南方财经 北京时间1月28日下午，英国首相斯塔默乘机抵达北京首都国际机场，开启为期4天的访华行程。这是英 国首相时隔8年对中国进行正式访问，备受外界期待。当晚，斯塔默鼓励随行的英国商界代表，希望商 界抓住此访机遇，与中国开展合作。 "他们说，政治中8天很长，试试8年，因为英国首相已经8年没有踏上过中国的土地了。所以，你们作为 代表团成员，正在创造历史。"斯塔默表示，中国蕴藏巨大机遇，与中国接触符合英国的国家利益，要 构建一个全面、一致、稳定的对华方针。 英国政府公布的代表团名单显示，随同斯塔默访问的有近60家企业高管和机构代表，包括空客总法律顾 问兼公共事务主管约翰·哈里森（John Harrison）、阿斯利康全球首席执行官苏博科、渣打集团首席执行 官温拓思、汇丰控股集团主席聂智恒、巴克莱银行中国区CEO刘洋、葛兰素史克董事会主席司明麒、英 国航空首席商务官Colm Lacy、英美资源集团董事长钱思铎、安本集团首席执行官Jason Windsor、捷豹 路虎首席执行官Pathamadai Balaji、迈凯伦首席执行官Nicholas Collins、保诚集团首席执行官华康尧、世 界职业台球和斯诺克协会（世 ...

Group 1 - The core viewpoint of the news highlights a decline in various renewable energy indices, with the National Renewable Battery Index down by 0.2%, the China Securities Renewable Energy Index down by 2.5%, the Shanghai Carbon Neutrality Index down by 2.9%, and the China Securities Photovoltaic Industry Index down by 3.2% as of midday closing [1][5][6] - The storage battery ETF managed by E Fund (159566) has seen a net inflow of funds totaling 370 million yuan over three consecutive trading days, indicating investor interest despite the overall market decline [1] - The indices mentioned focus on companies involved in battery manufacturing, storage battery inverters, storage battery system integration, and battery temperature control and fire safety, suggesting potential benefits from future energy development opportunities [3] Group 2 - The photovoltaic ETF managed by E Fund tracks the China Securities Photovoltaic Industry Index, which consists of 50 representative companies across the upstream, midstream, and downstream of the photovoltaic industry chain [5] - The carbon neutrality ETF managed by E Fund tracks the Shanghai Carbon Neutrality Index, reflecting the industry's focus on achieving carbon neutrality [6]

南方财经 21世纪经济报道郑青亭 对英国商界来说，此次访问有何意义？中英商业合作有哪些机遇？英国企业如何看待中国市场和中国合 作伙伴？针对这些问题，1月29日，21世纪经济报道记者与吴思田、杰克逊展开了一场对话。 英国服务业在华迎来机遇 21世纪： 首先，让我们来谈谈英国首相斯塔默此次访华对中英双边关系的意义。你们愿意分别分享一 下看法吗？ 吴思田： 这显然是英方特别是首相本人对两国关系充满信心的重大宣示。他本人已明确表达了这一 点。同时，随行的60家英国顶尖企业和机构也表明，大家看到了未来几年进一步拓展商业关系的巨大潜 力。作为英中贸易协会（CBBC）主席，我们对这次充满信心的访问感到非常高兴。 杰克逊： 在我看来，英中企业间的合作一直在持续，因为我们拥有大量对彼此都具有价值的创新、产 品和服务。而政治层面协作的加强，能为我们共同推进更多事务提供更稳定、更可靠的基础。因此，我 对此次访问感到非常兴奋。 21世纪： 你们第一次访问中国是什么时候？自那时起，对中国的印象有何变化？ 杰克逊： 我第一次来中国是两年前，参观了华为在广东的研发中心。那次访问让我亲眼看到了中国在 新技术开发上的巨大投入。我意识到，如果我 ...

"中英两国务实合作充满活力。"近日，正当英国捷豹路虎、劳斯莱斯等汽车品牌跟随英国官方代表 团访华寻求新的合作之际，商务部新闻发言人就中英经贸合作情况的回应，表明了清晰的态度。 合作发展绿色经济 中英经贸关系保持健康稳定发展，汽车合作也有更大空间。 商务部发布的数据显示，2025年，中英双边货物贸易额达到1037亿美元，服务贸易额有望突破300 亿美元，双向投资存量近680亿美元。英国分别担任第二十五届投洽会、第四届消博会主宾国。 当前，全球汽车产业正处于深刻变革的十字路口，电动化与低碳化转型成为不可阻挡的时代潮流。 在这一变革进程中，中国凭借较为完备的产业体系、日益增强的技术研发能力，以及庞大的市场需求， 已然稳居全球最大新能源汽车生产与消费国的宝座，在新能源汽车领域积累的技术与产能优势，吸引着 全球行业的目光。而英国，近年来积极推行绿色经济政策，在新能源汽车研发、智能网联技术等领域也 在持续发力，一些汽车企业期待与中国汽车企业合作，已经成为一种现实需求。 有舆论认为，双方一定程度上有良好的产业互补、双向赋能的优势，合作也将为双方激活产业链新 动能，撬动绿色经济转型加速驰骋。 客观上看，在全球绿色经济转型的时 ...

二、培训组织机构 主办单位： 人力资源和社会保障部 社会保障能力建设 中心 关于 举办 《分布式能源规划员》（综合能源服务方向）培训通知 各企事业单位： 《中华人民共和国能源法》 提出，鼓励发展分布式能源和多能互补、多能联供综合能源 服务，提高终端消费清洁化、高效化、智能化水平。多能联供综合能源服务 成为现代能 源产业发展的重要方向和实现碳中和的重要路径。 电力、冷热、用户之间的关系变得越来越紧密，打破不同能源品种单独规划、设计、运行 的传统模式，实现横向 "电热冷气水"能源多品种之间、纵向"源网荷储用"能源多供应环 节之间的协同，以及生产侧和消费侧的互动 ,正成为行业趋势。 目前，在我国熟悉用户用能特性，掌握能源规划、转化、智能控制等技术，并具备能效 碳排放 评估，通晓末端节能 减碳 、投资、建设、运营等跨 学科专 业 应用 人才匮乏， 严重影响各能源企业向综合能源服务转型和发展的进程。为此，中国能源报社 特 开 展 《分布式能源规划员》（综合能源服务方向）培训 ,参加培训并经考核合格者，由人力资 源和社会保障部 社会保障能力建设 中 心 颁 发 《 分 布 式 能 源 规 划员 》 （综 合 能 源 服 ...

期货研究报告|黑色专题 2026-01-30 王海涛 wanghaitao@htfc.com 从业资格号：F3057899 投资咨询号：Z0016256 邝志鹏 kuangzhipeng@htfc.com 从业资格号：F3056360 投资咨询号：Z0016171 能源消费结构深层变革，电力结构转型率先垂范 研究院 黑色建材组 研究员 余彩云 投资咨询业务资格： 证监许可【2011】1289 号 策略摘要 过去十年全球能源消费结构和电力供给结构都发生了巨大的转变，化石能源在其中的 占比不断下降，而可再生能源则迎来了高速发展期，这种翻天覆地的变革对于全球而 言，不仅带来前所未有的机遇，也带来难以估量的挑战。电力市场作为这次能源消费 结构改革的排头兵，即走在了改革的前列，也承担着改革的重任。展望未来，能源消 费结构的变革之路依旧道阻且长，然而转型的方向却始终如一，其中电力市场依旧起 到决定性作用。电力结构变革不仅仅是发电模式的转变，更需要电网系统、配套储能 和终端消费的共同协作，通过技术进步和制度优化最终完成电力市场的历史性变革， 进而推动全球能源消费结构的巨大革新。 核心观点 yucaiyun@htfc.com ...

Core Viewpoint - Kunlun New Energy Materials Technology (Yichang) Co., Ltd. is shifting its focus to the Hong Kong stock market for its IPO after previously withdrawing its application for the ChiNext board, despite facing significant financial challenges in 2024, including a substantial drop in revenue and a transition from profit to loss [1][2]. Financial Performance - In 2023, the company reported revenues of approximately 1.577 billion yuan, which decreased to about 1.021 billion yuan in 2024, resulting in a net profit of 86.17 million yuan in 2023 turning into a loss of 27.61 million yuan in 2024 [2][3]. - For the first three quarters of 2025, the company achieved revenues of 1.032 billion yuan, an increase from 744 million yuan in the same period of the previous year, with a reduced net loss of approximately 13,600 yuan compared to a loss of 15.65 million yuan in the prior year [3]. Product Pricing and Sales - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 yuan per ton in 2023 to 14,000 yuan per ton in the first three quarters of 2025 [4]. - The sales revenue from electrolytes constituted about 99.6%, 99%, and 98.9% of the company's total revenue for 2023, 2024, and the first three quarters of 2025, respectively [4]. Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [7]. - Group A, the company's largest customer, contributed approximately 60.1%, 59.3%, and 49.6% of total revenue during the same periods [7][6]. Market Position and Strategy - Kunlun New Energy is ranked third globally among electrolyte suppliers by shipment volume for the first three quarters of 2025 [2]. - The company has primarily focused on the domestic market, with over 99% of its revenue coming from sales to mainland China during the reporting periods [5]. IPO Context - The shift from attempting to list on the ChiNext board to the Hong Kong stock market may indicate a strategic pivot towards international customers and a pressing need for financing [8].

Core Viewpoint - There are rumors regarding Huawei's digital energy business being sold, potentially to CATL and local state-owned enterprises, but no official confirmation has been provided [1][3][4] Group 1: Huawei's Digital Energy Business - Huawei's digital energy business is considered a key growth area, with projected revenue of 68.68 billion yuan in 2024, reflecting a 24.4% year-on-year increase [3] - The business has shown resilience against sanctions, maintaining a leading position in the global market for smart photovoltaic inverters for ten consecutive years [4] - Huawei has made significant investments in digital energy projects, including a 4 billion yuan investment in a headquarters for digital energy technology [4] Group 2: CATL's Strategic Needs - The rumors of CATL acquiring Huawei's digital energy business stem from its need to address competitive pressures in the energy storage industry and to fill gaps in its business model [7][9] - CATL holds a dominant position in the battery and energy cell market, with a 25% market share, but lacks a strong presence in the energy system integration sector [7] - The trend of "integrated solar and storage" is becoming crucial, and CATL risks falling behind if it does not enhance its system integration capabilities [8][9] Group 3: Market Dynamics - The energy storage market is experiencing rapid growth, with global energy storage cell shipments reaching 410.45 GWh in the first three quarters of 2025, a 98.5% increase [7] - Companies like Trina Solar and JinkoSolar are rapidly expanding their energy storage businesses, posing a challenge to current market leaders [8] - Huawei's digital energy business could provide CATL with the necessary technology and market access to enhance its competitive position in the integrated energy solutions market [9]

Core Viewpoint - Kunlun New Energy Materials Technology Co., Ltd. is shifting its focus to the Hong Kong stock market for an IPO after its previous attempt on the ChiNext was halted. However, the company faced significant challenges in 2024, with a sharp decline in revenue and a transition from profit to loss, although losses narrowed in the first three quarters of 2025 [1][3]. Group 1: Financial Performance - In 2023, the company reported revenue of approximately 1.576 billion RMB, which dropped to about 1.021 billion RMB in 2024, and further to around 744.1 million RMB in the first three quarters of 2024 [2]. - The net profit for 2023 was approximately 86.17 million RMB, which turned into a loss of about 27.61 million RMB in 2024. In the first three quarters of 2025, the loss was reduced to approximately 15.65 million RMB [2][3]. - For the first three quarters of 2025, the company achieved revenue of approximately 1.032 billion RMB, an increase from 744.1 million RMB in the same period of the previous year, with a significantly reduced loss of about 136,000 RMB compared to a loss of 15.65 million RMB in the previous year [4]. Group 2: Product Pricing and Market Dynamics - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 RMB/ton in 2023 to 14,000 RMB/ton in the first three quarters of 2025 [5]. - The sales revenue from electrolyte products accounted for approximately 99.6%, 99%, and 98.9% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [5]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [7]. - Group A, the company's largest customer, contributed approximately 60.1%, 59.3%, and 49.6% of total revenue in the respective periods [7][8]. Group 4: IPO Context and Strategy - The company previously attempted to list on the ChiNext but withdrew its application in May 2024. The shift to the Hong Kong market is seen as a strategic move to access international capital and address urgent financing needs [8]. - The company has primarily focused on domestic sales, with over 99% of revenue coming from mainland China during the reporting periods [6].

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