在电力发展规划方面，长期规划仍采用较为陈旧的成本测算，低估了储能等新技术的商业可行性，不利 于新能源规模发展。业内反映，已有部分大型企业开始减少在斯投资，转而布局海外项目，特别是在光 伏、风电和小水电领域。分析认为，若政策环境持续不明朗，斯新能源领域外资吸引力将明显下降。 分析人士指出，斯现行国家能源政策仍停留在2019年版本，未能反映2024年新《电力法》实施、电力体 制改革、新电力法实施、可再生能源和储能成本大幅下降、电网结构变化等新情况。专家认为，如果电 力政策不能与国家能源政策协调推进，将进一步加大市场不确定性。 斯里兰卡《星期天时报》1月11日报道，斯《国家电力与电价政策》草案近日在议会监督委员会讨论后 引发业界广泛争议。部分能源企业和分析人士认为，该政策制定过程仓促，且与国家整体能源战略衔接 不足，实施基础在经济、法律、规划及执行层面存在重大不确定性，正加速可再生能源投资者撤离斯市 场。 根据现行《电力法》，电力政策须经两轮法定磋商程序，包括征求电力监管机构、国家系统运营方、行 业及公众意见。然而，部分业内人士指出，此次由内阁任命委员会起草的政策草案在形成过程中存在代 表性不足问题，观点呈现明显单 ...

Core Viewpoint - A federal judge ruled that the Trump administration's termination of nearly $8 billion in energy project funding was unconstitutional, primarily targeting "blue states" that did not support Trump in the 2024 election [1][3]. Group 1: Court Ruling - Judge Amit Mehta issued a 17-page opinion stating that the Department of Energy's funding termination violated the Equal Protection Clause of the Fifth Amendment [3]. - The ruling mandates the restoration of specific grants totaling $27.6 million, part of over 200 energy project grants that were terminated last year [3]. Group 2: Funding Termination Details - The Department of Energy announced the termination of 223 energy projects, with a total funding of approximately $7.56 billion, primarily affecting clean and renewable energy initiatives [4]. - The terminated projects predominantly impacted states that voted for the Democratic presidential candidate in the 2024 election, including California, Colorado, and New York [4]. Group 3: Political Context - The funding decisions were criticized by Democrats as "political retaliation," as they disproportionately affected states that did not support Trump [4]. - The Trump administration's actions included a broader strategy to reduce renewable energy policies and favor traditional energy sectors, culminating in the U.S. withdrawal from the Paris Agreement [5].

Core Insights - The leading scientific journal "Science" recognized "global renewable energy growth" as the top scientific breakthrough of the year, attributing this transformation primarily to China [1][21] Group 1: Renewable Energy Production - China produces 80% of the world's solar panels, 70% of wind turbines, and 70% of lithium batteries, indicating a significant dominance in renewable energy manufacturing [2][11] - Since 2016, China has been the largest producer of renewable energy, surpassing the U.S., and has increased its renewable energy generation capacity from 40% to 60% as part of its 14th Five-Year Plan [5][11] Group 2: Investment and Economic Impact - In 2024, China's investment in clean energy technology manufacturing is projected to be nearly $680 billion, surpassing the combined investments of the U.S. and the EU [11] - The contribution of green technology to China's economic growth is expected to exceed 10% in 2024, indicating that renewable energy is becoming a significant economic driver rather than just a superficial initiative [11][13] Group 3: Technological Leadership and Global Influence - China is not only manufacturing products but is also exporting standards and solutions in renewable energy technology, positioning itself as a global leader [14][18] - The advancements in technology, such as rapid electric vehicle charging solutions, showcase China's capability to address global energy challenges effectively [16][18] Group 4: Geopolitical Implications - The shift in renewable energy leadership from the U.S. to China signifies a change in global power dynamics, where countries with advanced renewable technologies will hold significant geopolitical leverage [18][21] - The ability to meet global climate goals, such as those outlined in the Paris Agreement, is increasingly dependent on China's technological advancements in renewable energy [18][19]

Core Viewpoint - Champion Technology Group (00092) announced a placement agreement with a placement agent to issue 197 million shares at a price of HKD 0.176 per share, representing a discount of approximately 20% from the market price on the agreement date [1] Group 1: Placement Details - The placement price of HKD 0.176 per share is approximately 20% lower than the closing price of HKD 0.220 on January 12, 2026 [1] - The placement price also reflects a discount of about 3.084% compared to the average closing price of HKD 0.1816 over the last five trading days prior to the last trading day [1] - Additionally, the placement price shows a slight discount of approximately 0.170% compared to the average closing price of HKD 0.1763 over the last ten trading days prior to the last trading day [1] Group 2: Financial Implications - The estimated net proceeds from the placement, after deducting placement commissions and other expenses, will be approximately HKD 34 million [1] - The company plans to allocate around HKD 12 million of the net proceeds for general working capital and approximately HKD 22 million for the operational funding of its existing renewable energy and green energy businesses, as well as for other investments when opportunities arise [1]

Core Viewpoint - Champion Technology Group (00092) announced a placement agreement with a placement agent to issue 197 million shares at a price of HKD 0.176 per share, representing a discount of approximately 20% from the closing price on January 12, 2026 [1] Group 1: Placement Details - The placement price of HKD 0.176 per share is approximately 20% lower than the closing price of HKD 0.220 on the date of the agreement [1] - The average closing price over the last five trading days before the agreement was HKD 0.1816, indicating a discount of about 3.084% [1] - The average closing price over the last ten trading days before the agreement was HKD 0.1763, reflecting a discount of approximately 0.170% [1] Group 2: Financial Implications - The estimated net proceeds from the placement, after deducting commissions and other expenses, will be approximately HKD 34 million [1] - The company plans to allocate around HKD 12 million of the net proceeds for general working capital and approximately HKD 22 million for operational funding in its existing renewable energy and green energy businesses, as well as for other investments when opportunities arise [1]

Renewable Energy: China's Role as a Global Green Engine - China produces 80% of the world's solar cells, 70% of wind turbines, and 70% of lithium batteries, with renewable energy generation surpassing coal for the first time last year [2] - The largest single photovoltaic power station in the Ningxia Gobi Desert reduces carbon dioxide emissions by 3 million tons annually [2] - Traditional energy giants like Saudi Arabia are beginning to import Chinese photovoltaic technology for future city developments [2] Ancient DNA Decoding: Unraveling Human Origins - The discovery of a 146,000-year-old skull by a Chinese team has rewritten human evolutionary history, confirming it belongs to the mysterious Denisovans [3] - This breakthrough highlights China's disruptive innovation capabilities in fundamental scientific research [3] - While Western scholars search for human origin evidence in Africa, Chinese scientists have unearthed fossils that could change textbooks [3] Food Security: The Global Temperature Gauge of a Seed - The QT12 gene discovered by Huazhong Agricultural University increases rice yield by 78% under high nighttime temperatures, presenting a new direction for agricultural technology [4] - This discovery is crucial as global warming is expected to reduce major grain-producing areas by 10% [4] - The QT12 gene is being applied to improve Thai jasmine rice and Indian Basmati rice, potentially allowing each hectare of rice fields to feed five more people [4]

Investment Rating - Goldman Sachs upgrades the investment rating for the Asia-Pacific region, specifically the MX APJ index, with a 12-month target raised to 825 points, indicating a 14% price return in USD and a total return of 17% [1][2]. Core Insights - The macroeconomic environment is viewed as constructive, with U.S. GDP growth expected to exceed market consensus at 2.6%, and the Federal Reserve likely to cut interest rates twice before mid-year, which typically benefits Asian markets [3][4]. - Earnings growth for 2026 is projected to be strong, increasing from 10% to 19%, with significant contributions from North Asia, India, and cyclical sectors [1][5]. - Valuations are considered reasonable but slightly high, with a forecasted slight compression from 15x to 14.6x, indicating that corporate earnings will be the primary driver of stock market returns [6]. Summary by Sections Macroeconomic Outlook - The macroeconomic outlook is positive, with U.S. GDP growth at 2.6% and AEG growth around 4.8%. The Federal Reserve is expected to lower interest rates twice this year, leading to a weaker dollar, which is favorable for Asian markets [3][4]. Earnings Expectations - Earnings growth is anticipated to rise significantly, with overall growth expected to reach 19%. The recovery in quarterly earnings is attributed to easing base effects, and the ERI indicator suggests a positive outlook for earnings revisions [5]. Valuation Perspective - Current valuations are slightly above historical averages, with the region's price-to-earnings ratio at 1.2 standard deviations above the long-term mean. Earnings will be crucial for driving stock market returns this year [6]. Fund Flow Trends - There has been a significant outflow of approximately $100 billion from overseas investors, with current mutual fund allocations 75 basis points below benchmarks, indicating potential for rebuilding positions in the region [7][8]. Sector and Industry Focus - Investment in large-scale enterprises is expected to grow by 34% to approximately $550 billion, benefiting sectors such as hardware, semiconductors, and AI. The "Asian Energy Upgrade" theme is highlighted, focusing on nuclear power, electricity, and renewable energy [9]. - The geopolitical tension between the U.S. and China presents opportunities for U.S. re-industrialization, with countries like South Korea and Japan increasing investments in response to U.S. demand [10]. China Market Outlook - The Chinese stock market is expected to remain robust, with the MSCI China index projected to rise by 15%-17% and the CSI 300 index by about 10%. Profit growth is forecasted to increase significantly from 4% to 14% [13][14]. India Market Strategy - The Indian market rating has been upgraded to "overweight," with expected earnings growth of around 15%. Key sectors include finance, consumer goods, and industrials, particularly in defense and energy security [16][19].

Key Insights - The year 2026 is anticipated to witness significant breakthroughs in scientific experiments, climate actions, and space missions, driven by advancements in artificial intelligence (AI) technology [1][2][3] Group 1: Medical Innovations - Gene editing technology is expected to gain momentum in 2026, with two clinical trials focusing on rare diseases, including personalized treatments for children with rare metabolic disorders [1][2] - AI is predicted to play a crucial role in disease screening and diagnosis, with a focus on AI-driven biomarker detection that may surpass traditional methods [2][3] - The intersection of gene editing and AI is expected to lead to effective new therapies for cancer and various genetic diseases [2] Group 2: Climate Action - The global average temperature is projected to exceed pre-industrial levels by 1.4 degrees Celsius in 2026, continuing a trend of rising temperatures [3] - The transition to renewable energy is deemed essential in combating climate change, with significant advancements in renewable energy sources outpacing traditional energy [3] - China aims to increase its renewable energy supply, with plans to add over 20 million kilowatts of wind and solar power capacity in 2026 [3] Group 3: Space Exploration - 2026 is set to be a busy year for lunar exploration, with China planning to launch the Chang'e 7 mission targeting the challenging lunar south pole [4] - The U.S. will focus on lunar missions, including the Artemis 2 mission, which will send astronauts to orbit the Moon [4][5] - Various space telescopes and observatories are expected to be active in 2026, including the launch of the Plato space telescope by the European Space Agency [5] Group 4: AI in Research - AI is transforming research processes, with predictions of significant scientific breakthroughs driven by AI in 2026 [6] - The development of small-scale AI models capable of learning from limited data is expected to be a focus area [6] - The integration of generative AI is anticipated to create commercial value across various sectors in the coming year [6]

Core Insights - The issue of renewable energy curtailment in Europe is worsening, with over 10 terawatt-hours (TWh) of electricity expected to be curtailed in 2024, and projections indicate that by 2030, the curtailment in the UK, Spain, and Italy alone could approach 22 TWh [4][5] - The European renewable energy market has seen over 150% growth in installed capacity over the past decade, and to support this expansion, an estimated investment of approximately €1.5 trillion will be required by 2050 [4] - The development risks remain a key constraint on the growth of renewable energy in Europe, with over 1,000 gigawatts (GW) of renewable projects currently awaiting grid connection approval [5] Investment Needs - By 2030, Europe will require around €600 billion in new investments to meet climate goals and replace aging fossil fuel power generation facilities [6] - Power Purchase Agreements (PPAs) are expected to remain the primary market entry path for renewable energy projects, although their attractiveness varies significantly across different countries and technologies [6] Market Mechanisms - Two-sided Contracts for Difference (CfDs) will continue to be the main support mechanism in most European markets, with 162 GW of renewable capacity planned for procurement through auctions by 2030 [7] - Recent auction challenges in offshore wind sectors in Germany, the Netherlands, and Denmark have raised concerns about investor confidence due to supply chain pressures and political uncertainties [7] Price Pressures - The increasing frequency of negative electricity prices poses a systemic risk, with many markets expected to exceed 2024 levels of negative pricing hours by 2025 [8] - The expectation is that negative price pressures may ease after 2035 as electricity demand rises and the flexibility of the power system improves [8] Policy and Regulatory Framework - The European Grids Package is seen as a step in the right direction to accelerate approval processes and unlock stalled projects, which is crucial for realizing the potential of the upcoming investment wave in renewable energy [8]

Core Viewpoint - The article discusses the insights and predictions from the 2026 China Chief Economist Forum, highlighting the historical shift in China's financial structure and the investment opportunities during the "15th Five-Year Plan" period. Group 1: Economic Outlook - The global economy is expected to experience low growth as a norm by 2025, with instability arising more from structural issues than cyclical ones [2][3] - China aims to provide stability to the world economy through its own stable development, addressing external uncertainties with internal certainties [3] Group 2: Financial Structure Changes - China's financial structure is undergoing a historic transformation, with a steady increase in the proportion of direct financing compared to indirect financing, which has seen a decline [4][5] - As of November 2025, the proportion of direct financing increased by 4.7 percentage points compared to November 2019, indicating a faster growth rate than indirect financing [4] Group 3: Investment Opportunities - The "15th Five-Year Plan" is seen as a critical period for China to embrace a new wave of technological revolution, particularly in renewable energy and artificial intelligence [10] - Investment opportunities are identified in three main areas: AI application, large finance, and cyclical sectors, with a focus on companies that integrate AI into their business models [13] - The manufacturing sector is expected to benefit from the completion of the "Made in China 2025" initiative, with related companies entering a profit release phase [14] Group 4: Policy and Market Dynamics - The Chinese stock market is anticipated to recover steadily, supported by a surge of high-tech companies and unprecedented policy support from regulatory bodies [6][7] - The real estate market is undergoing significant changes, with a shift away from previous high-demand patterns, leading to a more stable market environment [7]