申港证券近日发布电力设备行业研究周报：近期，国家能源局发布了今年1-11月份全国电力工业统计数 据。今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风电累计装机 82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。全国光伏装机量21.0GW， 同比减少17%，环比增长54%。 以下为研究报告摘要： 投资摘要： 每周一谈："风光"装机环比高增消纳重要性渐增 近期，国家能源局发布了今年1-11月份全国电力工业统计数据。 风电装机情况：今年11月，全国风电装机量为12.25GW，同比增加104%，环比增长39%。今年1-11月风 电累计装机82.0GW，同比增长61%。截至11月底，全国风电累计装机量约为602.6GW。 光伏发电装机情况：今年11月，全国光伏装机量21.0GW，同比减少17%，环比增长54%。今年1-11月光 伏装机约274.5GW，同比增长31%。截至11月底，全国光伏累计装机量约为1161.2GW。 发电装机结构：截至今年11月底，火电装机容量占比最高，达40%，是电力安全保障的"压舱石"；光 伏、风力发电装机容量占比分 ...

（来源：中国改革报） 转自：中国改革报 □ 本报评论员 张守营 更重要的是，他们不仅看文章，更看"人"。经济学界有一张无形的合作网络，有些学者像关键的"桥 梁"，他们的研究横跨劳动、教育、税收等多个领域，能把不同领域的知识串联起来，为复杂的政策问 题提供综合性的见解。这意味着，政策制定者不仅需要单一领域的深度研究，更需要能够整合不同知识 的"通才型"研究。 我们的土壤：问题从土地里"长"出来 中国的国情和发展阶段独一无二，这就决定了我们的研究，必须从我们自己脚下这片土地里"长"出来。 好的研究，应当是"穿透式"的——它能穿透表面现象，直抵中国经济的肌理。 比如，我们研究经济增长，就不能只套用国外的模型，而要深入理解中央与地方"两个积极性"如何互 动，理解"全国一盘棋"下的资源调配。我们研究产业升级，就要扎到"专精特新"企业的车间里去，弄明 白它们到底需要什么。我们谈论"共同富裕"，就需要到城乡之间、不同行业之间，去细致地考察收入流 动的真实渠道。 这些真问题、深问题，才是中国经济学研究的"富矿"。研究的出发点，应该是"我们遇到了什么难题"， 而不是"哪个模型或方法最新潮"。 双向奔赴：拆掉学界与政策之间的"墙 ...

为确保西北清洁能源顺利抵达渤海之滨，电网基础设施建设正全速推进。大同-天津南特高压工程作为 绿电输送的"主动脉"，建成后将大幅提升跨区域送电能力，为外电入津提供坚实保障。 在交易机制方面，天津市绿电绿证服务中心负责人江悦介绍，此次采用的4年期合约模式为各方都带来 了稳定性："电厂获得长期稳定收益，用户无需频繁寻找替代电源，电网调度也更有计划性。特别是在 经济波动背景下，这种'可预见性'成为保障能源安全的关键。" 据测算，这批24.8亿千瓦时绿电将在未来四年内帮助天津减少二氧化碳排放超百万吨。随着更多跨省绿 电交易陆续落地，天津正以实际行动书写绿色答卷，通过市场化机制创新与电网基础设施升级的双轮驱 动，为区域"双碳"目标实现提供有力支撑。预计2026年天津绿电交易规模将突破200亿千瓦时，为更多 企业低碳转型注入新动力。（记者 褚夫晴） 新年伊始，天津迎来了一份特殊的"新年礼物"。来自甘肃的24.8亿千瓦时绿电跨越千里，通过刚刚签约 的4年期交易协议，为2026年的天津能源市场注入了首批绿色动能。 这笔交易对渤化集团这样的用电大户来说意义重大。天津渤化碳资产管理有限公司副总经理程晖表示， 企业此次采购的绿电约占 ...

Core Viewpoint - The beverage paper-based composite packaging industry is crucial for promoting resource recycling and achieving carbon neutrality goals, with significant progress made in the producer responsibility extension system trial by 2025 [1][2][3] Group 1: Industry Developments - The beverage paper-based composite packaging is one of the four product categories in the pilot program for the producer responsibility extension system, emphasizing green management as a key element for resource recycling [1] - By 2025, the industry aims to achieve a 40% resource utilization rate, with significant advancements in responsibility practices, including the establishment of management systems and data verification frameworks [1] - The industry has seen a positive ecosystem with increasing participation from companies in recycling and utilization efforts [1] Group 2: Collaborative Efforts and Innovations - The beverage paper-based composite packaging recycling committee has developed a self-regulatory model based on target-setting, aligning with the core requirements of the producer responsibility extension system [2] - The committee has implemented a set of standards for selecting recycling enterprises, with 11 companies recognized as exemplary in the third evaluation of recycling enterprises [2] - The industry is experiencing multiple opportunities due to policy support, technological breakthroughs, and market demand as the circular economy strategy deepens [2] Group 3: Market Dynamics and Challenges - The annual recycling volume of beverage paper-based composite packaging in China is approximately 200,000 tons, while the total recycled paper utilization is 75 million tons, indicating a significant gap in supply for downstream paper product manufacturers [3] - The high-value utilization of paper fibers from composite packaging presents an opportunity for the industry, as these fibers possess strong toughness and can meet specific application requirements [3] - The industry faces challenges in enhancing recycling motivation, which can be addressed by increasing the end value of recycled materials [3] Group 4: Recommendations and Future Directions - Recommendations include macro policy guidance and tax adjustments to enhance the front-end recycling system, promoting sustainable industry development [4] - Technical breakthroughs and standardization are essential, with suggestions to improve fiber yield and polymer single-material design to address recycling difficulties [4] - The industry's practices demonstrate the potential of the circular economy, with future growth driven by policy collaboration, technological innovation, market dynamics, and social participation [4]

Group 1 - The Hong Kong government aims to further develop the financial market and strengthen its position as the largest offshore RMB hub globally, focusing on expanding offshore RMB business [1] - There is a strong emphasis on developing green and sustainable finance to support the national "dual carbon" goals, alongside promoting financial technology applications and enhancing connectivity with the mainland market [1] - The government plans to attract more family offices and asset management institutions to solidify Hong Kong's status as an international asset and wealth management center, continuing to draw international capital and talent [1] Group 2 - The Central Government has recognized Hong Kong's significant achievements in the economic and financial sectors over the past year, expressing expectations for future development [2] - Hong Kong ranked third among global financial centers, with the highest IPO scale and notable performance of the Hang Seng Index, reflecting the collaborative efforts of the Hong Kong government and the financial industry, supported by the Central Government [2] - The financial sector will leverage its unique advantage of being connected to the mainland while engaging with the global market, contributing to the national modernization efforts [2]

Core Viewpoint - The Shanghai green methanol project, which began construction on January 2, 2025, and was completed and put into operation within 361 days, aims to provide green fuel for international shipping vessels at Shanghai Port and enhance Shanghai's pricing power in the global green shipping fuel market [1][4]. Group 1 - The project is significant for China's early achievement of its "dual carbon" goals, as green methanol serves as a crucial alternative to traditional energy sources [2]. - The project addresses the lack of local green methanol refueling capabilities at Shanghai Port, which previously relied on transporting green methanol from other regions [2][4]. - The project integrates waste management and resource recycling, creating a full-cycle green supply chain from waste to raw materials to production and refueling [2][3]. Group 2 - The proximity of the project to Shanghai Port allows for local production and refueling of green methanol, significantly reducing carbon emissions and logistics costs associated with transportation [3]. - The project has received ISCC EU and PLUS certifications, granting it access to the European market, and aims to fill the local refueling gap at Shanghai Port [4]. - With an annual production capacity of 100,000 tons, the project is positioned as a stabilizing force for the supply of green methanol, which is critical for meeting the fuel demands of international shipping vessels [4].

敦煌市能够全年用绿电，关键是当地清洁能源发展提速。位于河西走廊戈壁深处的敦煌市，风、光资源 丰富，风电可开发量达2800万千瓦，光电可开发量达8600万千瓦。新时代，在"双碳"目标引领下，当地 不断追风逐光、向"新"向"绿"，能源绿色低碳转型步伐持续加快。近年来，先后获批国家首个百万千瓦 太阳能光伏发电示范基地、国家首批新能源示范城市、国家低碳城市试点。目前，敦煌市电源总装机容 量达到434万千瓦，全部为风、光、水等可再生能源，没有火电。 【强信心 看发展】 【盘点2025】 敦煌首次实现全年全域用绿电 每日甘肃网敦煌1月1日讯（新甘肃·甘肃日报记者王占东）记者从国家电网敦煌市供电公司获悉，2025 年1月1日至12月31日，敦煌市首次实现全年全域用绿电。 绿电，是指在生产过程中二氧化碳排放量为零或趋近于零的电力，其主要来源为太阳能、风力等可再生 能源。 敦煌市居民企业能够用上稳定的绿电，也得益于当地领先甘肃的电网建设水平。2025年，国家电网敦煌 市供电公司结合全域绿色清洁用能特征，打造安全高效、柔性灵活、智慧融合的"全域零碳"现代智慧配 电网。在电网迎峰度夏、迎峰度冬等特殊时期，全新的电网灵活调度，让各类 ...

Group 1 - The core narrative of China's coastal line is shifting from "scale growth" to "quality upgrade" in the marine economy, injecting strong momentum into the construction of a marine power [1] - Marine aquaculture is the cornerstone of the marine economy, evolving from nearshore farming to smart ocean ranching, aiming for a win-win in ecological and economic benefits [2] - The "Suhai No. 1" self-propelled closed aquaculture vessel in Jiangsu Lianyungang is expected to produce 8,000 tons of salmon annually, marking a shift away from traditional weather-dependent farming [3] Group 2 - Technological empowerment is transforming aquaculture from "experience-driven" to "data-driven" decision-making, enhancing product quality and sustainability [5] - The ecological priority is essential for sustainable industry development, as demonstrated by the restoration of tidal flats in Liaoning, leading to increased natural resource yields [7] - Under the "dual carbon" goals, marine energy is transitioning from a supplementary energy source to a primary one, with offshore wind power leading globally in grid-connected capacity for five consecutive years [8] Group 3 - The synergy between ports, industries, and culture is driving the high-quality development of the marine economy in coastal areas, with significant growth in cargo throughput in Ningde and the establishment of wind power manufacturing clusters in Guangdong [10] - Cultural tourism integration is enhancing the human touch of ports, with innovative projects revitalizing local economies and attracting youth entrepreneurship [12] - The concept of "urban-rural symbiosis" is ensuring that marine economic benefits reach the populace, exemplified by local fishermen transitioning to tourism roles [13]

Core Viewpoint - The expansion of green electricity application is a clear requirement from the Central Economic Work Conference, aimed at achieving carbon neutrality goals and enhancing industrial green competitiveness [1] Group 1: Current Status and Trends - As of October 2025, the total installed capacity of renewable energy in China is expected to reach 2.22 billion kilowatts, accounting for nearly 60% of the national total installed capacity [1] - In the first half of 2025, the national green electricity trading volume reached 154 billion kilowatt-hours, a year-on-year increase of 49.3%, indicating a rapid marketization and scaling of green electricity trading [1] - Regions like Guangdong have seen green electricity trading volumes increase by over 60% year-on-year in the first half of 2025, showcasing positive development momentum [1] Group 2: Challenges and Issues - The flexibility of the power system has shortcomings, with insufficient scale of flexible resources like pumped storage and new energy storage, leading to challenges in matching supply and demand during high output periods of renewable energy [2] - The market mechanism for green electricity needs standardization, as the relationship between electricity, certificates, and emission reduction effects requires further quantification [2] - There is structural differentiation in application scenarios and consumption motivation, with high-energy-consuming industries showing more urgent demand for green electricity compared to small and medium enterprises and public service sectors [2] Group 3: Strategic Recommendations - A coordinated planning approach should be adopted to advance large-scale development of renewable energy alongside the main grid and cross-province transmission channels, focusing on a diversified regulation system [3] - The establishment of a unified national trading platform for green electricity and certificates is essential to enhance efficiency in cross-province and cross-region electricity trading [3] - Public institutions and state-owned enterprises should lead the way in green electricity consumption by signing long-term procurement agreements, while government policies should incentivize key enterprises to join zero-carbon supply chains [4]

Group 1: Berkshire Hathaway and Warren Buffett - Warren Buffett officially handed over the CEO position of Berkshire Hathaway to Greg Abel after 60 years of leadership, achieving a 19.9% annualized compound return from 1964 to 2024, with a total return exceeding 5.5 million percent, significantly outperforming the market [1] - The company emphasizes that its core culture of long-term investment will continue despite the change in leadership, although the unique public influence and decision-making style of Buffett may change [1] Group 2: Chinese Credit Repair Policy - A new credit repair policy from the People's Bank of China allows individuals with overdue loans of no more than 10,000 yuan from 2020 to 2025 to have their overdue records cleared if repaid by March 31, 2026, aimed at helping those with damaged credit rebuild it efficiently [1] Group 3: Domestic GPU Companies - Shanghai Suiruan Technology has completed its IPO counseling, becoming the last of the "four domestic GPU dragons" to initiate the listing process, focusing on cloud AI chips with its latest products showing outstanding performance [2][6] - The company is collaborating with leading internet firms to advance the construction of AI training clusters, potentially reaching scales of tens of thousands of cards [2] Group 4: U.S. Stock Market and Interest Rate Expectations - The U.S. stock market was closed on New Year's Day, with a significant drop in the market prior due to cooling interest rate cut expectations from the Federal Reserve, which has lowered the probability of a rate cut in January [3] - Market participants are closely monitoring the "January effect" and overall market trends, with differing views on the prospects of a tech-led bull market [3] Group 5: Gold Prices and Market Trends - Gold prices have reached historical highs over 50 times in a year, driven by global economic uncertainty, increased geopolitical risks, and ongoing central bank purchases of gold, as investors seek gold as a key asset for value preservation [4] Group 6: U.S. Dollar Index and Federal Reserve Leadership - The U.S. dollar index ended 2025 with its largest annual decline in eight years, down approximately 8%, with expectations that a dovish successor to Powell could lead to further dollar weakness [5] - The selection of the new Federal Reserve chair will be crucial in determining the dollar's trajectory in 2026, with potential candidates like Hassett and Waller being closely watched [5] Group 7: Commercial Aerospace IPOs - New regulations from the Shanghai Stock Exchange allow commercial aerospace companies with zero revenue and negative profits to apply for IPOs if they meet certain criteria, accelerating the listing process for unicorns in the sector [7] - This move is expected to open up financing channels for the commercial aerospace industry, benefiting major stakeholders like Goldwind Technology and Zhangjiang Hi-Tech [7] Group 8: Fat Donglai Group's Sales Performance - Fat Donglai Group reported sales exceeding 23.5 billion yuan in 2025, significantly surpassing the founder's target of 20 billion yuan, with the supermarket segment contributing over 12.6 billion yuan [8] Group 9: Moutai's Marketing Strategy - The iMoutai platform launched a regular offering of the 1,499 yuan Flying Moutai, marking a shift towards a fully market-oriented marketing system aimed at stabilizing prices and reducing speculation [9] - This strategy includes a product matrix that promotes a diverse range of offerings beyond the flagship Flying Moutai, transitioning the marketing focus from product-driven to consumer-driven [9] Group 10: Nuclear Power Developments - The Zhangzhou Nuclear Power Unit 2 has officially commenced commercial operation, marking the completion of the first phase of the project utilizing China's self-developed third-generation nuclear technology, "Hualong One" [10] - The unit is expected to generate an annual output of 10 billion kilowatt-hours, contributing to energy structure optimization and supporting carbon neutrality goals [10]