Macro Economic Group - The U.S. non-farm payrolls increased by 64,000 in November, exceeding the expected increase of 50,000, while October saw a decrease of 105,000 [4] - The unemployment rate in November was 4.6%, higher than the expected 4.4%, marking a four-year high [4] - Average hourly wages in November rose by 3.5% year-on-year, slightly below the expected 3.6% [4] Industry Comprehensive Group - Apple plans to significantly expand its smartphone product line, potentially releasing at least seven new flagship models by fall 2027, including the first foldable iPhone expected in fall 2026 [9] - The investment in new energy sources is expected to maintain strong levels next year, with a focus on building smart grids and microgrids [9] - The investment opportunities in the power grid equipment industry are anticipated to grow due to increased investment in energy infrastructure [9] Advanced Manufacturing Group - The largest grid-type lithium-sodium hybrid energy storage station in China has been officially put into operation, with a total installed capacity of 400,000 kW and a green electricity ratio of 98% [12] - This energy storage system can respond to grid load fluctuations and changes in renewable energy output, marking a shift from optional to essential infrastructure for grid resilience [12] - The industry is expected to see improved profitability as the focus shifts from price competition to system service fees [12] Consumer Group - The light manufacturing sector is experiencing structural opportunities, with companies that have established overseas production capacity expected to perform well in 2025 [14] - The U.S. housing market is at a historical low, and the anticipated interest rate cuts are expected to boost housing demand, positively impacting home-related consumption [14] - The outdoor sports category is expected to benefit from the recovery of the real estate chain and consumer upgrade trends, providing growth support for related companies [14]

Core Viewpoint - The meeting of the National Energy Administration emphasizes the importance of energy regulation in promoting high-quality energy development and outlines key tasks for 2026, aligning with the directives from the 20th National Congress of the Communist Party of China [3][5]. Summary by Sections Energy Regulation and Development - The meeting highlighted the significance of Xi Jinping's important instructions on energy work, which serve as fundamental guidelines for advancing energy regulation and supporting high-quality energy development [3]. - The energy regulatory framework has been strengthened, ensuring the effective implementation of major strategic policies and the establishment of a unified, competitive, and efficient electricity market system [4]. Key Achievements and Future Directions - Over the past five years, energy regulation has effectively standardized industry operations, enhanced the authority of regulatory enforcement, and addressed significant risks and conflicts [4]. - The meeting stressed the need to deepen understanding of new missions and challenges in energy regulation, aligning them with the broader goal of building an energy powerhouse [4]. 2026 Regulatory Work Plan - The 2026 energy regulatory work will focus on implementing the spirit of the 20th National Congress, enhancing regulatory effectiveness, and innovating regulatory methods to align with the construction of a strong energy nation [5]. - Key areas of focus include the construction of a new energy system, the promotion of clean and efficient use of fossil energy, and the development of clean energy industries [5]. - The meeting called for a comprehensive approach to ensure energy system safety, improve monitoring and early warning mechanisms, and enhance emergency response capabilities [5]. Organizational Structure and Participation - The meeting was attended by key members of the National Energy Administration and representatives from various departments, indicating a collaborative approach to energy regulation [6].

Core Viewpoint - The 2026 National Energy Work Conference emphasizes the construction of an energy powerhouse, outlining seven key tasks for energy work in 2026, including high-quality planning, energy security, green low-carbon transition, and international cooperation [1][2]. Group 1: Key Tasks for Energy Work - The seven key tasks for 2026 include: 1. High-quality and high-standard implementation of the "14th Five-Year" energy plan 2. Achieving a higher level of energy security 3. Promoting green low-carbon transformation 4. Accelerating energy technology self-reliance 5. Ensuring diverse energy needs for citizens and enterprises 6. Deepening energy reform and legal construction 7. Expanding comprehensive international cooperation [1][2]. Group 2: Energy Self-Sufficiency and New Energy System - China's energy self-sufficiency rate has increased from approximately 80% to over 84% since the "14th Five-Year" period, establishing the world's largest renewable energy system [2]. - The goal for the new energy system is to achieve a 25% share of non-fossil energy consumption and over 50% share of new energy generation capacity by 2030 [2][3]. Group 3: Green Low-Carbon Transition - The green low-carbon transition is set to accelerate, with expectations for wind and solar power installations to exceed 370 million kilowatts in 2025, maintaining a utilization rate above 94% [5]. - By 2035, non-fossil energy consumption is targeted to exceed 30% of total energy consumption, with wind and solar power capacity reaching six times that of 2020 [5][6]. Group 4: Integration of Artificial Intelligence - The integration of artificial intelligence (AI) in the energy sector is highlighted as a key focus, with AI expected to enhance energy development efficiency and resilience [7][8]. - AI applications in energy include wind and solar power forecasting and optimizing demand-side responses, with a goal for AI technologies in energy to reach a world-leading level by 2030 [8][9].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

Group 1 - Various regions including Shanghai, Guizhou, and Gansu are actively promoting the spirit of the 20th Central Committee's Fourth Plenary Session through diverse outreach activities [1][2] - Shanghai focuses on building a world-class socialist modern international metropolis, integrating online and offline methods for immersive and dialogue-based presentations [1] - Guizhou combines expert lectures with practical applications to resonate with the daily lives of the people, emphasizing cultural preservation in tourism [1][2] Group 2 - Gansu employs a multi-level approach involving government officials and experts to deliver clear and relatable messages to grassroots communities [2] - State-owned enterprises are forming specialized teams to ensure comprehensive grassroots outreach, bringing the session's spirit directly to production sites [2] - Employees in energy state-owned enterprises are committed to enhancing energy security and contributing to the construction of a strong energy nation [2]

乘势而上 全面推进能源强国建设 ——一论深入贯彻落实2026年全国能源工作会议精神 本报评论员 时代的浪潮，奔涌向前；奋进的号角，激昂嘹亮。在"十四五"圆满收官、"十五五"恢宏启航的关键历史 节点，2026年全国能源工作会议向全国能源系统发出号召：以2030年初步建成新型能源体系、2035年基 本建成能源强国为主线，锐意进取、勇毅前行，为社会主义现代化强国建设提供更强有力的能源支撑。 建设能源强国，关乎能源行业自身的蝶变跃升，更关乎强国建设全局的根基稳固。我们必须深刻洞 察"势"之所向，准确把握"强"之要义，系统谋划"进"之路径，纵深推进能源安全新战略持续走深走实， 凝聚起全面推进能源强国建设的磅礴力量。 大势已至，底气充盈。我们正站在能源强国建设新的历史起点。 "十四五"以来，我国能源成就举世瞩目。看供给，能源自给率从80%左右增至84%以上，煤炭、电力保 供水平世界一流，建成全球最大的可再生能源体系。看消费，全社会用能低碳向绿大势所趋，绿电占全 社会用电比重接近四成，充电基础设施高速发展，新能源汽车快速普及，成品油消费已呈下降态势，石 油消费达峰加速来临。看科技，高温气冷堆、"华龙一号""国和一号"、百万 ...

郑栅洁指出，2025年，全国能源系统深入学习贯彻习近平总书记重要指示批示精神，高标准践行能源安全新战略，能源工作取得新进展新成效，有力支撑保 障经济社会发展，"十四五"能源规划主要目标任务即将顺利完成。2026年，要深刻学习领会党中央决策部署，准确把握能源安全供应、能源领域降碳、能源 科技创新、能源制度体系变革等方面的新挑战新任务新要求，锚定2030年初步建成新型能源体系、推进能源强国建设的目标任务，平衡好经济发展与能源总 量结构的关系，以能源强国建设支撑中国式现代化;平衡好能源总体规模与区域布局的关系，加强能源工作的系统性协调性;平衡好能源供应保障与节能降碳 的关系，推动经济社会发展全面绿色转型;平衡好能源国内自主与国际合作的关系，有效维护能源战略安全;平衡好能源科技创新与能源产业转型升级的关 系，培育提升能源创新发展新优势，推动能源工作高质量发展，有力支撑2030年前如期实现碳达峰的目标。 王宏志指出，党中央、国务院高度重视能源工作，指引推动2025年能源工作取得新成效。党的二十届四中全会作出建设能源强国的战略擘画，提出初步建成 新型能源体系的规划目标，中央经济工作会议强调要制定能源强国建设规划纲要。站在 ...

Core Viewpoint - The 2026 National Energy Work Conference emphasizes the importance of energy security, carbon reduction, technological innovation, and systemic reforms in the energy sector to support China's modernization and achieve the 2030 carbon peak goal [1][3][4]. Summary by Sections 2025 Energy Work Achievements - The energy sector made significant progress in 2025, effectively supporting economic and social development, with the "14th Five-Year" energy planning goals nearing completion [3]. - Energy security was notably strong, with coal production and supply stability, successful oil and gas resource strategies, and a stable electricity system [5]. - The share of non-fossil energy consumption exceeded the 20% target, and investments in green energy surged [5]. - Technological innovation in the energy sector improved, with advancements in artificial intelligence integration and new business models emerging [5]. 2026 Key Tasks - The energy work for 2026 will focus on high-quality planning and implementation of the "15th Five-Year" energy plan, ensuring scientific and proactive energy planning [6]. - Enhancing energy security will be a priority, with efforts to solidify coal supply, improve electricity provision, and optimize energy infrastructure [6]. - The transition to green and low-carbon energy will be accelerated, aiming for over 20 million kilowatts of new wind and solar power installations [6]. - The integration of artificial intelligence in energy systems will be promoted, alongside advancements in hydrogen and nuclear energy sectors [6]. Energy Reform and International Cooperation - The conference highlighted the need for deepening energy reforms and legal frameworks to adapt to a new energy system [7]. - Strengthening international cooperation in clean energy and global energy governance will be pursued [7]. - The importance of maintaining strong leadership and political direction in energy work was emphasized, alongside the need for effective implementation of central directives [7].

Core Points - The 2026 National Energy Work Conference emphasized the need for a solid advancement in the green and low-carbon transition of energy, aiming to increase the share of renewable energy supply and add over 20 million kilowatts of wind and solar power capacity throughout the year [1][7] - The conference highlighted the importance of energy security, carbon reduction in the energy sector, technological innovation, and reform of the energy system in response to new challenges and tasks [3][4] Group 1: Energy Transition and Development Goals - The conference set a target to add over 20 million kilowatts of wind and solar power capacity in 2026, while also promoting major hydropower projects and the safe development of nuclear power [1][7] - The focus is on balancing economic development with energy supply structure, ensuring energy security while promoting green transformation [3][4] Group 2: Technological Innovation and Energy Integration - The conference called for the acceleration of energy technology self-reliance, including initiatives like "Artificial Intelligence + Energy" pilot projects and the enhancement of smart grid technology [1][7] - Emphasis was placed on the integration of artificial intelligence with the energy sector to foster new business models and enhance innovation capabilities [5][6] Group 3: Energy Security and Policy Framework - The meeting underscored the need for a robust energy security framework, ensuring stable coal supply and enhancing oil and gas production capabilities [5][7] - It was noted that the energy sector has shown resilience in facing various challenges, with significant achievements in energy supply stability and green transition [5][6] Group 4: International Cooperation and Market Reforms - The conference highlighted the importance of expanding international cooperation in energy, particularly in clean energy initiatives and global energy governance [5][7] - The establishment of a unified national electricity market was recognized as a significant achievement, contributing to the overall energy reform and regulatory improvements [5][6]

（文章来源：北京商报） 北京商报讯（记者程靓）12月13日，据央视新闻消息，在中国国际经济交流中心举办的2025-2026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，绿色发展是高质量发展的底 色，要制定能源强国建设规划纲要，加快新型能源体系建设，加强化石能源清洁高效利用，扩大绿电应 用。明年是从能耗双控全面转向碳排放双控的第一年，要积极稳妥推进碳达峰，深入推进重点行业节能 降碳改造，加强全国碳排放权交易市场建设，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。 ...