证券研究报告 | 金融工程 2026 年 2 月 2 日 A 股细化三大环境信披指南，国际气候行动持续分化 ——ESG 市场观察周报（20260201） 1、要闻速览：国内 ESG 信披细则落地，国际气候行动呈现分化 国内动态方面，沪深北交易所新增《第三号 污染物排放》《第四号 能源利用》 《第五号 水资源利用》三项可持续发展报告实操指南；香港金管局发布可持续金融 分类法 2A 阶段版本，新增气候转型与适应类别；国家能源局新批准成立 7 个能源 标准化技术委员会，完善绿色低碳标准体系。 国际动态方面，国际公共部门会计准则理事会（IPSASB）发布全球首项公共 部门气候相关披露标准；美国正式退出《巴黎协定》的生效程序完成；英国竞争与 市场管理局发布新指南，明确零售商需对供应链"漂绿"行为承担责任；欧洲九国 签署《汉堡宣言》联合开发北海 100 吉瓦海上风电及相关基础设施。 2、市场动向： ESG 指数表现分化，碳价与电力板块回调 本周国内代表性 ESG 主题指数分化，国内 300ESG、上证社会责任及 180 治 理指数分别上涨 0.49%、0.70%和 1.93%，而 SEEE 碳中和指数下跌 1.85%。 ...

基金分析专题报告(深度) 证券研究报告 数说公募主动权益基金四季报 ——规模/份额双降、周期/金融配置权重上升 王子薇 分析师SAC执业编号：S1130524010001 王聃聃 分析师SAC执业编号：S1130521100001 2026/2/2 主动权益基金2025年四季报总结 ◼ 基金市场概况：2025年四季度A股在经历了近一年的上涨趋势后开始横盘震荡，宽基指数涨跌互现。风格上，大、中盘价值指数均显著跑赢成长，小 盘成长与价值收益差距不大，大盘价值领跑，反映机构资金在进攻与防守之间切换、风险暴露选择性收敛的同步推进；行业指数方面，四季度申万31 个行业除医药生物、美容护理等9个行业外，其余各行业指数均取得正收益，其中，资源和军工表现较好，医药整体偏弱。主动权益基金规模和份额 下降，发行数量和发行规模小幅提升。 ◼ 基金持仓情况：权益基金平均股票仓位小幅收缩，为88.05%；港股仓位也有所下降。重仓股板块配置方面，权益基金集中增持周期品方向，主要为 稳增长政策托底下宏观预期边际改善、顺周期盈利弹性重新获得资金定价，以及年末时点资金对组合确定性与波动控制要求提升的合力结果，机构在 周期与金融板块抬升配比，同 ...

Core Viewpoint - The company emphasizes that expanding internationally is a crucial development strategy, actively targeting overseas markets including Europe and the United States [1] Group 1: Business Strategy - The company is focusing on providing a full range of services, from UPS power protection to micro-module data centers and light-storage microgrid solutions [1] - The company aims to deepen its global presence by concentrating on green and intelligent technology [1] Group 2: Product and Service Offering - The company plans to leverage high-quality products and services to offer smart energy and intelligent computing solutions to global partners [1]

Core Viewpoint - Huaguang Huaneng (600475) has three main business segments: Equipment Manufacturing, Engineering and Services, and Operations Management [1] Group 1: Equipment Manufacturing - The Equipment Manufacturing segment is divided into energy-efficient power generation equipment and environmental new energy power generation equipment [1] - Energy-efficient power generation equipment includes circulating fluidized bed boilers and pulverized coal boilers, while environmental new energy power generation equipment includes gas turbine waste heat boilers, waste incineration boilers, biomass boilers, and solid waste boilers [1] - The company has a strong foundation in manufacturing large and medium-sized boilers, which supports the development and implementation of innovative products [1] - New businesses in the hydrogen energy sector, such as alkaline electrolyzers for hydrogen production and flexible transformation of boiler thermal power, will be incubated within the Equipment Manufacturing segment [1] Group 2: Engineering and Services - The Engineering and Services segment is divided into power station engineering and municipal engineering [1] - Power station engineering includes EPC for power stations and photovoltaic projects, while municipal engineering focuses on municipal environmental projects such as sewage and solid waste disposal [1] - Subsidiary Huaxin Design Group holds first-class design qualifications in municipal and environmental engineering, ranking among the top ten in Jiangsu Province [1] - Huaguang Power Station and its subsidiary Huaguang (Xi'an) Design Institute possess second-class qualifications in the power industry, with a strong talent pool [1] Group 3: Operations Management - The Operations Management segment includes local thermal power and new energy operation services, as well as environmental operation services [1] - Local thermal power and new energy operation services involve combined heat and power generation and photovoltaic operation, with the company operating the longest domestic heating distance and a large-scale centralized steam heating system [1] - Subsidiary Zhongshe Guolian has capabilities in photovoltaic development and operation, managing 37 mature photovoltaic operation projects across multiple provinces [1] - In environmental operations, the company has capabilities for collaborative development and comprehensive disposal in the solid waste industry, covering household waste disposal, kitchen waste treatment, oil resource utilization, and sludge disposal [1] - The company has established a "City Comprehensive Solid Waste Disposal Center" in Wuxi Huishan District, achieving 100% collaborative treatment and efficient resource utilization of solid waste projects [1]

（编辑 袁冠琳） 证券日报网讯 2月2日，科林电气在互动平台回答投资者提问时表示，公司积极关注并响应国家产业发 展方向，致力于通过自身专业技术服务于国民经济建设。公司长期为五大六小发电集团涉及火电、核 电、风电、光伏发电等各类电站提供变电设备、配电设备和新能源及电力工程总承包业务等。公司会持 续关注重大国家战略带来的市场机遇。 ...

证券日报网讯 2月2日，英威腾在互动平台回答投资者提问时表示，公司微电网解决方案能应用于园区 类似数据中心、充电桩及综合用电等复杂负载，能服务当前园区低碳转型与高质量发展的需求。 （文章来源：证券日报） ...

Group 1 - In the fourth week of January, the total net outflow of funds was 148.3 billion, compared to a net inflow of 173.9 billion in the previous week [1][8] - The short-term sentiment indicator is at a high level since 2005, with the recent weekly turnover rate (annualized) at 627%, placing it in the 90th percentile historically [1][12] - The long-term sentiment indicator is at a medium-low level since 2005, with the recent A-share risk premium at 2.48%, in the 46th percentile historically [2][12] Group 2 - The top three industries by trading volume in the past week were semiconductor (99%), non-ferrous metals (98%), and defense industry (97%), while the lowest were food processing (0%), transportation (0%), and real estate (1%) [2][14] - The highest financing transaction ratio industries were machinery equipment (86%), electric power equipment (82%), and social services (79%), while the lowest were banking (14%), non-bank financials (20%), and real estate (20%) [2][14]

Group 1 - In the fourth week of January, the total net outflow of funds was 148.3 billion, compared to a net inflow of 173.9 billion in the previous week [1][8] - The short-term sentiment indicator is at a high level since 2005, with the recent weekly turnover rate (annualized) at 627%, placing it in the 90th percentile historically [1][12] - The long-term sentiment indicator is at a medium-low level since 2005, with the recent A-share risk premium at 2.48%, in the 46th percentile historically [2][12] Group 2 - The top three industries by trading volume percentage in the past week were semiconductor (99%), non-ferrous metals (98%), and defense industry (97%), while the lowest were food processing (0%), transportation (0%), and real estate (1%) [2][14] - The highest financing transaction percentage industries were machinery equipment (86%), electric power equipment (82%), and social services (79%), while the lowest were banking (14%), non-bank financials (20%), and real estate (20%) [2][14]

泰开直流研制的375kV-535kV直流断路器、10kV直流负荷开关、多端口电力电子变压器、大容量直流变 压器、柔性互联装置等产品参数达到国际领先水平。产品成功应用到多项国家重点示范工程，包括国网 张北500kV直流电网示范工程、南网珠海"互联网+"智慧能源示范工程、南网东莞交直流混合的分布式 可再生能源示范工程、国网苏州中低压直流配用电、三峡乌兰察布源网荷储一体化示范项目、南网佛山 含镜像储能的弹性互联配网示范工程等，取得了良好的业绩表现。 中国发展网讯 山东泰开直流技术有限公司（以下简称泰开直流）坐落在雄伟的泰山脚下，是泰开集团 的全资子公司，注册资金壹亿元。泰开直流专业从事柔性直流核心装备研制，并提供柔直配网、柔性微 电网及虚拟电厂整体解决方案，坚持自主创新、发展绿色电力，探索打造"源-网-荷-储"一体化智慧能源 示范样板。 泰开绿色低碳柔性智慧工业园区 近期，山东省发展和改革委员会、山东省总工会、山东省能源局联合主办"2025年山东省新能源运维技 能竞赛和第三届综合智慧能源服务项目创新创意劳动竞赛"，泰安市发展改革委组织申报的《泰开绿色 低碳柔性微电网项目》荣获全省低碳智慧能源示范工程创新创意赛道一等 ...

Group 1: Market Overview - The A-share market exhibited a structural differentiation pattern last week, with cyclical and financial sectors leading gains while military and power equipment sectors declined [1][7] - Industries such as petroleum, coal, and non-ferrous metals continued to rise on a month-on-month basis, while military, power equipment, automotive, and computer sectors experienced significant declines [1][7] Group 2: Macroeconomic Analysis - In January, the manufacturing PMI in China fell to 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a seasonal decline and below the average level for recent years [2][8] - The price index showed a notable rebound due to rising commodity prices, while the service sector remained stable and the construction industry required policy support [2][8] - The U.S. Federal Reserve's recent decision to pause interest rate cuts aligns with market expectations, but the appointment of Kevin Walsh as the new Fed Chair may introduce uncertainties into monetary policy [3][9] Group 3: Investment Strategy - The current phase of A-share earnings disclosures is expected to reveal a shift towards new economic growth, with a notable rise in the new economy's growth center, particularly in AI and overseas expansion [4][10] - The market is anticipated to stabilize, with a focus on leading companies in specific sectors and the A500 index, as regulatory measures have suppressed short-term speculative trading [4][10] - External disturbances may lead to corrections in previously popular sectors, creating potential opportunities for policy support in heavily pressured indices like the CSI 300 [4][10] Group 4: Investment Directions - Emerging technology remains a primary focus, with value stocks also showing potential; attention should be given to leading companies and the A500 index [5][11] - In the technology growth sector, global demand for AI computing power is driving rapid growth in semiconductor equipment demand, leading to price increases across the entire supply chain [5][11] - In the cyclical sector, low valuations and improving economic conditions suggest opportunities in food, retail, tourism services, and commodities like oil and non-ferrous metals [5][11]