在污染防治和生态保护方面，山东计划完成水泥、焦化行业70%以上产能全流程超低排放改造，开展30 个以上传统产业集群大气污染综合治理。 除零碳园区、零碳货运走廊外，山东省政府工作报告还提出，该省要创建长岛国家公园、国际零碳岛， 推动自然保护地整合优化，打造人与自然和谐共生的美丽山东。 报告提出，2026年，该省将稳步推进碳达峰，健全碳排放双控配套制度，推进国家碳达峰试点城市建 设，抓好工业等17个领域碳达峰工作，建设产品碳足迹体系，精准管控"两高"行业。 围绕新能源产业，报告提出，山东2026年将加强新型能源体系建设，加快风光核氢等重点项目建设，预 计非化石能源装机达到1.5亿千瓦。此外，该省将进一步抓好新能源消纳利用，推进万华新一代电池材 料等10个绿电产业园建设，拓展绿电直连、虚拟电厂等应用场景，探索源网荷储一体化新模式，持续提 高外电入鲁绿电比重。 中新网济南1月27日电"2026年，山东将打造20家省级以上零碳园区，推进零碳货运走廊建设，打造绿色 低碳发展高地。"1月27日，山东省第十四届人民代表大会第四次会议在济南开幕，山东省人民政府省长 周乃翔作政府工作报告时表示。 据悉，2025年，山东烟台丁字湾 ...

Market Overview - As of last weekend, the total scale of equity ETFs in the market reached 48,892.36 billion yuan, with a decrease of 2,906.25 billion yuan in total scale over the past week, and a reduction of 479.65 billion units, resulting in a net outflow of 3,137.53 billion yuan [1] Fund Inflow and Outflow Direction - In the broad-based and strategy ETF category, the top three inflow sectors were Free Cash Flow, Strategy-Dividend, and CSI 2000, while the top three outflow sectors were CSI 300, CSI 1000, and SSE 50 [3][4] - In the industry and thematic ETF category, the top five inflow sectors were Semiconductor Chips, Chemicals, Power Grid and Power Operations, Non-ferrous Metals, and Innovative Drugs, while the top five outflow sectors were Military Industry, State-owned Enterprises, Agriculture, Rare Earths, and Consumer Electronics [4][5] Key Focus Areas - The Chemical ETF (159870) has seen continuous net inflows for 16 days, with various sub-sectors receiving positive news. The prices of chemical futures have risen significantly, indicating a positive market outlook for chemical products [6] - Specific price increases include: - Butadiene rubber up by 4.69% - Ethylene glycol up by 4.51% - Styrene up by 4.07% [6] - The price of a key intermediate for disperse dyes has increased from 25,000 yuan per ton to 38,000 yuan, a rise of over 50% [6] - The domestic potassium chloride market is showing strength due to reduced domestic supply and increased import costs [6] - The Chemical ETF has attracted a total of 94.27 billion yuan in net inflows over the past 16 days, with an average daily net inflow of 5.89 billion yuan [6][9] New Energy Sector - The Innovative New Energy ETF (588830) has experienced three consecutive days of gains, driven by the announcement of plans to build 200 GW of solar capacity in the U.S. for data center power supply [10] - The expected demand for solar equipment is projected to be significant, with potential annual procurement needs of 60-70 GW, translating to substantial revenue and profit opportunities in the solar supply chain [10]

其实只要留心观察不难发现，如今"绿色低碳发展"的力量已经悄然融入到我们的日常生活中。从顶层设 计到基层实践，从工业转型到市民生活，一场关于绿色发展的深刻变革，正在悄然发生。 能源"绿色含量"稳步提升 清晨6点，济南西站南广场，一辆纯电动公交车缓缓驶入站台。司机按下按钮，车顶的充电弓自动升 起，与站台顶棚的充电装置精准对接。"现在充电10分钟能跑一圈，比燃油车安静多了，也干净。" 这是济南公交系统电动化改造的一个日常场景。截至2025年底，济南已投运新能源公交车超过4000辆， 建成充电站200余座，公交电动化率超过90%。 变化始于2020年。那一年，济南在全国率先提出建设"无废城市"试点，随后又成为国家首批碳达峰试点 城市，再到今年济南两会上，低碳发展被写入"十五五"规划纲要和政府工作报告，成为城市发展的核心 战略之一。 在章丘区，华电章丘发电有限公司的厂区内，一座崭新的燃气—蒸汽联合循环机组正在稳定运行。与传 统燃煤机组不同，这座机组几乎看不到烟囱冒烟，厂区绿化率超过40%，更像一座公园。 "我们去年完成了两台66万千瓦超超临界燃煤机组的超低排放改造，现在正在推进燃气机组建设。"公司 环保负责人指着远处的 ...

"十五五"时期主要目标任务 "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，也是河南扬长补短、全面崛 起的关键阶段。 1 坚持党的全面领导 切实担负起党中央赋予河南的重大使命 ●深入贯彻习近平总书记在河南考察时重要讲话精神和关于河南工作的重要论述 ●聚焦"1+2+4+N"目标任务体系，坚定信心推动高质量发展高效能治理 2 坚持扩大有效需求 融入服务全国统一大市场建设 ●着力破除阻碍全国统一大市场卡点堵点 ●经济年均增长5%左右 ●全面落实中部地区加快崛起、黄河流域生态保护和高质量发展等战略部署 ●农业强省、制造强省、科教强省、数智强省、交通强省、文旅强省建设取得实质性进展 3 坚持创新驱动发展 因地制宜发展新质生产力 ●全社会研发经费投入年均增长10%以上 ●战略性新兴产业增加值占规上工业比重30% 4 坚持城乡融合发展 统筹推进新型城镇化和乡村全面振兴 ●加快构建"一主两副、一圈两带、四域多点"发展格局 ●提升城乡规划建设治理融合水平，常住人口城镇化率达到65%左右 ●粮食综合生产能力达到1400亿斤，把农业建成现代化大产业 5 坚持全面深化改革 提高对外开放水平 ●深度融入高质量共建" ...

Core Viewpoint - The article discusses Al Gore's transformation from a political figure to a climate change advocate, highlighting the shift in global leadership in clean energy from the U.S. to China, and the implications of this transition for international relations and climate action. Group 1: Al Gore's Journey and Climate Advocacy - Al Gore initially believed in the U.S. leading global environmental efforts but shifted focus to climate change advocacy after losing the 2000 presidential election [1] - He won the Nobel Peace Prize in 2007 for promoting climate change awareness and later founded an investment company focused on sustainable projects [3] - Gore has been critical of U.S. climate policy inconsistencies, particularly the withdrawal from the Paris Agreement, which he believes hampers global emission reduction efforts [3][5] Group 2: China's Role in Clean Energy Transition - Gore expressed surprise at China's emergence as a leader in energy transition, noting its rapid advancements in solar energy and wind power [3][9] - China has become the largest producer of solar panels and electric vehicle batteries, filling the gap left by the U.S. in clean technology [7] - The Chinese government has set achievable carbon emission targets and has made significant investments in renewable energy, which Gore views as a positive signal for global climate action [5][9] Group 3: Implications for Global Climate Action - The shift in clean energy leadership to China has significant implications for international trade and alliances, with many countries seeking closer ties with China [7] - Gore believes that the global energy transition is irreversible, with decreasing technology costs and diminishing influence of fossil fuel industries [7] - He emphasizes the importance of stable policies in the U.S. to accelerate global climate action and warns that failure to catch up with China could lead to a shift in geopolitical dynamics [9]

型及広 煤炭/ 煤炭开采 版费 行业 相关研究 近券研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2026 年 01 月 26 日 节前寒潮频繁扰动,有望支撑 委员 娱炭行业周报（2026.1.17-2026.1.23） 本期投资后了 ● 动力煤方面，截至 1 月 23 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500动力煤现货价收报 514、599、685元/吨，环比-8、-9、-10 元/吨。供给端, 据中国煤炭市场网，环渤海四港区本周日均调入量 159.11 万吨，环比上周减少 0.6 万 吨,降幅 0.39%,同比下降 4.12%,产地生产正常,降雪对运输的影响已消除。需求 端,寒潮来 ...

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2026 年 01 月 26 日 节前寒潮频繁扰动，有望支撑煤价 反弹 看好 ——煤炭行业周报（2026.1.17-2026.1.23） 本期投资提示： | 1．近期行业政策及动态 | 4 | | --- | --- | | 2．产地动力煤价环比下跌、焦煤价环比持平 | 5 | | 3．国际油价上涨 | 6 | | 4．环渤海港口库存环比下降 | 7 | | 5．国内沿海运费环比上涨 | 8 | | 6．重点公司估值表 | 9 | | 7．风险提示 | 9 | ⚫ 动力煤 ...

Group 1: Market Trends - The chemical sector experienced a significant rise, with various sub-sectors benefiting from positive news, including futures prices for chemical products showing strong upward trends [1] - Key chemical products such as butadiene rubber, ethylene glycol, and styrene saw price increases of 4.69%, 4.51%, and 4.07% respectively [1] - The domestic potassium chloride market is showing a "stable yet strong" trend due to reduced domestic supply and increased import costs [1] Group 2: Specific Chemicals - The price of a key intermediate for disperse dyes, 2-chloro-4-nitroaniline, rose over 50% from 25,000 yuan per ton to 38,000 yuan [2] - Glyphosate is experiencing a market rebound due to rising export costs and the upcoming spring farming season, leading to increased volume and price [2] - Titanium dioxide profitability is expected to recover as over 40% of domestic production is for export, influenced by overseas real estate market conditions [2] Group 3: Industry Developments - The chemical industry is expected to see a turning point as the government promotes carbon peak initiatives and limits on high-energy-consuming products are anticipated [2] - The Ministry of Finance has canceled export tax rebates for certain chemicals to accelerate the exit of outdated capacities and promote high-quality development in the chemical sector [2] - The chemical ETF has seen continuous net inflows, with a total of 9.427 billion yuan over 16 days, indicating strong investor interest [3] Group 4: Index Performance - The CSI sub-sector chemical industry index rose by 1.48%, with significant gains from stocks like Jian Technology and Longbai Group [3] - The top ten weighted stocks in the CSI sub-sector chemical industry index account for 45.31% of the index, highlighting the concentration of market performance among leading companies [3]

无锡市政府市长蒋锋在1月22日举行的无锡市第十七届人大六次会议开幕式上指出，今后五年，无锡的总体目标是：高质量发展继续走在前列，经济总量 突破2万亿元，人均GDP保持全国大中城市前列。 科技创新和产业创新深度融合，全社会研发投入强度达3.8%，战略性新兴产业产值占规上工业比重达46%以上，打造江苏发展新质生产力重要阵地；改革 开放向纵深拓展，重要领域和关键环节改革取得新突破，开放型经济占全省比重稳中有升，区域协调发展优势进一步彰显。 共同富裕取得明显成效，高质量充分就业实现新进展，教育、医疗、养老等公共服务优质均衡水平显著提升；美丽无锡建设迈上新的台阶，太湖无锡水域 水质稳定保持III类，碳达峰目标如期实现，生态环境质量一年更比一年好；市域治理体系和治理能力现代化水平实现新提升，重点领域风险得到有效防范 化解，平安无锡、法治无锡建设达到更高水平。 通过接续奋斗，到2035年，人均地区生产总值在2020年基础上实现翻番、居民人均收入实现翻一番以上，"强富美高"新无锡现代化建设取得长足进展，新 时代工商名城城市品牌的国际知名度和美誉度明显提升，产业科创名城、湖湾生态名城、开放枢纽名城、江南文化名城功能更加完备、影 ...

推进碳达峰、碳中和是我国对国际社会的庄严承诺，也是实现可持续发展的内在要求。2025年，我国公 布的《碳达峰碳中和的中国行动》白皮书中指出，核电是优质高效的清洁能源，中国始终坚持在确保安 全的前提下有序发展核电，推动核能在清洁供暖、工业供热、海水淡化等领域的利用。 能源结构的绿色低碳转型是实现碳达峰、碳中和的关键。一直以来，中核集团牢固树立绿色发展理念， 持续发挥清洁能源主力军作用。旗下中国核电已拥有控股在运核电机组27台，控股核电在建及核准待建 机组18台，总装机容量4685.9万千瓦，2025年年度累计清洁能源上网电量2307.47亿千瓦时，为实现"双 碳"目标提供稳定可靠支撑。除此以外，中核集团还积极推动区域供暖、工业供汽/供冷、海水淡化、核 能制氢、同位素生产等核能综合利用。 据了解，江苏徐圩核能供热发电厂是全球首个压水堆与高温气冷堆耦合项目、全球首个高温气冷堆商业 化推广项目，也是全球首个在核电总承包模式下全厂一体化建造的核电工程。该项目是以工业供热为 主、兼顾电力供应的核动力厂，采用我国具有完全自主知识产权的三代核电技术华龙一号和四代核电技 术高温气冷堆组合，通过华龙一号主蒸汽加热除盐水制备饱和蒸 ...