Core Viewpoint - The global market for BOPP (Biaxially Oriented Polypropylene) films is highly concentrated in regions like Japan and Europe, where overseas manufacturers hold a technological advantage and dominate the high-end capacitor film market. Domestic manufacturers in China have developed later and primarily produce medium and thick films, leading to a significant gap in high-end ultra-thin electric-grade films, which are in high demand from downstream sectors like new energy vehicles and renewable energy [1]. Industry Summary - The global production capacity of electric-grade BOPP films is heavily concentrated in Japan and Europe, with these regions maintaining a leading position in technology and talent [1]. - Overseas manufacturers have established a strong foothold in the high-end capacitor film market, benefiting from early market entry and extensive technical reserves [1]. - The domestic BOPP film industry in China has achieved scale production but primarily focuses on medium and thick films, resulting in a long-term capacity shortfall for high-end ultra-thin films [1]. - There is a high dependency on imported products among downstream film capacitor manufacturers in China, with only a few local companies capable of mass production of high-end ultra-thin films [1].

12月12日，"金杯电工2025年度新产品鉴定验收会"在金杯电工股份有限公司集团总部圆满举行，7项新产品通过验收。经湖南省工信厅委托，验收会由衡 阳市工信局、湘潭市工信局联合长沙市湘江新区科创局主持，上海电缆研究所有限公司、上海国缆检测股份有限公司、武汉市特种设备检验检测研究院、 国家电网湖南省公司、湖南省电线电缆产品质量监督检验中心、中南大学、长沙理工大学的专家出席了会议；金杯电工集团总裁周祖勤、产业发展研究院 副院长兼电缆产业中心技术负责人阳文锋、电缆产业中心运营总监唐桂良、金杯电工股份有限公司麓谷事业部总经理刘慧、金杯电工衡阳电缆有限公司副 总经理胡少中、金杯电工电磁线有限公司副总经理匡美周等领导、各事业部技术部门负责人及相关人员参加了此次省级新产品鉴定验收会。 最后，总部产业发展研究院副院长兼电缆产业中心技术负责人阳文锋先生致辞，向本次参会的专家及领导致以最真挚的感谢，并强调，金杯电工将不断强 化企业创新和研发能力，把握市场机遇，持续推进行业高质量发展！ 12月12日，"金杯电工2025年度新产品鉴定验收会"在金杯电工股份有限公司集团总部圆满举行，7项新产品通过验收。经湖南省工信厅委托，验收会由衡 阳 ...

证券日报网讯 12月16日晚间，东软载波发布公告称，近日，公司全资子公司广东东软载波智能物联网 技术有限公司（简称"广东东软载波"）与云南电力技术有限责任公司签订了《合作框架协议》。双方本 着互惠互利、共赢发展的原则，围绕新型电力系统技术方向，在近零碳技术、构网型并网技术、检验检 测技术、高端智能制造技术等领域的研究与应用上，开展深度合作。双方充分发挥各自在技术创新、产 业应用方面的资源与优势，共同打造"产学研用"的合作生态，探索新型电力系统创新研究与应用的产业 化推广应用新商业模式。本事项无需提交公司董事会和股东大会审议。 （文章来源：证券日报） ...

格隆汇12月16日丨东软载波(300183.SZ)公布，公司全资子公司广东东软载波智能物联网技术有限公司 （简称"广东东软载波"）与云南电力技术有限责任公司签订了《合作框架协议》。双方本着互惠互利、 共赢发展的原则，围绕新型电力系统技术方向，在近零碳技术、构网型并网技术、检验检测技术、高端 智能制造技术等领域的研究与应用上，开展深度合作。双方充分发挥各自在技术创新、产业应用方面的 资源与优势，共同打造"产学研用"的合作生态，探索新型电力系统创新研究与应用的产业化推广应用新 商业模式。该协议不涉及具体金额，具体合作项目以后续签订的独立合同为准。 双方联合共建实验室的功能以研发为主、检测为辅。在创新研发方面，加强科技创新研究及成果转化工 作，积极申报国家级/省级重点实验室，积极参与国家级/省级重点科技创新及攻关项目，积极参与国家 级/省级创新项目申报，积极参与国家/行业/团体标准建设，共同打造共赢发展的产业生态。在检验检测 方面，围绕新型电力系统方向、新型电力装备技术、数字化检验检测技术等关键领域，以市场为导向， 在大湾区创新谷建设标准化共建实验室（CMA或CNAS），面向创新谷入驻企业及佛山地区企业，全面 拓展 ...

Core Viewpoint - The Guangzhou Municipal Government has issued the "Beautiful Guangzhou Construction Planning Outline (2025-2035)", emphasizing the acceleration of a new power system construction [1] Group 1: New Power System Development - The plan aims to enhance the flexibility of the power system and improve demand-side management [1] - It encourages the demonstration and large-scale promotion of various new energy storage projects, including those on the generation side, grid side, and user side [1] - The establishment of a national new energy storage innovation center is prioritized [1] Group 2: Smart Grid and Technology Integration - The initiative includes accelerating the construction of an intelligent grid that adapts to the development and consumption of renewable energy [1] - There is a focus on the digital transformation of the grid and the integration of technologies such as big data, artificial intelligence, and blockchain into the power system [1] Group 3: Vehicle-Grid Interaction - The plan promotes the nationwide pilot cities for vehicle-grid interaction applications, enhancing the synergy between vehicles and the grid [1] - It aims to expand the application scenarios of the new power system, establishing Guangzhou as a demonstration zone for large cities [1]

Core Viewpoint - The Guangzhou Municipal Government has issued the "Beautiful Guangzhou Construction Planning Outline (2025-2035)", emphasizing the acceleration of a new power system construction [1] Group 1: New Power System Development - The plan aims to enhance the flexibility of the power system and improve demand-side management for electricity [1] - It encourages the demonstration and large-scale promotion of various new energy storage projects, including those on the generation side, grid side, and user side [1] - The establishment of a national new energy storage innovation center is prioritized [1] Group 2: Smart Grid and Technology Integration - The initiative includes accelerating the construction of smart grids that adapt to the development and consumption of renewable energy [1] - There is a focus on the digital transformation of the grid and the integration of technologies such as big data, artificial intelligence, and blockchain into the power system [1] Group 3: Vehicle-Grid Interaction - The plan promotes the construction of pilot cities for large-scale vehicle-grid interaction applications [1] - It aims to enhance the synergy between vehicles and the grid [1] Group 4: Demonstration Zone - The initiative seeks to create a demonstration zone for a new power system in Guangzhou, a super-large city [1]

（文章来源：每日经济新闻） 消息面上，12月15日，2026年全国能源工作会议在北京召开。会议部署2026年重点任务，提出全年新增 风电、太阳能发电装机2亿千瓦以上，前瞻布局氢能、核能等未来能源产业。会议透露，2025年，全国 发电总装机同比增长14%，全社会用电量预计首超10万亿千瓦时，油、气产量双创历史新高。 展望后市，东吴证券提出，2026年全国能源工作会议明确的新增风电、太阳能发电装机2亿千瓦以上目 标，将推动新能源供给比重持续提升。叠加化石能源安全有序替代部署与氢能、核能等未来能源产业前 瞻布局，新型电力系统构建进程将加速。2025年全国发电总装机同比增长14%、全社会用电量首超10万 亿千瓦时等数据，印证能源需求与供给双增趋势，而油、气产量双创历史新高则筑牢能源安全底线，相 关产业链及新能源赛道有望持续受益。 创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性大、费率低、规模大、成交额活跃，其储能含量达59%，固态电池含量达32%，契合当 ...

Group 1 - The article emphasizes the importance of expanding domestic demand as a strategic initiative, advocating for a long-term mechanism to enhance consumer spending and confidence [1] - The China Securities Regulatory Commission (CSRC) is set to implement reforms to the ChiNext board and accelerate the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board, aiming to enhance market stability and promote equity public funds [2] - The State Grid Corporation of China is focusing on building a new power system and energy framework to achieve carbon peak goals [3] Group 2 - The Ministry of Commerce and five other departments have issued an action plan to promote high-quality development in the service outsourcing sector, targeting the cultivation of internationally competitive leading enterprises by 2030 [4] - The State Administration of Foreign Exchange is emphasizing macro-prudential management of the foreign exchange market to maintain the stability of the RMB exchange rate and ensure a balanced international payment [5] - The first batch of L3 autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing [6] Group 3 - There is a collective price increase trend among manufacturers of lithium iron phosphate cathode materials, expected to continue until the fourth quarter of next year [7] - The Henan Province Postal Regulations will take effect on March 1, 2026, imposing fines for unauthorized actions by express delivery companies [8] - Several companies, including Aerospace Electronics and TCL Technology, have announced significant capital investments and acquisitions, indicating active market movements [9] Group 4 - Nasdaq plans to submit a proposal to the SEC to extend trading hours for stocks and exchange-traded products from 16 to 23 hours per week [15] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double deliveries by 2027 [17] - U.S. stock indices experienced collective declines, with the Dow Jones down 0.09%, Nasdaq down 0.59%, and S&P 500 down 0.16% [18]

Core Viewpoint - Yunnan Electric Power Research Institute has played an irreplaceable role in ensuring grid safety, promoting technological innovation, supporting major engineering projects, and cultivating professional talent since its establishment [1][2]. Group 1: Historical Development - The institute originated from the Center Testing Institute of Yunnan Provincial Water Resources and Electric Power Department, focusing on solving equipment failures and establishing technical standards [1]. - It has established a technical supervision system covering multiple specialties and completed high-level testing and debugging tasks, laying a solid technical foundation for the transition from scale expansion to quality control in Yunnan's power industry [1]. - From 2002 to 2013, the institute completed significant projects, including the first 600MW thermal power unit and 700MW hydropower unit in the province, with a cumulative debugging capacity exceeding 20,000 megawatts [2]. Group 2: Technological Advancements - The institute has achieved breakthroughs in scientific research, including undertaking national 863 program projects and establishing a superconducting power laboratory, winning the National Science and Technology Progress Award (second class) [2]. - Since 2014, the institute has transformed to a subsidiary management model, covering all aspects of the power grid, and has participated in world-class complex engineering debugging, such as the Kunliulong DC project [2]. - The institute has led the formulation of multiple international and national technical standards, with patent authorizations exceeding 3,000, and has achieved significant financial returns from various results [2]. Group 3: Cultural and Educational Impact - The development history of Yunnan Electric Power Research Institute reflects a spirit of innovation and dedication to national interests, serving as a valuable cultural asset that inspires contemporary staff [3]. - The systematic organization and transmission of its rich cultural heritage provide a vibrant historical lesson and spiritual coordinates for the younger generation, encouraging them to remember traditions and strive for excellence in building a new power system [3].

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].