2025年，跨电网经营区常态化电力交易机制建立，在国家电网、南方电网分别组织电力交易的基础上， 建立了"网上电力商城"，保障全国统一电力市场体系高效运行。迎峰度夏期间，南方区域首次送电支援 上海、浙江、安徽；10月，国家电网与南方电网首次以现货交易形式实现跨区电力调配。 从交易范围看，省内交易电量50473亿千瓦时，同比增长6.2%；跨省跨区交易电量15921亿千瓦时，同 比增长11.6%，其中跨电网经营区交易电量34亿千瓦时。 从交易品种看，中长期交易电量63522亿千瓦时；现货交易电量2872亿千瓦时。绿电交易电量3285亿千 瓦时，同比增长38.3%。 本报北京1月26日电（记者丁怡婷）国家能源局近日发布数据显示，2025年，全国累计完成电力市场交 易电量66394亿千瓦时，同比增长7.4%，占全社会用电量比重64%，同比提高1.3个百分点。 ...

本报记者 杜雨萌 1月份以来，受寒潮天气影响，我国用电需求持续攀升，先后创下冬季单日用电量突破300亿千瓦时、全国电力负荷突破14 亿千瓦的纪录。其中，入冬以来，华北、西北、东北等3个区域电网和新疆、西藏等12个省级电网负荷75次创历史新高，对迎 峰度冬保暖保供形成严峻考验。 燃煤是冬季供热的"口粮"，对于承担超9.6亿平方米民生供热任务的中国大唐集团有限公司（以下简称"中国大唐"）而言， 确保燃煤库存足、供应稳，是其筑牢供热根基的关键。 记者从中国大唐获悉，作为京津唐电网关键电源支撑点，内蒙古大唐国际托克托发电有限责任公司承担着呼和浩特市总面 积达6300万平方米区域的供热使命。截至目前，燃料库存可用天数在20天以上，为冬储煤库存稳步提升提供了可靠支撑。大唐 黑龙江发电有限公司哈尔滨第一热电厂利用厂外储煤利好政策，存煤量同比增长20%，创建厂以来同期最高水平。大唐国际发 电股份有限公司张家口发电分公司坚持"优质长协+低价市场"采购模式，单日卸煤最高达4.06万吨。大唐鸡西第二热电有限公司 全面优化库存煤结构，当前储煤量可满足30天用煤需求，为供热备足"口粮"。总的来看，本次供热季以来，中国大唐供热达 186 ...

2026.01. 26 本文字数：1566，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 近日，两大电网、五大发电集团、两大核电集团等多家能源央企密集召开年度工作会议，部署2026年重点 任务。 当前，国内能源转型与安全保障的双重需求突出。据国家统计局数据，2025年全社会能源消费总量初步统 计比上年增长3.5%。其中，全社会用电量历史性增至10.4万亿千瓦时，同比增长5%，相当于美国全年用 电量的两倍多，超过欧盟、俄罗斯、印度、日本四个经济体的年用电量总和。而且在"双碳"目标下，国内 2025年非化石能源占能源消费总量比重较上年提高约2个百分点，超过石油成为第二大能源类型，成为能源 增量主体。 第一财经记者梳理发现，挖掘潜力扩大有效投资、靠前谋划一批重大项目和标志性工程，保障能源电力安全 可靠供应，以及加快产业数智化转型、推动科技创新与产业创新深度融合，是能源央企在2026年工作规划 中谈及最多的三大任务。 扩大有效投资是上述企业"十五五"开局工作的核心抓手。电网与核电领域的标志性工程率先落地。1月中 旬，国家电网以"十五五"期间4万亿元创纪录的固定资产投资计划拉开序幕，南方电网紧随其后披露了 2026年 ...

Group 1: Core Insights - The report highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the gains, while light communication and consumer electronics have seen a pullback [1][7] - The focus of incremental policies is on urban renewal and emerging technologies, with a positive outlook on urban renewal, commercial aerospace, domestic computing power, and new power grids [1][6] Group 2: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with a projected 60,015 urban renewal projects nationwide in 2024, totaling an investment of 2.9 trillion yuan [19][25] - Key areas of urban renewal include the renovation of old residential communities, urban villages, and underground pipeline upgrades, with recommendations for investment in waterproofing, piping, and coatings [20][26] Group 3: Commercial Aerospace - Elon Musk indicated that space will become the lowest-cost location for deploying AI data centers within 2-3 years, with reusable spacecraft potentially reducing access costs by 100 times [21][36] - The report anticipates the establishment of a leading space computing center in China by 2030, focusing on green and low-carbon solutions [38][40] Group 4: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, with a projected 37% increase in 2026 to reach $56 billion, indicating strong demand in the semiconductor manufacturing sector [21][48] - The rapid iteration of domestic AI models is expected to drive investment demand in domestic computing power, with significant increases in user engagement and data usage [22][49] Group 5: New Power Grids - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, a 40% increase from the previous plan, aimed at accelerating the construction of new power systems [21][22] - By 2025, non-fossil energy consumption in China is expected to account for 20% of total energy consumption, increasing to 25% by 2030 [21][22]

Core Viewpoint - The article highlights a decline in trading heat for hot themes, with commercial aerospace, resource products, and building materials leading the market. The focus of incremental policies is on expanding domestic demand and fostering new technological momentum, particularly in urban renewal, commercial aerospace, domestic computing power, and new power grids [1]. Group 1: Urban Renewal - Urban renewal is expected to stabilize the real estate market and expand domestic demand, with 60,015 urban renewal projects planned nationwide in 2024, involving a total investment of 2.9 trillion yuan. Key components include the renovation of old residential areas, urban villages, and underground pipeline upgrades [2]. Group 2: Commercial Aerospace - Elon Musk predicts that space will become the most cost-effective location for deploying AI data centers within 2-3 years, with the potential for launch costs to drop by 100 times if the Starship achieves full reusability. China aims to establish a leading space computing center by 2030, addressing high energy consumption and carbon emissions from ground data centers [3]. Group 3: Domestic Computing Power - TSMC's capital expenditure is expected to exceed expectations, boosting demand in the semiconductor advanced manufacturing sector. The company anticipates a 35% year-on-year increase in net profit by Q4 2025, with capital expenditures potentially reaching $56 billion in 2026, a 37% increase from 2025 [4]. Group 4: New Power Grid - The State Grid plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase from the previous plan, focusing on the construction of a new power system. The share of non-fossil energy consumption is projected to reach 20% by 2025 and 25% by 2030 [5].

来源：观潮财经 英大财险核心岗位临变。 近日，英大财险现重要人事调整，总经理未满一年接任党委书记，现董事长年满60周岁。自成立以来， 英大财险高管团队呈现持续稳定的显著特征，18年间仅经历3位董事长、4位总经理。其管理层的选任多 为内部晋升或国网内部委派，但作为央企也有市场化干部提拔升任董事长的先例。 值得关注的是该公司的业绩情况，其自2008年成立以来连续盈利，无亏损记录。 近年来，英大财险经营方面也面临一定挑战。一方面，随着业务雪球的逐年增大，且主要来源为关联交 易保费，即股东业务；支出端持续增长，承保盈利压力增大。另一方面，投资端是该公司短板，数据来 看，2022年以来其投资收益持续下滑。 经过近20年的稳健发展，该公司取得了较好的成绩。未来，随着党委书记更迭，这家背靠股东稳定盈利 的财险公司，能否在市场化上走出健康之路备受关注。 01 财险掌舵人变更，英大集团多子公司干部更替 周全亮于2025年2月正式出任英大财险总经理，至今未满1年。该公司上一任总经理张国兴于2024年四季 度卸任，前往长安保险经纪担任董事长。值得一提的是，张国兴出生于1968年，其于2009年毕业于复旦 大学，获工商管理硕士学位， ...

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 吴杰(分析师) | 021-23183818 | wujie3@gtht.com | S0880525040109 | | 胡鸿程(分析师) | 021-23185962 | huhongcheng@gtht.com | S0880525070011 | 股票研究 /[Table_Date] 2026.01.26 本报告导读： 12 月低基数用电仍偏低，待 26 年政策发力 [Table_Industry] 公用事业 我们预计 1 月的最后一周或将是行业估值的分水岭。 证 券 研 究 报 告 投资要点： 股 票 研 究 [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 公用事业《国泰海通公用事业月度电力数据库 _20260123》2026.01.23 公用事业《公用事业数据周报_20260119》 2026.01.19 公用事业《跨境碳定价，绿电价值或提升》 2026.01.18 公用事业《中石化与中航油实 ...

Core Viewpoint - The article discusses the significant expansion of China's power grid, which is expected to reshape the lithium battery demand structure due to a massive investment plan by the State Grid Corporation, amounting to 4 trillion yuan during the 14th Five-Year Plan, marking a 40% increase from the previous plan [1][3]. Investment and Development Goals - The State Grid's investment plan aligns with the 1710 document, which sets clear targets for the development of a new type of power grid by 2030, aiming for renewable energy to account for approximately 30% of total power generation and to support over 40 million charging facilities [2][4]. - The total investment in China's power grid during the 15th Five-Year Plan is projected to exceed 5 trillion yuan, with significant investments in the southern power grid as well [3]. Challenges in Renewable Energy Integration - By 2025, the installed capacity of renewable energy is expected to approach 50%, but the actual power generation from these sources is projected to be less than 25%, indicating a significant gap due to the grid's inability to accommodate new energy sources [4][5]. - The increasing cost of integrating renewable energy into the grid is highlighted, with estimates suggesting that for every 1% increase in renewable energy penetration, system costs rise by approximately 0.01 yuan per kilowatt-hour [6]. Structural Reforms in the Power Grid - The 1710 document proposes a transformative approach to the power grid, emphasizing a collaborative structure involving main, distribution, and micro grids, which aims to enhance the grid's capacity to integrate renewable energy [10][11]. - Key development goals include improving cross-regional transmission capabilities and optimizing the grid structure to support a significant increase in renewable energy integration by 2030 [11][12]. Focus Areas for Future Investments - Future investments will primarily target core technology areas such as distributed independent energy storage and smart microgrid solutions, which are essential for enhancing the grid's capacity to accept renewable energy [15][20]. - The article emphasizes the importance of advanced technologies like grid-forming inverters and energy storage systems to address dynamic stability issues caused by high levels of renewable energy integration [18][23]. Conclusion - The 1710 document is positioned as a guiding framework for the next decade of power grid development in China, aiming to facilitate a transition towards a new energy system that can effectively support high levels of renewable energy integration [24].

国家电网4万亿投资"点火"，"引燃"了资本市场电网设备赛道，不少电网设备企业在资金追捧下，不断走高。这其中就包括电气巨头思源电气。 1月16日和1月19日，A股电力设备龙头思源电气曾连续两个交易日涨停，股价创出历史新高，1月19日收盘市值高达1597亿元。在这之后，其股价略有回 落，截至1月23日收盘，思源电气最新市值为1475亿元。 从消息面上，思源电气的股价连续涨停与两则消息有关。第一是国家电网宣布将在"十五五"期间固定资产投资将达到4万亿元，思源电气作为国家电网重 要供应商将直接受益。第二则是思源电气公布了2025年业绩快报，营收同比增长37.18%至212.05亿元，归母净利润同比增长54.35%至31.63亿元，均创出 了历史新高。 在爆发的股价和业绩背后，思源电气这家电力设备龙头，正在发生什么样的变化？ 6.2万元起步 避雷器是用于电力系统避免雷击或高电压危害的设备，与之匹配的检测仪则是为了检测避雷器是否正常工作的装置。董增平三人之所以选择这个方向，是 因为当时国内引进了国外技术生产大量110kV、220kV、500kV金属氧化物避雷器，但国内没有相应的检测设备，只能进口高价的国外设备。这也意味 ...

Report Industry Investment Rating - Not provided in the content Core Views - The expected 4 trillion yuan of fixed - asset investment by the State Grid during the "15th Five - Year Plan" will boost the long - term copper consumption expectation due to new energy grid construction [2] - Strikes in Chilean copper mines, difficulties in restarting South American mines, and delays in new copper mine project approvals, combined with low global visible inventories, amplify supply risks [2] - Downstream procurement has become more cautious, with transactions mainly for rigid demand. The inventory accumulation is stronger than in the past two years, and industry divergence has increased [2] - There is a significant outflow of funds from the non - ferrous metals sector, and the net long positions in copper futures speculation have been reduced, cooling market sentiment [2] - The industrial fundamentals need adjustment, but there is still support from macro - expectations and funds. It is expected that copper prices will maintain a volatile and slightly stronger pattern before the Spring Festival [3] Copper Futures盘面 Data (Weekly) - The latest price of Shanghai Copper Main Contract is 101340 yuan/ton, with a weekly increase of 0.57%, a position of 231437, and a weekly increase in position of 5504, and a trading volume of 232815 [4] - The latest price of Shanghai Copper Index Weighted is 101462 yuan/ton, with a weekly increase of 0.66%, a position of 658243, and a weekly increase in position of 14653, and a trading volume of 321730 [4] - The latest price of International Copper is 90070 yuan/ton, with a weekly increase of 0.47%, a position of 5464, and a weekly decrease in position of 1403, and a trading volume of 7445 [4] - The latest price of LME Copper 3 - month is 12840 dollars/ton, with a weekly decrease of 2.35%, a position of 239014, and a weekly decrease in position of 38282, and a trading volume of 28201 [4] - The latest price of COMEX Copper is 580.3 dollars, with a weekly decrease of 4.79%, a position of 142772, and a weekly increase in position of 3804, and a trading volume of 48177 [4] Copper Spot Data (Weekly) - The latest price of Shanghai Non - ferrous 1 Copper is 100070 yuan/ton, with a weekly decrease of 2505 yuan and a weekly decrease of 2.44% [8] - The latest price of Shanghai Wumaotrade is 100215 yuan/ton, with a weekly decrease of 1955 yuan and a weekly decrease of 1.91% [8] - The latest price of Guangdong Southern Reserve is 100240 yuan/ton, with a weekly decrease of 2400 yuan and a weekly decrease of 2.34% [8] - The latest price of Yangtze Non - ferrous is 100380 yuan/ton, with a weekly decrease of 2560 yuan and a weekly decrease of 2.49% [10] - The latest price of Shanghai Non - ferrous premium/discount is - 180 yuan/ton, with a weekly increase of 55 yuan and a weekly increase of 44% [10] - The latest price of Shanghai Wumaotrade premium/discount is - 185 yuan/ton, with a weekly increase of 65 yuan and a weekly increase of 54.17% [10] - The latest price of Guangdong Southern Reserve premium/discount is - 150 yuan/ton, with a weekly decrease of 310 yuan and a weekly decrease of 193.75% [10] - The latest price of Yangtze Non - ferrous premium/discount is - 95 yuan/ton, with a weekly increase of 25 yuan and a weekly increase of 35.71% [10] - The latest price of LME Copper (spot/3 - month) premium/discount is - 82.84 dollars/ton, with a weekly decrease of 120.44 dollars and a weekly decrease of 320.32% [10] - The latest price of LME Copper (3 - month/15 - month) premium/discount is - 96.62 dollars/ton, with a weekly decrease of 180.12 dollars and a weekly decrease of 215.71% [10] Copper Advanced Data (Weekly) - The latest copper import profit and loss is - 650.03 yuan/ton, with a weekly increase of 815.82 yuan and a weekly decrease of 55.66% [11] - The latest copper concentrate TC is - 46.58 dollars/ton, with a weekly decrease of 0.58 dollars and a weekly increase of 1.26% [11] - The latest copper - aluminum ratio is 4.181, with a weekly decrease of 0.0753 and a weekly decrease of 1.77% [11] - The latest refined - scrap copper price difference is 2722.95 yuan/ton, with a weekly decrease of 535.68 yuan and a weekly decrease of 16.44% [11] Copper Inventory (Weekly) - The total Shanghai Copper warehouse receipts are 146793 tons, with a weekly decrease of 13624 tons and a weekly decrease of 8.49% [15] - The total International Copper warehouse receipts are 11166 tons, with a weekly decrease of 120 tons and a weekly decrease of 1.06% [15] - Shanghai Copper inventory is 213515 tons, with a weekly increase of 32972 tons and a weekly increase of 18.26% [15] - LME Copper registered warehouse receipts are 121150 tons, with a weekly increase of 30125 tons and a weekly increase of 33.1% [15] - LME Copper cancelled warehouse receipts are 47100 tons, with a weekly decrease of 3000 tons and a weekly decrease of 5.99% [15] - LME Copper inventory is 168250 tons, with a weekly increase of 27125 tons and a weekly increase of 19.22% [17] - COMEX Copper registered warehouse receipts are 335394 tons, with a weekly increase of 5310 tons and a weekly increase of 1.61% [17] - COMEX Copper unregistered warehouse receipts are 223954 tons, with a weekly increase of 20451 tons and a weekly increase of 10.05% [17] - COMEX Copper inventory is 559348 tons, with a weekly increase of 25761 tons and a weekly increase of 4.83% [17] - Copper mine port inventory is 54.7 million tons, with a weekly increase of 11.9 million tons and a weekly increase of 27.8% [17] - Social inventory is 41.82 million tons, with a weekly increase of 0.43 million tons and a weekly increase of 1.04% [17] Copper Mid - stream Production (Monthly) - In November 2025, the refined copper production was 1.236 million tons, with a year - on - year increase of 11.9%. The cumulative production was 14.72 million tons, with a year - on - year increase of 10.4% [19] - In November 2025, the copper product production was 2.226 million tons, with a year - on - year decrease of 0.8%. The cumulative production was 24.814 million tons, with a year - on - year increase of 4.7% [19] Copper Mid - stream Capacity Utilization (Monthly) - As of December 31, 2025, the capacity utilization rate of refined copper rods was 51.1%, with a monthly decrease of 12.21% and a year - on - year decrease of 15.06%, and the total annual capacity was 15.84 million tons [21] - As of December 31, 2025, the capacity utilization rate of scrap copper rods was 20.59%, with a monthly decrease of 3% and a year - on - year decrease of 6.9%, and the total annual capacity was 8.19 million tons [21] - As of December 31, 2025, the capacity utilization rate of copper strips was 64.48%, with a monthly decrease of 1.96% and a year - on - year decrease of 9.8%, and the total annual capacity was 3.59 million tons [22] - As of December 31, 2025, the capacity utilization rate of copper rods was 56.72%, with a monthly increase of 2.64% and a year - on - year decrease of 0.46%, and the total annual capacity was 2.2865 million tons [22] - As of December 31, 2025, the capacity utilization rate of copper tubes was 61.59%, with a monthly increase of 1.9% and a year - on - year decrease of 18.99%, and the total annual capacity was 2.783 million tons [22] Copper Element Imports (Monthly) - In December 2025, the import of copper concentrates was 2.704298 million tons, with a year - on - year increase of 7%. The cumulative import was 30.319797 million tons, with a year - on - year increase of 8% [24] - In December 2025, the import of anode copper was 61340 tons, with a year - on - year decrease of 23%. The cumulative import was 749961 tons, with a year - on - year decrease of 16% [24] - In December 2025, the import of cathode copper was 258549 tons, with a year - on - year decrease of 30%. The cumulative import was 3344261 tons, with a year - on - year decrease of 11% [24] - In December 2025, the import of scrap copper was 238977 tons, with a year - on - year increase of 10%. The cumulative import was 2342580 tons, with a year - on - year increase of 4% [24] - In December 2025, the import of copper products was 440000 tons, with a year - on - year decrease of 21.8%. The cumulative import was