Core Viewpoint - The article discusses the implementation of the "Gansu Province Power Auxiliary Service Market Operation Rules" aimed at ensuring the safe and efficient operation of the power system in Gansu, promoting coordinated development of sources, networks, loads, and storage [2][20]. Group 1: Definition and Scope - Power auxiliary services are defined as services provided by adjustable resources to maintain the safe and stable operation of the power system, ensuring power quality, including peak regulation, frequency regulation, backup, ramping, and black start [4][22]. - The rules apply to various auxiliary service transactions, organization, assessment, compensation, settlement, and supervision management within the Gansu power auxiliary service market [6][22]. Group 2: Market Participants - Market participants include power generation companies, electricity sales companies, power users, and new types of operators such as energy storage companies, virtual power plants, smart microgrids, and vehicle-grid interaction operators [7][25]. - Participants must meet market requirements and possess observable, measurable, adjustable, and controllable capabilities [7][27]. Group 3: New Energy Storage Classification - New energy storage is classified into grid-side storage, power-side storage, and user-side storage based on their connection to the grid [9][33]. - Grid-side storage must have a charging power of at least 10,000 kW and sustain charging for over 2 hours, while user-side storage is managed by the electricity user and is not allowed to send power back to the grid [10][12]. Group 4: Frequency Regulation Market Trading - The frequency regulation market trading adopts a day-ahead bidding and intra-day clearing model, with a maximum bid price set at 15 yuan per megawatt [15][28]. - The AGC performance index K is used to measure the comprehensive performance of control units responding to AGC control commands, with a maximum coefficient limit of 2.0 [16][36]. Group 5: Measurement and Settlement - The settlement of auxiliary service compensation follows a "daily clearing and monthly settlement" principle, ensuring that all costs are balanced across the province [38][41]. - Costs incurred during the debugging period for generating units and grid-side storage should not exceed 10% of the monthly debugging period electricity revenue [42][43].

记者12月29日从国网天津电力获悉，新年即将到来之际，津城迎来一份特殊的"新年礼物"——来自甘肃 的24.8亿千瓦时绿电通过刚刚签约的4年期交易协议，为2026年的天津能源市场注入第一缕绿色动能。 据测算，这批绿电将在未来4年内帮助天津减少二氧化碳排放超百万吨。 有产品出口需求的渤化集团是该笔绿电购电的大客户之一。天津渤化碳资产管理有限公司副总经理程晖 表示，如今，绿电已成为外向型企业提升国际竞争力的必备选项。作为绿色石化产业链"链主"企业，渤 化集团需为天津保税区及经开区的国家级零碳园区建设发挥作用，绿电采购成为企业应对碳市场约束和 客户碳足迹要求的刚性需求。他介绍，今年，该集团全年交易电量达44.5亿千瓦时，目前通过中长期交 易采购绿电24.34亿千瓦时，甘肃地区绿电采购量达21.3亿千瓦时。 预计2026年，天津绿电交易规模将突破200亿千瓦时，为更多企业低碳转型注入新动力。随着更多跨省 绿电交易陆续落地，天津正通过市场化机制创新与电网基础设施升级的双轮驱动，为区域"双碳"目标实 现提供有力支撑。 为确保西北清洁能源顺利抵达渤海之滨，电网基础设施建设正全速推进。大同—天津南特高压工程作为 绿电输送的"主 ...

Core Viewpoint - The establishment of a carbon footprint management system is essential for promoting green transformation and enhancing international competitiveness in response to global carbon pricing policies [1] Group 1: Carbon Footprint Management System - The Chinese government aims to establish a carbon footprint management system by 2027 and further improve it by 2030, addressing the need for a unified accounting standard and certification system [1] - The current challenges include a lack of standardized accounting methods, insufficient local databases, and low levels of international recognition [1] Group 2: Standard System Construction - A layered and collaborative standard system is necessary to address the fragmentation of current industry standards and improve international alignment [2] - Focus on key industries such as steel, cement, and aluminum to develop specific standards that reflect the unique characteristics of different sectors [2] Group 3: Emission Factor Database - The creation of a diverse emission factor database is crucial for ensuring the credibility of carbon accounting [3] - A national-level database is set to launch in 2025, supplemented by local and industry-specific databases to support accurate carbon footprint calculations [3] Group 4: Certification and Application Mechanism - A unified carbon footprint certification system is being developed to enhance transparency and drive low-carbon transformation across supply chains [4] - The certification process will prioritize products with high export potential and government procurement [4] Group 5: Value Creation from Carbon Footprint - Encouraging companies to integrate carbon footprint data into their procurement processes can enhance collaboration across the supply chain [5] - Financial institutions are being supported to create differentiated pricing products based on carbon footprints, promoting low-carbon financing options [5] Group 6: International Cooperation - Active participation in international carbon governance is essential, especially in light of the EU's Carbon Border Adjustment Mechanism (CBAM) [6] - Establishing mutual recognition frameworks for carbon footprint data with major trading partners can reduce compliance costs for companies [6]

记者从国网宁夏电力有限公司获悉，国网首套"超高比例新能源电网宽频振荡预测、监视及抑制装置"近 日在宁夏吴忠市落地投运。这意味着吴忠地区将保障"塞上绿电"稳定送出，也为未来更高比例新能源接 入扫清一大技术障碍。 当前，新能源大规模并网与电力电子设备广泛应用，让电网高频振荡、谐波干扰等电能质量问题愈发突 出，传统监测手段就像老式"望远镜"，难以实现宽频段的精准捕捉与快速抑制。而新投运的装置通过超 高精度传感器与智能算法，可实时监测0.1赫兹至2000赫兹全频段振荡信号，就像给电网装上了"超清显 微镜"。 "我们通过'三道防线'破解宽频振荡难题。"在国网吴忠供电公司盛家墩110千伏变电站工作现场，相关 负责人指着满屏闪烁的运行数据大屏介绍道，"先是开展系统风险评估，明确安全运行边界，据此监控 调整电网运行方式。等振荡发生后，装置会主动启动，以提高系统阻尼。若振荡发散失稳或持续大幅振 荡，则立即采取紧急保护措施，防止新能源机组脱网与设备损坏。" 此次装置并网应用是国网吴忠供电公司响应国家"双碳"目标下电网转型的重要实践，既填补了国内新能 源宽频振荡实时监测抑制领域的空白，也为行业提供了可复用的技术范式。工作人员调出一 ...

Core Viewpoint - The successful commissioning of the Ankang 750 kV power transmission and transformation project is a significant boost for high-quality development in southern Shaanxi and regional coordinated development in Shaanxi province [1] Group 1: Project Overview - The Ankang 750 kV power transmission and transformation project is a key infrastructure for optimizing the energy layout in Shaanxi and enhancing regional interconnectivity [1] - The project spans approximately 406 kilometers, connecting load centers along the route with areas rich in clean energy [1] Group 2: Safety and Management - State Grid Shaanxi Electric Power has established a proactive safety management system, focusing on site operations, critical processes, and strengthening emergency response systems [1] - The project overcame challenges such as complex construction conditions and variable weather, ensuring smooth construction through effective safety management [1] Group 3: Technological and Environmental Innovations - The project utilized cableway transportation to replace traditional road construction methods, integrating "smart construction" and "green building" concepts throughout the process [1] Group 4: Impact and Benefits - The project will enhance the power supply capacity in the Ankang region by 3 million kilowatts and increase the capacity for renewable energy consumption by 30% [1] - It will provide reliable power supply for the Xikang high-speed railway and support economic and social development in the surrounding areas, contributing to the stable and reliable clean energy support for high-quality development in Shaanxi [1]

Group 1: South Korea - The Seoul Composite Index achieved a remarkable annual performance, rising nearly 76% in 2025, marking the largest increase since 1999 [3][4] - Key drivers of this growth included semiconductor stocks, particularly Samsung Electronics and SK Hynix, which saw increases of 125% and 270% respectively [3][7] - The AI infrastructure investment significantly contributed to the market's strength, with companies like Hyosung Heavy Industries and Doosan Enerbility rising over 320% due to increased demand for data center power [6][7] - Analysts from major firms like Citigroup and Morgan Stanley predict further growth in the Korean stock market, estimating at least a 20% increase in the coming year supported by strong earnings growth [8] Group 2: Japan - The Tokyo Stock Exchange Index closed at a record high of 3408.97 points, surpassing the peak from the 1989 bubble, with a 22% annual increase [9][11] - The upward trend is attributed to valuation corrections and expanding buying interest across various sectors, including financials and real estate [9][11] - Small and mid-cap stocks outperformed large-cap stocks for the first time since 2022, indicating a broadening market appeal [11] Group 3: Indonesia - The Jakarta Composite Index rose approximately 22% in 2025, marking its best performance since 2014, driven primarily by increased participation from domestic retail investors [12] - Despite a net outflow of $1 billion from foreign investors, local retail investors significantly increased their market presence, with their numbers growing fivefold to over 20 million [12] - Analysts expect continued support for the Indonesian stock market due to factors like accelerated loan growth and low fixed-income returns, projecting the index could reach 11,000 points, a 27% increase from current levels [12]

Group 1 - The National Development and Reform Commission (NDRC) and the Ministry of Finance have issued a notice regarding a 625 billion yuan special government bond plan to support the consumption of old goods in 2026 [2] - The new policy on individual sales of housing capital gains tax states that individuals selling homes purchased within two years will pay a 3% tax, while those selling homes purchased for over two years will be exempt from the tax starting January 1, 2026 [2] - The Ministry of Industry and Information Technology (MIIT) has released a digital transformation implementation plan for the automotive industry, aiming for significant integration of digital technologies by 2027 and achieving a high level of overall digital development by 2030 [3] Group 2 - Changjiang Electric Power announced a cash dividend distribution plan, proposing a payout of 2.1 yuan per 10 shares, totaling approximately 5.138 billion yuan [4] - Dongjie Intelligent has decided to terminate its major asset restructuring plan involving the acquisition of a controlling stake in Aobo (Beijing) Intelligent Technology, with no adverse impact on its business operations [4] - Mingde Biological has signed an agreement to acquire 100% of Wuhan Bikaier Rescue Supplies Co., which will enhance its emergency medical service capabilities [4] Group 3 - Salt Lake Co. plans to acquire a 51% stake in Wukuang Salt Lake Co. for 4.605 billion yuan, which will make Wukuang a subsidiary and included in the consolidated financial statements [9] - Guotou Zhonglu intends to purchase 100% of China Electronic Engineering Design Institute for 6.026 billion yuan through a share issuance, expanding its business into the electronic information industry [9] - The report from CITIC Securities indicates a positive outlook for domestic semiconductor silicon wafer companies due to increasing demand driven by capital expenditure and technological advancements [10]

Core Viewpoint - The global macroeconomic landscape is undergoing rapid restructuring, driven by technological revolutions, competition for scarce resources, and changes in the world currency system. The report outlines ten major investment opportunities for 2026 that align with these macro trends [3][42]. Group 1: Major Investment Opportunities - Opportunity 1: Gold will continue to be accumulated, maintaining a strong position for precious metals [4][6]. - Opportunity 2: Silver is undergoing a value reassessment, with strategic metal resources emerging [11][50]. - Opportunity 3: Electricity and energy will lead the way, solidifying the foundation for industrial construction [15][53]. - Opportunity 4: New technologies and manufacturing will accelerate the integration of commercial applications [17][57]. - Opportunity 5: The construction of a unified market will accelerate the release of consumer demand [19][59]. - Opportunity 6: Enterprises will continue to expand overseas and international trade will remain robust [21][62]. - Opportunity 7: The capital market's "new four bulls" will optimize resource allocation [25]. - Opportunity 8: The role of Hong Kong as an international financial center will be further strengthened [27]. - Opportunity 9: The internationalization of the Renminbi and the benefits of Asia-Pacific economic integration will be realized [30]. - Opportunity 10: The shift to a loose monetary policy in the U.S. will favor capital inflows into emerging markets [33]. Group 2: Economic Trends and Implications - The technological revolution is reshaping production and consumption paradigms across various industries [5][45]. - The competition among debt economies for scarce resources is altering global demand and reserves for raw materials [5][45]. - The structure of world currencies is experiencing significant changes in valuation, payment, reserve, financing, and reinvestment [5][45].

Macro Highlights - The implementation regulations for the Value-Added Tax Law of the People's Republic of China will take effect on January 1, 2026, aiming to improve tax incentives and clarify the standards for various VAT exemption projects [1] - The National Development and Reform Commission and the Ministry of Finance have issued a notice regarding the large-scale equipment update and old-for-new consumption policy to be implemented in 2026, detailing the support scope, subsidy standards, and work requirements [1] Subsidy Policies - Consumers purchasing energy-efficient home appliances such as refrigerators, washing machines, televisions, air conditioners, computers, and water heaters will receive a subsidy of 15% of the product price, capped at 1,500 yuan per item [2] - For digital and smart products like smartphones and smartwatches, a similar subsidy of 15% applies, with a maximum of 500 yuan per item [2] - Consumers who scrap their personal vehicles and purchase new energy vehicles or fuel vehicles with a displacement of 2.0 liters or less will receive subsidies of 12% (up to 20,000 yuan) and 10% (up to 15,000 yuan) respectively [2] Housing Tax Policy - Individuals selling homes purchased for less than two years will be subject to a 3% VAT, while those selling homes purchased for two years or more will be exempt from VAT starting January 1, 2026 [2] Special Bonds and Consumption Support - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan in special bonds to support the old-for-new consumption policy, ensuring a smooth implementation and monitoring of subsidy funds [3] Automotive Industry Digital Transformation - A digital transformation implementation plan for the automotive industry aims to enhance smart manufacturing capabilities and digital levels of enterprises by 2027, with significant improvements in digital public service systems by 2030 [4] Company News - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025 [5] - Tianpu Co., Ltd. has seen its stock price rise by 718.39% from August 22 to December 30, leading to a suspension for verification [5] - Daye Co., Ltd. has not yet achieved substantial revenue from its robotic tendon products, which are not in mass production [5] - Longjiang Power plans to distribute 2.1 yuan per 10 shares as a profit distribution for the first half of 2025 [5] - Zhejiang Rongtai intends to issue H-shares and list on the main board of the Hong Kong Stock Exchange [5]

Group 1: Government Policies and Initiatives - The first batch of 625 billion yuan of ultra-long-term special government bonds for the 2026 consumer goods replacement subsidy plan has been allocated in advance [2] - The Ministry of Finance and the State Taxation Administration announced a new policy on personal sales of housing value-added tax, effective from January 1, 2026, imposing a 3% tax for properties sold within two years and exempting those sold after two years [3] - The Ministry of Industry and Information Technology, along with other departments, issued a digital transformation implementation plan for the automotive industry, aiming for significant integration of digital technologies by 2027 and achieving a high level of digital development by 2030 [6] Group 2: Company News - Dongjie Intelligent announced the termination of its major asset restructuring plan to acquire a controlling stake in Aobo (Beijing) Intelligent Technology, with no adverse impact on its business operations [4] - Mingde Biological signed an equity acquisition intention agreement to acquire 100% of Wuhan Bikaier Rescue Supplies Co., which is expected to constitute a major asset restructuring [4] - Changjiang Electric Power reported a net profit of 28.193 billion yuan for the first nine months of 2025 and announced a cash dividend of 2.10 yuan per 10 shares, totaling approximately 5.138 billion yuan [5] Group 3: Market Trends and Insights - Citic Securities highlighted that silicon wafer demand is expected to continue increasing due to the expansion of wafer fab capacities, with domestic manufacturers likely to benefit from next-generation 3D stacked chip products [10] - CICC expressed an optimistic outlook for domestic and overseas wind power demand in 2026, driven by rising prices for onshore wind turbines and accelerated industry exports [10]