（来源：工人日报） 本报讯（记者田国垒 通讯员于佳 王若昕）2月3日，中国石化胜利油田孤东采油厂东一联合站完成用能 转型，来自地下3200米深处的采出液余热成功替代传统燃气供热，这标志着我国油气领域在中深层地热 资源规模化工业应用方面取得新进展。 胜利油田主要负责人杨勇介绍，孤东项目创新采用"气井高温余热+油井中温余热"双热源梯级换热技 术，通过对两口弃置气井改造和10口电泵采油井余热集中提取，实现清洁热能高效利用。据测算，该项 目年清洁供热能力达20.9万吉焦、用热成本降低59%，替代天然气638万立方米，可满足约2万户城市居 民年家庭用气需求，年减排二氧化碳1.35万吨。 2024年，胜利油田确立"油田之中建热田"发展战略，构建"源用储联"清洁热能体系，加速从传统油气生 产企业向多元绿色能源供应商转型。 如今，胜利油田在多个区域同步推进绿热开发。孤岛油区的山东省首个用于油气生产的中深层地热项目 已投产，该项目利用两口弃置井建成，年供热能力7.5万吉焦；新疆准噶尔盆地春风联合站采出液余热 利用项目年供热能力达27万吉焦。 在推进"自身绿"的同时，胜利油田通过油地管网互通、热源共享，引领"周边绿"、带动"区域 ...

Core Viewpoint - The A-share market experienced a decline, particularly in the non-ferrous metal sector, with the Huabao ETF dropping by 4.8%, despite a net subscription of 21 million units, indicating investor confidence in the long-term potential of the sector [1][3]. Group 1: Market Performance - The non-ferrous metal sector faced significant pullback due to a sharp decline in international precious metal prices, with spot gold dropping over 3% [3]. - The Huabao ETF saw a net subscription of 21 million units, reflecting investor confidence despite market volatility [1]. Group 2: Influencing Factors - The decline in precious metal prices is attributed to liquidity issues, with the U.S. leveraged loan index showing increased declines, leading to a stronger dollar that pressures dollar-denominated metals [3]. - Macro factors include former President Trump's comments advocating for interest rate cuts by the Federal Reserve, which could influence market sentiment positively [3]. - Industry actions, such as major mining companies like Luoyang Molybdenum and Zijin Mining acquiring gold mines, indicate strong capital investment in the sector [3]. Group 3: Future Outlook - Institutions like Guosheng Securities predict that the combination of supply-demand mismatch, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous metal sector for the next 3-5 years [4]. - Despite the bullish outlook, caution is advised regarding potential profit-taking by speculative funds, which may increase market volatility [4].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤储能 资讯~ 2月3日，远东股份（600869.SH）发布《关于子公司中标项目的提示性公告》，宣布其子公司于2026年1月斩获合计5.94亿元储能系统相关合同订单，涵盖 国内及欧洲两大市场，为公司新一年储能业务发展奠定坚实基础，也彰显了其在全球储能领域的核心竞争力。 公告显示，此次5.94亿元储能系统订单由远东股份旗下两家子公司分别签约达成：其中，远东储能技术有限公司（智能电池板块）与中国客户签订5.8亿元储 能系统合同，远东电池江苏有限公司（智能电池板块）与欧洲客户签订1432.32万元储能系统合同，订单的顺利落地进一步拓展了公司储能业务的国内外市 场覆盖范围。据悉，此次储能订单是远东股份1月份整体订单的重要组成部分，当月其子公司中标、签约千万元以上合同订单合计达30.75亿元，同比增长 115.57%，整体业务呈现强劲增长态势。 作为远东控股集团旗下上市公司，远东股份以"电能+算力+AI"为核心战略，深耕智能缆网、智能电池、智慧机场三大业务板块，是全球知名的智慧能源/数智 城市服务商。在储能领域，公司已构建起从圆柱电芯、储能电芯 ...

当德国家庭为每千瓦时电支付0.38欧元时，匈牙利家庭的账单上却只需0.1欧元。这近乎四倍的价差，是 欧洲能源版图割裂的一个缩影。 面对高昂电价、对外依赖与绿色转型迟缓的多重压力，欧盟委员会于近日正式发布《欧洲电网一揽子计 划》，意图用一场"系统性手术"，疏通各成员国能源网络的"任督二脉"。 困局之痛 昂贵且脆弱的能源系统 欧洲的能源困境是多重危机的叠加。 地缘政治动荡、气候危机加剧与能源成本高企，共同将基础设施的长期结构性缺陷暴露无遗。该计划指 出，2022年欧盟高达98%的石油和天然气依赖进口，使其能源命脉极易受到外部冲击。 破局之策 为绿色转型按下"加速键" 面对沉疴，《欧洲电网一揽子计划》开出了一系列针对性"药方"，核心刃口直指"加速与共享"。 改革的第一刀，砍向项目落地的最大梗阻——以"年"为单位的审批马拉松。该计划中的统计数据显示， 当前一个可再生能源项目最长获批达9年，跨境输电项目平均也需5年。为此，新计划划定"硬性"红线： 将多数项目许可流程压缩至2年内，最复杂的不超过3年。对独立储能项目更是雷霆手段，许可时限被严 格限定在最长六个月，与过去可能长达七年的等待形成天壤之别。 与此同时，一项旨在根 ...

Core Viewpoint - The recent surge in prices of gold, silver, and industrial metals like copper and aluminum is driven by a combination of factors including risk aversion, industrial revolution, and macroeconomic strategic shifts, indicating a potential new resource cycle [1] Group 1: Gold Market Dynamics - Gold prices have reached multi-year highs, with global central banks maintaining a net buying position for several consecutive quarters, reflecting a strategic adjustment in global reserve asset structures [2][3] - Geopolitical tensions have spurred short-term safe-haven buying, while expectations of a shift in the Federal Reserve's monetary policy towards easing have reduced the long-term opportunity cost of holding non-yielding assets like gold [2] Group 2: Silver and Industrial Metals - Silver prices are rising alongside gold, benefiting from both its financial attributes and industrial demand from sectors like photovoltaics and electronics [3] - Copper is transitioning from a traditional cyclical commodity to a "new infrastructure metal," driven by demand from AI data centers, global grid upgrades, and electric vehicle proliferation, while facing supply challenges due to declining ore grades and insufficient new capacity investments [3] Group 3: Overall Market Trends - The overall prosperity of the non-ferrous metal sector is attributed to a combination of macroeconomic conditions, industrial trends, and strategic recognition, with a loose global monetary policy providing liquidity for commodities [3] - The transition to green energy and the digital intelligence revolution are systematically reshaping the demand landscape for industrial metals, while the strategic importance of key mineral resources like copper and rare earths has risen to a national strategic level, granting them a "strategic premium" beyond traditional commodity valuation [3]

Core Viewpoint - The global economic growth outlook is improving, which is expected to boost industrial demand for palladium, particularly in the automotive sector, despite previous challenges posed by tariff policies and geopolitical tensions [2][3]. Group 1: Economic Impact and Policy Changes - In April 2025, the announcement of "reciprocal tariffs" by the Trump administration led to liquidity tightening in the dollar and a broad sell-off in financial markets, causing palladium prices to drop significantly [1]. - By mid-April 2025, international trade tensions began to ease, and monetary policies were loosened to counteract tariff impacts, stabilizing the global economic growth outlook [2]. - The Trump administration's focus on domestic issues and potential fiscal stimulus measures may shift in response to midterm election pressures, which could further influence economic policies and market conditions [2]. Group 2: Industrial Demand for Palladium - Palladium's downstream demand is primarily driven by automotive catalytic converters, accounting for approximately 85% of its usage, making it closely tied to global economic performance [2]. - The easing of trade tensions and the implementation of expansionary monetary policies by major economies are expected to enhance palladium's industrial demand in 2026 [3]. Group 3: Monetary Policy and Liquidity - Following a period of tightening, global central banks have begun to ease monetary policies, which is expected to increase liquidity and positively impact palladium's liquidity premium [4]. - The shift from balance sheet reduction to expansion by the Federal Reserve and other central banks is anticipated to further support palladium prices through a weaker dollar [4]. Group 4: Price Dynamics and Market Comparisons - Since March 2024, rising gold prices have positively influenced platinum demand, which in turn affects palladium's attractiveness and investment demand [5]. - The gold-to-palladium price ratio has decreased from a peak of 3.69 in April 2025 to around 2.5, indicating a potential recovery in palladium's value [5]. - Despite the rising platinum-to-palladium ratio, palladium's performance may lag behind platinum due to weaker demand in jewelry and investment sectors [6]. Group 5: Future Outlook - The ongoing strength in gold prices, high gold-to-palladium ratios, and improving industrial demand for palladium suggest a continued upward trend in palladium prices for 2026 [7]. - Increased volatility in palladium prices has been observed, with a significant rise in annualized volatility, indicating a dynamic trading environment [7].

格隆汇1月27日丨科力远(600478.SH)公布，为满足公司战略发展需求及产业联动效应，进一步夯实储能 领域的定位和布局，持续深化绿色、低碳、可持续的能源体系转型，公司拟与管理人天津滨海新区新兴 产业基金管理有限公司及其他合伙人天津滨海新能源投资管理有限公司、深圳市元科慧储投资有限公司 共同投资设立储能基金并签订合伙协议，基金将主要对新型储能场景及产业链上下游优质项目进行投 资。基金目标总规模为人民币20亿元，初始规模5亿元，公司拟作为有限合伙人认缴出资2.49亿元，持 有合伙企业49.80%的份额比例。 天津滨海新区建设投资集团有限公司系滨海新能源的控股公司，作为天津市国资委全资企业，滨海建投 拥有领先的资产实力，优质的资信水平，也沉淀了丰富的地方资源和产业储备。公司与滨海建投共同发 起设立储能基金，不仅可以助力储能上下游产业投资，打通大储能生态链各环节，还将实现从项目开 发、投建、运营运维到资产化的全周期闭环，构建持续滚动升级模式。同时，结合滨海新能源在京津冀 地区的风电、光伏等资源，双方可进一步探索在新能源及储能等领域的资源协同与深度耦合，共同开拓 并创造新的业务增长空间。 ...

白银价格历史上首次突破每盎司100美元大关，年内涨幅超过44%，创下历史新高。这一剧烈波动背 后，是白银市场连续多年且持续扩大的供需缺口，标志着白银正从传统的金融附属品转向由实体产业主 导的关键战略资源。 根据世界白银协会数据，全球白银市场自2021年以来已陷入持续的结构性赤字。2025年供需缺口接近3 亿盎司，创下历史最高纪录，而2026年这一缺口预计将进一步扩大。 推动需求爆发的核心力量来自工业领域，尤其是光伏、电动汽车与AI基础设施的快速增长。目前工业 用银已占白银总需求的60%以上，其中光伏产业的需求在过去五年增长超过1.6倍，白银因其不可替代 的导电与稳定性，成为绿色能源转型中难以绕过的关键材料。 然而，与需求端的强劲增长形成尖锐矛盾的是，白银的供应体系却呈现刚性约束。 全球超过70%的白银产量来自铜、铅、锌等金属的伴生矿，其产量取决于主金属的投资周期，对银价变 化反应迟钝。矿产银产量已连续第五年下降，短期内难以放量。 与此同时，全球显性库存持续消耗，伦敦及上海交易所的库存均处于多年低位，仅能覆盖约1.2个月的 消费量，远低于安全水平。实物紧张甚至导致伦敦白银租赁利率飙升至2.5%，反映出市场现货的 ...

当国际金价距离5000美元/盎司仅一步之遥，当伦敦银现仅用两个月时间便实现翻倍，当铜铝铅锌锡上 演起"元素周期表"行情，当硫磺价格一年翻倍、碳酸锂迭创新高……这一系列看似独立的市场脉冲正汇 聚成一股时代洪流，宣告着全球大宗商品市场正迈入新一轮的"超级周期"。 "这轮周期的持续强度、持续时间都可能远超我们想象。"近期，多位基金经理向券商中国记者表达了类 似的观点，在全球货币超发、美元信用危机、技术革命创新需求、地缘冲突引发供应链重构等众多因素 共振下，全球大宗商品可能迎来一场远超市场预期的周期浪潮，而嗅觉敏锐的公募基金正闻风而动，将 投资罗盘的指针拨向现代工业的"血液"与"基石"——有色金属与基础化工，不仅定位着这场全球商品盛 宴的历史坐标，更寻找着浪潮之下具体的产业掘金路径。 全球大宗商品迎来第三轮"超级周期" 其四，长达十年的资本开支收缩期后的供给约束。上述基金经理指出，全球有色金属主要品种的资本开 支在2011年见顶后，步入了漫长的收缩期。勘探投入持续低迷，叠加全球矿山品位的自然下降，导致主 要金属品种的产出缺口日益明显。供给端的约束，是本轮周期最具刚性的一环。 "目前我们处于过往60年以来第三轮全球商品 ...

Core Viewpoint - The global commodity market is entering a new "super cycle," driven by factors such as excessive monetary issuance, a credit crisis in the US dollar, technological innovations, and geopolitical conflicts reshaping supply chains [1][2]. Group 1: Factors Driving the Super Cycle - The current super cycle is rooted in global monetary overissuance, particularly since the 2008 financial crisis and accelerated by the COVID-19 pandemic, leading to significant inflation and asset price increases [2]. - Four key factors are contributing to this cycle: the US debt cycle and the restructuring of dollar credit, structural demand driven by AI and green energy transitions, geopolitical changes affecting supply chain security, and supply constraints following a decade of reduced capital expenditure in the mining sector [3][4][5]. Group 2: Domestic Price Trends and Economic Policies - China's Producer Price Index (PPI) is showing signs of recovery, with a 0.2% month-on-month increase in December 2025, indicating a potential turning point for domestic prices [6]. - Three core factors are expected to drive this price recovery: a strong base effect from previous low commodity prices, the impact of "anti-involution" policies aimed at improving industry profitability, and stabilization in the real estate sector after years of decline [7][8]. Group 3: Strategic Asset Allocation - Fund managers are increasingly reallocating towards cyclical assets, particularly in the non-ferrous metals and chemical sectors, as they anticipate a recovery in commodity prices and domestic economic conditions [9][10]. - Notable investments include significant positions in leading mining companies and a strategic focus on industrial metals and small metals, which are expected to benefit from new demand drivers such as AI infrastructure and energy transitions [11][12].