成绩远超预期。一辆辆新能源汽车驶入千家万户，折射出绿色消费理念深入人心，映照中国经济社会绿 色转型动能澎湃。 不禁要问，这样的"绿色加速度"，从何而来？ 不久前发布的中国经济年报中，一项数据具有标志性意义：2025年，我国新能源汽车国内新车销售量占 比突破50%。 回看2020年国务院办公厅印发的《新能源汽车产业发展规划（2021—2035年）》，当时设定的目标是： 到2025年，新能源汽车新车销售量达到汽车新车销售总量的20%左右。 山西太原，太钢集团作为传统钢铁企业，高能耗、高排放一度是难以撕掉的标签。企业瞄准高端不锈钢 领域攻关，研发出厚度仅0.02毫米的"手撕钢"，广泛应用于航空航天、精密仪器等高端制造领域。一家 企业的蝶变，彰显发展智慧。 转型故事遍神州。内蒙古草原上风机昼夜旋转，风电装机规模居全国首位。青海高原上光伏板绵延成 海，通过特高压直流工程，持续向外地输送绿电。福建宁德，曾经的"老少边岛贫"地区，"长"出全球最 大的聚合物锂离子电池生产基地。各展所长、协同创新，全球最大最完整的新能源产业链就这样在中国 建成。 除了政府引导、企业创新，绿色转型归根到底还要靠亿万人民用脚投票、用手创造。 有网 ...

行业研究 电力行业 2026 年电力行业展望：延续绿色转型与市场化改革双主 线发展 文/赵茜、吴雅菲、梁欢 摘要 2025 年，电力行业供给结构持续优化，新能源装机及发电量快速增长，煤电加速向调峰支 撑转型，供需总体平衡；上网电价整体承压，政策推动电力市场改革与全国统一市场体系建设 取得关键进展，行业信用状况整体优良，发债主体以高等级央企国企为主，融资优势显著。2026 年，电力行业预计将延续绿色转型与市场化改革双主线发展，供给端新能源装机占比继续提升， 煤电加快向调峰支撑角色转变，系统调节能力成为关键，供需继续维持整体平衡，成本端呈回 升态势，电价在市场化深化背景下继续承压，预计电力企业盈利空间或将收窄，政策将继续推 动全国统一电力市场建设，鼓励绿电、储能等主体参与市场。 1 行业研究 |电力行业 行业研究 |电力行业 一、行业供给能力分析 电力装机延续绿色增长趋势，煤电调峰作用的转变效果凸显，电源结构转型加速，但系统 调节与消纳能力亟待提升；预计 2026 年，电源结构绿色转型将加速，调节能力成为破局关键。 2025 年，电力装机延续增长趋势，截至 2025 年末，全国全口径发电装机容量 38.9 亿千 ...

完善激励与约束并重的政策组合拳，激发企业内生动力，引导其从"成本视角"转向"效益视角"看待绿色 转型。当前政策多强调强制性达标要求，容易让企业视清洁运输为单纯的成本负担和合规要求。未来应 在严格坚守排放标准与绩效评级（如A级、B级企业门槛）这一"约束底线"的同时，强化"激励高线"。 例如，对清洁运输比例持续领先或采用零排放车辆进行中长途运输的企业，给予更大幅度的税收减免、 环境税优惠、绿色信贷额度及利率支持。同时，推动将供应链的清洁化水平纳入龙头企业供应商评价体 系，并鼓励金融机构开发与碳减排量挂钩的金融产品，让企业的绿色投入能够转化为市场竞争力和融资 便利。通过经济杠杆和市场机制，使清洁运输成为企业提升竞争力、塑造品牌形象的内在驱动。 整治清洁运输"最后一公里换车头"的乱象，绝非一蹴而就的简单任务。它要求我们必须正视政策执行中 的复杂性，强化系统性思维。要在监管上实现从"末端核查"到"全程穿透"的升级，在保障上完成从"压 力传导"到"服务支撑"的转变，在激励上推动从"被动合规"到"主动求效"的跃迁，在责任上构建从"单一 主体"到"多元共治"的格局。唯有如此，才能真正杜绝形式主义，畅通绿色运输政策落实渠道，让 ...

行业主要上市公司：江西铜业(600362.SH)、铜陵有色(000630.SZ)、云南铜业(000878.SZ)、中国大冶有 色金属(00661.HK)、紫金矿业(601899.SH)、西部矿业(601168.SH)、白银有色(601212.SH)、洛阳钼业 (603993.SH)、中金黄金(600489.SH)、鹏欣资源(600490.SH)等 供给：精炼铜产量常年居全球首位 2016-2024年，根据国家统计局的数据，中国精炼铜产量呈逐年递增趋势。2024年中国精炼铜产量为 1364.40万吨，相比2023年增长了5.1%。2025年1-7月，中国精炼铜产量为862.30万吨，同比增长 9.9%。。 绿色化、智能化为铜冶炼行业发展赋能 随着时代发展、科技进步，我国铜冶炼行业早已度过了一味增产能、扩规模的阶段。现如今，在"双 碳"及智能制造背景下，铜冶炼行业绿色化转型、智能化升级已成必然趋势。同时，伴随全球消费中心 转移，中国已成为全球区主要精炼铜消费市场。未来，中国精炼铜产销量占全球的比重将进一步提高， 中国铜冶炼行业国际竞争力将进一步提升。 2019年至2025年7月，中国铜冶炼行业相关产品平均进口单价 ...

Core Viewpoint - Dongying City is focusing on a profound transformation towards a comprehensive green transition, as highlighted in the government work report, which identifies this as one of the key development themes for the new year [1][2]. Group 1: Ecological Restoration - The green transition in Dongying is rooted in systematic restoration of the Yellow River Delta's ecological foundation, with a focus on creating the Yellow River Estuary National Park [4]. - Significant investments have led to tangible results, including the restoration of 72,500 acres through reforestation and wetland recovery, and the addition of 74,000 acres of wetland since the 14th Five-Year Plan [4]. - The "Yellow River Estuary Wetland Restoration Model" has been developed, promoting a cycle of "one-time restoration, natural succession, and long-term stability" [4]. - Water management is crucial, with 241 kilometers of waterways cleared and an average annual ecological water replenishment of over 170 million cubic meters in recent years [4]. Group 2: Pollution Prevention - Pollution prevention is a key aspect of Dongying's transformation, with the city achieving top marks in provincial pollution prevention assessments [7]. - The average PM2.5 concentration in Dongying was reported at 24 micrograms per cubic meter from January to October 2025, marking the best improvement in the province [7]. - The proportion of good-quality water bodies in national control sections reached 66.7% during the same period, with a significant reduction in inferior water bodies [7]. Group 3: New Energy System - The establishment of a new energy system is a strategic focus for Dongying, aiming to fundamentally change the city's energy supply structure [9]. - By the end of 2025, renewable energy installed capacity is expected to reach 10.8838 million kilowatts, accounting for 69% of the total power generation capacity, a 40 percentage point increase from the end of the 13th Five-Year Plan [9]. - The city is developing offshore wind and solar energy projects, including the first gigawatt-level offshore solar project in the country [9]. - A significant project, the Dongying Zero Carbon Industrial Park, aims for 100% green electricity and zero-carbon production across the entire industrial chain [9]. Group 4: Future Development Plans - The report outlines plans for continued integrated development of wind, solar, and hydrogen energy, with an additional 800,000 kilowatts of renewable energy and new energy storage capacity expected in the year [11]. - The commitment to promoting comprehensive green transformation reflects Dongying's determination to reshape its development logic through systematic thinking [11].

Core Viewpoint - The People's Bank of China (PBOC) has introduced eight new financial policies aimed at supporting the high-quality development of the real economy, focusing on structural adjustments and precise support rather than short-term stimulus [1][2]. Group 1: Monetary Policy Adjustments - The PBOC announced a reduction of 0.25 percentage points in various structural monetary policy tool rates, with the one-year re-lending rate now at 1.25% [1]. - The new rates for agricultural and small business re-lending are set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms respectively, while the re-discount rate is at 1.5% [1]. - There is still room for further interest rate cuts and reserve requirement ratio reductions, as the average reserve requirement ratio is currently at 6.3% [2]. Group 2: Support for Key Sectors - The PBOC will merge the quotas for agricultural and small business re-lending, increasing the re-lending quota by 500 billion yuan, with a dedicated quota of 1 trillion yuan for private enterprises [3]. - The quota for technology innovation and technological transformation re-lending has been raised from 800 billion yuan to 1.2 trillion yuan, expanding support to high R&D investment private SMEs [3]. - The minimum down payment ratio for commercial property loans has been lowered to 30%, aimed at promoting inventory reduction in the commercial real estate market [3]. Group 3: Focus on Structural Optimization - The policy adjustments target key weaknesses in the current economic operation, aiming to alleviate financing difficulties for private and small enterprises [4]. - The expansion of support for carbon reduction and service consumption reflects a strong emphasis on green transformation and the potential of service consumption to foster new growth drivers [4]. - The gradual implementation of these policies is expected to stabilize economic expectations and promote high-quality development [4].

Core Insights - The Circular Economy Industry Innovation and Development Conference was held in Fengcheng, Jiangxi Province, focusing on the theme "Circular Empowerment, Innovative Symbiosis" and attracting over 200 representatives from various sectors to discuss the development of the circular economy [1] Group 1: Circular Economy Development - Fengcheng has transformed into a national-level green industry demonstration base, with a total output value of the circular economy industry reaching 56.85 billion yuan in 2024 [2] - The industrial cluster in Fengcheng focuses on recycled copper, recycled aluminum, and recycled plastics, with recycled waste copper accounting for about 12% and recycled waste aluminum for about 7.3% of the national total [2] Group 2: Environmental Impact - The implementation of a closed-loop system for resources in Fengcheng has led to significant industrial upgrades and a reduction of carbon emissions by 11.76 million tons in 2024 through the utilization of recycled copper and aluminum [3] Group 3: Strategic Goals - The "Blue Book on the High-Quality Development of Circular Economy in Fengcheng, Jiangxi" was released, outlining the development logic and practical experiences of Fengcheng, with the goal of establishing a "national green supply chain hub" [4][5]

Investment Rating - The report maintains a "Buy" rating for several companies in the Japan Industrial Electronics sector, including Anritsu, Panasonic HD, Hitachi, Sumitomo Electric, Fujikura, SWCC, Mitsubishi Electric, and Daihen. Furukawa Electric and Fuji Electric are rated as "Neutral" [7]. Core Insights - The Japan Industrial Electronics sector is poised for growth driven by technological advancements in AI server power and optics, with companies like Hitachi, Mitsubishi Electric, and Panasonic actively developing new business models to leverage AI's importance [1][12]. - The report anticipates that the implementation of physical AI in social infrastructure will gain momentum, with conglomerates expected to progress in their business portfolio strategies by 2026 [1]. - The sector is experiencing a shift towards higher voltage systems in data centers, which presents opportunities for electrical equipment manufacturers skilled in high voltage applications [22][24]. Earnings Estimates and Target Prices - The report revises FY3/26E-FY3/28E operating profit estimates for the sector by an average of 0%/-1%/-1%, while raising 12-month target prices by an average of 4% [3][7]. - Specific target price adjustments include Anritsu from 2,400 million JPY to 2,600 million JPY, Panasonic HD from 2,100 million JPY to 2,300 million JPY, and Hitachi from 5,900 million JPY to 6,000 million JPY [7][3]. Technological Changes in AI Server Power - Companies like Hitachi and Mitsubishi Electric are increasing their presence in AI server power solutions, focusing on high-voltage DC systems to reduce conversion losses and improve efficiency [12][13]. - The report highlights the importance of battery backup units (BBUs) and hybrid supercapacitors (HSCs) in managing power fluctuations in generative AI data centers, with Panasonic having a strong position in BBUs [16][12]. Technological Changes in AI Server Optics - The report notes a significant shift towards higher communication speeds in data centers, moving from 200-400 Gbps to 800-1.6 Tbps, and the transition to Co-packaged Optics (CPO) [28][29]. - Companies such as Mitsubishi Electric, Sumitomo Electric, and Furukawa Electric are increasing production of optical devices and connectors to meet rising demand [30][31]. Implementation of Physical AI - Hitachi, Mitsubishi Electric, and Panasonic are focusing on integrating AI into industrial applications, with expectations of increased competition as software companies also enter the physical AI space [47][49]. - The report categorizes companies in the sector based on their involvement in AI infrastructure, AI-enabled revenues, and productivity gains, with Hitachi identified as a key beneficiary across all categories [48][49].

Economic Overview - The overall economic operation in Qinghai Province is stable with progress, supported by industrial production growth, strong infrastructure investment, and increasing retail sales of consumer goods [1][2][3] Industrial Production - From January to November, the industrial added value of large-scale industries increased by 7.1% year-on-year, surpassing last year's growth rate of 6.7% [1] - The manufacturing sector saw a significant increase of 10.4%, which is 3.3 percentage points higher than the overall industrial growth [1] - Among 35 industrial categories, 18 reported year-on-year growth, resulting in a growth coverage of 51.4% [1] - In terms of products, 61 out of 120 major industrial products experienced production growth, with a growth coverage of 50.8% [1] - The production of lithium-ion batteries for electric vehicles surged by 46.0%, while clean energy developments showed promising trends with wind power generation increasing by 7.5% and solar power generation by 9.5% [1] Investment Trends - Fixed asset investment in the province decreased by 9.6% year-on-year, although the decline rate narrowed by 2.1 percentage points compared to the first ten months [2] - Infrastructure investment grew by 19.4%, accounting for 33.8% of total investment and contributing 5.0 percentage points to overall investment growth [2] - Notable growth was observed in the transportation sector, with a 56.3% increase, and telecommunications services growing by 34.1% [2] - In November, investment saw a year-on-year increase of 17.3%, marking the first positive growth since May [2] Consumer Market - The retail sales of consumer goods increased by 2.4% year-on-year, with retail sales from above-designated size units growing by 2.3% [3] - The "trade-in" policy has positively impacted sales, with significant growth in home appliances (21.8%), building materials (10.3%), and automobiles (6.2%) [3] - Basic living goods saw slight growth, with food and daily necessities increasing by 3.2% and 3.7%, respectively [3] - Smart products maintained rapid growth, with wearable smart devices' sales increasing by 3.9 times and smart home appliances by 28.6% [3]

OPTAGE Inc Summary - OPTAGE's consumer business generated ¥258.3 billion in revenue in FY2024, with 54% from FTTH services, 35% from mobile business, and 11% from business solutions[12] - OPTAGE has 1.7 million FTTH subscribers and 1.37 million mobile subscribers as of end-October 2025[7] - OPTAGE aims to transition to a business portfolio where Business Solutions exceed 50% of revenue by FY2035, targeting approximately ¥430 billion in revenue and ¥75 billion in ordinary profit[68, 69] - OPTAGE plans to invest approximately ¥300 billion in growth areas by 2035 to enhance competitiveness and grow as a core non-energy company[59] Kanden Realty & Development Co,Ltd Summary - Kanden Realty & Development's revenue nearly doubled and profit before taxes increased by 2.8 times from 2016 to 2024[82, 83] - Kanden Realty & Development aims for FY2030 targets of ¥310 billion in revenue, ¥40 billion in profit before taxes, and an ROA of 4.5% or higher[103, 104] - Kanden Realty & Development has established a capital recycling business model, with 50% of on-balance sheet assets allocated to capital recycling as of FY2024[73, 93, 94] - Kanden Realty & Development targets an annual increase of ¥180 billion from FY2026 to FY2030 by strengthening the capital recycling business[99] Nuclear Power Generation Summary - The company supplies approximately 50% of Japan's operating nuclear capacity, with a total of 6,578 MW[113, 114] - The company has invested approximately ¥1.19 trillion in safety measures for all seven plants under the new regulatory standards[115] - The company aims to maximize the utilization of existing reactors and steadily advance the development of next-generation advanced reactors[140]