运营服务层面，北辰集团将把服贸会成熟的标准化服务体系全面引入科博会，覆盖招商招展、展场管理 等全流程；打造全流程数字化"智慧科博"平台，实现365天常态化对接；践行绿色办展理念，优化参展 参会体验。品牌传播与长效赋能方面，将升级展会视觉识别系统，整合海内外传播渠道，引入赞助商机 制，成立院士专家咨询委员会，同期举办世界新兴技术与未来产业发展大会等配套活动，创新融入"票 根经济"模式延伸消费链条。 "我们将充分发挥会展产业链链主企业优势，推动创新链、产业链、资金链、人才链深度融合。"魏明乾 表示，北辰集团将全力整合各方资源，通过模式创新与精准服务，助力科博会打造成为更高水平的国际 品牌科技展会，为北京国际科技创新中心建设添砖加瓦。 中国经济网北京1月29日讯（记者宋雅静）第二十八届中国北京国际科技产业博览会（简称"北京科博 会"）将于5月8日至10日在北京国家会议中心举办。本届展会是北辰集团首次以市场化运营主体身份参 与核心运营，北辰集团副总经理魏明乾接受中国经济网记者专访，详解企业将通过五大维度升级，为这 一拥有27年历史的国际科技展会注入市场化新动能。 作为北京市唯一以会展为主业的市属国企，北辰集团锚定"市 ...

Core Insights - Elon Musk stated that China's decisive advantage in the AI race lies in its large-scale power supply capabilities, highlighting the critical role of electricity in AI development [2] - The rapid advancement of AI technology has led to explosive growth in data center construction, which significantly increases electricity demand and is a major driver of power consumption [2] Industry Overview - The electricity demand driven by data centers is becoming a core growth engine, contributing to the power supply gap [2] - The current valuation of the electricity sector is at a historical low, with the China Securities Index for public utilities showing a price-to-earnings ratio (PE-TTM) of approximately 17 times, below most of the past decade's valuation levels, indicating a certain margin of safety [10][16] ETF and Market Composition - The Huabao Electric ETF tracks the China Securities Index for public utilities, which includes various power generation methods: thermal power (40.81%), hydropower (24.81%), wind power (14.25%), nuclear power (11.83%), and solar power (6.87%) [6][14] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [7][14] Key Stocks and Market Data - Key stocks in the index include: - Changjiang Electric Power: Market Cap 665.29 billion, Weight 10.02% [8] - China Nuclear Power: Market Cap 177.91 billion, Weight 8.36% [8] - Three Gorges Energy: Market Cap 116.92 billion, Weight 6.87% [8] - Guodian Power: Market Cap 89.89 billion, Weight 5.28% [8] - The index is classified into four levels by the China Securities Index Company, with data as of December 31, 2025 [6][14]

产业观察 [table_Header]2026.01.28 合肥核聚变科技与产业大会召开 摘要： 产业研究中心 | [Table_Authors] | 陈磊(分析师) | | --- | --- | | | 021-38038037 | | | chenlei5@gtht.com | | 登记编号 | S0880522060001 | | | 王浩(分析师) | | | 0755-23976068 | | | wanghao2@gtht.com | | 登记编号 | S0880513090004 | | | 鲍雁辛(分析师) | | | 0755-23976830 | | | baoyanxin@gtht.com | | 登记编号 | S0880513070005 | [Table_Report] 往期回顾 【具身智能产业动态】魔法原子、银河通用相继 宣布为总台 2026 春晚机器人合作伙伴 2026.01.26 【公链技术周报】以太坊重归去信任化本源，主 权货币与高性能网络竞逐技术高地 2026.01.25 分布式量子传感：加州理工学院推出全光学损耗 容忍的 DQS 方案 2026.01.25 力鸿一号遥一 ...

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]

今年明年一些重大项目将相继投产，明年海南核能占比将达到50%以上，这是继法国之后核能占比最高 的区域经济体，这必将为"十五五"乃至更长远海南实现全面低碳绿色高质量发展提供最坚强支撑。此外 后续一些重大项目也在快马加鞭地推进当中。 海南的清洁能源全国占比最高，中核海南产业合作示范区也承担了重任，实现了核能供汽供电，差异化 竞争优势凸显，一些项目正在加速落地。 省人大代表，中核集团（海南）市场开发部主任，海南核电有限公司党委书记、董事长魏智刚介绍，去 年中核集团与海南省签订了"全面深化战略合作协议"，双方合作进入全方位、高质量的新阶段。立志在 海南发挥"科技创新、产业控制、安全支撑"三个作用，争当"高水平科技自立自强、发展现代化产业体 系、发展新质生产力"三个排头兵。具体就是充分发挥中核集团全产业链的优势，投资千亿元，贡献"中 核力量"。 ...

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].

1月27日，海南省第七届人民代表大会第五次会议"代表通道"集体采访活动在海口举行。图为海南 省人大代表、中核集团(海南)市场开发部主任、海南核电有限公司董事长魏智刚(右一)出席活动现场并 回答记者提问。中新网记者 骆云飞 摄 当日，海南省第七届人民代表大会第五次会议"代表通道"集体采访活动在海口举行。魏智刚在回答记者 提问时说，中核集团立志在海南发挥"科技创新、产业控制、安全支撑"三个作用，争当"高水平科技自 立自强、发展现代化产业体系、发展新质生产力"三个排头兵。 一是持续加码"向绿图强"。魏智刚说，今明两年，中核集团的一些重大项目将相继投产，明年海南核能 占比将达到50%以上，这必将为"十五五"乃至更长远时期海南实现全面低碳绿色高质量发展提供最坚强 支撑。"我们信心百倍，后续的一些重大项目也在快马加鞭地推进当中。" 二是高质量建成"玲龙一号"全球首堆。魏智刚说，"玲龙一号"被称为"超级核能充电宝"，中核集团正在 建设"玲龙一号"应用示范基地、科技创新基地和国际合作基地。"玲龙一号"必将成为海南自贸港工业史 上的桂冠。同时，"玲龙一号"通过海南自贸港向世界"充电"的目标越来越近了。 中核在琼投资"快马加鞭" ...

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]