Group 1 - Major global investors are focusing on long-term government spending to address geopolitical, technological, and demographic pressures, with investments in infrastructure, energy transition, healthcare, and defense [1][2] - UBS Chief Investment Officer Mark Haefele highlights that many investors have underestimated the impact of fiscal stimulus on real and financial assets due to concerns over rising fiscal debt in some countries [1][2] - Asset management firms are diversifying their investments in sectors such as electricity, resources, healthcare, and defense, following government actions [1][2] Group 2 - The U.S. July tax cuts and spending bill extends previous tax policies and increases funding for border security and defense, contributing to a multi-trillion dollar increase in government debt [2] - European fiscal support, including Germany's €500 billion infrastructure fund and NATO members' commitment to raise defense spending to 3.5% of GDP, has garnered attention from Wall Street [2] - Generali Asset Management's Antonio Cavarero notes that the scale and durability of these fiscal commitments are unprecedented compared to previous market cycles, leading to structural adjustments over several years [2][3] Group 3 - Cavarero emphasizes that sectors like nuclear power, energy infrastructure, biotechnology innovation, and defense are critical and cannot be ignored by the market [3] - The S&P 500 index has risen nearly 14% this year, primarily driven by AI-related momentum, while the European Stoxx 600 index has seen a more modest increase of 9.5% [3] - The European aerospace and defense stock index has surged nearly 68%, indicating a rising importance of defense and industrial sectors amid a broader market dominated by AI [3] Group 4 - Nuveen's Chief Investment Officer Saira Malik anticipates that market gains will expand from tech stocks to cyclical stocks, small-cap stocks, and value stocks [3][4] - Malik advises investors to maintain a balanced portfolio with a slight preference for U.S. markets, while also identifying opportunities in infrastructure, utilities, and waste management as effective inflation hedges [4] - Both UBS and Nuveen emphasize the importance of active management over passive strategies in the current investment climate [4]

"坚决破除依法平等使用生产要素、公平参与市场竞争的各种障碍""切实依法保护民营企业和民营企业 家合法权益""进一步构建亲清政商关系"……习近平总书记高度重视民营经济发展，作出一系列重要论 述和重要部署，为促进民营经济发展壮大指明方向。 "十四五"时期，我国民营企业增加到5800多万户，比"十三五"末增长超过40%；民营企业进出口连续21 个季度同比增长；截至今年3月底，"四新"经济民营企业达2267.8万户……民营经济整体实力、创新能 力、市场竞争力进一步提升，展现出强大的活力和韧性。 制度保障不断完善 今年5月20日，《中华人民共和国民营经济促进法》正式施行。这是我国第一部专门关于民营经济发展 的基础性法律，首次将"两个毫不动摇"写入法律，首次在法律中规定"促进民营经济持续、健康、高质 量发展，是国家长期坚持的重大方针政策"。 "这部法律的出台，对于增强民营企业投资信心、稳定市场预期、推动民营经济健康发展起到了积极作 用。"新希望集团董事长刘永好说。 "法治是最好的营商环境。民营经济促进法中实行市场准入负面清单制度、提供融资便利、不得拖延账 款等规定，直击民企发展的痛点。"中国民营经济研究会常务理事、振兴国 ...

格隆汇9月29日｜核电股Oklo盘前拉升涨超4%。消息面上，公司与瑞典核能公司Blykalla成立合作伙伴 关系，以加速先进反应堆的商业化。 ...

Market Overview - The Shanghai Composite Index increased by 1.07% this week, while the Utilities Index rose by 0.28% and the Environmental Index increased by 1.06%, with relative weekly returns of -0.79% and -0.01% respectively [2][3] - Among the 31 primary industry sectors classified by Shenwan, the Utilities and Environmental sectors ranked 6th and 4th in terms of growth [2][3] Power Sector Performance - In the power sector, thermal power decreased by 0.82%, while hydropower and renewable energy generation increased by 0.82% and 1.09% respectively [2][3] - The water sector saw an increase of 2.74%, while the gas sector declined by 0.63% [2][3] Important Events - At the UN Climate Change Summit, national leaders announced China's new commitments to reduce greenhouse gas emissions by 7%-10% from peak levels by 2035 and to increase non-fossil energy consumption to over 30% of total energy consumption [3] - In August, China's total electricity consumption reached 10,154 billion kWh, a year-on-year increase of 5.0% [3] - Cumulative installed power generation capacity reached 3,690 million kW by the end of August, with solar power capacity growing by 48.5% year-on-year [3] Regional Market Insights - The Sichuan electricity spot market has begun trial settlements, experiencing instances of negative electricity prices due to an oversupply situation [4] - As of 2024, Sichuan's total installed capacity is projected to be 14,346 MW, with hydropower accounting for 71.2% [4] Investment Strategies - In the utilities sector, coal and electricity prices are expected to decline, maintaining reasonable profitability for thermal power companies [5] - Continued government support for renewable energy development is anticipated to stabilize profitability for renewable energy companies [5] - Recommendations include major thermal power companies, national renewable energy leaders, and stable nuclear power operators [5] Environmental Sector Insights - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [5] - The domestic market for scientific instruments exceeds $9 billion, indicating substantial potential for domestic substitution [5] - The upcoming EU SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry [5]

华泰证券研报表示，7/8月全国火电发电量同比增长，考虑迎峰度夏对火电利用小时的提振，主要火电 公司2025年第三季度度电净利或有望继续提升。7/8月全国水电发电量同比下滑，不同流域存在分化； 核电机组稳健运行；1-8月装机增长支撑绿电运营商电量同比提升；7月全国天然气表观消费量同比提 升。展望2025年第四季度，火电关注电价vs煤价剪刀差；水电盈利主要取决于来水及汛期蓄水情况；绿 电关注机制电价细则和国补确权进展；燃气关注天然气需求是否改善；环保公司主要关注现金流、水价 调整、绿色和智慧潜能释放空间。 ...

Core Insights - Artificial intelligence is accelerating the global energy transition and sustainable development, with state-owned enterprises (SOEs) playing a crucial role in integrating AI into the energy sector [1][2][4] Group 1: AI Integration in Energy Sector - SOEs are driving the integration of AI in various energy sectors, including oil, nuclear, coal, and electricity, aiming to create replicable and high-value application scenarios [1][2] - The application of AI in the energy sector is still in its early stages compared to other industries like military, but the complete industrial chain and diverse application scenarios provide a competitive advantage for rapid development [2][4] - AI's core value lies in deep coupling with application scenarios, maximizing data value, and promoting systemic transformation across the energy supply chain [3][4] Group 2: Practical Applications and Achievements - In oil and gas exploration, AI applications have shown significant advancements, such as the high accuracy of AI in drilling analysis and improved bidding success rates [4][5] - AI is enhancing efficiency in the electricity sector, with notable improvements in load forecasting accuracy and operational decision-making speed [4][5] - In the nuclear sector, AI supports high-quality construction and safety management by identifying technical discrepancies in project documentation [4][5] Group 3: Challenges and Future Directions - Despite progress, the energy sector faces challenges such as data security, cost pressures, and technological reliability, necessitating collaborative efforts to overcome these hurdles [6][7] - The need for a robust digital ecosystem involving government, industry, academia, and research institutions is emphasized to facilitate the intelligent transformation of the energy sector [7] - A new research initiative has been launched to develop high-value AI scenarios across the entire energy industry chain, focusing on scientific discovery, intelligent scheduling, and green low-carbon practices [7]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Viewpoints - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes stabilizing electricity prices and preventing "involution" in the industry. The new target for wind and solar installed capacity is set at 360 million kilowatts by 2035 [3][10] - As of August 2025, the total installed capacity of power generation in China reached 3.69 billion kilowatts, with a year-on-year growth of 18%. Solar power capacity reached 1.12 billion kilowatts, growing by 48.5%, while wind power capacity reached 580 million kilowatts, increasing by 22.1% [4][11] - The report suggests that the current year is crucial for achieving the 14th Five-Year Plan goals, with significant growth in wind and solar installations expected, potentially reaching the 2030 target ahead of schedule [3][11] Summary by Sections Industry Overview - The Shanghai Composite Index rose by 0.21% to 3828.11 points, while the CSI 300 Index increased by 1.07% to 4550.05 points during the week of September 22-26, 2025. The CITIC Power and Utilities Index rose by 0.56%, underperforming the CSI 300 by 0.51 percentage points [1][57] Key Industry Insights - The SASAC's meeting on September 25 focused on stabilizing coal and electricity prices, indicating that the downward pressure on electricity prices is expected to ease [4][16] - The new national contribution target aims for 360 million kilowatts of installed wind and solar capacity by 2035, with nearly 200 million kilowatts of additional capacity available for development [3][11] - The report highlights the importance of renewable energy consumption and the potential for green electricity trading policies to be strengthened [3][11] Investment Recommendations - The report recommends focusing on undervalued green electricity sectors, particularly in Hong Kong stocks and wind power operators. Specific companies to watch include Xintian Green Energy (H), Longyuan Power, and Jidian Co. [4] - It also suggests paying attention to the thermal power sector, with companies like Huaneng International and Huadian International being highlighted for their potential [4][7] Market Performance - The report notes that over half of the listed companies in the power and utilities sector experienced declines in stock prices during the week [1][57] - The carbon market saw a decrease in trading prices, with a weekly drop of 0.87% [52] Key Metrics - As of August 2025, the average utilization hours for power generation equipment were 2105 hours, a decrease of 223 hours compared to the previous year [4][11] - The report indicates that the cumulative trading volume of carbon emission allowances reached 723 million tons, with a total transaction value of 49.525 billion yuan [52]

新华社莫斯科9月28日电 扎波罗热核电站27日在社交媒体上发布消息说，自9月23日起，该核电站已连 续多日借助备用柴油发电机供电以维持运作，核电站目前柴油储备充足，可以保证备用发电机长期自主 运行。 消息说，目前扎波罗热核电站依靠备用发电机供电，核电站处于可控状态。其内部各个系统以及乏燃料 池和反应堆的核燃料冷却装置工作正常。核电站工业区及周边地区的辐射水平未出现异常。核电站工作 人员正持续对设备运行进行监测。 针对扎波罗热核电站最新情况，国际原子能机构在社交媒体发文说，该机构正与俄乌双方展开联系，以 尽快恢复核电站外供电设施运作。 据今日俄罗斯通讯社报道，乌军23日的袭击导致为扎波罗热核电站供电的高压输电线路受损而停止供 电，核电站启动了备用柴油发电机。由于乌军炮击不断，目前无法对受损输电线路进行修复。 扎波罗热核电站是欧洲最大核电站之一。2022年2月乌克兰危机全面升级后，俄方控制了扎波罗热核电 站。此后，该核电站多次遭到炮击或无人机攻击，引发国际社会对其安全的担忧。 俄罗斯国家原子能公司首席执行官利哈乔夫26日对俄媒体表示，乌军近期加剧了对扎波罗热核电站地区 的攻击，这对核电站地区乃至欧洲国家安全构成威 ...

中央纪委国家监委网站 文子玉 自浙江宁波报道 "项目建设过程中，企业会向地方政府支付征地用海补偿费用。但由于信息不透明或沟通不顺畅，地方 纪委监委难以及时掌握此类大额资金的动态，也就无法进行有效监督。"王晓方介绍，"去年12月份该笔 资金到账，我们特别提醒象山县纪委监委，该笔资金规模较大，需高度重视其中的廉洁风险。" 收到明细后，象山县纪委监委有关负责同志先后走访县审计局、财政局、房屋征收中心及清洁能源发展 服务中心，核实相关情况。县纪委监委与县审计局共同召开2025年度审计项目安排对接会，推动将金七 门核电项目所涉及的征迁补偿款与相关费用全部纳入审计。 "我们督促审计局重点审计相关职能部门是否设立资金专户、是否统筹制定资金使用方案，以及是否存 在擅自扩大使用范围、挤占、截留、挪用、贪污或滞留资金等行为，进一步规范资金的监管与使 用。"王道说。 强化信息互通、深化协同联动……企地纪检监察机构"攥指成拳"、协同发力，有力护航金七门核电项目 落地。为推动监督力量整合、监督质效提升，中央纪委国家监委驻中核集团纪检监察组指导各下属企业 纪检监察机构与地方纪委监委共同探索协作机制，深化拓展协作成果运用。"建立健全'企地 ...

开工于"十四五"之初的2021年 是辽宁"十四五"期间 单体投资最大的清洁能源项目之一 徐大堡核电站 是目前我国纬度最高的核电站 相当于36万公顷森林1年的吸收量 待6台机组全部投产后 徐大堡核电每年可提供 540亿千瓦时以上的清洁电力 年节约燃煤1920万吨 年减排二氧化碳5670万吨 ...