点击注册小程序 查看完整报告 1、国内储能：11月份储能装机数据同环比高增，根据CESA数据，11月国内储能新增装机总规模为 4.51GW/13.03GWh，环比+57.14%（功率）/+74.66%（容量），同比+45.95%（功率）/+49.6%（容 量）。本周招中标层面，华能2GWh储能电池框采开标，13家企业入围华能8GWh储能框采。我们认为， 2026年国内独立储能招标有望将维持2025年的较好水平，随着行业发展，独立储能将通过电能量市场+容 量市场+辅助服务市场实现完整收益模型。此外，从11月招标来看，压缩空气储能快速上量。 海外储能：根据财联社报道，英伟达将于下周举办闭门峰会，旨在破解AI时代日益严峻的电力短缺困局。 后续可持续关注美国数据中心厂商和国内储能企业的实质接洽；此外，俄罗斯对乌克兰能源设施的打击致 使乌克兰多地出现停电情况，拉动了户储需求。后续可重点关注户储企业的月度排产和逆变器出口数据。 2、氢氨醇+风电：2025-2026年中国经济年会上，中央财办分管日常工作的副主任、中央农办主任韩文秀 表示，2026年要培育氢能、绿色燃料等新的增长点，建设一批零碳园区、零碳工厂。"十五五"期间 ...

双方强调应落实好两国签署的各项协议和谅解备忘录，以服务两国共同利益，实现两国共同目 标。 双方探讨了地区形势，以及加沙地带和约旦河西岸的局势发展。强调应实现加沙全面、持久停 火，实现援助紧急、立即、可持续准入，以应对人道主义危机。双方强调，应将落实加沙停火协 议同旨在根据联合国有关决议建立以1967年6月4日边界为基础、以东耶路撒冷为首都、拥有主权 的独立巴勒斯坦国的真正政治努力结合起来。 约方高度赞赏习近平主席就解决巴勒斯坦问题提出的倡议主张以及宣布新一批对巴勒斯坦援助。 中方赞赏约旦哈希姆王国为实现地区安全稳定所作努力以及为加沙人道救援付出的巨大努力，肯 定哈希姆家族对耶路撒冷伊斯兰教和基督教圣迹的历史性监护权的重要性。 约方重申坚持一个中国政策的立场，强调中华人民共和国政府是代表全中国的唯一合法政府，台 湾是中国领土不可分割的一部分。 双方强调，通过文化艺术开展人文交流，以及加强立法机构合作的重要性。 双方指出，两国在多边外交场合开展了有效合作，强调继续加强协调配合的重要性。约方赞赏习 近平主席提出的一系列重大倡议主张。 双方强调，中国－阿拉伯国家合作论坛是中国同阿拉伯国家积极互动的综合平台，发挥了重要 ...

王毅说，今年是中约战略伙伴关系建立10周年。在习近平主席和阿卜杜拉二世国王战略引领下，中约关 系健康稳定发展，各领域合作成果丰硕，战略伙伴关系内涵不断丰富。中方支持约旦维护国家主权、领 土完整和民族尊严，支持约旦在地区和国际事务中发挥独特重要作用，支持约旦走出一条国富民强的振 兴之路。中方将是约旦可信赖、可依靠的好朋友、好伙伴。新形势下，双方要共同落实两国元首重要共 识，推动中约关系迈上新的台阶。 王毅表示，中方愿同约方密切高层往来，加强两国外交部门联系，共同规划各领域交流合作。欢迎约方 领导人出席将于2026年在华召开的第二届中国—阿拉伯国家峰会。中约务实合作进展顺畅，中方愿继续 为约旦经济社会发展提供力所能及支持，进口更多约旦优质商品，鼓励中国企业赴约旦投资兴业。双方 还可探讨光伏、科技、人工智能等新兴领域合作，深化文化、旅游、教育、民航等人文交流，增进民心 相通。 王毅指出，当前中东局势复杂严峻，各种矛盾交织叠加，是加剧冲突对抗，还是转向和平谈判，考验各 方的抉择和担当。实现地区和平稳定符合地区各国利益，也是人民切身所盼。约旦是中东地区的稳定因 素，在巴勒斯坦等热点问题上发挥着积极、建设性作用，中方愿同 ...

Core Viewpoint - The company is actively transforming its business towards bioenergy, focusing on green energy sectors such as biogas and biofuel oil while continuing to develop its traditional business [2] Group 1: Bioenergy Business Transformation - The company is advancing its bioenergy business by focusing on biogas and biofuel oil, indicating a strategic shift towards green energy [2] - The company is collaborating with academic institutions on research related to the preparation of biomethanol based on biogas and green hydrogen [2] Group 2: Biogas Operations - The company utilizes mainstream biogas purification technologies, such as the amine method, which can enhance methane purity to over 99.97% and reduce sulfur content to below 0.1 ppm [2] - The purified biogas is primarily integrated into urban gas networks or used to produce compressed natural gas (CNG) [2] Group 3: Biofuel Oil Focus - The company leverages its experience in kitchen waste treatment to focus on used cooking oil (UCO) and is developing upstream resources for sustainable aviation fuel (SAF) [2] - The company processes UCO to produce industrial-grade products that meet industry standards, supplying downstream companies for the production of hydrogenated vegetable oil (HVO), SAF, and low pour point diesel [2]

Core Viewpoint - The company is actively transforming its business towards bioenergy, focusing on green energy sectors such as biogas and biofuel oil while continuing to develop its traditional business [2] Group 1: Bioenergy Business Transformation - The company is advancing its bioenergy business by focusing on biogas and biofuel oil, indicating a strategic shift towards green energy [2] - The company is collaborating with academic institutions on research related to the preparation of biomethanol from biogas and green hydrogen, aiming to explore relevant fields in line with its business development [2] Group 2: Biogas Operations - The company utilizes mainstream biogas purification technologies, such as the amine method, which can enhance methane purity to over 99.97% and reduce sulfur content to below 0.1 ppm [2] - The primary utilization of the company's biogas is to integrate it into local town gas networks or produce compressed natural gas (CNG) [2] Group 3: Biofuel Oil Focus - The company leverages its experience in kitchen waste treatment to focus on used cooking oil (UCO) and is developing upstream resources for biojet fuel (SAF) [2] - The company employs relevant technologies to preprocess used cooking oil, producing industrial-grade UCO that meets industry standards for downstream enterprises to produce hydrogenated vegetable oil (HVO), biojet fuel (SAF), and low pour point diesel [2]

Market Overview - On December 15, A-shares opened lower across the board, with the Shanghai Composite Index down 0.62% at 3865.4 points, the Shenzhen Component Index down 0.81% at 13150.43 points, and the ChiNext Index down 1.16% at 3157.32 points [1] - The CPO, energy metals, and lithium mining sectors saw significant declines, while the controllable nuclear fusion sector had several stocks open high, including Xue Ren Group and Hualing Cable, which hit the daily limit [1] - The liquor sector showed signs of recovery, with Huangtai Liquor up over 5% and Guizhou Moutai up over 1% [1] Company News - Vanke announced that three proposals for extending the maturity of its "22 Vanke MTN004" bond were not effectively passed, with one proposal receiving 83.40% approval for an extension with credit enhancement [2] - Shunhao Co. indicated that its "Tianshu Tiansuan" business may take five years to realize commercial value, facing challenges such as strong radiation and regulatory issues [2] - Renfu Pharmaceutical received a notice of administrative penalty from the China Securities Regulatory Commission for false financial disclosures, leading to a one-day suspension of its stock [2] - Yongding Co. reported that its subsidiary's revenue from superconducting materials is less than 1% of total revenue and will not significantly impact its performance [3] - Chip Origin Co. agreed to terminate a major asset restructuring transaction to protect shareholder interests [3] - Enjie Co. plans to acquire 100% of Qingdao Zhongke Hualian New Materials Co. through a share issuance and will resume trading on December 15 [3] - Kehua Data has partnered with domestic GPU chip manufacturers to support the development of a self-controlled computing power ecosystem [3] Industry Insights - The Ministry of Industry and Information Technology emphasized the need to accelerate the development of satellite internet and 6G technology [6] - The Chinese Ministry of Foreign Affairs commented on a recent agreement among several countries to strengthen the rare earth supply chain, urging adherence to market principles [7] - The lithium iron phosphate industry is experiencing a wave of price increases as major companies begin to adjust their product prices [7] - The commercial aerospace sector marked a significant milestone with the successful launch of a private space vehicle by Ziwei Technology [8] - The National Financial Supervision Administration called for support to stabilize the real estate market and manage local government financing risks [9] - The Ministry of Industry and Information Technology announced new regulations to optimize the import and export of lithium batteries [10] - The Central Economic Work Conference highlighted the importance of transitioning to a dual carbon control strategy, promoting a comprehensive green transformation [11] - The State Administration for Market Regulation is drafting guidelines to standardize pricing behavior in the automotive industry [12]

近年来，在习近平新时代中国特色社会主义思想指引下，在市委、市政府的坚强领导下，房山区始终以新时代首 都发展为统领，坚持"志存高远、厚积薄发"，充分发挥科教资源聚集、人文资源多样、生态资源丰富、基层治理 创新"四大优势"，以创新强动能、以智造筑根基、以生态厚本底、以文化赋新韵、以惠民增福祉，全力推进"科教 融合文化名区、新质智造产业新城"建设，交出一份高质量发展的亮丽答卷。 聚焦教育科技人才一体发展 全力打造产教融合的创新之城 房山区始终践行"科技是第一生产力、人才是第一资源、创新是第一动力"，全面激活良乡大学城创新活力，促进 科教优势向发展动能加速转化。 持续构建"高校集群、领军人才、科研平台"相协同的创新矩阵，科教创新资源要素进一步聚合。今年，随着北京 工业大学房山新校区落地开工、北京石油化工学院房山校区正式招生，良乡大学城进一步扩容，在校师生规模从 2021年的4.6万人扩容至6.3万人，累计汇聚行业领军人才549人次，人才储备总量稳步提升。集聚省部级以上驻区 实验室、工程中心153家，即将开工建设北京理工大学创新平台集群，科研资源"积厚成势"，为科技创新提供了坚 实的智力支撑和要素保障。 聚焦科技成果转 ...

从基金公司层面来看，有多家公司推出多只产品同步发行。其中易方达基金以7只产品的发行量位居首 位，鹏华基金紧随其后，发行6只产品。国泰基金、招商基金、平安基金分别发行5只和4只产品，形成 了头部公司引领、中小型公司积极跟进的竞争格局。 从时间分布来看，基金发行呈现显著的年末集中特征。数据显示，74只基金（占比66.7%）于12月份启 动募集，92只基金（占比82.9%）计划在12月完成募集，反映出基金公司普遍把握年终窗口，积极展开 年末发行收官战并布局来年。 在产品布局上，被动指数型基金数量占比近30%，覆盖科创板、人工智能、港股通、高端制造等市场热 点板块。例如，易方达推出科创板芯片ETF，国泰基金布局港股通互联网ETF，鹏华基金则集中发行了 卫星产业、通用航空等主题ETF。 今年公募基金发行数据整体向好，随着年末临近，仍有多家基金公司冲刺年末发行。 Wind最新数据显示，目前市场上共有111只公募基金处于正在发行状态，涵盖偏股混合型、被动指数 型、FOF、债券型等多类产品，形成了年内少有的集中发行热潮。另外，11月以来新发基金募集规模不 低，全市场新成立公募基金共计191只，合计募集资金规模达到1473.1 ...

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

Core Viewpoint - Company "豪威集团" (Howey Group) is preparing for an IPO on the Hong Kong Stock Exchange after passing the listing hearing, having previously been listed on the A-share market with a market capitalization of 153 billion RMB [2][25]. Group 1: Company Overview - 豪威集团, formerly known as 韦尔股份, changed its name in June 2025 after acquiring three major image sensor chip design companies in 2019, establishing three business systems: image sensor solutions, display solutions, and analog solutions [3][25]. - The company reported a revenue of 191.90 billion RMB from its image sensor solutions in 2024, accounting for 74.76% of its main business revenue [3][25]. Group 2: Financial Performance - For the first nine months of 2025, the company achieved a revenue of 217.83 billion RMB, representing a year-on-year growth of 15.2%, with a net profit of 32.1 billion RMB, up 35% [8][30]. - The company's revenue for 2022, 2023, and 2024 was 200 billion RMB, 209.84 billion RMB, and 257 billion RMB, respectively, with corresponding gross profits of 47.41 billion RMB, 41.84 billion RMB, and 72.39 billion RMB [6][28]. - The net profit for 2022, 2023, and 2024 was 9.51 billion RMB, 5.44 billion RMB, and 32.79 billion RMB, with net profit margins of 4.8%, 2.6%, and 12.7% [6][28]. Group 3: Shareholder Structure - The major shareholder, 虞仁荣, controls 33.6% of the company's shares, with other significant shareholders including 香港中央结算有限公司 (11.77%) and 绍兴市韦豪股权投资基金合伙企业 (6.15%) [18][40]. - On December 9, 2025, the company announced a donation of 30 million shares (2.48% of total shares) to support educational initiatives, valued at approximately 3.8 billion RMB based on the company's market capitalization [21][43]. Group 4: Business Focus - 豪威集团 is a Fabless semiconductor design company with a global R&D network, focusing on sensor solutions, analog solutions, and display solutions to address technological challenges in various sectors including smartphones, automotive electronics, and IoT [5][27].