[Table_ReportDate] 2026 年 1 月 18 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 邮 箱：lichunchi@cindasc.com 国网计划"十五五"投资固定资产 4 万亿元，多省明确天然气关键战略能源定位 【】【】[Table_Industry] 公用事业—电力天然气周报 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 国网计划"十五五"投资固定资产 4 万亿元，多省 明确天然气关键战略能源定位 2026 年 1 月 18 日 ...

Group 1 - Warren Buffett's investment philosophy emphasizes long-term holding of quality companies, which has become a guiding principle for many investors [2] - Berkshire Hathaway's investment in Japan began in 2019, acquiring stakes in five major trading companies, increasing from an initial 5% to over 8.5% by 2024, with a current value exceeding $20 billion [4][6] - Buffett's strategy includes using low-interest yen bonds to finance stock purchases, effectively borrowing to invest while mitigating currency risk [4] Group 2 - By 2025, Berkshire's stake in Japanese companies is projected to reach nearly 10%, valued at around $30 billion, with a focus on stable dividends and prudent management [7] - The Japanese stock market has shown significant growth, with the Nikkei index reaching record highs, benefiting Berkshire's investments [6][9] - Buffett's insights highlight the importance of recognizing long-term economic dynamics and the need for diversification in investment strategies, particularly in light of emerging market challenges [9][11] Group 3 - The investment in Japan reflects a broader understanding of global economic trends, with Japan and the U.S. seen as having strong foundational strengths despite challenges [11] - Berkshire's investments have yielded over 60% returns, demonstrating Buffett's ability to identify valuable opportunities in the market [9] - The emphasis on shareholder returns and responsible management in Japanese companies contrasts with some U.S. firms, prompting Berkshire to adjust its portfolio towards Japan [9][11]

Core Viewpoint - The comprehensive governance of Taihu Lake in Changzhou has shown significant improvements in water quality, with total phosphorus levels improving by 4.7% year-on-year, and multiple indicators reaching their best levels since 2007 [1][4]. Group 1: Water Quality Improvement - In 2025, Taihu Lake's water quality has stabilized at Class III for two consecutive years, marking a historic breakthrough in water governance [1]. - The total phosphorus in Changzhou's water area has improved, with a 5.1% year-on-year reduction in Duhu Lake and a historic achievement of Class III water quality in Changzhou's Changdang Lake [4]. - The overall quality of the water environment in the Changzhou basin has seen multiple breakthroughs, contributing to the narrative of "New Era Taihu Beauty" [4]. Group 2: Pollution Control Measures - Since the start of a new round of comprehensive governance in 2023, Changzhou has prioritized sediment dredging to reduce internal pollution sources, completing 500 million cubic meters of dredging by the end of 2025 [4]. - The city has implemented 195 key projects focused on controlling pollution from domestic, industrial, and agricultural sources, significantly enhancing the overall water quality [7]. - The total phosphorus levels in three main rivers flowing into Taihu Lake improved by 25% year-on-year, with some rivers achieving Class III water quality for the first time [7]. Group 3: Industrial Transformation - Changzhou has established a surface treatment industrial park to centralize management and pollution control, leading to a 20% reduction in ammonia nitrogen and a 5% reduction in heavy metals in wastewater [10]. - The city is promoting green transformation in traditional industries, with 2,192 problematic enterprises undergoing remediation, resulting in a reduction of 1,193 tons of major pollutants [10]. - The "Hazardous Waste, Dispersed, Low Efficiency" comprehensive governance project has been recognized as a national model for green and low-carbon initiatives [10]. Group 4: Future Plans - Changzhou aims to continue its efforts in pollution prevention and ecological system optimization, promoting a vision of a beautiful Taihu Lake with both ecological restoration and vibrant economic development [11].

《中国经济绿色高质量发展报告2025》近日在上海财经大学正式发布，报告主编为上海财经大学经济学 院教授林立国。报告系统阐述了中国在绿色转型方面的现状、全球贡献、战略路径及重点领域进展。 根据报告，当前，中国已建立全球规模最大的绿色能源体系，碳排放强度显著下降，经济结构与能源结 构持续优化，生态文明建设进入系统推进新阶段。 报告还聚焦绿色技术与新质生产力、低碳城市建设、国际气候融资和电力市场化改革四个专题，指出中 国经济绿色高质量发展仍面临诸多挑战，包括传统能源依赖度依然较高、区域绿色转型不平衡、绿色技 术成本与性能有待优化、国际气候合作不确定性增加等。为此，中国需进一步强化政策协同，推动重点 行业深度脱碳，加强绿色技术研发应用，深化国际气候合作，确保绿色转型进程平稳有序。 报告的发布，不仅系统总结了中国在绿色转型方面的成就与经验，也为未来路径指明了方向，即将继续 以自身行动为全球气候治理作出更大贡献，探索出一条符合国情、协同发展与保护的绿色现代化道路， 为构建人与自然和谐共生的美好未来提供中国智慧与中国方案。 其中，在全球气候治理中，中国积极开展"南南合作"，推动"一带一路"共建国家绿色转型，主动承担与 国情 ...

来源： 央视新闻 #中国创下人类历史一个新纪录#【骄傲转发！#中国人用10万亿度电有多牛#】2025年，我国全社会用电 量突破10万亿度，创下人类历史单个国家年度电能消费新纪录，相当于欧盟、俄罗斯、印度、日本用电 量的总和。10万亿度，如何稳定供给、精准供电？[加油]2025年夏天的极高温天气下，连续两个月单月 用电量破万亿，电力负荷4次突破历史新高，中国的电力供应稳稳接住重重考验。[加油]九大清洁能源 基地列阵山海，46条特高压工程架起电力"闪送通道"，"西电东送、北电南供"能源输送网络进一步巩 固，全球规模最大的电力基础设施体系，为14亿多人筑牢能源安全底线。[加油]新型电力系统和新型能 源体系加快构建，北斗通信、云计算、人工智能等技术加持，电力供需精度达到"毫秒级"。全国供电可 靠性达99.924%，稳稳托起中国"智"造。[加油]奔流的电能，见证着一个大国的绿色转型与持续向前， 10万亿度，是今天的刻度，更是中国经济奔向明天的新起点！（总台央视记者刘颖 丁雅妮） ...

Group 1 - The core point of the article highlights that in 2025, China's total electricity consumption surpassed 10 trillion kilowatt-hours, setting a new record for any single country in history [1][3] - Over the past decade, China's electricity consumption doubled from 5 trillion kilowatt-hours to 10 trillion kilowatt-hours, indicating significant growth in energy demand [1][3] - China's electricity consumption now equals the combined total of the United States, the European Union, Russia, India, and Japan [1] Group 2 - In the summer of 2025, China faced extreme heat, with monthly electricity consumption exceeding 1 trillion kilowatt-hours for two consecutive months, and power loads breaking historical highs multiple times [2][5] - Despite these challenges, China's energy supply remained stable, showcasing the resilience of its energy system under dual pressures of safety and transformation [2][5] - The share of non-fossil energy in China's installed capacity has reached 61%, with one-third of total electricity consumption coming from green energy sources, reflecting a significant reduction in carbon footprint as the economy progresses [5] Group 3 - The article emphasizes the importance of precision in electricity supply, where fluctuations as small as 0.01 seconds can have significant impacts [7][9] - Advanced technologies such as BeiDou communication, cloud computing, and artificial intelligence are being utilized to enhance the efficiency of the electricity grid [9][11] - The construction of the world's largest energy storage facilities and complex market dispatch systems has achieved a supply-demand precision of "millisecond level," with national power reliability reaching 99.924% [11]

Core Viewpoint - The increasing attention of international asset management institutions towards China's ESG investment market is driven by the country's ongoing efforts to build a sustainable information disclosure system and accelerate green and low-carbon transformation [1][2]. Group 1: ESG Investment Insights - ESG investment requires measurable and quantifiable impact, and enhancing the coverage of ESG information disclosure by companies aids investment institutions in their assessments [1]. - ESG investment is positioned within a spectrum that ranges from pure return-oriented investment to pure impact-oriented investment, with traditional impact investing and ethical investing in between [1]. - Many ESG investments are still at the scoring stage, which is insufficient; true impact investing must achieve measurable and quantifiable environmental and social value [1]. Group 2: Investment Methodology - Swiss asset management applies the "Earth Boundary Framework" theory in investment practices, assessing the environmental footprint of companies throughout their product lifecycle, covering 411 supply chains, 160 countries, and 120 industry sectors, with related strategy fund sizes around $7 billion [2]. - A biodiversity impact model has been constructed, integrating 400 million data points and covering nearly 20,000 unique value chains, attracting significant attention from international institutional investors [2]. Group 3: Opportunities in China's Market - The long-term opportunities for green transformation in China are significant, and investments should focus on the entire industrial chain ecosystem rather than a single pathway [2]. - The clean energy ecosystem includes wind and solar power supply, grid infrastructure, smart transportation, green buildings, and efficient production, with energy storage and semiconductor value chains as critical supports [2]. - Core technologies like semiconductors play an increasingly important role in supporting the clean energy transition, providing support for key areas such as smart grids and green data centers [2]. Group 4: ESG Practices in A-share Market - Chinese companies are rapidly advancing in ESG information disclosure, but there is still room for improvement in data coverage and completeness [3]. - There is a need for further enhancement of corporate governance transparency in China, alongside leveraging technological advantages to improve the comprehensiveness and accuracy of ESG data collection [3]. - As a global manufacturing hub, China's green transformation will generate global spillover effects, with leading companies upgrading their ESG capabilities in response to international supply chain demands [3].

在1月16日举行的"博鳌亚洲论坛新年展望2026"活动中，博鳌亚洲论坛秘书长张军介绍了博鳌亚洲论坛 2026年年会筹备工作情况。博鳌亚洲论坛2026年年会将于3月24日至27日在海南召开，主题为"塑造共同 未来：新形势、新机遇、新合作"，将举办一系列高端对话、分论坛、圆桌会等活动。 伴随着"十五五"规划即将实施，中国围绕扩大高水平对外开放作出一系列新的部署，包括高标准建设海 南自由贸易港。年会将安排关于中国经济前景展望等议题以及海南自贸港分论坛，围绕有关问题进行讨 论。通过年会可以更好地了解中国、了解海南，更好地把握投资中国、实现共赢的新机遇。 来源：海南日报 区域合作在新形势下更显重要和紧迫。年会将探讨如何进一步释放RCEP潜力、重振APEC以迈向亚太 共同体愿景、促进亚洲新能源合作、建设多元化跨境支付体系、维护金融安全稳定、加强区域组织合作 等话题，深入推进区域一体化合作，增强关键领域互联互通，为建设开放、稳定、包容的区域经济格局 提供有力支撑。 全球经济正经历深刻转型。年会将探讨数智赋能产业升级、人形机器人的进阶与飞跃、落实可持续发展 目标、加快绿色转型的路径与行动、AI+健康的未来、发展蓝色经济、建设 ...

Core Viewpoint - China's foreign trade demonstrates resilience and vitality, achieving a record high in total import and export value in 2025, maintaining its position as the world's largest goods trading nation [1][2]. Group 1: Trade Performance - In 2025, China's total import and export value reached 45.47 trillion yuan, a year-on-year increase of 3.8%, marking nine consecutive years of growth [1]. - Exports amounted to 26.99 trillion yuan, growing by 6.1%, while imports were 18.48 trillion yuan, with a modest increase of 0.5% [1]. - The growth in high-tech product exports was notable, with a year-on-year increase of 13.2%, contributing 2.4 percentage points to overall export growth [2]. Group 2: Import Trends - China maintained its status as the world's second-largest import market for 17 consecutive years, with imports reaching a historical high in 2025 [4]. - Import growth was driven by a recovering economy, with a continuous increase in imports for three consecutive quarters starting from Q2 [4]. - The 8th China International Import Expo saw record participation, with intended transaction amounts exceeding 80 billion USD [4]. Group 3: Trade Partnerships - China's trade partnerships expanded significantly, becoming a major trading partner for over 160 countries and regions, an increase of more than 20 since 2020 [6]. - Trade with ASEAN countries and Central Asian nations saw substantial growth, with imports from these regions increasing by 3.9% and over 1 billion USD in trade volume, respectively [6][7]. - In 2025, trade with countries involved in the Belt and Road Initiative reached 23.6 trillion yuan, growing by 6.3%, which is 2.5 percentage points higher than the overall trade growth rate [7].

Core Viewpoint - In 2025, China's total goods trade import and export value reached 45.47 trillion yuan, marking a 3.8% year-on-year growth, maintaining its position as the world's largest goods trading nation for nine consecutive years [1] Group 1: Export Performance - Exports amounted to 26.99 trillion yuan, with a year-on-year increase of 6.1%, driven by high-tech product exports which grew by 13.2%, contributing 2.4 percentage points to overall export growth [2] - Notable increases in specific sectors include specialized equipment (20.6%), high-end machine tools (21.5%), and industrial robots (48.7%), with China becoming a net exporter of industrial robots [2] - Traditional industries are also evolving, with innovations such as desert air conditioners and culturally integrated ceramics gaining traction in international markets [2] Group 2: Import Trends - In 2025, China maintained its status as the world's second-largest import market for the 17th consecutive year, with imports reaching a historical high [4] - Import growth was supported by a recovering economy, with a 4.4% increase in December alone, and a successful eighth China International Import Expo generating over 800 billion USD in intended transactions [5] - The import of agricultural products reached nearly 1.5 trillion yuan, with significant growth in imports from over 130 countries, including a 9% increase from least developed countries benefiting from zero tariffs on 100% of product categories [5] Group 3: Trade Partnerships and Global Influence - China's trade partnerships expanded to over 160 countries and regions, with a notable increase in foreign enterprises engaging in trade with China [7] - Trade with the EU reached 5.93 trillion yuan, growing by 6%, and accounting for 13% of China's total trade, highlighting the mutual benefits of economic cooperation [7] - Trade with Belt and Road Initiative countries reached 23.6 trillion yuan, growing by 6.3%, and these partners now represent 51.9% of China's total foreign trade [8]