摘要 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月28日星期三 更多精彩内容请关注方正中期官方微信 铜： 美元指数隔夜大跌，创出近4年以来新低，特朗普对于美元的表态 进一步加剧了市场对美元未来弱势的担忧，另外近期日元对美元的 大幅走强也使得美元指数被动承压，黄金受此影响再创新高，金铜 比继续走高，有望对铜价形成提振。近期利空频传叠加需求端季节 ...

截至9月30日，国电南瑞股东户数15.01万，较上期增加49.47%；人均流通股53271股，较上期减少 33.09%。2025年1月-9月，国电南瑞实现营业收入385.77亿元，同比增长19.38%；归母净利润48.55亿 元，同比增长8.55%。 资料显示，国电南瑞科技股份有限公司位于江苏省南京市江宁经济技术开发区诚信大道19号2幢，成立 日期2001年2月28日，上市日期2003年10月16日，公司主营业务涉及电网自动化,工业控制业务(含轨道 交通),发电及新能源业务,节能环保业务。继电保护及柔性输电、电力信息通信等领域的业务。主营业务 收入构成为：电网智能50.43%，能源低碳26.98%，数能融合16.09%，工业互联5.13%，集成及其他 1.24%，其他(补充)0.13%。 国电南瑞所属申万行业为：电力设备-电网设备-电网自动化设备。所属概念板块包括：农村电网、直流 输电、雅鲁藏布江水电站、高低压设备概念、特高压等。 1月29日，国电南瑞盘中下跌2.04%，截至11:10，报24.99元/股，成交16.13亿元，换手率0.80%，总市值 2007.14亿元。 资金流向方面，主力资金净流出2.83 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry, indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [2][72]. Core Insights - The power equipment industry is entering a new development phase, driven by significant investments in smart grids, renewable energy integration, and digital transformation technologies such as big data and artificial intelligence [6][21]. - The "14th Five-Year Plan" anticipates a fixed asset investment of 4 trillion yuan by the State Grid Corporation, a 40% increase from the previous plan, aimed at enhancing the new power system's supply chain and achieving carbon peak goals [6][63]. - Global investment in power grids is projected to grow significantly, with an estimated annual investment of $330 billion in 2023, requiring a compound annual growth rate of 9.4% to reach $620 billion by 2030, presenting new opportunities for domestic power equipment companies [6][66]. Summary by Sections 1. New Development Phase of the Power Equipment Industry - The construction of power grids is crucial for the development of the power industry, encompassing substations and power line construction, with a focus on efficient, energy-saving, and environmentally friendly equipment [6][21]. - The transition to a new power system in China emphasizes renewable energy, with significant investments planned for smart grid infrastructure and digitalization [6][63]. 2. Global Power Industry Opportunities - The "14th Five-Year Plan" marks a new rapid construction phase for ultra-high voltage (UHV) projects, driven by the need for clean energy transmission from western and northern regions to load centers in the east and south [6][45]. - The global power grid investment landscape shows a substantial growth potential, particularly in emerging markets, with a pressing need for modernization and upgrades to accommodate renewable energy sources [6][60]. 3. Investment Strategies and Key Companies - The report suggests focusing on leading companies in technology and scale that are likely to benefit from the global energy transition, including Guodian NARI (600406), XJ Electric (000400), and others [6][66].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is actively promoting the "AI+" initiative among central enterprises, achieving significant progress in key areas such as application, computing power, data, and models [1][2] Group 1: Achievements in AI+ Initiative - Central enterprises have created over 1,000 application scenarios focusing on key industries like energy, manufacturing, and communications [1] - Examples include the State Grid and Southern Power Grid utilizing AI for intelligent management in power dispatch and fault prediction [1] - Central enterprises are integrating into the national computing power layout, with three major telecom operators establishing four "ten thousand card clusters" to support large model training [1] Group 2: Support for AI Development - General models like "Jiutian" from China Mobile and "Xingchen" from China Telecom have empowered over 200 external units, accelerating applications in energy and industrial manufacturing [1] - The "Huanxin Community" initiated by SASAC provides over 2,000 domestic intelligent computing chips for free, gathering over 4,000 models and 800 datasets to promote the widespread application of AI technology [1] Group 3: Future Directions - Central enterprises will intensify efforts in the "AI+" initiative, focusing on enhancing investment traction, deepening scenario cultivation, and optimizing data supply [2] - The goal is to become a key provider of intelligent computing infrastructure, a significant enabler of AI across various industries, and an organizer of systematic industrial layout [2]

Core Insights - The "14th Five-Year Plan" includes a significant investment of 4 trillion yuan in ultra-high voltage (UHV) infrastructure, which is expected to drive the A-share UHV sector to new heights, with the sector index rising from around 2700 points at the beginning of the year to over 5000 points, outperforming the broader market [1][2] - The investment plan represents a 40% increase compared to the previous five-year plan, focusing on UHV direct current transmission channels and smart distribution networks, indicating a golden era for the UHV industry [2][3] Investment and Market Dynamics - Leading stocks in the UHV sector, such as XJ Electric, Pinggao Group, and China XD Electric, have seen price increases exceeding 35%, with an overall rise of over 60% in the past year [2] - The National Grid's investment plan aims to enhance cross-regional transmission capacity by over 30% before 2030, addressing structural imbalances in energy resource distribution across China [4][8] Technological Advancements - Continuous technological innovations are enhancing the efficiency and reliability of UHV systems, exemplified by the ±800 kV flexible direct current project, which improves grid stability and adaptability to renewable energy fluctuations [6][19] - The global energy transition is creating historical opportunities for UHV technology to expand internationally, particularly in Europe, where energy security concerns are driving demand for UHV infrastructure [8][9] Industry Structure and Key Players - The UHV industry exhibits a "dumbbell" structure, with core equipment and materials at the upstream and grid construction and operation at the downstream, creating a capital and technology-intensive ecosystem [13] - Major companies like State Grid, Southern Grid, and key equipment manufacturers are expanding their international market presence, with annual investments in UHV projects along the Belt and Road Initiative expected to reach approximately 400 billion yuan [12][34] Financial Performance and Growth Projections - Companies like Guodian NARI and Pinggao Electric are showing robust financial growth, with Guodian NARI reporting a revenue increase of 18.45% year-on-year in the first three quarters of 2025 [35][37] - The UHV sector is projected to benefit from a historical high in national grid investment, expected to reach 608.3 billion yuan in 2024, with a year-on-year growth of 15.3% [28][31] Future Outlook - The UHV sector is poised for significant growth driven by the "14th Five-Year Plan" investments and the ongoing development of international markets, particularly in regions like Southeast Asia and Europe [41] - The establishment of a new power system is expected to further integrate flexible direct current and mixed AC/DC distribution networks, promoting efficient, intelligent, and green energy solutions [33][41]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on advancing the "AI+" initiative in key sectors such as embodied intelligence and energy, aiming to create an "AI+" industrial community and enhance the openness of application scenarios [1][3]. Group 1: Progress in AI Applications - Central enterprises have launched over 1,000 application scenarios in key industries like energy, manufacturing, and telecommunications, utilizing AI for tasks such as power dispatch and fault prediction [3][4]. - The integration of AI in traditional industries is seen as a crucial driver for transformation, with examples including the use of intelligent robots in manufacturing and advanced models in rail transport [3][4]. Group 2: Infrastructure and Computational Power - Central enterprises are actively contributing to the national computing power layout, with significant investments in computational resources, including the establishment of four "ten-thousand card clusters" by major telecom operators [3][4]. - Platforms like "Xirang" and "Computing Network Brain" are being developed to provide standardized computing power services, emphasizing low-cost and high-intelligence solutions [3][4]. Group 3: Model Development and Collaboration - The development of large models is accelerating, with companies like China Mobile and China Telecom enhancing their capabilities and empowering over 200 external units in various sectors [3][4]. - SASAC has initiated the "Renewal Community" to support young entrepreneurs and tech enthusiasts by providing over 2,000 domestic intelligent computing chips and access to a vast array of models and datasets [4][5]. Group 4: Future Directions - The next steps for state-owned enterprises include strengthening investment strategies, focusing on the construction of integrated computing networks, and optimizing data supply in key areas such as transportation, energy, and finance [5]. - The aim is to enhance the quality of industrial development through effective investments and to foster a collaborative environment for AI applications across various sectors [5].

国务院新闻办公室于1月28日举行新闻发布会，国务院国资委副主任庞骁刚、国务院国资委企业改革局局长林庆苗、国务院国资委科技创 新局局长张剑龙介绍2025年国资央企高质量发展情况，并答记者问。 中央企业资产总额达95万亿，发售电量分别增长38.2%和40.7% "十四五"时期，是我国开启全面建设社会主义现代化国家新征程的第一个五年，也是国资央企改革发展历程当中极为重要的五年。庞骁 刚介绍，中央企业加快推进高质量发展，实现了质的有效提升和量的合理增长，也为国家经济社会发展作出了积极贡献。归纳起来，主 要有三个方面。 一是规模实力不断增强。"十四五"时期，中央企业资产总额连续跨上了三个大的台阶，就是70万亿、80万亿和90万亿，去年年底达到95 万亿。年均增速达到了6.9%。另外，实现了增加值51.3万亿元，比"十三五"时期增长了44.6%；实现利润总额12.7万亿元，比"十三五"时 期增长了56.2%。从重点产品来看，重点产品的产量也保持了稳定增长，原油产量比"十三五"时期增长了24.7%，发电量、售电量比"十三 五"时期分别增长了38.2%和40.7%，这些实物量的指标体现了中央企业自身的经济运行情况，同时也能够 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of artificial intelligence (AI) as a key driver for technological revolution and industrial transformation, launching the "AI+" initiative to enhance the capabilities of central enterprises [1][2] Group 1: High-Value Applications - Central enterprises are focusing on key industries such as energy, manufacturing, and telecommunications, creating over a thousand application scenarios, with notable implementations in smart management and fault prediction by State Grid and Southern Power Grid [1] - AI is driving the transformation and upgrading of traditional industries, with examples including the use of intelligent robots in manufacturing and advanced models in rail transit equipment by China CRRC Group [1] Group 2: Computing Power Supply - Central enterprises are actively integrating into the national computing power layout, significantly increasing investment in computing resources, exemplified by the establishment of four "ten-thousand card clusters" by the three major telecom operators [1] - Platforms like "Xirang" and "Computing Network Brain" are being developed to provide standardized computing power services, focusing on low-cost and high-intelligence solutions [1] Group 3: Large Model Adaptation - The development of general large models such as China Mobile's "Jiutian" and China Telecom's "Xingchen" has empowered over 200 external units, accelerating applications in energy and industrial manufacturing [2] Group 4: Open Cooperation - Initiatives like the "Renew Community" are providing over 2,000 domestic intelligent computing chips for free to young entrepreneurs and tech enthusiasts, gathering over 4,000 models and 800 datasets to promote the widespread application of AI technology [2] Group 5: Future Actions - The SASAC plans to strengthen investment in AI, focusing on the "14th Five-Year Plan" for AI development, enhancing the construction and efficient utilization of information communication networks and computing power networks [3] - There will be an emphasis on cultivating application scenarios in key areas such as embodied intelligence and energy, aiming to create an "AI+" industry community [3] - The optimization of data supply will be prioritized, promoting the open development of data resources in sectors like transportation, smart energy, and financial services to support model optimization and large-scale application [3]

（来源：邯郸晚报） "始终没有公示笔试、面试成绩。"参加某国企招聘后，一名2025年应届毕业生向记者表达了自己的不 满。落选后，他对这次招聘的公平性产生了怀疑。 过去一段时间，多个省份发起针对国企"近亲繁殖"的整治行动。记者梳理发现，此轮整治覆盖层级广 泛，涉及县市区各级系统，发起主体既包括地方政府，也包括纪检监察机关和企业。 所谓"近亲繁殖"，最早多见于巡视反馈中，用以形容国有企业和事业单位在选人用人领域，违规安排近 亲属在同一系统、同一单位或上下级岗位任职的现象。 吉林大学行政学院教授王立峰长期研究廉政理论。他在接受采访时表示，国企"近亲繁殖"是长期积累的 用人顽疾。其本质在于公共权力的私用，不仅扭曲了用人机制、挤压公平竞争空间，亲属"扎堆"的家族 化任职还容易滋生腐败风险，进而造成国有资产流失。 垄断行业更易滋生"近亲繁殖" 从地方实践看，黑龙江是过去一年里，较早披露整治行动的地区之一。2025年4月，黑龙江泰来农场有 限公司发布了《关于严防体制内"近亲繁殖"问题的举报公告》，明确将"严把进人关口""干部选拔任用 审核"等作为监督重点。 其他多地亦在推进类似行动。2025年5月，湖北随县纪委在县财政局主 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 现金管理到期收回情况：国电南瑞科技股份有限公司（以下简称"国电南瑞"、"公司"）及募投项目实 施子公司于2026年1月26日、1月27日到期收回募集资金现金管理产品合计124,000万元人民币，收回收 益306.93万元。 公司于2025年8月26日召开第九届董事会第七次会议、第九届监事会第三次会议，审议通过了《关于使 用部分闲置募集资金进行现金管理及暂时补充流动资金的议案》，同意公司在确保募投项目正常实施和 募集资金安全的前提下，使用部分闲置募集资金进行现金管理。具体内容详见上海证券交易所网站 （www.sse.com.cn）2025年8月28日公告。 ● 特别风险提示 尽管公司本次购买的保本型现金管理产品属于较低风险理财品种，但金融市场受宏观经济、财政及货币 政策的影响较大，不排除相关投资可能受到市场波动的影响，从而影响预期收益。 一、现金管理到期收回情况 公司及募投项目实施子公司于2026年1月26日、1月27日到期收回募集资金现金管理产品合计124,0 ...