Market Overview - The Hang Seng Index opened high post-Christmas, briefly surpassing 26,000 points, but closed at 25,635 points, down 0.7%[1] - The total trading volume was HKD 224.5 billion, a 142.7% increase from HKD 92.5 billion on the previous trading day[1] - The Energy Index rose by 0.4%, while Materials, Conglomerates, and Consumer Staples fell by 2.2%, 2.0%, and 2.0% respectively[1] Stock Performance - BYD (1211 HK) and Geely Auto (175 HK) led the blue-chip gainers, rising by 3.7% and 3.4% respectively[1] - Sands China (1928 HK) and JD Health (6618 HK) were the biggest losers, falling by 4.5% and 3.4% respectively[1] Oil and Commodity Trends - WTI crude oil prices rebounded to USD 58, but remain below the six-month high of USD 70[2] - Gold, silver, and copper prices dropped by approximately 4%-10%, likely due to profit-taking[2] Macroeconomic Data - Hong Kong's export value in November increased by 18.8% year-on-year, surpassing October's growth of 17.5%[3] Industry Insights - MGM China (2282 HK) faces a significant increase in licensing fees from 1.75% to 3.5% of monthly gross revenue, leading to a 17.1% drop in its stock price[4] - The automotive sector saw gains, with NIO (9866 HK) up 4.9% and Xpeng Motors (9868 HK) up 3.9%[4] Healthcare Sector - The Hang Seng Healthcare Index fell by 1.5%, with Hengrui Medicine (1276 HK) entering a licensing agreement with Hansoh Pharmaceutical (3692 HK) for a project valued at up to RMB 1.9 billion[5] Energy Sector - Power generation stocks, including Huaneng International (902 HK) and Datang Power (991 HK), experienced declines of 6.5% and 4.7% respectively due to unfavorable long-term electricity pricing announcements[5] - Goldwind Technology (2208 HK) surged by 13.7% following reports of its investment in the commercial space industry[5]

Group 1 - The core point of the news is that Electric Power Investment Energy Co., Ltd. experienced a decline in stock price, closing at 26.94 yuan per share, with a market capitalization of 60.388 billion yuan [1] - The company is primarily engaged in the production, processing, and sales of coal products, with its main business revenue composition being 55.11% from aluminum products, 30.29% from coal products, 13.02% from electricity products, and 1.59% from other sources [1] Group 2 - From the perspective of fund holdings, Xiangcai Fund has a significant position in Electric Power Investment Energy, with the Xiangcai Hongli Quantitative Stock Selection Mixed A fund holding 9,500 shares, representing 2.42% of the fund's net value [2] - The fund has reported a year-to-date return of 12.72% and a one-year return of 12.45%, ranking 5384 out of 8087 and 5296 out of 8085 respectively [2] Group 3 - The fund manager of Xiangcai Hongli Quantitative Stock Selection Mixed A is Bao Jiamin, who has been in the position for 1 year and 302 days, with the fund's total asset size at 509 million yuan [3] - During Bao Jiamin's tenure, the best fund return was 48.13%, while the worst return was -3.09% [3]

摘要 人民币升值投资机会解读 20251229 人民币升值利好上游原材料行业（公用事业、有色金属、钢铁、能源化 工）和消费品行业（航空公司、免税业务），降低进口商品成本，提升 相关企业盈利能力。 人民币升值减轻了航空公司和房地产企业以美元计价的债务偿还压力， 尤其是航空公司通过汇兑收益直接增厚利润，房地产企业境外美元债偿 债压力降低。 人民币升值将提升人民币核心资产的估值，金融领域的银行和保险业， 以及港股市场中的恒生科技指数和恒生中国企业指数，可能因外资流入 而表现突出。 燃气板块受益于人民币升值，因燃气价格与美元计价的国际油价挂钩， 降低采购成本；而高股息火电板块受汇率影响较小，表现相对弱势。 航空业直接受益于飞机采购和租赁的汇兑收益，以及美联储降息带来的 融资成本降低；间接受益于美元计价运营成本的降低和出境游需求的刺 激。 人民币升值扩大了国内降息空间，有助于房地产市场企稳，并吸引外资 投资以人民币计价的大宗不动产，如商业办公和物流地产项目。 港股市场因人民币升值对外资吸引力增加而受益，尤其是科技板块，但 股价根本驱动因素仍是每股收益（EPS），流动性影响短期股价。 Q&A 人民币升值对哪些行业有显著影 ...

电力行业 2026 年度投资策略 20251229 摘要 煤电价格机制改革打破电价约束，容量价格机制改革预期落地，成为影 响火电行情关键因素。年度交易谈判和煤价走势影响火电全年表现，上 半年通常优于下半年。未来一两年，容量补偿和辅助服务市场将提升火 电竞争力。 双碳背景下，新能源项目大规模建设，但调节和输送能力滞后导致弃风 弃光恶化。市场化交易压力传导至新能源板块，电价下滑影响新增和老 项目。港股新能源公司受益于政策扶持，绿电脱碳政策执行效果值得关 注。 "十五五"规划延续绿色发展方向，新能源价格机制改革和高耗能产业纳 入强制消费体系是重要措施。补贴欠款缓解现金流压力，但政策推进节 奏不确定，绿电仍具看涨期权属性。 绿电投资策略包括：选择无调销纳问题和市场化交易压力小的地域性标 的，如福建的福能中闽；或选择央企低估值风电公司，如港股绿电公司， 目前股息率约 4%，估值较低，进一步回撤是布局良机，推荐新天绿色 能源。 Q&A 2026 年火电行业的投资策略是什么？ 火电行业在 2026 年的投资策略主要围绕价格机制的变化展开。过去几年，火 电行业表现出明显的逆周期属性，与煤炭价格波动呈反向相关关系。十三五时 期 ...

证券研究报告 | 行业策略 gszqdatemark 2025 12 29 年 月 日 电力 2026 电力行业年度策略：火绿重构，水核筑基，燃气优化 行情回顾：板块盈利稳健，市场表现跑输大盘。2025 年 1-9 月，公用事业 (SW) 板块上涨 0.92%，位列全行业第 27 名，跑输沪深 300 指数 17.02pcts。实现营业收入 13817.83 亿元，同比增长 0.02%，归母净利 1723.24 亿元，同比提高 8.43%。2025 前三季度火电业绩稳健，成本低位 支撑盈利，实现归母净利 711.23 亿元，同比增长 15.83%；新能源发电低 电价压力下业绩仍维持高增，风电板块实现归母净利润 220.31 亿元，同 比提高 31.67%；水电经营稳健但增速有所放缓，实现归母净利 513.22 亿 元，同比增长 3.30%；核电相对承压，实现归母净利 165.78 亿元，同比 下降 12.36%。 市场回顾：电力供需转向平衡，电改进一步推进。2025 年前三季度用电 量增速 4.6%，电力消费弹性系数明显下滑至 0.88。二产用电需求疲软拖 累整体用电，一、三产业及居民用电仍具韧性，信息类行业 ...

财政部会同9部门印发《企业可持续披露准则第1号——气候（试行）》 12月25日，财政部会同生态环境部、外交部等9部门《企业可持续披露准则第1号——气候（试行）》 （以下简称《气候准则》）。《气候准则》是国家统一的可持续披露准则体系中的第一个具体准则，自 今年4月底公开征求意见至今，终于"靴子落地"。业内认为，这是我国向统一可持续披露准则体系迈进 的一大步。 依据证监会指导沪深北交易所《上市公司自律监管指引——可持续发展报告》，ESG强信披阵营锁定上 证180、深证100、科创50、创业板指成分股及境内外同步上市企业。伴随上证180等指数调整，成都银 行、沪农商行两家上市银行新晋入列。 据21世纪经济报道记者统计，A股银行ESG强信披名单再添两员，总数一举攀升至27家，囊括6家国有 银行、9家股份制银行、10家城商行及2家农商行。21世纪经济报道记者据公开资料发现，27家A股ESG 强信披银行中，除成都银行外，余下26家银行均已披露当年碳排放相关数据。其中，16家银行碳排放总 量同比下降，但仍有9家碳排放总量同比上升，1家国有大行、6家城商行、2家股份制银行碳排总量同比 提升。 上述27家银行中，碳排放总量同比 ...

Core Viewpoint - Hubei Province is committed to enhancing environmental protection efforts, focusing on pollution prevention and control, and ensuring compliance with the "14th Five-Year Plan" for carbon emissions and energy consumption reduction. Group 1: Air Quality Improvement - Hubei aims to control PM2.5 and O3 levels while promoting the construction of projects for reducing volatile organic compounds (VOCs) and nitrogen oxides emissions [1] - The province will continue to implement ultra-low emissions transformations in the thermal power and steel industries, as well as comprehensive rectification of industrial furnaces and kilns [1] - Focus will be placed on deep governance in industries such as cement, coking, glass, ceramics, and petrochemicals, emphasizing source reduction, process control, and end-of-pipe treatment for VOCs pollution [1] Group 2: Water Pollution Control - Hubei will strengthen actions against water pollution, focusing on the treatment of inferior water bodies and the remediation of black and odorous water bodies [1] - The province will conduct inspections and rectifications of key lake pollutant discharge outlets and promote comprehensive governance pilot projects for lake sedimentation [1] - Efforts will be made to ensure stable water quality in the Three Gorges and Danjiangkou reservoir areas through comprehensive management [1] Group 3: Soil and Waste Management - Hubei will continue to advance soil pollution prevention actions and enhance comprehensive solid waste management [2] - The province plans to initiate groundwater pollution prevention pilot projects and conduct environmental assessments of groundwater conditions around pollution sources [2] - There is an effort to include cities like Wuhan and Xiangyang in the national "waste-free city" pilot program [2]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - Electricity consumption growth remains high, but there are signs of pressure on long-term contract electricity prices due to falling coal prices and high inventory levels [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets worth attention [7] - The report suggests that the electricity market will gradually allow for better pricing of electricity attributes to support the complex new power system [7] Summary by Sections Electricity Consumption - In November 2025, total electricity consumption increased by 6.2% year-on-year, a recovery from October's 4.2 percentage point decline, with a cumulative growth of 1.0% for January to November 2025 [10] - The growth rates for different sectors in November 2025 were: primary industry +7.9%, secondary industry +4.4%, tertiary industry +10.3%, and residential consumption +9.8% [10] - The report anticipates that December 2025 will see electricity consumption growth maintain around 5-6% due to ongoing growth in sectors like charging services and information technology [10] Electricity Prices - From December 19 to December 26, 2025, the average clearing price in Guangdong's electricity market was 308 RMB/MWh, up by 3.9% year-on-year [21] - In contrast, Shanxi's average market price dropped to 179 RMB/MWh, down 54.9% year-on-year [21] Coal Prices - Port coal prices continue to decline, with the Qinhuangdao Q5500 coal price at 672 RMB/ton, down 4.4% week-on-week [24] - The report notes a divergence in pit coal prices, with Shanxi's Q5500 coal price stable at 550 RMB/ton, while Inner Mongolia's price fell by 1.7% [24] Hydrology - The Three Gorges Reservoir's water level was 171 meters, with a year-on-year increase of 3.1 meters, while inflow rates decreased by 13.7% year-on-year [31] Market Performance - The utility sector index rose by 0.8% but underperformed compared to the Shanghai and Shenzhen 300 index, which increased by 1.9% [40] - Among sub-sectors, gas showed the highest weekly increase at +2.6%, while hydropower decreased by 0.8% [42] Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power, citing improved business models and growth potential [7]

据了解，批准发布的294项国家标准聚焦加快能耗排放技术标准升级、强化产品质量安全标准提升、加大回收循环利用标准供给三个方面。其中，组织 制修订火电、钢铁、建材等重点行业能耗限额标准，发布国家标准113项，助力加快淘汰落后产能；在贴近民生消费实际需求方面，组织制修订汽车、家 电、家居、新兴消费等领域国家标准115项。 市场监管总局标准技术司司长 刘洪生：电动汽车动力电池安全标准实现重大突破，首次将"不起火、不爆炸"列为强制性要求，推动车企优化电池结构 和热管理系统，显著提升新能源汽车安全水平。 央视网消息：12月26日，记者从市场监管总局了解到，由七部门联合印发的《以标准提升牵引设备更新和消费品以旧换新行动方案》标准研制任务收 官，部署制修订的13个重点领域294项国家标准已全部完成批准发布。 此外，围绕废旧产品回收、拆解、再生利用等关键环节，组织制修订家电、家具、电子产品、光伏、风电、动力电池等66项资源回收利用国家标准，引 导产品设计时就考虑易回收、易再生，打通全链条循环畅通的堵点卡点。 ...

（来源：天津日报） 26日，在市场监管总局举行的"两新"标准提升行动工作成效专题新闻发布会上，市场监管总局标准技术 管理司司长刘洪生介绍，这294项重要国家标准主要聚焦加快能耗排放技术标准升级、强化产品质量安 全标准提升、加大回收循环利用标准供给3方面重点任务。 围绕引导企业实施技术改造和设备更新升级，淘汰落后产能和产品，组织制修订火电、钢铁、建材等重 点行业能耗限额标准，全面加严锅炉、电机、变压器等通用设备能效要求，发布国家标准113项，助力 加快淘汰落后产能，持续提升先进产能比重。 完善碳排放核算与产品碳足迹标准体系，发布18项企业温室气体排放核算国家标准，为解决碳排放"算 什么、怎么算"提供了统一规范，引导企业系统实施节能降碳改造。 转自：天津日报 根据2024年市场监管总局等七部门印发的《以标准提升牵引设备更新和消费品以旧换新行动方案》，覆 盖13个重点领域的294项国家标准，目前已全部完成批准发布，行动方案圆满收官。 围绕高品质生活、绿色安全，组织制修订汽车、家电、家居、新兴消费等领域国家标准115项，不断提 升产品质量和安全标准水平，助力高质量耐用消费品更多进入居民生活。 围绕废旧产品回收、拆解、 ...