连日来，记者深入十五运会现场采访，一个突出的感受就是满眼都是"湾区造"。从广州锐丰音响公司的 智能音响系统、深圳优必选公司的机器人"乐师"，到佛山万家乐公司的火炬、东莞哈一代玩具公司的全 运会主题"潮玩"，再到香港体育馆的无电制冷涂层、澳门的手工"非遗"产品，十五运会上到处可见粤港 澳三地的企业品牌、技术应用和产品展示，充分展现了粤港澳大湾区融合发展的成果。 十五运会还在继续，我们为体育健儿加油，也为"湾区造"喝彩。 （文章来源：经济日报） 广东是经济大省、制造强省，去年地区生产总值达14.16万亿元，连续36年位居全国第一。工业门类齐 全，规模以上工业营业收入达19.41万亿元，居全国首位。目前，广东已经孕育出9个万亿级产业集群， 7.7万家高新技术企业，低空经济、机器人、人工智能、新型储能等新兴产业和未来产业发展迅速。广 东人工智能核心产业规模超2200亿元、约占全国三分之一，数字经济规模居全国首位；工业机器人产量 24.7万台（套）、占全国43.5%。 制造业背后是强有力的科技支撑。2025年"深圳—香港—广州"创新集群创新指数跃居全球第一。2024 年，全国共投入研究与试验发展经费3.63万亿元，其中 ...

近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》）公布，提出"统筹就地消纳和外送，促进清洁能源高质量 发展""科学布局抽水蓄能，大力发展新型储能""推动煤炭和石油消费达峰"等。 《每日经济新闻》记者发现，目前我国煤炭和石油的产量和消费总量仍在提高，那么"十五五"末能否顺利实现达峰目标？煤炭与煤电达峰两者之间，谁会率 先达峰？强制配储政策取消后，下一步储能又该如何高质量发展？如何让负电价红利传导到居民？ 围绕前述问题，中国能源研究会首席专家、双碳产业合作分会主任黄少中接受了《每日经济新闻》记者（以下简称NBD）专访。黄少中曾任国家能源局市 场监管司副司长、国家能源局西北监管局局长，深度参与中国两次电力体制改革方案的研究设计及实施推进工作。 煤炭将先于煤电达峰 NBD：《建议》提出"推动煤炭和石油消费达峰"，但目前我国煤炭和石油产量和消费总量仍在提高。煤炭、石油能否顺利达峰？2030年前能否实现碳达峰 目标？ 二是虽然煤电消费会少量增加，但钢铁、水泥、建材等其他耗煤大户的用煤量已在持续减少，能够抵消煤电的用煤需求增加，会推动煤炭消费整体更早达 峰。因此，煤炭达峰时间会早于煤电。 ...

文 | 天合光能 11月17日，天合光能公告称，公司控股子公司 天合储能与北美、欧洲、拉美三大区域的 客户签订合计2.66GWh的储能产品销售合同 ，其中与北美区域客户签订的合同规模达 1.08GWh。此次合同的顺利履行预计将对公司未来的经营业绩产生积极影响。 目前，天合储能 已确认参加第十四届储能国际峰会暨展览会。期待与您相约2026年4月，共 赴ESIE之约。 ESIE 2026 储能产业发展的风向标 相关阅读 新型储能飙涨超3000%！中国储能在海外市场集中爆发 涨幅超200%！"一天一价"！还要接着涨？ 前瞻30+海外市场资源 | 2025中国储能CEO峰会火热报名中 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 入会、入群、产业交流、活动对接 预定展位详情咨询： 曹先生 13 5 5 2 7 1 2 1 8 9 王先生 13 5 8 1 8 8 5 5 2 0 李先生 13 5 8 1 7 4 1 6 8 0 赵先生 18 2 1 0 1 8 8 7 7 1 柏女士 18 0 3 1 4 5 1 0 0 7 ...

11月16日，容百科技发布公告，公司近日与宁德时代签署合作协议，双方将在钠电正极材料领域展开全 面合作。 在钠电正极材料领域，容百科技处于领先地位。据容百科技披露，多年来，其在钠电领域持续进行战略 性投入，钠电正极产品各项性能参数、工艺稳定性和成本控制等综合指标表现突出，在动力、储能、启 停电源等领域已在国内外头部战略电池厂商中卡住领先位置。 财务数据显示，容百科技近期业绩并不乐观。2025年前三季度，容百科技实现营业收入89.86亿元，同 比下降20.64%；取得归母净利润-2.04亿元，同比由盈转亏。 值得一提的是，不久前，宁德时代钠新电池刚通过了GB38031-2025《电动汽车用动力蓄电池安全要 求》新国标认证，成为全球首款通过新国标认证的钠离子电池。而宁德时代作为国际锂电行业龙头，其 示范作用具有深远影响，钠电正极材料及钠离子电池有望迎来规模化应用。 受此影响，11月17日，容百科技斩获一个"20cm"涨停板，股价报收35.40元/股，市值达到253.0亿元。 根据协议约定，宁德时代将容百科技作为其钠电正极粉料第一供应商。在容百科技钠电正极材料的技 术、质量、成本、交付及服务等方面满足要求的前提下， ...

证 券 研 究 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 报 2025 年 11 月 17 日星期一 【实时热点】 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 2125.00 | 2.31 | 纳斯达克指数 | 22900.59 | 0.13 | | CME比特币期货 | 95045.00 | -3.14 | 道琼斯工业指数 | 47147.48 | -0.65 | | ICE布油 | 64.29 | 2.03 | 美元指数 | 99.28 | 0.11 | | 伦敦金现 | 4082.16 | -2.13 | 标普500 | 6734.11 | -0.05 | | 美元兑人民币(CFETS) | 7.10 | 0.07 | 日经225 | 50376.53 | -1.77 | | 香港重要指数 | 收市价 | 涨跌(%) | | --- | --- | -- ...

Group 1 - The core viewpoint of the news highlights a significant increase in lithium carbonate futures, with a peak rise of 8% and a closing increase of 7.24%, reaching 93,660 yuan/ton, which has positively impacted related lithium mining sectors [1] - The China Automotive Power Battery Industry Innovation Alliance reported that in October, the domestic power battery installation volume reached 84.1 GWh, a month-on-month increase of 10.7% and a year-on-year increase of 42.1%, with lithium iron phosphate batteries accounting for 80.3% of the total [2] - The new energy vehicle market is experiencing a consumption peak due to the adjustment of the vehicle purchase tax and the traditional year-end sales season, with October's production and sales of new energy vehicles reaching 1.772 million and 1.715 million units, respectively [2] Group 2 - The CSI Rare Metals Theme Index (930632) has shown strong performance, with a 2.91% increase, and its top ten weighted stocks account for 60% of the index, including companies like Northern Rare Earth and Ganfeng Lithium [3][5] - The recent demand for lithium salts is expected to grow due to the new energy storage installation target of 180 GW by 2027, as outlined in the National Development and Reform Commission's action plan [2] - The Rare Metals ETF (561800) has risen by 3.11%, reflecting the overall performance of the rare metals sector, which includes mining, smelting, and processing companies [1][5]

Group 1 - Multiple airlines in China, including Air China, China Eastern Airlines, and Southern Airlines, announced a special ticket handling policy for flights to Japan, allowing free refunds and changes for tickets with travel dates before December 31, 2025 [2] - Other airlines such as Sichuan Airlines, Xiamen Airlines, and Hainan Airlines also issued similar notifications regarding ticket handling for Japan routes [2] Group 2 - The China Securities Regulatory Commission disclosed that Yuzhu Technology Co., Ltd. has completed its IPO guidance work, with the guidance period lasting less than four months [3] - The IPO guidance was filed on July 18, 2025, and the completion report was issued by CITIC Securities on November 10, 2025, with 24 staff members assigned during the guidance period [3] Group 3 - Berkshire Hathaway built a position in Google-A during the third quarter, purchasing nearly 17.85 million shares, corresponding to a market value of approximately $4.3 billion at the end of the quarter [5] - Berkshire also increased its holdings in several companies, including Chubb, Lennar, Domino's Pizza, Sirius XM, and Lamar Advertising, while reducing its stake in Apple by selling nearly 41.79 million shares, resulting in a 15% decrease in Apple shares held [5]

Core Insights - The petrochemical industry is expected to recover in 2026, with a focus on resource products, anti-involution policies, and emerging industries as investment opportunities [3][27] - The industry has shown signs of stabilization and recovery since 2025, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025 [3] - Key sectors identified for investment include oil and gas, potassium fertilizer, phosphorus chemicals, fluorochemicals, sustainable aviation fuel (SAF), electronic resins, and certain anti-involution sectors [3] Industry Overview - The petrochemical industry is cyclical, with net profits in the SW basic chemical sector reaching a historical high in 2021, followed by a downturn, with 2024 profits expected to be only 52% of 2021 levels [3] - The supply side has seen a decline in fixed asset investment since June 2025, indicating the end of the current expansion cycle [3] - The "anti-involution" policy aims to address low-price competition and promote the orderly exit of outdated capacities, which is expected to alleviate the oversupply issue in the petrochemical sector [3] Demand Dynamics - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus [3] - Emerging demands from sectors such as new energy and AI are expected to drive growth in key chemical materials [3] - The domestic chemical industry is projected to increase its global market share as overseas capacities are cleared out [3] Investment Recommendations - Recommended companies for investment in 2026 include China Petroleum, China National Offshore Oil Corporation, Yara International, Yuntianhua, Juhua Co., Sanmei Co., Jiaao Environmental Protection, Zhuoyue New Energy, Shengquan Group, Wanhua Chemical, Baofeng Energy, and Xinhecheng [3] Sector Performance - The petrochemical sector's revenue decreased by 7.1% year-on-year in the first three quarters of 2025, while net profit fell by 11.1% [24] - The basic chemical sector showed a recovery with a 1.9% increase in revenue and an 8.9% increase in net profit [24] - The oilfield services sector was the only sub-sector to achieve growth in both revenue and net profit during this period [24] Price Trends - The China Chemical Product Price Index (CCPI) has shown a downward trend, with a reported decline of 11.5% from the beginning of the year [13] - The PPI for the chemical industry is expected to show marginal improvement in the second half of 2025, although it remains in a downward trend overall [16] Policy Impact - The "anti-involution" initiative is expected to promote a rebalancing of supply and demand in traditional chemical products, with various sectors responding positively to this policy [27] - Key meetings and documents from government bodies indicate a focus on maintaining growth and regulating new capacity in the petrochemical sector [27]

Core Viewpoint - The energy storage sector has recently experienced significant growth driven by multiple favorable policies and market dynamics, with companies like CATL and others seeing substantial stock price increases [2][3][11]. Group 1: Policy and Market Dynamics - The National Energy Administration has released guidelines promoting the integration of renewable energy and energy storage, emphasizing the transition of energy storage from a supporting role to a key component in new energy systems [9][10]. - The new policies aim for a national installed capacity of new energy storage to exceed 180 million kilowatts by 2027, with an expected direct investment of approximately 250 billion yuan [10]. - The energy storage industry is shifting from being policy-driven to market-driven, with significant increases in bidding volumes for energy storage projects, reaching 92 GW/305 GWh in the first nine months of the year, representing year-on-year growth of 118% and 178% respectively [11][13]. Group 2: Technological Advancements - Various energy storage technologies are being highlighted, including lithium-ion batteries, flow batteries, and pumped hydro storage, each with unique characteristics and applications [4][5]. - New energy storage technologies are increasingly recognized for their ability to enhance the consumption capacity of renewable energy and ensure the stability of the power grid [4][5]. Group 3: Company Performance and Opportunities - A significant number of A-share companies in the energy storage sector have reported substantial increases in revenue and net profit, with some companies like Tongzhou Electronics showing a net profit growth rate of 54.77 times [18][19]. - The demand for energy storage solutions is expected to surge due to the rapid growth of AI data centers, which are projected to significantly increase electricity consumption, thereby creating a pressing need for reliable energy storage systems [16][17]. Group 4: Investment Opportunities - The article lists several A-share companies that have seen notable stock price increases in the past month, indicating potential investment opportunities in the energy storage sector [5][6].

本周，中证上海环交所碳中和指数下跌1.1%，中证新能源指数下跌1.2%，国证新能源电池指数下跌2.9%，中证光伏产业指 数下跌3.4%。根据Wind数据统计，截至昨日，储能电池ETF（159566）本周前4日合计"吸金"近5亿元，今日再获1500万份 净申购。 消息面上，宁德时代与海博思创签订战略合作协议，涉及2026至2028年采购电量不低于200GWh；国家能源局发布《国家 能源局关于促进新能源集成融合发展的指导意见》，指出要优化"沙戈荒"新能源基地电源结构和储能配置比例，在电网调 度方面则强调鼓励新能源与配建储能一体化调用。 华泰证券表示，"十五五"定调要加快建设新型能源体系，具体包括大力发展新型储能，加快智能电网建设等措施，看好新 能源发展和电气化率提升两大核心主线不变，储能、风电、电网板块公司有望持续受益。 涵盖新能源产业链,覆盖锂电、光伏、风电、水电、核电、核电 等未来清洁能源 s 国证新能源电池指数 聚焦储能领域,由50只业务涉及电池制造、储能电池进 变器、储能电池系统集成、电池温控消防等领域的公司 股票组成,有望受益于未来能源发展机遇 益 中证米伏产业指数 聚焦的光伏是代表性较强的未来能源之一 ...