【文/观察者网专栏作者 文少卿】 12月8日，日本驻越南大使伊藤直树亲口告诉英国路透社，因为时间表"太紧"，日本已退出在越南建设大型核电站的计划。 简单来说，就是"太君"提桶跑路了。而且连句委婉的"条件尚不成熟"都懒得编，直接搬出打工人最熟悉的甩锅金句，就把越南人的核电蓝图，乃至缔造"下 一个亚洲奇迹"的美梦，直接扔在了12月的寒风里瑟瑟发抖。 核能，越南的救命稻草 越南缺电，这不是新闻。 工厂24小时连轴转，给三星、苹果和富士康代工的流水线不敢停；中产阶级家里空调、电动车、智能家电齐上阵；再加上动不动就40℃的热浪和说来就来的 台风，水电站一干涸，电网立马"罢工"。于是乎，停电成了家常便饭。 2023年6月，越南北部遭遇严重电力短缺，导致大面积轮流停电，直接让三星和富士康产线停摆，连英特尔都吓得撤回了扩产计划，越南"世界工厂替补队 员"的人设，差点当场崩盘。今年12月4日，越南国会主席陈青敏就直言不讳：如今外国老板们飞到河内或胡志明市，落地第一句不是问政策、问地价，而是 直奔主题："你们这儿……电够用吗？" 越南政府当然心知肚明。"越南的目标是在2025年实现8%或更高的经济增长，并在随后几年实现两位数的经 ...

| 销门则 | | | --- | --- | | | K | | 时间 | 事项 | | 周一 12/15 | 国家统计局发布11月国民经济运行数据 | | | 国家统计局公布70城住宅销售价格月度报告 | | | 央行开展6000亿元买断式逆回购操作,期限为6个 | | | 深证成指、创业板指、深证100、创业板50等 | | | 深市指数定期调整正式实施 | | | 北证指数样本股定期调整生效 | | | 2025中国汽车软件大会(上海, 12/15-12/16) | | | 世界旅游经济论坛2025年峰会(哈尔滨, 12/15-12/ | | | 【新股申购】 健信超导 | | 周二 12/16 | 美国11月失业率、11月季调后非农就业人口 | | | 恒生港股通软件及半导体指数更名，剔除中芯国际、华虹半 | | | 2025两岸企业家峰会年会 (南京, 12/16-12/17) | | | 【新股申购】江天科技 | | | 海南自贸港正式启动全岛封关运作 美国11月CPI | | --- | --- | | | 欧洲央行、英国央行公布利率决议 | | 周四 12/18 | 火山引擎FORCE原动力 ...

Core Viewpoint - The article emphasizes that the current short-term market fluctuations do not alter the long-term upward trend, presenting a favorable opportunity for investors to position themselves for the upcoming year [1][5][6]. Active Equity - The market is currently experiencing short-term adjustments, but the upward trend remains intact, particularly in advanced manufacturing represented by technology, as well as in cyclical sectors like non-ferrous metals and chemicals [4][6]. - The domestic electronic and communication industry is expected to see stronger earnings certainty over the next two years due to rising capital expenditures in AI from global cloud vendors [6]. - The lithium battery supply chain is anticipated to gradually recover profitability, driven by increasing demand for energy storage [6]. - Non-bank financial institutions are projected to see an increase in return on equity (ROE) as economic conditions improve, with the overall equity market valuation remaining attractive [6][8]. Fixed Income - The convertible bond market is expected to have upward potential, with opportunities for investors to buy during market adjustments in December [18][20]. - The bond market is currently in a state of fluctuation, with weak fundamentals supporting the market, while the potential for interest rate declines and credit spread compression is anticipated [22][23]. - The strategy suggests maintaining a barbell structure and increasing leverage to participate in duration plays [24]. Quantitative Index - The underlying support for the AI+ theme remains strong, with the market transitioning from an overcrowded state to a phase focused on uncovering alpha [27][28]. - The market is expected to provide opportunities for value-based investments, particularly in large and mid-cap stocks, as the focus shifts towards fundamental-driven strategies [28]. Multi-Asset - The article discusses the shift in the US-China strategic competition and the potential collapse of the US debt and fiscal system, which may create opportunities in the domestic market despite current valuations [39]. - The focus is on the upcoming FOMC meeting and its implications for interest rates, with expectations of a gradual weakening of the dollar as the Fed enters a rate-cutting cycle [41][42].

| | | 中国企业ESG实践12个重点议题 | | --- | --- | --- | | 维度 | 序号 | 议题名称 | | 环境领域 | 1 | 应对气候变化(包括温室气体排放管理、增强气候适应能力等) | | | 2 | 污染防治与生态系统保护(包括污染物排放、废弃物处理、生态系统和生物多样 | | | | 性保护、环境合规管理等) | | | 3 | 资源利用与循环经济(包括能源利用、水资源利用、循环经济等) | | | 4 | 乡村振兴与社会贡献(包括乡村振兴项目、公益事件捐款、公益重点领域、共同 | | | | 富裕投入、一带一路及海外履责等) | | | 5 | 产品责任与科技伦理(包括质量管理体系、客户满意度、召回管理、投诉管理、客 户隐私管理、数据安全管理、负责任营销等） | | 社会领域 | 6 | 供应链管理(包括供应链安全、平等对待中小企业、产品和服务安全与质量等) | | | 7 | 员工权益与发展(包括劳工管理、员工参与度与多样性、职业健康与安全) | | | 8 | 新质生产力(包括创新管理策略、创新目标、杰出创新项目及奖项;研发投入;环 | | | | 保创新技术等) | ...

Core Viewpoint - The European Union is considering the repeal of the 2035 ban on internal combustion engine (ICE) vehicles, driven by pressure from member states like Germany and Italy, amid concerns over competitiveness against Chinese electric vehicle manufacturers [1][12]. Group 1: EU Policy Changes - The European People's Party (EPP) leader Manfred Weber announced that the European Commission will propose the repeal of the ICE ban on December 16 [2][3]. - Instead of a complete ban, a new proposal will require a 90% reduction in CO2 emissions for new registered vehicles starting in 2035 [3]. - There will be no target for 100% reduction in carbon emissions by 2040 [4]. Group 2: Industry Reactions - The announcement led to a rise in the European STOXX 600 automotive index by 0.8%, with traditional ICE manufacturers like Renault, Porsche, and Volkswagen seeing stock increases of 1.3% to 3% [6]. - German automakers such as Mercedes-Benz and BMW support the repeal, while companies like Volvo, which have invested heavily in electrification, oppose it, fearing it undermines future regulatory confidence [7]. Group 3: Diverging Opinions Among EU Members - Germany and Italy advocate for the repeal due to fears of losing competitiveness against Chinese firms, while Spain opposes it, citing risks to employment and the transition to electric vehicles [10][11]. - Spanish Prime Minister Sánchez warned that weakening the ban could delay modernization investments and harm the EU's goal of becoming a leader in electric vehicle manufacturing [11]. Group 4: Competitive Landscape - The EU's decision to potentially repeal the ban reflects anxiety over the competitive pressure from Chinese electric vehicle manufacturers, as evidenced by a significant increase in the registration of Chinese brands in Europe [15]. - In the first half of the year, 5.1% of new car registrations in 28 European countries were from Chinese brands, nearly doubling from the previous year [15].

Core Viewpoint - The establishment of the High-Temperature Gas-Cooled Reactor (HTGR) Modern Industrial Chain Alliance marks a significant step in China's industrialization and collaborative innovation in fourth-generation nuclear energy technology [1][6]. Group 1: Alliance Formation and Objectives - The HTGR Modern Industrial Chain Alliance was officially launched on December 11, initiated by China National Nuclear Corporation, China Huaneng Group, and Tsinghua University [1]. - The alliance aims to create a strategic community with shared goals, responsibilities, benefits, and value creation [1][3]. - The alliance's charter was signed during the establishment meeting, which also included a proposal for promoting the HTGR industry through party-building initiatives [3]. Group 2: Key Participants and Contributions - Over 60 core units from the upstream and downstream of the industrial chain are involved, focusing on six critical areas: research and design, fuel manufacturing, equipment manufacturing, construction and debugging, operation and maintenance, and overseas markets [6]. - Key speeches were delivered by representatives from China National Nuclear Power Co., Harbin Electric Group, and other significant players in the industry [3]. Group 3: Technological and Market Development - The alliance will enhance cooperation across the HTGR industry chain, breaking down barriers and establishing strategic partnerships among enterprises [7]. - The focus will be on diversifying the use of HTGR technology beyond electricity generation to include heating and hydrogen production, contributing to a zero-carbon comprehensive energy system [6]. - The HTGR is recognized for its inherent safety, multi-purpose capabilities, and modular flexibility, with China having mastered all core technologies and intellectual property related to HTGR [6][7].

ABS凭借其基础资产适配性和融资效率优势，正成为能源企业投融资"新宠"。 简单来说，ABS是把企业未来的稳定收益（比如电费、租金）打包，做成可交易的证券凭证发行，让企业可以提前回笼现金流。这与 REITs有何不同？ "ABS属于债务型融资，本质是企业拿未来的稳定收益做'抵押'，发行证券向投资者借钱。投资者买ABS相当于放贷，到期能拿到'本金 +利息'，企业拿到的是提前回笼的现金流，这笔钱会计入企业负债。企业只要有能产生收益的优质项目，都能通过ABS融资。这也让 ABS更为灵活，更受市场欢迎。"复旦大学绿色金融研究中心执行主任李志青向《中国能源报》记者解释。 "REITs则属于权益类产品，相当于把优质不动产打包成基金，投资者买REITs份额相当于'入股'了这些资产。它没有固定利息，收益全 靠资产运营的分红，而且资产升值后，份额价格上涨还能赚差价。对企业来说，虽然发行REITs不会增加负债，但要求资产能长期稳定 运营、持续产生效益，更适合有成熟项目的主体。"李志青进一步解释。 今年以来，我国清洁能源领域在资产证券化领域迎来多项进展。 ▲图片由AI制作 如今，资产证券化已成为能源企业盘活资产、拓宽融资渠道的重要方式 ...

Core Insights - The article discusses the upcoming 2026 Innovation Conference on Metal Organic Framework Materials (MOFs) scheduled for January 10, 2026, in Ningbo, Zhejiang, highlighting the significance of MOFs in addressing resource issues and climate challenges, especially after the Nobel Prize recognition in 2025 [3][4]. Conference Information - The conference will feature a total of 200 participants and is organized by Flink Qiming Supply Chain, with support from the National Key Laboratory of Marine Key Materials and Ningbo Qiming Supply Chain Information Technology Co., Ltd [7]. - The agenda includes registration on January 9, 2026, and various forum reports on January 10, covering advanced synthesis, carbon neutrality applications, and interdisciplinary applications of MOFs [6][8]. Conference Topics - **Topic 1: Advanced Synthesis and Characterization of MOFs** [9] - **Topic 2: MOFs Design and Applications for Carbon Neutrality** [10] - **Topic 3: Interdisciplinary Fusion and Cutting-edge Applications of MOFs** [11] Call for Posters - The conference encourages experts and scholars to submit posters for technical exchange, with specific dimensions suggested for the posters [13]. Registration Fees - The registration fee varies based on the timing of registration, with early bird rates available until December 10, 2025. Regular fees apply thereafter, with discounts for groups and students [15].

2025 年 12 月 12 日 ︱证券研究部 叶海燕, CFA, CESGA 电话: +852 2533 3723 电邮: evayip@sbichinacapital.com 储能行业专题报告 储能风光无限，把握行业高景气 核心观点 全球能源转型加速、风光装机大幅增加令电网消纳压力攀升、储能经济性逐 步凸显、海内外支持政策频出，以及人工智能数据中心（AIDC）等新兴领域 崛起等多重驱动因素的共振之下，储能作为支撑构建新型电力系统的关键技 术，需求持续提升，而这一增长趋势有望在未来持续。据 EESA 统计，2019- 2023 年全球新型储能市场平均增速为 93%，2024 年全球储能新增装机约 188.5GWh，同比增长 80%，继续保持较高增速。EESA 预计 2025 年全球 储能市场新增装机将达到 265.1GWh，同比增长 41%。 碳中和承诺加速新能源的发展。"双碳"目标的大背景下，新型储能 2020 年 正式进入商业化阶段，其中以锂电池储能为代表的电化学储能迎来高速增长。 2026 年储能市场或延续高速增长态势。核心的驱动因素包括：（1）能源结 构向低碳转型，全球范围内可再生能源发电占比不断上 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][10]. Core Insights - The company is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing equipment, with a strong financial position and a projected CAGR of 17% for net profit from 2020 to 2024, driven by the growth in clean energy equipment [9][10]. - The company has a robust order book, with total orders amounting to 30.8 billion yuan as of Q3 2025, including 27.3 billion yuan in clean energy equipment [10][51]. - The report highlights the potential for growth in hydrogen and methanol businesses, supported by national policies and increasing demand for clean energy solutions [12][10]. Summary by Sections 1. Company Overview - The company, established in 2004, is a subsidiary of CIMC, primarily engaged in the production of various transportation, storage, and processing equipment for clean energy, chemical environments, and liquid food industries [20][21]. - The company has shown steady revenue and profit growth, with a CAGR of 19% for revenue and 17% for net profit from 2020 to 2024 [26][32]. 2. Energy Equipment - The company benefits from a full order book in clean energy equipment, with significant growth expected in LNG storage and transportation due to declining natural gas prices and increasing demand [9][10]. - The report notes that the company is well-positioned to capitalize on the LNG market, with a projected increase in LNG-powered vessels and infrastructure [62][66]. 3. Energy Operations - The company is expanding its operations in blue hydrogen and green methanol production, with projects expected to come online in the near future [10][12]. - The focus on utilizing by-products from steel production for hydrogen and LNG production is highlighted as a key growth area [21][61]. 4. Chemical and Food Industries - The company holds a significant market share in chemical tank containers, although it faces short-term pressures from the chemical cycle [32][34]. - The liquid food segment is also impacted by consumer trends, but diversification strategies are in place to enhance resilience [32][34]. 5. Investment Analysis - The projected net profits for 2025-2027 are 1.133 billion, 1.469 billion, and 1.762 billion yuan, respectively, with corresponding PE ratios of 13, 10, and 8 [10][11]. - The report suggests a reasonable valuation of 19.1 billion yuan for 2026, indicating a potential upside of 29% from the current market capitalization [10][11].