Core Viewpoint - The development of distributed energy is emphasized as a crucial component of the new energy system, which is significant for optimizing energy structure, promoting energy conservation and emission reduction, and advancing sustainable economic and social development [1][2]. Group 1: Considerations for Development - The deployment of distributed energy aims to better promote carbon peak and carbon neutrality, as it aligns with the resource and technical characteristics of renewable energy, leading to significant carbon reduction effects [2]. - It addresses the energy needs of the population by providing flexible energy solutions that can cater to various scenarios, especially in remote areas and for users with high energy stability requirements [2]. - The development enhances energy security by increasing the supply of clean energy and reducing reliance on large energy systems, while also serving as backup and peak-shaving resources [2]. - It encourages social investment and the growth of related industries due to its smaller project scale and lower investment thresholds compared to large energy projects [2]. Group 2: Key Development Areas - Focus on constructing zero-carbon parks in regions with high industrial loads and favorable resource conditions, integrating various energy sources to meet diverse energy demands [3]. - Actively promote zero-carbon rural development through pilot projects that implement distributed solar and wind energy solutions [3]. - Advance the integration of photovoltaic systems in buildings, encouraging the use of rooftops and facades for solar energy generation [3]. - Strengthen the integration of clean energy with transportation by developing charging and hydrogen stations along transportation infrastructure [3]. - Strategically plan the construction of distributed natural gas energy stations to support peak shaving and backup needs in areas with reliable gas supply [3]. Group 3: Quality Development Precautions - Prevent blind expansion of scale by carefully planning the development scale and layout of distributed energy projects [4]. - Ensure adequate supporting infrastructure by scientifically constructing distribution networks and enhancing the capacity for renewable energy integration [4]. - Avoid unfair competition by regulating the development and management of distributed solar energy, promoting a fair market environment for all investment entities [4].

Core Viewpoint - The air quality in Yangzhou is expected to reach moderate to heavy pollution levels starting February 1, prompting the activation of a yellow alert for heavy pollution weather from January 31 at 10 PM [1] Group 1: Advisory Emission Reduction Measures - Promote green living by maintaining closed doors and windows during air conditioning use, setting summer temperatures above 26°C and winter temperatures below 18°C [3] - Encourage green transportation by using public transport or electric vehicles, and turning off engines after three minutes of idling [3] - Advocate for green consumption by minimizing the use of solvent-based materials that contain volatile organic compounds [3] - Utilize external electricity sources and prioritize low coal consumption power plants for electricity generation [3] - Encourage construction sites and industrial enterprises to stop using machinery that meets national II emission standards [3] - Implement weather modification operations as necessary [3] Group 2: Mandatory Emission Reduction Measures - Industrial enterprises included in the emergency reduction list must implement planned production cuts or shutdowns while ensuring safety [4] - Key enterprises emitting volatile organic compounds must halt all parking and maintenance operations [4] - Ban the operation of diesel trucks that meet national IV emission standards or below in urban areas [4] - Vessels must use shore power while docked according to regional emission control requirements [4] Group 3: Additional Mandatory Measures - Stop outdoor operations at sand and stone factories, stone processing plants, and similar facilities [5] - Cease various construction activities that may generate dust, including earthworks and exterior renovations [5] - Prohibit the transportation of bulk materials that may cause dust pollution unless using compliant vehicles [5] - Implement dust control measures at construction sites and exposed areas, increasing cleaning frequency [5] - Enhance mechanical street cleaning efforts and increase inspections of major air pollution sources [5] - Strictly enforce bans on crop residue burning and the use of fireworks and outdoor barbecues [6]

Group 1 - The core point of the article is that Furong Technology plans to raise up to 300 million yuan through a simplified procedure for a specific audience to fund its green low-carbon aluminum alloy new materials project in Chongzhou City [1] - The company intends to invest 563.85 million yuan in constructing the project, which includes building two workshops, a 25-ton electric melting production line, and four electric extrusion production lines, along with supporting systems [1] - The project aims to produce 40,000 tons of aluminum alloy round ingots and 24,100 tons of aluminum alloy new materials annually, while also upgrading existing production lines to enhance efficiency and sustainability [1] Group 2 - The project will utilize the most advanced international equipment and technology, positioning it as one of the largest green environmental aluminum alloy round ingot production projects in China, setting a benchmark for aluminum melting and casting technology [2] - The initiative replaces natural gas with clean electricity, aligning with national energy-saving and emission-reduction goals, showcasing the company's commitment to social responsibility and positively impacting the industry [2] - Furong Technology is a specialized manufacturer in the aluminum structural components for consumer electronics, supplying major global brands such as Apple, Samsung, Google, Huawei, Xiaomi, VIVO, and OPPO, while also expanding into the new energy and automotive aluminum profile sectors [2]

Core Insights - The article highlights the rapid growth of China's new energy bus exports, projecting over 15,000 units exported in 2024 and 7,629 units in the first half of 2025, surpassing the total for 2023 [1] - The penetration rate of new energy buses in the export market is expected to exceed 18% by 2024, driven by global trends in energy conservation and low-carbon initiatives [3] - BYD leads the new energy bus export market, with 3,933 units exported from January to November 2025, followed by established manufacturers [6] - Nepal and Chile are the primary export destinations, with China exporting 2,711 pure electric buses to Nepal and 2,010 to Chile in the same period [8] - The average export price of pure electric buses is on the rise, reaching $189,000 in the first eleven months of 2025, while the average price for plug-in hybrid buses has slightly decreased to $126,000 [10] Industry Overview - Major listed companies in the new energy bus sector include Yutong Bus, Zhongtong Bus, CRRC, Ankai Bus, Foton Motor, King Long, BYD, Dongfeng Motor, and Changan Automobile [1] - The export volume of new energy buses has shown a consistent upward trend from 2018 to 2024, indicating a robust growth trajectory in the industry [1][3] - The increase in export volume correlates with the growing global demand for environmentally friendly transportation solutions [3]

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 ...

型及広 煤炭/ 煤炭开采 版费 行业 相关研究 近券研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2026 年 01 月 26 日 节前寒潮频繁扰动,有望支撑 委员 娱炭行业周报（2026.1.17-2026.1.23） 本期投资后了 ● 动力煤方面，截至 1 月 23 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500动力煤现货价收报 514、599、685元/吨，环比-8、-9、-10 元/吨。供给端, 据中国煤炭市场网，环渤海四港区本周日均调入量 159.11 万吨，环比上周减少 0.6 万 吨,降幅 0.39%,同比下降 4.12%,产地生产正常,降雪对运输的影响已消除。需求 端,寒潮来 ...

Core Insights - The China Steel Association reported on energy conservation and emissions reduction among its member companies for December 2025, highlighting a mixed performance in energy consumption and emissions metrics [1][2]. Energy Consumption - Total energy consumption of member companies decreased by 6.44% year-on-year - Comprehensive energy consumption per ton of steel increased by 4.44% year-on-year - Comparable energy consumption per ton of steel rose by 2.54% year-on-year - Electricity consumption per ton of steel increased by 6.24% year-on-year - Total electricity usage decreased by 0.46% year-on-year - Total self-generated electricity decreased by 1.42%, with a self-generation ratio of 58.95%, down by 0.57 percentage points - Clean energy generation increased by 46.87%, with wind power generation up by 415.13% and photovoltaic generation up by 42.25% [1]. Water Usage - Total water usage increased by 26,102.77 million cubic meters, a year-on-year increase of 3.56% - Water intake decreased by 179.88 million cubic meters, down by 1.55% year-on-year - Reused water increased by 26,282.66 million cubic meters, a year-on-year increase of 3.64% - Water reuse rate improved to 98.49%, up by 0.08 percentage points - Water intake per ton of steel was 2.55 cubic meters, a year-on-year increase of 10.15% [1]. Wastewater and Emissions - Wastewater discharge increased by 1.66% year-on-year - Chemical oxygen demand, ammonia nitrogen, volatile phenols, total cyanides, and suspended solids in wastewater decreased by 29.06%, 29.09%, 46.38%, 81.04%, and 18.63% respectively - Oil pollutants in wastewater increased by 21.25% year-on-year - Total waste gas emissions increased by 4.41% year-on-year, with sulfur dioxide, particulate matter, and nitrogen oxides emissions decreasing by 16.74%, 3.65%, and 19.35% respectively [2]. Solid Waste Utilization - The utilization rates for steel slag, blast furnace slag, and iron-containing dust remained above 99% - The utilization rates for combustible gases such as blast furnace gas, converter gas, and coke oven gas remained above 98%, with converter gas recovery per ton of steel increasing by 1.66% year-on-year [2].

Core Viewpoint - The project by Penghui Energy represents the largest user-side energy storage project in China, aimed at supporting green aluminum production through renewable energy sources [1] Group 1: Project Overview - The Sichuan Zhongfu 107.12MW/428.48MWh green hydropower aluminum user-side energy storage project has been officially put into operation [1] - The project will supply all its generated electricity directly to Zhongfu Industrial for green aluminum production [1] Group 2: Operational Mechanism - The project utilizes a "two charge, two discharge" operational model along with a peak-valley electricity pricing mechanism to optimize energy consumption and costs [1] Group 3: Environmental Impact - Annually, the project is expected to save nearly 20,000 tons of standard coal and reduce carbon dioxide emissions by approximately 52,000 tons [1] - The reduction in carbon emissions is equivalent to the amount absorbed by about 2.8 million trees in one year [1]

来源：科技日报 针对瓦斯治理精细化发展的瓶颈问题，黑龙江科技大学张保勇教授创新性提出"超长钻孔原位监测胃镜 技术"，支撑"钻孔透明化"的战略构想，有效克服了超长钻孔瓦斯赋存状态、流动规律等关键参数认知 盲区的问题。基于对煤矿地质特征的深度解析，团队突破传统监测技术局限，结合智能算法实现孔内多 物理场耦合分析，能够实时反演出钻孔全孔段瓦斯压力梯度及孔周应力演化等核心数据。 "这一技术的突破不仅使超长钻孔由'黑箱'转变为'明盒'，更为瓦斯高效抽采、灾害预警及智能化开采提 供了科学决策支撑"，保德煤矿通风办主任张迪介绍。 我国著名长钻孔钻进专家李泉新院长表示，超长钻孔原位监测技术拓展了智能钻进叠加效益，为长钻孔 瓦斯治理插上了翅膀。 业内专家认为，该成果的成功应用将有力推动煤矿领域多重战略目标的实现。在瓦斯高效抽采方面，基 于精准瓦斯流动规律模型优化抽采布局，可使瓦斯抽采效率显著提升，促进非常规天然气资源利用。在 安全保障方面，系统能够对超长钻孔煤层瓦斯压力与浓度进行实时监测，识别长钻孔运行状态，为灾害 防治提供前瞻预警，切实提升矿山安全生产水平。在绿色低碳方面，通过高效抽采利用瓦斯（主要成分 为甲烷），可直接减少 ...

Core Viewpoint - Dalian Electric Porcelain's subsidiary, Chaochuang Digital Energy, has integrated energy measurement functions into its energy digitalization business, enabling monitoring and analysis of factory energy consumption data, which helps in formulating energy-saving plans to reduce energy costs and enhance overall energy efficiency [2] Group 1 - The company has invested in photovoltaic systems, charging piles, and demonstration energy storage systems within its production facilities [2] - The energy management system for charging piles and photovoltaic applications is currently being promoted internally within the company [2]