上周A股市场整体呈现震荡上行态势，市场风险偏好显著提升。上证指数一度突破3950点，创十年新 高，创业板指表现尤为亮眼。中美贸易摩擦降温，双方经贸牵头人通话并同意尽快举行新一轮经贸磋 商，特朗普有望于月底与中国领导人会晤，提振市场情绪。成交层面，周内A股日均成交额回落至1.8万 亿元，但结构性资金活跃度依然较高。市场风格整体表现为：成长>金融>周期>消费。科技成长方 向，"十五五规划"明确提出加快新能源、商业航天、低空经济等战略性新兴产业集群发展，将催生万亿 元级市场，推动板块估值与业绩预期共振上行。金融板块方面，证券板块受益于资本市场改革深化及市 场交投活跃度回升，情绪明显改善。与此同时，多家中小银行下调存款利率，有助于缓解息差压力并提 升盈利预期，整体来看金融板块表现稳健。国内煤炭产量持续受限，叠加全国多地降温增加需求预期， 带动板块情绪。消费板块内部表现分化，可选强于必选，食品饮料、农林牧渔等必选消费因动销乏力表 现偏弱。 金鹰基金表示，"十五五规划"和中美谈判改善风偏，缩量震荡无碍市场强势。国内方面，上周二十届四 中全会公报发布，显示"十五五规划"整体延续此前政策导向，边际上超预期内容围绕对经济增速仍 ...

据悉，本次大赛是宁乡市深入实施"金种子沃土计划"的重要举措，通过"以赛引才、以赛促创"模式推动 科研成果转化。获奖项目可享受创业补贴、场地租金减免(最长2年)、免费人才公寓(最长3个月)等政策 支持。 近年来，宁乡市将支持大学生创业作为培育发展新动能的重要抓手，通过高位调度、专班推进、部门协 同的工作机制，每年投入超2000万元专项资金，并配套"股东式"服务、"命题式"创业、"极简式"补贴等 创新举措。宁乡经开区每年另设1500万元预算，构建低成本创业生态，并打造"一窗一册一专员"服务模 式及"双周快速评审"机制，全周期赋能创业者。 日，"金种子沃土杯"2025年宁乡市大学生创业大赛落幕。图为颁奖典礼现场。 主办方供图 长沙市沅树科技有限公司由"00后"大学生李楠创立，于今年4月落户宁乡经开区。其自主研发的国内首 个软硬件一体的200吨矿卡能量回收系统在"低能耗、防失控、高防护"三大技术维度均实现突破，每年 能为单台矿卡节省能耗成本超20万元，是中国国际大学生创新大赛(2024)、第十四届"挑战杯"中国大学 生创业计划竞赛双国金项目。"专员全程跟进、政策快速兑现、产业精准对接，这种'股东式'服务让我 们能够专 ...

请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025年10月27日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：冶炼累库与镍矿担忧博弈，镍价窄幅震荡 | 2 | | --- | --- | | 不锈钢：下方想象力有限，向上缺乏驱动 | 2 | | 碳酸锂：偏强震荡，关注中美磋商结果 | 4 | | 工业硅：仓单去化，底部较有支撑 | 6 | | 多晶硅：关注政策落地信息 | 6 | 国 泰 君 安 期 货 研 究 所 2025 年 10 月 27 日 镍：冶炼累库与镍矿担忧博弈，镍价窄幅震荡 不锈钢：下方想象力有限，向上缺乏驱动 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 122,150 | 770 | 990 | -30 | 700 | -2,210 | | 期 | | 不锈钢主力（收盘价） | 12,810 | 45 | 180 ...

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of high-quality development and the establishment of a new energy system to support China's modernization efforts, aiming for significant advancements in economic strength, technological independence, and overall national power by 2035 [1][2]. Economic and Social Development Goals - The main goals for the 15th Five-Year Plan period include achieving significant results in high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and increasing the quality of life for citizens [1]. Energy Sector Achievements - Since the beginning of the 14th Five-Year Plan, China's energy sector has made remarkable progress, ensuring energy security for over 1.4 billion people, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [4][5]. Renewable Energy Growth - China has built the world's largest and fastest-growing renewable energy system, with the share of renewable energy generation capacity increasing from 40% to approximately 60%. Wind and solar power installations have seen unprecedented growth, with annual additions surpassing 100 million and 200 million kilowatts respectively [4][5]. New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a comprehensive approach that includes enhancing system capabilities and ensuring safe, adjustable, and sustainable energy operations [5][6]. Carbon Neutrality Goals - The energy sector is pivotal in achieving carbon peak and carbon neutrality goals, with renewable energy contributing significantly to new electricity installations and non-fossil energy consumption increasing by about 1 percentage point annually [8][9]. Future Industry Development - The 15th Five-Year Plan aims to foster emerging industries such as new energy, new materials, and aerospace, potentially creating several trillion-yuan markets and driving economic growth through advanced technologies [11]. Innovation and Technology - The energy sector has seen a surge in technological innovation, with over 40% of global renewable energy patents originating from China. Key projects like the Baihetan Hydropower Station and advanced nuclear technologies showcase China's capabilities in energy technology [10][11]. Market Dynamics - As renewable energy enters the market, the focus is shifting from reducing levelized cost of electricity (LCOE) to maximizing electricity value (LCOV), indicating a strategic pivot towards enhancing product competitiveness and grid support capabilities [12][13].

记者 周楠 正式发布的"沿沪宁协同创新集市"在线平台，集成六大核心功能：政策信息发布、科创资源共享、 技术供需对接、科技金融对接、科技人才交流与合作成果展示，实现创新要素的"一站汇聚"与"线上速 配"，推动沿沪宁城市技术方与需求方有效链接、便捷可及。 普陀区科委副主任靳文娟介绍，该平台试运行三个月以来，已累计征集有效需求553条，涵盖技术 对接与融资等多方面。其中包括，华东电力设计院和南京工业大学通过平台，共同承接了中国能源建设 集团有限公司的"风光火储蓄运"一体化项目。截至目前，首批已有30个项目成功揭榜并达成合作，签约 金额超过1600万元。 沿沪宁技术经理人联盟，首批则汇聚来自沿沪宁各个城市的74名技术经理人，将作为"科技红娘"深 入一线，推动技术交流与联合攻关。普陀区将联合国家技术转移东部中心开展专业培训，以"精准滴 灌"的方式推动科技成果从实验室走向生产线，破解转化"最初一公里"的难题。 首届沿沪宁创新成果展示交易会同步举办，吸引沿沪宁及周边地区50余家企业、1000余人次参与。 当天，上海机器人产业技术研究院与江苏某汽车零部件企业就"机器人技术成果转化服务"达成技术转让 合作意向，估值达800余万 ...

Core Viewpoint - The energy sector is crucial for high-quality economic and social development, with a focus on building a new energy system characterized by green initiatives and innovation to support China's modernization efforts [1][4]. Group 1: High-Quality Development - High-quality development is the primary task for building a modern socialist country, with the energy sector guided by the "Four Revolutions, One Cooperation" strategy, ensuring energy security for over 1.4 billion people [6]. - Since the beginning of the "14th Five-Year Plan," China's energy sector has made significant progress, with national electricity generation expected to exceed 10 trillion kilowatt-hours in 2024, accounting for one-third of global production [6][4]. - The share of renewable energy generation capacity has increased from 40% to approximately 60%, with annual installations of wind and solar power surpassing 100 million and 200 million kilowatts, respectively [6]. Group 2: New Energy System Construction - The focus has shifted from planning to implementation in the construction of a new energy system, emphasizing the need for a systematic capability reconstruction rather than merely increasing installed capacity [7]. - Key areas for advancing the new energy system include clean and low-carbon transformation of coal, energy storage solutions, and smart grid upgrades to ensure precise matching of supply and demand [8]. Group 3: Carbon Neutrality Goals - Achieving carbon peak and neutrality targets is a critical challenge, with the energy sector being the main battlefield; as of August, total installed capacity for wind and solar power reached 1.69 billion kilowatts, contributing to 80% of new power installations since the "14th Five-Year Plan" [10]. - The share of non-fossil energy consumption has increased by approximately 1 percentage point annually, while coal consumption has decreased by the same rate, laying a solid foundation for reaching carbon peak by 2030 [10]. Group 4: Technological Innovation - Since the "14th Five-Year Plan," China's energy technology has made significant advancements, with renewable energy patents accounting for over 40% of the global total [13]. - The development of high-tech products such as electric vehicles and solar products has become a new growth point for exports, contributing to the global low-carbon transition [13][14]. Group 5: Industry Outlook - The energy industry is expected to continue focusing on high-quality development, with a clear consensus on achieving annual new wind power installations of 12 million kilowatts starting in 2026, aiming for a cumulative total of over 60 million kilowatts in five years [11][14]. - The emphasis will be on extending the value chain of renewable energy through projects like zero-carbon initiatives and integrated energy management, enhancing the competitiveness of products [14].

Core Viewpoint - Recently, two companies, Shenzhen Taiji Energy Technology Co., Ltd. and Shenzhen Hengdong Carbon Fiber Energy Technology Co., Ltd., were established, both led by Shi Lei and focusing on emerging energy technologies and manufacturing related equipment [1] Group 1: Company Overview - Both companies are involved in the research and development of emerging energy technologies, manufacturing of new energy driving equipment, and sales of photovoltaic equipment and components [1] - Both companies are wholly owned subsidiaries of Ganfeng Lithium Co., Ltd. through Shenzhen Yichu Energy Technology Co., Ltd. [1]

Group 1 - The core viewpoint of the news highlights the significant performance of the ChiNext ETF Tianhong (159977), which has seen a notable increase in both price and trading volume, indicating strong investor interest [2][3] - As of October 24, 2025, the ChiNext ETF Tianhong (159977) has accumulated a weekly increase of 7.87%, and in the last three months, it has grown by 21.85 million units, showcasing substantial growth [2] - The ChiNext index, tracked by the ETF, has risen by 75.50% since April 8, 2025, with a recent pullback of 4.54%, which is less than that of the Sci-Tech Innovation index, indicating relative stability [3] Group 2 - The ChiNext index is primarily driven by the new energy sector and covers strategic emerging industries in China, including high-end manufacturing, information technology, and biomedicine, with a current price-to-earnings ratio of 43.51, which is at the 41.75% percentile since its inception [3] - Recent U.S.-China trade talks in Kuala Lumpur have been positively received, with both parties agreeing to maintain close communication on economic concerns, which may benefit the overall market sentiment [5] - Citic Securities notes that while market sentiment has cooled in October, it has not stalled, and recent signals of easing in U.S.-China relations may restore risk appetite in overseas markets [6]

锂价冲高或有回落 涨势暂未结束 研究员：陈婧 FRM 期货从业证号：F03107034 投资咨询资格证号：Z0018401 目录 第一章 需求分析 4 第二章 供应分析 8 第三章 供需平衡及库存 11 GALAXY FUTURES 1 碳酸锂后市行情展望 交易逻辑 行情展望及策略推荐： GALAXY FUTURES 2 需求端：在新车型上市和重卡换电的 带动下， 10月动力电池排产环比增速超预期，但老车型库存仍高，动力电池结构 性增长。储能因产能瓶颈，虽终端订单火爆，但交付周期延长，排产被平滑，10月环比增长不足1%。现货市场表现远 远落后于期货，采购积极性被高价抑制，仓单下降速度也显著放缓。 供应端：锂矿短期收紧，加工费降至18500元/吨附近，加工利润缩水抑制代工厂的产能利用率，月底澳矿到港可能有 一定补充。10月国内碳酸锂产能利用率已达75%以上，继续增长空间有限，产量增速放缓。进口量因智利8-9月发运 偏低也难有大幅增量，供应环比走平。 库存：本周广期所仓单环比减少1987吨至28699吨，仓单去化速度放缓。SMM周度库存环比减少2292吨，连续三周 减量在2000吨以上。 资金面：本次上涨前碳酸锂 ...

Group 1 - The forum "China-ASEAN Free Trade Area 3.0 Green Value Chain Partnership" aims to promote the greening of regional industrial and supply chains, contributing to global carbon neutrality and sustainable development [1] - China plays a crucial role in the global value chain greening as the world's largest exporter and second-largest importer [1] - Discussions focused on the adaptability and synergy of green low-carbon policies for agricultural products and sustainable transformation practices in key industrial sectors [1] Group 2 - Guangxi has established 105 national-level green factories, 11 green parks, and 1 zero-carbon park, with green factory output accounting for 35% of the total industrial output value [2] - The sugar industry in Guangxi has achieved a circular economy output exceeding 100 billion yuan, with a 100% utilization rate of by-products like bagasse [2] - Guangxi is building a clean energy hub for ASEAN, with over 70% of installed capacity from clean energy sources and cross-border electricity exchanges exceeding 74 billion kilowatt-hours [2] Group 3 - Guangxi's exports to ASEAN reached 275.09 billion yuan in the first eight months of the year, leading among central and western provinces in China, with a nearly 50% increase in exports of electric passenger vehicles [3] - Consensus was reached to strengthen policy dialogue and technical exchanges, co-establish a regional green value chain standard system, and deepen collaboration in industrial and supply chains [3]