（来源：数局） CONTENT 目录 油气行业外部环境五大特点 1 Five Features of External Environment of the Oil and Gas Industry 油气行业发展取得十大成就 N9 Ten Great Achievements of the Oil and Gas Industry 未来五年油气行业五大展望 6 Five Prospects of the Oil and Gas Industry in the Next Five Years 变与稳 弱与强 世界百年变局加速演进 全球经济弱势增长 中国油气行业稳健前行 中国经济韧性增强 退与进 逆与顺 能源转型有退有进 油气需求增速放缓 中国引领绿色发展 贸易流向"逆顺"转换 新与融 科技革命突飞猛进, 融合创新赋能油气行业 3 特点1:世界百年变局加速演进,中国油气行业稳健前行 特点2:全球经济弱势增长,中国经济韧性增强 中国经济增速 全球经济增速 フラ and 10:2 10:2 10:2 10:2 数据来源:国家统计局,中石油经济技术研究院 数据来源:IMF《世界经济展望》 □ 大国博弈波及能源,供应链安 ...

Core Viewpoint - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with a projected completion investment of 3.54 trillion yuan, representing an 11% year-on-year increase [2] Investment Trends - Significant investments are observed in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging infrastructure, and hydrogen energy [2] - Private enterprises have actively participated, with their investment completion amount increasing by 15% year-on-year [2] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private enterprise participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [2] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market principles, along with the approval of four large private coal mine projects [2]

Core Viewpoint - The article emphasizes the robust development of China's energy industry as it transitions into the "15th Five-Year Plan," highlighting the commitment to energy security, green transformation, and technological self-reliance [2][5]. Group 1: Energy Security and Supply - In 2025, China's energy sector achieved significant milestones in energy security, marking the best year since the "14th Five-Year Plan," with stable coal production and effective responses to peak electricity demands [3]. - Oil and gas production reached historical highs, with crude oil output at approximately 215 million tons and natural gas production exceeding 260 billion cubic meters, marking a continuous increase for nine years [3]. - Coal production surpassed 4.8 billion tons, with imports around 470 million tons, maintaining a reasonable supply margin and enhancing supply elasticity [3]. Group 2: Mechanism Innovation and Quality Development - The establishment of a cross-departmental collaboration system for energy monitoring and emergency response has transformed the management of energy resources, moving away from isolated operations [4]. - The renewable energy sector saw significant advancements, with major projects in wind and solar energy, including the completion of the first batch of wind and solar bases and the acceleration of hydropower and nuclear projects [4]. - The increase in non-fossil energy consumption and improvements in energy self-sufficiency and system regulation capabilities were highlighted as significant breakthroughs [4]. Group 3: Green Transformation and Technological Integration - The energy sector's development direction for the "15th Five-Year Plan" focuses on enhancing energy security while promoting a green and low-carbon transition [5]. - Innovative projects, such as a large-scale photovoltaic project in Shanxi and a solar thermal project in Gansu, exemplify the integration of renewable energy sources with storage systems and intelligent management platforms [5][6]. - The establishment of a virtual power plant platform in the Guangdong-Hong Kong-Macao Greater Bay Area aggregates over 5,000 adjustable load resources, enhancing grid flexibility and efficiency [6]. Group 4: Market Reform and Unified Energy Market - The energy industry is actively transforming reform momentum into high-quality development, with a focus on building a unified national market and enhancing resource allocation efficiency [8]. - The introduction of a unified electricity market framework aims to eliminate regional barriers and facilitate fair trading of electricity across the country [8][9]. - The need for a flexible adjustment mechanism in the electricity system is emphasized, particularly in response to the increasing share of variable renewable energy sources [9][10].

俄罗斯油气资源丰富，如果这些能源卖不出去，或者被迫降价卖出，还卖不动，俄罗斯的内心一定是极其郁 闷的。 现在，俄罗斯要憋出内伤了，乌克兰正试图摧毁俄罗斯出售能源的一切途径，这太残暴，太不给机会了。 12月20日，乌克兰炸毁俄罗斯伏尔加格勒州的"中亚-中心"管道，这条管道是中亚天然气进口的关键通道，年 输气量高达120亿立方米。目前，天然气输送已无限期停止。 这只是乌克兰打击的其中一个环节，匈牙利通过德鲁日巴石油管道接收俄罗斯石油，也多次被炸。 CPC（里海管道联盟）也多次被袭击，俄罗斯新罗西斯克港的石油也不好运输了。 俄罗斯炼油厂、油库、油气管道、码头接连被炸，俄罗斯炼油产能高峰期下降40%，不得不大量出口原油， 要命的是，乌克兰又开始打击俄罗斯影子船队的油轮。 从11月28日开始，影子油轮"凯罗斯"号和"维拉特"号在黑海遭袭击、"梅尔辛"号在塞内加尔沉没、"中伏尔加2 号"在土耳其海岸附近遭袭击，为了躲避乌克兰无人机/艇，俄影子油轮贴着土耳其海岸航行。 结果，乌克兰不信邪，无人艇携带无人机直接在地中海袭击2000公里外的俄罗斯影子油轮"昆迪尔"号。 失去欧洲能源市场，遭受制裁，能源基础设施频繁被乌克兰袭击， ...

越打越富的神话已经破灭，实际情况是，战争的消耗远远超出了收入。2025年前9个月，俄罗斯的国防支出已达到1422.5亿美元，相当于每小时2090万美 元。军费占GDP的比例为6.7%，远高于许多国家。油气收入也下降了22%，预计2026年经济增长仅为1%，通货膨胀率将低于6%，但经济结构严重失衡。卖 黄金说明俄罗斯的常规财政手段已经用尽，经济的缓冲层已变得越来越薄弱。虽然特朗普提出的和平方案偏向俄罗斯，但乌克兰方面并未接受，冲突依然在 拖延。等到俄罗斯黄金储备卖光之后，油气收入难以恢复到高峰，民生问题将更加严重。俄罗斯的财政计划表明，2026年至2028年，税收将大幅增加，但赤 字依然巨大，军费也维持在高位。俄罗斯的总黄金储备为2300吨，通过调整税收和加强与亚洲市场的联系，俄罗斯正在缓解危机，但核心问题是，战争的消 耗已严重超载。经济的冷却持续，企业活动也显得越来越疲弱。储备的消耗或将迫使俄罗斯做出更大调整，但到底何时能结束，仍是未知数。财政状况的紧 张加剧，2025年俄罗斯56个地区的赤字已达到1692亿卢布。国家财富基金的规模也从2022年的1135亿美元缩水至516亿美元。卖黄金的策略风险极大，进一 ...

Core Insights - Energy investment in China has shown strong growth this year, focusing on safety and transformation, with an expected completion of 3.54 trillion yuan in key energy projects, representing an 11% year-on-year increase [1] Investment Trends - Significant investments are noted in nuclear power, onshore wind power, distributed photovoltaic, and power grids, with rapid growth in new energy storage, charging and swapping infrastructure, and hydrogen [1] - Private enterprise investment has increased by 15% year-on-year, indicating a robust participation from various investment entities [1] Policy and Mechanisms - The National Energy Administration has established mechanisms to facilitate private sector participation in nuclear power projects, with all 10 newly approved nuclear units this year involving private capital, with the highest share reaching 20% [1] - Support for private enterprises to invest in hydropower projects and oil and gas pipeline projects is being promoted under market-oriented principles, along with the approval of four large private coal mine projects [1]

AI产业链股票反弹。 周五（12月19日），欧美股市集体收涨。美股方面，三大股指全线收涨，道琼斯工业指数涨0.38%报 48134.89点，标普500指数涨0.88%报6834.5点，纳斯达克指数涨1.31%报23307.62点。本周，道琼斯工业 指数跌0.67%，标普500指数涨0.1%，纳斯达克指数涨0.48%。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.39%报24293.56点，法国CAC40指数涨0.01%报8151.38 点，英国富时100指数涨0.61%报9897.42点。本周，德国DAX指数涨0.44%，法国CAC40指数涨1.03%， 英国富时100指数涨2.57%。 中概股多数上涨，纳斯达克中国金龙指数涨0.86%。个股方面，小马智行涨近12%，禾赛科技涨超7%， 小鹏汽车涨近7%，再鼎医药、理想汽车涨逾5%；BOSS直聘、好未来跌超2%，满帮集团跌近2%，爱奇 艺跌超1%。 AI产业链股票反弹 美东时间周五，在甲骨文和英伟达走强的带动下，美股人工智能（AI）概念股重新站稳脚跟。 截至当日收盘，甲骨文股价上涨超6%。消息面上，TikTok已与三家投资者签署协议，并将成立新的 TikTo ...

Let's take a closer look now at these energy markets. Joining us is Karly Garner, who's the senior commodity strategist broker at Cari Trading. Thank you so much for for joining me today.Uh look, where do you see things heading in 2026. Obviously, it's not been a great year uh for prices. Uh we've had a lot of the geopolitical risk premium being priced in right now.Plenty of moving parts. What's your outlook. >> Well, you're right.There's a lot of moving parts and it's never boring in oil, right. Uh the one ...

来源：@究竟视频微博 【今日股市1218丨指数分化震荡但个股活跃度高 能否继续积极做多？】今日提要【话题】沪指震荡收 红，能否继续上行？【话题】 "犒赏经济"成为消费新模式，能否持续活跃？【观点】 陈文：市场技术 指标趋于钝化，均线系统密集咬合。【观点】徐习瑶：科技方向分歧较大，存储板块有止跌的迹象。 【观点】 吕嵩杰：市场风格重回均衡，化工等低位品种轮动。今日盘面A股三大指数表现分化，截至收 盘，沪指涨0.16%，收报3876.37点；深证成指跌1.29%，收报13053.97点；创业板指跌2.17%，收报 3107.06点。如何看待创业板指的反复表现，短期会如何运行？三市成交额为16770亿，较昨日萎缩1575 亿。量能水平萎缩，短期是否有上攻动能？行业板块涨跌互现，医药商业、航天装备、煤炭、银行、油 气、零售板块领涨，消费电子、电池、光伏、锂矿板块跌幅居前。市场反复个股活跃，短期如何操作？ 个股方面，上涨下跌股票数量相差不多，超70只股票涨停，较昨日明显增加。"犒赏经济"作为新型消费 模式成为今天的市场焦点，三湘印象、浙江众成等十几只个股批量涨停，能否持续活跃？零售板块依然 强势，龙头百大集团六连板，南 ...

（文章来源：中国新闻网） 万劲松表示，埃克森美孚作为全球知名的大型跨国能源公司，是中国油气企业的老朋友，双方在多年紧 密合作中取得了互利共赢的良好成效。中国欢迎包括埃克森美孚在内的各国企业共享中国能源发展的新 一轮机遇，共创合作新成果。 魏捷凯介绍了埃克森美孚在全球特别是在中国的业务进展，表示愿继续加大对中国投入，持续深化各领 域务实合作。(完) 据中国国家能源局19日消息，国家能源局副局长万劲松近日在北京会见魏捷凯，双方就天然气在能源绿 色低碳转型中的角色、CCUS(二氧化碳捕集、利用与封存)、低碳氢能、产品碳计量等议题交换意见。 中新社北京12月19日电美国能源巨头埃克森美孚全球高级副总裁魏捷凯近日在北京表示，愿继续加大对 中国投入。 ...