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].

Group 1 - The report emphasizes the strong underlying drivers of the current bull market, including liquidity support, policy backing for capital markets, moderate fundamental recovery, and continuous industry catalysts, despite short-term overseas disturbances [1][9][10] - The report highlights the significant inflow into the A500 ETF, which accounted for 92.2% of the total net inflow of 110.6 billion yuan in December, indicating a strong market sentiment and confidence in the Chinese market [10][14] - The continuous appreciation of the RMB reflects a recovery in international capital confidence towards China, supported by a decline in the US dollar index and a surge in corporate foreign exchange settlements [18][19][21] Group 2 - The report identifies the small-cap index, CSI 2000, as an "invisible champion," outperforming the large-cap index during the recent market rally, supported by a favorable liquidity environment and moderate fundamental recovery [2][25] - The report suggests that the current bull market is characterized by a unique valuation expansion, where small-cap stocks face less resistance compared to large-cap stocks, potentially breaking the historical underperformance of small caps at year-end [2][25] - The report anticipates strong elasticity in small-cap stocks under conditions of risk appetite and liquidity support, indicating a positive outlook for their performance [2][25] Group 3 - The report discusses the dual focus on technology and cyclical sectors, suggesting that both can thrive simultaneously, driven by a global tech cycle and supportive policies [3][28] - It highlights the importance of monitoring the marginal change in profit growth (ΔG) for AI hardware, indicating that as long as ΔG remains stable, the sector is likely to continue benefiting from the ongoing valuation bull market [38] - The report notes that AI applications are transitioning from being a supporting role to becoming the core narrative of the tech sector, driven by policy support, demand release, and a mature industry ecosystem [49][50]

| 企业名称 | 陕西陕皖能源有限公司 | 统一社会信用代码 2 | 91610633MAK4Y80G5X | | --- | --- | --- | --- | | 法定代表人 2 | 高明 | 经营状态 | 开业 | | | TA有3家企业 > | | | | 成立日期 | 2025-12-27 | 行政区划 | 陕西省延安市宝塔区 | | 注册资本(?) | 500,000万(元) | 实缴资本 2 | | | 企业类型 | 有限责任公司(国有控股) | 所属行业 | 电力、热力生产和供应业 | | 工商注册号 2 | | 组织机构代码 3 | MAK4Y80G-5 | | 纳税人识别号 ② | 91610633MAK4Y80G5X | 纳税人资质 2 | | | 营业期限 2 | 2025-12-27 至 无固定期限 | 核准日期 7 | 2025-12-27 | | 参保人数 | - - | 登记机关 | 延安市市场监督管理局高新技术产业开发区分局 | 新公司由中国大唐集团二级全资子公司大唐陕西发电有限公司、陕西延长石油（集团）有限责任公司二级全资子公司陕西延长石油矿业有限责任公司，以 及安徽省能源 ...

新型电力系统是投资于物的核心载体，为投资于人筑牢硬件基础。特高压输电工程、智能电网设施、新 型储能系统、数字电力平台等重大基础设施建设，不仅直接筑牢能源安全保障的硬件底座，更为投资于 人提供了实践场景与发展空间，催生对高海拔输电技术人才、新能源消纳专业人才、智能运维技能人才 的迫切需求，推动人才培养方向与产业需求精准对接。数字孪生电网、电力物联网等数字化设施的落 地，搭建起数字化人才的实训平台，推动从业人员技能向智能化、数字化方向升级。城乡电网改造升级 等民生工程投资，改善了基层供电服务条件，为基层电力人才提供了施展专业能力、服务民生福祉的广 阔舞台。电网的物质资本投资越精准、越深入，投资于人的需求就越明确、载体就越坚实。 新型电力系统是投资于人的实践平台，为投资于物激活效能引擎。投资于人是与新型电力系统物质资本 运营、技术升级深度绑定的人力资本增值过程，电力行业的技术密集型、专业复合型特征，决定了人才 培养必须与设备运维、技术攻关、工程建设紧密结合，而人才能力的提升又能最大化释放物质资本的效 能。在科技创新层面，通过投资培育战略科学家、科技领军人才，聚焦特高压、储能、氢能等关键技术 攻关，能够让先进的电网设 ...

记者从广东电网获悉，2025年，广东全省全社会用电量9589.73亿千瓦时，同比增长4.93%，继续稳居全国首位。 其中，第一产业用电量171.51亿千瓦时，同比增长4.99%；第二产业用电量5506.04亿千瓦时，同比增长3.85%，其中工业用电量5441.26亿千瓦时，同比增长 4.10%；第三产业用电量2285.99亿千瓦时，同比增长7.66%；城乡居民生活用电量1626.19亿千瓦时，同比增长4.88%。 清洁能源占比近五成 电从海上来，全国首个海陆一体海上风电柔直工程——阳江三山岛500千伏海上风电柔直输电工程建设正酣，将实现大规模深远海风电的高效送出。在服务 绿色转型的赛道上，广东跑出"加速度"，电源结构实现显著优化。2025年上半年，广东电网清洁能源占比47.8%。预计到2025年底，广东电网清洁能源占比 约48%。绿色"电动能"正为广东"双碳"目标落地注入强劲动能。 电力资源配置格局持续优化。"海上风电+火电"打捆送出工程建成，让"蓝色的电"与"红火的电"协同发力；电自潇湘来，湘粤电力灵活互济工程已通过国家 核准，将在2027年迎峰度夏前建成投产；电从四面八方来，广东目标网架工程全面建成，东西 ...