在河北省雄安新区雄安500千伏超高压变电站，工人进行巡检（资料图片）。雄安新区新能源输送通道 关键枢纽变电站——雄安500千伏超高压变电站是国家"十四五"规划重点项目，是将内蒙古自治区和河 北省坝上地区风电、光伏发电等清洁能源引入雄安新区的关键站点。 新华社记者 杨世尧 摄 在山东省青岛市青岛港前湾港区86泊位，"鹏龙"轮进行卸煤作业（资料图片）。作为北方电煤重要枢纽 港之一，青岛港聚焦保供核心需求，科学调配、优化流程，实现电煤快卸快转，持续为区域电力安全和 供暖稳定提供保障。新华社记者 李紫恒 摄 ●新华社记者 魏玉坤 问：《意见》对完善全国统一电力市场体系的总体要求是什么？ 答：《意见》要求，坚持全国统一、畅通循环，着力打破市场分割、破除区域壁垒，促进市场高效联通 和有机衔接，统筹推动电力市场供需高水平动态平衡，着力扩大规模、改善结构、拓展功能，健全统一 开放、竞争有序、安全高效、治理完善的电力市场体系，在确保电力系统安全可靠运行的基础上，实现 市场运行畅通有序、交易规则统一高效、利益分配公平合理，为保障能源安全、经济社会发展和绿色低 碳转型提供有力支撑。 问：《意见》提出了哪些重点任务和创新举措？ 答： ...

■刘钊 近期，证监会宣布对广东某上市公司立案调查，原因是该公司在网络互动平台就相关业务进行回复时，存在人为策划自问 自答的情况，其信息披露构成误导性陈述。 资本市场的运行逻辑建立在信息对称与诚信基础之上。互动平台、投资者说明会、媒体沟通等渠道，为上市公司提供了更 多展示窗口，也意味着更高的自律要求。在市场环境复杂多变、产业主题频繁切换的背景下，越是处于风口的公司，越需要以 审慎态度对待每一次对外表述。 资本市场的定价基础是信息质量。越是在主题轮动加速、市场情绪易被触发的阶段，越需要以真实、准确、完整的信息披 露稳定预期。对陈述性误导的持续从严监管，既是对投资者合法权益的保护，也是推动上市公司回归价值创造、提高治理水平 的应有之义。 近年来，网络互动平台已成为上市公司与投资者沟通的重要窗口。一问一答之间，内容往往迅速传播至二级市场乃至社交 媒体，形成更广泛的舆论扩散。在这种情况下，互动回复不再是简单的日常交流，而是公司信息披露体系的组成部分。将其视 作营销工具或概念输出渠道，无疑会加大合规风险。 笔者认为，避免陈述性误导问题的关键不在于减少沟通，而在于提升沟通的专业化和制度化水平。首先，上市公司应将互 动平台回 ...

Group 1 - The article highlights four major signals that are expected to support the market as it opens for the Year of the Horse, including continuous policy support, strong consumer recovery, clear industry trends, and favorable external market conditions [4][6][9] - Policy measures are focused on equipment upgrades, consumer goods exchange programs, and significant support for new infrastructure, digital economy, and renewable energy sectors, which are expected to boost economic recovery [4] - Consumer spending has shown remarkable resilience, with record box office revenues during the Spring Festival, a doubling in travel bookings, and a nearly 500% increase in duty-free shopping in Hainan, alongside over 20% growth in dining and accommodation transactions [4] Group 2 - The article notes that the global market has been performing well, with significant gains in indices such as the Hang Seng Index and the Nikkei 225, which rose over 4%, creating a positive environment for the A-share market [6][7] - Commodity markets have also seen increases, with LME copper up 4%, London silver up 3%, and Brent crude oil rising 2.3%, providing support for cyclical sectors [7] Group 3 - The investment strategy for the Year of the Horse emphasizes a cautious approach, focusing on structural opportunities rather than broad market gains, with a prediction of a stable opening and active sector performance [9][10] - Four main investment themes are identified: the AI industry chain, semiconductors and advanced manufacturing, consumer recovery sectors, and cyclical resources, with AI being the strongest focus due to its recent performance [10][11][12] - The article advises against high-risk strategies, recommending a focus on core stocks within the identified themes and careful monitoring of key indicators such as trading volume and foreign capital inflows [13][14]

Core Viewpoint - The report from CITIC Securities indicates that global stock markets showed strong performance during the Spring Festival, with no significant risk events, and current market sentiment remains high, suggesting that A-shares are likely to enter a new upward phase post-holiday [1] Industry Allocation - The industry allocation continues to focus on a dual mainline strategy of "Technology + Resource Products" [1] - The technology mainline centers on AI, humanoid robots (core stocks), new energy, and innovative pharmaceuticals [1] - The resource products mainline focuses on precious metals (core stocks), oil and petrochemicals, and basic chemicals (core stocks) [1] Key Sectors to Watch - Key sectors to pay attention to include: - Semiconductors - AI (optical communication, liquid cooling, electronic fabrics, high-end copper foil, etc.) - Machinery - Non-ferrous metals - Oil and petrochemicals - Basic chemicals - Power equipment (energy storage, ultra-high voltage, photovoltaics, solid-state batteries, etc.) - Innovative pharmaceuticals [1]

格隆汇2月23日｜国家能源局发展规划司司长任育之表示，科技创新为新质生产力发展注入更强动能。 从国际看，世界主要国家加强能源科技战略布局，能源科技创新进入密集活跃期，主要国家加大氢能、 固态电池、先进核电、海洋能等前沿技术研发应用，人工智能成为重塑国际能源格局的新变量，有望驱 动能源生产、传输和消费方式系统性变革。从国内看，我国能源科技总体进入并跑为主、部分领跑的关 键阶段，一大批新技术新产业蓬勃兴起，新能源、新型储能等技术保持世界领先。但与此同时，仍面临 原始创新能力不足、部分关键核心技术和装备存在短板、产学研用协同创新有待加强等问题。 ...

Core Viewpoint - The traditional perception of the liquor industry and the new energy sector as distant is changing, with major liquor companies increasingly venturing into new energy initiatives to seek growth opportunities amid declining liquor sales [4][10]. Group 1: Industry Trends - Major liquor companies like Moutai and Wuliangye are investing heavily in new energy, with Moutai establishing a 10 billion yuan new energy fund and Wuliangye focusing on solar, energy storage, and hydrogen energy [4][6]. - The liquor industry is facing significant challenges, with national liquor production expected to decline for the eighth consecutive year, showing an 11.5% drop in the first ten months of the year [6][10]. - Internal pressures from new regulations and external pressures from carbon reduction strategies are pushing liquor companies to explore new growth avenues [7][10]. Group 2: Strategic Initiatives - Wuliangye is actively participating in the regional industrial transformation of Yibin, which is transitioning from a liquor hub to a new energy hub, with over 110 new energy projects attracting investments exceeding 270 billion yuan [7][8]. - Companies are taking steps to address their energy consumption issues by building green factories and utilizing renewable energy sources, such as Wuliangye's commitment to using 100% green electricity by 2025 [8][9]. - Leading liquor companies are beginning to define industry standards by creating comprehensive "zero-carbon solutions" and influencing their supply chains to adopt sustainable practices [9]. Group 3: Challenges and Market Dynamics - The transition from liquor to new energy is fraught with challenges due to the fundamental differences between the two industries, with liquor relying on brand culture and consumer demand, while new energy is driven by technology and capital [10][11]. - There are concerns regarding the motivations behind liquor companies' investments in new energy, with skepticism about whether these moves are genuine or merely opportunistic [10][11]. - The new energy sector is becoming increasingly competitive, with profit margins tightening, making it difficult for liquor companies to replicate their traditional high-profit models in this new landscape [11][12].

编辑：[熊猫] 中美关系突发急转弯！特朗普访华3天行程敲定、即将登机启程的关键时刻，美国政府突然一锤定音， 一份重磅加税通知提前发往中国，用最直接的挑衅打破此前的缓和预期，原本有望降温的中美经贸博弈 再度升温，局势瞬间陷入恶化。 距离特朗普访华还有一个月的时间，但特朗普先在另一份文件上签了字。2月20日傍晚，一道覆盖全球 的关税行政令正式生效，电子签名的时间精确到分钟。这道行政令规定，对所有进口商品加征10%的关 税，没有缓冲期，也没有任何豁免清单，签字后立即生效。 可仅仅24小时后，这一税率就涨到了15%，加税力度翻倍，动作快得超出所有人预期。同时特朗普的访 华行程已经确定。据白宫记者团援引匿名官员的消息，3月31日至4月2日这三天，特朗普将访问中国。 美国财长贝森特此前还透露，11月深圳APEC峰会期间，特朗普可能再次访华；如果年底中方回访， 2026年将创下中美最高层会晤频率的历史纪录。需要注意的是，截至2月22日，中方尚未正式确认这份 访华行程。 这到底是怎么回事？特朗普真的要来访华了？ 按照正常外交流程，国家元首级访问需要双方协商一致后再共同公布，美方单方面官宣，能看出其推动 高层会晤的急切，但也说 ...

"为什么我们不停产？因为要抢抓市场窗口期，在新能源赛道占得先机！"施正军的话里，透着一股时不 我待的紧迫感。如今，在新能源、半导体、生物医药、机器人等新兴产业发展需求的驱动下，氟精细化 学品成为氟新材料领域颇具潜力的细分赛道。在他看来，只有溯流而上，靠"闯"和"新"才能为企业发展 赢得一方天地。 另一个厂房里，氟苯生产线也开足马力运转。"这是我们近年来新增的生产线。氟苯作为重要的中间体 原料，可用于生产PEEK特种工程塑料的单体材料氟酮。PEEK材料应用于机器人骨架时，能展现出轻量 化、高强度、耐磨、耐腐蚀及自润滑等特性。"施正军介绍。 "我们的创新路径可以概括为'两条腿'走路。"施正军说，一方面，加大创新力度，推出新产品，不断锻 造发展新优势；另一方面，对老产品进行工艺创新和设备改造。去年底，公司成立了经济技术委员会， 对原料、人工、能源等消耗较大的产品，优先进行技术优化，提高产品竞争力。 这个春节，位于清流氟新材料产业园福宝片区的福建中欣氟材高宝科技有限公司（以下简称"中欣高 宝"），每天都是一派繁忙有序的生产景象。厂房内，电子级氢氟酸全自动生产线满负荷生产；氢氟酸 厂控制中心里，大屏幕实时显示各个环节的 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院风电EPC研究小组发布的《中国风电EPC工程市场前瞻与投资战 略规划分析报告》 行业主要上市公司：中国能建(601868);中国电建(601669);永福股份(300712);三一重能(688349);国电南自 (600268)等 本文核心数据：风电EPC市场规模;风电累计装机容量;风电EPC项目汇总 产业概况 1、定义 风电EPC工程是指采用EPC模式进行风力发电场建设的工程，主要是由一家由总承包单位负责由业主委 托的工程设计、施工、风力发电机组设备采购以及其它材料设备釆购等工作，在完成风力发电场全部风 力发电机组并网发电后，EPC总承包单位把整个建设完工的工程项目交付给业主。EPC总承包单位对风 力发电场工程建设项目的管理贯穿于项目始终。在EPC总承包模式下实施风力发电场工程建设项目，业 主只需要在工程建设项目的立项、审批等方面进行协调，控制总投资金额，规定风电场交付时间，对 EPC总承包商提出工程安全、质量等方面的明确要求。 2、产业链剖析：中游为产业链核心环节 我国风电EPC工程发展主要分为三个阶段：试点阶段(1984年-2002年)、推广阶段( ...

Group 1 - The core viewpoint of the article emphasizes the transition of China's capital market from liquidity recovery to structural pricing, highlighting a year of stabilization and differentiation in 2025 [2] - The macro environment in 2025 saw marginal improvements in global liquidity, with the Federal Reserve's multiple interest rate cuts providing external support for risk assets, while domestic policies continued to stabilize the market [2] - The market structure in 2025 was characterized by a focus on a few sectors with medium to long-term logic, such as AI computing power, self-controllable technologies, and high-end manufacturing, while traditional real estate and some cyclical industries were still in a clearing and bottoming phase [2] Group 2 - In 2026, the Chinese economy is expected to experience a weak recovery with structural upward trends, driven by a new round of technological and industrial cycles [3] - The focus on new technologies, renewable energy, digital economy, and biomedicine is reshaping production relationships and capital return structures, while traditional economic sectors are gradually declining [3] - The economic growth model is shifting from total expansion to quality enhancement, with stable growth policies expected to continue [3] Group 3 - The capital market in 2026 will shift its core variable from liquidity recovery to profitability, with a focus on fundamental performance rather than speculative narratives [4] - High-quality companies, particularly in the Hong Kong stock market and technology manufacturing sectors, are anticipated to reach profitability turning points between 2025 and 2026 [4] - The investment logic will increasingly return to fundamentals, leading to a more rational pricing system [4] Group 4 - The capital market is expected to exhibit three main characteristics: a higher probability of structural bull markets over broad bull markets, a balance between growth and value investments, and continued volatility with an upward shift in market stability [5] - Investors will prioritize company quality and industry dynamics, with high-growth sectors requiring caution regarding valuations, while traditional value assets regain significance [5] Group 5 - The investment strategy for 2026 is termed "Double Horses Running Together," focusing on both growth and stable assets [6] - Growth sectors, particularly those related to AI and new productive forces, are seen as long-term investment themes, while stable assets in finance, resources, and consumption are being revalued as quasi-debt equities [6] - The investment approach will involve a dynamic adjustment of asset allocation, favoring growth in the first half of the year and gradually shifting towards value in the second half [7]