近日，美国极寒天气频发，导致全美境内超过90万用户断电，部分地区电力现货批发价格一度突破每兆 瓦时3000美元，暴涨1400%。电价飙升同时引发缺电危机。而美国政府近期却以存在"国家安全风险"为 由，叫停所有正在建设的大型海上风电项目。其中包括全美规模最大的弗吉尼亚州近海风电项目，以及 美国东海岸另外4个在建海上风电项目。此令一出，市场哗然。5个被暂停的项目总容量达6吉瓦，足以 支撑数百万户家庭用电。此举不仅令清洁能源产业猝不及防，更折射出美国能源战略中难以调和的深层 矛盾。 此次事件折射的深层矛盾，已超出单一产业范畴。其一，暴露了美国基础设施更新与数字经济发展严重 脱节。当前，美国电力系统本就老旧不堪、运行紧张，决策层非但没有加速建设更具韧性、多元互补的 现代化电网，反而主动削减电力供给。其二，全球能源供应链的地缘政治色彩越发浓重。美国重新定 义"能源安全"内涵，甚至将本土清洁能源设施也视作风险来源，这可能引发其他国家效仿，从而延缓全 球可再生能源的发展进程。其三，凸显了美国推进"再工业化"与维持成本竞争力之间的两难境地。无论 是发展人工智能，还是推动制造业回流，都离不开充足且廉价的电力支撑，而此次叫停，无 ...

伊朗海军指挥官一句"海峡通行完全由伊朗掌控"，让全球三分之一的原油贸易通道悬于一线，中国的能源安全红灯骤然亮起。 当地时间1月27日，伊朗伊斯兰革命卫队海军高级指挥官穆罕默德·阿克巴尔扎德宣布，伊朗已实现对霍尔木兹海峡的全面智能化实时监控，是 否允许船只通行"完全由伊朗掌控"。 霍尔木兹海峡是海湾地区石油输往世界各地的唯一海上通道，全球约三分之一的海运原油贸易每天超过2000万桶石油都要经过这里。伊朗此 次强硬表态意味着全球能源安全的敏感神经被直接触动。 伊朗此次行动不止是技术升级。阿克巴尔扎德明确表示："伊朗的周边国家是我们的朋友，但如果其陆地、空域或水域被用于针对伊朗，将被 视为敌对行为。" 这一战略通道的安全现在"取决于德黑兰的决策"。 与以往不同，伊朗特别强调了"全面智能化"和"实时监控"，这意味着传统规避监控的手段可能失效。伊朗革命卫队已经将技术优势转化为地缘 政治筹码。 霍尔木兹海峡若被封锁，将引发全球能源市场地震。有分析预测，如果海峡运输量大幅减少，国际原油价格可能出现飙升。 即使只是短期干扰，全球石油供应也将显著下降。对于液化天然气而言，情况更为严峻——几乎没有替代路线。 中国作为全球最大原油 ...

2026 年 01 月 28 日 特朗普引领下的美国战略方向在 哪？ ——2026 年美国《国家安全战略》解读 券 研 究 报 告 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 证 chengxiang@swsresearch.com 策 略 研 究 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 略 相关研究 - ⚫ 2025 年年底白宫发布《国家安全战略》，以下我们简称为 NSS（National-Security- Strategy）。本次 NSS 报告主要涉及"美国核心诉求"、"优先事项"、"地区战略" 三部分： ⚫ 在开篇美国核心诉求部分，关键词包括"移民、安全、科技"。（1）移民部分，NSS 提 及"西半球保持适度稳定与良好治理，预防和遏制大规模移民潮涌入美国"；（2）安全 部分 ...

Industry Overview - The uranium sector is experiencing a generational tailwind due to significant global developments, positioning North American explorers and producers favorably [1] - Global energy markets are undergoing a structural realignment as governments seek reliable, low-carbon baseload power amid rising electricity demand driven by various factors including artificial intelligence and industrial decarbonization [2] U.S. Policy Developments - In January 2026, the U.S. government announced a series of actions to strengthen domestic nuclear power generation, including USD 2.7 billion in federal funding for uranium enrichment and support for advanced reactor fuel supply [3] - U.S. policy initiatives aim to reduce reliance on foreign uranium and enrichment services, particularly from geopolitically sensitive areas, while enhancing domestic production and processing capabilities [4] Strategic Positioning - The current environment emphasizes the importance of early-stage uranium exploration in stable jurisdictions, as utilities and governments focus on long-term supply security [5] - The CEO of Refined Energy Corp. highlighted that the uranium sector is being reshaped by energy security priorities and decarbonization mandates, reinforcing the need for companies to advance quality projects in stable regions [6] Company Focus - Refined Energy Corp. is dedicated to building a strong exploration portfolio aligned with evolving industry fundamentals, while monitoring global market and policy developments [6]

来源：央视新闻客户端 End 乌克兰利沃夫州布罗迪市一处基础设施27日遭俄军袭击，袭击后石油产品起火并冒出浓 烟。乌克兰方面有消息称，该设施与"友谊"输油管道相连。 同日，针对相关事件，匈牙利外交与对外经济部发言人表示，根据其掌握的信息， " 友 谊"输油管道本身并未遭到袭击 。 "友谊"输油管道对保障匈牙利和斯洛伐克能源安全至关重要，是俄罗斯向中欧、东欧运 送石油的大型管网系统。该管线起点位于俄罗斯西南部萨马拉州，北线经白俄罗斯通往波 兰和德国，南线经乌克兰通往捷克、斯洛伐克和匈牙利。 出品 | 中国能源报（c n e n e rg y） 编辑丨闫志强 欢迎分享给你的朋友！ ...

最近，新能源汽车"两个50%"备受关注：2025年，新能源汽车国内新车销量占比突破50%；充换电服务 业用电量同比增长近50%。 一滴油支撑大国重器的"高精尖"。在关乎国家竞争力的高端制造领域，石油同样不可或缺。无论是大飞 机上轻盈坚固的碳纤维，吊起港珠澳大桥预制件的聚乙烯纤维，还是核反应堆"刹车阀"碳棒的原材料， 背后都有石油的身影。 在实现碳达峰碳中和目标过程中，石油消费总量会进入下降阶段，但其战略性能源地位和作用仍将保 持。 一方面，石油作为现代化产业的原料属性持续加强，短时间内难以取代；另一方面，当前全球能源安全 问题博弈更加激烈，油气价格剧烈波动，"十四五"时期国际油价一度突破每桶130美元，创2008年以来 新高。今年1月，受国际局势等因素影响，布伦特油价一周内上涨10%左右，国际能源署上调2026年石 油需求增长预期。 尽管我国油气供应能力持续提升，2025年规模以上工业原油产量2.16亿吨，创历史新高，连续4年稳产2 亿吨以上，但对外依存度仍然达到七成左右，2025年累计原油进口量同比增长4.4%。解决油气核心需 求是我们面临的重要任务，这是把能源饭碗端稳端牢的必然选择。 值得期待的是，通过技 ...

"今天会议很重要的一点就是统一思想，要凝聚在党和国家对能源安全的战略部署上。"吴家来强调，贵 州既是能源大省，又是战略腹地省份，要通过能源产业发展强化贵州在能源供应、保障方面的国家层面 地位，凸显在煤炭供应、电力支持等方面对国家战略安排的作用。在具体措施上，要加大技术投入和能 源开发建设创新，同时以优化培育壮大经营主体为导向，提升行业运行效率和发展效能。 谈及贵州能源的独特优势，吴家来指出："贵州属于西南地区的枢纽位置，相当于西南东西向、南北向 交汇的地理位置。同时我们的能源产业资源比较富集，有水电、有煤炭，尤其是煤炭储量处于全国第五 位。"他表示，未来将进一步加强资源禀赋利用，促进全省"富矿精开"战略实施。 "十五五"三大方向：总量、结构、竞争力协同推进 对于"十五五"时期贵州能源产业发展的规划，吴家来系统阐述了三个重点方向：一是做大总量，煤炭产 能预计达到2.6亿吨/年，2030年原煤产量达2.2亿吨，电力装机达1.4亿千瓦以上，新能源装机达6500万 千瓦；二是调优结构，提高露天煤矿产能，通过"六个一批"优化井工煤矿产能，提升新能源装机比重； 三是提高价格竞争力，持续优化煤炭优势产能释放，推动煤炭由单一 ...

Core Points - The EU has officially approved a landmark regulation to end all imports of Russian liquefied natural gas (LNG) and pipeline gas by 2026 [1][3] - This decision is one of the most significant energy decisions made by the EU since the outbreak of the Russia-Ukraine conflict in 2022, aiming to eliminate dependence on Russian energy [1][3] Regulation Details - The regulation mandates the cessation of Russian LNG imports by the end of 2026, with pipeline gas deliveries to be completely halted by September 30, 2027 [3] - There is an option for member states to delay the pipeline cutoff until November 1, 2027, if they face difficulties securing sufficient non-Russian gas supplies before winter [3] - Hungary and Slovakia opposed the measure but could not prevent its implementation due to the requirement of a simple majority for approval [3] Energy Supply Diversification - Prior to the Russia-Ukraine conflict, over 40% of the EU's gas supply came from Russia, which is expected to drop to about 13% by 2025 as member states diversify their energy suppliers and enhance storage capacity [3] - The new regulation represents the final phase of this transition towards energy independence from Russia [3] REPowerEU Strategy - The EU Council describes the regulation as a key milestone in the "REPowerEU" strategy, aimed at eliminating reliance on Russian fossil fuels [5] - The regulation includes stronger oversight mechanisms requiring member states to verify the production sources of all imported gas to prevent circumvention of the ban [5] Compliance and Penalties - Member states must submit national diversification plans by March 1, 2026, addressing supply security issues and any remaining Russian gas orders held by private companies [6] - Non-compliance may result in fines of at least €2.5 million for individuals and €40 million or up to 3.5% of global annual turnover for companies [6] Financial Implications for Russia - As of August 2025, EU countries were still paying €1.15 billion monthly for fossil fuel purchases from Russia, with Hungary, Slovakia, France, the Netherlands, and Belgium accounting for 85% of these expenditures [6] - The loss of the EU market, historically Russia's most lucrative gas market, will significantly impact Russia's fiscal stability and limit its social spending, military funding sustainability, and investment capacity [6]

Group 1 - India's significant reduction in Russian oil imports has drawn global attention, with daily imports dropping to 1.2 million barrels in December 2025, a 40% decrease from the peak of 2 million barrels per day in June 2025, marking the lowest level in over three years [1][3] - Reliance Industries, India's largest oil buyer, has halted transactions with Russian oil companies, reflecting the conflict between business interests and political pressures, as the Modi government seeks to maintain strategic cooperation with Russia while facing Western sanctions [3][5] - The sharp decline in India's oil purchases has led to a dramatic drop in Russian oil demand, causing floating storage levels to reach a nearly ten-year high, exacerbating Russia's inventory pressure and further lowering oil prices [3][5] Group 2 - China has seized the opportunity presented by Russia's sales difficulties, significantly increasing its imports of Urals crude oil to 400,000 barrels per day, a historical high, which alleviates Russia's inventory pressure and enhances China's energy security [5] - The energy transaction between China and Russia is seen as a win-win scenario, with China benefiting from low-priced oil and Russia mitigating fiscal pressure through increased exports to China, while using yuan for settlements to avoid Western sanctions [5][7] - India's fluctuating policy on Russian oil imports indicates ongoing considerations for energy security, with reports suggesting that Reliance Industries may resume Russian oil imports in the coming months, despite pressures from the U.S. [5][7]

项目下一步将完成Camago-3井的测试，并继续钻探Pag-asa勘探区，以进一步评估该区域的资源潜力。 此次发现对菲律宾能源安全至关重要。长期以来，随着主力气田产量下降，该国对进口液化天然气的依 赖不断加深。新资源预计可转化为约140亿千瓦时的年发电量，足以满足约570万户家庭一年的用电需 求。初试日产量达到6000万立方英尺，产能与原始气井相当，表明这是一个高产能储层。该井同时伴生 高价值的凝析油，有助于稳定电力供应并降低燃料进口风险。 这一发现是马拉帕亚气田第四阶段钻探计划的首个里程碑。马拉帕亚气田一直是菲律宾本土能源供应的 支柱，为吕宋岛发电提供燃料。随着原有气田产量自然递减，此次在东侧的新发现有望实质性延长该气 田群对国内市场的供气年限。 中化新网讯 近日，菲律宾宣布在巴拉望岛近海获得十余年来首个重大天然气发现。新发现的MAE-1井 位于现有马拉帕亚气田以东约5千米处，初步评估显示其天然气地质储量约980亿立方英尺。 ...