Core Viewpoint - The article outlines the list of key provincial engineering projects in Shanxi for 2026, emphasizing the focus on energy transition and sustainable development through various projects in renewable energy and advanced energy technologies [2]. Energy Transition Projects - A total of 629 major engineering projects are included in the list, with 174 projects specifically related to energy transition [2][3]. - The largest category within energy transition projects is flexible energy storage and regulation, comprising 38 projects [2][3]. - Other categories include wind and solar power (19 projects), advanced coal power (9 projects), green electricity parks (15 projects), and modern coal chemical projects (12 projects) [3][12]. Flexible Energy Storage Projects - The 38 flexible energy storage projects include various types such as pumped storage, new energy storage, battery swap stations, and ultra-high voltage projects [2][4]. - Key locations for new energy storage projects are distributed across cities including Datong, Xinzhou, Jinzhong, Yangquan, Changzhi, Jincheng, Linfen, Yuncheng, and Lüliang [2][4][5]. Green Electricity Parks - There are 15 projects dedicated to the establishment of green electricity parks, aimed at integrating renewable energy sources into local industries [6][7]. - Notable projects include the integrated green electricity direct connection pilot project in Yangquan and the green electricity park construction in various cities [6][7]. Coal Supply and Storage Projects - The list includes 22 projects focused on coal production, supply, storage, and sales, highlighting the ongoing importance of coal in the region's energy landscape [6][8]. - Projects aim to enhance the efficiency and sustainability of coal operations across Shanxi [6][8]. Advanced Energy Equipment - There are 24 projects related to advanced energy equipment, which are crucial for supporting the energy transition and improving energy efficiency [6][18]. - These projects include the production of high-performance materials for energy applications and the development of smart energy technologies [6][18]. Non-Conventional Natural Gas Projects - The list features 12 projects aimed at increasing the production and storage of non-conventional natural gas, reflecting a shift towards diversifying energy sources [6][17]. - These projects are essential for enhancing energy security and reducing reliance on traditional fossil fuels [6][17].

2026 年第一次临时股东会会议材料 二〇二六年一月 2026 年第一次临时股东会会议议程 1.审议关于选举公司独立董事的议案； 1. 关于选举公司独立董事的议案 ...................................................................................................................... 1 关于选举公司独立董事的议案 尊敬的各位股东及股东代表： 经公司董事会提名委员会审核通过，公司董事会同意提 名柴守平先生为公司第八届董事会独立董事候选人，同意柴 守平先生被股东会选举成为公司独立董事后，担任公司董事 会审计与风险委员会委员、提名委员会委员、薪酬与考核委 员会委员并任主任委员，任期自公司股东会审议通过之日起 至第八届董事会任期结束之日止。 柴守平先生独立董事任职资格已经上海证券交易所备 案审核无异议，柴守平先生简历详见公司于 2025 年 12 月 30 日在上海证券交易所网站（www.sse.com.cn）上发布的《国 电电力发展股份有限公司关于选举公司独立董事的公告》 （公告编号：临 2025- ...

步入交易时代，行业如何穿越风险、破解痛点？ 第一财经对话中关村储能产业技术联盟创始人兼常务副理事长俞振华，详解产业破局之道。 储能火爆背后的产业逻辑与发展困局 第一财经 ： 我 们看到 过去一年 的储能行业异常火爆，尤其在政策取消了强制配储之后，市场仍保持高速增长。我们应如何看待这一现象背后的底层逻 辑？ 俞振华 ： 从增长规模看，'十四五'期间预计将较'十三五'实现32倍增长，仅去年便贡献了300%的新增量。这一爆发得益于2021年风光平价上网后，技术 进步带动的新能源与储能成本双降。绿电性价比的提升，直接催生了储能配置的刚性需求。 在应用场景层面，'136号文'彻底重塑了行业的增长逻辑。 以往无论是直接强配还是容量租赁，核心动力皆源于政策强制。而随着'136号文'发布，电力现货、辅助服务等细则在多省取得突破，业界期盼已久的容 量机制也终于落地。正是这些市场化机制，接棒'强配'支撑了行业的持续增长。同时，得益于电芯技术与EPC解决方案的整体迭代，储能终于在诸多场景 下具备了真实的投资价值。 直面挑战， 储能的商业模式将发生哪些变化？ 文 | 中关村储能产业技术联盟 在全球能源转型背景下，储能已由新能源系统中 ...

证券代码：600795 证券简称：国电电力 公告编号：临2026-01 国电电力发展股份有限公司 关于召开2026年第一次临时股东会的通知 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： 一、召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网 络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2026 年 1 月 27 日 14 点 00 分 召开地点：北京市朝阳区安慧北里安园 19 号楼公司会议室 (五) 网络投票的系统、起止日期和投票时间 股东会召开日期：2026年1月27日 本次股东会采用的网络投票系统：上海证券交易所股东会网络 投票系统 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 27 日 至2026 年 1 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东会召开当日的交易时间段，即 ...

Core Viewpoint - Inner Mongolia has transformed from a region severely affected by desertification to one of the most successful provinces in combating desertification in China, achieving a historic shift from "desert advancing, people retreating" to "green advancing, desert retreating" [1][2]. Group 1: Achievements in Desertification Control - Inner Mongolia has completed 1.23 million acres of the "Three-North" project during the 14th Five-Year Plan, with 6.688 million acres specifically for desertification control [1]. - The region is responsible for 60% of the national comprehensive management tasks for desertified land, with plans to complete 3.06 million acres in 2024 and 2.368 million acres in 2025 [2]. - The Alxa League has constructed a 1,856-kilometer sand control belt, marking a significant achievement in desertification management [3][5]. Group 2: Innovative Techniques and Strategies - Alxa League has implemented grass grid technology to stabilize shifting sands and promote the growth of drought-resistant vegetation, creating a multi-layered protective system [4]. - The region has adopted aerial seeding techniques to enhance afforestation efforts in areas with annual rainfall below 200 mm, achieving significant increases in forest and grassland coverage [6]. - The "308 Locking Edge Forest Belt" project in the Ulan Buh Desert has been developed to prevent sand encroachment, showcasing a collaborative approach to ecological restoration [8][9]. Group 3: Economic and Ecological Benefits - The comprehensive management of the Kubuqi Desert has led to the establishment of a "photovoltaic wall," integrating renewable energy development with desertification control, capable of generating 2,000 billion kilowatt-hours of green electricity annually [11]. - The ecological restoration efforts in the Horqin Sandy Land have resulted in a forest coverage rate of 15.17% and an average grassland coverage of 69.4%, contributing to local economic development [12]. - The introduction of the "grass-light complementary" ecological governance model in Xilingol League has transformed sandy areas into productive ecological economic zones [13]. Group 4: Future Directions and Recommendations - Future strategies for desertification control in Inner Mongolia will focus on integrated protection and systematic governance of mountains, waters, forests, fields, lakes, grasslands, and sands [2]. - The development of a comprehensive monitoring and management system that encompasses all ecological factors is recommended to enhance the effectiveness of desertification control projects [10]. - Emphasis on technological innovation in the sand industry is seen as crucial for merging ecological civilization with industrial development, promoting sustainable economic growth in desert regions [14].

打击财务造假，提高规范运作水平 财务造假是资本市场的毒瘤，严重侵害投资者合法权益。近年来，辖区连续发生多起财务造假、违规担 保案件，给辖区资本市场生态造成负面冲击。大连证监局坚决落实监管"长牙带刺"，有棱有角的要求， 2025年3月对ST智云（300097）财务造假行为作出行政处罚，对造假行为组织者、纵容者、知情者全范 围处罚，合计罚款930万元。同时，压实资本市场看门人职责，同步启动对中介机构的追责。2025年9月 对*ST聆达（300125）资金占用、违规担保事项，对公司及时任董事长、副董事长合计罚款500万元， 以精准问责压实市场主体责任，持续传递严监严管信号。大连证监局在走访上市公司中，严促公司高管 提高合规意识，提升规范化运作水平，用案例警示企业，真正将《关于进一步做好资本市场财务造假综 合惩防工作的意见》落实到位。 化解上市公司风险，提高上市公司质量 大连证监局深入贯彻落实国务院关于走访上市公司、推动上市公司高质量发展的工作部署，联合地方政 府相关部门建立走访工作机制、细化走访流程、明确落实举措、开展政策宣导等，持续开展常态化走访 上市工作。在大连证监局推动下，大连市制定了有效运用资本市场支持企业 ...

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, including Guodian Power, Inner Mongolia Huadian, and China Nuclear Power [9][48]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, indicating a shift in the profitability model of the power industry towards a diversified income structure [6][9]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, driven by heating demand and improved industrial activity, suggesting a positive outlook for the gas sector [31][33]. - The report emphasizes the need for optimization of the electricity market mechanism and restructuring of the power supply to adapt to the changing landscape [6][9]. Summary by Sections 1. Electricity - The annual trading results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 RMB/MWh, down 16.55% from the previous year [5][7]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively, indicating widespread pressure on electricity prices in coastal provinces [5][7]. - The transition of thermal power from a primary energy source to a regulatory support role is highlighted, with a shift towards a revenue model that includes capacity and auxiliary service income [6][9]. 2. Natural Gas - In November 2025, the apparent consumption of natural gas reached 36.28 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 388 billion m³, a slight decline of 0.1% [31][33]. - The report notes that the increase in natural gas production and favorable pricing conditions are expected to enhance the profitability of city gas companies [33]. - Recommendations include focusing on integrated gas trading companies and city gas firms that are likely to benefit from lower costs and improved margins [33][34]. 3. Environmental Protection - The report mentions the implementation of water price adjustments in Zhongshan and the introduction of waste disposal fees in Foshan, which are expected to improve cash flow in the environmental sector [9]. - Companies such as Zhongshan Public Utilities and Longxin Technology are highlighted as beneficiaries of these regulatory changes [9].

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].

Group 1 - The core viewpoint of the article is that Berai Technology has completed a new round of financing, bringing its total financing amount to over 1 billion yuan by 2025, marking the largest financing amount in the unmanned driving sector of mining in the primary market [1][4] - The financing round was backed by several investors including Bank of China International Investment, Jinfeng Investment, Tongli Heavy Industry, CITIC Construction Investment, and Yigao Capital, with existing shareholder Jiuzhi Capital also participating [1] - The funds raised will be primarily used to enhance research and development, expand intelligent production capacity, accelerate domestic and international market expansion, and deepen industrial ecosystem cooperation [1] Group 2 - Berai Technology aims to lead the low-carbon and unmanned transformation of global mining, positioning itself as a leading electric unmanned mining truck company and provider of zero-carbon unmanned mining solutions [4] - The company's core strategy revolves around "unmanned + electrification," establishing a solid competitive barrier in the field of autonomous driving in mining through full-stack technology integration and diversified business models [4] - Technologically, Berai Technology is one of the few companies globally to achieve a self-research closed loop of "L4 unmanned driving + unmanned battery swapping + intelligent scheduling" [4] - In terms of market and ecosystem, Berai Technology has built an industrial ecosystem centered around itself through strategic partnerships and joint ventures, with strategic shareholders like State Power Investment Corporation providing critical battery swapping networks, financial support, and resource scenarios [4]

证券研究报告 | 朝闻国盛 gszqdatemark 2026 01 05 年 月 日 朝闻国盛 2026 年"抢开局"5 大看点 今日概览 ◼ 重磅研报 【宏观】政策半月观—2026 年"抢开局"5 大看点——20260104 【宏观】2026"国补"4 大看点—兼评 12 月 PMI 超季节性回升—— 20251231 【策略】1 月策略观点与金股推荐：配置趋势共识，博弈产业催化—— 20260104 【策略】人民币升值下的投资线索——20260101 【金融工程】上证指数再次确认日线级别上涨——20260104 【金融工程】择时雷达六面图：本周拥挤度指标弱化——20260104 【固定收益】一月债市的风险和机会——20260104 【固定收益】资金平稳跨年，新年政府债发行开启——流动性和机构行 为跟踪——20260103 【固定收益】缓和的落地，节后债市修复——20260101 【通信】无光不 AI，硅基光电子引爆新一轮算力革命——20260104 【化工】2026 年度策略：—迎接破晓时刻——20260101 【电新】光伏：反内卷带来行业拐点，新技术引领突围——20260104 【有色金属】2026 ...