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 ...

新华社东京1月6日电 日本中部电力公司5日召开记者会承认，为使其运营的滨冈核电站3号和4号机组通 过审查重启，该公司涉嫌存在操纵相关数据、故意低估可能发生的地震最大破坏力的行为。 ...

Core Viewpoint - The report highlights the growth in electricity generation in Tibet, with significant increases in various energy sources, indicating a positive trend in the energy sector in the region [1]. Group 1: Electricity Generation Data - In November 2025, Tibet's electricity generation reached 1.39 billion kilowatt-hours, marking a year-on-year increase of 3.7% [1]. - From January to November 2025, total electricity generation in Tibet was 15.06 billion kilowatt-hours, reflecting a year-on-year growth of 10.8% [1]. - Breakdown of electricity generation from January to November 2025 shows: - Thermal power generation was 0.5 billion kilowatt-hours, accounting for 3.3% of total generation, with a year-on-year increase of 43.3% [1]. - Hydropower generation was 12.61 billion kilowatt-hours, making up 83.7% of total generation, with a year-on-year increase of 5.3% [1]. - Wind power generation was 0.38 billion kilowatt-hours, representing 2.5% of total generation, with a year-on-year increase of 195.4% [1]. - Solar power generation was 1.571 billion kilowatt-hours, accounting for 10.4% of total generation, with a year-on-year increase of 37.4% [1]. Group 2: Statistical Data Source - The data presented in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business income of 20 million yuan or more [1].

Group 1 - The core viewpoint of the articles highlights the growth in electricity generation in Guizhou Province, with a total generation of 211.4 billion kWh in November 2025, representing a year-on-year increase of 6.9% [1] - From January to November 2025, Guizhou Province generated 2,336.3 billion kWh of electricity, showing a year-on-year growth of 4.8% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 1,373.2 billion kWh (58.8% of total generation) with a year-on-year decline of 5.9%, while hydropower increased by 31.8% to 653.2 billion kWh (28% of total generation) [1] Group 2 - Wind power generation reached 134.1 billion kWh, representing 5.7% of total generation with a year-on-year increase of 8.5% [1] - Solar power generation amounted to 175.72 billion kWh, making up 7.5% of total generation and showing a year-on-year growth of 16.9% [1] - The report by Zhiyan Consulting provides an analysis of the energy industry market in China from 2026 to 2032, indicating potential investment opportunities [1]

Core Insights - The report highlights the growth in electricity generation in the Xinjiang Uygur Autonomous Region, with a total generation of 514.2 billion kilowatt-hours from January to November 2025, marking a year-on-year increase of 5% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 68.1% of the total generation, with a slight increase of 0.7% year-on-year, while hydropower decreased by 0.6% [1] - Wind power generation increased by 7.9% year-on-year, contributing 14.6% to the total generation, and solar power saw a significant growth of 43%, making up 10.8% of the total generation [1] Industry Overview - The report is based on data from the National Bureau of Statistics and compiled by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2] - The report emphasizes the importance of consistent statistical criteria for year-on-year comparisons, noting that changes in the scope of large-scale industrial enterprises may affect data comparability [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored consulting services to support investment decisions [2]

Group 1 - The core viewpoint of the report indicates that Yunnan Province's electricity generation in November 2025 reached 34.34 billion kWh, representing a year-on-year increase of 8.4% [1] - From January to November 2025, Yunnan Province generated a total of 425.6 billion kWh of electricity, which is a year-on-year growth of 4.3% [1] - In terms of electricity generation by type, thermal power accounted for 12% of the total generation at 51.02 billion kWh, showing a decline of 6.3% year-on-year [1] - Hydropower generation was 308.48 billion kWh, making up 72.5% of the total, with a year-on-year increase of 5.6% [1] - Wind power generation was 29.84 billion kWh, representing 7% of the total, with a year-on-year decrease of 14.7% [1] - Solar power generation reached 36.254 billion kWh, accounting for 8.5% of the total, and saw a significant year-on-year increase of 36.2% [1] Group 2 - The report's data is based on large-scale industrial enterprises, defined as those with annual main business revenues of 20 million yuan or more [1] - The statistical scope of the report ensures that the year-on-year growth rates are consistent with the current year's enterprise statistics, which may differ from previously published data [1]

相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，青海省发电83.9亿千瓦时，同比下滑4.5%。2025年1-11月，青海省发电966.8亿千瓦时，同 比增长1%。分品种看，2025年1-11月，青海省火力发电量121亿千瓦时，占总发电量的12.5%，同比增 长5%；青海省水力发电量415.9亿千瓦时，占总发电量的43%，同比下滑6.9%；青海省风力发电量133.1 亿千瓦时，占总发电量的13.8%，同比增长7.5%；青海省太阳能发电量296.78亿千瓦时占总发电量的 30.7%，同比增长9.5%。 附注 2018-2025年1-11月青海省各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产 ...

统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 2025年11月，陕西省发电270.7亿千瓦时，同比增长3.8%。2025年1-11月，陕西省发电2963.1亿千瓦时， 同比增长2.7%。分品种看，2025年1-11月，陕西省火力发电量2527.9亿千瓦时，占总发电量的85.3%， 同比增长1.3%；陕西省水力发电量90.7亿千瓦时，占总发电量的3.1%，同比增长27.3%；陕西省风力发 电量192.9亿千瓦时，占总发电量的6.5%，同比增长5.9%；陕西省太阳能发电量151.69亿千瓦时占总发 电量的5.1%，同比增长11%。 2018-2025年1-11月陕西省各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 附注 上市企业：陕天然气（002267）、通源石油（300164）、宝光股份（600379）、隆基绿能（601012）、 中国西电（601179）、 ...

统计范围： 2018-2025年1-11月宁夏回族自治区各品种发电量累计产量统计图 数据来源：国家统计局，智研咨询整理 附注 上市企业：银星能源（000862）、宝丰能源（600989）、嘉泽新能（601619）、凯添燃气（831010）、 威力传动（300904） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，宁夏回族自治区发电207.5亿千瓦时，同比增长0.6%。2025年1-11月，宁夏回族自治区发 电2173.8亿千瓦时，同比增长4.1%。分品种看，2025年1-11月，宁夏回族自治区火力发电量1572.3亿千 瓦时，占总发电量的72.3%，同比增长0.7%；宁夏回族自治区水力发电量16.6亿千瓦时，占总发电量的 0.8%，同比下滑10.5%；宁夏回族自治区风力发电量250.2亿千瓦时，占总发电量的11.5%，同比增长 2.8%；宁夏回族自治区太阳能发电量334.66亿千瓦时占总发电量的15.4%，同比增长26.3%。 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企 ...

上市企业：甘肃能化（000552）、甘肃能源（000791）、首航高科（002665）、海默科技（300084）、 金刚光伏（300093）、长城电工（600192）、蓝科高新（601798）、兰石重装（603169） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年11月，甘肃省发电209.5亿千瓦时，同比增长26%。2025年1-11月，甘肃省发电2105.8亿千瓦时， 同比增长9.6%。分品种看，2025年1-11月，甘肃省火力发电量1096.6亿千瓦时，占总发电量的52.1%， 同比增长14.7%；甘肃省水力发电量274.7亿千瓦时，占总发电量的13%，同比下滑8.4%；甘肃省风力发 电量476.2亿千瓦时，占总发电量的22.6%，同比增长14.2%；甘肃省太阳能发电量258.3亿千瓦时占总发 电量的12.3%，同比增长4.2%。 2018-2025年1-11月甘肃省各品种发电量累计产量统计图 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保 ...