出品 | 妙投APP 作者 | 段明珠 编辑 | 关雪菁 头图 | AI生图 在当下的巴西，总统像是"二进制"的，不是走进总统府，就是走进监狱。 这，或许才是巴西资本市场最深层次的波动源。 但为何跟踪巴西IBOVESPA指数的ETF产品会在募集期间被资金火速抢空，申购资金达到目标的 7 倍？平均每户投入二三十万元，典型的"成熟资金"配 置规模，难道成熟投资者不知道其中的风险吗？ 看巴西ETF的走势，上市首日涨停开盘后一路下跌，并在一段缓慢修复后又暴跌"回到解放前"。对于巴西ETF，投资者在抢什么？又在担心什么？巴西 ETF本质上是商品期货替代吗？未来是否会出现"股债汇三杀，从而导致ETF暴跌"的风险？ 但为何之前境外ETF产品如沙特ETF、日经ETF等能如此吸金？最终，对普通投资者来说，在存款利率不断下行，大A震荡调整时，境外ETF产品是否 值得配置？ 投资者在抢什么？ 不久前，证监会主席吴清访问巴西里约热内卢，并与巴西证监会代理主席卢博交流；前后脚，两只巴西ETF上市且以涨停价开盘。 可惜的是，上市即巅峰。两只巴西ETF当日分时图典型"高开-回落-平收"，超高换手率说明短线打新资金多选择了"落袋为安"，而当 ...

作为南方电网首批机械化施工示范工程，220千伏南宁卓越（学城）变电站于2025年开工建设，实 现当年开工、当年投运。该变电站位于南宁东部新城伶俐工业园核心区，变电容量达18万千伏安，为周 边新能源产业扩能升级、重大项目落地提供了坚实的能源保障。值得一提的是，该变电站采用全装配式 钢结构，钢材回收率超过90%，建筑废弃物减少约70%，从源头上减少了资源消耗与环境污染。整个建 造过程扬尘、噪音、污水排放大幅降低，满足绿色低碳建设的需求。 "十四五"期间，广西电网公司积极服务和融入区域协调发展，支撑新时代西部大开发、西部陆海新 通道建设等重大战略落地，累计完成电网投资828亿元，进一步完善500千伏"四横两纵"主网架，500千 伏变电站覆盖全区所有设区市、220千伏变电站覆盖全区所有县域，一张坚强可靠、绿色高效的现代化 大电网覆盖八桂大地，为广西高质量发展注入强劲动能。（陆权香 陆冬琦） 2025年12月31日，220千伏南宁卓越（学城）变电站、桂林荔浦变电站顺利投运，有效增强了区域 电力保障能力，满足"十五五"期间电力需求，为南宁、桂林等地高质量发展注入新动能。 ...

Infrastructure Development - The Baoyin High-speed Railway's Baohui section was officially opened on December 23, 2025, completing the full operation of the Baoyin High-speed Railway and enhancing the high-speed rail network in the northwest region of China [3] - The Xi'an to Yan'an High-speed Railway commenced operations on December 26, 2025, with a total length of 299 kilometers and a design speed of 350 kilometers per hour, marking it as the highest-speed railway crossing the Loess Plateau [6] - The Guizhou Huajiang Gorge Bridge was completed and opened to traffic on September 28, 2025, with a total length of 2890 meters and a main span of 1420 meters, becoming the world's highest bridge at a vertical height of 625 meters above water [9] Energy Infrastructure - The Xiong'an 500 kV ultra-high voltage substation, a key hub for the new energy transmission channel, was officially put into operation on December 7, 2025, facilitating the introduction of clean energy from Inner Mongolia and Hebei into the Xiong'an New Area [14] - Xinjiang plays a crucial role in China's west-to-east electricity transmission, with multiple "Xinjiang electricity export" channels continuously delivering power to central and eastern regions, promoting economic growth and regional coordination [11] Renewable Energy Development - Gansu Province's Jiuquan City has developed a complete wind power industry chain, achieving a comprehensive capacity of 20 million kilowatts of wind power equipment annually, leveraging its rich wind energy resources [17] - Shandong Province has actively built marine ranches, establishing 139 provincial-level and above marine ranches by November 2025, including 71 national-level ones, accounting for 38% of the national total, thus forming a complete industry chain from breeding to deep processing [19]

据了解，"十四五"期间，广西电网公司累计完成电网投资828亿元，为广西高质量发展提供坚实支撑。 作为南方电网首批机械化施工示范工程，220千伏南宁卓越（学城）变电站自开工至投运仅用时一年， 实现了"当年开工、当年投产"。该站坐落于南宁东部新城伶俐工业园核心区，变电容量达18万千伏安， 将为周边新能源产业扩能升级和重大项目落地提供可靠的能源支撑。该站采用全装配式钢结构建造，钢 材回收率超过90%，建筑废弃物减少约70%，从源头降低了资源消耗与环境污染。整个施工过程中扬 尘、噪声和污水排放也大幅减少，符合绿色低碳建设的要求。 220千伏桂林荔浦变电站的投运，进一步完善桂林区域电网结构。南方电网广西电力调度控制中心运行 方式科高级经理孙艳介绍，该工程是迎峰度冬重点电网项目，可提升供电能力18万千瓦，有力保障冬季 电力可靠供应。 本报讯（记者陈蕾 通讯员陆冬琦 骆雨萱）昨日，220千伏南宁卓越（学城）变电站、桂林荔浦变电站顺 利建成投运，不仅可满足"十五五"期间电力增长需求，也为南宁东部、桂林北部等县市的高质量发展注 入了新动能。 ...

Core Viewpoint - The article highlights a general decline in various industrial sectors, including power generation, steel production, real estate sales, and consumer goods, indicating a weakening economic environment as of December 2023. Group 1: Power Generation and Industrial Activity - Power generation from coal-fired plants has decreased by 8.5% year-on-year as of December 25, compared to a decline of 7.2% in November, reflecting weak demand during the off-peak season and the impact of a warm winter [1][7] - Industrial operating rates are also showing seasonal weakness, with most sectors, except for downstream automotive tire production, reporting lower year-on-year operating rates [1][7] Group 2: Steel Production - Key steel mills reported a daily average crude steel output decrease of 2.0% month-on-month and 5.1% year-on-year as of the third week of December [9] - By the fourth week of December, rebar production fell by 10.7% month-on-month and 16.4% year-on-year, while hot-rolled coil production decreased by 4.6% month-on-month and 3.9% year-on-year [9] Group 3: Construction and Infrastructure - There has been a marginal improvement in the funding availability rate for construction sites, with a 0.15 percentage point increase as of December 23 [11] - The operating rate for petroleum asphalt has turned positive month-on-month, increasing by 0.83 percentage points, indicating a potential recovery in the construction sector [11] Group 4: Consumer Behavior and Retail Sales - Real estate sales continue to show weakness, with a year-on-year decline of 31.3% in average daily transaction area for commercial housing in 30 major cities from December 1 to 30 [15] - Retail sales of passenger cars have also decreased significantly, with a year-on-year drop of 17% from December 1 to 28, while wholesale sales fell by 19% [16] Group 5: Home Appliances and Consumer Goods - Sales of home appliances remain in negative growth territory, with online sales of air conditioners, refrigerators, and washing machines declining by 48% to 29% year-on-year [17][18] - The production of home appliances is expected to turn positive in January 2024, although there may be disruptions due to the Spring Festival [17][20] Group 6: Port Activity and Trade - Port container throughput remains resilient, with a year-on-year increase of 7.2% from December 1 to 28, although the growth rate has slowed compared to November [20] - The number of container ships sent to the U.S. has seen a reduced year-on-year decline, indicating some stabilization in trade activities [20]

从产业沃土到资本热土，再到上市高地，苏州印证了科技创新与产业创新深度融合的乘数效应。当 优质企业、硬核科技与耐心资本同频共振，"苏州制造"向"苏州智造"的跃迁水到渠成。这不仅是"苏州 速度"的延续，更是"中国制造"在全球竞争中赢得创新话语权的生动注解。 "苏州速度"背后，是产业厚度。苏州是全国乃至全球工业体系最完备的城市之一。2025年前10月， 全市规模以上高新技术产业产值2.24万亿元，占规模以上工业总产值比重达56%，前沿新材料、人形机 器人等八大未来产业加速布局。目前，苏州拥有国家级科技企业孵化器76家、科创板上市公司58家、高 新技术企业1.74万家，分别为全国第一、第三和第四。源源不断的"硬科技"企业，为资本市场提供充 足"后备军"。 资本也在用"钱包"投票。2023年1月至2025年11月，苏州新增备案基金770只，募资规模近2800亿 元，月均近80亿元创投资金流入科技赛道，九成以上新增上市公司曾获股权投资。政府部门建立系统 化、常态化服务机制，全流程辅导拟上市企业，形成"储备一批、培育一批、辅导一批、申报一批、挂 牌一批"的滚动格局。 A股"苏州军团"还将扩容。市委金融办透露，目前全市有70 ...

Core Viewpoint - The Senegalese Energy Regulatory Commission (CRSE) has officially approved a new electricity pricing scheme aimed at reducing electricity costs for small users by 10% starting next year [1] Group 1: Pricing Structure - The new pricing structure introduces a targeted 10% reduction for the first tier of electricity consumption, benefiting low-power residential and professional users [1] - The reduction applies to both postpaid and Woyofal prepaid users, ensuring equitable treatment for all small users [1] Group 2: Beneficiaries and Impact - By 2026, over 2.6 million users nationwide are expected to benefit from this price reduction [1] - For low-power residential users, the price for the first tier (0 to 150 kWh) is set at 82 West African francs per kWh, while for low-power professional users, the price for the first 50 kWh is reduced to 147.43 West African francs per kWh [1] Group 3: Economic Implications - This social measure is projected to result in a revenue decrease of approximately 18.279 billion West African francs for the Senegalese National Electricity Company [1] - However, the CRSE's analysis indicates that this revenue reduction will not jeopardize the industry's viability, as the projected total revenue for 2026 remains within the allowable maximum revenue standards [1] - The proposal from the Senegalese National Electricity Company is deemed reasonable, maintaining unchanged rates for high-consumption and other customer categories [1]

新能源方面，2025年内蒙古新增新能源装机3500万千瓦，新能源总装机达到1.7亿千瓦以上，其中，风 电装机在全国率先突破1亿千瓦。新能源发电量2700亿度，发电量连续10余年位居全国第一，外送绿电 900亿度、同比增长40%以上。同时，氢能、储能产业发展取得显著成效。氢能方面，推动完善氢能"制 储输用"全产业链体系，优化调整绿氢项目上网电量比例至40%并延长政策享受期，全年绿氢产量突破1 万吨，领跑全国。储能方面，细化落地独立新型储能放电量补偿政策，创新实施"放电量补偿"机制，截 至目前，全区累计建成投运新型储能规模超过1700万千瓦，同比增长144%。 转自：草原云 记者从2025年12月31日内蒙古自治区能源局组织召开的全区能源工作会议暨行业安全生产会议上获悉： 2025年，内蒙古能源系统坚持以能源安全新战略为指引，全力推进国家重要能源和战略资源基地建设， 全区能源工业增加值同比增长5%以上，能源重大项目完成投资超3000亿元，能源工业投资约占全区固 定资产投资的35%，为全区经济高质量发展提供了有力支撑。 煤炭方面，2025年，内蒙古加快释放优质产能，3处矿区总规获国家批复，新增煤炭产能储备项目13 ...

西方电力捉襟见肘 现在人工智能发展得飞快，可这也带来大麻烦，尤其是电力供应跟不上。英伟达的黄仁勋今年在乔罗根 的节目里直言，AI扩展太猛，电力成了新瓶颈。要是不解决，芯片再厉害也白搭。他还预测，AI计算 需求2025年已经暴涨，以前以为芯片是核心，现在电力更关键。 要知道，英伟达自家处理器集群到2027年一年可能吃掉150到200吉瓦电，这相当于一个国家全年用电 量。黄仁勋还警告，美国数据中心建得慢，电力容量不够，可能让中国在AI赛道上超车。他甚至说， 未来科技公司得自己搞小型核反应堆来发电，不然AI就卡壳了。这话不是随便说说，英伟达员工邮件 里也提了整合低延迟处理器，但电力问题始终绕不开。 发展中国家更惨，像乍得、马拉维，农村地区电力覆盖率低，基础设施跟不上。 中国电网游刃有余 中国这边，电力供应倒是不慌，底气来自于多年积累的基础设施和新能源布局。早些年，我们也尝过缺 电的苦，90年代广东工厂开三停四，拉闸限电是家常便饭。但从2000年启动西电东送工程开始，情况就 变了。这项目把西部能源富集区电力输到东部需求大户，通过特高压技术实现高效传输。特高压就是电 压超高的传输方式，交流1000千伏，直流±800千伏 ...

Core Viewpoint - Shanghai Changxing Island Second Thermal Power Co., Ltd. has been established with a registered capital of 1 billion RMB, fully owned by Shanghai Electric Power Co., Ltd. [1] Company Summary - The legal representative of the company is Xu Jun [1] - The registered capital is 1 billion RMB [1] - The sole shareholder is Shanghai Electric Power Co., Ltd., holding 100% of the shares [1] - The company operates in the electricity, heat, gas, and water production and supply industry [1] Business Scope - The business scope includes heat production and supply, energy management contracts, and various technical services such as development, consulting, and transfer [1] - The company is authorized to engage in power generation, transmission, and supply activities, as well as installation, maintenance, and testing of related electrical facilities [1] - The operational activities are subject to approval by relevant authorities where required [1] Company Details - The company is classified as a limited liability company (wholly foreign-owned enterprise) [1] - The business address is located at No. 1, Lane 1333, Jiangnan Avenue, Changxing Town, Chongming District, Shanghai [1] - The business term is set until December 31, 2025, with no fixed expiration thereafter [1] - The registration authority is the Chongming District Market Supervision Administration [1]