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]

Group 1 - The establishment of Shaanxi Shanwan Energy Co., Ltd. in Yan'an, Shaanxi Province, with a total investment of 5 billion yuan, is a joint venture among major state-owned enterprises including China Datang Corporation, Yanchang Petroleum, and Anhui Energy Group [1][2] - The company is engaged in various operations such as heat production and supply, energy storage technology services, carbon reduction and capture technology research and development, energy management services, and coal sales [1] - The registered capital of the company is 500 million yuan, and it is classified as a limited liability company with state control [2] Group 2 - The ownership structure includes China Datang Corporation's subsidiary contributing 1.7 billion yuan for a 34% stake, Yanchang Petroleum's subsidiary also contributing 1.7 billion yuan for a 34% stake, and Anhui Energy Group's subsidiary contributing 1.6 billion yuan for a 32% stake [3] - The company is officially registered and operational, with its business scope including power generation, transmission, and supply, subject to regulatory approvals [1][2]

Core Viewpoint - The integration of "investment in material" and "investment in people" is emphasized as a strategic direction for China's economic development, reflecting a shift in focus towards human capital alongside infrastructure investment [1][2]. Group 1: Investment in People - Investment in people is defined as enhancing capabilities and potential across the entire population and lifecycle, addressing changes in international development, traditional economic dynamics, demographic shifts, and new productivity demands [2]. - The new electric power system serves as a platform for human capital development, creating demand for skilled professionals in high-altitude transmission technology, new energy consumption, and smart operation [3][4]. - The digital infrastructure, such as digital twin grids and IoT in power, provides training platforms for digital talent, facilitating the upgrade of skills towards intelligent and digital capabilities [3]. Group 2: Investment in Material - The new electric power system is identified as a core carrier for material investment, establishing a solid hardware foundation for human capital development [3]. - Major infrastructure projects, including ultra-high voltage transmission and smart grid facilities, are crucial for energy security and provide practical scenarios for human capital investment [3][4]. - Investment in material is linked to the operational efficiency of the electric power system, where technological upgrades and equipment improvements drive the need for skilled labor [7]. Group 3: Synergy Between Investment in People and Material - The new electric power system exemplifies the synergy between material and human investment, enhancing energy security and improving service quality through simultaneous upgrades in infrastructure and workforce capabilities [5][6]. - The integration of talent development into project planning and execution ensures that personnel grow alongside project demands, fostering a skilled workforce that meets industry needs [6]. - Collaborative efforts across the industry chain enhance the quality of talent and technology, promoting a virtuous cycle of development that benefits the entire ecosystem [6][8]. Group 4: Technological and Service Enhancements - Upgrading technology and service capabilities are essential for improving operational efficiency and service quality in the electric power sector [7][8]. - Investment in smart devices and digital platforms must be accompanied by comprehensive training programs to align employee skills with technological advancements [7]. - The focus on service quality and operational excellence is critical for meeting the evolving demands of consumers and businesses, ensuring that infrastructure investments yield tangible benefits [8].

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 ...

中国电力企业联合会规划发展部主任张琳认为，能源生产和消费呈现出清晰的电气化趋势，面向未 来电力需求刚性增长、新能源供给比重逐步提高、跨省区电力输送规模快速扩大等新形势，电网发展也 面临着系统稳定风险加剧、安全承载能力不足等新挑战，迫切需要科学统筹、系统谋划未来一段时期电 网发展方位和建设路径。 指导意见提出了明确新型电网平台功能定位、加强各级电网统一规划建设、构建新型电力调度体系 等7方面任务举措。其中提到，落实国家重大战略部署，适度超前、不过度超前开展电网投资建设，加 大存量电网改造升级力度，保障新型电力系统建设。鼓励符合条件的民间资本参与电网投资建设。（记 者 丁怡婷） 近日，国家发展改革委、国家能源局联合印发《关于促进电网高质量发展的指导意见》，明确到 2030年，主干电网和配电网为重要基础、智能微电网为有益补充的新型电网平台初步建成。电网资源优 化配置能力有效增强，"西电东送"规模超过4.2亿千瓦，新增省间电力互济能力4000万千瓦左右，支撑 新能源发电量占比达到30%左右，支撑充电基础设施超过4000万台。 据悉，我国电网已成为全球输电能力最强、运行电压等级最高、新能源并网规模最大、安全运行记 录最 ...

据悉，我国电网已成为全球输电能力最强、运行电压等级最高、新能源并网规模最大、安全运行记 录最长的特大型电网。全国"西电东送"能力达到3.4亿千瓦，占2025年全国最大用电负荷的23%左右。 两部门印发意见 2030年"西电东送"规模将超4.2亿千瓦 近日，国家发展改革委、国家能源局联合印发《关于促进电网高质量发展的指导意见》，明确到 2030年，主干电网和配电网为重要基础、智能微电网为有益补充的新型电网平台初步建成。电网资源优 化配置能力有效增强，"西电东送"规模超过4.2亿千瓦，新增省间电力互济能力4000万千瓦左右，支撑 新能源发电量占比达到30%左右，支撑充电基础设施超过4000万台。 中国电力企业联合会规划发展部主任张琳认为，能源生产和消费呈现出清晰的电气化趋势，面向未 来电力需求刚性增长、新能源供给比重逐步提高、跨省区电力输送规模快速扩大等新形势，电网发展也 面临着系统稳定风险加剧、安全承载能力不足等新挑战，迫切需要科学统筹、系统谋划未来一段时期电 网发展方位和建设路径。 指导意见提出了明确新型电网平台功能定位、加强各级电网统一规划建设、构建新型电力调度体系 等7方面任务举措。其中提到，落实国家重大 ...

本报讯（记者韦薇）日前，自治区应急管理厅发布《广西壮族自治区生产经营单位事故隐患内部报告奖 励案例选编（三）》，精选9起生产经营单位员工报告事故隐患并获奖励的典型案例予以公布，希望通 过案例引导全区生产经营单位建立健全事故隐患内部报告奖励机制，从源头上防范化解生产安全事故风 险。 此次公布的案例覆盖南宁、钦州、北海、柳州、梧州等多地，涉及矿业、食品加工、汽配、建筑、新材 料、电力等多个行业，员工因及时发现并报告安全隐患，均获得企业现金奖励。 北海市有三起案例入选。2025年2月，北海海拓渔港食品有限公司员工发现切丁机设计缺陷，整改后获 3000元奖励。2025年5月，广西北港新材料有限公司5名员工报告氮气储罐安全阀松动隐患，每人获500 元奖励。2025年6月，广西广投临港工业有限公司员工发现高压配电室接线端子放电隐患，整改后获 1000元奖励。 此外，2025年4月，柳州市天河汽配有限责任公司员工发现夹具气缸限位安全隐患并提出改进方法，获 500元奖励。2025年5月，梧州市广西岑溪市龙湾矿业有限责任公司员工发现风筒破损隐患，报告后获 200元奖励。 南宁市有两起案例入选。2025年6月，大赛璐（南宁）食品 ...