过去几年，美国股市持续领先，一直是全球资本的焦点。然而2025年全球市场呈现出新的发展态势：欧洲市场的强劲表现和亚洲市场的亮眼数据，促使投 资者开始重新审视传统以美国为中心的投资布局。展望2026年，哪些区域市场更具潜力？哪些投资主题更值得深耕？又有哪些策略可以在波动中把握机 会、增强收益？ 本期财富交想"汇"，我们有幸邀请到 廖卓慧 摩根资产管理董事总经理 国际股票投资专家团队主管 匡正 汇丰私人银行及财富管理 中国首席投资总监 就2026年全球股市投资策略进行专业解读。 欧洲在绿色能源、可持续发展等前沿领域布局深厚，同时拥有一批世界级精品消费品牌，构成独特的投资吸引力。 未来一年，预计全球投资者会继续增加对环球市场的配置，以实现更好的风险分散。 估值优势显著： 即便在2025年经历不俗上涨后，欧股相比估值偏高的美股，仍然具备较好的性价比。 财政政策支持： 欧盟层面的财政政策有望持续为经济和就业提供支撑，有助于稳定市场，提振投资者信心。 独特板块机会： 欧盟在数据隐私和合规方面的严格法规，促使企业在AI应用中更加注重隐私安全，这有助于建立长期可持续的商业模式。同时，欧洲科技企业的估值也 相对更为合理。 AI ...

朋友们，就在刚刚，一则足以改变能源与航空业格局的重磅消息传来：经国务院批准，中国石化将与中 国航空油料集团实施联合重组！我是帮主郑重。这可不是两家普通企业的合并，而是一艘 "千亿级产业 航母" 的诞生，背后下着一盘关乎国家能源安全与产业未来的大棋。 我们来看这盘棋怎么下。一方是上游"巨无霸"中国石化，手握原油开采、炼化的核心资源；另一方是下 游"主动脉"中国航油，拥有覆盖全国258个机场、服务全球585家航空客户的销售网络。这次重组，就是 要将"油田"与"机场"直接连通，打造一条从 "原油"到"航油"再到"油箱" 的超级一体化链条。这不仅将极 大增强我国在航空燃油领域的自主保障能力和国际市场议价权，更在战略上筑牢了能源安全的基石。 但在我看来，这盘棋更妙的一手在于 "绿色"。 在全球航空业迫切寻求减排的背景下，可持续航空燃料 （SAF） 被视为实现"绿色飞行"的关键。而中国石化，恰恰是国内生物航煤技术的领军者。重组之后， 中国航油遍布全国的加注网络，将成为中国石化绿色能源技术最快、最广的商业化出口。这不仅仅是两 家公司的协同，更是中国推动整个航空业绿色转型的关键落子，其产生的产业带动和减碳价值，将远超 传统燃 ...

Industry News - The National Energy Administration issued the "Public Credit Information Management Measures for the Energy Industry" to enhance credit information management, effective from May 1, 2026 [4] - The National Energy Administration released the "Implementation Rules for the Management of Renewable Energy Green Power Certificates (Trial)" to strengthen the management of green certificates [4] - A new national standard for evaluating green factories, "Evaluation Guidelines for Green Factories" (GB/T 36132—2025), was published and will be implemented starting December 31, 2025, marking a new phase in green factory development in China [4] Corporate News - China National Offshore Oil Corporation (CNOOC) established two key laboratories focused on offshore deep oil and gas resources and marine oil safety and environmental protection [5] - China Southern Power Grid became the first central enterprise to operate entirely on green electricity, launching a carbon trading mechanism and achieving 100% green power consumption in its operations, reducing CO2 emissions by over 1.1 million tons annually [5] - During a visit by South Korean officials, Jilin Electric Power Company signed a memorandum with a South Korean clean energy firm to collaborate on green hydrogen-based energy products, aiming to develop international markets for green ammonia and green methanol [5] Local News - Ningxia's power grid is projected to achieve a milestone in 2025, with total electricity sales reaching 104.48 billion kWh, a year-on-year increase of 6.92%, and external electricity sales also exceeding 100 billion kWh for the first time [6] - The construction of the Hunan Miluo Pumped Storage Power Station has made progress, with the successful completion of the lower reservoir's spillway, marking a new phase in the project's flood control and main structure construction [6] International News - The Russian Foreign Ministry is closely monitoring the tracking of the Russian oil tanker "Mariner" by the U.S. military in the North Atlantic, asserting that the vessel complies with international maritime law [8] - Japan continues to suspend the restart review of the Hamaoka Nuclear Power Plant due to allegations of data manipulation by Chubu Electric Power Company regarding seismic design standards [8]

（来源：市场星报） 绿色能源是电网平稳度冬的重要支撑。截至2025年年底，合肥地区新能源发电装机容量达749.14万千 瓦，占全市电源总装机容量的56.7%。迎峰度冬前，合肥电力调度中心从"源端"发力，服务5座总容量为 2.39万千瓦的大型光伏电站、5座总容量为14.69万千瓦的储能电站顺利投运。迎峰度冬期间，电力调度 控制中心将综合考虑居民返乡等负荷特性，密切关注负荷变化情况，开展整体负荷预测并科学制定负荷 调整策略，有力提升全市电能质量。 在运维保障方面，全市149座变电站内共安排106名值班员全程值守，增加设备巡检频次，并利用无人 机、智能巡检机器人等设备辅助人工完成标准化巡检，实现设备运行状态可控、在控。 1月4日12时22分，合肥电网最大负荷达1059.37万千瓦，创冬季负荷历史新高，同比2023年12月创下的 纪录增长1.36%；当日全市日用电量也同创冬季新高，达2.06亿千瓦时。"据预测，今冬合肥最大负荷或 将达1100万千瓦以上。目前各项准备工作充分，全市电力供应平稳有序。"国网合肥供电公司电力调度 控制中心副主任张传海表示。 电网平稳运行得益于坚实的基础支撑。根据计划，合肥电网将在春节前再投 ...

新华社北京1月7日电（记者袁睿）正在对中国进行正式访问的爱尔兰总理马丁5日在北京接受中国媒体 联合采访时表示，爱尔兰愿与中方深化在经贸、绿色能源、科技创新等领域合作，增进在多边事务中的 协调。 ...

爱尔兰总理马丁在上海参观企业。(图片由爱尔兰驻华大使馆提供) 南方财经21世纪经济报道记者郑青亭北京报道 继法国总统、西班牙国王相继访华之后，爱尔兰总理马丁接棒来华访问，再次掀起了中欧高层交往的热潮。应中方邀请，马丁于1月4日至8日对中国进行正 式访问。这也是爱尔兰总理时隔14年再次到访中国，马丁同时成为今年首位访华的欧洲国家领导人。 北京外国语大学欧盟与区域发展研究中心主任崔洪建在接受21世纪经济报道记者专访时指出，此次访问正值中欧关系处于结构性调整期，叠加爱尔兰即将接 任欧盟轮值主席国的双重背景，不仅旨在深化中爱双边务实合作，更对稳定与发展中欧整体关系具有重要的示范意义。 根据中国外交部消息，马丁在北京与多位中国高层领导人举行会晤。中方表示，愿同爱方推动双边贸易扩面提质，拓展飞机租赁、保险、医疗、健康等服务 贸易，深化绿色能源、数字经济、人工智能、信息技术、生命科学等领域合作。爱尔兰今年下半年将担任欧盟轮值主席国，希望爱方为促进中欧合作发挥积 极作用。 马丁回应称，爱方欢迎更多中国企业赴爱投资。爱方重视中国在国际事务中发挥的重要作用，愿同中方密切多边协调，反对单边主义、保护主义，共同维护 世界和平稳定与发 ...

Core Viewpoint - China Electric Equipment Group, established on September 25, 2021, is a significant state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission, focusing on the power supply and distribution sector in China [3][17]. Group Structure - The group comprises seven listed companies, including China West Electric (601179.SH), XJ Electric (000400.SZ), and Pinggao Electric (600312.SH), making it the largest and most comprehensive equipment manufacturing enterprise in China's power supply and distribution field [3][17]. - The organization is responsible for ensuring national energy security and serves as a critical physical foundation for power supply [3][17]. Industry Layout - The overall layout of China Electric Equipment includes "Smart Electric, System Services, and Efficient Energy," aiming to empower smart electricity and promote green energy [3][17]. - The company focuses on high-end manufacturing and comprehensive solutions in electrical equipment, covering all aspects of power generation, transmission, transformation, distribution, and consumption [3][17]. Innovation and Technology - The group has established 20 national-level innovation platforms, holds 12,136 valid patents, and has received 1,533 honors for provincial-level and above scientific projects [8][22]. - It has participated in the formulation and revision of 1,684 international, national, and industry standards, showcasing its leadership in technology and innovation within the sector [8][22]. Recruitment and Talent Development - The company is actively recruiting high-level talents across various fields, including high-voltage switch technology, artificial intelligence, and digital technology, with positions available in major cities like Shanghai and Zhengzhou [9][23]. - The recruitment process emphasizes the importance of professional expertise, teamwork, and social responsibility among candidates [25].

绿色消费蔚然成风，能源转型惠及民生。记者了解到，"十四五"以来，南方五省区电能替代电量突破 2400亿千瓦时，电能占终端能源消费比重达34%，较全国平均水平高出5个百分点。超10万个充电桩遍 布城乡，粤港澳大湾区更达成欧标充电桩县区全覆盖。2025年绿电绿证交易量达2500亿千瓦时，超此前 三年总和，港澳台绿证交易实现全覆盖，绿色电力从生产端直达消费端，为社会各界参与"双碳"实践搭 建起便捷桥梁。 "十四五"时期，中国南方电网有限责任公司（以下简称"南方电网"）锚定数字化、绿色化转型"双主 线"，争当能源革命"先锋队"，新型电力系统建设硕果满枝：世界最大规模交直流互联电网上线运 行，"西电东送"累计输送电量超9500亿千瓦时，绿色电能直达千里；数智赋能让粤港澳大湾区供电可靠 率跃居世界顶尖水平，充电桩实现乡镇无死角覆盖，广州、深圳、海口成功斩获国家级车网互动示范金 字招牌；电力交易市场主体突破22万家、占全国四分之一，市场化交易电量占比超七成，市场活力火力 全开；昆柳龙直流工程创下19项世界之最，特高压技术领跑全球赛道，尽显央企实干担当硬核底气。 日前，南方电网正式发布新型电力系统发展白皮书，以翔实数据、鲜活 ...

Group 1 - The Deputy Mayor emphasizes the importance of implementing the spirit of the 20th Central Committee's Fourth Plenary Session and the economic work meeting's requirements, focusing on planning guidance and promoting the integration of industry and city in the development of the Southern New City [1] - The Southern New City is highlighted for its advantageous location and spatial benefits, with a call to leverage its unique characteristics to attract quality resources and strengthen its leading industries [1] - The new building of the Second Historical Archives of China, with a total construction area of approximately 88,000 square meters, aims to utilize historical elements to tell China's story and enhance the role of archival resources in preserving history and educating the public [1] Group 2 - Zhongjiang International Group has been actively engaged in overseas markets, successfully undertaking several landmark projects in countries involved in the Belt and Road Initiative, with the Deputy Mayor encouraging the company to continue its international and diversified development [2] - The Deputy Mayor stresses the need to focus on both supply and demand to increase the supply of high-quality residential properties, thereby better meeting the housing consumption needs of residents [2] - The Southern New City is identified as a valuable space for urban renewal, with an emphasis on high-quality development, leveraging unique advantages, and building an industrial system characterized by headquarters economy, modern commerce, digital intelligence, and green energy [2]

管清友（1977年12月生于山东诸城）是中国当代最具影响力的经济学家之一，现任 如是金融研究院院长、 中国民营经济研究会副会长，并兼任美的集团、 南华期货等上市公司独立董事。其学术起点始于中国社会科学院研究生院经济学博士（师从国际政治经济学家张宇燕），后进入清华大学公共管理学院从事 博士后研究，聚焦能源与气候变化领域。 职业轨迹横跨学术、政策与企业界： 能源领域：曾任中国海洋石油总公司宏观处处长，主导国际油价波动周期研究，是国内最早系统论述石油-美元计价结算体系及其影响的学者之一，其论文 《世界能源格局与中国的能源安全》发表于《世界经济》2007年第9期，提出"能源安全需从被动应对转向主动布局"。 经济学家管清友：学术深耕者与政策洞察者 一、学术背景与职业履历：从能源专家到宏观政策智囊 政策咨询：历任民生证券副总裁、研究院院长，2017年创办独立智库"如是金融研究院"，为全国人大财经委、证监会、发改委等部委提供政策建议，参与陕 西、浙江等地方政府产业规划，被誉为中国宏观政策"预警者"——2013年精准提示"钱荒"风险，2016年受邀参加习近平主席主持的经济形势专家座谈会。 学术荣誉：获"中国青年金融学者奖"" ...