市场午后大幅反弹，沪指涨超1%，创业板指涨超3%。从板块来看，算力硬件概念表现活跃，锂电产业链走强，大金融方向午后发力；下跌方面，福建板块 下挫。 下跌方面，巴西ETF跌超3%，航天相关ETF跌约1%。 ETF涨跌幅方面，通信、人工智能相关ETF涨超5%。 | 代码 | 名称 | 现价 | - 涨跌幅 | | --- | --- | --- | --- | | 515880.SH | 通信ETF | 2.983 | 5.56% | | 159259.SZ | 成长ETF | 1.017 | 5.28% | | 159382.SZ | 创业板人工智能ETF南方 2.069 | | 5.19% | | 159388.SZ | 创业板人工智能ETF国泰 | 1.98 | 5.1% | | 159242.SZ 创业板人工智能ETF大成 | | | 1.63 - 5.09% | | 159363.SZ | 创业板人工智能ETF华宝 0.966 | | 5% | | 159583.SZ | 通信设备ETF | 1.24 | 5% | | 159246.SZ | 创业板人工智能ETF富国 | 1.821 | 4.96% | ...

Group 1 - The core viewpoint indicates that the oil market will transition from a clear surplus to marginal tightening by 2026, while remaining in a loose environment overall [1] - On the supply side, OPEC+ is shifting to a moderate production increase model, and the growth of U.S. shale oil marginal production is weak [1] - On the demand side, global oil demand is entering a peak plateau period, with slow but resilient growth expected at approximately 800,000 to 1,000,000 barrels per day [1] Group 2 - It is anticipated that the average oil price will fluctuate within the range of $55 to $65 per barrel in 2026 [1] - The downstream refining industry is experiencing accelerated optimization of its supply structure, with the government promoting the "anti-involution" initiative in the petrochemical sector since 2025, leading to the elimination of outdated capacity [1] - Domestic demand for refined oil is expected to peak, while chemical oil demand remains in a long-term growth channel, with a slow recovery in demand for petrochemical products becoming the main theme [1] Group 3 - The oil ETF (561360) tracks the oil and gas industry index (H30198), which selects listed companies involved in the entire oil and gas industry chain, including exploration, development, transportation, and refining [1] - This index exhibits significant cyclical characteristics, with its performance closely related to fluctuations in international oil prices [1]

其三，英国北海油气资产遭遇严重价值折损。因两年半内五次调整财税体系且监管政策不明，该地区油 气资产隐含长期油价(ILTOP)仅约40美元/桶，较经合组织(OECD)70美元/桶的平均水平折价40%，投资 者信心崩塌，资本投入停滞。 中化新网讯 近日，伍德麦肯兹发布最新《地平线》报告称，2025年，五大趋势重塑了全球能源资源领 域，其背后是地缘格局变动、产业战略重构与技术迭代加速的共同驱动。 其一，美国LNG实现颠覆性逆转。短短10年间，美国从LNG进口国蜕变为全球最大出口国，预计2030 年其LNG产量将占全球30%;同时美国还领跑全球油气生产，产量占全球五分之一，远超沙特和俄罗 斯。 其二，稀土成全球贸易核心焦点。稀土广泛应用于可再生能源、高端武器、半导体等关键领域，仅磁体 用途就占其总需求近半。 其四，欧洲石化产业出现大规模产能清退。为减排推进的去工业化，导致欧洲乙烯产能持续关停，2022 年至2027年相关产能退出每年造成40亿美元的总附加值损失。 其五，AI成为电力需求增长的核心引擎。数据中心半数运营成本来自电力，电价成为AI竞争关键变 量。美国电力市场受AI驱动，2030年前电力需求复合增长率将达2 ...

项目累计投入数千万美元，实施了数百个覆盖教育、医疗、水电等领域的社会责任项目，切实改善了民 众生活。缅甸《标准时间日报》主编吴伦敏乌对此表达了感谢，并希望双方能继续以胞波友谊为基础开 展活动。"E-Light"品牌的推出，正是建立在这样坚实的民意基础上，它尝试将过去15年积累的信任与友 谊，升华为更具广度和深度的文化认同，实现从"硬件"联通到"软件"相融的跨越。 02 光影为媒：用"烟火气"讲述中国故事 "E-Light"品牌的核心在于精准传播和人文关怀。中油国际管道公司总经理提到，要用"烟火气"拉近距离 感，以更开放的姿态做缅甸人民信赖的伙伴。本次在缅甸启动的系列活动，正是这一理念的生动实践。 其中，"一江情·两岸影"电影放映周活动尤为引人注目。 在马德岛，村民昂交素动情地说，中国石油不仅为他们修路通电建水库，如今精彩的电影又带来了欢 乐。《美丽中国》、《独行月球》等缅语版中国电影，为当地近三百名观众打开了一扇了解现代中国的 窗户，让他们在光影世界中感受可信、可爱、可敬的中国形象。这种贴近民众日常生活的文化交流方 式，充满了温暖的"烟火气"。 2025年的岁末，正值中缅建交75周年之际，两国源远流长的"胞波 ...

Core Viewpoint - The energy sector has demonstrated strong resilience and effectiveness in ensuring energy supply during the "14th Five-Year Plan" period, with non-fossil energy consumption exceeding the 20% target, supporting stable economic growth [2] Performance Highlights - Electricity consumption is expected to exceed 10 trillion kilowatt-hours for the first time, with July and August seeing continuous monthly consumption surpassing 1 trillion kilowatt-hours, marking a global first [3] - Oil and gas production reached historical highs, with crude oil production at approximately 215 million tons and natural gas production exceeding 260 billion cubic meters, maintaining an annual increase of over 10 billion cubic meters for nine consecutive years [3] - The national electricity supply remains secure and stable, with significant improvements in oil and gas exploration and development, and an increase in energy resource complementarity [3] - The energy self-sufficiency rate increased from around 80% to over 84%, establishing the world's largest renewable energy system [3] Green Transition - The pace of green and low-carbon transformation in the energy sector is accelerating, with significant developments in renewable energy, including the completion of the first batch of wind and solar power bases and the construction of approximately 50 million kilowatts in the second and third batches [3] - By 2030, the proportion of non-fossil energy consumption is expected to reach 25%, with renewable energy generation capacity exceeding 50% [5] Infrastructure Development - Major hydropower and nuclear power projects are advancing, with national hydropower installed capacity exceeding 440 million kilowatts and 10 new nuclear power units approved for construction [4] - The construction of a unified national electricity market has made significant progress, with 28 provinces engaging in electricity spot trading, and market-based electricity transactions expected to reach 6.6 trillion kilowatt-hours, a year-on-year increase of 6.8% [4] Innovation and Future Outlook - The integration of energy and artificial intelligence is rapidly developing, with new energy storage installations surpassing 100 million kilowatts, accounting for over 40% of the global total [7] - The government is promoting the development of hydrogen energy and green fuels, with plans to establish a hydrogen energy industry development implementation plan and support various projects in the energy sector [7]

Core Insights - The energy supply security in China has shown remarkable resilience, achieving the best performance since the 14th Five-Year Plan, with non-fossil energy consumption exceeding the 20% target [1][2] Group 1: Energy Production and Consumption - Total electricity consumption in China is expected to exceed 10 trillion kilowatt-hours for the first time, with July and August seeing consumption surpassing 1 trillion kilowatt-hours, marking a global first [1] - Oil and gas production reached historical highs, with crude oil production at approximately 215 million tons and natural gas production exceeding 260 billion cubic meters, marking a continuous increase of over 10 billion cubic meters for nine consecutive years [1] - The self-sufficiency rate of energy has increased from around 80% to over 84% during the 14th Five-Year Plan, with coal and electricity supply levels being world-class [2] Group 2: Renewable Energy Development - The first batch of wind and solar power bases has been completed, with the second and third batches adding approximately 50 million kilowatts of capacity [2] - By 2030, the proportion of renewable energy generation capacity is expected to exceed 50%, with non-fossil energy consumption reaching 25% [3] - The total installed capacity of hydropower has surpassed 440 million kilowatts, with pumped storage capacity exceeding 64 million kilowatts [2] Group 3: Market and Infrastructure - The construction of a unified national electricity market has made significant progress, with 28 provinces engaging in electricity spot trading, and the southern region becoming the largest unified clearing electricity market globally [2] - The expected market-based electricity trading volume for the year is 6.6 trillion kilowatt-hours, a year-on-year increase of 6.8%, accounting for 64% of total electricity consumption [2] Group 4: Innovation and Future Outlook - The integration of artificial intelligence with the energy sector is advancing, with over 10 million kilowatts of new energy storage capacity installed, representing over 40% of the global total [6] - The production capacity of renewable hydrogen has exceeded 220,000 tons, accounting for more than half of the global total, while green ammonia and methanol production capacity is approximately 1 million tons [6] - Future tasks include developing hydrogen energy industry plans and supporting the research and development of advanced nuclear technologies [6]

Core Viewpoint - The article emphasizes China's commitment to building a strong energy nation, highlighting significant advancements in energy self-sufficiency, renewable energy development, and technological innovation as key drivers for achieving this goal by 2035 [4][38]. Group 1: Energy Supply Resilience - China's energy self-sufficiency rate has increased to over 84%, with domestic oil and gas production reaching historical highs, including an estimated crude oil output of approximately 215 million tons and natural gas production exceeding 260 billion cubic meters by 2025 [5][9][12]. - The country is actively reducing its dependence on foreign oil and gas, focusing on enhancing domestic exploration and production capabilities [8][10]. Group 2: Transition Speed - The annual installed capacity of wind and solar energy has entered the "hundred-gigawatt" scale, with significant growth in renewable energy contributing to nearly one-quarter of total electricity consumption in the first half of the year [13][15]. - The development of a diverse and clean energy supply system is underway, with a notable increase in renewable energy consumption and a corresponding decrease in coal consumption [12][18]. Group 3: Innovation Height - China has achieved multiple "world's largest" and "first" projects in the energy sector, including the largest nuclear power base and significant advancements in energy storage and renewable hydrogen production [19][22]. - The country is focusing on technological innovation as a core driver for energy development, with a strong emphasis on self-reliance in key energy technologies [20][21]. Group 4: Integration Depth - The establishment of a unified national electricity market is a significant step in energy governance reform, facilitating cross-regional electricity trading and optimizing resource allocation [25][27]. - The ongoing reforms aim to break down regional barriers and enhance market efficiency, with market transactions expected to reach 6.6 trillion kilowatt-hours, representing a 6.8% increase year-on-year [28][29].

12月17日，美11月非农就业人数增长6.4万小幅高于预期，失业率意外升至4.6%。美股三大指数收盘涨跌不一，道指跌 0.63%，纳指涨0.23%，标普500指数跌0.24%，特斯拉涨超3%创收盘新高，Meta涨超1%。 加密货币概念、计算机硬件板块涨幅居前，Hut 8涨近4%，Strategy、SanDisk涨超3%，昆腾涨近3%，戴尔科技涨超2%，西 部数据、惠普涨超1%。油气、能源板块跌幅居前，英国石油跌超4%，壳牌、埃克森美孚、雪佛龙跌超2%。 纳斯达克中国金龙指数收跌0.34%，热门中概股中，网易、百胜中国、拼多多收跌超1%，蔚来涨0.6%，小鹏涨1.1%，文远 知行涨2.8%，小马智行涨7.8%。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

新闻聚焦 ◐市场监管总局公布居民水电气表计量管理典型做法。 12月16日，市场监管总局办公厅发布通知，公布了居民水电气表计量管 理的1 0个典型做法。这些做法旨在通过技术赋能、能力建设、社会共治、依法治理和数字化治理等方面的创新实践，解决居民水 电气计量和收费问题，提升计量监管水平，增强人民群众的获得感、幸福感、安全感。 ◐ 新纪录！20 25年全国全社会用电量预计首超1 0万亿千瓦时。 据 新 华社 12月 15 日 报道 ，从 20 26 年 全国 能源工作 会议获 悉 ， 2 0 25年全国全社会用电量预计首超10万亿千瓦时。这是我国2 01 5年全年全社会用电量的约两倍，且高于欧盟、俄罗斯、印度、 日本去年全社会用电量的总和。这一量级在全球范围内尚属首次。这标志着我国用电规模稳居世界首位，更成为中国经济与能源 发展进程中的重要里程碑。 【更多详情】 ◐ 《全国工业领域电力需求侧管理典型案例（2 025年）》公布。 1 2月1 6日，工信部公布《全国工业领域电力需求侧管理典型案 例（2025年）》。其中，有34家企业和30项产品（技术）列入典型案例名单。 【更多详情】 国内新闻 ◐ 我国首个量产生物甲醇 ...

能源是现代化的重要基础和动力。记者从国家能源局获悉：今年能源保供成效是"十四五"以来最好的一 年，非化石能源消费比重将超额完成20%的目标任务，能源行业在防范应对各种冲击挑战中展现出强大 韧性，有力支撑经济总体平稳、稳中有进。 看成绩—— 油、气产量双创历史新高，新能源实现更高质量跃升式发展 能源安全保障方面，今年有几组数据值得关注—— 全社会用电量预计首超10万亿千瓦时。7月、8月我国全社会用电量连续超过1万亿千瓦时，在全球尚属 首次，我国有力有效应对迎峰度夏电力负荷20次超去年峰值考验； 油、气产量双创历史新高，原油产量约2.15亿吨，天然气产量突破2600亿立方米、连续9年增产超百亿 立方米，油气增储上产"七年行动计划"胜利收官； 西电东送能力达到3.4亿千瓦，长输油气管道里程达到20万公里，煤炭主要产区外运量超19亿吨。 总的来看，全国电力供应保持安全稳定，油气勘探开发力度大幅提升，能源资源互补互济水平持续提 升，能源安全保障有力有效。"十四五"时期，我国能源自给率从80%左右增至84%以上，煤炭、电力保 供水平世界一流，建成全球最大的可再生能源体系，能源体量规模稳居世界第一。 能源绿色低碳转型步伐也 ...