Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights a positive outlook on the recovery of lithium battery material prices and anticipates accelerated development in the sodium battery industry [3] - The electric power equipment sector has shown strong performance, with a 42.8% increase over the past 12 months, outperforming the CSI 300 index [4] - The report emphasizes the ongoing high demand for energy storage, with significant project signings and a robust pipeline for future installations [7] Summary by Sections Wind Power - Domestic land wind turbine bidding reached 9.64GW as of December 20, 2025, with major companies initiating large-scale procurement [5] - The report expects continued growth in installed capacity for 2026, driven by high demand and favorable bidding conditions [5] Photovoltaics - The photovoltaic industry chain has seen widespread price increases, with N-type polysilicon prices rising by 1.2% and N-type TOPCon battery prices increasing by 13.3% [6] - The report suggests that supply-side reforms are enhancing industry sentiment, with a positive outlook for profitability in 2026 [6] Energy Storage - China Power Construction Corporation signed contracts for energy storage projects totaling 50 billion yuan, with a significant number of projects in the pipeline [7] - The report anticipates strong growth in overseas energy storage demand, particularly in Europe and emerging markets [7] Lithium Batteries - Several leading lithium iron phosphate manufacturers are undergoing simultaneous production halts for maintenance, coinciding with a price increase trend in the industry [7] - The report indicates that improved supply-demand dynamics may lead to a recovery in prices and profitability for lithium iron phosphate manufacturers [7] Sodium Batteries - The sodium battery industry is entering a phase of deep development, with advancements in technology and market penetration [7] - The report highlights the growing demand for sodium batteries in various applications, including energy storage and commercial vehicles [7] AIDC (Artificial Intelligence Data Center) - ByteDance plans to invest $23 billion in artificial intelligence, which is expected to drive demand for AIDC infrastructure [8] - The report notes that the shift towards energy-intensive operations by tech giants is likely to increase the demand for power equipment [8] Electric Grid - Alphabet's acquisition of an energy developer marks a trend of tech companies investing in power infrastructure [8] - The report suggests that the growing demand for data centers will continue to drive the need for electric power equipment [8]

2025年，A股在政策、估值、盈利、资金四重支撑下走出了牛市行情。2026年作为"十五五"规划开局之 年，经济转型深化与政策发力预期叠加，但A股市场细分赛道的分化却愈发明显，在这样的背景下， 2026年的投资机会如何？驱动2026年行情的核心变量是什么？哪些领域可能成为市场资金新的"共识"？ 对于这些问题，私募大佬们又有着怎样独到的判断？近日，《每日经济新闻》记者(以下简称NBD)就带 着这些问题，专访了上海保银私募基金管理有限公司总经理及基金经理李墨(以下简称保银基金李墨)。 首先，2025年为市场确立了坚实的"政策底"与"资金底"。政策上，从2024年9月首提"适度宽松"到2025 年12月会议的再次定调，表明宽松已不再是权宜之计，而是构建长效机制的宏观基准，这为长期风险偏 好提供了"定海神针"。资金上，数据已验证了信心的实质性回归："长钱"考核机制优化下，险资全年预 计贡献超4000亿元增量；北上资金三季度持仓市值创下2.59万亿元新高；叠加全年日均成交额重回1.1万 亿元上方，市场的承接力与定价效率已显著跃升。 然而，行情的持续性面临"结构性分化"的挑战。虽然以硬科技为代表的新质生产力板块在三季度率先 ...

Core Viewpoint - The article discusses the establishment of a "Zero Carbon Construction Research Platform" aimed at promoting the development of zero-carbon parks and factories in alignment with national carbon peak and carbon neutrality goals [2][3]. Group 1: Research Platform Work Focus - The research platform will utilize field research, topic studies, and special meetings as key methods, focusing on four core directions: research, service, cooperation, and communication [5]. - A high-end expert think tank will be formed to gather renowned experts, entrepreneurs, and technical professionals in the zero-carbon field to provide professional guidance and intellectual support [5]. - A standard system framework will be constructed to develop guidelines and certification systems for zero-carbon park construction that align with China's national conditions and have an international perspective, filling existing industry standard gaps [5]. - The platform will publish a directory of zero-carbon construction suppliers and establish a mechanism for project attraction and supply-demand matching, providing comprehensive services to parks [3][5]. - The platform will conduct pilot demonstrations and capacity building by selecting representative parks to establish joint innovation demonstration bases, enabling the development of replicable zero-carbon park construction models [5]. Group 2: Recruitment Scope - The recruitment scope for the research platform includes key entities in the zero-carbon transformation value chain, such as government departments, energy sector enterprises, consulting and construction units, major energy-consuming enterprises, certification agencies, and financial institutions [6]. - Specific types of organizations invited include national and local government departments, energy companies across various sectors, urban planning and engineering firms, and core enterprises within park development and operation [6]. Group 3: Application Method - Interested organizations wishing to join the zero-carbon construction research platform are required to fill out a participation response form and submit it to the designated email address after affixing their official seal [6][10].

Market Overview - A-shares continue to rise, with the Wind All A index breaking through 6400 points, reaching the fourth highest point of the year, just 0.5% away from a new closing high for 2025 [1] Company Analysis - The two popular new stocks, Mo Wang and Mu Xi, have seen significant price fluctuations, with Mo Wang peaking at 940 CNY and Mu Xi at 895 CNY, both experiencing a pullback of approximately 33% and 32% respectively [2][3][5] - There are concerns regarding the competitive edge of these companies, given their relatively short establishment period of less than five years, raising questions about their long-term sustainability and market share against potential new entrants [7] Investment Trends - The silver LOF experienced a significant drop, hitting the limit down, while over 20 other LOFs also faced similar declines, indicating a volatile trading environment [10][12] - The market is characterized by speculative trading, particularly in small-cap Hong Kong stocks and ETFs, which have shown erratic price movements due to T+0 trading characteristics [14] - A notable increase in investment in the electric grid equipment sector has been observed, with a substantial inflow of 450 million CNY into the electric grid equipment ETF, indicating strong institutional interest [32][33] Currency Movements - The offshore RMB has approached the 7 CNY mark against the USD, with expectations of further strengthening due to increased corporate willingness to convert USD to RMB, particularly in anticipation of year-end settlement needs [21][26][27]

（来源：内蒙古日报） 联审联批重在关键处"落子"。锚定上半年开工项目3月底前应批尽批、下半年开工项目8月底前应批尽批 的目标，内蒙古对每一个新建项目均建立了联审联批台账，明确了每一个审批事项办结时限，压实责 任，倒排工期。特别是针对电网工程，自治区重大项目联审联批工作机制办公室会同自治区能源局和蒙 西、蒙东电力公司成立联合工作组，按照2026年4月份全部开工的要求，明确了电网公司和各级审批部 门的工作任务。 全区各地各部门通过解决项目审批"堵点""卡点"，全力保障大项目早落地、早开工、早见效。 自治区交通运输厅以解决项目审批卡点专项行动为抓手，靶向发力优化联审联批事项办理流程，大幅缩 短审批时限。针对涉路施工许可，进一步完善跨部门沟通协作机制，重点压缩第三方意见反馈周期，将 反馈时限严控在3个工作日内，有效避免审批流程因外部意见滞后而停滞。对于公路超限运输许可，创 新协作方式，为公安交管部门配发审批系统专用账号，搭建线上意见反馈通道，并明确反馈时限为3个 工作日，免去了申请人多次提交申请、反复报送材料。 自治区林草局对49项外部事项进行优化，减少了43个材料和38个环节，承诺时限平均由25个工作日压缩 至11 ...

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]

Strategy - The markets in the US, A-shares, and Hong Kong have shown a quarterly switching pattern since early 2025, with a "seesaw" effect and inter-market correlations. In Q1, DeepSeek led the revaluation of Chinese assets, while in Q2, US stocks benefited from AI leaders' unexpected performance and capital expenditure growth. However, Hong Kong stocks have lagged behind, with the Hang Seng Index down 2.2% and the Hang Seng Tech Index down 0.7% as of November, while A-shares and US stocks posted positive returns [5][3]. Macroeconomy - Recent market focus has been on the RMB exchange rate, with traditional models suggesting a significant deviation from its "equilibrium value." The assessment of whether the RMB is overvalued or undervalued is complex and heavily dependent on the analytical framework used. In today's highly developed financial environment, relying solely on neoclassical frameworks can lead to substantial misjudgments regarding exchange rates [7]. Industry - Food and Beverage - The food and beverage industry has entered a new normal in 2025, with a weak overall consumption environment. The industry is focusing on high quality-price ratios, functionality, health, and emotional consumption trends. The liquor sector continues to experience weak demand, while the beverage and snack sectors show better performance. The outlook for next year suggests a weak recovery with strong differentiation, relying on product innovation, fragmented channel strategies, and expanding consumer demographics [9]. Industry - Power and Electrical Equipment - The power and industrial control sectors are expected to perform steadily in 2025, with a focus on structural opportunities. Domestic grid investment remains robust, particularly with the acceleration of ultra-high voltage project approvals. The grid sector is seen as a post-cycle investment area for new energy, indicating a significant investment gap. The industrial control sector is also in a recovery phase, with demand expected to continue growing [11]. Industry - Chemicals - The petrochemical sector has been in a downturn for approximately three and a half years. However, with a decline in capital expenditure and the exit of outdated overseas capacities, the industry is expected to enter a low-growth phase. Positive supply-side factors and rapid growth in demand from new energy sectors suggest that the industry may be approaching a cyclical turning point, which could improve supply-demand dynamics and overall industry conditions [13].

Core Viewpoint - The energy supply situation in China is stable, with sufficient resources to meet the demands of winter heating and power generation, supported by both traditional and clean energy sources [1][2][3] Traditional Energy Supply - Coal remains a critical component of China's energy security, with daily coal production reaching 75,000 tons and a maximum coal stockpile exceeding 350,000 tons, ensuring supply stability during extreme winter weather [1] - The National Energy Group has implemented an emergency supply mechanism, delivering over 11 million tons of coal and generating over 21 billion kilowatt-hours of electricity since December [2] Clean Energy Projects - Significant clean energy projects are being launched, including the 800 MW offshore wind project in Jiangsu, which is expected to power 1.4 million households and reduce carbon emissions by approximately 2.37 million tons [2] - The successful grid connection of the second unit of the Zhangzhou Nuclear Power Plant marks a milestone in nuclear energy development, contributing to the overall energy supply [3] Power Grid Enhancements - The completion of the ±800 kV UHVDC transmission project in Hubei will enable the transmission of approximately 40 billion kilowatt-hours of clean electricity annually, equivalent to replacing 12 million tons of standard coal and reducing carbon emissions by 30 million tons [3] - The State Grid has 82 key projects aimed at enhancing power supply capacity by over 30 million kilowatts, ensuring reliable electricity supply during peak winter demand [4] Resilience in Power Supply - To improve the resilience of the power supply system, it is essential to enhance the accuracy of renewable energy forecasting, apply digital technologies across various sectors, and optimize the efficiency of UHV transmission channels [5]

Core Insights - The focus of energy investment is shifting from power generation to grid and energy storage, with global annual investments in grid upgrades and energy storage expected to exceed $800 billion (approximately 5.6 trillion RMB) by 2030, representing a significant increase of over 50% from current levels [1] Investment Trends - Global investment in solar photovoltaic power is projected to reach $554 billion in 2024, a 49% increase compared to 2022 [2] - Investment in electric vehicles is expected to be $763 billion, marking a 33% increase [2] - Battery storage investments are anticipated to grow by 73% to $54 billion in 2024, which is 11 times the average level from 2019-2020 [3] Energy Transition Characteristics - The energy transition is characterized by three main trends: 1. Divergence in transition paths influenced by political and economic factors, with the U.S. and EU showing contrasting approaches [6] 2. China emerging as a leader in green low-carbon development, with significant advancements in wind and solar capacity [6] 3. Electrification becoming a common pathway for global energy transition, with electricity demand projected to grow by 32% over the next decade [6] Future Energy Consumption - Global energy consumption growth is expected to slow, with a projected increase of 1.7% during the "15th Five-Year Plan" period, down 1.1 percentage points from the previous period [7] - China's non-fossil energy is predicted to become the dominant energy source, with its share of total power generation expected to reach 50% by 2035 and 91% by 2060 [7][8] Carbon Emissions Outlook - Global carbon emissions from energy combustion are projected to reach 36.1 billion tons by 2030, with a plateau phase expected [11] - China's energy-related carbon emissions are anticipated to stabilize around 1.06 billion tons, with a potential reduction of 10% from peak levels by 2035 [11] Hydrogen Energy Potential - The hydrogen industry is expected to play a significant role in achieving carbon neutrality, with green hydrogen demand projected to reach 1.2 million tons by 2030 [12] - By 2060, the hydrogen sector could contribute to a reduction of 600 million tons of carbon emissions, accounting for approximately 10% of China's carbon neutrality goals [12]

Core Viewpoint - The article discusses the establishment of a "Zero Carbon Park Construction Alliance" aimed at promoting the development of zero carbon parks through collaboration among various stakeholders, including government, industry, academia, and research institutions [2]. Group 1: Alliance Work Focus - The alliance will focus on four core areas: research, service, cooperation, and communication [7]. - A high-end expert think tank will be formed to provide professional guidance and intellectual support for the alliance's initiatives [7]. - A standard system framework will be developed to create guidelines and evaluation systems for zero carbon park construction, addressing existing gaps in industry standards [7]. - A resource integration platform will be established to connect zero carbon technologies, financial capital, professional services, and high-end talent, offering comprehensive services to parks [7]. - Pilot demonstration projects will be initiated in representative parks to create replicable models for zero carbon park construction [7]. - Regular industry exchanges and brand promotion activities will be organized to enhance the influence of the alliance and its member units [7]. Group 2: Recruitment Scope - The recruitment scope includes key stakeholders in the zero carbon transformation value chain, such as government departments, energy companies, consulting and construction firms, major energy-consuming enterprises, certification agencies, and financial institutions [8]. Group 3: Application Process - Interested units are invited to fill out a participation form to join the alliance and submit it to the designated email address [9][11]. Group 4: Contact Information - Contact details for the China Energy News and the China Development Zone Association are provided for further inquiries regarding the alliance [13].