如今全球能源和技术博弈激烈，能源自主更是关乎国家安全。过去我国一直被贴上"贫铀国"的标签，铀矿稀缺，严重制约着核能的发展。 但在2025年，我国在内蒙古鄂尔多斯盆地取得重大发现，打破了这一长期瓶颈。 这是地质学家几十年的坚守和技术攻关，也让我国在核能领域、全球能源竞争中，拥有了更足的底气。网友表示：简直是天佑我国！ 这次重大铀矿发现，会彻底改写我国核能发展的格局吗？ 2025年，位于内蒙古鄂尔多斯盆地的泾川地区突然传来一个震撼性的消息——中国地质队在这里发现了一个特大型铀矿！这是全球首次在风成砂岩中发现如 此大规模的铀矿。 这一发现不仅让全世界的地质学家瞠目结舌，也让许多人对中国的矿产资源储备产生了新的认识。 长期以来，铀矿的短缺一直困扰着中国的能源发展。特别是在核能建设领域，铀是最为关键的原料之一。 为了满足日益增长的核能需求，中国不得不从全球各地购买铀矿资源。 澳大利亚、哈萨克斯坦、尼日尔等国家，曾是中国铀矿的主要供应地。 通过这些进口铀矿，才勉强支撑起中国核能的发展。而这种依赖海外资源的状态，也让外界对中国的核能产业是否能持续发展产生了质疑。 然而，内蒙古泾川地区的发现彻底改变了这一局面。 作为全球首次 ...

第三重信号，是彰显技术自信，带动高端产业集群升级。经过数十年攻关，中国已掌握完整核电工业体系，自主三代核电技术"华龙一号"综合国产化率超 90%，第四代高温气冷堆已投入商运，全球首个陆上商用模块化小堆"玲龙一号"预计2026年投产。核电建设是技术密集型工程，单台机组投资约200亿元， 能带动8万余台套设备制造，涉及200余家企业，直接带动产值超300亿元。从核燃料循环到高端装备制造，从数字化运维到核医疗应用，核电产业链的乘数 效应显著，"和福一号"项目实现镥—177国产化供应，更推动核技术向民生领域延伸，形成新的经济增长点。 第一重信号，是筑牢能源安全底线，破解对外依存困局。中国虽是能源生产大国，却面临结构性短板——石油、天然气进口依存度分别超70%和40%，化石 能源供应易受国际局势波动影响。核电恰好补上这一缺口，作为稳定可靠的基荷电源，其年发电利用小时数常年保持在7000小时以上，远超风电的2000小时 左右，且不受风雨、光照等自然条件制约。单台百万千瓦级核电机组年发电量约100亿千瓦时，能满足百万人口城市的用电需求，2024年全国核电发电量达 4447亿千瓦时，等效减排二氧化碳3.34亿吨，既减少化石能 ...

Core Insights - The AI + Energy Development Conference highlighted the critical role of AI in addressing challenges in both traditional and renewable energy sectors, emphasizing energy security as a primary concern in the current international landscape [1][3]. Traditional Energy - Coal remains a dominant energy source in China, accounting for 53.2% of primary energy consumption and 67% of primary energy production in 2024, with a coal output of 4.76 billion tons [4]. - The disparity between production and consumption percentages is attributed to the need for significant imports of crude oil (approximately 550 million tons) and natural gas (1.3 billion cubic meters), which inflate the consumption statistics [4]. - The coal industry faces challenges such as safety incidents, health risks, and low recovery rates, but AI technology can provide solutions by enabling "transparent geology" for better mining operations and reducing the need for underground workers [4]. Renewable Energy - Renewable energy, particularly wind and solar, is crucial for energy growth, with installed capacity expected to reach 1.6 billion kilowatts in 2024 and 3.6 billion kilowatts by 2035 [5]. - The conversion of installed capacity to actual electricity generation is essential, as merely increasing capacity without effective conversion leads to waste [5]. - AI is identified as a key enabler for optimizing various energy storage technologies and enhancing the flexibility of thermal power, which is vital for maximizing the utilization of renewable energy [5]. Energy Efficiency - Current energy efficiency in China is significantly lower than in the U.S., with 3.4 tons of standard coal required to generate $10,000 GDP compared to 1.7 tons in the U.S., indicating substantial room for improvement [6]. - Achieving U.S. levels of energy efficiency could allow China to meet future energy demands driven by GDP growth, highlighting the importance of energy efficiency in addressing future energy challenges [6].

会上，各省省长讨论了地缘政治局势，重申加拿大对民主和法治的坚定承诺，申明加拿大与北约盟国站 在一起，团结一致捍卫包括北极地区的加拿大主权，同意加快对加拿大北部地区的战略投资。 此外，会上还讨论了对《美墨加贸易协定》进行联合审查的计划，以及打破省级贸易壁垒，确保能源安 全等问题。 经济观察网 据央视新闻客户端消息，当地时间1月29日，加拿大总理卡尼及各省省长在首都渥太华举行 会议，重申统一行动建设更有韧性的加拿大经济，并强调捍卫主权。 ...

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]

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！ ...