作为传统能源大省，山西在"双碳"目标下的绿色转型路径备受关注。此次"十五五"规划建议明确提 出"建设国家现代能源体系核心枢纽"的定位，彰显了山西在能源革命中的责任与担当。 规划强调，要持续推进煤炭产业智能化、绿色化、集约化改造，推动煤炭由"燃料"向"原料""材料"转 变。同时，大力发展风电、光伏、氢能等新能源，提升非化石能源消费比重。到2030年，新能源装机容 量占比将超过50%，初步建成"风光水火储一体化"多能互补的现代能源体系。 在氢能产业布局上，山西将依托焦化副产氢优势，打造"制—储—运—用"全产业链，建设国家级氢能示 范基地。规划提出，在太原、大同、运城等城市推广氢燃料电池汽车示范应用，推动氢能进入交通、工 业、建筑等领域。 "十五五"时期（2026—2030年）是我国全面建设社会主义现代化国家新征程的关键阶段，也是山西省推动高质量发 展、深化全方位转型的攻坚期。近日，《山西省国民经济和社会发展第十四个五年规划和2035年远景目标纲要》的延 续与深化——"十五五"规划建议正式发布，引发广泛关注。这份承载着三晋儿女对美好生活向往的发展蓝图，不仅延 续了转型发展的战略定力，更在创新驱动、绿色转型、区域协调 ...

石油产品进口总量从11.10万吨增加至11.87万吨，其中柴油占进口总量的73.8%，无铅汽油占11.0%，轻 质燃料油及煤油占8.9%，其他成品油占6.3%。(驻波黑使馆经商处) 同期，烟煤产量为25.98万吨，较2024年12月的37.89万吨显著减少；褐煤产量则从11.71万吨增至13.21万 吨；焦炭产量由4.02万吨下降至2.14万吨。 波黑国家台1月27日报道。波黑联邦统计局数据显示，2025年12月该实体总发电量为736吉瓦时，较2024 年同月的773吉瓦时有所下降。水电占总发电量的44.1%，火电占49.9%，风电占6.0%。 ...

Market Overview - The A-share market showed signs of recovery after hitting a low, with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, while the Shenzhen Component Index fell 0.66%. The ChiNext Index, however, rose by 1.27% due to strong performance from heavyweight stocks [1][20] - Over 2400 stocks rose while nearly 2900 declined, indicating mixed performance among individual stocks. The total trading volume in the Shanghai and Shenzhen markets was approximately 2.86 trillion yuan, a decrease of nearly 400 billion yuan from the previous day, reflecting a notable decline in trading sentiment [1][20] Sector Performance - Most sectors experienced declines, with telecommunications and semiconductor sectors leading the gains. Recently strong sectors like metals and mining showed signs of correction [1][21] - The market has been characterized by high volatility, with fluctuations around the 4150-point mark. The influx of external funds initially indicated strong buying intent, but the market subsequently retreated following increased trading in broad-based ETFs [1][21] Investment Strategy - Given the current high volatility in both equity and commodity markets, a long-term investment approach is suggested as a rational choice for investors [1][21] Commodity Market Insights - The driving factors for both equity and commodity markets remain unchanged, with strong medium to long-term investment value still present. The "weak fiat currency" era has led to a consensus that resources are becoming increasingly valuable, accelerated by interventions from the Trump administration affecting Federal Reserve decisions [2][22] - Precious metals and industrial metals are seen as core choices for capital seeking to hedge against currency depreciation risks, pushing commodity prices into a slow upward trend [2][22] A-Share Market Dynamics - The core logic driving the rise of A-shares is the shifting balance of power between China and the U.S., leading to capital flows and value reassessment. The ongoing U.S.-China rivalry is influencing global capital allocation, providing long-term upward momentum for A-shares [4][24] - Quality stocks with core competitiveness in the A-share market, previously undervalued, are now experiencing value reassessment as China's national strength and industrial advantages become more pronounced [4][24] Future Outlook - On a macro level, both the U.S. and China appear to have found new solutions to their domestic issues. The U.S. is adopting a "shrinking plunder" strategy, focusing on core interests while avoiding overextension, which may have profound implications for the global economy and geopolitical landscape [6][25] - For China, the continuous rise in commodity prices, particularly precious metals, may help break the negative feedback loop of prices and accelerate the economic recovery process, potentially exceeding investor expectations [7][26] Investment Focus - The investment strategy should focus on "anti-involution + technology," as the gradual implementation of anti-involution policies is expected to lead to value reassessment in related cyclical sectors. The technology growth sector is also anticipated to receive strong policy support [8][28] - The coal sector has shown resilience, with recent price increases in thermal coal providing support for near-term performance. The market is expected to see a recovery in coal demand due to infrastructure investment and industrial recovery [10][29][31]

Core Viewpoint - The 2026 Shaanxi Province Energy Work Conference emphasized the importance of energy security and the transition to a green energy system, aiming to enhance the province's energy development and support high-quality economic growth [1][4]. Group 1: Achievements in 2025 - The energy system in Shaanxi made significant progress in 2025, with enhanced energy security and a notable role of coal as a stabilizing force, alongside successful completion of the oil and gas "seven-year action plan" [3]. - Major project construction accelerated, with effective investment growth in the energy sector and a shift towards greener energy structures, including advancements in coal, oil, and gas production capacities [3]. - Renewable energy saw historic growth, surpassing thermal power in installed capacity, with significant developments in hydropower, hydrogen, and energy storage industries [3]. - Innovations in the energy sector led to new production capabilities and technological breakthroughs, with a focus on digital transformation [3]. - The conference highlighted improvements in energy-related public services, including clean heating initiatives and the development of distributed photovoltaic systems [3]. Group 2: Goals for 2026 - The energy work for 2026 will focus on high-quality planning and implementation of the "14th Five-Year" energy plan, aiming to establish a new energy system with regional collaborative development [4]. - Strengthening energy production and supply capabilities is a priority, with plans to enhance coal production, optimize oil and gas pipeline layouts, and improve electricity supply security [4]. - The transition to a green and low-carbon energy system will be accelerated, with an emphasis on expanding renewable energy supply and enhancing electric vehicle charging infrastructure [4]. - The conference called for deepening reforms in energy governance and market mechanisms to improve efficiency and ensure energy security [4]. - Continuous development of a high-quality energy workforce and strengthening of political loyalty and integrity within the energy sector were also emphasized [4].

2025年，受煤矿采区间生产接续影响，公司煤炭产量实现1,349.35万吨，同比减少6.58%。受煤价结算 价格下降及煤炭热值阶段性下降的综合影响，公司煤炭外销价格完成300.65元/吨（不含税），同比减 少101.56元/吨（不含税），同比下降25.25%，煤炭外销量实现588.80万吨，同比减少19.12%。 格隆汇1月30日丨内蒙华电(600863.SH)公布，2025年，公司发电量完成582.19亿千瓦时，较上年同期公 告数据下降0.73%，较追溯调整后的上年同期数据下降8.38%。公司上网电量完成540.75亿千瓦时，较上 年同期公告数据下降0.41%，较追溯调整后的上年同期数据下降8.32%。2025年公司全年发电量及上网 电量下降的主要原因为新能源装机容量持续增加，公司火电机组利用小时下降。市场化交易电量完成 527.61亿千瓦时，占上网电量比例为97.57%。公司平均售电单价完成333.10元/千千瓦时（不含税），较 上年同期公告数据下降0.97%，较追溯调整后的上年同期数据下降0.94%。 ...

按中国企业会计准则，本公司预计2025年度实现归属于本公司股东的扣除非经常性损益的净利润为472 亿元至502亿元。与上年法定披露数据相比，减少129亿元至99亿元，下降21.5%至16.5%。与经重述的 上年数据相比，减少129亿元至99亿元，下降21.5%至16.5%。 本年业绩变动的主要原因：2025年，本公司生产经营态势保持平稳，一体化运营核心优势持续巩固，能 源安全稳定供应得到有力保障。但受行业供需形势变化影响，本公司煤炭销售量及平均销售价格下降， 导致经营业绩同比下降。 格隆汇1月30日丨中国神华(601088.SH)公布， 按中国企业会计准则，本公司预计2025年度实现归属于本 公司股东的净利润为495亿元至545亿元。与上年法定披露数据相比，减少92亿元至42亿元，下降15.7% 至7.2%。与经重述的上年数据相比，减少63亿元至13亿元，下降11.3%至2.3%。 ...

中国神华公告，公司于2026年1月30日收到上海 证券交易所出具的《关于受理中国神华能源股份有限公 司发行股份购买资产并募集配套资金申请的通知》。公司拟发行A股股份及支付现金购买控股股东国家 能源投资集团有限责任公司持有的多家公司100%股权，并以支付现金的方式购买国家能源集团西部能 源投资有限公司持有的一家公司100%股权，同时于A股募集配套资金。上海证券交易所对申请文件进 行了核对，认为齐备并符合法定形式，决定予以受理并依法进行审核。本次交易尚需满足多项交易条 件，包括经上海证券交易所审核通过、中国证券监督管理委员会注册同意及其他有权监管机构的批准、 核准或同意。 ...

中国神华1月30日公告，按中国企业会计准则，本公司预计2025年度实现归属于本公司股东的净利润为 495亿元至545亿元。与上年法定披露数据相比，减少92亿元至42亿元，下降15.7%至7.2%。与经重述的 上年数据相比，减少63亿元至13亿元，下降11.3%至2.3%。 ...

每经AI快讯，1月30日，中国神华（601088）(601088.SH)公告称，预计2025年度归属于上市公司股东的 净利润为495亿元至545亿元，与上年法定披露数据相比下降7.2%至15.7%。业绩变动主要系行业供需形 势变化导致煤炭销售量及平均销售价格下降。 ...

2025年，集团生产经营态势保持平稳，一体化运营核心优势持续巩固，能源安全稳定供应得到有力保 障。但受行业供需形势变化影响，集团煤炭销售量及平均销售价格下降，导致经营业绩同比下降。 格隆汇1月30日丨中国神华(01088.HK)发布2025年度业绩预告。经初步测算，预计集团2025年度的归属 于公司所有者的本年利润为人民币508亿元至人民币558亿元，与上年披露数据(2024年：人民币624.21 亿元)相比，下降18.6%至10.6%；与经重述的上年数据(2024年：人民币595.44亿元)相比，下降14.7%至 6.3%。 ...