Core Viewpoint - Technological leadership is the primary factor for globalization in the solar industry, with China's photovoltaic sector significantly contributing to global energy transition [1]. Group 1: Technological Advancements and Cost Reduction - Over the past 15 years, the cost of solar power has decreased by 95%, making it the cheapest energy source in most countries today, thus supporting global energy transition and carbon neutrality [1]. - China currently accounts for 80% of global solar module production [2]. Group 2: Contribution to Sustainable Development - China's photovoltaic industry supports global energy transition and contributes to sustainable development, producing approximately 500GW of solar modules annually, which requires about 200 billion kWh of electricity, equivalent to the output of 25 nuclear reactors [3]. Group 3: International Expansion Strategy - The strategy for Chinese companies to "go global" should prioritize technological leadership, emphasizing that the technology exported is the best available [3]. - Hong Kong serves as an effective intermediary platform for companies to collaborate with overseas funds and secure capital support during international expansion [3].

继储能订单出海热潮后，中东凭借能源转型决心与战略区位优势，成为中国锂电产业产能出海的核心阵地。国内龙头企业已率先启动全产业链 布局，与中东储能市场的爆发需求形成深度共振。 据起点锂电观察，目前已经有至少4家锂电龙头企业有所动作。 电池端， 楚能新能源 率先发力，从公开信息显示，这将是 楚能新能源海外首个合资的储能电池厂。 1月18日外媒消息显示，楚能新能源与埃及工业制造企业Kemet签署了合作协议，双方将合作在埃及建设一座储能电池工厂。根据协议，该储 能电池工厂的核心技术将由楚能新能源提供，项目投资2亿美元， 工厂建成后预计年产能可达5GWh 。 就在两天前，1月16日， 楚能新能源官宣与埃及WeaCan、Kemet签署战略合作协议。其中 楚能新能源 作为技术与产品核心供应方， 将分 阶段供应总计达6GWh的高品质储能产品； WeaCan和Kemet将作为项目落地的核心推动方，依托其在埃及本土深厚的行业资源与成熟的项 目运作经验，全面负责应用场景对接、政府审批协调、电网接入支持及本地化运营服务。 可以判断，楚能新能源合资的电池产能将主要配套 WeaCan、Kemet的市场需求，有利于其全球储能份额的持续提升。 ...

大会将邀请 300余位各界代表齐聚交流。参会嘉宾涵盖政府机构领导、国际组织代表、院士专家、行业领军企业负责人、科研机构学 者及金融界人士，构建起跨领域、多层次的交流对话平台。围绕"AI 驱动中国能源系统转型""新型电力系统AI应用""能源决策智能 化"等重大议题发表主旨演讲，分享前沿观点与实践经验。 大会由 1场主论坛和2场闭门研讨会构成，主论坛将于中国能源报官方网站、微信、抖音等账号同步直播。全方位展现AI与能源产业融 合发展的最新成果与未来方向。圆桌对话环节将聚焦"大国能源治理现代化""AI在传统能源与新能源领域的应用"等核心议题，邀请政 产学研用代表深入研讨，凝聚发展共识。同时，大会还将举行"AI+能源绿色产业万里行"" 中关村 （ 海淀 ） AI数字能源产业园 "" 2026年中国—非洲经贸博览会（摩洛哥专场 ） "等多项重要启动仪式，推动一批重大合作项目落地，构建开放包容的创新生态。两场 平行闭门研讨会将分别围绕"商业模式落地与安全监管协同""数据治理关键问题与解决方案"展开深度研讨，破解体制机制与技术壁 垒，推动产业融合从"简单叠加"迈向"化学反应"。 此次 AI+能源发展大会的举办，既是响应全球 ...

Core Viewpoint - Blackstone is strategically expanding its workforce in Asia to capitalize on the growing private wealth market, with a focus on key regions such as Japan, Australia, and South Korea [2][5]. Group 1: Blackstone's Growth and Strategy - Blackstone has over $1.2 trillion in assets under management and has seen a 15% year-over-year growth in its private wealth management segment, which has tripled in size over the past five years to reach $290 billion [3][4]. - In Q3 2025, Blackstone raised over $11 billion through its private wealth platform, more than double the amount raised in the same period last year, marking the highest level in over three years [4]. - The company plans to focus on multi-asset investment opportunities in 2026, expanding distribution channels in major global markets [4][6]. Group 2: Investment Performance and Market Outlook - Blackstone reported a record inflow of $540 billion in Q3 2025, with a total of $2.25 trillion in inflows over the past 12 months, pushing its assets under management to a new high of $1.24 trillion [6]. - The firm achieved $306 billion in investment exits in a single quarter, the highest in five years, and is poised for a potentially record-breaking year in IPOs [6][7]. - Blackstone is focusing on key investment themes such as digitalization, artificial intelligence, and energy transition, indicating a proactive approach to market opportunities [7][8].

1月26日，北京海博思创科技股份有限公司与大同市政府正式签署合作协议。双方将围绕智 能制造、独立储能电站等重点领域，开展全方位、深层次的合作，共同推动大同市新能源 产业结构优化与提升，助力区域能源转型与可持续发展。 自2023年海博思创储能装备产业园落户大同以来，双方合作持续深化，结出累累硕果。 海博思创 大同智能制造基地2025年实现产值跨越式增长，二期建设稳步推进，相关储能电站项目也取得阶 段性重要进展，充分体现"大同速度"与"大同服务"的高效与温度。 展望未来，海博思创将充分发挥作为储能行业龙头企业的带动作用，推动更多优质项目、先进技 展望未来，海博思创将充分发挥作为储能行 龙头企 的带动作用，推动更多优质项目、先进技 术与创新模式落地大同。海博思创将与大同市同频共振，携手构建储能产业生态圈，集聚产业链 上下游优质企业协同发展，全力将大同打造成储能产业发展的高地。 签约仪式上，大同市委副书记、市长刘俊义表示，近年来，大同始终锚定能源赛道，以构建新型 能源体系为目标，以深化项目建设为重要抓手，多措并举扎实推动能源转型。 海博思创项目与大 同市产业发展规划高度契合，希望双方以此次签约为新起点，在制造基地、储 ...

铜价高位回调：1#铜价下跌810元至101,690元/吨。在昨日大幅上涨后，今日价格承压回落。尽管LME 库存持续下降提供长期支撑，但春节前备货接近尾声，社会库存有所累积，加之宏观情绪降温，共同导 致短期价格调整。 铝价稳健震荡：A00铝价小幅下跌160元至23,870元/吨，回调幅度相对有限。其走势凸显强劲基本面支 撑，全球显性库存处于历史低位，叠加新能源等领域需求旺盛，预计铝价中期上行趋势未改。 锌价逆势走强：1#锌价上涨40元至24,670元/吨，成为日内唯一上涨品种。内外盘联动上涨，主要受海 外矿山供应扰动、国内冶炼检修预期以及节前部分补库需求支撑，低库存格局为价格提供了弹性。 铅价区间整理：1#铅价下跌100元至17,050元/吨，走势相对平稳。市场缺乏突出矛盾，原生与再生铅供 应稳定，而需求端增长动力不足，使其短期主要受宏观情绪及板块联动影响。 锡价大幅调整：1#锡价暴跌10,500元至426,500元/吨，领跌有色板块。上期所调低该品种日内开仓限 额，直接抑制了投机热情，导致资金迅速离场。尽管全球锡矿供应长期偏紧，但短期半导体需求复苏缓 慢，价格波动因此被放大。 镍价显著承压：1#镍价重挫5,4 ...

Core Insights - The essence of ESG has shifted from being a public relations tool to a revenue-driven business consideration, with corporate motivations evolving significantly over the past decade [2][15][47] - Companies are increasingly viewing revenue growth as the primary reason for investing in sustainability initiatives, despite a decrease in perceived benefits from public ESG declarations [2][16][48] - The urgency for businesses to engage in decarbonization is underscored by regulatory commitments from Asia-Pacific governments, with China targeting net-zero emissions by 2060 [5][19][50] ESG and Business Strategy - The integration of ESG into core business operations is essential, requiring alignment with performance metrics and governance structures [11][33][56] - Companies must recognize the regulatory drive towards net-zero as just beginning, necessitating proactive engagement with evolving policies [5][19][50] - The transition towards decarbonization presents significant opportunities, as illustrated by the growth of the solar installation market in Australia [21][51] AI and Governance - The transformative impact of AI on work and society necessitates a rethinking of labor and value creation, emphasizing the importance of governance, ethics, and transparency [7][24][52] - Organizations should establish robust AI governance frameworks and actively engage with the broader AI ecosystem to shape emerging markets [25][30][53] - Proactive risk management and clear communication regarding AI strategies are crucial for organizational readiness [26][53] China's Role in Global Decarbonization - China plays a pivotal role in global decarbonization through its large-scale manufacturing of renewable energy technologies, despite being the largest emitter of greenhouse gases [10][31][55] - Chinese corporations are encouraged to adopt mandatory sustainability reporting aligned with international standards and broaden their focus beyond carbon to include water and biodiversity [11][34][56] - Collaboration with suppliers to reduce embedded carbon is seen as a long-term strategy for risk and cost reduction, particularly in light of external pressures like the EU's Carbon Border Adjustment Mechanism [11][35][57] Future Business Landscape - The dual focus on decarbonization and AI integration will define corporate success, with companies needing clear strategic roadmaps to navigate associated risks and opportunities [13][39][59] - Success in embedding AI into business operations requires a fundamental rethinking of business models to drive revenue and profitability [40][59] - The critical challenge for companies is not whether to pursue net-zero, but how to do so effectively within an uncertain regulatory environment [14][42]

投资咨询业务资格：京证监许可【2012】75号 成文时间：2026年01月26日星期一 有色贵金属与新能源团队 | 作者： | 杨莉娜 | | --- | --- | | 从业资格证号： | F0230456 | | 投资咨询证号： | Z0002618 | | 联系方式： | 010-68573781 | | 作者： | 胡彬 | | 从业资格证号： | F0289497 | | 投资咨询证号： | Z0011019 | | 联系方式： | 010-68576697 | | 作者： | 梁海宽 | | 从业资格证号： | F3064313 | | 投资咨询证号： | Z0015305 | | 联系方式： | 010-68518650 | 更多精彩内容请关注方正中期官方微信 期货研究院 有色金属日度策略 Metal Futures Daily Strategy 摘要 铜： 金银价格持续创历史新高，近期出现加速上行，铜价开始补涨，但 受制于短期市场风险偏好下降，以及基本面阶段性转弱，反弹持续 性不足。美国经济数据显示出消费韧性，白银价格涨幅再度大于黄 金，自身商品属性再度对价格形成上行驱动，利多金属价格。近期 ...

Citi Research January 26, 2026 January 2026 Update Metals Outlook Global Commodities Maximilian LaytonAC Global Head | Commodities max.layton@citi.com +44 20 7986 4556 1. Gold and silver outlook and corporate hedging considerations – insurance recommended in precious metals 2 Gold and silver prices and miner margins are astonishingly high Tom MulqueenAC Metals Strategy tom.mulqueen@citi.com +44 20 7986 4559 Wenyu YaoAC Metals Strategy wenyu.yao@citi.com +44 20 7986 4551 Kenny Hu, CFAAC Commodities Strategy ...

大会由1场主论坛和2场闭门研讨会构成，主论坛将于中国能源报官方网站、微信、抖音等账号同步直 播。全方位展现AI与能源产业融合发展的最新成果与未来方向。圆桌对话环节将聚焦"大国能源治理现 代化""AI在传统能源与新能源领域的应用"等核心议题，邀请政产学研用代表深入研讨，凝聚发展共 识。同时，大会还将举行"AI+能源绿色产业万里行""中关村科学城AI数字能源产业园揭牌""2026年中国 —非洲经贸博览会(摩洛哥专场)"等多项重要启动仪式，推动一批重大合作项目落地，构建开放包容的 创新生态。两场平行闭门研讨会将分别围绕"商业模式落地与安全监管协同""数据治理关键问题与解决 方案"展开深度研讨，破解体制机制与技术壁垒，推动产业融合从"简单叠加"迈向"化学反应"。 此次AI+能源发展大会的举办，既是响应全球能源转型与科技革命的时代号召，也是落实国家战略、推 动高质量发展的关键举措。大会将打造常态化、品牌化的国际交流机制，促进创新成果规模化应用，全 面提升我国能源产业自主创新能力与国际竞争力，为实现高水平科技自立自强和产业安全提供有力支 撑。同时，大会也将向世界展示中国推进智慧能源建设、践行全球可持续发展承诺的坚定决心， ...