01. 宏观要闻 1、央行将开展4000亿元MLF操作 期限为1年期 央行公告，为保持银行体系流动性充裕，2025年12月25日，中国人民银行将以固定数量、利率招标、多 重价位中标方式开展4000亿元MLF操作，期限为1年期。 2、财政部拟发行2025年记账式贴现(八十二期)国债 竞争性招标面值总额600亿元 财政部拟发行2025年记账式贴现(八十二期)国债。本期国债为期限91天的贴现债。本期国债竞争性招标 面值总额600亿元，进行甲类成员追加投标。本期国债发行价格通过竞争性招标确定，以低于票面金额 的价格贴现发行。本期国债自2025年12月25日开始计息，于2026年3月26日(节假日顺延)按面值偿还。 招标时间为2025年12月24日上午10:35至11:35。 主要变化有：引导外商投资先进制造业，《鼓励目录》新增或扩展了终端产品、零部件、原材料等领域 有关条目，提升产业链供应链发展水平。引导外商投资现代服务业，《鼓励目录》新增或扩展了商务服 务、技术服务、科学研究、服务消费等领域有关条目，促进服务业高质量发展。此外，鼓励引导外商投 资中西部地区、东北地区和海南省。新版《鼓励目录》将自2026年2月1日起 ...

Group 1 - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the support for clean energy sources such as nuclear, tidal, wave, and tidal energy [1] - Guosen Securities forecasts that the domestic offshore wind power market will see new installations increase to a range of 11-15 GW by 2026, representing a year-on-year growth of over 40% [1] - The total new offshore wind installations in China during the 14th Five-Year Plan period are expected to reach 70-100 GW, with national offshore wind turbine tenders projected to hit a historical high of 15-20 GW in 2026 [1] Group 2 - Ping An Securities highlights the global offshore wind power demand and suggests focusing on three investment themes: the favorable competitive landscape in the submarine cable segment, the recovery of profitability in the turbine segment, and the advancements in floating wind turbine technology [2] - The submarine cable segment is expected to benefit significantly from the rising demand in offshore wind power due to its favorable competition and performance elasticity [2] - The domestic offshore wind turbine manufacturers are anticipated to have advantages in large-scale production, cost, and delivery capabilities, which may lead to opportunities for overseas expansion as demand increases [2]

Group 1 - The U.S. government has halted all offshore wind power projects citing national security concerns, including the largest offshore wind project in Virginia and four other projects on the East Coast [1][8] - The Department of the Interior stated that a recent classified report from the Department of Defense identified offshore wind projects as posing a "national security risk" due to potential radar interference from turbine blades [1][8] - This decision marks a significant action against the offshore wind industry since President Trump took office, reflecting his long-standing opposition to wind power [1][8] Group 2 - Industry organization Oceantic Network criticized the decision as an attempt by the President to mask personal preferences, warning it will increase energy costs, hinder investment, and lead to significant job losses [2][9] - The halted projects could provide nearly 6 gigawatts of power, sufficient to supply all of Manhattan, and are estimated to directly affect about 12,000 jobs in the offshore wind sector [2][9] - Dominion Energy, the developer of the Virginia offshore wind project, emphasized its importance for national security and the rising energy demands in Virginia, particularly due to the growth of the AI industry [2][9] Group 3 - The ongoing suppression of the green wind power industry by the U.S. government could impact the overall electricity supply, which is crucial for the development of new technologies like AI [2][9]

Group 1: Oil and Gas Industry - China National Offshore Oil Corporation (CNOOC) has discovered a new oil field in the Bohai Sea, with proven geological reserves exceeding 100 million tons [1][4] - The Qinhuangdao 29-6 oil field, located 44 kilometers from Jingtang Port, has a drilling depth of 1,688 meters and a reservoir thickness of 66.7 meters, with a single well capable of producing approximately 370 tons of crude oil per day [1][4] Group 2: Infrastructure Development - The Qingshanmen Grand Bridge, part of the Ningbo-Zhoushan Port project, has successfully completed the topping of its twin main towers, marking a critical phase in its construction [5][7] - The bridge, which spans 2,212 meters and features the world's largest span for a three-tower steel box girder cable-stayed bridge, is expected to enhance transportation connectivity in the Zhoushan archipelago [5][7] Group 3: Renewable Energy - The delivery of the largest single-unit offshore wind power jacket in Europe, weighing over 10,000 tons, marks a significant advancement in China's offshore wind power construction capabilities [9][11] - The project utilized a pioneering 'side V' construction technique and achieved 100% domestic production of core structures, filling a technological gap in the industry [11] Group 4: Maritime Trade and Logistics - The expansion and quality improvement of the Guangzhou Port have created a new maritime channel for the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating the export of large infrastructure equipment [12][15] - Customs innovations have allowed for more efficient logistics, enabling large vessels to conduct transshipment and offloading operations at anchorages, reducing clearance times and logistics costs [15] Group 5: Aquaculture - The world's first salmon farming vessel, "Suhai No. 1," has commenced operations in Lianyungang, with an expected annual production capacity of over 8,000 tons of salmon [20][22] - The vessel is equipped with 15 closed aquaculture chambers and has successfully introduced 400,000 salmon fry, with plans for large-scale farming in deep waters [20][22] Group 6: Green Technology and Manufacturing - Chongqing is advancing its industrial sector with a focus on green manufacturing, reporting a 12.1% increase in overall industrial output value, with a notable 37.2% growth in new energy vehicles [16][19] - The city has established numerous national-level green factories and parks, with renewable energy installations now accounting for 45.6% of total energy capacity [16][19]

Core Viewpoint - The Zhejiang Provincial People's Congress has passed the "Regulations on Promoting High-Quality Development of Marine Economy," which emphasizes the expansion of offshore wind power into deep waters and the development of various clean energy sources, including nuclear and tidal energy [1] Group 1: Offshore Wind Power Development - The current global offshore wind power costs are now economically viable alternatives to traditional fossil fuels, with a favorable carbon emission profile throughout its lifecycle [1] - Offshore wind power projects are advantageous due to their distance from residential areas, minimizing noise and visual pollution, and the absence of road construction limitations [1] - The ability to select optimal wind conditions and higher capacity factor sites enhances the reliability and efficiency of offshore wind power [1] Group 2: Industry Recommendations - The transition from nearshore to deep offshore wind power is underway, with provinces actively promoting demonstration projects to build experience for future large-scale developments [2] - Companies in the submarine cable segment, such as Dongfang Cable, Zhongtian Technology, and Hengtong Optic-Electric, are recommended for investment [2] - In the offshore wind foundation and marine engineering sector, companies like Dajin Heavy Industry, Haili Wind Power, and Tian Shun Wind Energy are highlighted as potential beneficiaries [2] - For turbine manufacturers with sufficient orders, companies like Goldwind Technology, Yunda Co., and Sany Renewable Energy are suggested for attention [2]

Group 1 - The U.S. government has halted all offshore wind power projects citing national security concerns, including the largest offshore wind project in Virginia and four other projects on the East Coast [1][2] - The Department of the Interior stated that a recent classified report from the Department of Defense identified offshore wind projects as a "national security risk" due to potential radar interference from wind turbine blades [1] - The halt in offshore wind projects is seen as a significant action against a growing industry, reflecting ongoing tensions between the Trump administration and the offshore wind sector [1][2] Group 2 - Industry leaders criticize the government's actions as a means to mask personal preferences, warning that it will increase energy costs, hinder investment, and lead to significant job losses, with an estimated 12,000 direct jobs and 5,000 indirect jobs affected [2] - Dominion Energy, the developer of the Virginia offshore wind project, emphasized the project's importance for national security and the rising energy demands in Virginia, particularly due to the growth of AI and data centers [2] - Experts suggest that the ongoing suppression of the green wind power industry could adversely affect the overall electricity supply in the U.S., impacting the development of AI and related sectors [2]

Core Viewpoint - The delivery of the core equipment for the Yingqiang offshore wind power project, including the largest single-unit capacity offshore wind power jacket in Europe, signifies a major breakthrough in China's core construction capabilities for offshore wind power products [1]. Group 1: Project Details - The delivered core components include three jackets and eleven monopile transition pieces, with a total weight of 13,850 tons [3]. - The jacket stands at a height of 95.19 meters, representing China's first internationally built steel pile wind power jacket, which involves high structural connection and protection difficulties, as well as complex construction processes [3]. Group 2: Technological Innovations - The project has pioneered the "side V" construction technique for wind power jackets and employs "modular pre-assembly + real-time monitoring and calibration" technology, achieving a joint precision control within the sub-millimeter level [5]. - The company has independently developed high-strength steel welding technology, successfully passing low-temperature impact welding tests at -50℃, achieving 100% domestic construction of core structures and filling a technological gap in the domestic field [6]. - The precise control of welding temperature and structural deformation has resulted in a welding first-pass qualification rate exceeding 99% [6].

Core Insights - The delivery of the largest single-unit offshore wind power jacket in Europe marks a significant breakthrough in China's core construction capabilities for offshore wind power products [1][3] Group 1: Project Details - The core components delivered include 3 jackets and 11 monopile transition pieces, with a total weight of 13,850 tons [3] - The jacket stands at a height of 95.19 meters, representing China's first internationally constructed steel pile wind power jacket [3] Group 2: Technological Innovations - The project introduced a pioneering "side V" construction technique for wind power jackets, utilizing "modular pre-assembly + real-time monitoring and calibration" technology, achieving sub-millimeter precision in jacket assembly [5] - The company developed high-strength steel welding technology, successfully passing low-temperature impact welding tests at -50°C, achieving 100% domestic production for core structures [5] - The welding temperature and structural deformation were precisely controlled, resulting in a welding first-pass qualification rate exceeding 99% [5]

Core Insights - The delivery of the core equipment, including three jacket foundations and eleven monopile transition pieces, marks a significant breakthrough in China's offshore wind power construction capabilities, particularly with the largest single-unit capacity jacket foundation built in Europe [1][3]. Group 1: Project Details - The total weight of the delivered components is 13,850 tons, with the jacket foundation standing at a height of 95.19 meters [3]. - This project features China's first internationally designed steel pile wind power jacket foundation, which involves complex structural connections and protective measures [3]. Group 2: Technological Innovations - The project introduced a pioneering "side V" construction technique for wind power jacket foundations, utilizing "modular pre-assembly + real-time monitoring and calibration" technology, achieving sub-millimeter precision in jacket assembly [5]. - The company developed high-strength steel welding technology, successfully passing low-temperature impact welding tests at -50℃, ensuring 100% domestic production of core structures and filling a technological gap in the domestic market [5]. - The welding process is tightly controlled to maintain temperature and structural deformation, resulting in a welding first-pass qualification rate exceeding 99% [5].

【环球时报报道 记者 倪浩】当地时间周一，美国政府以国家安全为由，叫停所有海上风电项目的建 设。其中包括全美规模最大的弗吉尼亚州近海风电项目，以及美国东海岸另外4个在建海上风电项目。 《华尔街日报》23日报道称，"风电是美国总统特朗普最不喜欢的行业之一"，此举是其上任以来对这个 蓬勃发展的产业采取的最重大行动，势必给整个行业造成沉重打击。 据美国有线电视新闻网（CNN）报道，美国内政部周一在声明中表示，美国国防部在近期完成的机密 报告中确定海上风电项目"构成国家安全风险"：风力涡轮机叶片的运动和光线反射可能会干扰雷达探 测。美国内政部长道格·伯古姆在接受采访时表示，国防部已"最终"认定，大型海上风力发电场"造成雷 达干扰，对美国构成真正的风险"。 据美国CNBC网站报道，弗吉尼亚州近海风电项目开发商道明尼能源在声明中称，该项目对美国国家安 全以及弗吉尼亚州激增的能源需求至关重要。北弗吉尼亚是全球最大的数据中心枢纽，人工智能产业的 需求增长正导致该州电价持续走高。道明尼能源表示，"无论暂停弗吉尼亚近海风电项目多久，都将威 胁美国部分关键军用设施、人工智能（AI）设施及民用设施的电网可靠性。" 《华尔街日报》报道 ...