Core Insights - The integration of AI technology in the energy sector faces significant challenges, particularly in accurate energy forecasting, which is crucial for the development of virtual power plants and energy trading [3][4] - The company is focusing on developing AI large models and expanding application scenarios to enhance predictive accuracy and operational efficiency in energy management [3][5] - The company aims to transition from a domestic green energy operator to a global energy technology service provider, implementing a dual-driven strategy of "energy assets + energy services" [7][8] AI Technology Challenges - Current AI applications in the energy sector are hindered by issues such as the lack of scenario-specific models and the complexity of energy processes, making accurate forecasting difficult [3][4] - The company is addressing these challenges by developing energy time-series models and AI agents to improve sensitivity to external factors and enhance predictive capabilities [3][5] Project Development and Implementation - The company has managed over 20 GW of user load, with approximately 835 MW of controllable load verified in the market, showcasing its comprehensive data and model advantages [4] - AI technology has significantly improved operational efficiency, with a 10% increase in predictive accuracy for energy strategies and a 3% reduction in overall operational costs for distributed energy systems [5] Virtual Power Plant Ecosystem - The company is actively participating in the development of virtual power plant ecosystems, exemplified by the launch of the "Juxing" platform, which aims to enhance energy management across various sectors [6] - This platform leverages multi-dimensional AI models to optimize resource allocation and trading strategies, thereby improving operational efficiency [6] Global Expansion Strategy - The company is committed to expanding its presence in international markets, particularly in Southeast Asia, Central Europe, Central Asia, Australia, and Africa, focusing on green energy solutions [7][8] - The strategic focus includes enhancing the share of renewable energy assets and innovating carbon-neutral service models to drive significant growth in both scale and profitability [7]

中央经济工作会议12月10日至11日在北京举行。习近平总书记出席会议并发表重要讲话，全面总结2025 年经济工作，深入分析当前经济形势，系统部署2026年经济工作。接受本报记者采访的国际人士表示， 过去一年，中国经济高质量发展扎实推进，展现出强大韧性和活力。2026年是中国"十五五"规划的开局 之年，中国政策的稳定性、经济增长的稳定性、发展预期的稳定性将持续释放，为世界注入更多确定 性。 "中国仍将是全球发展的重要引擎" 会议指出，今年是很不平凡的一年，"我国经济顶压前行、向新向优发展"。2025年，面对国内外形势深 刻复杂变化，中国经济保持了总体平稳、稳中有进的发展态势，经济社会发展主要目标将顺利完成。近 日，多家国际机构密集上调2025年中国经济增速预期，"看好中国"日益成为各方共识。 "会议为中国明年'十五五'良好开局、持续推进高质量发展指明了方向。"伊拉克经济学家马哈茂德·达格 尔表示，他对中国经济持续稳步发展充满信心。作为世界经济的重要稳定力量，中国超大规模市场优 势、工业实力和创新能力将支撑经济发展行稳致远。 "会议充分展现了中国在复杂外部环境下的战略定力和发展远见。"泰国"一带一路"经济与教育发 ...

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。 会议明确，发展改革系统要准确把握明年经济工作的总体要求，结合职能扎扎实实做好明年发展改革重 点工作。一是编制实施好"十五五"规划。深入领会党中央战略意图，坚持因地制宜，提高规划质量，加 强规划内容审核衔接，把党的二十届四中全会《中共中央关于制定国民经济和社会发展第十五个五年规 划的建议》确定的各项决策部署和工作要求落到实处。同时，加强经济监测预警分析，完善政策工具 箱，加强预期管理，做好今明两年政策衔接、工作衔接，推动政策靠前发力，实现良好开局。 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，完善配套制度，强化 评价考核，严控新增"两高"项目。 八是更大力度保障就业和改善民生。多渠道促进就业增收，提升公共服务水平，保障民生商品量足价 稳，切实增进民 ...

Core Viewpoint - The company is strategically transitioning to a "dual-wheel drive" model of "environmental protection + new energy," aiming to become a leading international operator in environmental and hydrogen-based energy products [2][4]. Group 1: Business Operations - The company's core business is built on three pillars: waste-to-energy incineration, urban and rural sanitation services, and environmental equipment manufacturing [2]. - The company has developed a full range of new high-efficiency waste incineration power generation equipment, maintaining a leading position in the national market [2]. Group 2: Energy Utilization and Growth - The company has explored an energy cascading utilization model, achieving a steam sales volume of 1.16 million tons from 10 domestic projects by mid-2025, representing a year-on-year increase of 59.6% [3]. - The traditional waste incineration business is viewed as an energy production process, facilitating the transition into the new energy sector [4]. Group 3: International Expansion - The company has expanded its waste incineration power project in Hanoi, Vietnam, increasing its total installed capacity from 75 MW to 90 MW, marking it as one of the largest overseas projects by a Chinese enterprise [5]. - The company has successfully exported waste incineration equipment to multiple countries, including Vietnam, Singapore, India, Maldives, and France [5]. Group 4: New Energy Market Position - The global hydrogen-based energy market is experiencing explosive growth, particularly in sectors like shipping, aviation, and steel, where decarbonization is challenging [6]. - The company plans to achieve an annual production capacity of 200,000 tons of EU-certified methanol by 2026, with a goal to increase this to 1 million tons by 2030 [6]. - The company has obtained ISCC EU certification, allowing its products to meet EU market entry standards, facilitating access to the European market [6].

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The Central Economic Work Conference emphasizes the application of green electricity and promotes the development of hydrogen, ammonia, methanol, and energy storage, indicating a positive outlook for investment opportunities in green energy sectors in 2026 [3]. - Domestic energy storage saw significant growth in November, with newly installed capacity reaching 4.51GW/13.03GWh, reflecting a month-on-month increase of 57.14% in power and 74.66% in capacity [3][7]. - The report highlights the importance of hydrogen and green fuels as new growth points, with expectations for increased investment in these areas due to supportive policies and market conditions [4]. Summary by Sections Energy Storage - Domestic energy storage is experiencing a boom, with November's new installations showing a 45.95% year-on-year increase in power and a 49.6% increase in capacity [3][7]. - The report anticipates that independent energy storage tenders will maintain a good level in 2026, supported by a complete revenue model through energy markets and auxiliary services [3]. Hydrogen and Green Fuels - The report suggests that hydrogen and methanol will play a crucial role in the non-electric applications of green electricity, with significant investment expected in these areas [4]. - The development of zero-carbon parks and factories is also highlighted as a key initiative for 2026 [3]. Wind Power - The report notes that in 2024, onshore wind power installations are expected to reach 75.8GW, a year-on-year increase of 9.68%, while offshore wind installations are projected to be 4.0GW, a decrease of 40.85% [8]. - The bidding capacity for wind power equipment in 2024 is expected to be 164.1GW, a 90% increase year-on-year [13]. Lithium Battery - The report indicates that the demand for lithium batteries remains strong, with December's retail sales of new energy vehicles expected to show a bright performance despite a year-on-year decline of 17% [19]. - The supply chain for lithium batteries is expected to stabilize, with ongoing negotiations for long-term contracts and price adjustments [22][23].

【 宏观】 稳中求进，修炼内功——2025年12月中央经济工作会议学习体会 中央经济工作会议 12 月 11-12 日在北京举行，会议贯彻了 12 月 8 日中央政治局会议对经济工作的定调，部署了 2026 年经济工作的八大重点任务。 总体来看，会议充分肯定了今年的经济工作，总结当前经济面临的机遇与挑战，下调对外风险评价，重视短期的扩大内需和中长期的"内功"修炼。预计 2026 年宏观政策有望延续积极基调，但不搞大水漫灌强刺激，做好"逆周期"调节的同时，也会注重"跨周期"调节。 具体来看，会议新闻稿有以下六个亮点： 第一，政策基调偏温和，聚焦内部形势和中长期问题。 总体基调由 2024 年底经济工作会议的"稳中求进，以进促稳、守正创新"，转变为"坚持稳中求进、 提质增效，发挥存量政策和增量政策集成效应"。表态上偏温和，预计 2026 年宏观政策有望延续 2025 年基调，整体积极，但也不会大水漫灌强刺激。 第二，明确财政和货币政策具体方向，表达出政策态度的连续性。财政政策方面， 一是，保持必要的财政赤字、债务总规模和支出总量，预计赤字率维持在 4% 左右。二是，提出"规范税收优惠和财政补贴政策"，是从制度层面 ...

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 环保 顶层设计强力驱动，固废循环蓄势升级 政策加码循环经济，金融赋能绿色制造 1、中央经济工作会议指出要坚持 "双碳"引领，推动全面绿色转型。明确要求实施固体废物综合治理行动， 其核心目的是从无废城市建设和资源循环的源头入手，系统减少污染、提 升资源利用效率，为高质量发展提供可持续支撑。这将直接利好固废处理 行业，推荐专注固废循环的龙头企业惠城环保。2.工信部、央行联合发文 强化绿色金融对绿色工厂建设支持，引导金融机构通过绿色信贷、绿色债 券及结构性货币政策工具，加大对国家绿色工厂的资金支持，重点投向绿 色低碳技术研发与产业化、工业节能降碳技术改造升级以及零碳工厂建设 等方向。建议关注受益于碳中和的标的，惠城环保、高能环境等。 当周碳交易行情：本周（12.08-12.12）全国碳市场综合价格行情为：最高 价 60.20 元/吨，最低价 56.32 元/吨，收盘价较上周五下跌 3.38%；挂牌 协议交易成交量 318.23 万吨，成交额 1.87 亿元；大宗协议交易成交量 487.05 万吨，成交额 2.92 亿元；本周无单 ...

2025 年 12 月 14 日 行业研究 中国石化集团： 深化改革积极转型，谱写中国式现代化石化新篇章 ——石油化工行业周报第 432 期（20251208—20251214） 要点 世界级石化龙头砥砺奋进，股份公司上市 25 周年再启航。中国石油化工集团 有限公司是中国最大的成品油和石化产品供应商，世界第一大炼油公司、第二 大化工公司，加油站总数位居世界第二。公司主要包括四大业务板块，分别为 油气和新能源板块、炼油和销售板块、化工和新材料板块以及资本和金融板块。 旗下直接拥有上市公司包括中国石化股份有限公司、中石化炼化工程、石化油 服和石化机械，其中中国石化股份有限公司现有全资子公司、控股和参股子公 司、分公司等共 100 余家，包括油气勘探开发、炼油、化工、产品销售以及 科研、外贸等企业和单位。2024 年以来，全球经济复苏承压，地缘政治风险 上升，国际油价震荡下行，市场供需矛盾突出，公司克服生产经营不利局面， 实现了各业务的高质量发展。2024 年，中国石化集团实现营业总收入 31388 亿元，同比-3.3%，实现归母净利润 578 亿元，同比-13.0%。2025 年是中国 石油化工股份有限公司 H ...

Core Insights - The approval of the first provincial UHV project in Zhejiang and accelerated progress in controllable nuclear fusion commercialization are significant developments in the power equipment sector [2][63] - The total investment for the Zhejiang UHV AC ring network project is 29.3 billion RMB, marking it as the highest investment and largest single project in China's UHV AC engineering history [63] - The report recommends companies such as Pinggao Electric, Shunhua Electric, and Huaming Equipment in the power equipment sector, while suggesting attention to Tebian Electric [2] - For controllable nuclear fusion, Xuch Electric is recommended, with additional focus on companies like New Wind Power, Saijing Technology, Guoguang Electric, Hailu Heavy Industry, and Yongding Co [2] Industry Developments - The global opening of the ITER organization's core simulation tool IMAS is expected to accelerate the commercialization of fusion energy [2] - Huadian Energy has released new regulations for wind and solar investment mergers, requiring a minimum internal rate of return of 6.5% for capital in domestic and foreign wind and solar projects [3] - The energy storage sector saw a significant year-on-year increase of over 80% in procurement capacity in November, with a total scale of 11.5 GW/33.5 GWh [3] - The establishment of a photovoltaic storage platform company aims to regulate the photovoltaic industry by storing approximately 1 million tons of outdated capacity [4] Market Trends - In November, the sales of new energy vehicles in ten major European countries increased by 38.8% month-on-month, with a total of 290,000 units sold [25] - The report highlights the stable pricing of polysilicon, silicon wafers, battery cells, and modules, indicating a steady market despite fluctuations in demand [10][11][14] - The report notes that the prices of lithium salts and ternary materials have shown mixed changes, with battery-grade lithium carbonate prices rising to 94,500 RMB per ton [47]

Investment Rating - The report maintains a "Buy" rating for the public utility sector [5] Core Views - The report emphasizes the importance of green electricity consumption and solid waste management in the context of the "dual carbon" goals set for 2026, suggesting a focus on the green electricity sector for potential valuation recovery [4][8] - The report highlights the ongoing decline in electricity prices and the need for adjustments in the installation rhythm of new green electricity projects based on regional supply and demand [4][3] - The report suggests that the electricity market reform is progressing, with a focus on expanding the electricity spot market and auxiliary services, while also noting the transformation of thermal power's functional positioning [4] Summary by Sections Market Review - The SW public utility sector experienced a slight decline of 0.09% this week, ranking 11th among 31 SW sectors, while the Shanghai Composite Index fell by 0.34% [23] - Among sub-sectors, thermal power increased by 0.22%, while hydropower decreased by 0.26% [23] - The top five performing stocks in the public utility sector this week were: Jiaze New Energy (+9.71%), Yinxing Energy (+8.58%), Zhongtai Co. (+7.79%), Xichang Power (+5.38%), and Chenzhou International (+4.14%) [29] Price Updates - The report notes a significant drop in thermal coal prices, with Qinhuangdao port's 5500 kcal thermal coal price decreasing by 39 CNY/ton this week [2][9] - The average settlement price for electricity in Guangdong was reported at 292.88 CNY/MWh, down from 354.64 CNY/MWh the previous week [10] Key Events - Various provinces have begun releasing results for the "136" document's incremental project bidding, with significant volumes of green electricity being auctioned at varying prices [3][7] - The Central Economic Work Conference reiterated the commitment to the "dual carbon" goals, emphasizing the need for a comprehensive green transition and the expansion of green electricity applications [8]