阿塞拜疆"Minval"网12月15日报道，阿塞拜疆国家统计委员会数据显示， 2025年1-11月，外国对阿固定资本投资总额达36.6亿马纳特（21.5亿美元）， 同比增长28.7%，主要来自英国、阿联酋、土耳其、俄罗斯、美国、瑞士、日 本、伊朗、匈牙利、法国、印度等。同期，阿固定资产投资额为166.6亿马纳特 （98亿美元），同比增长3%。其中，油气行业投资下降8.5%，非油气行业投 资增长8.3%，表明阿经济正逐步走向多元化。 （原标题：1-11月阿塞拜疆吸引外资同比增长28.7%） ...

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/25 -P G 内院CFR华 CP预测合 山东烷基 山东液化气 丙烷CIF日本 纸面进口利润 日期 华南液化气 山东醚后碳四 主力基差 华东液化气 同价 化油 E 2025/12/18 4398 4500 4380 203 500 4610 7130 -165 576 388 2025/12/19 4398 4380 . 7150 4500 573 504 497 4610 -142 399 2025/12/22 4480 4388 4370 4580 7150 580 536 202 -213 355 2025/12/23 4377 4370 4475 590 550 507 4580 7180 -291 444 2025/12/24 4392 4320 4570 4480 590 543 510 7180 -277 398 日度变化 5 12 -50 0 3 P ...

Core Viewpoint - In 2025, the manufacturing and energy-chemical industries will enter a rebalancing phase under multiple structural pressures, with geopolitical changes and trade rules reshaping global layouts. The focus will shift from "betting on growth" to "realizing value" as companies seek sustainable returns through asset optimization, capability restructuring, and operational upgrades [1]. Group 1: Manufacturing "15th Five-Year" Layout - The "15th Five-Year" plan (2026-2030) is a critical period for China's modernization by 2035, emphasizing the need for manufacturing enterprises to anticipate socio-economic and technological trends, plan high-quality development paths, and enhance international competitiveness amid geopolitical tensions [4]. Group 2: Asset Operation Restructuring - Energy and chemical companies must optimize asset layouts through normative analysis to enhance long-term decision-making certainty and return rates, particularly in the context of geopolitical and demand structure changes [7]. Group 3: Digital Transformation - Oil and gas companies face limitations in AI potential due to data quality and system fragmentation. Establishing a high-quality data foundation and governance mechanisms is essential to unlock the value of AI and digitalization in supply chain and operational transformations [9]. Group 4: Chemical M&A Recovery - The chemical industry is witnessing a gradual recovery in M&A activities, driven by overcapacity, weak demand, and tariff uncertainties. Companies and private equity are seeking growth paths through portfolio restructuring and regional diversification [11]. Group 5: Accelerated Power M&A - The demand for large data centers is driving a new wave of M&A in the U.S. power sector, compelling power companies to enhance scale, delivery capabilities, and clean energy supply to compete for core customers [13]. Group 6: Electrification Investment Decisions - The electrification trend brings substantial capital investments, but profitability is not guaranteed. Investment returns depend on asset utilization rates, contract structures, and service models, necessitating a careful balance between infrastructure and digital platforms [15]. Group 7: Renewable Value Realignment - The renewable energy sector is transitioning from a narrative of rapid growth to one focused on capability and return realization. Factors such as subsidy reductions, grid constraints, and rising capital costs are pushing companies to reshape their competitive edge through market-oriented capabilities [17]. Group 8: CCUS Commercial Breakthrough - Carbon capture, utilization, and storage (CCUS) is emerging as a viable decarbonization pathway in high-emission industries, but its adoption is constrained by economic viability and carbon pricing mechanisms. Innovative business models and policy collaboration are crucial for large-scale implementation [19]. Group 9: Industrial Aftermarket Opportunities - The industrial aftermarket is becoming a significant profit engine for OEMs, with growth rates of 7.8% in China and 6.5% globally. Companies can achieve steady and high-quality growth through network expansion, complexity management, and pricing capability upgrades [21]. Group 10: CBAM Cost Restructuring - The EU's Carbon Border Adjustment Mechanism (CBAM) is reshaping competitive rules in high-carbon industries like steel. Importers need to proactively manage emissions accounting, supply chain adjustments, and cost transfer mechanisms to mitigate the impacts of visible carbon costs [23]. Group 11: Infrastructure Innovation - Modern construction methods (MMC) are significantly enhancing efficiency, sustainability, and resilience in the global construction industry. Despite higher initial investments, the long-term value of MMC is becoming evident in global capital projects [25].

供应保障持续强化 能源电力供应平稳有序、可再生能源装机规模持续扩大、全国统一电力市场日臻完善、能源技术创新频 出、能源稳投资促增长作用充分发挥……今年以来，在全球能源供应链持续震荡背景下，我国能源行业 稳中有进，进中育新，以安全保供之"稳"夯实经济大盘，以绿色转型之"进"点燃高质量发展新引擎，交 出一幅韧性更足、动能更强、底色更绿的年度答卷。 今年9月24日，我国在联合国气候变化峰会上宣布新一轮国家自主贡献目标，明确2035年全国风电、太 阳能发电总装机容量要达到2020年的6倍以上，力争达到36亿千瓦。截至今年9月底，我国风电、太阳能 发电总装机已经突破17亿千瓦。要实现2035年自主贡献目标，未来10年每年还需新增2亿千瓦左右风光 装机。 电力迎峰度夏，是检验国家电力工业水平的试金石。今年夏季，我国电力负荷不断创下新高，七八月份 全国全社会用电量连续超万亿千瓦时，创历史新高，也系全球首次。面对严峻挑战，我国以充足优质的 电能供应，有效保障了经济社会高质量发展。 充足电能的背后是我国能源供应保障能力持续增强。记者从近日举行的2026年全国能源工作会议上获 悉，今年能源安全保障有力有效，保供成效是"十四五"以 ...

Group 1 - The public fund annual report for 2025 is expected to show that over 90% of actively managed equity funds achieved positive returns, with 39 funds doubling their net value [1] - In December, stock ETFs saw a net subscription of over 400 billion shares, with broad-based ETFs attracting significant investor interest, totaling a net inflow of 11.137 billion yuan [1] - Analysts predict a "new capital influx" in 2026 for A-shares and Hong Kong stocks, driven by both domestic and foreign investments, reflecting improved funding expectations [1] Group 2 - The Shenzhen stock market has seen over 1,100 disclosed mergers and acquisitions this year, with a total value of 553.7 billion yuan, marking a 54% and 55% year-on-year increase respectively [2] - The trend of "industrial mergers and new productive forces" is evident, with 80% of major asset restructurings being industrial mergers, particularly in sectors like semiconductors and information technology [2] - Companies are increasingly using various strategies to avoid delisting, focusing on substantial improvements rather than technical maneuvers, as regulatory scrutiny intensifies [2] Group 3 - The artificial intelligence sector is experiencing a wave of IPOs, with companies like Zhiyu and MiniMax preparing to list, indicating a critical juncture for capitalizing on AI technologies [3] - The AI industry is projected to exceed 1.2 trillion yuan in scale by 2025, with a growth rate of 24%, although challenges remain regarding high costs and low returns [3] - China's largest offshore oil field, Bohai Oilfield, has achieved a record production of over 40 million tons of oil equivalent in 2025, contributing significantly to national energy security [4] Group 4 - Zhiyu has released its new flagship model GLM-4.7, achieving top performance in various benchmarks, indicating advancements in AI capabilities [4] - Geely Automobile has completed the privatization of its subsidiary, Zeekr, which will now be fully integrated into the group's financial statements [4] - Blue Arrow Aerospace has completed its IPO counseling for the Sci-Tech Innovation Board, indicating readiness for public listing [5] Group 5 - Four companies, including HeRun Electronics, have initiated IPO counseling, signaling ongoing interest in capital market participation [6] - Trina Solar has won a bid for a 240MW distributed photovoltaic project, showcasing its competitive position in the renewable energy sector [7] - JunDa Co. has signed a strategic cooperation agreement with Shangyi Optoelectronics to explore applications of perovskite battery technology in space energy [7] Group 6 - ST Dongtong has received a decision for stock delisting, with its shares entering a delisting transition period, reflecting ongoing challenges in the A-share market [8][9] - Tianpu Co. has completed a tender offer, resulting in a significant increase in share control, indicating strategic consolidation efforts [10] Group 7 - Traders are heavily betting on U.S. Treasury options, anticipating a drop in the 10-year yield to 4%, reflecting market sentiment regarding future interest rates [11] - U.S. stock indices have collectively risen, driven by technology stocks, with significant gains in companies like Tesla and Nvidia, indicating a strong market performance [11] - Demand for U.S. Treasury auctions has been weak, leading to increased yields, while commodities like gold and silver have reached historical highs [12]

Group 1 - The total installed power generation capacity in China is expected to exceed 3.8 billion kilowatts this year, representing a year-on-year growth of 14%, with total electricity consumption projected to surpass 10 trillion kilowatt-hours for the first time [2] - Oil and gas production has reached historical highs, with crude oil production around 215 million tons and natural gas production exceeding 260 billion cubic meters, marking nine consecutive years of over 10 billion cubic meters increase [2] - The energy security guarantee this year is reported to be the best since the 14th Five-Year Plan, with stable coal production and supply, and effective responses to peak summer electricity load challenges [2] Group 2 - The proportion of non-fossil energy consumption is expected to exceed the target of 20%, with strong investment trends towards green and innovative energy sources [3] - Significant advancements in energy technology and innovation are being made, with the integration of artificial intelligence into the energy sector and the development of new business models [3] - The government is focusing on enhancing energy security, optimizing energy infrastructure, and improving the quality of electricity supply for high-reliability users [4] Group 3 - The goal is to establish a new energy system by 2030, balancing economic development with energy structure, and promoting a comprehensive green transition in society [5] - The emphasis is on fostering energy technology innovation and upgrading the energy industry to support the carbon peak target by 2030 [5]

部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资料传输 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 台H 研究中心能化团队 2025/12/23 -P G 内院CFR华 CP预测合 山东烷基 纸面进口利润 日期 华南液化气 华东液化 山东液化气 丙烷CIF日本 山东醚后碳四 主力基差 目尖 化油 南 2025/12/16 4460 4440 520 4408 285 203 4570 7130 -276 240 2025/12/17 4410 523 7110 4490 4398 586 504 4600 -254 282 2025/12/18 4500 4398 4380 203 500 4610 7130 576 -165 389 2025/12/19 4398 4500 4380 573 504 497 4610 7150 -142 399 2025/12/22 4480 4388 4370 536 4580 7150 355 l I l ll B 32 日度变化 -20 -10 -10 -30 0 ...

Group 1: Energy Production and Consumption - The total installed power generation capacity in China is expected to exceed 3.8 billion kilowatts this year, representing a year-on-year growth of 14% [1] - The total electricity consumption in the country is projected to surpass 10 trillion kilowatt-hours for the first time, which is approximately double the total electricity consumption in 2015, setting a new world record [1] - Oil and gas production has reached historical highs, with crude oil production around 215 million tons and natural gas production exceeding 260 billion cubic meters, marking nine consecutive years of production increases of over 10 billion cubic meters [1] Group 2: Energy Security and Supply - The year 2025 is expected to showcase strong resilience in the energy sector, with coal production projected to exceed 4.8 billion tons and imports around 470 million tons, ensuring stable supply and pricing [1] - The energy security measures have effectively responded to peak summer electricity load challenges, with 20 instances exceeding last year's peak [1] - The energy resource complementarity and mutual assistance levels have continuously improved, maintaining a stable safety situation in the power system [1] Group 3: Green Energy Transition - The proportion of non-fossil energy consumption is expected to exceed the target of 20%, with significant investments in green energy and new energy achieving higher quality development [2] - The construction of major hydropower and nuclear power projects is accelerating, and the clean and efficient utilization of fossil energy is making progress [2] - In 2026, over 20 million kilowatts of new wind and solar power capacity will be added, alongside orderly advancement of major hydropower projects and safe development of nuclear power [2] Group 4: Technological Innovation and Policy - The government plans to promote the integration of artificial intelligence with the energy sector through pilot projects and standardization actions [3] - There will be a focus on reforming energy systems and mechanisms, enhancing the construction of a unified national electricity market, and improving regulatory frameworks for new energy [3] - The goal is to establish a new energy system by 2030, balancing economic development with energy structure, supply security with energy conservation, and technological innovation with industry transformation [3]

Group 1 - The total installed power generation capacity in China is expected to exceed 3.8 billion kilowatts this year, representing a year-on-year growth of 14% [1] - The total electricity consumption in China is projected to surpass 10 trillion kilowatt-hours for the first time, which is approximately double the total electricity consumption in 2015, marking a new world record [1] - Oil and gas production in China has reached historical highs, with crude oil production around 215 million tons and natural gas production exceeding 260 billion cubic meters, continuing a trend of over 10 billion cubic meters of annual growth for nine consecutive years [1] Group 2 - The proportion of non-fossil energy consumption is expected to exceed the target of 20%, with strong investment trends towards green and innovative energy sources [2] - Significant advancements in energy technology and innovation are being made, including the integration of artificial intelligence with the energy sector and the development of new energy models and business formats [2] - The National Energy Administration emphasizes the need for higher levels of energy security, focusing on coal supply stability, electricity supply enhancement, and oil and gas production capacity [2] Group 3 - The government plans to promote the integration of artificial intelligence with energy through pilot projects and standardization initiatives, while also advancing major technological breakthroughs in smart grids and future energy industries like hydrogen and nuclear energy [3] - The National Development and Reform Commission aims to balance economic development with energy structure, ensuring energy security while promoting green transformation and innovation in the energy sector [3]

能源电力供应平稳有序、可再生能源装机规模持续扩大、全国统一电力市场日臻完善、能源技术创新频 出、能源稳投资促增长作用充分发挥……今年以来，在全球能源供应链持续震荡背景下，我国能源行业 稳中有进，进中育新，以安全保供之"稳"夯实经济大盘，以绿色转型之"进"点燃高质量发展新引擎，交 出一幅韧性更足、动能更强、底色更绿的年度答卷。 保障能源供应，市场化机制发挥了大作用。今年以来，国家发展改革委、国家能源局积极推进全国统一 电力市场建设，市场交易电量规模和经营主体数量稳步增长。截至9月底，全国累计完成电力市场交易 电量4.92万亿千瓦时，同比增长7.2%，占全社会用电量比重63.4%。 供应保障持续强化 电力迎峰度夏，是检验国家电力工业水平的试金石。今年夏季，我国电力负荷不断创下新高，七八月份 全国全社会用电量连续超万亿千瓦时，创历史新高，也系全球首次。面对严峻挑战，我国以充足优质的 电能供应，有效保障了经济社会高质量发展。 充足电能的背后是我国能源供应保障能力持续增强。记者从近日举行的2026年全国能源工作会议上获 悉，今年能源安全保障有力有效，保供成效是"十四五"以来最好的一年。全国发电总装机预计超38亿千 瓦、 ...