导读 本周山东、浙江、江苏、湖南 等 地均有母基金宣布落地或出资，母基金重点布局人工智能、生物医药、新材料、新能源等领域 。 值得关注的是，本周四川 社保科创基金签约仪式在成都举行，基金规模 200亿元， 重点围绕四川优势产业和战略性新兴产业等领域布局。此外， 中 国诚通第二只百亿创投基金完成设立。 基金设立层面，浙江、云南、陕西等地均有基金宣布设立或落 地，基金主要聚焦人工智能、半导体 、新能源、生物医药、 农业科技 等赛道 。 西安 50亿元半导体产业链发展基金主攻前沿制造领域， 云南20亿农业创业投资基金 瞄准农业科技赛道。此外，总规模10亿元的台州市合成生物产业基金 布局生物医药方向 。 中国诚通第二只百亿创投基金完成设立 30亿，崂山中泰科创产业母基金完成注册 20亿，睢宁县产业母基金完成备案 12月24日，徐州国润产业投资基金（有限合伙）（以下简称"睢宁县产业母基金"或"基金"）成功在中国证券投资基金业协会完成备案，标志着该基 金正式设立并迈入到实质性运作阶段。 睢宁县产业母基金是国盛集团权属企业徐州国盛富瑞资产管理有限公司管理的县域级产业母基金，由睢宁县产业投资集团有限公司发起设立。基金规 模2 ...

新能源公司2025全年实际发电量预计超7000万kWh，减排二氧化碳预计超2.90万吨，节约标煤预计超 1.93万吨。随着2025年度新建光伏项目的顺利并网，新能源公司实际经营管理的光伏电站规模将累计达 约67.3兆瓦，未来年均发电量约占上海地铁轨道交通路网用电总量的2.5%。下一步，新能源公司将继续 拓展光伏应用场景，提升可再生能源比例，让绿色成为上海地铁的鲜明底色。 格隆汇1月4日丨申通地铁(600834.SH)公布，截至2025年底，公司全资子公司上海地铁新能源有限公司 于2025年度投建的4.9兆瓦分布式光伏项目已全部并网发电，共涉及上海地铁4号线蒲汇塘，5号线莘 庄，11号线赛车场，13号线北翟路，17号线朱家角等5个基地，上述项目预计未来年均发电量约520万 kWh，减排二氧化碳约0.22万吨，节约标煤约0.15万吨。 ...

银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：小讯 为积极响应国家"双碳"战略，推动能源结构绿色转型，兴业银行厦门分行近日成功落地分行首笔光储充 一体化项目贷款。该项目集光伏发电、储能系统与充电设施于一体，构建起多能互补、高效协同的清洁 能源体系，为厦门市新能源产业发展注入新动能。 光储充一体化项目是当前新能源领域的重要创新实践。本笔业务所支持的项目建成后，预计年发电量将 超270万千瓦时，每年可节约标准煤超1000吨，减少二氧化碳排放超2700吨，环境效益显著。同时，该 项目还为所在园区车位配套充电桩及储能设备，通过智慧能源管理系统实现电能双向互动与动态调配， 有效提升新能源消纳能力，缓解电网负荷压力，为绿色出行提供坚实保障。 下阶段，兴业银行厦门分行将进一步深化绿色金融创新，探索更多"新能源+"场景应用，以金融活水浇 灌实体经济绿色转型，为厦门高质量发展贡献更多"兴"力量。 ...

Market Overview - The market is expected to experience style differentiation as it approaches the Spring Festival, maintaining a structural trend under narrow fluctuations[4] - Key focus areas include the release of December and annual economic data in late January and a concentrated period of earnings forecasts[4] Investment Strategy - The strategy emphasizes three main lines: 1. High-growth and high-elasticity sectors, including AI hardware (e.g., optical modules), energy storage, lithium batteries, and non-ferrous metals[4] 2. Market hot tracks such as commercial aerospace, robotics, and cultural tourism[4] 3. Low-position large financial sectors, focusing on high-certainty performance in brokerage, insurance, and banks with dividend expectations[4] Recommended Stocks - **Metals**: Yun Aluminum Co., Ltd. (000807.SZ) with a projected EPS of 1.87 in 2025 and a PE of 17.6[28] - **Chemicals**: Yara International (000893.SZ) with a projected EPS of 2.06 in 2025 and a PE of 23.3[28] - **New Energy**: Slin Smart Drive (301550.SZ) with a projected EPS of 1.32 in 2025 and a PE of 105.0[28] - **Machinery**: Hengli Hydraulic (601100.SH) with a projected EPS of 2.19 in 2025 and a PE of 50.2[28] - **Aerospace**: AVIC Xi'an Aircraft Industry Group (000768.SZ) with a projected EPS of 0.42 in 2025 and a PE of 60.3[28] - **Banking**: Jiangsu Bank (600919.SH) with a projected EPS of 1.76 in 2025 and a PE of 5.9[28] - **Non-Banking**: New China Life Insurance (601336.SH) with a projected EPS of 11.82 in 2025 and a PE of 5.9[28] - **Social Services**: Jin Jiang International (600754.SH) with a projected EPS of 0.89 in 2025 and a PE of 28.3[28] - **Electronics**: Dongshan Precision (002384.SZ) with a projected EPS of 0.77 in 2025 and a PE of 109.8[28] - **Telecommunications**: Zhongji Xuchuang (300308.SZ) with a projected EPS of 9.47 in 2025 and a PE of 64.4[28] Risk Factors - Economic recovery may fall short of expectations, leading to slow growth or stagnation[34] - Significant changes in individual stock fundamentals could adversely affect performance[34]

另一边，固收+基金年内爆款频出，不少投资者陷入纠结。这些热门品类该如何取舍，今天就逐一捋清 楚。 哈喽，大家好，今天小墨这篇评论，主要来分析金银大跌背后的真相，还能持有吗？能源金属和固收 +怎么选？ 近期投资市场可谓冰火两重天。锂和电池相关品种逆势走强，以白银为首的贵金属却迎来剧烈波动，短 短一个月内白银先大涨超50%再大幅回调。 金银近期的大跌，让不少持仓投资者慌了神。但梳理市场核心逻辑就能发现，这次下跌更多是短期情绪 宣泄，而非长期趋势逆转。 据证券日报12月7日报道，中国央行已连续13个月增持黄金，11月末黄金储备达7412万盎司，较10月增 加3万盎司。这种持续增持的动作并非个例，全球多个新兴市场国家都在"去美元化"背景下加大黄金配 置。 金银大跌 更直观的是，银行理财市场正在密集布局黄金相关产品。中国理财网数据显示，截至12月30日，名称 含"黄金"的银行理财产品已达52只，仅12月就有7只新品成立，招银理财、光大理财等机构均有布局。 某国有银行客户经理透露，近期咨询黄金理财的客户明显增多，即便经历大跌，仍有不少客户选择逢低 小额加仓。 黄金上涨的核心逻辑并未改变。美国债务规模持续膨胀，美元信用长期 ...

Core Conclusions - The global AI computing competition is intensifying, with xAI planning to enhance its training computing power to 2GW, recommending companies like Dongfang Electric and Sifang Co. for AI data center support [1] - Blue Arrow Aerospace's IPO application has been accepted, indicating a thriving commercial aerospace sector, with recommendations for companies like Goldwind Technology and Maiwei [1] - The opening of JD×Yushu's first national store in Beijing marks a significant step in the commercialization of robotics, with recommended companies including UBTECH and Wuzhou New Spring [1] Group 1: Silver Price and HJT Battery - Silver and polysilicon futures have reached new highs, potentially improving the cost-effectiveness of HJT and BC battery technologies [2] - Recommended stocks in the solar storage sector include Aiko and Foster, with a focus on companies like Dongfang Risen and Dike [2] Group 2: New Energy Installation and Pricing Mechanisms - New energy installations continue to rise, supported by improved electricity pricing mechanisms and transmission channels, with projects like the Shandong Dengzhou Station receiving approval [2] - Recommended companies in the power equipment sector include Pinggao Electric and Shunhua Power, with a focus on TBEA [2] Group 3: Electric Vehicle and Consumer Electronics Demand - The introduction of a new subsidy policy for replacing old vehicles is expected to boost demand for electric vehicles and consumer electronics, with subsidies of up to 15% for certain products [3] - Recommended companies in the electric vehicle sector include CATL and EVE Energy, with a focus on companies benefiting from overseas markets [3] Group 4: Offshore Wind Power Development - Two large offshore wind power projects in China have achieved full capacity grid connection, indicating rapid development in the offshore wind industry [3] - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3] Group 5: Energy Storage Capacity Compensation Mechanism - Gansu Province has officially released a compensation mechanism for energy storage capacity, set at 330 RMB/kW·year, which is expected to maintain high industry prosperity [4] - Recommended companies in the energy storage sector include Sungrow Power and EVE Energy [4] Group 6: Market Trends and Price Changes - The overall sales of major domestic new energy vehicle companies increased by 15.13% year-on-year in 2025, with a total delivery of 7.42 million vehicles [9] - Prices for lithium salts and nickel have risen, with battery-grade lithium carbonate reaching 118,500 RMB/ton, up 5.90% week-on-week [21][24]

透着墨香的新日历摆上桌，才发现旧的那本已经悄悄翻完了一整年。细数过去一年的朝暮与行止，"新 青年"与你一路相伴，青年的身影在时光里跃动。 青年们用担当扛起时代的责任，社会则用温暖的注目托举起他们的梦想。"十五五"规划建议里提到了很 多年轻人关心的事，"积极培育新职业新岗位，支持企业稳岗扩岗""畅通高校、科研院所、企业人才交 流通道""落实生育休假制度"等，都将为青年逐梦之路注入动力。 日历一页页翻过，时代也悄悄递上了新考题。从新能源到具身智能，从智慧城市建设到银发经济蓝海， 这些不断解锁的新领域、新赛道，既需要年轻人去闯、去试，也得靠社会方方面面当好"助梦搭子"，把 规则摆得更公平、机会分得更均等、渠道铺得更通畅。 愿每个年轻人的脚步都能踩准时代的节奏，把自己的专业本领和时代需求精准匹配；愿每份真心的担当 都能收到热烈的回响，在新时代新征程中校准职业规划。青年与社会双向奔赴、互相成就，在日新月异 的时光里，一起写下属于这个时代的青春故事。（易舒冉） 《人民日报》（2026年01月04日05版） 责编：秦雅楠、王瑞景 从2025年的步履不停，到2026年的崭新出发，青年为梦想拼过、闯过、哭过、笑过。他们曾站在毕 ...

摘要 作为钠电池的定义者和产业拓荒者，中国企业或将改写世界能源体系。 几乎在同一个月内，海辰储能、亿纬锂能（维权）、宁德时代三大锂电巨头在十四五收官之际，相继落 笔了钠电商业化蓝图与野心。 现阶段，锂电巨头们给出的较为清晰的路径分别为AIDC与动力市场。 具体来看，海辰储能与亿纬锂能都公布了钠电在AIDC场景的应用方案，并着手建设相关产能；宁德时 代则选择在换电、乘用车、商用车等动力领域布局，并率先发布了钠离子商用车启停与乘用车动力产 品。 巨头们纷纷涌入，不仅是对钠电技术与市场的重塑与定义，更是将钠电抬上了叙事更宏大、需求更广阔 的新能源大舞台。 钠电产业化"守夜"三年，巨头们此轮更加实质性的布局，是否将敲响拂晓之钟？这个答案，可能藏在钠 电会在哪个应用场景更快实现规模化商业落地。 其背后，与未来庞大的电力市场与全场景电动化对多元材料、多元形态电池需求有关。而钠电池在差异 化性能、远期成本、原材料供应稳定等优势上，不仅成为锂电池的有效补充，并逐步打开了独立市场。 一是，锂电池主材集体涨价，并以碳酸锂涨价为主要焦点，但走势并稳定。其12月26日的期货价格突破 13万元/吨，又在29日跌破12万元/吨。 而面对 ...

Core Insights - The total electricity consumption in Wuhan for 2025 reached 85.712 billion kilowatt-hours, reflecting a year-on-year growth of 4.76% compared to 2024, indicating robust resilience in the economy [1] - The electricity consumption data highlights a shift in Wuhan's economic direction, with significant growth in sectors such as new energy vehicle manufacturing and internet data services, which saw year-on-year increases of 71.9% and 240.6%, respectively [1] Industry Electricity Consumption - The secondary industry experienced a year-on-year electricity consumption growth of 5.53%, with manufacturing seeing a notable increase of 7.57%, surpassing the average growth rate [1] - The automotive manufacturing sector's electricity consumption grew by 13.05%, with new energy vehicle manufacturing leading with a 71.9% increase, underscoring Wuhan's position as a leader in the electrification transition [1] - The computer, communication, and other electronic device manufacturing sectors also reported a 14.29% increase in electricity consumption [1] Service Sector Growth - The third industry, particularly internet data services, exhibited a remarkable surge in electricity consumption, soaring by 240.6%, highlighting the explosive growth of Wuhan's digital economy industry cluster [1] Infrastructure Development - In 2025, the State Grid Wuhan Electric Power Company focused on creating a modern electricity business environment, implementing a "dual long system" for major project connections, facilitating immediate project commencement and electricity access [3] - The construction of the large power grid continued, with the commissioning of two 500 kV substations, injecting strong momentum into regional economic development [3] - The company also executed 20 key projects for grid optimization and reinforcement, ensuring timely completion of 165 summer peak power supply projects [3] Changes in Electricity Structure - The growth rate of electricity consumption for urban and rural residents reached 3.84%, which is lower than the overall societal growth rate, while the electricity consumption for charging and swapping services increased by 17.4%, reflecting a rise in citizens' willingness for green travel [3]

来源：中国能源网 国金证券近日发布有色金属行业研究：铜供给端中长期资本开支不足，新增项目兑现难度较高，在复产 不及预期的情形下，2026年全球铜矿供给或呈现零增长甚至负增长；需求端，AI算力扩张通过电力系 统放大用铜需求，美国电网投资加速推进，供需错配持续扩大。在此背景下，2026年全球铜供需缺口保 守预计约83万吨，铜价需通过上涨抑制需求以维持平衡，价格中枢有望显著上移，高点或将突破1.3万 美元/吨。 以下为研究报告摘要： 投资逻辑： 稀土：供改和抢出口有望共振。进口重稀土矿加工费进一步上涨，表明行业内买家大幅减少，冶炼端出 清信号显著、供改有望进一步推进；磁材出口景气，外部驱动的"抢出口"有望兑现。稀土供需有共振， 板块继续看多。 锑：有望第二次内外同涨。出口修复预期逐步增强，待出口窗口打开有望释放外需弹性；海外缺口较 大，因而资金集中进场的背景下海外锑价亦有望上行；我们看好锑价第二波内外同涨。 锡：重视新高前的布局机会。全球锡供给扰动频发，印尼取缔非法矿行动或较大程度抵消缅甸复产增 量；全球锡锭库存低位，供需缺口有望进一步扩大，锡铜比仍有上行空间；看好锡价创历史新高。 钨：价格有望持续新高。得益于供应 ...