Core Insights - The energy storage industry is transitioning from scale expansion to high-quality development driven by global energy transformation and dual carbon strategies [2] - Traditional channel models face challenges such as cost increases, delayed responses, and fragmented services due to inefficiencies [2][3] - Shushangyun's S2B2B2B digital channel management system leverages technologies like blockchain, smart contracts, and AI to reconstruct the industry collaboration network [2][4] Group 1: Pain Points and Transformation Needs - The energy storage supply chain involves multiple stages, and traditional channel models exhibit three core contradictions [3] - There is a consensus in the industry on the need for channel flattening and digitalization to enhance efficiency [3] Group 2: Shushangyun's Solutions - The system integrates a "supplier portal + logistics platform + installer workstation" to create a real-time data synchronization network [4] - Blockchain technology is introduced to address issues of information silos and efficiency losses, with a notable project experiencing over 30% project delay due to data lag [4][6] - The intelligent supply chain collaboration breaks down information barriers, improving order tracking response times from 4 hours to 15 minutes for a battery manufacturer [4][6] Group 3: AI Decision Support and Mobile Tools - The system provides multi-dimensional data analysis tools for dynamic decision-making, optimizing resource allocation [5] - Mobile applications empower frontline services, enhancing standardization levels [5] Group 4: Future Outlook - As technologies like AI large models and digital twins mature, Shushangyun is advancing three major upgrades [5] - The flattening of channels is not only an efficiency tool but also a value creation engine, helping the energy storage industry build differentiated competitiveness in a trillion-level market [5]

周期行业：中央经济工作会议的周期信号 20251214 摘要 央国企新能源投资策略转变：从大规模扩张转向精耕细作，关注度电效 益，投资品类从光伏转向风电。容量电价预期下，储能及跨省跨区输电 线路投资将迎来新高峰，利好相关企业。 储能在新型电力系统中角色转变：从成本负担转为利润引擎，调频服务 盈利能力强。未来调频市场竞争加剧，容量电价机制将逐步探索，利好 拥有风光资源积累和灵活资源获取的公司。 动力煤价格底部支撑明确：政策托底及进口减量预期支撑，预计底部支 撑在 670-700 元/吨左右。炼焦煤则面临供需宽松局面，若明年需求疲 弱且蒙煤供应宽松，将对其价格形成压制。 房地产市场流动性风险进入尾声：头部房企出现债券展期，但对国央企 影响有限。政策围绕控增量、去库存和优化供给展开，预计明年上半年 或推出 LPR 牵引的房贷利率下降或贴息政策。 住房公积金制度改革有望推进：公积金资金使用效率较低，部分城市已 拓宽使用范围。未来，这些试点措施可能会进一步推广，在控存量、去 库存、优供给之外，公积金制度改革值得关注。 Q&A 中央经济工作会议对全国统一大市场和新兴能源体系建设有何影响？ 中央经济工作会议进一步强调了全国 ...

Group 1: Macro and Market Overview - The financial data for November shows a recovery due to increased fiscal efforts, with social financing growth supported by accelerated government bond issuance and faster conversion of fiscal spending into general deposits [2] - A favorable liquidity environment is highlighted, with significant growth in corporate bond financing contributing positively to social financing [2] - The A-share market is expected to perform well in the upcoming year-end, supported by ongoing domestic economic policy efforts and historical trends indicating strong performance in the first year of the 13th and 14th Five-Year Plans [3] Group 2: Bond Market Insights - The secondary market for REITs has seen a decline in prices, with the weighted REITs index closing at 180.06 and a weekly return of -0.23% [5] - Credit bond issuance increased significantly, with 369 bonds issued totaling 459.51 billion yuan, a 35.34% increase from the previous period [6] - Investors are advised to adopt a comprehensive view when analyzing financial aggregate data, focusing on a balanced understanding of the market [4] Group 3: Industry-Specific Research - In the float glass industry, the trend of increasing concentration among leading companies is expected to continue, with recommendations to focus on Xinyi Glass and Qingdao Huadong Glass [10] - The photovoltaic glass sector is anticipated to see a clearing out of smaller companies at the industry cycle's bottom, leading to increased concentration among leading firms, with a focus on Xinyi Solar and Flat Glass Group [10] - The banking sector is experiencing a slowdown in credit expansion, with social financing in November at 2.5 trillion yuan, maintaining an 8.5% growth rate [11] Group 4: Company-Specific Analysis - Zhongyou Engineering has successfully launched a new material project, with projected net profits of 738 million yuan, 825 million yuan, and 929 million yuan for 2025-2027, respectively [20] - The company is rated as "buy" due to its strategic expansion into emerging business areas [20] - Hualan Biological is increasing its investment in innovative products and has a high dividend payout ratio, enhancing its long-term investment value [22]

Group 1 - The International Energy Agency predicts that the global nuclear fusion market size is expected to approach $500 billion (3.5 trillion RMB) by 2030 [1] - Significant advancements have been made in controlled nuclear fusion research, including both Tokamak for "steady-state operation" and laser devices for "fast ignition" [1] - China is intensifying efforts to develop the controlled nuclear fusion industry, with policies emphasizing support for early-stage research and the establishment of a comprehensive future energy equipment system [1] Group 2 - By July 2025, China National Nuclear Corporation will lead the establishment of China Fusion Energy Co., focusing on major scientific experiments and key material development for fusion reactors [1] - A strategic cooperation agreement was signed between Lianchuang Optoelectronics and China Energy Construction to collaborate on cutting-edge fields including controlled nuclear fusion [1] - Since 2025, the primary market financing for China's nuclear fusion sector has exceeded 10 billion RMB [1] Group 3 - The controlled nuclear fusion sector is expected to unlock a trillion-dollar blue ocean market, with key materials and components identified as high-temperature superconductors, first wall materials, low-temperature systems, heat exchangers, and vacuum chambers [2] - The bidding and construction by leading domestic nuclear fusion companies will drive growth for upstream material suppliers and midstream processing firms, benefiting the "shovel sellers" in the industry [2] - The commercialization path for nuclear fusion technology is becoming clearer, with an anticipated acceleration in capital expenditure during the 14th Five-Year Plan period, leading to sustained order releases in related component sectors [2]

Group 1 - The US and Ukraine delegations held talks in Germany, achieving "significant progress" on key issues such as territory, security guarantees, and the €210 billion in frozen Russian central bank assets [1] - Ukraine's President Zelensky stated that Ukraine has abandoned its long-term goal of joining NATO as a compromise to secure Western security guarantees to end the conflict with Russia [1] - The South Korean government held an emergency meeting to address the depreciation of the Korean won, which has fallen over 4% this quarter due to high interest rate differentials with the US and capital outflows [4] Group 2 - The A-share market saw the Shanghai Composite Index decline by 0.34%, while the Shenzhen Component Index and the ChiNext Index increased by 0.84% and 2.74%, respectively [2] - In the US stock market, the Dow Jones rose by 10.5%, while the Nasdaq and S&P 500 fell by 1.62% and 0.63%, respectively, with major tech stocks experiencing declines [2] - Over 90% of private equity products reported positive returns, with an average return of 22.61%, and quantitative long strategies leading with a return of 36.24% [10] Group 3 - SpaceX confirmed a potential IPO plan for 2026, with a valuation of $800 billion, doubling from $400 billion in July [12] - The Chinese liquor market is stabilizing, with prices for premium brands like Moutai and Wuliangye showing signs of recovery after new production control policies were introduced [13] - The introduction of a humanoid robot App Store by Yushu Technology allows users to deploy cloud algorithms without programming, marking a shift towards software ecosystem competition in the robotics industry [14]

范波指出，"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。要始终把学 习贯彻习近平总书记对江苏、苏州工作重要讲话重要指示精神作为贯穿全部工作的主线，在江苏推进中 国式现代化走在前、做示范中勇挑大梁。恳请各位专家一如既往关心支持苏州，帮助我们总结提炼实践 经验、改进提高各项工作，推动更多优质项目、优秀人才落地苏州，更好服务全国全省发展大局。 市领导顾海东、王飏，市政府秘书长徐本参加。 范波、吴庆文认真听取发言，对各位专家给予苏州发展的关心支持表示感谢。范波说，各位专家发 挥自身所长，结合苏州实际，提出的意见建议站位高、思考深、视野宽、对策实，帮助我们更加深刻领 会了习近平总书记重要讲话精神的丰富内涵，更加深刻认识苏州肩负的使命担当，更加深刻认清当前面 临的形势挑战、问题短板，进一步拓宽了思路视野，坚定了推动高质量发展的信心决心。我们将认真研 究吸收，转化为推动高质量发展的具体举措。 12月13日，市委书记范波主持召开"十五五"规划专家咨询会，征求各领域专家对市委"十五五"规划 《建议》的意见。市委副书记、市长吴庆文出席。 会上，国家"十五五"规划专家组成员、中国国际经济交流中心首席研究员张燕 ...

早盘提示 Morning session notice 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 2025 年 12 月 15 日 星期一 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 | | | | | 在中央经济工作会议利好下，周五两市主要指数先抑后扬，半导体设备板块领涨。 | | | | | 两市成交额 2.09 万亿元，上涨放量。沪深 300 指数收 4580 点，涨 28 点，涨幅 0.63%； | | | | | 上证 50 指数收 2994 点，涨 17 点，涨幅 0.59%；中证 500 指数收 7169 点，涨 86 | | | | | 点，涨幅 1.23%；中证 1000 指数收 7370 点，涨 58 点，涨幅 0.81%。行业与主题 ETF | | | | | 中涨幅居前的是科创半导体 ETF、半导体设备 ETF、电网设 ...

记者12月13日从全国发展和改革工作会议上获悉，明年国家发展改革委将充分发挥"两重"建设、新增地 方政府专项债券等各类政府投资资金作用，适当增加中央预算内投资规模，继续发挥新型政策性金融工 具作用，多措并举促进投资止跌回稳。 三是提振消费要出实招出新招。优化实施消费品以旧换新政策，积极扩大服务消费，加快清理消费领域 不合理限制性措施，推动消费供给提质升级。 四是综合整治"内卷式"竞争和培育发展新动能。完善重点行业产能治理和重大基础设施调控，大力培育 壮大新兴产业和未来产业，培育壮大若干新兴支柱产业，深化拓展"人工智能+"行动，补齐科技服务业 短板，完善低空经济产业生态，深入推进数字经济高质量发展。 五是进一步全面深化改革。研究制定全国统一大市场建设条例，协同推进"准入、场景、要素"一体化改 革。持续抓好招商引资、招标投标等方面重点问题整治，坚决破除各类壁垒障碍。更大力度发展民营经 济，大力推动民营经济促进法配套制度建设。 六是深入扩大高水平对外开放。稳步扩大制度型开放，统筹做好"引进来"和"走出去"，推动共建"一带 一路"高质量发展。 七是以双碳为引领加快推进全面绿色转型。稳步实施碳排放总量和强度双控制度，完 ...

（张宇生/郭磊）2025-12-14 您可点击今日推送内容的第1条查看 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【策略】新一轮政策部署护航，A股跨年行情可期——策略周专题（2025年12月第2期） 新一轮政策部署护航，A股跨年行情可期。一方面，未来国内经济政策有望持续发力，经济增长有望保持在合 理区间，进一步夯实资本市场繁荣发展的基础；另一方面，政策红利释放，有望提振市场信心，进一步吸引各 类资金积极流入；此外，历史来看，"十三五"和"十四五"开局之年A股市场均有不错的表现，历史上开局之年 的积极表现有望在2026年得到延续。 您可点击今日推送内容的第3条查看 【房地产】11月核心15城二手房成交面积环比+15%——光大核心城市房地产销售跟踪（2025年11月 ...

点击注册小程序 本周数据更新： 本周动力煤价格加速下跌。其中，秦皇岛港5500大卡动力煤（中国北方，平仓价）周环比下跌39元/吨；防 城港5500大卡动力煤（印度尼西亚，场地价）本周周环比下跌10元/吨；广州港5500大卡动力煤（澳洲优 混，场地价）本周周环比下跌10元/吨。 本周重点事件： 1.各地陆续发布"136"号文增量项目竞价结果。竞价结果中：浙江光伏机制电量规模13.57亿千瓦时，机制 电价0.3929元/千瓦时；重庆光伏/风电机制电量规模分别为17.02/20.75亿千瓦时，机制电价分别为 0.3963/0.3961元/千瓦时；青海（第二批）光伏/风电机制电量规模分别为7.81/6.69亿千瓦时，机制电价分 别为0.227/0.24元/千瓦时（其中光伏竞价水平较第一批0.24元/千瓦时有所下降）；云南（第二批）光伏/风 电机制电价分别为0.329/0.335元/千瓦时（第一批光伏/风电分别为0.33/0.332元/千瓦时）；湖南光伏/风电 机制电量规模分别为7.58/25.18亿千瓦时，机制电价分别为0.375/0.33元/千瓦时；江苏光伏机制电量规模 131.35亿千瓦时，机制电价0.36元/千 ...