down rocket launch costs, with the demand for propellants and launch-specific gases remaining rigid, leading to a long-term increase in value and market share [1] - The Falcon 9 rocket's single launch cost for propellants and specific gases is estimated at approximately $800,000, with the overall rocket cost decreasing from $50 million to $15 million due to reusability [1] - The demand for propellants and specific gases is becoming the most stable and predictable value segment in the rocket launch industry, with a recommendation for Jiufeng Energy to establish a specialized brand in aerospace propellant supply [1] Group 2 - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [1] - The average national grid purchase electricity price in January 2026 has decreased by 8% year-on-year, while the price of thermal coal has dropped by 9.03% week-on-week [1] - The total electricity consumption from January to November 2025 reached 9.46 trillion kilowatt-hours, representing a year-on-year increase of 5.2%, with various sectors showing different growth rates [1] Group 3 - The investment suggestions indicate that the deepening of electricity reform will lead to a significant revaluation of the power sector, with a focus on green electricity, thermal power, hydropower, nuclear power, and solar assets [2] - Recommendations include companies such as Longyuan Power, China Nuclear Power, and Yangtze Power, highlighting their potential for growth and value appreciation in the evolving energy market [2] - The emphasis is on the market-driven development of renewable energy and the revaluation of solar and charging station assets, suggesting a focus on companies like Nanfang Energy and Longxin Technology [2]

Investment Rating - The report maintains a rating of "Buy" for the utility sector [1]. Core Insights - The report highlights the increasing demand for rocket launch services driven by high payload capacity and reusability, which are key factors in reducing costs. The demand for propellant and launch gases is expected to remain rigid, with their value and market share projected to increase over the long term. The economic viability of rocket launches is becoming a crucial factor for the transition to high-density and standardized launches [4]. - The national winter electricity load has surpassed 1.4 billion kilowatts for the first time, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours during winter [4]. Industry Data Tracking - **Electricity Prices**: The average grid purchase price in January 2026 decreased by 8% year-on-year, averaging 374 RMB/MWh [38][44]. - **Coal Prices**: As of January 23, 2026, the price of thermal coal at Qinhuangdao port was 685 RMB/ton, down 0.29% year-on-year and 1.44% week-on-week [45]. - **Water Conditions**: As of January 23, 2026, the water level at the Three Gorges Reservoir was 169.85 meters, with inflow and outflow rates increasing by 15.8% and 12.8% year-on-year, respectively [52]. - **Electricity Consumption**: From January to November 2025, total electricity consumption reached 9.46 trillion kilowatt-hours, a year-on-year increase of 5.2% [13]. - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kilowatt-hours, reflecting a year-on-year growth of 2.4% [23]. - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kilowatts, with a year-on-year increase of 5.9% [46]. Investment Recommendations - **Green Energy**: The report suggests focusing on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection due to the easing of constraints on consumption, pricing, and subsidies for renewable energy [4]. - **Thermal Power**: Companies such as Huaneng International and Huadian International are recommended for their reliability and flexibility in transitioning [4]. - **Hydropower**: Longjiang Power is highlighted for its low-cost benefits and strong cash flow capabilities [4]. - **Nuclear Power**: China Nuclear Power and China General Nuclear Power are recommended due to their growth potential and expected increases in profitability and dividends [4]. - **Solar Assets and Charging Stations**: Companies like Southern Power Grid Energy and Longxin Technology are suggested for their potential value reassessment in the market [4].

Group 1 - The core viewpoint of the article highlights a decline in the China Securities New Energy Index by 2.26% as of January 27, 2026, with mixed performance among constituent stocks [1] - The report indicates that in 2025, China's regulated power generation volume is expected to increase by 2.2% year-on-year, with wind and solar power generation volumes rising by 8.9% and 24.4% respectively, contributing 90.1% of the total power generation increment [1] - The shift in electricity consumption structure is accelerating, with the contribution from secondary industry decreasing while the tertiary industry and urban-rural residents now account for 50.2% of the electricity consumption increment [1] Group 2 - Guotai Junan Securities forecasts that global grid investments are likely to continue growing over the next decade, with China's "14th Five-Year Plan" period expected to maintain resilience in grid investments [1] - The top ten weighted stocks in the China Securities New Energy Index as of December 31, 2025, include CATL, Sungrow Power, TBEA, LONGi Green Energy, and others, collectively accounting for 43.23% of the index [1] - The New Energy ETF (159875) closely tracks the China Securities New Energy Index, serving as a convenient tool for investing in leading companies in the new energy sector [2]

Group 1 - The core viewpoint of the news highlights a decline in the National Green Power Index by 1.44%, with major stocks like Tianfu Energy and others experiencing significant drops amid rising electricity demand due to winter conditions [1] - The national peak electricity load has surpassed 1.417 billion kilowatts for the first time in winter, with a rapid increase of 150 million kilowatts within three days, driven by cold weather [1] - A joint guideline for "Zero Carbon Factory Construction" has been issued, aiming to select benchmark zero-carbon factories starting in 2026, particularly in key industries such as photovoltaics and lithium batteries, to support green electricity consumption and demand growth [1] Group 2 - In 2025, the national electricity market transaction volume reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, with green electricity transaction volume at 3,285 billion kilowatt-hours, up 38.3%, indicating a maturing market mechanism [1] - The top ten weighted stocks in the National Green Power Index as of December 31, 2025, include major companies like China Nuclear Power and Yangtze Power, collectively accounting for 54.68% of the index [2] - The Green Power ETF (159625) closely tracks the National Green Power Index, providing a convenient tool for investors to gain exposure to the overall performance of green power-related listed companies [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

□ 本报记者付奇许愿 实习生陈泓霓 社零规模首次跃居全国首位，进出口全国占比超13%，外贸活跃企业首次突破10万家……连日来，一张 张亮眼的2025年度成绩单陆续公布。 回望"十四五"收官之年，作为拉动全国经济增长的"火车头"之一，江苏沿着经济高质量发展的轨道一 路"疾驰"：全省上下着力稳就业、稳企业、稳市场、稳预期，扎实补短板、筑底板、强弱项、扬优势， 经济运行总体平稳、稳中有进，呈现出向优向新向绿的态势，经济实力显著提升。 舟大者任重。习近平总书记指出，"经济大省不仅指经济块头大，更意味着在全国发展大局中肩负的责 任大"。牢记嘱托，这一年来，作为经济大省的江苏，以更坚实的筋骨、更硬挺的脊梁，扛起更重的担 子，有力挑起了全国经济发展的大梁。 质效更优，既有体量提升更有质量的跨越 新年的阳光照进盐城大丰的江苏理研科技车间，生产线正全速运转。"以前这东西完全依赖进口，不仅 贵，供应链还经常被'卡'，现在不一样了。"负责人拿起一个刚下线的差速器产品满脸自豪，今年公司 将拿下国产汽车差速器60%的市场份额，大规模替代进口产品，企业抗风险能力大幅增强。 这份"向优"的态势，不仅体现在一家企业。翻开江苏经济账本，"三个 ...

Core Insights - The article highlights the transformative impact of the Three Gorges Corporation's Palmera onshore wind power project in Paraíba, Brazil, which not only provides clean energy but also fosters local economic development through the "goat milk economy" initiative [2][3]. Group 1: Wind Power Project Impact - The Palmera wind power project has a total installed capacity of 648,000 kilowatts, significantly contributing to local electricity supply and enabling new economic opportunities for residents [5]. - The project has led to the establishment of a goat milk entrepreneurship initiative, allowing local farmers to diversify their income sources through goat farming and dairy production [2][3]. Group 2: Economic Development Initiatives - The "goat milk entrepreneurship project" has reached five communities, benefiting 69 households and approximately 300 residents, with plans for further expansion and integration into local government agricultural support programs [3][4]. - The project includes three phases: technical training for farmers, industry chain improvement, and the introduction of a digital management system to optimize production processes [3]. Group 3: Community and Social Impact - The initiative has strengthened community cohesion and collaboration, enhancing local economic vitality as residents' incomes rise and they spend more within their local markets [4]. - The Three Gorges Corporation is also involved in promoting sustainable tourism projects, balancing ecological protection with economic benefits for the community [4]. Group 4: Future Prospects - Future projections indicate that each household's daily milk production could increase by 2 to 2.5 liters, further enhancing the project's sustainability and competitiveness [3]. - The overall approach of integrating clean energy with community development reflects the company's commitment to social responsibility and capacity building [4].

证券日报网讯 1月23日，三峡能源在互动平台回答投资者提问时表示，公司2025年1月-9月累计实现利 润总额5528985128.56元，详见《2025年第三季度报告》。 （文章来源：证券日报） ...