Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

以下文章来源于前瞻经济学人 ，作者产业观察组 前瞻经济学人 . 关注中国城市发展战略、把握全球新兴产业趋势！这是省长书记爱看的智库号之一。 作者： 产业观察组 来源：前瞻经济学人 -------------------------------- 福建自古产花岗岩，储量非常丰富，据探测达2亿吨以上，本地盛产多种优质品类，质地坚硬，耐 腐蚀，非常适于雕刻和建筑。 一座可能大多数人连名字都没听说过的小县城，却关系着80%日本人的"身后事"。 这个叫惠安的县城，地处福建 ，由泉州代管，尽管只有100万人口，却用了1600年时间，布局了 一项冠绝全球的隐形冠军产业。 01 世界石雕之都 早在1600多年前的晋朝，惠安人就开始大规模雕石头了。 随着五代十国北方战乱，北人南下，将黄河流域的石雕文化带入惠安，当地石雕产业应运而生。 此后千年，海上丝绸之路繁荣，泉州富裕，人们对雕刻艺术的追求便不断提高，催生了 惠安石雕精 雕细琢、纤巧灵动艺术风格 ；海上贸易还带来四方宗教，造像以及宗教建筑装饰的巨大需求推动 石雕产业规模快速扩张 ；此外，惠安石雕历经东南山区神鬼祭祀民俗信仰活动的熏染， 墓葬等相 关石雕品极为常见 。 而这三大 ...

Group 1 - The market experienced a continued fluctuation with a decline of 0.47% in the overall A-share market during the week of November 10-14, with micro-cap stocks and the CSI Dividend Index outperforming, while the ChiNext Index and STAR 50 faced significant setbacks [2][10] - The leading sectors included pharmaceuticals, healthcare, and consumer goods, while advanced manufacturing and technology sectors lagged behind [2][10] - The market is attempting to find new synergy, with a focus on energy storage investment opportunities and a strong performance in the lithium battery electrolyte supply chain [10][14] Group 2 - The stock-bond yield spread increased to 0.6%, indicating a decrease in valuation differentiation, which typically precedes market peaks by 0.5 to 1 month [24] - Market sentiment showed signs of recovery, with a 13.5% increase in the sentiment index to 55.5, while the industry rotation intensity decreased [25][24] - The average daily trading volume of the Stock Connect decreased by 178.17 billion yuan compared to the previous week, with net inflows of leveraged funds primarily into the electric equipment, non-ferrous metals, and basic chemicals sectors [37][34] Group 3 - Alibaba launched the "Qianwen" project, aiming to compete with ChatGPT by developing a personal AI assistant based on its Qwen model, marking a significant move into the consumer AI market [48] - The "Guidance on Promoting New Energy Consumption and Regulation" was released, enhancing the adaptability of the new power system to renewable energy, with a goal to establish a high-proportion renewable energy system by 2035 [49] - The 2025 6G Development Conference was held, promoting key technologies and frameworks for 6G, which is expected to become a new economic growth point [50] Group 4 - The market is expected to undergo a phase of rebalancing, with previously lagging dividend and domestic demand sectors becoming more cost-effective in the short term [53] - Long-term prospects remain positive for technology growth sectors, including TMT, Hang Seng Technology, energy storage, satellite connectivity, commercial aerospace, and innovative pharmaceuticals [53]

本周一收盘前，碳酸锂期货主力合约一度触及涨停，盘中最高升至约 9.52万元/吨，日内最大涨 幅接近9%，并最终收于9万元/吨上方，创下三个月以来的最高水平。 自 10月中旬反弹启动以来，该合约累计涨幅已逼近20%。 在动力与储能需求同步走强、库存持续下降的现实支撑下，供给侧的不确定因素叠加龙头企业强化 远期预期，使得碳酸锂价格在本周首个交易日被进一步推升至阶段性强势区间。 产量创新高，但有效供给受限 过去一周，多项数据指向一个核心变化：碳酸锂供应虽然处于高位，但 "增量不及预期"。 国内 10月碳酸锂产量继续回升至约9万吨水平，但行业开工率却从9月的高位回落到约四成左右， 释放出"有产能但未完全打开"的信号。 同时，进口端收缩迹象明显。9月碳酸锂进口量环比下降，海外流入量减弱，进一步压缩国内供应 弹性。 市场此前高度关注的江西枧下窝矿区复产问题在上周出现了关键进展。 此外，随着冬季临近，盐湖企业面临季节性减产，进一步加深市场对未来两个月供给偏紧的预期。 动力不弱、储能强劲：需求侧进入 "双引擎"阶段 在动力的确定性与储能的高增长共同作用下，市场对四季度碳酸锂需求的判断从 "回暖"升级 到"阶段性偏紧"。 库存 ...

Group 1 - The mechanical industry showed a strong performance in 2025, with a cumulative increase of 35.07%, outperforming the Shanghai and Shenzhen 300 index (17.94%) and the Shanghai Composite Index (17.99%) [1][17][21] - Emerging sectors such as AI equipment (140%), lithium battery equipment (96%), humanoid robots (67%), and engineering machinery (55%) led the gains in the mechanical industry, indicating significant investment opportunities [1][27][25] - The outlook for 2026 suggests continued growth in AI and technology sectors, with engineering machinery expected to maintain an upward trend and domestic demand gradually recovering from the bottom [1][30][39] Group 2 - Domestic economic conditions are currently experiencing a "weak recovery" phase, with fixed asset investment showing a differentiated pattern: manufacturing > infrastructure > real estate [2][30] - The general manufacturing sector is expected to enter a new investment cycle, driven by improved PPI and inventory levels, with a focus on high-end upgrades and stock replacement [39][46] - The export sector is benefiting from the competitive strength of leading Chinese companies, with a notable increase in orders for high-end machinery from Japan, reflecting the active investment in domestic high-end manufacturing [55][56] Group 3 - The AI-driven technology sector is expected to continue its upward trend, with hardware demand and new process iterations accelerating, particularly in AI PCB technology and humanoid robots [3][30][61] - Solid-state battery technology is at a critical juncture, with leading battery companies expanding production capacity, indicating a significant opportunity for battery equipment manufacturers [3][30][61] - Investment recommendations include focusing on technology growth assets such as AI PCB equipment, humanoid robots, and solid-state battery equipment, as well as engineering machinery and general automation sectors [4][61]

格隆汇11月17日丨联化科技(002250.SZ)在投资者互动平台表示，公司目前暂无VC添加剂产品，公司目 前通过个别产品进入新能源市场，打通供应链上下游，从而充分发挥公司在精细化学品领域研发、生产 的能力，把技术积累的优势转化为市场优势。 ...

南方泵业（300145.SZ）11月17日在投资者互动平台表示，尊敬的投资者，您好！储能领域属于公司界 定的新能源应用场景，2025年前三季度公司在新能源领域订单金额约1亿元。感谢您的关注，祝投资顺 利！ （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司今年储能领域产品销售额多少？ ...

格隆汇11月17日丨联化科技(002250.SZ)在投资者互动平台表示，公司目前暂无VC添加剂产品，公司目 前通过个别产品进入新能源市场，打通供应链上下游，从而充分发挥公司在精细化学品领域研发、生产 的能力，把技术积累的优势转化为市场优势。 ...

证券研究报告 | 2025年11月17日 公用事业与环保行业 2026 年投资策略 优于大市 能源变革持续推进，清洁能源&环保兼具成长与公用事业属性 核电：市场化电价下降压制业绩，广东核电电价触底反弹，新型核电发展势 头强劲。2025 年前三季度，核电行业受市场化电价下降影响，盈利能力有所 下降。核电行业有序发展，发电量与装机容量同步提升；核准常态化，年内 核准 10 台机组。10 月 21 日，广东公布 2026 年电力交易关键机制和参数， 取消核电变动成本补偿机制，核电市场化电价触底反弹。核能利用三步走行 至中场，四代核电钠冷快堆商业堆完成初步设计，落地在即；核聚变关注度 提升，实现商业化确定性已浮现。 燃气：国内天然气供需偏宽松，全球天然气供给持续增加。年内天然气消费 需求相对疲弱，1-9 月天然气表观消费量 3177.5 亿立方米，同比下降 0.2%； 天然气供应整体充足，对外依存度下降。2025 年中美关税战导致 3 月起我国 停止进口美国 LNG，短期内暂无大规模恢复进口的迹象。展望 2026 年，国产 气供给继续增长，非常规气贡献边际增量；全球天然气市场进入供应扩张期， 海外气价有望进入下行通道 ...

几乎全是新能源？第401批公示申报的牵引车新品，简直太劲爆了！ 据第一商用车网统计，工信部近期发布的第401批新车公示中，牵引车领域共计申报了38款新车。其中，新能源牵引车申报数量高达37 款，占比超97%，如此高的占比可谓是"前所未有"；传统能源牵引车仅有1款申报，是一款非插电式混合动力车型。 从产品类别来看，37款新能源牵引车中，充电车27款，换电车3款，燃料电池车5款，插电混合动力2款。其中，充电牵引车申报数量居 年内最高，占比超七成；燃料电池和插电式混合动力牵引车虽在新能源重卡销量占比不高，但近8个批次每批都有企业申报相应新车产 品；相比而言，换电牵引车似乎备受"冷落"，本批次申报数量居年内最低。 看点一：福田/红岩申报数量居前二 解放/金龙并列第三 从生产厂家来看，第401批新车公示申报的38款牵引车，来自18家企业。福田系数量最多，福田戴姆勒和福田卡文汽车共计申报7款新 能源牵引车，既有欧曼银河9，也有卡文重卡Beacon；上汽红岩数量第二，申报了5款新能源牵引车，上次申报还是在2024年6月的第 384批公示，时隔17个月终于强势归来；一汽解放和厦门金龙各申报4款，解放申报车型为2款充电+1款换 ...