北京电力交易中心统计数据显示：国家电网经营区2025年省间交易电量完成1.67万亿千瓦时、同比增长 10%，首次突破1.6万亿千瓦时，创历史新高。 2025年，国家电网公司持续强化省间电力市场建设运营，提升省间交易灵活性，优化统筹省间通道利 用，有效促进资源大范围优化配置和余缺互济。积极响应四川、甘肃、青海、宁夏、新疆等能源富集地 区电力外送需求，实现外送电量5369亿千瓦时，省间新能源交易电量完成3177亿千瓦时、同比增长 41%。（记者丁怡婷） 来源：人民日报 ...

在碳排放双控深入推进的"十五五"开局之际，传统制造业的绿色转型已迈入攻坚深水区。从工业固废 中"炼"出绿色建材，将碳足迹报告转化为竞标"加分项"，在浩瀚沙海筑起"绿电+绿洲"新生态——以北 新建材、丹佛斯、龙源电力为代表的一批企业，正以技术创新驱动系统性变革，探索经济效益与生态效 益协同共生的高质量发展新路。 业内人士认为，"十五五"时期，随着碳排放双控全面落地，绿色转型已从企业的"战略选择题"变成"经 营必答题"。这场转型，不仅是政策要求，也是市场需求，如何完成生产与管理的系统性重构，以可控 成本、可控风险的方式完成深度转型，成为企业的时代命题。 ● 本报记者 刘丽靓 郑萃颖 绿色生产：技术改造带来制造业革新 传统印象中，制造业工厂往往与整齐划一的厂房、单调的机器、轰鸣的噪音联系在一起。然而，走进位 于河北涿州高新区的北新建材涿州基地，映入眼帘的却是郁郁葱葱的树木与生机盎然的花园。这里没有 尘土飞扬，也没有污染物超标排放，彻底颠覆了大众对建材行业"高耗能、高污染"的刻板印象。 二十多年前，北新建材从北京西三旗老厂搬迁至涿州时，便立志重塑行业生产模式。从整体布局到产线 设计，从能源利用到"三废"处理，每一个环 ...

百亿千瓦时"疆电"的平稳消纳，有效破解了重庆"贫煤少水无油"的能源禀赋困境。2025年夏季用电高峰 期间，外电入渝首次突破1000万千瓦，其中"疆电"成为关键支撑。 本报讯 （记者李国 通讯员王鹏）记者日前从国网重庆市电力公司获悉，自哈密-重庆±800千伏特高压直 流输电工程投运以来，重庆累计消纳"疆电"突破100亿千瓦时大关。这一里程碑式数据，标志着我国西 北与西南跨区域能源合作迈入深度融合新阶段，为成渝地区双城经济圈建设注入了持续稳定的绿色动 能。 （来源：工人日报） ...

董秘： 您好！公司作为央企控股的上市公司平台，自2000年上市以来，公司始终秉持可持续健康发展 理念，借助资本市场提升公司核心竞争力和支持国家能源建设，并通过持续发展积极回报股东。未来， 公司将主动融入新型能源体系及新型电力系统构建，发力传统产业转型升级和战新产业规模质量发展， 合理实施煤电机组改造升级，优先发展风电，择优开发光伏，探索发展新型储能，巩固拓展综合能源服 务，提升核心竞争力，推动公司健康可持续高质量发展。同时，公司将积极响应证监会和国资委关于市 值管理的工作部署，并将着力从提升经营业绩、提升分红比例、提升信息披露质量、提升ESG工作能 力、提升投资者关系管理水平、提升公司治理能力等多方面推进市值管理工作，维护投资者及股东权 益。感谢您的关注！ 当日关注点 来自交易信息汇总：1月9日主力资金净流出1696.16万元，散户资金净流入1269.44万元。 截至2026年1月9日收盘，长源电力(000966)报收于4.33元，上涨0.23%，换手率0.55%，成交量17.88万 手，成交额7741.75万元。 交易信息汇总资金流向 董秘最新回复 1月9日主力资金净流出1696.16万元；游资资金净流入4 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

Core Viewpoint - The report highlights the ongoing challenges and strategies related to debt management in Guizhou Province, emphasizing the need for effective measures to address the rising debt levels while leveraging local economic strengths for long-term sustainability [4][5][6][7][9]. Debt Characteristics - Guizhou Province's local debt is characterized by continuous growth, with significant regional disparities in debt burdens, particularly in cities like Guiyang and Zunyi, where liquidity pressures are notable [5]. - The province faces concentrated repayment pressures on urban investment bonds, alongside persistent negative public sentiment regarding debt management [5]. Debt Resources - Guizhou's fiscal resources provide a moderate level of support for government debt interest payments, ranking in the upper-middle tier nationally [5]. - Financial institutions in the province show a strong lending capacity, but the reliance on credit financing remains high, indicating a need for diversified funding sources [5]. - The market value of state-owned enterprises provides some coverage for urban investment bond debts, although constraints exist due to the reduction of stakes in key companies like Kweichow Moutai [5]. Debt Management Measures - The province employs various debt management strategies, including debt restructuring, discounted repayments, centralized borrowing and repayment, and the issuance of special refinancing bonds [6]. - Additional measures include establishing emergency funds, allocating various fiscal resources, and utilizing revenues from state-owned asset sales [6]. Debt Performance - Guizhou's debt management has led to a reduction in the scale of urban investment enterprise debts and an improvement in financing structures, although short-term liquidity pressures remain significant [7]. Future Outlook - In the short term, Guizhou is expected to benefit from ongoing debt management policies, with liquidity risks remaining manageable under current protective measures [9]. - Long-term prospects are positive, driven by the province's strengths in industries such as liquor, mineral processing, digital economy, renewable energy, and tourism, which may help mitigate debt issues over time [9]. Market Activity - The central bank conducted a total of 1,022 billion yuan in reverse repos and 11 trillion yuan in term reverse repos, resulting in a net withdrawal of 1,281.4 billion yuan for the week, indicating a generally adequate liquidity in the banking system [9]. - The bond market saw a total of 417 credit bond issuances this week, an increase of 263 from the previous week, with an average interest rate of 2.33%, down 20 basis points year-on-year [9]. - The issuance of onshore dollar bonds reached 1.14 billion USD this week, marking a significant increase from the previous week, with the financial sector contributing 400 million USD and the real estate sector 500 million USD [9][11].

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力 2026 绿证交易价格有望提升，微电网建设指南约束园区消纳 本周行情回顾本周（1.5-1.9）上证指数报收 4120.43 点，上升 3.82%，沪深 300 指数报收 4758.92 点，上升 2.79%。中信电力及公用事业指数报收 3115.59 点， 上升 2.4%，跑输沪深 300 指数 0.38pct，位列 30 个中信一级板块涨跌幅榜第 23。 个股方面，电力及公用事业板块上市公司大部分上涨。 本周行业观点： ➢ 国家能源局发布绿证细则，全流程监管重塑市场规则。国家能源局印发《可 再生能源绿色电力证书管理实施细则（试行）》，系统性地规范了绿证的核 发、交易、划转、核销与监管全流程。新规对于绿证的核心度量标准保持不 变，继续采用"1000 千瓦时可再生能源电量核发 1 个绿证"作为唯一基本单 位；可再生能源项目覆盖范围与绿证分类管理规则不变，为风电、光伏等项 目的上网电量核发"可交易绿证"，并为自发自用电量及特定存量水电核发 "不可交易绿证"；绿证作为资产的基本属性规定不变，其 2 年有效期制度 以及账户管 ...

交易咨询号：Z0022772 审核：萧勇辉 从业资格号：F03091536 交易咨询号：Z0019917 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 期货交易咨询业务资格：证监许可【2011】1285号 华联期货宏观周报 物价温和回升 央行持续购金 20260111 作者：石舒宇 0769-22116880 从业资格号：F03117664 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 周度观点及策略 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 周度观点 请务必阅读正文后的免责声明。本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 • 2025年12月全国居民消费价格（CPI）呈现温和上涨态势，同比涨幅0.8%，较11月扩大0.1个百分点，回升至2023年3月以来 新高，环比也由降转涨至0.2%。从结构上看，食品价格上涨1. ...

近期板块多家上市公司资本运作再获进展，大唐集团旗下水电平台桂冠电力拟收购集团水电资产、国电投集团旗 下上海电力拟为集团境外子公司中电国际提供管理服务等。此前推进的资产整合及重组也进入密集落地期，华能集团 旗下内蒙华电收购控股股东风电资产与国电投旗下电投产融整合集团核电资产完成资产过户、国电投水电平台远达环 保拟更名电投水电。公用板块央国企资本运作自 2024 年中以来显著加速，资产整合与并购重组作为重点方向值得关 注，一方面可以盘活存量资产，另一方面也有助于上市公司实现价值重估。我们建议关注大型央国企资产整合下带动 的投资机会，尤其是大集团的专业化平台。 火电板块近期受电价签订影响有所承压，三轮策略逐步演绎 受长协电价签订与煤价上涨影响，火电板块于元旦前后出现一轮较大幅度的调整，我们认为板块的三轮策略正持 续验证中：（1）第一轮在于长协电价签订：北方供需关系及竞争格局相对较好，电价整体可控，因此相对投资机会显 现，本周京能电力再创新高；（2）第二轮在于煤价走势评估：尽管部分省份电价签订不及预期，但若后续煤价有所松 动，则可关注盈利上修的机会，但此视角下需持续关注全社会用电量是否在低基数下增长、发电增量中火电的 ...

Group 1 - The core viewpoint of the news is the promotion of the integration of artificial intelligence (AI) with the manufacturing industry, aiming to accelerate the intelligent transformation of manufacturing and enhance economic growth through AI technology [1][2][4]. - The Ministry of Industry and Information Technology (MIIT) and eight other departments have issued the "Implementation Opinions on the Special Action of 'AI + Manufacturing'," which outlines seven key tasks to promote the dual empowerment of AI technology and manufacturing applications [1][2]. - By 2028, the goal is to have at least 50,000 enterprises implement "AI + Industrial Internet" upgrades, significantly improving the integration level of industrial internet and AI [1][6]. Group 2 - The "Implementation Opinions" aim to drive the deep application of 3 to 5 general large models in manufacturing by 2027, creating specialized industry models and promoting 500 typical application scenarios [2][3]. - The focus is on fostering 2 to 3 globally influential leading enterprises and a batch of specialized small and medium-sized enterprises, while establishing a global leading open-source ecosystem [2][3]. - Specific measures include promoting the development of intelligent chips, supporting breakthroughs in key technologies, and enhancing the safety governance capabilities of AI [3][4]. Group 3 - The industrial internet is identified as a crucial carrier for the integration of AI and manufacturing, with plans to expand new industrial networks to meet the demands of AI applications [6][7]. - The MIIT emphasizes that AI is transitioning from being an auxiliary tool to becoming a core engine for industrial internet, enhancing real-time optimization and intelligent scheduling capabilities [7][8]. - Local governments are actively formulating their own "AI +" plans to drive high-quality development across various industries, with specific targets for manufacturing enterprises and AI core industry growth [8][9].