内蒙古 库布齐。图片来源：视觉中国 【编者按】 2026年冬季达沃斯论坛，马斯克提出，瓦特将取代货币成为未来财富的衡量单位，而中国凭借太阳能等可再生能源的海量产出，已占据先机。大洋另一侧， 现实却是，中国光伏业仍在一场产能过剩导致的全行业亏损中苦苦挣扎。 这个产业长期行走于光影之间——前方是能源与算力革命预示的光明前景，身后是过剩与内卷投下的漫长阴影。行业龙头之一——隆基绿能就是一个缩影。《财富》通 过连续数月对隆基、它的伙伴与对手、行业人士的深度采访，试图以它的故事为切片，讲述中国光伏业在这场能源终局降临之际的集体自救。 正午，内蒙古库布齐沙漠，太阳把沙子晒得发烫。 一大片深蓝色、离地数米高的光伏板矗立在大漠间，列队整齐，延绵数十公里不绝。从高处远眺，荒漠的粗糙质地被这些人造物近乎完美的镜面反射所取 代。视线下探，在光伏板投下的大片阴影中，青草在金属支架间摇摆。 这里是位于黄河"几"字弯南岸的中国第七大沙漠，它曾因风沙肆虐被称为 " 死亡之海 " 。 很难想象植物能在这里扎下根系，更违背直觉的是，这场生态 修复的发起者是一排排兀自扎于沙砾之间、与生命毫无关联的工业品。 十多年前，中国的光伏公司开始进入大漠深 ...

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - The demand for electricity from AI technologies, particularly data centers, is unprecedented, leading to concerns about power grid capacity and rising electricity prices [2][3] - A specific company is highlighted as a key player in the energy sector, poised to benefit from the increasing energy demands of AI, owning critical infrastructure assets [3][7][8] Energy Demand and Infrastructure - AI technologies, such as large language models, consume energy equivalent to that of small cities, raising questions about future energy supply [2] - The company in focus owns significant nuclear energy infrastructure, positioning it strategically within the U.S. energy landscape [7] - It is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position and Market Potential - The company is noted for being debt-free and holding cash reserves that amount to nearly one-third of its market capitalization, providing a strong financial foundation [8] - It has an equity stake in another AI-related company, offering investors indirect exposure to multiple growth opportunities without high premiums [9] - The stock is described as undervalued, trading at less than seven times earnings, which is attractive for investors looking for growth potential [10] Market Trends and Future Outlook - The ongoing trends of onshoring and increased U.S. LNG exports are expected to drive demand for the company's services, particularly under the current political climate [5][14] - The influx of talent into the AI sector is anticipated to lead to rapid advancements and innovative ideas, further solidifying AI's role as a disruptive force in various industries [12] - The company is positioned to capitalize on the AI infrastructure supercycle, making it a compelling investment opportunity for those looking to engage in the AI energy boom [14]

记者丨凌晨编辑丨朱益民 伴随着电网建设进入高强度投资周期，电力板块景气度高增。 1月22日，A股三大指数集体上涨。电网设备ETF连续10个交易日获得资金净流入，合计"吸金"108.39亿元。 产业链企业随之受益。以中国西电为例，1月19日—21日该公司连续3个交易日内日收盘价格涨幅偏离值累计超20%。截至1月23日，中国西电报15.94元/ 股，总市值达817.1亿元，年内股价上涨超75%，周内上涨超22%。 这一市场波动的背景，来自多重因素的集体催化。 一方面，在全球能源转型加速、人工智能算力爆发的背景下，电网设备需求正在陆续释放。 天风证券研报表示，欧洲数据中心加速建设下电力供需矛盾显现，进一步催生海风和电力互联需求，欧洲电网改造需求持续高增，利好主网变压器、开 关。 另一方面，国内学界从底层技术层面，为电力装备的效能提升与产业升级提供新的解决方案。 如西安电子科技大学团队成功将粗糙的"岛状"界面转变为原子级平整的"薄膜"，已发表在《自然·通讯》与《科学进展》上。 市场行情、宏观政策与技术突破，正共同勾勒出电力产业链变革的清晰图景。 正因此，未来的4万亿投资计划，更为市场注入一剂强心针。 上述投资计划官宣 ...

Core Viewpoint - The electric power sector is experiencing high growth due to significant investments in grid construction, with a notable influx of capital into the sector, particularly benefiting companies like China XD Electric [2][6]. Investment Trends - The State Grid's investment plan of 4 trillion yuan during the 14th Five-Year Plan marks a historic high, focusing on building a new type of grid platform that enhances transmission capacity and supports large-scale renewable energy projects [6][10]. - The investment is expected to drive demand for ultra-high voltage direct current projects, distribution network upgrades, and smart microgrid developments, indicating a strong market outlook [6][7]. Market Dynamics - The demand for grid equipment is being catalyzed by global energy transitions and technological advancements, with European data centers driving the need for enhanced power supply solutions [4][5]. - Domestic technological breakthroughs are also contributing to the efficiency and upgrade of power equipment, further supporting the industry's growth [4]. Company Performance - China XD Electric has secured significant contracts, including a total of 24.52 billion yuan from two major projects, positioning itself as a key player in the electric power investment chain [9][10]. - The company reported a revenue of 16.96 billion yuan for the first three quarters of 2025, reflecting an 11.85% year-on-year increase, with net profit rising by 19.29% [9][10]. Industry Outlook - The electric power equipment sector is witnessing a collective bullish trend, with companies like Siyi Electric and TBEA reporting substantial revenue growth, indicating a robust industry environment [11][12]. - The stock performance of major players in the sector has surged, with average gains of 30.39% in the transmission and distribution equipment segment since the beginning of 2026, driven by strong fundamentals and order backlogs [13].

默根特勒表示，这种以应用为导向的创新路径，也在世界经济论坛的相关项目中得到体现。在论坛认定 的"全球灯塔工厂"和"人工智能应用之星"项目名单中，有相当一部分是中国企业，反映出中国企业在先 进制造和人工智能应用方面的活跃度和成熟度。他认为，中国企业成功案例的共同特点在于，企业并非 简单引入新技术，而是围绕技术对组织结构、生产流程和决策方式进行系统性调整。 世界经济论坛2026年年会期间，世界经济论坛执行董事兼首席技术官斯特凡·默根特勒在接受本报记者 专访时表示，当前全球局势复杂多变、地缘政治不确定性上升，加强对话合作已成为各方共识。作为全 球第二大经济体，中国通过持续创新和开放合作，为全球经济稳定和长期增长提供重要支撑。 默根特勒表示，世界经济论坛致力于为各方搭建对话平台，推动各方加强合作、分享经验，共同应对全 球性挑战。今年年会期间，各国政府、企业和社会各界高度参与，反映出国际社会通过交流增进理解、 寻找合作空间的共同愿望。各方十分期待听到中国声音，"中国对于推动全球建设性对话至关重要"。 "中国在科技创新，尤其是在技术应用领域的发展速度非常快。"默根特勒说，在过去20多年中，他几乎 每年都会前往中国，见证了 ...

Core Viewpoint - The Trump administration is restructuring, revising, or canceling over $83 billion in clean energy project loans and conditional commitments made during the Biden administration, marking a historic shift in U.S. energy investment direction [1][2] Group 1: Policy Changes - The Loan Programs Office (LPO) has been officially renamed to the Energy Dominance Financing Office (EDF), shifting its focus from promoting low-carbon climate governance to achieving U.S. energy independence and export dominance [1] - The U.S. Department of Energy (DOE) announced that this action follows a detailed first-year review of the previous administration's $104 billion principal loan obligations, including approximately $85 billion that was hastily allocated in the final months before the election [1] Group 2: Financial Adjustments - Approximately $30 billion in financing projects will be directly canceled, focusing on renewable energy infrastructure loans worth about $9.5 billion for onshore and offshore wind and solar power [1] - The remaining $53.6 billion in existing projects will undergo strict restructuring and conditional revisions to align with the new administration's strategic interests [1] Group 3: Funding Priorities - The EDF currently holds over $289 billion in available loan authority, making it the largest energy lending institution globally [2] - By 2026, EDF will prioritize financing for energy and manufacturing projects that enhance U.S. energy security, grid reliability, and reduce costs for all Americans [2] - The reallocation of funds and contract re-evaluations reflect a strong cleanup of existing funds under the Inflation Reduction Act (IRA) and significantly alter the U.S. government's credit allocation preferences as the largest energy financing entity [2] Group 4: Market Implications - The decision to withdraw funding and shift focus towards fossil fuels and nuclear energy is reshaping the long-term investment return logic in the U.S. electricity energy market [2] - The global energy transition supply chain is expected to face profound decentralization pressures as a result of these changes [2]

Group 1 - Hebei's wind and solar power installed capacity has exceeded 133 million kilowatts, accounting for 68% of the total installed capacity, indicating a significant shift towards green energy [6] - The province is actively promoting clean energy development, including wind, distributed solar, and complementary agricultural projects, contributing to low-carbon development [6] - The transformation of industries in Hebei includes the elimination of outdated production capacity and the cultivation of leading industries such as vanadium-titanium new materials [5] Group 2 - The GDP of Luanping County has increased from 10.46 billion yuan in 2012 to 21.14 billion yuan in 2024, with rural residents' per capita disposable income growing by 258% [5] - The construction of the ice persimmon industry park in Baoding is expected to produce 88,000 ice persimmons daily, generating an annual output value of 165 million yuan and increasing farmers' income by nearly 20,000 yuan [7] - The peak mining area in Handan is developing unique homestays and ecological farming, enhancing local tourism and providing free vegetables and eggs to villagers [10] Group 3 - The cargo throughput at the Caofeidian Port area is projected to reach 569.41 million tons by 2025, marking a 2.17% year-on-year increase and setting a historical record [9] - The port is enhancing its infrastructure and implementing smart port management to improve operational efficiency and reduce vessel waiting times by 15% [9] - Urban renewal efforts in Shijiazhuang are focused on improving living environments and optimizing transportation systems, with significant upgrades to old residential areas and public facilities [8]

世界经济论坛2026年年会期间，世界经济论坛执行董事兼首席技术官斯特凡·默根特勒在接受本报记者 专访时表示，当前全球局势复杂多变、地缘政治不确定性上升，加强对话合作已成为各方共识。作为全 球第二大经济体，中国通过持续创新和开放合作，为全球经济稳定和长期增长提供重要支撑。 默根特勒表示，世界经济论坛致力于为各方搭建对话平台，推动各方加强合作、分享经验，共同应对全 球性挑战。今年年会期间，各国政府、企业和社会各界高度参与，反映出国际社会通过交流增进理解、 寻找合作空间的共同愿望。各方十分期待听到中国声音，"中国对于推动全球建设性对话至关重要"。 "中国在科技创新，尤其是在技术应用领域的发展速度非常快。"默根特勒说，在过去20多年中，他几乎 每年都会前往中国，见证了中国经济和产业发展的变化。中国在推动创新成果快速落地，并将之转化为 生产力方面取得显著进展，"这不仅对中国经济转型意义重大，也为全球创新产业发展提供有益借鉴"。 默根特勒强调，当前一个共识越来越清晰：技术不能停留在概念层面，只有真正被应用到社会才能产生 价值。他表示，中国在相关领域拥有较强的实力和丰富的经验——一方面，新技术应用推进速度较快； 另一方面， ...

"人工智能等技术对能源供给和能源结构提出了更高要求。中国在电力系统建设和能源转型方面的持续 投入，为相关技术的应用和拓展创造有利条件。"默根特勒说，世界经济论坛在相关研究中高度关注人 工智能与能源转型之间的关系，中国在低碳能源供给和技术应用结合方面的实践具有重要参考价值。 "扩大技术影响力需要更深层次的协作。"默根特勒说，在人工智能等技术快速演进的背景下，单一主体 难以独立完成从创新到规模化应用的全过程，中国通过企业之间、企业与科研机构之间，以及公共部门 与私营部门之间的合作，正推动技术成果更广泛落地。 默根特勒强调，当前一个共识越来越清晰：技术不能停留在概念层面，只有真正被应用到社会才能产生 价值。他表示，中国在相关领域拥有较强的实力和丰富的经验——一方面，新技术应用推进速度较快； 另一方面，新技术应用范围不断扩大，覆盖制造业、能源、医药等多个领域。"中国企业利用新技术重 塑业务流程、探索新的商业模式，积累了大量实践经验。"默根特勒说。 默根特勒表示，这种以应用为导向的创新路径，也在世界经济论坛的相关项目中得到体现。在论坛认定 的"全球灯塔工厂"和"人工智能应用之星"项目名单中，有相当一部分是中国企业，反映 ...

Core Viewpoint - The article emphasizes the necessity of nuclear energy revival in the context of energy transition and the safety demands of the power system, highlighting that fourth-generation nuclear power is essential for achieving nuclear energy ambitions [5][29]. Group 1: Energy Transition and Safety - The core framework of energy reform focuses on the consumption of green electricity as the main line, while safety remains the bottom line. Central-local collaboration is a driving force, and the carbon market is a key variable [8]. - The investment direction should prioritize the safety of the power system, with nuclear power enhancing the robustness of the system under the backdrop of energy transition [15][16]. Group 2: Nuclear Energy Development - Global nuclear ambitions are continuously exceeding expectations, with the construction rate of nuclear power expected to increase significantly, projecting a total installed capacity of 1,428 GW by 2050 [19][22]. - The "Triple Nuclear Declaration" announced by 22 countries at COP28 aims for a nuclear power capacity of 1,200 GW by 2050, which is three times the capacity in 2020 [23][24]. Group 3: Technological Advancements in Nuclear Power - Fourth-generation nuclear power is crucial for achieving nuclear energy goals, offering inherent safety and sustainability advantages [29][37]. - The article discusses the potential of nuclear energy in various applications beyond base-load power, including hydrogen production and heat supply, which can significantly reduce carbon emissions [28][24]. Group 4: Current Nuclear Power Status - As of November 2025, the global operational nuclear power capacity stands at 382 GW, with the United States and China being the leading countries in terms of installed capacity [43][52]. - The average capacity factor for nuclear reactors globally is projected to be 83% in 2024, indicating stable performance across aging reactors [41].