Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

1月19日，工业和信息化部、国家发展改革委、生态环境部、国务院国资委、国家能源局五部门发布消 息，已于近期联合印发《关于开展零碳工厂建设工作的指导意见》（以下简称《指导意见》），明确零 碳工厂建设的总体要求、阶段目标与实施路径，旨在深挖工业和信息化领域节能降碳潜力，带动重点行 业领域减碳增效和绿色低碳转型，培育发展新质生产力。 阶段目标方面，《指导意见》提出梯度培育策略。2026年起，遴选一批零碳工厂，做好标杆引领。到 2027年，在汽车、锂电池、光伏、电子电器、轻工、机械、算力设施等行业领域，培育建设一批零碳工 厂。到2030年，逐步拓展至钢铁、有色金属、石化化工、建材、纺织等行业领域，探索传统高载能产业 脱碳新路径。 "十五五"规划建议提出，要积极稳妥推进和实现碳达峰，发展分布式能源，建设零碳工厂和园区。去年 年底，国家发展改革委等三部门发布了首批国家级零碳园区建设名单。 业内人士表示，《指导意见》的发布，将与零碳园区建设形成配合，共同推动工业生产技术与方式重 构，进而推进工业和信息化领域节能降碳。 工业和信息化部节能与综合利用司相关负责人表示，零碳工厂不是绝对的"零"二氧化碳排放，而是在当 前技术经济条 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

明日主题前瞻 1、卫星互联网 | 1月19日15时48分，我国在海南商业航天发射场使用长征十二号运载火箭，成功将卫星互联网低轨19组卫星发射升空，卫星顺利进入预定 轨道，发射任务获得圆满成功。长十二火箭由中国航天科技集团有限公司八院抓总研制，支持单星，多星发射，发射周期短，履约能力强。近地轨道运载 能力不少于12吨，700公里太阳同步轨道运载能力不少于6吨，可根据任务需求适配5.2米或4.2米直径构型的卫星整流罩。 点评：我国卫星互联网正进入加速组网和产业化落地新阶段。目前国内卫星互联网工程，已形成GW星座，千帆星座等星座体系。2025年，中国星网(GW 星座)曾在9天内完成3次发射，在轨卫星数量快速增长；多家民营火箭公司(如蓝箭航天)在2025年进行了关键测试或试飞。东兴证券认为，2026年我国星座 卫星发射数量有望进一步加速增长；民营商业火箭公司有望深入参与，成为国家队的有效补充，共同支撑起高频发射需求，并给卫星制造应用，以及火箭 发射等相关产业链带来市场机遇。 2、覆铜板 | 据MoneyDJ报道，因玻纤布等原料供应紧张，价格飙升，日本半导体材料厂Resonac宣布自3月1日起调涨铜箔基板(CCL)，黏 ...

1月17日，国家能源局发布数据显示，2025年，中国全社会用电量累计103682亿千瓦时，同比增长5%。 全社会用电量突破十万亿千瓦时大关，在全球范围内尚属首次。这个数字不仅意味着规模上的跨越，更 折射出中国经济结构的深层变迁——从高耗能迈向高效能。如果把用电量比作经济发展的温度计，那么 它测量的不只是热度，更是高质量发展的刻度。 近年来，随着高质量发展的理念深入人心，以及国家对于生产效率特别是全要素生产率的重视，中国的 经济增长在向更高效率、更高科技、更少污染的新道路上快速迈进。尽管中国的用电量还在持续增长， 但其内部结构却悄然发生变化——制造业用电比重下降，而高技术制造业、现代服务业以及居民消费用 电的比重不断上升。这种变化背后，是中国经济动能的转换：从要素投入驱动转向创新驱动。数字经 济、智能制造、绿色能源等新赛道快速成长，不仅提升了单位电力的产出效率，更让电力消费更具高科 技和高质量附加值。 电力数据是高质量发展的"温度计"。用电量不仅仅是总量的累积，更是产业结构优化的镜像。例如，数 据中心、云计算、人工智能算力中心的兴起，使得信息传输、软件和信息技术服务业的用电快速增长； 新能源汽车普及推动交通领域 ...

十万亿度，不只是数字的增长，更是中国经济"新能量"的突破。 本报评论员 胡光旗 值得注意的是，在用电量突破十万亿的千瓦时的同时，中国的清洁能源发电量占比已超过三分之一，风 电、光伏发电装机容量连续多年位居世界第一。这不仅降低了碳排放强度，也为经济增长注入了可持续 的动力。未来，随着碳交易市场完善、能效标准提升以及储能技术的突破，电力将成为连接经济增长 与"碳中和"目标的关键纽带。中国经济越来越表现为，经济增长和环境保护之间的相互赋能和互促共 生。 在大数据和人工智能分析应用的双重加持下，电力数据也不只是月度统计报表上的数字，而是可以被实 时采集、分析和应用的宝贵资源。智慧电网、需求侧响应、虚拟电厂等技术应用，使得电力供应更加灵 活高效，能够根据经济运行的实际需求动态调整。这种智能化的用能管理方式，不仅能降低能源浪费， 还能提升经济运行的整体韧性——这正是高质量发展的题中应有之义。 2025年的十万亿度用电量，是中国经济的一个里程碑，也是一面镜子。它映照出的是中国经济从高速增 长向高质量发展的坚定步伐，是从规模扩张向结构优化、从资源依赖向创新驱动的深刻转型。在这个新 的阶段，我们不仅要关注用电量的"温度"，更要 ...

据卓越新能介绍，卓越新能源(泰国)生物能源建设项目是公司国际化发展核心重要战略举措之一，依托 公司自有领先的生产技术，利用当地丰富的餐厨废油脂、棕榈酸油等资源，建设年产30万吨生物柴油和 年产10万吨HVO(烃基生物柴油)/SAF(生物航空燃料)生产装置及相应配套设施。该项目分两期实施，一 期先行完成建设30万吨生物柴油生产线，随后建设HVO/SAF生产线，产品将主要供应欧美、东南亚等 地区的航空、海运、陆路交通等市场。未来，卓越新能将进一步加快国际化发展步伐，持续推动生物能 源技术的创新与应用发展，助力全球实现"碳中和"的发展愿景。(胡敏) 近日，卓越新能(688196)旗下的卓越新能源(泰国)有限公司在泰国春武里府东部工业园隆重举行生物能 源项目奠基开工建设仪式。公司董事长叶活动、泰国能源部、泰国投资促进委员会(BOI)、春武里当地 政府等各部门领导及工业园区、行业嘉宾齐聚现场，共同见证这一重要时刻。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].

一、市场回顾：军工大幅调整 从上周的大类资产走势看，白银一枝独秀，周涨幅为13.4%，年初至今白银上涨27.4%，在大类资产中 遥遥领先。科创50、恒生科技涨幅居前，黄金延续涨势，焦煤下跌2%。从行业走势看，前期表现突出 的国防军工上周下跌4.9%，房地产下跌3.5%。这两大板块前期叙事交易特征明显，政策对房地产的重 新定位，以及对前期房地产政策"添油"举措的修正，这引发投资者对低估值板块反转的憧憬，军工和航 天通信则是对十五五规划确定的未来产业有了透支。 资料来源：wind，创金 合信基金 资料来源：wind，创金 本文作者为创金合信基金首席经济学家魏凤春 上周首席视点从必要条件和充分条件讨论了中国资产重估的可能性，对趋势和结构判断的结论没有改 变。上周随着A股17连阳，交易所将投资者融资买入证券时的融资保证金最低比例从80%提高至100%。 监管层2026年的工作也明确指出，要严肃查处过度炒作乃至操纵市场等违法违规行为，坚决防止市场大 起大落，同时对涉嫌违规销售基金的线上行为进行查处。市场冲高回落，震荡调整。市场为什么调整？ 基本的共识是当前向上的力量并不是业绩驱动，而是2025年延续的叙事交易的推动。随 ...

核聚变产业正加速从实验室研发向工程验证阶段转型，规模化商业应用曙光初现。近日，在安徽合肥召 开的2026核聚变能科技与产业大会上，多位院士专家分享了核聚变研发和产业化最新进展。 智通财经记者从业内获悉，当前核聚变产业正加速从实验室研发向工程验证阶段转型，规模化商业应用 曙光初现。根据机构统计，当前已公布的多个核聚变项目的资本开支已近2000亿元，未来随着实现商业 堆的进程提速，可控核聚变市场空间将持续扩容。 业界预计，未来五年内，随着国内外多个大型聚变项目进入工程实施与设备招标周期，产业链将迎来实 质性订单转化机遇。随着高性能磁体、耐辐照材料等关键环节取得突破，以及超千亿资本陆续入场，核 聚变产业化进程正加速推进。 核聚变技术凭借其极高的能量密度，有望大幅缓解未来电力短缺问题；同时，作为一种接近零排放的清 洁能源，它也被视为实现碳中和、构建新型能源体系的关键路径之一。 不过，要让核聚变发电走进现实，科学家们要过几道难关：首先得让"燃料"（等离子体）持续"燃烧"足 够久；还要能自己"生产"维持反应所需的原料氚；更要想办法把反应产生的能量高效地"取出来"变成 电；最后，还要确保未来的示范堆和商业堆足够安全、稳定又 ...