美国对委内瑞拉采取的"海上安全行动"在2025年底演变为事实上的海上封锁。这一行动的直接影响是，每日约50万桶原本流向中国炼油厂的委内瑞拉重质 原油供应骤然中断。 知情人士透露，美委之间一份价值约20亿美元的原油进口协议正在执行，这相当于将原本面向亚洲市场的数百万桶原油转输美国。 供应中断对中国独立炼油厂构成了直接冲击。过去数年，这些被称为"茶壶"的炼厂已成为加工委内瑞拉折价重质原油的主力，占中国进口委油总量的相当 比例。 这一转向恰逢加拿大能源基础设施的关键时刻。2024年5月，跨山输油管道扩建工程完工，将阿尔伯塔省原油运抵太平洋沿岸的能力提升至每日89万桶。 替代路径 加拿大原油正迅速填补中国市场出现的空缺。航运数据显示，通过跨山管道出口至中国的原油量已从几乎为零增长至可观规模。 这一转变有着清晰的经济逻辑。尽管加拿大原油价格高于折价的委内瑞拉原油，但其供应的稳定性和地缘政治中立性在当前环境下具有特殊价值。 加拿大方面同样乐见这一变化。美国市场长期占据加拿大原油出口的95%以上，这种过度依赖在美国贸易政策不确定性增加的背景下显得尤为脆弱。 委内瑞拉原油以其"高黏度、高含硫"的特性，特别适合生产沥青等特种产 ...

委内瑞拉的原油正从加勒比海改道墨西哥湾，特朗普在社交平台上的宣布引发的震动，远比这些石油本身更有冲击力。 特朗普在社交媒体上宣布，美国已与委内瑞拉达成协议，后者将向美国转移3000万至5000万桶石油。 按当前每桶约60美 元的国际油价估算，这笔交易涉及金额约在18亿至30亿美元之间。 消息传出后，国际舆论场迅速出现附加解读。据美国政治新闻媒体Politico等机构报道，美方后续对委内瑞拉提出了更广泛 的政治要求：必须调整其外交关系，特别是要削弱与中国的经济合作，并与俄罗斯、伊朗等国家保持距离。这一动向，被 普遍视为美国在地缘政治博弈中打出的一张"石油牌"。 交易内幕 特朗普在其社交媒体平台"真实社交"上发布了这一声明。 他声称，这笔石油将按市场价格出售，所得资金将"由我，作为 美国总统控制，以确保这些资金用于造福委内瑞拉和美国人民！" 他指定由能源部长克里斯·赖特负责执行该计划，并表示这些石油将从储存于海上的油轮中取出，直接运往美国港口。 中国视角 对中国而言，从委内瑞拉进口的石油在其庞大的能源需求版图中，占比已变得微乎其微。根据中国海关总署的历史数据， 在2018年，中国从委内瑞拉进口的原油曾达到约166 ...

"十五五"开局之年，能源绿色转型与交通运输新能源化进入关键"攻坚期"，一场围绕液态新能源的产业革命正在加速酝酿。作为液态新能 源，甲醇凭借其多维优势，成为我国新型能源体系中的重要组成部分。 远程新能源 商用车 的生态构建，与国家部委的战略规划不谋而合。 2025年11月12日，国家能源局发布《关于促进新能源集成融合发展的 指导意见》提到， 稳步建设绿色氢氨醇（氢基能源）综合产业基地。 《意见》称， 支持各地结合绿色发展需求和资源条件，规划建设绿色 氢氨醇、可持续航空燃料等氢基能源产业。重点在风光开发潜力大、生物质和水资源丰富的地区，规划布局可再生能源制氢氨醇综合产业基 地。统筹供需两侧，科学规划输运管道、加注及转运港口等基础设施，有序推动跨省区输运体系建设。鼓励沿海地区探索海上风电制氢氨醇 技术，发展航运绿色燃料加注。 政策环境的持续加码和技术突破、生态构建，为产业前景注入了更加明晰的确定性，并引发资本市场高度关注。 2025年7月，醇氢科技宣 布完成第三轮超2亿美元的融资，由杭州高新金投领投。此前的2024年10月，远程与银河资本完成醇氢电动首支产业母基金合作协议签 署，总规模20亿元，基金将围绕甲醇制备、 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：601088股票简称：中国神华上市地点：上海证券交易所 股票代码：01088股票简称：中国神华上市地点：香港联合交易所 ■ 中国神华能源股份有限公司发行股份及支付现金 购买资产并募集配套资金暨关联交易报告书（草案）摘要 ■ 独立财务顾问 ■ 二〇二五年十二月 声明 本部分所述词语或简称与本摘要"释义"所述词语或简称具有相同含义。 一、公司声明 本公司及全体董事、高级管理人员保证报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并对其真实性、准确性和完整性承担个别和连带的法律责任。 本公司控股股东及全体董事、高级管理人员承诺：如为本次交易所提供或披露的信息涉嫌虚假记载、误 导性陈述或者重大遗漏，并被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前， 不转让在上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股 票账户提交上市公司董事会，由董事会代为向证券交易所和证券登记结算机构申请锁定；未在两个交易 日内提交锁定申请的，授权董事会核实后直接向证券交易所和证券登记结算机构报送身份信息 ...

据了解，"十四五"时期，公司完成三轮定向发行，累计募集资金45.21亿元，完成七期绿色中期票据发 行，累计募集资金30亿元。 作为天津市国资委和国家开发银行联手打造的"央地协同"混改典范，金开新能围绕清洁电力、低碳产 品、电算协同的"三条曲线"开展多元化能源布局。 金开新能相关负责人对证券时报记者表示，2020年重组完成后，公司置出原有百货零售资产，转型光 伏、风电等新能源电站投资、建设及运维，并布局绿色算力等战略性新兴领域。此举助力公司扭亏为 盈、业绩高速增长，既保护了国有股东及全体中小股东的权益，也推动公司进入清洁能源产业新赛道。 截至2025年三季度，公司累计核准装机7.81GW、并网装机5.95GW，拥有130余个发电项目，分布于全 国23个省（自治区、市）。2020年8月完成重组至2025年三季度期间，公司年均并网装机增速达29%， 年均新增并网规模超0.8GW；总资产规模达406亿元，重组以来年复合增长率达25%。 在盈利表现方面，剔除重组上市首年的历史业绩影响，公司2021年至2024年平均净资产收益率达 10.15%。重组后企业实现规模与质量同步提升，累计实现营业收入147.7亿元、利润总额4 ...

格隆汇12月12日丨苏盐井神(603299.SH)在投资者互动平台表示，公司盐穴储能项目按规划稳步推进， 张兴储气库一期工程已完成2025年度注气任务，目前正开展采气前各项准备工作；国信苏盐600MW压 气储能项目由国信集团实施，一号机组处于调试阶段，二号机组建设正加快推进。盐穴储能业务契合国 家能源安全战略导向，长三角区域能源消费需求旺盛，未来随着储气等项目规模化落地与运营，将成为 公司新型制造与新能源板块协同发展的重要支撑，为股东创造长期稳定回报。 ...

原煤供给自7月起连续4个月同比负增，供给宽松格局持续改善，后续冬季需求旺季支撑，全年产量在48 亿吨水平。1）动力煤：进口受内外价格倒挂影响，叠加3-8月印尼煤HBA定价优势不再，进口量同比大 幅下降。需求端，一季度用电增速拖累火电需求，二季度起需求回暖，冬季用能旺季同时新能源替代效 应减弱，全年降幅有望进一步收窄。非电需求方面，煤化工持续高景气，钢铁耗煤需求相对刚性，水泥 因地产及基建需求承压延续同比下行的趋势。2）炼焦煤：供需格局对比动力煤更趋紧平衡，产量维持 相对稳定，进口方面因对美国炼焦煤加征关税的缘故，使美国炼焦煤失去竞争力，5月起不再进口。从 需求端看，当前铁水产量维持相对高位。 智通财经APP获悉，国投证券发布研报称，在能源安全战略持续深化的背景下，煤炭仍将长期内作为我 国能源体系的"压舱石"。2026年供给约束持续存在，同时能源结构转型以渐进式推进为主，替代过程温 和，在需求端的刚性支撑下，行业供需格局预期有进一步的改善，支撑煤价中枢高位运行。 国投证券主要观点如下： 2025年煤炭价格呈现先降后升的趋势 动力煤方面，2025年1-4月港口库存高位，动力煤价承压下跌，此时产地供给收缩，进口煤价 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the coal industry [6]. Core Viewpoints - The coal industry is expected to remain a cornerstone of energy supply in China, with supply-demand dynamics improving and supporting higher coal prices [4]. - In 2025, coal prices are projected to show a trend of decline followed by recovery, driven by seasonal demand and supply constraints [1][12]. - The supply of raw coal has been contracting since July 2025, leading to a tighter supply-demand balance, with an annual production target of approximately 4.8 billion tons [2]. Summary by Sections 1. 2025 Price Review - Thermal coal prices rebounded to new highs in 2025 due to supply constraints and recovering demand [1][16]. - Coking coal prices saw strong increases in the second half of 2025, driven by supply tightening and increased demand from steel production [14]. 2. 2025 Supply and Demand Review - Domestic raw coal supply showed a "high before low" trend, with a total production of 3.57 billion tons from January to September 2025, a year-on-year increase of 2.7% [18]. - The total coal import volume for 2025 is expected to be below 500 million tons, significantly lower than in 2024, with thermal coal imports down by 12.5% [26][32]. - Electricity demand from thermal power is expected to see slight growth in 2026, while non-electric demand from coal chemical industries remains robust [3][48]. 3. 2026 Supply and Demand Outlook - The coal price center is expected to maintain a high level in 2026, with potential for upward movement due to ongoing supply constraints and gradual energy structure transformation [3][4]. - The supply of thermal coal is projected to improve, with a slight increase in demand expected, particularly from the chemical sector [3][70]. 4. Investment Recommendations - The report suggests focusing on companies with high long-term contract ratios for stable profits, such as China Shenhua, Shaanxi Coal, and China Coal Energy [4]. - It also highlights cyclical stocks like Yancoal Energy and Jinzhong Coal, as well as integrated coal-electricity companies like Xinji Energy and Huaihe Energy [4].

Core Viewpoint - China has significantly increased its oil reserves, with nearly 90% of the global new oil inventory being stored domestically, while reducing imports from Russia by nearly half, raising speculations about the state of Sino-Russian relations and potential U.S. pressure [1][3]. Group 1: Oil Storage and Strategic Considerations - China imported an average of over 11 million barrels of crude oil daily in the first nine months of 2025, with 1 to 1.2 million barrels going directly into reserves instead of refineries, indicating a strategic long-term approach to oil storage [3][5]. - The implementation of the new Energy Law in 2025 mandates strategic oil reserves, prompting significant investments in storage capacity, with current storage capabilities nearing 2 billion barrels and actual reserves estimated at 1.3 billion barrels, sufficient for 106 days of consumption [3][5]. Group 2: Financial and Security Perspectives - The volatility of the U.S. dollar and rising credit risks associated with U.S. debt have led to a decrease in the dollar's share in China's foreign reserves from 72% in 2015 to 59%, alongside a continuous increase in gold holdings [5]. - China's reliance on foreign oil exceeds 70%, necessitating a buffer against supply disruptions, especially amid global geopolitical instability, which has led to strategic oil purchases to ensure energy security [5][9]. Group 3: Changes in Russian Oil Imports - In the first three quarters of 2025, China's imports from Russia decreased by 8.1% year-on-year, with a notable 14.7% drop in the first quarter, equating to a reduction of approximately 400,000 barrels per day [7][9]. - Despite the reduction, Russia remains China's largest oil supplier, accounting for 17.5% of imports, indicating that while there are fluctuations, the foundational relationship remains intact [7][9]. Group 4: Structural Adjustments and Diversification - The decrease in Russian oil imports is attributed to structural adjustments, including U.S. sanctions affecting Russian oil companies and a shift in refinery preferences towards heavier, high-sulfur crude oils, which are more compatible with imports from Malaysia, Canada, and Ecuador [9][11]. - China's strategy emphasizes diversifying oil import sources to mitigate risks, with ongoing discussions about alternative routes for Russian oil through Central Asia, ensuring that the relationship with Russia remains stable despite changes in import volumes [13][19]. Group 5: Evolving Sino-Russian Energy Cooperation - The nature of Sino-Russian energy cooperation is evolving from simple oil and gas exchanges to more integrated partnerships, including joint projects like the Arctic LNG2 project and new transportation routes [15][17]. - The proportion of oil imports from Russia settled in RMB has approached 70%, allowing China to bypass dollar-related risks and enhance transaction transparency [17][19]. Group 6: China's Role in the Global Oil Market - China's proactive oil purchasing strategy has positioned it as a key player in the global oil market, with its buying decisions significantly influencing oil prices, exemplified by the stabilization of prices around $65 per barrel following Chinese purchases [21][22]. - The current approach balances short-term economic interests with long-term energy security, as China seeks to build reserves while diversifying supply sources to reduce potential risks from geopolitical tensions [24][26].

Core Insights - Inner Mongolia has implemented multiple measures to promote oil and gas reserve increases and production, aligning with the national energy security strategy [1] Oil Production - In the first three quarters, Inner Mongolia produced 2.5 million tons of crude oil, representing a year-on-year increase of 4.2% [1] - The development strategy focuses on stabilizing production in mature oil fields while increasing output in new blocks, particularly in the Erlian and Hailar basins [1] - The Bayannur oil field has seen a significant increase in production, with 903,000 tons of crude oil produced in the first three quarters, marking a 20% year-on-year growth [1] Natural Gas Production - Natural gas production remained stable at 23.94 billion cubic meters in the first three quarters, with no year-on-year change [1] - Inner Mongolia ranks fourth in the country for natural gas production, accounting for 12.3% of the national total, with over 60% of the gas being transported to the Beijing-Tianjin-Hebei region [1] - The development of major gas fields such as Sulige, Daniu, and Dongsheng has been emphasized to enhance efficiency and production quality [1]