每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，新疆火炬12月22日晚间发布公告称，公司第四届第十次董事会会议于2025年12月22日在 公司会议室以现场结合网络的方式召开。会议审议了《关于修订 <新疆火炬董事会秘书工作细则> 的议 案》等文件。 （记者 张明双） ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 气温偏高美国气价继续回落，库存提取欧洲 气价微增，25M11 国内用气需求边际改善 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2025 年 12 月 22 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 燃气Ⅱ 沪深300 《天气转暖美国气价回落、库存提取 欧洲气价上行》 2025-12-15 相关研究 《天然气行业 2026 年年度策略：供给 宽松促需求放量，降本+顺价盈利能力 修复；关注双综业务潜力》 2025-12-12 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：气温偏高美国气价继续回落，库存提取欧洲气价微增。截至 2025/12 ...

（文章来源：每日经济新闻） 高股息方向仍可持续，机构资金持续加仓红利资产，预计红利策略不会缺席本轮"牛市"。高股息资产具 有稳健现金流和分红优势，在经济弱复苏背景下吸引力凸显。可关注白电、银行、燃气、出版、水泥、 通信运营商等行业，这些行业普遍具备盈利稳定、估值低位、股息率较高等特征。随着市场风险偏好收 敛，高股息策略的防御属性及长期配置价值将进一步显现。 红利国企ETF（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力与稳 定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过严格 考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股息企 业的整体市场表现。根据基金公告，红利国企ETF可月月评估分红，在上市后的每个月都做到了分红， 已连续分红20个月。 ...

分红方面，深圳燃气A股上市后累计派现54.09亿元。近三年，累计派现12.95亿元。 机构持仓方面，截止2025年9月30日，深圳燃气十大流通股东中，香港中央结算有限公司位居第九大流 通股东，持股1490.77万股，为新进股东。工银红利优享混合A（005833）位居第十大流通股东，持股 1445.67万股，持股数量较上期不变。南方中证500ETF（510500）退出十大流通股东之列。 12月19日，深圳燃气涨0.31%，成交额5155.99万元。两融数据显示，当日深圳燃气获融资买入额598.41 万元，融资偿还500.03万元，融资净买入98.38万元。截至12月19日，深圳燃气融资融券余额合计2.40亿 元。 责任编辑：小浪快报 融资方面，深圳燃气当日融资买入598.41万元。当前融资余额2.37亿元，占流通市值的1.25%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，深圳燃气12月19日融券偿还400.00股，融券卖出4400.00股，按当日收盘价计算，卖出金额 2.89万元；融券余量55.28万股，融券余额362.64万元，超过近一年90%分位水平，处于高位。 资料显示，深圳市燃气集团股 ...

Group 1 - The core viewpoint is that the market is beginning to focus on the potential for a sustained appreciation of the RMB, which could influence asset allocation strategies [1] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, leading to increased investor interest in these sectors [1] - Key sectors to watch under a strengthening RMB include aviation, gas, and paper industries driven by short-term muscle memory, as well as upstream resources, consumer goods, and services influenced by profit margin changes [1] Group 2 - The 2026 spring market is anticipated to be active, with a focus on non-mainstream sectors such as policy themes and high-dividend stocks, while the mainline structure (AI industry chain, cyclical stocks) may have limited upward potential [2] - A classic "cross-year-spring" market is forming, with significant institutional investors increasing their holdings in broad-based ETFs, indicating stable incremental capital for the market [3] - The A-share market is expected to resonate upward with global markets, driven by clear mid-term policy and liquidity expectations following the Federal Reserve's interest rate decisions [4] Group 3 - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. AI bubble concerns and Japan's interest rate hikes, with a potential upward trend as investor sentiment improves [4] - The focus for A-share industry allocation includes dividend value, cyclical recovery, and thematic hotspots, particularly in metals, non-bank financials, and AI sectors [4] - The market is entering a critical window for cross-year layout, with attention on potential signals for a small rally around the New Year [5][6] Group 4 - The market is experiencing a structural trend change, with significant discrepancies in expectations for consumption, non-bank finance, and technology sectors as 2026 approaches [10][11] - Key investment themes include AI applications, commercial aerospace, and nuclear power, with a focus on sectors benefiting from domestic demand recovery and structural policy incentives [12] - The upcoming "15th Five-Year Plan" is expected to drive structural opportunities, particularly in AI, renewable energy, and quantum technology sectors [12]

Group 1 - The core viewpoint is that a classic "cross-year-spring" market trend is brewing, with significant signals indicating its commencement [3] - Factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation accordingly, focusing on industries that may benefit from this trend [1] - The market is expected to see a structural shift with a focus on cyclical sectors, particularly industrial metals, non-bank financials, and sectors related to domestic consumption [3][4] Group 2 - The investment strategy should consider three key clues: dividend value, layout of prosperous industries, and thematic hotspots [4] - The anticipated spring market in 2026 is expected to be driven by a combination of fundamental cyclical improvements and new technological trends [2] - The current market is characterized by a narrow range of fluctuations, influenced by external factors such as U.S. monetary policy and investor sentiment [4][6] Group 3 - The focus on AI and advanced manufacturing is expected to dominate the market, with a potential shift towards value and cyclical styles in the first half of 2026 [2] - The market is likely to experience a "value on stage, growth in action" dynamic, particularly as the Lunar New Year approaches [9] - There is a notable expectation for structural opportunities in sectors like AI, new energy, and controlled nuclear fusion, which are aligned with the "14th Five-Year Plan" [6][10]

Core Viewpoint - The brokerage strategy analysts remain optimistic about the spring market rally, awaiting an effective signal to initiate the movement [1] Group 1: Market Signals and Economic Indicators - Analysts from Xingzheng Strategy highlight that the liquidity expectations are shifting positively due to recent overseas events and a supportive domestic policy environment, indicating a transition from cautious behavior to actively seeking opportunities [1] - Key signals to watch for the potential market rally include the possibility of interest rate cuts and reserve requirement ratio reductions at the end of the year and early next year, with observation windows in early next week and January [1][2] - Important economic indicators such as PPI, PMI, M1, social financing, and annual reports from listed companies are expected to uplift the basic economic outlook [1][2] Group 2: Investment Trends and Sector Focus - The Guangfa Strategy team anticipates that 2026 will resemble an enhanced version of 2025, with continued support from insurance capital and regulation, alongside an acceleration in the migration of deposits from residents, particularly among high-net-worth individuals [1][2] - The trend of high-net-worth residents moving their deposits has already begun to accelerate, with new private equity fund registrations reaching 386 billion yuan from January to October 2025, with monthly registration sizes nearing levels seen in 2021 [1][2] - The Xinda Strategy team emphasizes the increasing elasticity of non-bank financial sectors, suggesting a potential rotation of market focus from banks to non-bank financials, with insurance valuations appearing more attractive [1][3] Group 3: Sectoral Opportunities and Predictions - Analysts suggest that sectors benefiting from policy support, such as AI, advanced manufacturing, and consumer services, are likely to see significant growth, with a projected net profit growth rate exceeding 30% in 2026 [2] - The market is expected to experience structural opportunities driven by policy guidance and industrial momentum, particularly in the context of the upcoming "14th Five-Year Plan" [3] - The spring market rally is anticipated to be influenced by the performance of cyclical sectors, with a focus on commodities and consumer sectors benefiting from increased consumption and fiscal stimulus [3]

Market Overview - A-shares showed mixed performance in the past week (December 15-19), with the Shanghai Composite Index closing at 3890.45 points, up 0.03%, while the Shenzhen Component Index fell 0.89% to 13140.21 points, and the ChiNext Index dropped 2.26% to 3122.24 points [2] - Over 54% of stocks gained during the week, with 107 stocks rising over 15% and 31 stocks declining over 15%. Retail, dairy, and pharmaceutical sectors led the gains, while sectors like sci-tech new shares, film and television, and Hainan Free Trade Zone saw significant declines [2] Top Gainers - The top-performing stock, Victory Energy (001331.SZ), surged 61.06% in the week, followed by Huaren Health (301408.SZ) with a 55.91% increase. Other notable gainers included Baida Group (600865.SH) and Xice Testing (301306.SZ), both exceeding 50% growth [4] - Victory Energy specializes in liquefied natural gas (LNG) procurement, transportation, and sales, serving various sectors including industrial, urban gas, and transportation [5] Financial Performance - For the first three quarters of 2025, Victory Energy reported revenue of 4.513 billion yuan, a year-on-year increase of 21.34%, and a net profit attributable to shareholders of 44.39 million yuan, up 83.58% [6] Stock Market Activity - On December 19, Victory Energy's stock hit a new high, closing at 26.14 yuan per share, marking its sixth consecutive trading day of gains. The company announced that a special robotics firm, Qiteng Robotics, plans to acquire up to 44.99% of its shares for over 1.6 billion yuan, which will change the controlling shareholder to Qiteng's founder, Zhu Dong [7] - Victory Energy reassured investors that its recent stock price fluctuations were due to the acquisition announcement and that there were no undisclosed significant matters affecting the company [8] Top Losers - The worst-performing stock, Guandao Tui (920680.BJ), plummeted 41.47%, while Zhongyuan Home (603709.SH) and ST Lifang (300344.SZ) both saw declines exceeding 25%. The top ten losers all experienced drops over 22% [10] - Zhongyuan Home, which focuses on furniture products, faced a nearly 26% drop over the week, with consecutive trading days of price declines [14][16] - The company reported a slight revenue decrease of 0.05% year-on-year, with a net loss of 17.44 million yuan, a significant decline of 802.46% compared to the previous year [17]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中信证券研究 文|裘翔 高玉森 陈泽平 刘春彤 张铭楷 陈峰 推动人民币升值的因素逐渐增多，市场关注度也开始升温，投资者要逐步适应在一个人民币持续升值的 环境下去做资产配置。从过去20年间7轮人民币升值周期来看，汇率并不是主导行业配置的决定性因 素。然而，部分行业在持续升值预期形成的初期确实会有更好表现，市场可能会复制这样的肌肉记忆， 同时从成本收入分析来看，约19%的行业会因为升值带来利润率提升，这些行业也会逐步被投资者重视 起来。此外，为抑制过快单边升值趋势而做出的政策应对，反而是影响行业配置的更重要因素。行业配 置上，在人民币持续升值的背景下，可以关注短期肌肉记忆驱动、利润率变化驱动以及政策变化驱动三 条线索，我们在本期聚焦详细梳理了潜在受益行业。 推动人民币持续升值的因素逐渐增多， 市场关注度也开始升温 我们认为投资者要逐步开始适应在一个人民币持续升值的环境下去做资产配置。今年前11个月中国的累 计贸易顺差达到1.076万亿美元，同比增长21.7%，创历史新高。更重要的是出口企业的结汇意愿开始不 断上升，今年10月顺差转化 ...