Investment Rating - The report does not explicitly state an investment rating for the photovoltaic industry. Core Insights - The global consensus on addressing climate change has led to significant international agreements, including the Paris Agreement, which aims to peak carbon emissions before 2030 and achieve carbon neutrality by 2060 in China [6][10]. - The establishment of a carbon footprint management system is prioritized in key sectors such as electricity, steel, and photovoltaics, with a focus on developing accounting rules and standards [11]. - The report highlights the challenges faced by the photovoltaic industry due to international green trade barriers, which include increased import costs and local protectionism [13][15]. Summary by Sections 1. Global Climate Governance in the Photovoltaic Sector - Climate change has become a global consensus, with various international agreements setting ambitious targets for carbon emissions reduction [6][10]. - China aims to peak carbon emissions before 2030 and achieve carbon neutrality by 2060, with policies being implemented to support this transition [10]. 2. Construction of Carbon Footprint Accounting Platform for Photovoltaic Products - The report outlines the development of a carbon footprint accounting platform aimed at standardizing the measurement and reporting of carbon emissions in the photovoltaic sector [34][35]. - The platform will utilize localized carbon emission factors and data from industry surveys to ensure accuracy and relevance [34]. 3. International Practices in Carbon Footprint Standards for the Photovoltaic Sector - Various international regulations and standards have been established to govern carbon footprints, including the EU Battery Regulation and the Clean Competition Act in the US, which impose requirements for carbon footprint declarations [79][80]. - The report notes discrepancies in functional units and system boundaries across different standards, which complicates accurate carbon footprint calculations [80][81]. 4. Challenges Faced by the Photovoltaic Industry - The photovoltaic industry is encountering significant challenges due to rising international green trade barriers, which include tariffs and local content requirements that increase costs for foreign products [13][15]. - The report emphasizes the need for the industry to adapt to these barriers while maintaining competitiveness in the global market [17]. 5. Development of Photovoltaic Industry Database - The report discusses the establishment of a comprehensive database for the photovoltaic industry, which aims to integrate various carbon emission factors and lifecycle data to support carbon footprint assessments [60][61]. - The database will facilitate better data quality and standardization, aligning with international standards to enhance credibility and acceptance [60][61].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025, the precious metals market witnessed a spectacular bull market driven by multiple factors such as the evolution of the global monetary system, geopolitical risks, and supply - demand imbalances. In 2026, the precious metals market will be jointly driven by macro - financial attributes and industrial supply - demand fundamentals, with significant differentiation among varieties [4][97]. - The safe - haven attribute of precious metals is shifting from the traditional model to hedging against sovereign credit risks. The currency attribute is affected by factors like inflation, employment, and central bank monetary policies. The commodity attribute is characterized by structural changes in supply and demand for different precious metals [19][27][68]. 3. Summary by Directory 3.1 Market Review - In 2025, all four major precious metals (gold, silver, platinum, and palladium) soared. Gold continued its bull market, silver and platinum doubled in value, and the precious metals sector became the most outstanding asset class. The market's rise was phased, with gold leading in Q1, silver emerging in Q2, and platinum and palladium surging in Q3 and Q4 [4]. - Gold reached a record high of over $4500 per ounce, with a nearly 70% annual increase. Silver was the star performer, rising over 140%. Platinum and palladium also had significant gains, with platinum up about 160% and palladium over 100% [8][10][14][17]. 3.2 Evolution Logic of the Safe - Haven Attribute - The safe - haven function of precious metals is shifting from traditional geopolitical and economic recession hedging to hedging against the sustainability of sovereign currency credit, especially the US dollar. This is due to the weakening of the US dollar credit and the multi - polarization reconstruction of the global monetary system [19]. - Different precious metals show different safe - haven attributes. Gold is most directly related to sovereign credit concerns, while silver reflects both safe - haven sentiment and industrial cycle changes, and platinum and palladium are more closely related to specific industry trends [21]. - The US debt situation, policy uncertainty, and the potential for a significant correction in the US stock market may increase the safe - haven value of precious metals. However, if geopolitical tensions ease or AI technology boosts productivity, the safe - haven attribute may weaken [23][25][26]. 3.3 Evolution Logic of the Currency Attribute - In 2026, global inflation is expected to continue its moderate decline, but there are significant regional differences. US inflation remains sticky, with a complex "U - shaped" or wave - like downward trend, while the eurozone's inflation problem is basically resolved [27][33][36]. - The US employment market is expected to remain weak in 2026, with low job growth and a rising unemployment rate. This will put pressure on the Fed's decision - making [41][42]. - The Fed is expected to cut interest rates in 2026, but the pace will be extremely slow, and the first cut may be later than market expectations. The difference in interest - rate cut expectations between the Fed and non - US central banks will affect the US dollar index and precious metals prices [52][59][60]. 3.4 Evolution Logic of the Commodity Attribute - In 2026, gold demand is expected to be driven by strategic allocation, with official and institutional investors playing a key role. Supply is facing long - term structural constraints, such as limited growth in mining and reduced elasticity in recycling [68][70]. - The silver market has been in a supply shortage for five consecutive years, and the gap is expected to widen in 2026. Supply growth is highly inelastic, while demand is driven by industrial needs and investment [73][74][75]. - The platinum market is expected to reach a tight balance in 2026, but the underlying support is fragile. Any unexpected supply disruption or demand surge may break the balance [79]. - The palladium market is expected to shift from a supply shortage to a surplus in 2026, driven by the decline in automotive demand due to electrification and a marginal increase in supply [80][81]. 3.5 Dynamic Combination Analysis of Fundamental and Technical Aspects - London gold has been in a long - term upward trend. It is expected to continue rising until the Fed hints at the end of interest - rate cuts in mid - 2026. Attention should be paid to the pressure at $4830 - 5000 and the support at $4000 [84][85]. - London silver is expected to have high volatility. It is recommended to focus on the pressure at $100 - 120 and the support at $58 [88][89]. - London platinum has entered a new cycle. Pay attention to the pressure at $3000 - 3300 and the support at $1760 [91]. - London palladium is in a long - term re - balancing phase. Focus on the pressure at $2080 - 2480 and the support at $1480 [95]. 3.6 Future Market Direction from the Perspective of Long - Short Game - In 2026, the precious metals market will continue to be strong, but there will be significant differentiation among varieties. Gold will be the most stable, silver will have high price elasticity, platinum has great potential, and palladium is expected to be the weakest [97]. 3.7 Overview of the Domestic Precious Metals Industry Chain - In the first three quarters of 2025, domestic gold production increased, with both domestic and imported raw materials contributing. Gold consumption decreased, but there were differences among different product categories. China has been increasing its gold reserves for strategic reasons [98][100][102]. - Major domestic gold enterprises have different production plans and characteristics. For example, Zijin Mining is the largest producer with a high proportion of overseas output, and Shandong Gold has rich resource reserves in the Jiaodong gold belt [103].

12月26日，以 "新开局、新动能、新征程" 为主题的 "启航・2025 金融峰会" 在北京举办，由金融界主 办，汇聚监管部门、行业协会、金融机构、上市公司及媒体等领域数百位嘉宾。会上，第十四届金融界 "金智奖" 揭晓，荣耀凭借产品创新、用户体验与社会责任的突出表现，斩获 "消费者信赖产品" 奖项， 彰显智能终端领域的消费者认可度。 "金智奖" 旨在树立高质量发展标杆，引导企业聚焦主业、创新践行社会责任。本届评选紧扣 "十五五" 规划建议中 "提升上市公司质量" 要求，拆解为社会责任、实业贡献等六大维度，以财务数据和公开信 息建立量化模型，覆盖A、港、中概股超8000家企业，最终评选出近200家获奖企业。 绿色运营与绿色伙伴合作四大抓手，2024年累计减少温室气体排放约1497吨，150款产品通过环保等级 认证。在无障碍领域，屏幕朗读、AI字幕等功能已累计惠及数百万用户，让不同群体都能平等享受科 技红利。 展望未来，荣耀将持续坚守 "创新如一、品质如一、服务如一" 的核心战略，以用户为中心，深度推进 AI技术创新与生态协同升级，为全球消费者提供设计惊艳、性能卓越、体验超凡的产品与服务。依托 阿尔法战略，荣耀将 ...

21世纪经济报道记者雷椰 李德尚玉 北京报道 岁末年终，市场翘首以盼的首批国家级零碳园区建设名单终于出炉。 零碳园区建设是一项创新性工作。2024年中央经济工作会议要求"建立一批零碳园区"，2025年政府工作报告再次作出明确部署。6月，国家发展改革委、工 业和信息化部、国家能源局等部门印发《关于开展零碳园区建设的通知》（发改环资〔2025〕910号，以下简称《通知》），提出了加快园区用能结构转型 等8方面重点任务，以及国家级零碳园区建设"1项核心指标+5项引导指标"的指标体系。 12月26日，国家发展改革委发布首批国家级零碳园区建设名单，共纳入52个园区。首批名单实现31个省（区、市）和新疆生产建设兵团全覆盖，每个地区至 少有1个园区入选，部分工作基础较好、新能源资源禀赋较好的地区入选的园区适当增多。值得注意的是，此次发布的是"国家级零碳园区建设名单"，未来 还要进行验收，园区达到了指标要求才能真正作为国家级零碳园区。 "此外，首批国家级零碳园区是应对绿色贸易挑战的桥头堡。现在国际市场上，低碳或零碳已经成了国际贸易和供应链的通行证。零碳园区可溯源的能源供 应系统和全流程碳足迹管理体系，能帮企业把产品碳足迹算得 ...

Group 1 - The core viewpoint of the news is the significant increase in various renewable energy indices, indicating a strong market interest and potential growth in the sector [1][2]. - The China Securities New Energy Index rose by 6.7%, the National Securities New Energy Battery Index by 6.5%, the China Securities Photovoltaic Industry Index by 5.4%, and the China Securities Shanghai Carbon Neutrality Index by 4.6% during the week [1][2]. - The inflow of funds into related ETFs was notable, with the E Fund New Energy ETF (516090) receiving a net inflow of 260 million yuan and the Energy Storage Battery ETF (159566) receiving 57 million yuan [1]. Group 2 - According to CITIC Securities, the long-term electricity contracts in 2026 will require time-segmented and curve-based signing, linking user-side time-based electricity prices to the spot market, indicating a deepening of electricity market reforms [1]. - The current electricity system is facing significant capacity shortages, which are approaching a critical point, potentially supporting the long-term development of energy storage [1]. Group 3 - The National Securities New Energy Battery Index focuses on the energy storage sector, comprising 50 companies involved in battery manufacturing, energy storage battery inverters, and related fields, which are expected to benefit from future energy development opportunities [3]. - The China Securities Photovoltaic Industry Index represents a strong segment of future energy, consisting of 50 representative companies across the photovoltaic industry chain [3]. - The China Securities Shanghai Carbon Neutrality Index includes 100 stocks from clean energy and high-carbon reduction potential sectors, indicating a focus on carbon neutrality [3].

来源：新浪证券-红岸工作室 12月26日，龙源电力跌0.13%，成交额5530.84万元，换手率0.07%，总市值1278.22亿元。 异动分析 绿色电力+抽水蓄能+新疆振兴+风电 1、龙源电力集团股份有限公司的主营业务是风力、光伏发电。公司的主要产品是电力、热力。 风力、 光伏发电。 2、龙源电力与黑龙江省铁力市人民政府签订353万千瓦新能源发电项目合作开发框架协议。根据合作协 议，由龙源电力与新农创投资发展有限公司联合成立龙源盛达合资公司，并与铁力市政府展开合作，共 同开发300万千瓦抽水蓄能项目。 3、公司在新疆的在运风电装机容量为159.08万千瓦。 4、公司主要从事风电场的设计、开发、建设、管理和运营。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-259.58万，占比0.05%，行业排名54/102，连续3日被主力资金减仓；所属行业主力净流 入9541.55万，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入-259.58万-369.58万-431.25万-1707.19万-1695.72万 主力持 ...

Core Viewpoint - The establishment of the China Renewable Power Infrastructure LPF aims to support the development of a new energy system in China during the 14th Five-Year Plan period, focusing on attracting international and private capital [1] Group 1: Fund Details - The fund is launched by CICC Capital and Huaneng Investment, and it has completed its first closing in mid-2023 [1] - It is structured as a Hong Kong Limited Partnership Fund (HKLPF), with CICC as the general partner and manager, and Huaneng Investment as the investment advisor [1] - The fund's investors include several suppliers to Apple Inc. [1] Group 2: Investment Goals - The fund aims to achieve both financial returns and green equity, providing funding support for renewable energy projects in China, including those in early development stages [1] - It is projected that by 2030, the fund will contribute to an annual increase of 1 million megawatt-hours of clean electricity in the country through its investments [1] Group 3: Strategic Importance - CICC's mission reflects a commitment to support high-level opening-up and high-quality development strategies in China, facilitating the green investment of large multinational groups in the country [1] - The establishment of the fund underscores the mutual benefits of international capital and domestic economic growth [1]

Core Viewpoint - The establishment of the China Renewable Power Infrastructure LPF aims to support the development of a new energy system in China during the 14th Five-Year Plan period, focusing on attracting international and private capital [1] Group 1: Fund Details - The fund is initiated by CICC Capital and Huaneng Investment, and it has completed its first closing in mid-2023 [1] - It is structured as a Hong Kong Limited Partnership Fund (HKLPF), with CICC as the general partner and manager, and Huaneng Investment as the investment advisor [1] - The fund's investors include several suppliers to Apple Inc. [1] Group 2: Investment Goals - The fund aims to achieve both financial returns and green equity, providing funding support for renewable energy projects in China, including those in early development stages [1] - It is projected that by 2030, the fund will contribute to an annual increase of 1 million megawatt-hours of clean electricity in the country through its investments [1] Group 3: Strategic Importance - CICC's mission is rooted in connecting China with the world, actively serving Chinese enterprises in their global expansion and facilitating the introduction of international capital [1] - The establishment of this fund reflects CICC's long-term commitment to supporting China's high-level opening-up and high-quality development strategy, enhancing the green investment landscape for multinational corporations in China [1]

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 2026锂电关键材料及应用市场高峰论坛 会议背景 会议主办： 鑫椤资讯 会议时间： 2026年3月19-20日 会议地点： 江苏·常州 会议咨询： 13248122922（微信同） 据鑫椤资讯的预测，2025年全球锂电池产量将达到2250Gwh，2026年的增长率将达到30%，其中储能 领域增速更是有望达到48.3%，呈现出"海内外需求双轮驱动、上下游产业链协同爆发"的盛况。如此爆 发式的市场需求，对电芯及上游四大主材的需求产生了巨大的拉动作用。 然而，从当前有效产能情况来看，电芯及各种材料的远期供应存在着一定的缺口。面对明确的供应缺 口，如何保障稳定、高效的供应链，将成为抓住这轮确定性增长的关键。 为把握锂电行业这一轮发展机遇，鑫椤资讯将于 2026年3月19日-20日 (19日报到)举办 2026锂电关键 材料及应用市场高峰论坛 。本届论坛将聚焦三大核心议题： 一：前沿技术及市场供需深度研讨 会议设置"锂电关键材料主论坛"、"动力电池用关键材料分论坛"和"储能电池用关键材料分论坛"三大专 题论坛，邀请专家 ...

12月26日，碳中和50ETF（159861）涨超1.3%，电力设备需求与技术迭代受关注 东兴证券指出，2026年国内风电装机有望维持高位，随着"反内卷"订单陆续交付及中标价止跌企稳，产 业链利润将迎来整体修复。全球海上风电在技术迭代和政策支持下加速扩张，海上风电基础工程、海缆 等核心环节将直接受益需求扩容；同时海外需求起量，国内企业凭借供应链优势推动出海进程持续提 速。光伏行业在政策端与市场化机制合力推动下，"反内卷"成效显现，硅料端整合深化，落后产能加速 退出，行业格局优化与储能高景气将成为核心主线。电池环节市场格局清晰，26年有望迎来涨价周期， 收入与利润同步上升，并受益于储能需求超预期及新技术催化；材料环节重点关注供需格局优化、铁锂 正极出海及半固态电池产业化机遇。锂电产业链已走出周期底部，需求端维持超预期高增长，产业链价 格企稳回升，6F、电解液等环节已出现供应紧张，头部企业接近满产，行业景气度持续回升。 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中选取涉及清洁能 源、节能减排、环境治理等业务的上市公司证券作为指数样本，以反映环境保护相关上市公司证券的 ...