中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 策略 Strategy 如何在美A港三地中做出选择？ >>点击图片查看全文<< 2025.12.14 | 张文朗 黄亚东等 03 消费Industry 食品饮料2026年展望：筑底接近尾声，聚焦高质量增长 >>点击图片查看全文<< 2025年初以来，美A港三地市场呈现以季度维度的切换脉络，既有此消彼长的"跷跷板"效应，也有跨市场间的映射联动。一季度 DeepSeek引领中国资产重估，恒科领跑；二季度美国对等关税后，美股凭借AI龙头超预期业绩与资本开支涨幅居前，港股新消费和创 新药启动，但恒科始终没回到3月高点；三季度国内资金入市叙事强化、科创算力行情推动A股后来居上；9月"宽松交易"与中国互联网 龙头AI叙事强化，一度使港股再度跑赢。但11月下旬以来，三地中港股却尤为疲弱，不仅跌幅更大、也未能跟上美股和A股的修复节 奏。恒生国企下跌2.2%，恒科跌0.7%。相反，A股和美股均有正收益，沪深300涨0.5%，标普500和纳指分别涨5.5%和6.9%，港股直到 上周五才迎来反弹。那么，港股近期为何在三地中走得更弱？往前看，又应该如何在美A港三地 ...

Core Viewpoint - The energy supply situation in China is stable, with sufficient resources to meet the demands of winter heating and power generation, supported by both traditional and clean energy sources [1][2][3] Traditional Energy Supply - Coal remains a critical component of China's energy security, with daily coal production reaching 75,000 tons and a maximum coal stockpile exceeding 350,000 tons, ensuring supply stability during extreme winter weather [1] - The National Energy Group has implemented an emergency supply mechanism, delivering over 11 million tons of coal and generating over 21 billion kilowatt-hours of electricity since December [2] Clean Energy Projects - Significant clean energy projects are being launched, including the 800 MW offshore wind project in Jiangsu, which is expected to power 1.4 million households and reduce carbon emissions by approximately 2.37 million tons [2] - The successful grid connection of the second unit of the Zhangzhou Nuclear Power Plant marks a milestone in nuclear energy development, contributing to the overall energy supply [3] Power Grid Enhancements - The completion of the ±800 kV UHVDC transmission project in Hubei will enable the transmission of approximately 40 billion kilowatt-hours of clean electricity annually, equivalent to replacing 12 million tons of standard coal and reducing carbon emissions by 30 million tons [3] - The State Grid has 82 key projects aimed at enhancing power supply capacity by over 30 million kilowatts, ensuring reliable electricity supply during peak winter demand [4] Resilience in Power Supply - To improve the resilience of the power supply system, it is essential to enhance the accuracy of renewable energy forecasting, apply digital technologies across various sectors, and optimize the efficiency of UHV transmission channels [5]

Core Insights - The focus of energy investment is shifting from power generation to grid and energy storage, with global annual investments in grid upgrades and energy storage expected to exceed $800 billion (approximately 5.6 trillion RMB) by 2030, representing a significant increase of over 50% from current levels [1] Investment Trends - Global investment in solar photovoltaic power is projected to reach $554 billion in 2024, a 49% increase compared to 2022 [2] - Investment in electric vehicles is expected to be $763 billion, marking a 33% increase [2] - Battery storage investments are anticipated to grow by 73% to $54 billion in 2024, which is 11 times the average level from 2019-2020 [3] Energy Transition Characteristics - The energy transition is characterized by three main trends: 1. Divergence in transition paths influenced by political and economic factors, with the U.S. and EU showing contrasting approaches [6] 2. China emerging as a leader in green low-carbon development, with significant advancements in wind and solar capacity [6] 3. Electrification becoming a common pathway for global energy transition, with electricity demand projected to grow by 32% over the next decade [6] Future Energy Consumption - Global energy consumption growth is expected to slow, with a projected increase of 1.7% during the "15th Five-Year Plan" period, down 1.1 percentage points from the previous period [7] - China's non-fossil energy is predicted to become the dominant energy source, with its share of total power generation expected to reach 50% by 2035 and 91% by 2060 [7][8] Carbon Emissions Outlook - Global carbon emissions from energy combustion are projected to reach 36.1 billion tons by 2030, with a plateau phase expected [11] - China's energy-related carbon emissions are anticipated to stabilize around 1.06 billion tons, with a potential reduction of 10% from peak levels by 2035 [11] Hydrogen Energy Potential - The hydrogen industry is expected to play a significant role in achieving carbon neutrality, with green hydrogen demand projected to reach 1.2 million tons by 2030 [12] - By 2060, the hydrogen sector could contribute to a reduction of 600 million tons of carbon emissions, accounting for approximately 10% of China's carbon neutrality goals [12]

为深入贯彻落实国家碳达峰碳中和目标，充分发挥行业组织在绿色低碳发展中的桥梁纽带作 用，中国开发区协会碳中和专业委员会、中国能源报中国能源经济研究院零碳园区专委会拟联 合发起搭建"零碳园区建设联合体"（以下简称"联合体"），整合"政产学研用"多方资源，汇聚 行业力量推进零碳园区领域标准建设、技术创新与产业协同，全面提升零碳园区、零碳工厂建 设综合服务能力。 现诚邀各有关单位作为发起单位参与联合体建设，具体事项通知如下： （四）开展试点示范与能力建设。遴选代表性园区设立联合创新示范基地，通过专业培训、经验 交流等方式赋能园区建设，形成可复制可推广的零碳园区建设模式与实施路径。 （五）强化行业交流与品牌传播。定期组织零碳园区考察调研、高端论坛交流活动，促进前沿理 念与实践经验互鉴共融；依托权威媒体渠道提升联合体及成员单位品牌影响力。 二、征集范围 2026-2030 一、联合体工作重点 联合体将以实地调研、课题研究、专题会议为重要载体，围绕"研究、服务、合作、传播"四大核 心方向开展工作： （一）组建高端专家智库。汇聚国内外零碳领域知名专家、企业家、技术骨干，为联合体各项工 作提供专业指导与智力支撑。 （二）构建标 ...

欧盟碳边境调节机制（CBAM）是全球首个碳边境关税，目前针对钢铁、铝、水泥和化肥等进口产品的 二氧化碳排放量征税。 据欧盟委员会定于周三发布的提案草案显示，欧盟将扩大碳边境税的征收范围，将汽车零部件和洗衣机 纳入征税清单。碳边境税是针对高排放进口产品征收的一项费用。 该提案还致力于堵住欧盟委员会担忧的潜在漏洞，这些漏洞可能被外国企业利用以逃避缴费。目前碳边 境税处于试点阶段，将于明年 1 月正式开始征收。 欧盟严防政策规避行为 尽管面临诸多反对意见，但路透社于周二获取的欧盟法律提案草案显示，欧盟将加大碳边境税的实施力 度：把征收范围扩大至那些大量使用钢铁和铝的下游产品，包括建筑产品、电网部件以及机械设备等。 碳边境调节机制将于 2026 年起，要求进口商为其进口产品的相关排放量缴税，但企业可延迟至 2027 年 9 月前，通过购买并向欧盟上缴碳边境税凭证来履行合规义务。 自布鲁塞尔方面于 2021 年宣布开征碳边境税以来，中国、印度和巴西虽然对该政策持批评态度，但均 已着手制定或扩大本国的碳定价体系。 品诚梅森律师事务所贸易事务合伙人托蒂斯・科特索尼西斯表示："这些国家已经改变了自身行为。在 我看来，这已然是 ...

①L3级自动驾驶迈入商业化应用，智能驾驶产业链迎来发展新阶段 工业和信息化部正式公布我国首批L3级有条件自动驾驶车型准入许可，两款分别适配城市拥堵、高速 路段的车型将在北京、重庆指定区域开展上路试点。这标志着我国L3级自动驾驶从测试阶段迈入商业 化应用的关键一步。政策的落地为高级别自动驾驶技术的规模化应用扫清了法规障碍，将加速智能驾驶 软硬件产业链的成熟与成本下降。随着技术迭代与消费者接受度提升，智能驾驶功能正逐步从高端车型 向主流车型渗透，成为汽车产业智能化升级的核心驱动力。 中央财办有关负责同志在详解2025年中央经济工作会议精神时表示，扩大内需是明年排在首位的重点任 务，并指出要着力释放居民消费潜力，深入实施提振消费专项行动。国家发改委亦发文强调，要加力稳 定大宗消费，实施好消费品以旧换新政策，并强化品牌引领、标准升级、新技术应用，打造一批带动面 广、显示度高的消费新场景。在政策持续加码的背景下，零售、电商、文旅及服务消费等与居民生活密 切相关的领域有望迎来需求提振，消费基础设施与供应链企业也将受益于投资增长。 ③对欧盟进口猪肉征收反倾销税，国内生猪养殖产业压力有望缓解 声明：投资有风险，入市需谨慎。数 ...

黄金股遭遇重挫，黄金股ETF、黄金股票ETF和黄金股票ETF基金分别跌4.16%、3.91%和3.78%。 电网板块全线下跌，电网ETF跌3.48%。光伏板块调整，光伏ETF基金、科创新能源ETF均跌3%。 截至收盘，上证指数跌1.11%，深证成指跌1.51%，创业板指跌2.1%，北证50涨0.54%。全市场成交 额1.75万亿元，较上日成交额缩量463亿元。 板块题材上，乳业、零售板块活跃，商业航天板块午后拉 升，贵金属、影视院线、光伏板块调整。 ETF方面，部分跨境ETF走强，华夏基金巴西ETF、景顺长城基金标普消费ETF和易方达基金巴西 ETF分别涨2.21%、1.64%和1.31%。金融科技板块表现活跃，金融科技ETF兴业涨1.3%。自动驾驶板块 走高，华泰柏瑞基金智能驾驶ETF、鹏华基金智能网联汽车ETF、分别涨1.16%和0.8%。 （责任编辑：刘静 HZ010） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff. ...

Market Overview - The market experienced a day of volatility with all three major indices opening lower and closing down. The Shanghai Composite Index fell by 1.11%, the Shenzhen Component by 1.51%, and the ChiNext Index by 2.1% [1][13] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 49.3 billion yuan from the previous trading day, with over 4,300 stocks declining [1][13] Macro Economic Factors - The Bank of Japan is set to discuss a potential interest rate hike from 0.5% to 0.75% during its monetary policy meeting on December 18-19, which would be the highest rate in 30 years [1][13] - Concerns about tightening liquidity and the ongoing worries regarding an AI bubble in overseas markets have contributed to market sentiment [1][13] AI and Semiconductor Sector - The semiconductor and AI-related sectors saw significant declines, particularly in communication and entrepreneurial AI stocks, likely due to weak overseas AI trading [3][15] - Despite recent downturns, there is a strong expectation for continued growth in capital expenditure in the AI sector next year, with a focus on upstream supply chain stocks in A-shares [3][15] - Communication ETF (515880) and semiconductor equipment ETF (159516) are recommended for investors looking to capitalize on domestic alternatives and AI-related opportunities [3][15][20] Automotive Sector - The smart automotive sector performed relatively well, with the smart automotive ETF (159889) rising by 0.19% [8][21] - The Ministry of Industry and Information Technology has granted approval for the first batch of L3 conditional autonomous driving vehicles, marking a significant step towards commercialization [8][21] - Tesla's advancements in L4 autonomous driving technology may serve as a benchmark for domestic players aiming to initiate similar operations [9][21] New Energy Sector - The new energy sector experienced notable declines, with the electric grid ETF (561380) down 3.13% and the photovoltaic ETF (159864) down 3.05% [11][23] - Factors contributing to this decline include external macroeconomic influences and the approaching sales off-season, leading to concerns about the sustainability of energy storage demand [11][23] - Despite the current downturn, the outlook for energy storage remains positive, with expectations of sustained demand into the first half of next year [11][24]

ETF方面，部分跨境ETF走强，景顺长城基金标普消费ETF、华夏基金巴西ETF和易方达基金巴西ETF分 别涨2.78%、1.2%和1%。自动驾驶板块走高，鹏华基金智能网联汽车ETF、广发基金汽车ETF分别涨 0.71%和0.7%。金融科技板块小幅反弹，金融科技ETF兴业涨0.43%。 格隆汇12月16日｜A股三大指数集体下跌，截至午盘，沪指跌1.22%，深成指跌1.88%，指跌2.35%，北 证50指数涨1.10%，沪深京三市半日成交额11396亿元，较上日缩量589亿元。全市场超4400只个股下 跌。 光伏、超硬材料、稀土永磁、两岸融合、深海科技、半导体、固态电池概念股纷纷回调；智能驾 驶、免税店、稳定币题材逆势走强。 黄金股遭遇重挫，黄金股ETF、黄金股票ETF和黄金股票ETF基金分别跌4.16%、3.97%和3.93%。电网 板块全线下跌，电网ETF跌3.96%。光伏板块调整，光伏50ETF、科创ETF均跌3%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任 ...

智通财经APP获悉，中国银河证券发布研报称，中央经济工作会议12月10日至11日在北京举行。中央经 济工作会议通稿能源强国建设规划纲要，加快新型能源体系建设，扩大绿电应用，新能源依旧是十五五 发展中心，聚焦新质生产力与反内卷，风光储、AIDC、锂电、机器人有望全面受益。 AIDC海内外共振，电网及储能筑基 我国已建成全球最大物流、电力、通信等基建网络，AI加速全面发展，电力需求日益增长，北美AI缺 电担忧逐步强化，为适应人工智能+、绿色低碳转型等趋势，保障能源安全，现代化新基建势在必行。 1）AIDC：AI军备竞赛下智算需求助推AIDC高景气，未来供配电系统向800V HVDC高压直流演进，服 务器电源量利齐升，UPS和HVDC仍将长期并行发展，高电压等级HVDC渗透率有望在未来5年实现快速 提升，固态变压器SST是未来发展趋势。AI对电力消耗大，AI缺电担忧加剧，配储需求旺盛。AI电力设 备、储能、服务器电源优先受益。2）电网：新型电力系统持续推进，风光等可再生能源装机大，电网 建设需求旺盛，特高压及主网、配网数智化延续增长态势。全球电网投资高景气，经济复苏以及AI高 速发展，叠加新能源并网以及电网更新改造 ...