Core Viewpoint - The project of the shared energy storage station in Houjiaying Town represents an innovative practice in promoting the transformation of energy and achieving carbon neutrality goals, with a total investment of 1.637 billion yuan [2][5]. Group 1: Project Overview - The shared energy storage station project has a capacity of 480MW/960MWh and is being implemented by Tianjin Dajiang Energy Storage Technology Co., Ltd. [2] - The project includes the construction of a lithium iron phosphate battery energy storage station and a 220kV booster substation, covering an area of 44.74 acres with a building area of 26,820 square meters [2]. - The first phase of the project will have a construction scale of 150MW/300MWh, with an investment of 519 million yuan [2]. Group 2: Environmental and Economic Impact - Once completed, the project is expected to provide nearly 800,000 MWh of clean electricity to the grid annually, saving 230,000 tons of standard coal compared to coal-fired power plants, and significantly reducing harmful gas emissions [4]. - During the construction phase, the project will create over 200 local job opportunities, and after completion, it will provide 30 permanent jobs [5]. Group 3: Strategic Importance - The project aligns with national planning and industrial policies, contributing to the rapid development of related industries and demonstrating a comprehensive effect of one-time investment with long-term benefits [4]. - The energy storage station will enhance the regional grid's frequency modulation, voltage regulation, and black start services, ensuring the safe and stable operation of the grid and facilitating the absorption of renewable energy [5].

来源：经济参考报 作者：闫磊 2025年，地缘政治波动、新能源汽车产业发展、市场避险需求高企等因素持续影响大宗商品需求端，主 要品种价格单边震荡，走势分化，行情呈现"冰火两重天"——油价显著回落，而黄金等贵金属价格屡创 新高、铜价持续飙涨。 需求疲弱令油价走低 针对今年以来震荡走低的国际油价，多个机构近期表示，需求端疲软令基本面宽松的局面持续打压油 价，地缘政治局势缓和等因素也给油价带来下行压力。 受到供应过剩压力加剧的预期，以及市场对俄乌和谈再现乐观情绪的影响，国际油价近期跌至2021年2 月以来最低水平，令今年的油价总体跌幅达到约20%。 据英国《金融时报》近日报道，全球大宗商品贸易巨头托克集团警告称，由于供应激增与全球需求下降 并存，石油市场明年将面临"超级过剩"。该集团日前发布的公司年度业绩显示，截至9月份的财年净利 润为27亿美元，创五年新低。 除了行业头部企业业绩反映需求下降，《金融时报》还指出，随着全球大量原油开采新项目将于明年投 产，预计油价将受到进一步压制。 英国oil price网站称，在需求增长疲软的背景下，石油供应持续上涨，因此预测机构和分析师预计2026 年市场将出现大幅供应过剩。许 ...

目前已经有很多对2026年的看涨预估。花旗集团（Citigroup Inc.）表示，由于铜运往美国市场的竞争加 剧，价格可能在第二季度达到每吨13,000美元。高盛集团（Goldman Sachs Group Inc.）上周也表示，铜 是其明年最看好的金属。 供应紧张日益加剧的一个明显迹象是，年度矿石供应合同的艰难谈判最终导致冶炼厂的加工费降至每吨 零美元--创下历史新低。 12月22日（周一），在贸易动荡、供应吃紧和长期需求前景看涨推动下，铜价在年末攀升至纪录新高， 并逼近每吨12,000美元。 距离年底只剩几个交易日，伦敦金属交易所（LME）铜价已经上涨近40%，创下2009年以来最大年度涨 幅。近几个月以来，这种对能源转型至关重要的金属持续走高，因人们对全球供应趋紧的担忧盖过了需 求放缓的影响。 直接驱动因素是大量金属铜涌入美国（旨在抢占先机避免潜在的进口税），这可能导致全球其他地区供 应不足。但今年上涨也受到矿山意外停产，以及铜在人工智能基础设施领域应用热潮的推动。尽管产量 普遍受挫，但投资者仍纷纷涌入期货和矿业股。 由于加工利润大幅下滑，一些冶炼厂已被迫停产或减产，进一步的停产可能会加剧LME和其他 ...

作为国家重要能源基地，大同正以政策引导、要素保障、技术突破"三维驱动"，推动能源体系深刻变 革，在传统能源升级、新能源布局、重大项目攻坚上全面发力，为打造晋北新能源基地注入强劲动能。 产业链延伸与能源网络建设同步推进，转型成效显著。千万吨级煤矸石高值化利用示范工程取得突破， 为煤基固废资源化提供了"大同方案"。左云县煤基活性炭产能占全国三分之一，产品远销海外。浑源抽 水蓄能电站、大怀线特高压工程等重大基础设施，进一步巩固了大同作为京津冀绿色能源供应基地的战 略地位。 为保障晋北基地这一省级重点工程高效推进，大同建立了省级季度调度、市级月度协调的联动机制，开 辟审批绿色通道，助力项目跑出建设"加速度"。从传统能源绿色升级到新能源规模化发展，再到能源网 络强化与产业链延伸，大同正走出一条资源型城市转型与能源安全保障协同并进的新路径。 资讯编辑：祝蓉 021-66896654 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mys ...

中国已经走出了任何西方发达国家没有走过的路，就是在减碳的同时可以实现经济增长，"这个不曾被 证实过，但是中国证实了。" --------------- 即将开启的"十五五"时期将成为多个行业领域的战略机遇发展期，其中就包括事关国计民生的能源领 域。 "十五五"规划建议提出，加快建设新型能源体系，并明确提到"着力构建新型电力系统，建设能源强 国"。这是"能源强国"首次出现在国家五年规划建议中，也意味着未来五年，我国不仅要如期实现碳达 峰目标，还需要在电力系统灵活性、市场机制完善以及绿色生产生活方式塑造等方面取得实质性进展。 更值得关注的是，当前全球能源布局中，中美在油气、新能源领域选择了不同路径，前者拥抱新能源， 后者加速回归传统能源。在日前《财经》2026年会期间的一场圆桌对话中，多名专家谈到中美在能源发 展上的"背道而驰"：就在上个月，美国政府重组能源部，新设立碳氢化合物和地热能源办公室以优先发 展化石燃料和核能资源。 "长远来看，这不是中美之间在竞争，这是化石能源和可再生能源在竞争。"美国能源智库落基山研究所 常务董事兼北京代表处首席代表李婷在对话现场说，中国已经走出了任何西方发达国家没有走过的路， 就是 ...

Group 1: Oil Market Dynamics - The international oil price has dropped significantly due to weak demand and geopolitical factors, with a total decline of approximately 20% this year, reaching its lowest level since February 2021 [2] - The commodity trading giant Trafigura warns of a "super surplus" in the oil market next year due to a combination of supply surge and declining global demand [2] - Analysts predict that the peak of supply surplus will occur in the first quarter of 2026, with expectations of continued inventory growth throughout the year, putting further pressure on oil prices [3] Group 2: Gold Market Trends - International gold prices have surged from $2,650 per ounce at the beginning of the year to over $4,000 per ounce, marking a significant bull market with a year-to-date increase of approximately 60% [4] - Central banks have shown strong demand for gold, with net purchases reaching 254 tons from January to October, providing substantial support for gold prices [4] - The International Clearing Bank (BIS) warns of potential bubble signs in the gold market due to excessive optimism and rising valuations, which could lead to a price correction of 5% to 20% [5] Group 3: Copper Market Outlook - The price of copper is expected to remain robust due to global industrial transformation, particularly in the electric vehicle sector, with a projected demand increase of around 3% in 2026 [7] - Supply constraints, exacerbated by incidents such as the collapse of a copper mine in Chile, have led to reduced production forecasts, supporting copper prices [7] - Goldman Sachs predicts that over 60% of copper demand growth by 2030 will be driven by investments in power infrastructure, indicating strong long-term prospects for copper [8]

（来源：经济参考报） 需求疲弱令油价走低 针对今年以来震荡走低的国际油价，多个机构近期表示，需求端疲软令基本面宽松的局面持续打压油 价，地缘政治局势缓和等因素也给油价带来下行压力。 受到供应过剩压力加剧的预期，以及市场对俄乌和谈再现乐观情绪的影响，国际油价近期跌至2021年2 月以来最低水平，令今年的油价总体跌幅达到约20%。 据英国《金融时报》近日报道，全球大宗商品贸易巨头托克集团警告称，由于供应激增与全球需求下降 并存，石油市场明年将面临"超级过剩"。该集团日前发布的公司年度业绩显示，截至9月份的财年净利 润为27亿美元，创五年新低。 除了行业头部企业业绩反映需求下降，《金融时报》还指出，随着全球大量原油开采新项目将于明年投 产，预计油价将受到进一步压制。 英国oil price网站称，在需求增长疲软的背景下，石油供应持续上涨，因此预测机构和分析师预计2026 年市场将出现大幅供应过剩。许多专家和投资银行认为，当前市场正在累积库存，这一趋势将持续到 2026年年初。美国能源信息署和华尔街银行也看空未来一年的石油市场，预测2026年平均油价将低于60 美元/桶。 高盛等机构的分析师表示，尽管市场对原油供应过 ...

（来源：数局） CONTENT 目录 油气行业外部环境五大特点 1 Five Features of External Environment of the Oil and Gas Industry 油气行业发展取得十大成就 N9 Ten Great Achievements of the Oil and Gas Industry 未来五年油气行业五大展望 6 Five Prospects of the Oil and Gas Industry in the Next Five Years 变与稳 弱与强 世界百年变局加速演进 全球经济弱势增长 中国油气行业稳健前行 中国经济韧性增强 退与进 逆与顺 能源转型有退有进 油气需求增速放缓 中国引领绿色发展 贸易流向"逆顺"转换 新与融 科技革命突飞猛进, 融合创新赋能油气行业 3 特点1:世界百年变局加速演进,中国油气行业稳健前行 特点2:全球经济弱势增长,中国经济韧性增强 中国经济增速 全球经济增速 フラ and 10:2 10:2 10:2 10:2 数据来源:国家统计局,中石油经济技术研究院 数据来源:IMF《世界经济展望》 □ 大国博弈波及能源,供应链安 ...

Core Viewpoint - The recent EU sanctions have severely impacted Russia's energy sector, particularly its oil exports, leading to a significant reduction in its ability to operate in international markets and a shift towards reliance on China for energy exports [1][3][5]. Group 1: Impact of Sanctions - The EU's 19th round of sanctions has blacklisted 117 Russian oil tankers, bringing the total number of sanctioned Russian vessels to 557, crippling Russia's ability to sell oil [1]. - The sanctions have made it difficult for Russia to repair ships, obtain insurance, and settle payments, resulting in rising transportation costs and logistical challenges [3]. - The sanctions on major Russian energy companies have restricted their access to USD payment channels and international financing, causing third-party buyers to withdraw from purchasing Russian oil [3]. Group 2: Shift in Energy Markets - Russia's energy cooperation with Europe has drastically reduced, with European imports of Russian energy plummeting, making it unlikely for Russia to regain its previous market share in Europe [5][7]. - The reliance on energy exports for budget revenue is high, with the energy sector providing one-third of Russia's budget income, making the economy vulnerable [7][9]. - Russia's energy production is at risk due to aging oil fields and a lack of new discoveries, with over 90% of drilling and mining equipment being imported [9][11]. Group 3: Pivot to China - The Power of Siberia pipeline is operating at full capacity, supplying 38 billion cubic meters of natural gas to China annually, with plans to increase this to 44 billion cubic meters [13][15]. - Russia has become China's largest oil supplier, with nearly 20% of China's oil imports coming from Russia, and the share of natural gas steadily increasing to about 18% [17]. - The use of local currencies in energy trade between Russia and China is rising, establishing a payment system that is less reliant on USD and EUR, enhancing resilience against Western sanctions [17][20]. Group 4: Long-term Cooperation - The energy cooperation roadmap signed for 2025 includes traditional energy supply increases and renewable energy development, creating a comprehensive partnership from exploration to processing [22]. - Despite competition from other Asian countries, China remains the most viable market for Russian energy exports due to its large consumption capacity [27][29]. - The ongoing energy transition globally poses challenges for traditional energy demand, but China's stable energy demand provides a crucial buffer for Russia's export revenues [33][35]. Group 5: Future Outlook - Russia's energy technology independence is challenging, with significant reliance on Chinese technology in low-carbon and renewable sectors [38][40]. - The long-term presence of Western sanctions and internal technological shortcomings necessitate deeper cooperation with China as a strategic choice for Russia [42][44]. - By 2050, Russia's energy landscape will be reshaped, requiring a deep binding with China to maintain its status as an energy power and adapt to global energy transitions [46][48][49].

供需缺口是铂金价格大涨的重要支撑。全球铂金产量高度集中，约70%的铂金产自南非，不过该国矿山 因长期投资不足、电力供应短缺、基础设施老化以及极端天气影响，产量严重受限。世界铂金投资协会 (WPIC)的数据显示，2025年第一季度全球铂金总供应量为45.3吨，同比下降10%，预计2025年全年缺口 高达约20吨。 本轮铂金价格的史诗级上涨并非单一因素主导，而是工业需求爆发预期、供需缺口支撑与金融属性助推 的"三重共振"结果。 工业需求构成铂金价格大涨的核心基石。随着全球能源转型加速推进，氢能产业发展为铂金需求提供了 强大支撑。铂金作为质子交换膜电解槽和燃料电池的关键催化剂，在制氢、储氢和用氢全产业链中发挥 着不可替代的作用。随着各国氢能战略的落地实施，相关领域对铂金的需求呈现快速扩容态势。根据香 橙会研究院的预测，到2030年，中国氢能领域的铂族金属使用量将达到近8吨，其中铂仍然将是主要使 用材料。与此同时，汽车工业的持续复苏也为铂金需求提供了稳定支撑，燃油车催化剂铂载量的提升与 轻型车产量的回升共同推动了铂金工业需求的增长。 金融属性则起到了放大效应。在美联储降息预期升温、全球流动性宽松的背景下，黄金价格持续 ...