1月26日，港股股指今日高开低走冲高回落，午后保持低位窄幅震荡走势，截止收盘，恒生指数涨 0.06%报26765.52点，恒生科技指数跌1.24%报5725.99点，国企指数跌0.15%报9147.21点，红筹指数涨 1.33%报4273.19点。 盘面上，大型科技股走势分化，阿里巴巴跌1.96%，腾讯控股涨0.76%，京东集团涨1.05%，小米集团跌 2.81%，网易涨0.68%，美团跌0.46%，快手跌3.26%，哔哩哔哩跌2.44%；黄金及贵金属板块全日强势， 中国白银集团涨19.12%，山东黄金、珠峰黄金、灵宝黄金涨超4%；石油股走强，中石油涨超3%；半导 体概念走低，中芯国际跌超3%，兆易创新跌超2%；商业航天股持续下挫，亚太卫星跌超11%；应用软 件走弱，九方智投跌超26%。 光大证券(06178.HK)：2025年营业收入实现108.63亿元，同比增长13.18%；净利润37.29亿元，同比增长 21.92%。 中铝国际(02068.HK)：控股子公司沈阳院与上海宝冶、十二冶等组成的联合体与山西兆丰签署《建设项 目工程总承包合同(联合体)》，签约合同价约30.3亿元。 招商银行(03968.HK ...

Group 1 - Regulatory actions have intensified against stock influencers, with a notable case involving a prominent influencer fined 83 million yuan for market manipulation [1][2][11] - The Zhejiang Securities Regulatory Bureau identified the influencer, Jin Yongrong (known as "Jin Huo"), as having manipulated the market through repeated stock recommendations, significantly impacting stock prices and trading volumes [6][10] - Jin Huo's activities included promoting stocks across multiple platforms, leading to a surge in followers and engagement, particularly after a viral article on the new energy sector [4][5] Group 2 - The crackdown on influencers has led to the permanent banning of 22 accounts on the Snowball platform, which were involved in misleading stock recommendations [1][31] - Major platforms like Ant Group, Douyin, and Tencent have also announced initiatives to combat fraudulent financial content, with significant numbers of accounts being penalized for spreading false information [31][32] - The regulatory focus includes addressing excessive speculation, illegal investment consulting, and the dissemination of false information, indicating a broader effort to stabilize the capital market [30][32] Group 3 - The case of Jin Huo exemplifies a larger trend where influencers engage in practices that mislead retail investors, often resulting in significant financial losses for those who follow their advice [12][20] - Another influencer, known as "Chen Xiaoqun," has been implicated in market manipulation, with reports of aggressive trading strategies that have led to substantial losses for retail investors [20][28] - The volatility of stocks promoted by these influencers has raised concerns about the integrity of the market, as evidenced by drastic price fluctuations following their recommendations [34]

Core Viewpoint - The article emphasizes the importance of energy regulation in achieving the goals set forth in the 14th and 15th Five-Year Plans, particularly in building a strong energy nation and ensuring high-quality development in the energy sector [2][10]. Group 1: Progress in Energy Regulation - The National Energy Administration (NEA) has made significant progress in energy regulation, focusing on energy security and implementing various regulatory tasks in line with the central government's directives [3]. - The NEA has strengthened the political attributes of energy regulation, enhancing party building and implementing strict oversight mechanisms to ensure compliance with regulations [3][4]. Group 2: Energy Supply and Market Development - The NEA has successfully monitored energy supply during peak seasons and has implemented measures to ensure the smooth execution of major energy projects [4]. - A unified national electricity market has been established, with over 60% of electricity transactions being market-based for four consecutive years, indicating a robust market structure [5]. Group 3: Regulatory Enforcement and Safety - The NEA has intensified regulatory enforcement, addressing over 700 administrative violations in the energy sector and ensuring fair access to energy infrastructure [6][13]. - Safety measures have been upgraded, with significant actions taken to address safety risks and improve emergency response capabilities in the electricity sector [7][14]. Group 4: Enhancing Public Energy Services - New policies have been implemented to improve access to electricity, benefiting approximately 1.5 million households and saving around 20 billion yuan in investment costs [8]. - The NEA has focused on resolving public energy issues, enhancing complaint handling processes, and improving service quality for consumers [8][15]. Group 5: Innovation in Energy Regulation - The NEA is innovating regulatory mechanisms, promoting digital oversight, and enhancing the regulatory framework to adapt to new energy market dynamics [9][16]. - Collaborative efforts with international regulatory bodies are being pursued to share best practices and improve the overall regulatory environment [9]. Group 6: Future Directions in Energy Regulation - The NEA aims to achieve a clean, low-carbon, safe, and efficient energy system by 2026, aligning with national goals for energy transition and sustainability [10][11]. - Continuous reforms and innovative strategies will be implemented to enhance the regulatory framework and ensure effective energy governance [12][16].

证券日报网讯1月26日，皖能电力（000543）在互动平台回答投资者提问时表示，目前，公司通过安徽 皖能丰禾聚变科技合伙企业(有限合伙)间接持有聚变新能(安徽)有限公司3.5%(3.4482%)股权，后续公司 将通过安徽皖能丰禾聚变科技合伙企业(有限合伙)深化与聚变新能公司合作，重点突破聚变能在发电领 域技术场景化落地，积极推动聚变能商业化应用。 ...

证券研究报告 | 金融工程 2026 年 1 月 26 日 国内落地 ESG 债券国标，海外加码气候风险与能效投资 ——ESG 市场观察周报（20260125） 1、要闻速览：国内绿色金融国标落地，海外聚焦气候风险管理与家庭能效 国内动态方面，我国金融领域首部 ESG 国家标准《债券发行人环境、社会和治 理评价框架》正式发布，将于 2026 年 4 月 1 日实施；生态环境部等三部门联合印 发《关于加强重点行业大气环境绩效分级管理的指导意见》，建立"1+1+1+N"管 理体系；工信部明确将从优化供需、强化品牌、夯实产业根基三方面发力，促进消 费品工业绿色化、智能化发展。 国际动态方面，欧洲央行加码检测银行气候风险实际影响并评估其转型计划； 英国政府拟投入 150 亿英镑，启动规模最大的"温暖家园计划"；安联投资推出十 亿美元新兴市场气候基金，撬动私营资本助力可持续发展。 2、市场动向： ESG 指数表现分化，碳价继续上涨 本周国内外 ESG 主题指数表现分化。国内 300ESG 指数小幅下跌 0.89%， SEEE 碳中和指数上涨 0.70%，上证社会责任与 180 治理指数分别下跌 0.69%和 0.70% ...

Group 1 - A-shares continue to rise with increased trading volume, breaking previous highs, driven by heightened risk appetite during the spring rally [1] - Huatai Securities suggests that while strong momentum may allow for further spring market space, the trading structure is concentrated, indicating a potential shift towards rotation as some hot sectors may need to digest pressure [1] - The upcoming earnings forecast window suggests focusing on high-cost performance sectors, particularly those benefiting from external demand chain improvements and lower crowding themes, such as gaming, duty-free, batteries, engineering machinery, and agricultural chemicals [1] Group 2 - Non-ferrous metals are becoming a key focus for institutional investment, with seven non-ferrous metal-themed funds reported in the past week and significant net subscriptions exceeding 51 billion yuan for non-gold ETFs over the past year [3] - The pig farming industry is expected to see a slight recovery in sow production capacity in 2024, leading to a downward trend in pig prices in 2025, although there may still be slight profits throughout the year [3] - The industry is undergoing structural changes due to "anti-involution," with both passive and active capacity reductions expected to drive a gradual recovery in pig prices by the second half of 2026 [3] Group 3 - The industry is expected to remain in a trend of reduced demand and structural adjustment through 2026, with limited improvements in supply, demand, and profitability [5] - Focus on two main lines: differentiated production control and the potential recovery of undervalued cash flow assets, as well as the acceleration of domestic substitution in high-end steel materials benefiting leading special steel companies [5] - Southbound capital saw a record net inflow of 140.48 billion Hong Kong dollars, continuing to increase positions in the Hong Kong stock market, contributing to a strong performance in the Hang Seng Index and technology index [5] Group 4 - The short-term market trend is strong with significant new capital entering, although the market's profit-making effect remains weak [7] - The Shanghai Composite Index shows a one-sided upward trend, contrasting with regulatory "cooling" strategies, indicating potential downward pressure on the index [10] - The A-share earnings cycle may have reached a turning point, with a gradual improvement in earnings expected, making the recovery elasticity of earnings a key focus for 2026 [10]

Core Insights - The national winter electricity load in China surpassed 1.4 billion kilowatts for the first time on January 20, reaching a peak of 1.417 billion kilowatts, with daily electricity consumption exceeding 30 billion kilowatt-hours [1] - The supply-demand balance in China's electricity system is tightening, indicating a potential decline in actual reserve rates during the 14th Five-Year Plan period, highlighting the value of electricity capacity and the need to pay attention to capacity pricing [1] - The explosive growth of AI is driving electricity demand, emphasizing the scarcity of leading power companies in China, with total electricity consumption expected to exceed 10 trillion kilowatt-hours by 2025, indicating continuous industry demand expansion [1] - Improvements in capacity pricing, green electricity trading mechanisms, and rising electricity price standards are enhancing the profitability stability of the electricity sector, with an increasing probability of market style shifting towards dividend value [1] - The investment value of the electricity sector is becoming clearer as the market transitions [1]

滨冈核电站在2 011年3月11日东日本大地震后应日本政府要求停运所有机组。为使滨冈核 电站的3号和4号机组通过审查重启，中部电力公司于2 0 1 4年至2015年间向原子能规制委 员会提出申请，请求审查这两个机组是否符合新监管标准，而通过这项审查是核电站重启 的必要条件。 去年2月，日本原子能规制委员会在接到外部举报后，启动了对中部电力公司相关行为的 调查。因为重要项目的判断依据存疑，规制委员会自去年12月起暂停了重启审查。 本月5日，中部电力公司召开记者会承认，该公司2 0 1 9年向原子能规制委员会报告的地震 最大震动评估，存在故意选择有利于公司的数据、低估了可能发生的地震最大震动的风 险。 来源：央视新闻客户端 日本监管机构对涉嫌数据造假的电力公司展开调查。 当地时间26日获悉，围绕日本中部电力公司在滨冈核电站抗震设计的相关数据中涉嫌造假 一事，日本原子能规制委员会进入该公司总部展开调查。 ▲ 日本滨冈核电站（资料图） End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's industrial green and low-carbon development has made significant progress, with continuous improvement in legal policy systems and resource utilization levels [1][2]. Group 1: Energy Consumption and Resource Utilization - The energy consumption per unit of industrial added value for large-scale industries is expected to decrease by over 13.5% during the "14th Five-Year Plan" period [2]. - Water consumption per ten thousand yuan of industrial added value is projected to decline by 25% cumulatively [2]. - The comprehensive utilization rate of major industrial solid waste is expected to reach 57% [2]. - The output value of national green factories is anticipated to increase from 9% to over 22% of total manufacturing output [2]. - Over 8,000 green factories and more than 600 green industrial parks have been cultivated [2]. Group 2: Traditional Industry Upgrades - Traditional industries are experiencing green upgrades, with steel production companies transforming waste into reusable resources through innovative management systems [3]. - The recovery of blast furnace and converter gas allows for energy generation, with every 2.7 cubic meters of recovered gas generating one kilowatt-hour of electricity [3]. - The company has developed a molten salt heat storage system, enabling energy storage and peak shaving [3]. - Wastewater treatment capabilities have reached 40,000 tons, achieving zero wastewater discharge [3][4]. Group 3: New Industry Developments - The green transformation of emerging industries is also advancing, with a focus on the recycling of used power batteries [6]. - A new discharge-free disassembly process for used batteries has been developed, significantly reducing pollution and increasing material recovery rates to over 95% [6][7]. - The recycling of one ton of used batteries can yield over 60 kg of lithium carbonate and nearly 300 kg of iron phosphate, which are valuable in various sectors [6][8]. Group 4: Waste Management and Pollution Control - Industrial processes are increasingly focused on green low-carbon practices, extending to the treatment of living pollutants [9]. - A power plant in Anhui has successfully converted sewage sludge into usable fuel, achieving significant reductions in carbon emissions and generating additional electricity [10]. - The plant has processed approximately 185,000 tons of sludge, resulting in a reduction of about 32,800 tons of CO2 and an increase in electricity generation of around 43 million kilowatt-hours [10].

绿色低碳是高质量发展的必由之路。"十四五"期间，国家能源集团着力推动传统能源低碳转型和清洁能 源规模集约发展，火电产业升级脱硫脱硝设备、优化燃烧系统、推广超低排放技术，供电煤耗下降4.7 克/千瓦时，实现高效低碳运行；电力清洁可再生能源装机规模达到"十三五"末的3倍，水电装机增长达 16%，风电装机突破7200万千瓦，持续保持全球第一。 此外，在产业布局方面，"十四五"期间，国家能源集团服务国家重大战略，推动一批标志性工程先后落 地，牵头开发宁夏腾格里等"沙戈荒"大型风光基地，投运全球最大的开放式百万千瓦级海上光伏项 目，"国能共享号"深远海漂浮式风电项目开创"绿色能源+蓝色粮仓"融合发展新模式，建成黄河上游最 大的玛尔挡水电站，打造千万千瓦级"水光蓄储"一体化基地。（陆成宽） 责任编辑：闫弘旭 记者从1月23日举行的国家能源集团2026年工作会新闻发布会上获悉，2025年，国家能源集团多项生产 经营指标再创历史最好水平，自产煤量站稳6亿吨大关，单日发电量多次刷新纪录，供热量保持全国第 一，电煤中长协高比例签约履约，以实际行动诠释了能源保供"主力军"的责任与担当。 企业是科技创新的主体，是提供高质量科技供给的 ...