作为全国统一大市场建设的重要组成部分，全国统一电力市场体系建设既是高水平社会 主义市场经济体制在能源领域的实践创新，更是立足我国能源资源禀赋与消费格局、体 现中国特色的制度性探索。 2月11日，国务院办公厅正式印发《关于完善全国统一电力市场体系的实施意见》（国办 发〔2 0 2 6〕4号）（以下简称《实施意见》），提出了两大关键时点，明确了五大领域19 项重点任务。构建全国统一大市场是党中央、国务院立足新发展阶段、贯彻新发展理念、 构建新发展格局的重大战略部署。作为全国统一大市场建设的重要组成部分，全国统一电 力市场体系建设既是高水平社会主义市场经济体制在能源领域的实践创新，更是立足我国 能源资源禀赋与消费格局、体现中国特色的制度性探索。 此次《实施意见》印发，不仅是电力体制改革突破体制机制藩篱、迈向深水区的关键一 步，更是落实全国统一大市场的应有之义。我们要深刻认识到，在一个幅员辽阔、资源负 荷逆向分布的国家建设全国统一电力市场，实质是推进一个覆盖范围之广、涉及主体之 多、协调难度之大，在人类能源发展史上罕见的 能源优化配置系统工程 。这一系统性重 构不仅需要突破省间壁垒的技术性攻坚，更要完成能源治理体系现 ...

Group 1: Domestic Market Insights - The People's Bank of China reported that the average daily transaction volume of interbank lending in 2025 was 3610.7 billion yuan, a decrease of 12.1% compared to 2024 [2] - The net financing of government bonds in 2025 reached 13.8 trillion yuan, an increase of 2.5 trillion yuan from 2024 [2] - The total custody balance of the bond market at the end of 2025 was 196.7 trillion yuan, with foreign institutions holding 3.5 trillion yuan, accounting for 1.8% of the total [2] Group 2: Economic Indicators - In January 2026, the Consumer Price Index (CPI) rose by 0.2% year-on-year, while the Producer Price Index (PPI) fell by 1.4%, indicating a narrowing decline compared to the previous month [3] - The average hourly wage in the U.S. increased by 0.4% in January, surpassing expectations, while the unemployment rate dropped to 4.3% [6] Group 3: Government Policies - The State Council emphasized the need to curb new hidden debts and proposed measures to enhance government investment efficiency, including strict accountability for local government borrowing [4] - The State Council's implementation opinion aims to establish a unified national electricity market system by 2035, with market transactions expected to account for about 70% of total electricity consumption by 2030 [5] Group 4: Bond Market Dynamics - The bond market showed a warming trend as institutions preferred to hold bonds during the holiday season, with the yield on the 10-year government bond decreasing by 0.90 basis points to 1.7860% [11] - In the secondary market, seven industrial bonds experienced significant price deviations, with some bonds seeing price drops exceeding 64% [13] Group 5: Convertible Bonds and Stock Market - The convertible bond market experienced mixed performance, with the China Convertible Bond Index and Shenzhen Convertible Bond Index rising by 0.05% and 0.28%, respectively, while the Shanghai Convertible Bond Index fell by 0.13% [20] - The A-share market showed slight fluctuations, with the Shanghai Composite Index rising by 0.09% and the Shenzhen Component Index and ChiNext Index declining by 0.35% and 1.08%, respectively [20]

Core Viewpoint - China's electricity production organization has transitioned from a planned system to a market-oriented approach over the past decade, achieving significant progress in establishing a nationwide unified electricity market system [1] Group 1: Market Participation - A preliminary market structure has formed with orderly participation from various entities, with over 1.09 million registered market participants by the end of 2025, which is 22 times the number in 2015 [3] - By the end of 2025, all commercial and industrial users, all coal power, nearly 60% of new energy, 40% of hydropower, and nearly half of gas and nuclear power will have entered the electricity market [3] Group 2: Market Transactions - The volume of market-based electricity transactions is expected to reach 6.6 trillion kilowatt-hours by the end of 2025, a sevenfold increase from 2015, accounting for 64% of total electricity consumption, excluding guaranteed and self-consumed electricity [4] - The scale of inter-provincial and inter-regional electricity trading has grown from less than 0.1 trillion kilowatt-hours in 2015 to approximately 1.6 trillion kilowatt-hours by 2025 [6] Group 3: Pricing Mechanism - A comprehensive coverage of electricity trading across all categories has been largely achieved, and a market-based pricing mechanism that allows for price fluctuations has been initially established [6]

| 申万期货品种策略日报——股指 | 2026/2/12 | 星期四 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4728.20 | 4724.00 | 4690.20 | 4636.80 | 前日收盘价 | 4716.20 | 4714.80 | 4680.00 | 4625.80 | | | 涨跌 | -7.80 | -5.80 | -8.00 | -10.00 | 沪深300 | 涨跌幅 | -0. ...

Core Viewpoint - The State Council of China has officially released the "Implementation Opinions on Improving the National Unified Electricity Market System," outlining a clear timeline and roadmap for electricity market reform over the next decade, aiming for a 70% market transaction volume by 2030 and a fully established market by 2035 [1][3]. Group 1: Strategic Goals - The implementation opinions set a two-step strategic goal for the establishment of a unified electricity market, with key milestones in 2030 and 2035 [3]. - The document addresses current issues such as market barriers and insufficient participation, proposing systematic reforms to optimize electricity resource allocation nationwide [3]. Group 2: Market Functions and Pricing Logic - The implementation opinions define six major market functions: spot, medium- and long-term, ancillary services, green electricity, capacity, and retail markets, marking a significant breakthrough in pricing systems [4]. - The establishment of a multi-value market indicates that price signals will guide future investment directions and transformation paths, moving beyond traditional energy quantity pricing [4]. Group 3: Green Electricity and International Integration - The construction of a green electricity market is emphasized, with plans to strengthen the traceability of green electricity consumption and explore the integration of green certificates into carbon accounting [5]. - Analysts highlight the importance of aligning China's green electricity standards with international standards to enhance the marketability of renewable energy sources like wind and solar [5].

2026 年 2 月 12 日星期四 研究员：纪晓云 从业资格：F3066027 交易咨询资格：Z0011402 Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 重要事项: 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 1172.0 联系方式：010-56711796 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 昨日焦煤主力合约 Jm2605 收于 1123.5 元/吨，环比 ...

Core Viewpoint - The State Council's "Implementation Opinions on Improving the National Unified Electricity Market System" aims to establish a comprehensive national electricity market by 2030, with market transactions accounting for approximately 70% of total electricity consumption, and to fully complete the system by 2035 [1] Group 1: Market Structure and Functionality - By 2030, all types of power sources and electricity users, except for guaranteed users, will directly participate in the electricity market, with a focus on market-based trading [1] - The implementation of a unified market regulatory system and a market pricing mechanism will be established to ensure fair competition [1] - The transition to a formal operation of the spot market is targeted for completion by 2027, enhancing real-time price discovery and supply-demand adjustment [2] Group 2: Long-term Market Stability - The long-term market will be improved to ensure stable electricity supply and enhance risk response capabilities through effective contract signing and performance measures [3] - The long-term market will be refined to allow continuous trading across various time frames, including annual and monthly contracts [3] - Effective integration between long-term and spot markets will be emphasized to meet national energy security requirements [3] Group 3: Green Electricity Market - A unified green certificate market will be established to recognize renewable energy production and consumption, promoting the expansion of green electricity consumption [4] - The introduction of a consumption certification mechanism for green electricity will be accelerated, incorporating technologies like blockchain for full-chain certification [4] - The development of various trading models for green electricity, including long-term purchase agreements, will be encouraged [4] Group 4: Participation of Generation Entities - The participation of generation entities in the electricity market will be further promoted, particularly for renewable energy sources [5] - A sustainable pricing settlement mechanism for renewable energy will be established to encourage long-term trading [5] - The optimization of coal-fired power generation operations will be pursued to ensure all generated electricity participates in the market [5]

重要的消息有哪些 1.国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。其中提出，到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用 户外的电力用户全部直接参与电力市场，市场化交易电量占全社会用电量的70%左右。跨省跨区和省内实现联合交易，现货市场全面转入正式运行，市场 基础规则和技术标准全面统一，市场化电价机制基本健全，公平统一的市场监管体系基本形成。到2035年，全面建成全国统一电力市场体系，市场功能进 一步成熟完善，市场化交易电量占比稳中有升。跨省跨区和省内交易有机融合，电力资源的电能量、调节、环境、容量等多维价值全面由市场反映，电力 资源全面实现全国范围内的优化配置和高效利用，以电力为主体、多种能源协同互济的全国统一能源市场体系初步形成。 巨力索具：市场传闻不实，商业航天订单金额占比对公司经营业绩影响很小。 二连板小崧股份：控股公司短剧业务尚处于早期投资阶段。 2 . 2月11日，国家统计局发布了以2025年为基期的全国居民消费价格指数（CPI）和工业生产者出厂价格指数（PPI）数据。这是本次基期轮换后的首次数 据发布。基期轮换是国际惯例和通行做法，每五年进行一次。具体看，1 ...

江苏 Jiang Su 2月11日，苏州虎丘山景区举行民间民俗表演活动，欢欢喜喜过小年，也为即将到来的新春佳节营造出浓郁的喜庆气氛。 王建康摄 视觉江苏网供图 股市 Equity Market 2月11日，A股三大指数涨跌不一，创业板指、科创50指数跌超1%。时隔31个交易日，沪深两市成交额跌破2万亿元，较上一个交易日缩量1213亿 元。盘面上，全市场超过3200只个股下跌。截至收盘，沪指涨0.09%，深成指跌0.35%，创业板指跌1.08%。 从中国国家铁路集团有限公司获悉，2月11日（农历腊月二十四）是南方小年，计划加开旅客列车1544列，铁路部门已累计发售春运期间火车票超过 2亿张。2月10日，全国铁路发送旅客1398.0万人次，同比去年春运增长4.9%，运输安全平稳有序。 国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》，提出到2030年，基本建成全国统一电力市场体系，市场化交易电量占全社会用 电量的70%左右；到2035年，全面建成全国统一电力市场体系，电力资源全面实现全国范围内的优化配置和高效利用。 国务院反垄断反不正当竞争委员会出台《关于公用事业领域的反垄断指南》（以下简称《指南》）。 ...

Group 1 - The Ministry of Finance issued the first tranche of 14 billion RMB government bonds in Hong Kong, with a subscription multiple of 3.94 times, indicating strong investor interest [2] - The Ministry of Commerce reported that online retail sales reached 989.73 billion RMB from January 19 to February 8, with online dining and tourism growing by 11.5% and 5.3% respectively [2] - The China Automobile Industry Association announced that in January, automobile production and sales reached 2.45 million and 2.346 million units respectively, with production increasing by 0.01% year-on-year and sales decreasing by 3.2% [2] Group 2 - The South African Agricultural Chamber stated that despite the impact of US tariffs, agricultural exports are expected to grow by 10% to reach 15.1 billion USD by 2025, setting a new historical high [3] - The Ministry of Culture and Tourism introduced a new complaint handling method for tourism, effective from March 15, 2026 [4] - The railway department announced the addition of night high-speed trains on major routes to meet passenger return travel demand, with ticket sales implemented in a staggered pre-sale manner [4]