新世纪评级 能源行业 2025 年信用回顾与 2026 年展望 能源 稳定 能源行业 2025 年信用回顾与 2026 年展望 工商企业评级部 凌辉 摘要 近年我国持续推进绿色低碳转型，可再生能源消费占比增加显著，能源消 费结构朝着清洁化、低碳化方向稳步迈进。受国内经济增长动力转换影响， 以网络通信、新能源新材料、人工智能、生命科学等为代表的新质生产力 成为能源消费增长新驱动，我国能源消费总量仍保持了较高增速。2024 年 以来我国煤炭、原油及天然气产量继续增长，新型储能保持蓬勃发展。伴 随油气电网络不断织密，能源大范围输送能力提升，能源系统韧性不断增 强。近年能源投资增加明显，尤其在能源效率提升、可再生能源、输配电 网络、储能、煤电升级等领域。根据"十五五"规划建议，未来五年我国 将加快新型能源体系建设，清洁能源基地、储能、智能电网、微电网、分 布式能源、零碳工厂及园区等或成为政策重点支持方向。 主要能源品种方面：（煤炭）2025 年国内煤炭价格呈 N 型走势，中枢同比 下移。供应端产量小幅增长但前高后低，上半年产量高增致市场过剩，7 月超产专项核查后产量增速持续收窄，政策调控成为产量变化的核心主 导因素。 ...

Core Viewpoint - Shandong province is focusing on building a new energy system aligned with "dual carbon" goals, emphasizing integrated development of non-fossil energy sources such as wind and solar power [3][4]. Group 1: Energy Development - Shandong is advancing the development of non-fossil energy by integrating land and sea resources, promoting wind and solar energy projects [3]. - The province is developing clean energy bases in areas like the saline-alkali land in northern Shandong and coal mining subsidence areas in southwestern Shandong [3]. Group 2: Energy Equipment Industry - Shandong is actively cultivating the energy equipment industry, enhancing the wind power industry chain [3]. - The province is fostering a synergistic development between the new energy structure transformation and the energy equipment industry [3].

能源强国建设是统筹供给安全与低碳转型的时代选择。当前，全球能源转型加速演进，绿色低碳发展深 入推进，叠加地缘政治动荡加剧传统能源供应风险，能源安全与转型已成为关系国家长远发展的战略性 议题。必须破解能源对外依存度高、风险传导性强等突出问题，推动能源发展从规模扩张向"量质并 重"转型，实现我国从"能源大国"到"能源强国"的重大跃迁，筑牢国家发展的能源安全基石。 （来源：中国改革报） 转自：中国改革报 □ 易跃春 在全球能源格局深刻变革与我国现代化建设进入关键时期的时代背景下，党的二十届四中全会作出建设 能源强国的战略擘画，将能源强国建设纳入社会主义现代化强国建设总体布局。可再生能源的发展关乎 能源强国建设的成色与根基，必须将其摆在实现"双碳"目标全局和建设新型能源体系的核心位置予以谋 划和推进。 深刻认识能源强国建设的时代背景与核心内涵 能源强国建设是统筹科技自强与产业发展的目标需要。能源科技自立自强是能源强国建设的核心驱动 力。当前，我国能源领域核心技术与高端装备仍存在短板，必须以能源科技革命引领产业转型升级，不 断催生新质生产力，建设现代化能源产业体系，推动能源安全从被动应对向全面自主可控转变，为能源 强国 ...

Core Viewpoint - The article highlights the significant rise in the Wande Special High Voltage Concept Index, driven by key companies in the sector, following the announcement of new energy strategies by the National Energy Administration [1] Group 1: Market Performance - As of February 24, the Wande Special High Voltage Concept Index increased by over 5% [1] - Notable stock performances include Hanlan Co., Ltd. and Baobian Electric, which reached their daily limit up, while companies like Ankao Zhidian, Tongguang Cable, Hengtong Optic-Electric, and Hangdian Co., Ltd. also showed significant gains [1] Group 2: Policy and Strategic Developments - On February 23, the Director of the Development Planning Department of the National Energy Administration, Ren Yuzhi, published an article indicating that 2026 marks the beginning of the "14th Five-Year Plan" [1] - The article emphasizes the implementation of a new energy system and various sector-specific energy plans, aiming to enhance energy security and support the construction of a strong energy nation [1] - Key engineering projects are identified as crucial for the implementation of these plans, with a focus on major strategic projects and smaller, innovative initiatives [1] Group 3: Project Initiatives - The article outlines plans to advance significant engineering projects, including the Yaxia Hydropower Project and the establishment of various energy bases such as the "Three North" wind and photovoltaic base and coastal nuclear power base [1] - There is a push for the construction of "small but beautiful" projects, including enhancements to electric vehicle charging networks and the development of integrated wind-solar-hydrogen-ammonia bases [1] - The initiative also includes the construction of zero-carbon parks and the promotion of green transformation in thermal systems [1]

华宝基金 wabao WP Fund Car The State The First 2026年02月 | 3A系列ETF当日场内行情 ■ 中证A100ETF基金 A50ETF华宝 A500ETF华宝 159596 562000 563500 +0.78% +1.0% +0.94% 數据来源:沪深交易所等,行情数据截至 A50ETF华宝于2024.3.18上市,中证A100ETF基金于2022.8.1上 市,A500ETF华宝于2024.12.2上市 当日大市行情 m +0.87% +1.36% +0.99% 创业板指 上证指数 深证成指 两市成交额2.2万亿元 较上一日+2194亿元 全市场个股涨跌数 86日 1392景 4006 =1 上涨 il 持平 『下跌 资金净流入TOP3行业(申万一级) +36.19亿元 +39.7917元 机构观点 国投证券:节后行情核心驱动力有望来自三方面 一是政策预期推动或密集落地,两会临近将明确新质生产力、新型能 源体系等产业支持细则,例如6G、水电、机器人等领域有望获得专项 资金或试点推广,直接提振相关板块估值提升预期。二是流动性环境 改善,节后资金回流叠加假期人民币汇 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Shanghai copper main contract rebounded slightly, with a decrease in open interest, a spot discount, and a strengthening basis. The raw material side of the fundamentals shows that the spot index of copper concentrate TC is running at a low level, and the expectation of tight ore still provides solid support for copper prices. On the supply side, smelters shut down during the holiday and the number of production days was relatively small. Coupled with the tightening of the import window, the arrival volume decreased, and the domestic copper supply decreased. On the demand side, after the holiday is the traditional domestic consumption peak season, and with the support of policies for consumption, the overall industry outlook is positive. In terms of options, the call - put ratio of at - the - money option positions is 1.67, a month - on - month increase of 0.2874, indicating a bullish sentiment in the options market, and the implied volatility has slightly increased. Technically, on the 60 - minute MACD, the double lines are below the 0 - axis, and the red bars are expanding. The summary of the view is to conduct short - term long trades on dips with a light position, and pay attention to controlling the rhythm and trading risks [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai copper is 101,510.00 yuan/ton, a daily increase of 1,130.00 yuan; the price of LME 3 - month copper is 13,029.00 US dollars/ton, a daily increase of 160.50 US dollars. The spread between the main contract and the next - month contract is - 300.00 yuan/ton, a daily decrease of 50.00 yuan. The open interest of the main contract of Shanghai copper is 130,714.00 lots, a daily decrease of 8,909.00 lots. The net position of the top 20 futures holders of Shanghai copper is - 60,673.00 lots, a daily increase of 4,904.00 lots. The LME copper inventory is 241,825.00 tons, a daily increase of 6,675.00 tons. The Shanghai Futures Exchange inventory of cathode copper is 272,475.00 tons, a weekly increase of 23,564.00 tons. The LME copper cancelled warrants are 10,525.00 tons, a daily increase of 250.00 tons. The Shanghai Futures Exchange warehouse receipts of cathode copper are 277,089.00 tons, a daily decrease of 2,856.00 tons. The COMEX copper inventory is 600,436.00 short tons, a daily increase of 1,734.00 short tons [2] 3.2 Spot Market - The price of SMM 1 copper spot is 101,455.00 yuan/ton, a daily increase of 1,220.00 yuan; the price of Yangtze River Non - ferrous Market 1 copper spot is 101,720.00 yuan/ton, a daily increase of 1,345.00 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper is 34.00 US dollars/ton, unchanged. The average premium of Yangshan copper is 33.00 US dollars/ton, unchanged. The basis of the CU main contract is - 55.00 yuan/ton, a daily increase of 90.00 yuan. The LME copper cash - 3 - month spread is - 83.60 US dollars/ton, a daily decrease of 0.55 US dollars [2] 3.3 Upstream Situation - The import volume of copper ore and concentrates is 270.43 million tons per month, an increase of 17.80 million tons. The rough smelting fee (TC) of domestic copper smelters is - 50.53 US dollars/kiloton, a weekly increase of 1.84 US dollars. The price of copper concentrate in Jiangxi is 90,680.00 yuan/metal ton, a daily decrease of 1,710.00 yuan; the price of copper concentrate in Yunnan is 91,380.00 yuan/metal ton, a daily decrease of 1,710.00 yuan. The processing fee of blister copper in the south is 2,300.00 yuan/ton, unchanged; the processing fee of blister copper in the north is 1,800.00 yuan/ton, unchanged [2] 3.4 Industry Situation - The output of refined copper is 132.60 million tons per month, an increase of 9.00 million tons. The import volume of unwrought copper and copper products is 440,000.00 tons per month, an increase of 10,000.00 tons. The social inventory of copper is 41.82 million tons per week, an increase of 0.43 million tons. The price of 1 bright copper wire in Shanghai is 66,990.00 yuan/ton, a daily decrease of 1,200.00 yuan; the price of 2 copper (94 - 96%) in Shanghai is 80,950.00 yuan/ton, a daily decrease of 1,350.00 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 1,030.00 yuan/ton, unchanged [2] 3.5 Downstream and Application - The output of copper products is 222.91 million tons per month, an increase of 0.31 million tons. The cumulative completed investment in power grid infrastructure is 639.502 billion yuan per month, an increase of 79.113 billion yuan. The cumulative completed investment in real estate development is 8,278.814 billion yuan per month, an increase of 41.9724 billion yuan. The monthly output of integrated circuits is 4,807,345.50 ten - thousand pieces, an increase of 415,345.50 ten - thousand pieces [2] 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 43.97%, a daily increase of 0.16%; the 40 - day historical volatility of Shanghai copper is 36.59%, a daily increase of 0.05%. The implied volatility of the at - the - money option in the current month is 31.69%, an increase of 0.0920. The call - put ratio of at - the - money options is 1.67, an increase of 0.2874 [2] 3.7 Industry News - Iran issue: Trump said he prefers to reach an agreement with Iran rather than go to war. US envoys Witkoff and Kushner will participate in a new round of US - Iran negotiations. US media reported that the Chairman of the Joint Chiefs of Staff warned that the risk of military action against Iran is extremely high and it is easy to fall into a long - term conflict. - Trump's tariffs: The European Parliament suspended the approval of the EU - US trade agreement. Trump warned that countries that do not comply with trade agreements with the US will face higher tariffs. US House Speaker Johnson said that there is no precedent for tariff rebates, and it will be decided by the White House. The British Prime Minister's spokesman said that all measures are under consideration. The Trump administration is considering imposing new "national security tariffs" on six industries, which may cover large - scale batteries, pig iron and iron accessories, plastic pipes, industrial chemicals, and power grid and telecommunications equipment. - The US Supreme Court announced the ruling of the tariff lawsuit, ruling that the reciprocal tariffs, fentanyl tariffs and other related tariffs imposed by the US government on relevant trading partners under the International Emergency Economic Powers Act are illegal. The Chinese Ministry of Commerce responded that it is comprehensively evaluating the relevant content and impact. China urges the US to cancel the relevant unilateral tariff measures imposed on trading partners. China noted that the US is preparing to take trade investigations and other alternative measures to maintain the tariffs imposed on trading partners, and China will closely monitor this and firmly safeguard China's interests. - The director of the Planning Department of the National Energy Administration, Ren Yuzhi, said that a new energy system and a series of sub - field energy plans will be released and implemented. On the one hand, solidly promote the construction of strategic and landmark major projects, safely and orderly promote the construction of the Yalong River hydropower project, layout and construct wind and photovoltaic bases in the "Three North" regions, integrated water - wind - solar bases in the southwest, coastal nuclear power bases, and offshore wind power bases, and optimize the construction of backbone channels for electricity, oil and gas. On the other hand, accelerate the construction of a number of "small and beautiful" projects, implement the project to improve the electric vehicle charging network, layout and construct several integrated bases of wind - solar - hydrogen - ammonia - alcohol, and build a number of solar thermal power generation projects. - Federal Reserve Governor Waller said that if the employment data in February is strong, he may tend to suspend interest rate hikes. The potential inflation rate is close to the 2% target level [2]

Core Insights - The article emphasizes the importance of the oil and gas industry in ensuring national energy security and supporting economic development while transitioning to a green and low-carbon economy [1][3][6]. Group 1: Development Goals and Strategies - The "14th Five-Year Plan" has laid a solid foundation for the oil and gas industry, focusing on enhancing energy security and promoting green transformation [6][8]. - The "15th Five-Year Plan" aims to establish a new energy system and strengthen the energy security strategy, emphasizing the integration of fossil and renewable energy [2][3]. Group 2: Industry Positioning and Responsibilities - The oil and gas sector is crucial for national economic stability, tasked with ensuring supply, enabling transformation, and fostering collaborative development [3][4]. - The industry must enhance domestic supply capabilities and focus on technological advancements to meet core energy demands [3][6]. Group 3: Achievements and Infrastructure Development - During the "14th Five-Year Plan," the oil and gas industry saw significant investment, with an average annual investment of 387 billion yuan, a 48% increase from the previous plan [6]. - The construction of a comprehensive oil and gas infrastructure network has accelerated, with a total pipeline length reaching 200,000 kilometers and storage capacity increasing to 54 billion cubic meters [6][7]. Group 4: International Cooperation and Green Development - The industry has expanded international cooperation, with an average annual import of 540 million tons of crude oil and 167 billion cubic meters of natural gas during the "14th Five-Year Plan" [7]. - Green and low-carbon initiatives have been advanced, including the integration of oil and gas exploration with renewable energy sources [7][8]. Group 5: Future Planning and Key Tasks - The "15th Five-Year Plan" will focus on enhancing supply security, deepening reforms, and accelerating green transformation [8][9]. - Key tasks include improving oil and gas exploration, strengthening infrastructure connectivity, and enhancing international cooperation [9][10].

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 24 日 星期二 [Table_Summary] 概览 核心观点 【市场回顾】 上上周五，A 股震荡下跌，截至收盘，上证指数收跌 1.26%，报 4082.07 点，深证成指跌 1.28%，创业板指跌 1.57%。沪深两市 A 股成交额约 1.98 万亿元人民币，超 3600 股下跌。申万行业方面，综合、国防军 工行业领涨，有色金属行业领跌；概念板块方面，数字水印、网约车 概念涨幅居前。周一，港股方面，香港恒生指数收盘涨 2.53%，恒生 科技指数涨 3.34%。美国三大股指全线下跌，道指跌 1.66%，标普 500 指数跌 1.04%，纳指跌 1.13%。欧洲股市涨跌不一，亚太股市涨跌互 现。 【重要新闻】 【美国最高法院公布关税诉讼案裁决结果，判定美国政府相关关税违 法】美国最高法院公布关税诉讼案裁决结果，判定美国政府依据《国 际紧急经济权力法》对相关贸易伙伴加征的对等关税、芬太尼关税等 相关关税违法。我国商务部对此回应表示，正在对相关内容和影响进 行全面评估。中方敦促美方取消对贸易 ...

（来源：河北新闻网） 转自：河北新闻网 普瑞奇科技（沧州）有限公司，工人正加紧生产。 在 在 河北众燚核电装备有限公司，工人正操作设备。 创新，往往始于对"卡脖子"难题的精准拆解。创新力强的企业，不仅能实现技术突破，更能打破垄断、 领跑行业。 沧州以硬核技术突围产业困局、以前瞻布局重塑未来版图、以制度革新滋养创新生态，创新活力正如潮 般奔涌—— 解决"卡脖子"难题的硬"核"创新 切割下料、冷镦、热处理、防腐处理……经过多道工序后，一个个锚栓组装完成。它们将带着硬核的创 新实力，"奔赴"严苛的应用现场。 在位于沧州经济开发区的河北众燚核电装备有限公司，副总经理宫超手中拿着银色长条形锚栓介绍，这 些是核电用抗震自扩底锚栓，产品打破了国外技术垄断，已中标国内多个核电工程。 长期以来，核电用抗震自扩底锚栓被国外企业垄断，不仅价格高昂，更成为制约我国核电产业自主发展 的难题。 电力行业水过滤器全系列无硅无铝滤芯国产化研发项目由普瑞奇科技（北京）股份有限公司牵头研发。 普瑞奇科技（沧州）有限公司是普瑞奇科技（北京）股份有限公司全资子公司和生产基地，于2025年5 月在沧州经济开发区建成投产，并实现当年投产当年升规。 项目 ...

A股三大指数早盘集体上涨，截至午间收盘，沪指涨1.17%，报4129.78点，深成指涨1.82%，报14356.88点，创业板指涨1.76%，报3333.62点，科创 50指数涨0.34%，报1475.38点。沪深两市合计成交额15103.38亿元，较上一交易日同一时间放量超30000亿元，超4000只个股上涨。 一是政策预期推动或密集落地，两会临近将明确新质生产力、新型能源体系等产业支持细则，例如6G、水电、机器人等领域有望获得专项资金或 试点推广，直接提振相关板块估值提升预期。 二是流动性环境改善，节后资金回流叠加假期人民币汇率延续强势升值，以人民币计价资产的吸引力将提升，保险、外资等长期资金入场预期强 化，为市场提供增量资金支撑，量能中枢有望回升。 中信建投：节后行情核心驱动力有望来自三方面 板块题材上，油气开采及服务、贵金属、光纤概念、磷化工、化学原料、电网设备、煤炭开采加工、CPO、港口航运板块涨幅居前；影视院线、 AI应用、云计算、旅游及酒店、保险、白酒板块跌幅居前。 盘面上，特朗普关税政策引忧，美伊局势一触即发，石油天然气、黄金、化工等资源周期股全线大涨，中曼石油、湖南白银、金牛化工等多股涨 停 ...