南方电网碳交易机制启动当日，共形成47笔交易，总成交量5.9万吨，成交均价64.37元/吨。 此次广州市人民政府和南方电网公司共同建设穗碳云平台，开创"政府主导、企业主建"的央地联动新模 式，构建了全国首个超大城市全域电碳数据库，整合了电、气、水、油全品类能源数据，依托碳排放预 测模型，结合广州社会经济与产业特色，高精度预判全市、区域及行业碳排放趋势，赋能多元碳双控应 用场景，树立超大城市碳数字治理标杆。 南方电网碳交易机制、广州"双碳"服务平台启动上线暨电碳产业发展研讨会5日在广州举行。(南方电网 公司 供图) 南方电网公司创新将碳交易机制引入企业碳管理体系，设计"碳配额考核+碳信用引导"的运行机制，建 成以"直采直送"方式采集碳排放数据的企业碳交易机制，具有碳配额事先核发、季度与年度清缴协同、 内部碳积分结算等特征，为大型企业内部碳管理提供实践样本。 中新网广州1月6日电(王华 蓝旺)南方电网碳交易机制、广州"双碳"服务平台启动上线暨电碳产业发展研 讨会5日在广州举行。其间，南方电网公司正式启动南网碳交易机制，并与广州市人民政府携手上线广 州市碳达峰碳中和监测管理平台"穗碳云"，同步发布首个超大城市全域电 ...

未来，南方电网公司将持续深化市场机制创新，以虚拟电厂技术标准体系完善和战略地图系列项目实施为牵引，持续深耕虚拟电厂"可观、可测、可控、 可调"和"物理可信、信息可信、价值可信"实用技术，扩大虚拟电厂参与市场规模，让海量分布式资源充分激活，为清洁低碳、灵活智能的新型电力系统 建设提供坚实支撑，助力能源转型高质量发展。 首批虚拟电厂正式参与南方区域电力现货市场交易 来源：南网50Hz 2025年12月29日，南方区域电力现货市场首批发电类虚拟电厂正式入市交易。 此次入市的虚拟电厂涵盖广东深圳、佛山、中山等地共5家调度单元，聚合分布式光伏等资源总容量约33兆瓦，以"报量报价"模式参与日前、实时现货市 场优化出清。南方总调统筹完成管理制度体系建立及技术系统升级优化，经历数日的模拟出清和调电试运行后，确保虚拟电厂优化出清结果正确、价格信 号合理。 发电类虚拟电厂参与区域现货市场后，分布式光伏等分散资源从电网"被动管理对象"转变为主动响应的"市场主体"。作为南方区域现货市场的全新参与 者，虚拟电厂的入市完善了市场主体结构，构建了"源荷互动、供需协同"的市场新生态。其打通的分布式资源市场化路径更为后续负荷类虚拟电厂入市积 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - Due to the lack of some high - frequency data during the festival, there is no forecast value for the current Guosheng fundamental high - frequency index. The long - short signal of interest - rate bonds is下调, with the signal factor at 3.1% (previous value was 3.2%) [1][9]. - In terms of production, the industrial production high - frequency index is 127.9, with a week - on - week increase of 0.1 point compared to the previous value of 127.8, and the year - on - year increase remains unchanged at 4.9 points [1][9]. - In terms of total demand, the high - frequency index of commercial housing sales is 40.5, a week - on - week decrease of 0.2 points compared to the previous value of 40.7, and the year - on - year decrease remains unchanged at 6.5 points; the high - frequency index of infrastructure investment is 121.9, a week - on - week decrease of 0.1 point compared to the previous value of 122.0, and the year - on - year increase narrows; the high - frequency index of exports is 143.7, remaining the same as the previous value, and the year - on - year increase narrows; the high - frequency index of consumption is 121.2, a week - on - week increase of 0.1 point compared to the previous value of 121.1, and the year - on - year increase remains unchanged at 3.3 points [1][9]. - In terms of prices, the month - on - month forecast of CPI is 0.0% (previous value was 0.0%); the month - on - month forecast of PPI is 0.0% (previous value was 0.1%) [1][9]. - The high - frequency inventory index is 163.8, a week - on - week increase of 0.1 point compared to the previous value of 163.7, and the year - on - year increase remains unchanged at 7.4 points [1][10]. - The high - frequency financing index is 246.5, a week - on - week increase of 0.6 points compared to the previous value of 245.9, and the year - on - year increase rises [2][10]. 3. Summary by Relevant Catalogs 3.1 Total Index: Fundamental High - Frequency Index is Stable - Based on the report "Fundamental High - Frequency Data - An Effective Tool for Bond Market Investment" published on September 5, 2023, Guosheng Securities constructed a high - frequency data system covering overall, production, demand, prices, financing, etc., and built the Guosheng fixed - income fundamental high - frequency index and its sub - indices [8]. - From December 29, 2025, to January 4, 2026, due to the lack of some high - frequency data during the festival, there is no forecast value for the current Guosheng fundamental high - frequency index. The long - short signal of interest - rate bonds is下调, with the signal factor at 3.1% (previous value was 3.2%) [1][9]. 3.2 Production: Overall Decline in Operating Rates During the Festival - The polyester operating rate is 86.0%, down from the previous value of 87.8%; the semi - tire operating rate is 69.4%, down from the previous value of 72.1%; the full - tire operating rate is 59.6%, down from the previous value of 62.0%; the PX operating rate is 88.4%, down from the previous value of 88.6%; the coal dispatch at Qinhuangdao Port is 50.6 tons, up from the previous value of 47.0 tons [17]. 3.3 Real Estate Sales: Slight Decline in Commercial Housing Transaction Area - The commercial housing transaction area in 30 large - and medium - sized cities in the current week is 390,000 square meters, down from the previous value of 420,000 square meters; the premium rate of land transactions in 100 large - and medium - sized cities is 2.1%, up from the previous value of 1.2% [30]. 3.4 Infrastructure Investment: High - Frequency Index of Infrastructure Investment Remains Stable - The high - frequency index of infrastructure investment in the current week is 121.9, down from the previous value of 122.0; the operating rate of petroleum asphalt is 27.4%, down from the previous value of 31.3% [39]. 3.5 Exports: Slight Decline in RJ/CRB Index - The high - frequency export index in the current week is 143.7, the same as the previous value; the RJ/CRB index is 299.9 points, down from the previous value of 300.6 points [46]. 3.6 Consumption: Increase in Average Daily Box Office of Movies - The average daily box office of movies is 166.12 million yuan, up from the previous value of 108.11 million yuan [58]. 3.7 CPI: Slight Increase in Pork Prices - The latest average wholesale price of pork is 17.7 yuan per kilogram, up from the previous value of 17.5 yuan per kilogram; the latest average wholesale price of 28 key - monitored vegetables is 5.6 yuan per kilogram, down from the previous value of 5.8 yuan per kilogram; the latest average wholesale price of 7 key - monitored fruits is 7.8 yuan per kilogram, the same as the previous value; the latest average wholesale price of white - striped chickens is 17.7 yuan per kilogram, down from the previous value of 17.9 yuan per kilogram [65]. 3.8 PPI: Continued Increase in Spot Price of Copper - The closing price of steam coal (produced in Shanxi) at Qinhuangdao Port is 673 yuan per ton, down from the previous value of 682 yuan per ton; the futures settlement price of Brent crude oil is 61 US dollars per barrel, down from the previous value of 62 US dollars per barrel; the spot settlement price of LME copper is 12,473 US dollars per ton, up from the previous value of 12,088 US dollars per ton; the spot settlement price of LME aluminum is 2,953 US dollars per ton, up from the previous value of 2,916 US dollars per ton [73]. 3.9 Transportation: Increase in the Number of Executed Flights - The passenger flow of the subway in first - tier cities in the current week is 38.97 million person - times, down from the previous value of 39.96 million person - times; the number of domestic executed flights is 12,548, up from the previous value of 12,353 [81]. 3.10 Inventory: Continuous Decline in Soda Ash Inventory - The soda ash inventory is 1.407 million tons, down from the previous value of 1.469 million tons [89]. 3.11 Financing: Credit Bond Financing Turns from Positive to Negative - The net financing of local government bonds in the week is 17.4 billion yuan, up from the previous value of - 3.2 billion yuan; the net financing of credit bonds is - 61.7 billion yuan, down from the previous value of 40.8 billion yuan; the 6M national - share bank acceptance bill transfer discount rate is 0.88%, down from the previous value of 0.93%; the average value of the bill rate - certificate of deposit rate is - 0.75%, down from the previous value of - 0.70% [100].

来源：新浪证券-红岸工作室 1月5日，龙源电力涨1.00%，成交额6403.87万元。两融数据显示，当日龙源电力获融资买入额510.11万 元，融资偿还459.90万元，融资净买入50.21万元。截至1月5日，龙源电力融资融券余额合计1.01亿元。 融资方面，龙源电力当日融资买入510.11万元。当前融资余额1.01亿元，占流通市值的0.13%，融资余 额超过近一年80%分位水平，处于高位。 截至9月30日，龙源电力股东户数3.42万，较上期减少16.42%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，龙源电力实现营业收入222.21亿元，同比减少15.67%；归母净利润43.93亿元，同比减 少19.76%。 分红方面，龙源电力A股上市后累计派现68.14亿元。近三年，累计派现55.82亿元。 融券方面，龙源电力1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量7000.00股，融券余额10.63万元，低于近一年10%分位水平，处于低位。 资料显示，龙源电力集团股份有限公司位于北京市西城区阜成门北大街6号(c幢)20层2006室,香港铜锣湾 希 ...

证券研究报告：电力设备|点评报告 行业投资评级 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 电力设备 沪深300 强于大市 |维持 行业基本情况 | 收盘点位 | | 10088.23 | | --- | --- | --- | | 52 | 周最高 | 10950.05 | | 52 | 周最低 | 6107.84 | 资料来源：聚源，中邮证券研究所 研究所 分析师:苏千叶 SAC 登记编号:S1340525110004 Email:suqianye@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:盛炜 SAC 登记编号:S1340525120008 Email:shengwei@cnpsec.com 近期研究报告 《国家发改委修定输配电成本监审和 定价办法，我们预计明年整体进入过渡 期——适应"拍卖"机制》- 2025.12.01 电力市场化进一步 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights the establishment of a capacity compensation mechanism for power generation in Gansu Province, which compensates for reliable capacity based on contributions, impacting all industrial and commercial users [5][6] - The compensation standard is set at 330 yuan per kilowatt annually, with various factors determining the reliable capacity and compensation coefficients [6] - The report suggests that the capacity compensation will gradually transition to a market-oriented approach, with an emphasis on the pricing of renewable energy sources like solar thermal and hydropower [7] Summary by Relevant Sections Industry Overview - The closing index is at 10088.23, with a 52-week high of 10950.05 and a low of 6107.84 [2] Investment Highlights - The report discusses the need for a re-evaluation of pricing for solar thermal energy within the electricity market, indicating that current compensation mechanisms are necessary to avoid distorting pricing due to the operational costs of coal-fired power plants [6] - The compensation mechanism aims to ensure that the market operates on marginal cost pricing, allowing for optimal technology to prevail [6] Investment Recommendations - The report recommends focusing on companies like Xizi Clean Energy, as the capacity compensation mechanism is expected to enhance the reliability and pricing of various energy sources [7]

新华社萨拉热窝1月5日电（记者殷晓圣）波黑公共电力公司5日发布通报称，近日波黑多地的强降雪加 重了电网运行负担，已导致超过4万户家庭停电，相关部门正在全力抢修。 通报说，得益于在重点区域采取的预防性措施，尽管此次降雪强度较大，但当前电网故障数量和停电规 模低于此前预期。 波黑气象部门5日对多地发布降雪和道路结冰黄色预警。 责编：张荣耀、卢思宇 通报显示，波黑东北部图兹拉州受影响最重，有超过2.9万户家庭停电。图兹拉州当天早晨出现强降 雪，部分地区积雪深度达44厘米，多个社区停电并引发供水中断。电力公司和公共服务部门已派出人员 抢修，但复杂地形和通行受限导致维修难度增加。 ...

能源是国民经济的命脉，人工智能（AI）是引领科技革命的核心力量。在"双碳"目 标引领与新型能源体系建设的关键阶段，"人工智能+能源"融合创新技术持续涌现。 这场融合不仅是技术层面的叠加，更是保障能源安全、推动绿色转型、培育新质生产 力的战略抓手，彰显了我国以科技创新破解发展难题的坚定决心。 政策领航定向，为能源智能转型锚定发展坐标。 党的十八大以来，我国能源领域改革发展成就显著，但"保安全、促转型、提效率"的 三重使命依然艰巨。2 0 2 5年，我国全社会用电量预计首超1 0万亿千瓦时，风光新增 发电装机预计约3 . 7亿千瓦，风、光电力的间歇性与电网承载能力的矛盾日益凸显。 2 025年9月，国家发改委、国家能源局联合印发《关于推进"人工智能+"能源高质量 发展的实施意见》，为能源与人工智能深度融合划定"时间表"与"路线图"。 2 025年11月25日，国家能源局发布《关于组织开展"人工智能+"能源试点工作的通 知》，旨在充分发挥我国能源领域超大规模市场和丰富应用场景的优势，目标是探索 形成可复制、可推广的综合解决方案与商业模式，打造"人工智能+能源"融合发展的 新范式。 以上举措与"十五五"规划建议提出的 ...

格隆汇1月6日｜日本民众1月5日在日本经产省前举行抗议集会，反对东京电力公司和日本政府重启新潟 县柏崎刈羽核电站。抗议民众表示，福岛核事故遗留问题尚未得到妥善解决，日本政府政府并未对福岛 核事故承担相应责任。在这样的背景下，重启老旧核电站的决定令人担忧，因为这本来就是一座存在缺 陷的发电站，却在被掩盖的情况下继续推进。 ...

3. 市场情绪与技术面共振沪指突破4000点后触发程序化交易买盘，融资余额单日增加320亿元至2.49万亿元，杠杆资金加速入场。技术面上，12连阳突破 2015年牛市高点，形成"头肩底"突破形态，吸引技术派资金加仓。 二、结构分化：新经济主导的"慢牛"雏形 A股"十二连阳"创30年纪录：沪指站上4020点，万亿成交背后是牛市序章还是泡沫前夜？ 2026年1月5日，A股市场以一场史诗级的放量上涨震撼全球资本市场。上证指数单日飙升1.38%，强势突破4000点大关并站稳4020点，日线实现罕见的12 连阳，刷新自1992年3月以来最长连阳纪录。沪深两市成交额暴增5000亿元至2.57万亿元，创下近两个月新高。从人脑工程概念股集体涨停到半导体产业 链全面爆发，从保险股创新高到商业航天强势领涨，这场由政策、资金与产业共振推动的行情，正在改写中国资本市场的历史轨迹。 一、现象解码：三重推力铸就"开门红" 1. 流动性宽松与政策红利共振人民币汇率走强至6.96关口，叠加2025年末降准降息政策效应释放，市场流动性环境显著改善。险资"开门红"新增保费超万 亿，叠加A500ETF等宽基产品持续吸金，形成增量资金"双引擎"。央 ...