" 超 碳 一 号 " 来 了！全 球 首 台 商 用 超 临 界 二 氧 化 碳 发 电 机 组 商 运 。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 现役烧结余热蒸汽发电技术，类似于"烧开水"，用热量将水变为水蒸气，推动汽轮机转 动发电。"超碳一号"不再"烧开水"，而是采用超临界二氧化碳为循环工质，发电效率提 升85%以上，净发电量提升50%以上。 本次商运意味着全球首次将超临界二氧化碳发电技术从实验室推向商业落地。超临界二氧 化碳还在光热发电等多个领域拥有广阔应用前景。 来源： 新华社 12 月 20 日 ， 全 球 首 台 商 用 超 临 界 二 氧 化 碳 发 电 机 组 在 贵 州 六 盘 水 首 钢 水 钢 集 团 成 功 商 运，这也是超临界二氧化碳余热发电技术"超碳一号"的全球示范工程。 记者从中核集团了解到，"超碳一号"示范工程是全球首套15兆瓦超临界二氧化碳烧结余 热发电工程。 编辑丨闫志强 ...

川观新闻记者 宁宁 以电为代表的能源是人类文明进步的基础和动力。我们所获得的电，70%以上来自传统蒸汽发电技术。这一过程中，水是能量传递和热功转换的工质，但在 系统复杂度、效率、响应速度等方面已难以满足新时代需求。于是，科学家们将目光投向了超临界二氧化碳。 正式商运现场 宁宁 摄 12月20日，全球首台商用超临界二氧化碳发电机组在贵州六盘水首钢水城钢铁（集团）有限责任公司成功商运。这是全球首个超临界二氧化碳余热发电技 术"超碳一号"示范工程，相比现役烧结余热蒸汽发电技术，能将发电效率提升85%以上，净发电量提升50%以上。 这种神奇的新技术如何实现更高效的能量转换？川观新闻记者采访了中国核动力研究设计院项目团队。 正式商运现场 宁宁 摄 在国外，2015年美国将该技术列为国家能源领域战略性前沿技术，累计投入数亿美元用于开展工业验证和示范，日本、法国、韩国、加拿大、捷克等国也持 续跟进。 目前，我国已将该技术列入《"十四五"能源领域科技创新规划》，国内各大高校、研究机构、企业共同参与攻关。 此前，超临界二氧化碳热功转换关键技术项目成果荣获四川省技术发明奖一等奖。核动力院供图 用"二氧化碳"发电，全球竞逐的新赛道 ...

二氧化碳也能用来发电了？12月20日，全球首台商用超临界二氧化碳发电机组在贵州六盘水成功商 运，这也是超临界二氧化碳余热发电技术"超碳一号"的全球示范工程，成为发电技术的进步例证。 "招侦 飛了! "," 这也是超临界二氧化碳余热发电技术 "超碳一号"的全球示范工程 人类对发电技术的研究从未停止，但不论是传统的火力发电还是先进的核电技术，以及各类余热蒸 汽发电，原理都类似于"烧开水"，就是用热量将水变为水蒸气，推动汽轮机转动来发电。但超临界二氧 化碳发电技术则是告别"烧开水"的一种革新型热电转换技术。 "超碳一号"总设计师黄彦平介绍，这一技术是把温度超过31摄氏度、压力升高至73个大气压以上环 境中的超临界二氧化碳作为循环工质，将其送进发电系统里，再通过压缩机和换热器提高超临界二氧化 碳的压力和温度，让高温高压的二氧化碳推动透平旋转，进而产生电能。 此次投运的"超碳一号"示范工程，是中核集团中国核动力研究设计院与济钢集团国际工程技术有限 公司、首钢水城钢铁（集团）有限责任公司共同推进的15兆瓦超临界二氧化碳烧结余热发电工程。 2025年12月20日 全球首台 商用超临界二氧化碳发电机组 在贵州六盘水首钢水钢集 ...

Report Title - "National Carbon Market: One Thing Gains While Another Loses, Aftershocks Still Linger — Outlook for the Annual Market of the National Carbon Market in 2026" [1] Report Industry Investment Rating - Not provided in the report Core Views of the Report - The macro - emission reduction target will provide an important reference for the downward adjustment path of the power generation industry's quota benchmark value. If 2025 is the peak - year, the average annual emission reduction rate of carbon dioxide from 2026 to 2035 needs to reach about 0.7% - 1.0%. In the neutral power generation growth scenario, the power generation emission intensity in 2026 needs to be reduced by at least about 1.1% - 1.4% compared with 2025. The estimated quota gap rate of the power generation industry in 2025 may expand to about 1.1% - 1.4%, corresponding to an annual gap of about 0.6 - 0.7 billion tons [2]. - The supply capacity of CCER will continue to expand in 2026, which will weaken the upward driving force of carbon prices. The total supply of "new supply + inventory" of CCER in 2026 is expected to reach about 25 - 32.5 million tons. If the CCER price returns to the normal range of "discount to CEA" in 2026, key emission units may use CCER on a large scale to replace quotas or fill compliance gaps [3]. - In 2026, the market will continue to digest the past quota surpluses, but the decline in surpluses is limited. Under the existing policies, the carbon price is expected to rise moderately, but it is difficult to return to the historical high. If new policies can give the market a clear expectation of the emission reduction path, the carbon price is expected to break through the historical high [3]. - The annual strategy is to go long on dips below 70 yuan/ton and take profit above 90 yuan/ton [3] Summary by Relevant Catalogs 2025 Review Carbon Price Breakdown and Limited Rebound - In 2025, the price of China's national carbon market carbon emission allowances (CEA) showed a downward trend, with the price center shifting down by about 35% year - on - year. As of December 5, 2025, the average transaction price of the whole market was about 61.48 yuan/ton, a year - on - year decline of about 35%. The price trend can be divided into three stages: sharp decline in the first three quarters, a sharp drop and then a rebound in October, and a rise and then a fall in mid - November [8]. - The older the year - label of the quota, the firmer the quota price. As of December 5, 2025, the average transaction price of CEA24 was the lowest at about 59.04 yuan/ton, while CEA19 - 20 had the highest average transaction price at 75.13 yuan/ton [13] Nearly 9% Annual Turnover Rate and Increased Share of Listing Transactions - Thanks to "advance allocation" and "quota carry - over", the market trading activity continued to improve. As of December 5, 2025, the cumulative trading volume was about 194.23 million tons, the cumulative turnover was about 11.9 billion yuan, and the annual turnover rate was nearly 9%. The cumulative trading volume increased by about 53% year - on - year, and the turnover rate increased by 5.3 percentage points [15]. - Bulk agreement transactions still dominated, but the share of listing agreement transactions increased significantly, rising by about 11 percentage points year - on - year. The one - way call auction trading introduced in July was relatively inactive due to the rule setting and the market decline [17][19]. - CEA24 was the main trading target in 2025, accounting for about 71% of the trading volume as of December 5, 2025 [19] Four Key Policy Nodes Affected Market Trading Rhythm - The "rectification and volume increase" expectation in February was falsified as the 2023 compliance completion rate was high. The release of the expansion plan in March led to the release of forced - circulation quotas. The pre - allocation of quotas in April and the stable recovery of carbon prices doubled the market trading scale. The final allocation of quotas in August led to the largest concentrated trading volume of the year. The release of the quota plan for newly - included industries in November increased the potential demand, but the actual procurement demand was limited [21][24][25] 2026 Supply - Demand Outlook Power Generation Industry: Disassembling Macro - Emission Reduction Targets to Anchor the Downward Adjustment Path of Benchmark Values - China's attitude towards achieving the 2030 intensity target is relatively prudent, leaving room for policy adjustment. When setting the 2035 emission target, China took a relatively cautious attitude, leaving necessary strategic space for the implementation of the 2030 intensity target [33]. - Assuming 2025 as the peak - year, the average annual emission reduction rate of carbon dioxide from 2026 to 2035 needs to reach about 0.7% - 1.0%. In the neutral power generation growth scenario, the power generation emission intensity in 2026 needs to be reduced by at least about 1.1% - 1.4% compared with 2025. The estimated quota gap rate of the power generation industry in 2025 may expand to about 1.1% - 1.4%, corresponding to an annual gap of about 0.6 - 0.7 billion tons [38][39][44] CCER: Expanding Supply Capacity and Weakening the Upward Driving Force of Carbon Prices - The CCER market restarted in January 2022, but the project development rhythm was slower than expected in the early stage due to factors such as methodological disputes and the slowdown of project review and verification by the regulatory authorities [45]. - The CCER supply in 2025 was about 15 million tons, and about 5 million tons were used for 2024 compliance. The estimated market surplus at the end of 2025 was about 10 million tons [47][49]. - It is estimated that the new supply of CCER in 2026 will be 15 - 22.5 million tons, and the total supply of "new supply + inventory" is expected to reach about 25 - 32.5 million tons. If the CCER price returns to the normal range of "discount to CEA", it may significantly weaken the annual supply - demand contradiction in the national carbon market [52][53] 2026 Market Outlook - In 2026, the quota gap in the power generation industry may expand, but it will be partially offset by the increase in CCER supply. The market will continue to digest the past quota surpluses, but the decline in surpluses is limited [55]. - In the first half of 2026, the market may be in a "near - stagnant" state. The carry - over rule will still have a residual impact on the market, and the market confidence needs to be restored before the introduction of new policies [55][56]. - Under the existing policies, the carbon price is expected to rise moderately, but it is difficult to return to the historical high. If new policies can give the market a clear expectation of the emission reduction path, the carbon price is expected to break through the historical high [58]

Core Viewpoint - The article discusses the establishment of a "Zero Carbon Park Construction Alliance" aimed at promoting the development of zero carbon parks through collaboration among various stakeholders, including government, industry, academia, and research institutions [2]. Group 1: Alliance Work Focus - The alliance will focus on four core areas: research, service, cooperation, and communication [7]. - A high-end expert think tank will be formed to provide professional guidance and intellectual support for the alliance's initiatives [7]. - A standard system framework will be developed to create guidelines and evaluation systems for zero carbon park construction, addressing existing gaps in industry standards [7]. - A resource integration platform will be established to connect zero carbon technologies, financial capital, professional services, and high-end talent, offering comprehensive services to parks [7]. - Pilot demonstration projects will be initiated in representative parks to create replicable models for zero carbon park construction [7]. - Regular industry exchanges and brand promotion activities will be organized to enhance the influence of the alliance and its member units [7]. Group 2: Recruitment Scope - The recruitment scope includes key stakeholders in the zero carbon transformation value chain, such as government departments, energy companies, consulting and construction firms, major energy-consuming enterprises, certification agencies, and financial institutions [8]. Group 3: Application Process - Interested units are invited to fill out a participation form to join the alliance and submit it to the designated email address [9][11]. Group 4: Contact Information - Contact details for the China Energy News and the China Development Zone Association are provided for further inquiries regarding the alliance [13].

宏观日报 | 2025-12-17 上游价格持续回落，关注扩内需政策推进 中观事件总览 生产行业：1）欧盟将放弃2035年内燃机禁令。欧盟拟放宽新车排放标准，取消对内燃机的实质性禁令。欧盟委员 会将降低原定2035年起禁止销售汽油和柴油新车的标准，转而允许部分插电式混合动力车和配备燃油增程器的电 动汽车上市。新提案要求到下个十年中期尾气排放量较当前目标减少90%（原目标为100%减排）。这一转变背后， 是因为欧洲的汽车制造商在与特斯拉和比亚迪等中国电动汽车的竞争中举步维艰。 服务行业：1）针对内需发展现状如何？提振消费、扩大投资的空间和动力在哪里？中央财办有关负责同志表示， 扩大内需是明年排在首位的重点任务。今年我国内需总体保持稳健，前三季度内需对经济增长贡献率达到71%。提 振消费政策成效明显，扩大有效投资扎实推进。我们也注意到，近几个月消费和投资增速有所放缓，需要持续加 力扩内需。明年要把握消费的结构性变化，从供需两侧发力提振消费。 数据来源：iFind，华泰期货研究院 行业总览 风险 经济政策超预期，全球地缘政治冲突 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 上游：1）有色 ...

短期聚焦美国缺电，继续推荐低位液冷 20251216 摘要 数据中心装机规模预期增长推动用电需求，天然气发电因部署快、综合 性能优成为短期有效解决方案，燃气轮机承担美国 10%-40%电力需求， 部分地区甚至超过 50%。 储能系统配合风光伏发电可提高供电稳定性，但短期内难以完全替代传 统主力电源，需审慎评估风光伏竞争力，中长期（3-5 年）随技术进步 有望成主流。 美国 AI 训练产业前景广阔，液冷技术占据重要地位，预计 2026 年 G300 系列芯片投放量达百万个，VR200 系列达 200-300 万个，市场 规模预计突破百亿美元。 英伟达芯片单颗 SP 价值量：GB300 约 1,659 美元，VR200 约 2,350 美元。液冷市场随芯片出货量增长快速扩张，预计从 2022 年的 15 亿 美元增长至 2026 年的 107 亿美元。 美国基础设施建设板块受益于 AI 训练研讨会、数据中心装机预期上调等 因素，天然气发电、储能系统、智能计算中心等新兴领域发展推动板块 增长。 Q&A 美国当前电力短缺的主要原因是什么？未来可能的解决方案有哪些？ 美国当前电力短缺的问题主要体现在两个方面：电量和功率 ...

Group 1: Power Generation and Industrial Activity - The cumulative power generation of coal-fired power plants in December decreased by 8.2% year-on-year, compared to a 7.2% decline in November, indicating a continuation of weak demand in both power and non-power sectors [1][6] - The industrial operating rates showed mixed results, with the operating rate of steel blast furnaces down by 0.7 percentage points year-on-year, while the operating rate of weaving machines in Jiangsu and Zhejiang increased by 0.1 percentage points [7][8] - Key steel mills reported a 1.4% month-on-month decline in crude steel production, with a 4.5% year-on-year decrease, while rebar production fell by 10.5% month-on-month and 16.2% year-on-year [9] Group 2: Construction and Material Supply - The funding availability rate for construction sites improved marginally, with a 0.2 percentage point increase in funding for both non-residential and residential construction [11] - The asphalt production rate remained stable month-on-month but decreased by 0.4 percentage points year-on-year, indicating fluctuations in construction activity [11][12] - The national cement dispatch rate recorded a 30.09% rate, down 3.1 percentage points month-on-month, reflecting a slowdown in construction material supply [12] Group 3: Consumer Behavior and Sales Trends - The average daily subway ridership in major cities increased by 1.4% year-on-year, while domestic flight operations rose by 1.3%, suggesting a slight recovery in consumer mobility [3][12] - Real estate sales remained weak, with a 32.9% year-on-year decline in average daily transactions of commercial housing in major cities during the first half of December [16] - Retail sales of passenger vehicles saw a significant drop of 32% year-on-year, with wholesale sales down by 40%, indicating a contraction in consumer spending in the automotive sector [17] Group 4: Manufacturing and Export Activity - The container throughput at domestic ports increased by 6.7% year-on-year, although this growth rate was lower than the 10.2% recorded in November, reflecting ongoing resilience in trade [21] - The Business Price Index (BPI) showed signs of recovery, with a 0.8% increase compared to the end of November, indicating a potential stabilization in industrial prices [24] - The production of household appliances continued to decline, with online sales of air conditioners, refrigerators, and washing machines dropping significantly, reflecting reduced consumer demand [18][19]

Group 1 - The core commitment of China Huadian Group is to inject non-listed conventional energy generation assets into Huadian International Power Co., Ltd. to avoid substantial competition within the industry, with a focus on provincial or regional units [2] - As of the end of 2024, China Huadian has injected a total operational installed capacity of 10,010 MW of conventional energy generation assets into the company [3] - The total operational installed capacity of non-listed conventional energy generation assets controlled by China Huadian is 65,001.418 MW as of the end of 2024 [3] Group 2 - The company has initiated the asset injection process for certain non-listed conventional energy generation assets from Jiangsu Company and Huadian Furu Energy Development Co., Ltd. that meet the injection conditions [3] - The company completed a series of board meetings and shareholder meetings to approve the acquisition of 80% equity in Jiangsu Company and other related assets, with the transfer procedures completed by June 30, 2025 [4] - Other assets have not yet met the injection conditions due to issues such as high property rights defects or low net asset return rates compared to similar assets of the company [5]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-072 中国神华能源股份有限公司 2025 年 11 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 11 月 | 累计 | 11 月 | 累计 | 11 月 | 累计 | | （一）煤炭 | | | | | | | | | 商品煤产量 1. | 百万吨 | 27.0 | 304.3 | 28.2 | 308.5 | (4.3) | (1.4) | | 2. 煤炭销售量 | 百万吨 | 37.0 | 389.5 | 38.4 | 422.2 | (3.6) | (7.7) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 ...