截至12月24日，中证申万有色金属指数年内涨幅高达88%，创下近年来罕见的年度涨幅纪录。伦敦现货 黄金站上4500美元/盎司，LME铜价突破1.21万美元/吨，纽约银年内涨幅翻倍，钴价从年初16万元/吨反 弹至年末超40万元/吨，一系列核心品种价格屡破历史新高。 这场行情早已超越传统供需驱动的周期逻辑，成为全球产业链重构、AI浪潮崛起与央行资产配置调整 共同作用的必然结果。有色金属行业正从"被动跟随周期的工业原料"，向"主动定义价值的战略核心资 源"完成深刻转型。 头部企业凭借资源卡位与产业链一体化优势，实现股价与业绩的"戴维斯双击"，而AI、新能源等新兴领 域的需求爆发，更让钨、钽、钴等品种迎来价值重估。 华夏时报记者 张蓓 见习记者 黄指南 深圳报道 周期迭代藏机遇，资源重估启新程。 2025年资本市场的收官钟声临近，有色金属板块以领涨主线姿态贯穿全年，勾勒出全年资本市场的景气 主线。 在全球经济转型与技术革命的交汇点上，2025年的金属牛市不仅是价格的狂欢，更是行业高质量发展的 新起点，其背后的供需重构与企业转型逻辑，正重塑全球有色金属产业格局。 有色牛市下 金属行情分化与共性 供需两端的双向发力，是本 ...

胡焕彩: 美常州启新章 ◆李媛媛 孙南 2025年是绿水青山就是金山银山理念提出20周年。中央广播电视总台与 生态环境部推出20集大型系列片《绿水青山中国答卷》,选取全国20个城市拍摄 制作,常州是江苏省唯一入选的城市。 镜头下,生态绿城与万亿之城双向奔赴,青山绿水与智造之城美美与共。一 笔一画绘蓝图、一街一巷皆是景,常州以高水平保护厚植高质量发展的绿色底 色,持续推进人与自然和谐共生的现代化。 这一年,常州市生态环境质量再突破。在2024年太湖治理实现历史性突 破、水质总体达到Ⅲ类的基础上,今年以来,水生态环境质量继续稳步提升,长荡 湖水质三年跃升两个水质类别,跻身"良好"湖泊行列。42个河流断面水质均达 到或优于Ⅲ类,其中优于Ⅱ类的比率达61.9%、同比提升21.4个百分点;3条主要 入 湖河流总磷同比改善25%,其中主要入湖河流漕桥河、武进港水质达到Ⅱ类。 国考、省考断面优于Ⅲ类的比率为90%、96.1%,超额完成省定目标任务。截至11 月底,全市PM23浓度29.5微克/立方米,预计将连续4年达到国家二级标准,为有 监测记录以来的最优水平。 绘就"新图景"美丽常州入画来 2025年环太湖"昆蒙框架"实 ...

SAF 绿色航空煤油专家 20251228 摘要 欧洲减碳目标推动 HVO 需求，预计 2025 年供应紧张，2026 年缺口或 扩大，政策刺激 HVO 需求，但 SaaS 因成本较高需再加工，价格不具优 势，部分时段 HVO 价格甚至高于柴油。 当前 SaaS 价格约为 2,260 美元/吨，HVO 约为 2,600 美元/吨，价格波 动受欧盟政策和基础设施影响，年初价格低迷，三四季度因采购需求飙 升，年末需求减少价格回落。 英国 2025 年已实施 2%的 SAAS 添加比例，2026 年将提高至 2.3%， 新加坡计划通过乘客收费购买 SAAS，具体实施时间待定，德国取消双 倍碳积分将增加 HVO 需求，荷兰和法国或跟进。 预计 2026 年全球生物燃料消耗量增加 500 万吨，欧盟需求增长 150- 200 万吨，欧洲积极发展 HVO 产业链，通过政策和反倾销措施保护本 地产业。 中国 SAF 出口价格维持在 2,150 美元/吨左右，国内生产成本约为 1,850 美元/吨，采用海外工艺包的企业收率较高，预处理装置和催化剂 选择影响生产效率和成本。 Q&A 2025 年和 2026 年在 SaaS 领 ...

向新行·高质量发展的郑州"密码" 幸福郑州的密码，藏在烟火最暖处 "我们也是幸福的创造者" 金灿灿的大麦、红彤彤的非洲菊、崭新的门垫，这家刚开业的饭店，已是两位90后小伙跨界创业的第三 家店。 有人说"捂好钱袋子就是最好的创业"，来自江西的汪晓东和河南周口的赵高伟，这两位90后小伙为何会 选择跨界创业？他们此前都是郑州上班族，想趁着年轻做一些改变，去年年中开始创业，选择汪晓东老 家的江西菜作为创业起点，特点是不做预制菜，快火爆炒，菜品自带锅气，看着食客享受美食，汪晓东 说："我们也是幸福的创造者。" 赵高伟说现在的创业环境政策上是利好的，如该店需要开户接入天然气，在网上申请报装后，马上就有 郑州华润燃气的工作人员上门看现场、设计图纸、签订合同等，1个月时间就通上气。 目前，餐饮也步入内卷时代，汪晓东说，作为餐饮新军，最重要的是恪守本心，把控新鲜食材，不急不 躁，用口碑积累回头客。 对于2025年的经济获得感，两位创业合伙人最大的感受是：任何时候，不管哪一个行业，都有成功者。 关键还是要靠自己想办法怎么去做，一定要顺势而为，抓住当下的机遇。 要建真正"交通充能综合站" 两辆车正在加氢，另有车辆在站外候场。12月 ...

Core Viewpoint - In 2025, China's energy sector continues to set records, showcasing significant advancements in both traditional and renewable energy, as well as in high-end equipment and system integration, highlighting the country's innovative efforts in energy security and green transformation [1]. Group 1: Major Breakthroughs in Energy Sector - On February 20, China National Petroleum Corporation announced the successful drilling of the country's first over 10,000-meter deep exploration well, the Shendi Takou 1 well, reaching a depth of 10,910 meters, marking it as the deepest vertical well in Asia and the second in the world [1]. - On May 8, the "Longdong to Shandong ±800 kV UHVDC Project," China's first large-scale integrated energy base for wind, solar, thermal, and storage, was completed, capable of delivering 36 billion kWh of electricity annually from Gansu to Shandong [2]. - On July 2, the world's largest 500 MW high-head impulse turbine core component was officially launched, indicating China's transition from following to leading in high-end hydropower equipment [2]. Group 2: Advancements in Green Energy - In July, the first phase of the world's largest green hydrogen ammonia project, with a capacity of 320,000 tons, was completed at the Zero Carbon Hydrogen Industry Park in Chifeng, marking a shift from demonstration to large-scale commercial operation in China's green hydrogen ammonia industry [3]. - On July 12, the "Guo Uranium No. 1" demonstration project in Ordos, Inner Mongolia, produced its first barrel of uranium, becoming the largest and most advanced natural uranium production base in China [3]. Group 3: Innovations in Energy Infrastructure - On August 22, the world's first 100 MW heavy-duty truck supercharging station was put into operation in Sichuan, designed to serve 700 trucks daily and reduce charging time to 15 minutes, improving efficiency by four times compared to traditional methods [4]. - On November 28, the first 1500-degree Celsius single-shaft heavy-duty gas turbine project was fully operational in Chongqing, filling a gap in China's F-class improved single-shaft heavy-duty gas turbine technology [4]. Group 4: Storage and Renewable Energy Projects - On December 1, the world's first 6 MWh long-duration energy storage prefabricated cabin, equipped with a thousand amp-hour battery cell, was prepared for shipment overseas, indicating China's capability for large-scale application in lithium battery long-duration energy storage systems [6]. - On December 6, the largest grid-type energy storage project in China, with a total investment of 2.5 billion yuan and a capacity of 1 GW/4 GWh, was officially put into operation in Inner Mongolia [7]. - On December 15, the 800 MW offshore wind power project in Jiangsu, operated by the Three Gorges Corporation, was fully connected to the grid, setting a record for the farthest offshore distance at 85.5 kilometers [7]. - On December 16, the first mass-produced green methanol project in Guangdong was launched, utilizing local agricultural and forestry waste, achieving an annual production of 50,000 tons with a carbon reduction rate of over 85% [7]. - On December 25, the largest pumped storage power station in China, with a total investment exceeding 10 billion yuan and a capacity of 1.7 million kilowatts, had its first unit connected to the grid, marking a significant breakthrough in hydropower equipment and engineering construction [9].

Core Viewpoint - The National Finance Work Conference emphasizes the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, and enhancing the effectiveness of transfer payments to support local financial autonomy [1][2]. Group 1: Fiscal Policy and Economic Development - The conference outlines key tasks for 2026, including promoting domestic demand, supporting the construction of a strong domestic market, and implementing actions to boost consumption and effective investment in key areas [1][2]. - There is a strong emphasis on integrating technological and industrial innovation, increasing fiscal investment in technology, and supporting high-quality development in key manufacturing industries [1][2]. Group 2: Social Welfare and Environmental Sustainability - The meeting highlights the importance of strengthening basic social safety nets, promoting employment, improving education and healthcare services, and enhancing the social security system to meet public needs [2]. - It also calls for a comprehensive green transformation of economic and social development, focusing on pollution prevention, ecosystem protection, and the establishment of supportive policies for low-carbon development [2]. Group 3: International Cooperation and Fiscal Management - The conference stresses the need for enhanced international financial cooperation, promoting high-level openness, and reforming global economic governance [2]. - It emphasizes the importance of scientific fiscal management, maintaining a balance between responsibility and mechanism improvement, and managing government debt effectively [2][3].

党员冲锋在哪里，党旗就飘扬在哪里。公司党委坚持以人民为中心的发展思想，组建"党员攻坚队""金 丝带志愿服务队"等6支先锋队伍，在重大项目送电、极端天气抢修、乡村振兴用电中挺身而出。围绕企 业"用电难、成本高、审批慢"等问题，推行"党员领衔办"服务机制，建立需求、政策、任务三张清单， 开展"链上企业大走访"58次，为重点项目提供从前期咨询到送电投运的全流程闭环服务。全年出具能效 诊断报告153份，提出优化建议290条，预计年节约用电成本超860万元。在棠张镇蔬菜示范园，党员服 务队制定"二十四节气服务表"，实施"一棚一档"精准管理，新建线路11.31千米，增容变电容量20万千伏 安，助力特色农业与乡村旅游融合发展。同时，聚焦老年群体数字鸿沟问题，成立"徐电银龄"志愿服务 队，通过"银青搭档"开展方言反诈宣传、智能设备教学等公益活动30余场，让电力服务既有力度更有温 度。 打造"融合样板"，彰显绿色转型时代担当 党建工作的成效最终体现在发展实绩上。公司党委主动融入全区"两山"理念实践和新型电力系统建设大 局，在丰车汇新能源汽车产业园试点打造"加盟式"微电网共建模式，实现绿电年发电量680万千瓦时， 并在生物医药、 ...

Core Points - The National Financial Work Conference held in Beijing from December 27 to 28, 2025, focused on summarizing the fiscal work of 2025 and outlining key tasks for 2026, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era [1][2] Group 1: Achievements in 2025 - The conference highlighted significant achievements in fiscal work for 2025, emphasizing the importance of a proactive fiscal policy and increased support for key projects to stimulate consumption [2] - There was a notable increase in investment in basic research and initiatives aimed at digital transformation for small and medium-sized enterprises [2] - The government continued to enhance social welfare measures, including the gradual implementation of free preschool education and increased standards for national scholarships and grants [2] Group 2: Key Tasks for 2026 - The conference outlined several key tasks for 2026, including maintaining a strong focus on domestic demand and supporting the construction of a robust domestic market [4] - There is an emphasis on integrating technological and industrial innovation, with increased fiscal support for technology and the establishment of a modern industrial system [4] - The government aims to promote rural revitalization and regional coordinated development, while also enhancing basic social security and healthcare services [4] Group 3: Fiscal Management and Reforms - The conference stressed the need for improved fiscal management and the implementation of a zero-based budgeting reform at the local level [3][5] - It highlighted the importance of risk management in government debt and the establishment of long-term mechanisms to address fiscal challenges [5] - The need for enhanced international financial cooperation and the promotion of high-level openness in the global economy was also emphasized [4][5]

Core Viewpoint - The National Finance Work Conference emphasizes the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal expenditure, optimizing government bond tools, enhancing transfer payment efficiency, and strengthening fiscal-financial collaboration. Group 1: Fiscal Policy and Expenditure - The conference outlines the need to expand the fiscal expenditure base to ensure necessary spending levels [1] - It highlights the optimization of government bond tools to better leverage their effectiveness [1] - There is a focus on improving the efficiency of transfer payments to enhance local financial autonomy [1] - Continuous optimization of expenditure structure is emphasized to strengthen support for key areas [1] - The importance of fiscal-financial collaboration to amplify policy effectiveness is noted [1] Group 2: Key Tasks for 2026 - The conference stresses the need to support domestic demand and build a strong domestic market, with initiatives to boost consumption and effective investment in key areas [2] - It calls for increased fiscal investment in technology and industry innovation, aiming to foster new growth drivers [2] - There is a commitment to promote urban-rural integration and regional coordination to expand development space [2] - Strengthening basic social security and enhancing employment and education services are prioritized to ensure public welfare [2] - The conference advocates for a comprehensive green transformation of economic and social development, focusing on pollution prevention and ecosystem protection [2] Group 3: Financial Management and Reforms - The need for comprehensive fiscal management and adherence to frugality in government spending is highlighted [3] - The conference emphasizes the importance of risk management and establishing long-term mechanisms for government debt management [3] - It calls for deepening fiscal and tax system reforms while ensuring effective asset management [3] - The conference also mentions the importance of international financial cooperation and the advancement of global economic governance [3] Group 4: Achievements and Future Directions - The conference reflects on the achievements of 2025, noting the effectiveness of proactive fiscal policies in supporting economic goals [4] - It highlights the significant increase in basic research funding and the promotion of digital transformation for SMEs [4] - The need for continuous enhancement of social security measures and employment policies is reiterated [4] - The conference discusses the importance of addressing risks in key areas and managing hidden debts effectively [4] - It emphasizes the completion of international financial cooperation initiatives, including the Asian Infrastructure Investment Bank [4]

Core Viewpoint - The article emphasizes the emergence of a new partnership between China and Africa, focusing on green mining and industrial cooperation, as highlighted by the G20 summit in Johannesburg, which aims to transform mineral resources from a source of conflict into a catalyst for development [2]. Group 1: From "Resource Export" to "Industry Rooting" - Africa holds 30% of the world's mineral reserves but has long been trapped in the "resource curse," making the transformation of resources into sustainable industrial capabilities crucial [4]. - The new global energy transition and industrial chain restructuring present historic opportunities for Africa, while also raising expectations for Chinese mining companies [4]. - The "China Action" under the G20 initiative emphasizes supporting African manufacturing and creating local brands, with Chinese mining companies extending their operations beyond extraction to downstream processing [4]. - Examples include Pengxin Resources in South Africa, which is enhancing local processing capabilities, and Congolese mining companies planning local smelting capacities to retain value within Africa [4]. Group 2: "Coexistence" and "Win-Win" - Mining investments are capital-intensive and long-term, requiring collaboration to address systemic challenges such as infrastructure and community relations [7]. - Chinese mining companies in Africa are adopting a "co-opetition" model, learning from peers and collaborating with Western mining giants to enhance practices in exploration and environmental standards [7]. - The "Green Mineral International Trade Cooperation Initiative" promotes multilateral cooperation, paving the way for joint development of large-scale green mining projects [7]. Group 3: New Chapters Across Mountains and Seas - The article illustrates the collaborative efforts between Chinese managers and local miners, highlighting a shift from resource competition to empowerment and sustainability [10]. - The narrative emphasizes that true globalization involves deep-rooted partnerships rather than mere expansion, with the most valuable investments being those that cultivate local capabilities [10]. - The cooperation between China and Africa is portrayed as a significant step towards modernization and addressing global challenges, with a focus on shared futures and community well-being [10].