（来源：天津日报） 转自：天津日报 本报讯（记者 苏晓梅）记者从天津能源集团获悉，日前，我市首个飞轮储能调频项目在该集团陈塘热 电厂建成投产，为区域新型电力系统建设注入全新动能。该项目的投产见证了"传统能源+新型储能"协 同创新的巨大潜力，为区域内同类型机组改造提供了可借鉴的样板。 该项目总规模达6000千瓦/300千瓦时，由12台单机容量500千瓦/25千瓦时的飞轮储能单元组成，是我市 首个飞轮储能示范工程。项目采用先进的真空磁悬浮飞轮储能技术，可实现电能与动能的高效转换，具 备毫秒级响应、高调节精度、长循环寿命及绿色环保等突出优势，可大幅降低发电机组低频振荡风险， 有效保障电网系统频率安全。 项目投产后，机组调频性能将迎来质的飞跃，3号、6号汽轮机一次调频响应时间从分钟级跃升至秒级， 调节误差锐减，将大幅提升参与电网快速调节的能力，使电网频率稳定性得到显著提升。 ...

Core Insights - Central enterprises are expected to enhance their roles in serving the national economic development and improving people's livelihoods, as emphasized by General Secretary Xi Jinping [1] Group 1: Scale and Strength - The total assets of central enterprises have exceeded 90 trillion yuan, marking significant growth during the "14th Five-Year Plan" period [2] - Central enterprises have made notable advancements in innovation, with 134 pilot verification platforms providing specialized services and achieving 121 significant results in original technology [2] - Research and development expenditures have surpassed 5 trillion yuan, with investments in emerging industries growing at an annual rate of over 20% [2] Group 2: Industrial Upgrading - Central enterprises have made progress in 438 technology breakthroughs aimed at enhancing industrial innovation and self-sufficiency [3] - The implementation of the "Artificial Intelligence +" initiative has led to over 800 application scenarios and the establishment of 1,854 smart factories [3] - Energy efficiency has improved, with energy consumption per unit of output and carbon dioxide emissions per unit of output decreasing by 12.8% and 13.9%, respectively, during the "14th Five-Year Plan" [3] Group 3: Strategic Functionality - Nine new central enterprises have been established, focusing on market-oriented restructuring and integration of state-owned assets [4][5] - The governance of central enterprises has become more standardized and efficient, with management levels controlled within four tiers [5] - The State-owned Assets Supervision and Administration Commission (SASAC) has implemented a more scientific regulatory approach, including a tailored assessment for each enterprise [5]

Group 1 - Zhang Fan has been appointed as a member of the Party Committee and Vice General Manager of China Electric Equipment Group Co., Ltd. [1][6] - Zhang Fan, born in December 1981, is a member of the Communist Party and a doctoral graduate from Shandong University. He has previously held various positions within the company, including Minister of the Technology Innovation Department and Chairman of the International Company [6]. - The company is a significant state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission (SASAC), formed by the restructuring of several major companies [6]. Group 2 - China Electric Equipment Group Co., Ltd. covers various sectors including power generation (including renewable energy), transmission, substation, distribution, and electricity usage, as well as comprehensive energy services, energy storage, rail transit, industrial automation, and energy internet [7]. - The company achieved an operating revenue of 100.06 billion yuan in 2023, representing a year-on-year growth of 24.8% [7].

Group 1 - The core investment themes identified by Goldman Sachs for 2026 include a shift in AI infrastructure investment towards data centers and power suppliers [1] - Pharmaceutical research is transitioning from weight loss drugs to cardiovascular treatments, indicating a change in focus within the healthcare sector [1] - China's economic growth is expected to exceed market expectations, driven primarily by technological advancements and exports [1] Group 2 - Political uncertainties, such as Federal Reserve policies and tariff decisions, are anticipated to dominate the market in the first half of the year [1]

Group 1 - The Ukrainian Energy Ministry reported that the Zaporizhzhia Nuclear Power Plant lost a critical high-voltage power line due to combat actions on January 3 [1][3] - The Energy Ministry also stated that Russian forces launched attacks on energy infrastructure in Mykolaiv and Kherson regions, with the Kherson Thermal Power Plant being targeted again [3] - The attacks resulted in power outages for some users in Mykolaiv, and emergency repair work is currently underway [3]

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - In the primary market, from December 29, 2025, to December 31, 2025, 13 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 1.3398 billion yuan, a decrease of 936.3 million yuan compared to the previous week [1]. - In the secondary market, the weekly trading volume of green bonds from December 29, 2025, to December 31, 2025, totaled 49 billion yuan, a decrease of 15.5 billion yuan compared to the previous week. Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes [2]. - In terms of valuation deviation of the top 30 individual bonds, the overall deviation of the weekly trading average price valuation of green bonds was not large. The discount trading amplitude was smaller than the premium trading, and the discount trading proportion was greater than the premium trading [3]. 3. Summaries According to Relevant Catalogs Primary Market Issuance - **Number and Scale**: 13 green bonds were newly issued, with a total scale of about 1.3398 billion yuan, a decrease of 936.3 million yuan from the previous week [1]. - **Issuance Tenure**: Mostly 2 - year and 24 - year bonds [1]. - **Issuer Nature**: Central state - owned enterprises, local state - owned enterprises, and foreign - owned enterprises [1]. - **Subject Rating**: Mostly AAA and AA+ ratings [1]. - **Issuer Region**: Hubei, Fujian, Anhui, Guangdong, Shandong, Zhejiang, Jiangsu, and Beijing [1]. - **Bond Types**: Medium - term notes, corporate ABS, and private placement corporate bonds [1]. Secondary Market Trading - **Total Trading Volume**: The weekly trading volume was 49 billion yuan, a decrease of 15.5 billion yuan from the previous week [2]. - **By Bond Type**: Non - financial corporate credit bonds (22.3 billion yuan), financial institution bonds (19.9 billion yuan), and interest - rate bonds (5.1 billion yuan) had the top three trading volumes [2]. - **By Issuance Tenure**: Green bonds with a term of less than 3 years had the highest trading volume, accounting for about 85.30% [2]. - **By Issuer Industry**: The top three industries in terms of trading volume were finance (22.1 billion yuan), public utilities (10.9 billion yuan), and transportation (170 million yuan) [2]. - **By Issuer Region**: Beijing (16.1 billion yuan), Guangdong (5.9 billion yuan), and Hubei (4.6 billion yuan) had the top three trading volumes [2]. Valuation Deviation of the Top 30 Individual Bonds - **Overall Situation**: The overall deviation of the weekly trading average price valuation was not large. The discount trading amplitude was smaller than the premium trading, and the discount trading proportion was greater than the premium trading [3]. - **Discount Bonds**: The top three discount bonds were 24 Guangzhou Kaide MTN001B (- 0.6391%), GC Tianhui 03 (- 0.1777%), and 25 Xuzhou Transportation ABN001 Priority (- 0.1698%). The subject industries were mainly real estate, steel, and finance, and the regions were mainly Guizhou, Hebei, and Guangdong [3]. - **Premium Bonds**: The top three premium bonds were 25 Puzhi G3 (1.7539%), 24 Xinyang G1 (0.7196%), and 25 Three Gorges GN010 (0.4792%). The subject industries were mainly finance, public utilities, and energy, and the regions were mainly Guangdong, Hubei, and Beijing [3].

Group 1: AI Infrastructure and Investment Trends - AI infrastructure investment is entering a new phase, with traditional leaders like Nvidia, Microsoft, and Amazon seeing stagnant stock prices since last summer, while new entrants like Broadcom are emerging [1][4] - Investors are shifting focus to companies that can support global computing power regardless of chip usage, indicating a significant transformation in AI investment themes [4] - Memory producers like Micron Technology and connector companies such as Amphenol and TE Connectivity are experiencing stock price surges, while utility stocks are stagnating [5] Group 2: Pharmaceutical Sector Developments - The GLP-1 weight loss drug market is undergoing a notable transformation, with Eli Lilly outperforming the market while Novo Nordisk's stock has halved, leading to a 33% downward revision in earnings expectations for 2026 [7][8] - Investment focus is shifting towards new weight loss products awaiting approval, and there is a transition in biopharmaceuticals from obesity drugs to a "Cardiology Renaissance," indicating a potential large product cycle [8] Group 3: Economic Outlook and Global Trade - Goldman Sachs economists predict that China's economic growth will exceed market consensus, driven by technological advancements and a leading export position, even amidst tariff challenges [11] - The recovery of the Chinese economy is expected to significantly impact global trade and technology dynamics in the coming year [11] Group 4: Productivity and Labor Market Dynamics - The potential for a "jobless expansion" is highlighted, as technology-driven productivity gains may support economic growth while facing labor shortages due to immigration restrictions [13] - Long-term productivity improvements are deemed essential to offset the effects of an aging workforce and declining birth rates [13] Group 5: Alternative Investments and Market Trends - The private credit market is expected to outperform private equity in 2025, attracting retail investor interest [15] - The cryptocurrency market is expanding, with companies like Coinbase and Robinhood positioned favorably in the growing sectors of cryptocurrencies and stablecoins [16] Group 6: Defense and Military Investment - The defense sector is experiencing evolving militarization, with the U.S. Space Force favoring innovators in drone and satellite technology [18] - Europe may require up to $160 billion in investments over the next five years to enhance military capabilities in response to Russian threats [19] Group 7: Robotics and Autonomous Vehicles - Advancements in technology are enhancing the capabilities of humanoid robots and autonomous vehicles, which are expected to drive profit growth for industrial tech companies like Tesla [21] - China is actively building capacity in the humanoid robot supply chain and is leading in the autonomous vehicle sector, with projections indicating a $47 billion market for Robotaxi by 2035 [22][23] Group 8: Nuclear Energy and Rare Earth Elements - Nuclear energy is experiencing a revival due to increasing demand for clean power to support the AI revolution, despite past accidents that stalled its development [25] - Rare earth metals are becoming critical components in technology, with China currently dominating this supply chain [25] Group 9: Policy and Market Sentiment - Policy uncertainties, including the Federal Reserve's actions and the Supreme Court's decisions on tariffs, are expected to dominate market sentiment in the first half of 2026 [26] - Current U.S. stock valuations are at their highest levels since the late 1990s, prompting a cautious approach from investors [2][27]

Core Viewpoint - The article discusses the significance of the newly released "Basic Rules for the Medium and Long-term Electricity Market" (referred to as "25 Rules") in the context of supporting high-quality development of renewable energy in China, especially in a spot market environment [3]. Group 1: Definition of Medium and Long-term - The term "medium and long-term" in the electricity market encompasses two dimensions: "far" and "long," where "far" refers to transactions conducted well in advance of electricity delivery, and "long" refers to transactions involving electricity over extended periods [4]. - The "25 Rules" clarify that medium and long-term trading involves electricity products or services for future periods, including various time dimensions such as years, months, and shorter intervals [4]. Group 2: Role of Medium and Long-term Market - The medium and long-term market plays a crucial role in stabilizing supply and demand relationships by allowing parties to lock in prices and revenues, thereby reducing risks associated with supply fluctuations and financial uncertainties [5]. - From a "long" perspective, the medium and long-term market facilitates trading across multiple time periods with different price levels, helping to mitigate risks associated with price volatility [5]. Group 3: Changes and Developments in New Rules - The inclusion of new types of market participants, such as energy storage and virtual power plants, enhances the market's risk management capabilities and supports innovative trading systems [8]. - The "25 Rules" provide clearer definitions of rights and obligations for market participants, detailing the information they must provide, such as power plant maintenance schedules and demand forecasts [8]. - The trading methods have been diversified to improve market liquidity, with requirements for regular and continuous trading sessions to address uncertainties arising from increased penetration of renewable energy [9]. - Green electricity trading has been incorporated into the new rules, promoting long-term green power transactions and establishing flexible contract adjustment mechanisms [9]. - The new rules emphasize market-driven pricing mechanisms and the need for coordination with spot market mechanisms, ensuring that prices reflect market conditions [10]. - The "25 Rules" aim to create a comprehensive, low-cost, transparent, and highly liquid medium and long-term market, essential for balancing supply and demand risks and price anomalies in the context of rapid renewable energy development [10].

乌克兰能源部3日通报称，扎波罗热核电站于3日凌晨因战斗行动失去一条关键高压输电线路供电。 此外，乌能源部还表示，俄军当日凌晨再次对尼古拉耶夫州和赫尔松州的能源基础设施发动袭击，赫尔 松热电厂再度遭袭。袭击还导致尼古拉耶夫州部分用户断电。目前，应急抢修工作正在进行中。 目前俄方对此暂无回应。 （文章来源：央视新闻客户端） ...

Core Viewpoint - The article highlights the positive trend in cash dividends among companies listed in the Shenzhen Stock Exchange, indicating a stable and transparent dividend mechanism that enhances shareholder recognition and boosts the market image and long-term investment value of companies [1][2]. Group 1: Dividend Trends and Amounts - In 2025, companies in the Shenzhen market are expected to distribute over 500 billion yuan in dividends, with more than 18 companies anticipated to announce distributions exceeding 10 billion yuan at the beginning of 2026 [1]. - By the end of 2025, a total of 5,475.59 billion yuan in cash dividends will be distributed, contributing to a cumulative total of over 20 trillion yuan during the "14th Five-Year Plan" period [4]. - The number of companies disclosing mid-term dividend plans in 2025 reached 535, an increase of 7.24% year-on-year [3]. Group 2: Regulatory and Policy Support - Recent policies, including the new "National Nine Articles," have strengthened the regulation of cash dividends and increased incentives for companies with high-quality dividend practices [2]. - The China Securities Regulatory Commission (CSRC) has issued guidelines to encourage cash dividends, aiming to enhance the frequency and level of dividends among listed companies [2]. Group 3: Financial Performance and Governance - In the first three quarters of 2025, Shenzhen-listed companies achieved a total operating revenue of 15.72 trillion yuan, a year-on-year increase of 4.31%, and a net profit attributable to shareholders of 903.02 billion yuan, up 9.69% [2]. - The improvement in corporate governance has led to more standardized and predictable dividend distributions, enhancing transparency and investor confidence [3]. Group 4: Sector-Specific Dividend Highlights - Leading companies in the consumer and financial sectors have shown strong dividend distribution activity, with notable examples including Wuliangye and Gree Electric, which announced significant cash distributions in late 2025 [5][6]. - In the advanced manufacturing sector, companies like CITIC Special Steel and Weichai Power have also implemented substantial mid-term dividends, reflecting a robust return mechanism [5][6]. - The green and low-carbon sector is represented by companies like CATL, which distributed significant dividends, further demonstrating the trend of stable dividends across various industries [7].