宏观日报 | 2026-02-10 上游价格持续回落 中观事件总览 生产行业：1）商务部召开汽车企业座谈会，研究汽车流通消费有关工作。商务部副部长盛秋平在会上指出，我国 超大规模市场基础牢，汽车消费链条长潜力大，政策接续实施支撑稳，全链条扩大汽车消费大有可为。2026年， 商务部将会同相关部门，坚持政策支持和改革创新并举，存量措施和增量政策集成发力，优化实施汽车以旧换新， 开展汽车流通消费改革试点，完善行业管理制度，多措并举推动汽车消费扩容提质。 服务行业：1）财政部、海关总署、税务总局发布关于跨境电子商务出口退运商品税收优惠政策的公告。支持跨境 电子商务新业态发展，现将跨境电子商务出口退运商品税收优惠政策公告如下：对自2026年1月1日至2027年12月 31日期间在跨境电子商务海关监管代码（1210、9610、9710、9810）项下申报出口，因滞销、退货原因，自出口 之日起6个月内原状退运进境的商品（不含食品），免征进口关税和进口环节增值税、消费税；出口时已征收的出 口关税准予退还，出口时已征收的增值税、消费税参照内销货物发生退货有关税收规定执行。 数据来源：iFind，华泰期货研究院 行业总览 上游： ...

危急时刻，内蒙古电力集团乌兰察布供电公司修试管理处变电检修一班接到紧急处置指令：1542刀闸静 触头受极端低温影响发生位置偏移，引发接触不良隐患。若未能及时消除缺陷，极易造成设备发热、异 常乃至故障停运，直接威胁区域电网安全。 近日，乌兰察布地区遭遇强寒潮侵袭，夜间最低气温骤降至零下30摄氏度，极寒天气给电网安全稳定运 行带来严峻考验。在寒风呼啸的德胜变电站内，部分设备因低温出现覆冰现象，电网运维保障压力陡 增。 由于触头表面覆有薄冰，加之作业空间狭窄受限，检修人员必须在极寒中保持高度专注，凭借过硬技术 开展精准调整。凛冽寒风中，防护手套很快被冻得僵硬，指尖逐渐失去知觉，但他们丝毫没有放缓节 奏，凝神聚力、精准操作，用专业与细致攻克每一处技术难点。 经过数小时连续奋战，偏移的静触头成功调整到位，设备隐患彻底消除。当检修人员从高空平安返回地 面时，脸颊、眉梢、睫毛早已凝结起层层白霜，防寒服上覆满冰粒，双手冻得通红僵硬。但看着恢复正 常运行的设备，他们脸上露出了踏实的笑容。 此次极寒条件下的紧急抢修，既是对专业技能的严苛检验，更是对责任担当的生动诠释。面对极端天 气，电力检修人员以无畏坚守迎战风雪，以精湛技术消除 ...

来源：新浪证券-红岸工作室 2月9日，龙源电力涨0.45%，成交额5821.02万元。两融数据显示，当日龙源电力获融资买入额285.12万 元，融资偿还282.52万元，融资净买入2.60万元。截至2月9日，龙源电力融资融券余额合计8522.00万 元。 融资方面，龙源电力当日融资买入285.12万元。当前融资余额8517.33万元，占流通市值的0.11%，融资 余额超过近一年50%分位水平，处于较高位。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 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 希慎道33号利园1期19楼1917室，成立日期1993年1月27日，上市日期2022年1月24日，公司主营业务涉 及电力系统及电气设备的技术改造、技术服务和生产维修;与电力相关的新技术、新设备、新材料、新 工艺的研制、开发、生产、成果转让;电站污染物治理;风力发电、节能技术及其他新能 ...

Core Viewpoint - The Chinese government emphasizes the acceleration of building a new energy system that is clean, low-carbon, safe, abundant, economically efficient, and flexible, aiming to enhance energy security and promote the revolution in energy production and consumption [1][2]. Group 1: Energy Production and Consumption - By 2025, China's total electricity consumption is expected to exceed 10 trillion kilowatt-hours, marking a historic first for any single country [1]. - The new power supply system is characterized by a collaborative effort among power sources, grids, and demand, contributing to the development of a strong energy nation [1]. - In Qinghai Province, the Yangqu Hydropower Station is a key hub for clean energy regulation, with a projected annual electricity generation of 4.21 billion kilowatt-hours by 2025 [1]. Group 2: Renewable Energy Development - The renewable energy generation capacity in China is expected to see significant growth, with over 430 million kilowatts of new wind and solar installations anticipated in 2025, leading to renewable energy accounting for over 60% of total generation capacity [2]. - The renewable energy generation in China is projected to exceed the total electricity consumption of the 27 EU countries combined [2]. - The western region of China is identified as a crucial energy base, with ongoing efforts to enhance energy resource security [1][2]. Group 3: Infrastructure and Technological Advancements - The construction of ultra-high voltage (UHV) projects is accelerating, forming a super grid that enhances energy security across the country [2]. - The Shaanbei-Anhui ±800 kV UHV direct current transmission project is set to begin operations by mid-2026, providing power supply assurance for peak summer demand [3]. - The development of new infrastructure, such as charging stations and 5G bases, is driving a significant increase in electricity consumption in related sectors, with growth rates exceeding 30% [3]. Group 4: Economic Impact and Future Projections - The total electricity consumption surpassing 10 trillion kilowatt-hours reflects the resilience of China's large-scale economy and indicates a trajectory towards industrial structure upgrades and green transformation [3]. - Guangdong Province is projected to become the first province in China to exceed 160 million kilowatts in electricity load by 2025, driven by the growth of the digital economy and advanced manufacturing [3]. - The production of integrated circuits in Guangdong is expected to reach 94.24 billion pieces by 2025, representing a 152% increase from 2020 [3].

Group 1 - The core viewpoint of the article emphasizes the need for innovative and effective investment policies to stabilize and promote investment, particularly through the use of central budget investments, special bonds, and new policy financial tools [2][7]. - In 2025, national fixed asset investment (excluding rural households) reached 48,518.6 billion yuan, a decrease of 3.8% from the previous year, indicating downward pressure on fixed asset investment due to various factors [3]. - Key sectors such as industrial investment grew by 2.6%, contributing 0.9 percentage points to overall investment growth, with significant increases in electricity, heat, gas, and water supply sectors, which saw a 9.1% increase [3][4]. Group 2 - Infrastructure investment in key areas showed robust growth, with pipeline transportation investment increasing by 36.0% and internet-related services growing by 23.8% in 2025 [4]. - Equipment and tool purchase investment rose by 11.8%, contributing 1.8 percentage points to total investment growth, with a focus on supporting over 8,400 equipment renewal projects through special bonds [5][6]. - The government aims to enhance the effectiveness of investment by optimizing the structure of government investments, particularly in social welfare projects, and by utilizing new policy financial tools to stimulate private investment [8].

泽连斯基在社交平台上的发声透露出深深的焦虑，他直言不讳地表示，敌方选择的不是通过外交解决问题，而是通过打击来施压。然而，国际政治的现实是 残酷的。当这种大规模的能源设施被摧毁，并且与零下14度的严寒交织在一起时，它所带来的政治压力远远大于前线失去几个村庄所带来的影响。此刻，对 于乌克兰来说，最大的挑战已经不仅仅是如何迅速修复那些满目疮痍的电厂，而是如何在下一轮空袭到来之前，保护好那一丝微弱的生存火光。如果西方承 诺的防空系统无法在短期内填补空白，那么这个冬天，恐怕将是过去几年里最难熬的一段时光。 当外交谈判的余温尚未散去，寒冬的冷冽已经无情地再次席卷东欧大地。就在2月7日的凌晨时分，俄罗斯对乌克兰的能源核心发动了一次极为致命的空袭。 这次袭击不仅仅是一次简单的军事打击，而是一场经过精心策划的温度战争。根据最新的战报，俄罗斯军方动用了超过400架无人机，以及约40枚各种类型 的导弹，打击的目标十分明确：电网、发电厂和关键的变电站。这次攻击的时机堪称精准，恰在未来几天，乌克兰大部分地区的气温预计将骤降至零下14摄 氏度。面对如此极端的低温，失去电力意味着整个城市将陷入无温暖可言的绝境——这片曾经充满生气的土地，顷 ...

Summary of Fuling Power Conference Call Company Overview - Fuling Power is the only listed platform under State Grid Comprehensive Energy Holdings, benefiting from significant investments in distribution network during the "15th Five-Year Plan" period, with substantial growth potential in energy-saving business, although early project expirations have led to some revenue decline [2][4] Core Business and Financial Performance - The main business segments include: - **Electricity Operation in Fuling Region**: Revenue generated through the difference in electricity purchase and sale, with consistent growth in electricity consumption ensuring stability [4] - **Energy-Saving Business**: Benefiting from increased investment in distribution networks, although facing revenue decline due to early project expirations [6] - Profit stability is maintained at around 500-600 million yuan annually, with both main business segments performing steadily [10] Market Dynamics - Fuling District's electricity consumption continues to grow, providing a stable market foundation, despite its limited contribution to Chongqing's overall GDP [2][8] - The local purchase-sale price difference remains stable, further solidifying the company's market position [8] Management and Strategic Changes - In 2023, two executives from State Grid Comprehensive Energy joined Fuling Power, indicating a strengthened collaboration with the parent company and an emphasis on developing emerging businesses like energy storage [7] Challenges and Strategic Responses - The company faces challenges in the energy-saving service sector due to revenue decline from expiring early projects. To counter this, Fuling Power aims to expand new projects, optimize resource allocation, and enhance technological innovation and market development [9] Future Growth Opportunities - Fuling Power is exploring new energy storage initiatives and plans to align these with its main business operations. The company is focusing on smart park projects related to energy storage and zero-carbon initiatives [11] Financial Health - The company's debt ratio has decreased from over 60% in 2018-2020 to the low teens currently, with approximately 3 billion yuan in cash and minimal short-term debt, providing a solid foundation for future investments and stable dividends [12][13] Investment Recommendation - Investors are encouraged to consider Fuling Power due to its stable core business, reliable income sources, and potential for growth in emerging sectors during the "15th Five-Year Plan" period, indicating high investment value and significant future development space [3][14]

分析师 1: 那我是本次会议的主持人，天风计算机团队的首席梁振军。那今天我们也非常荣幸的邀请 到了国能日新的这个董秘这个赵楠总，请那个楠总给我们深度分享一下这个行业今年为何 我们看到一个非常明确的加速趋势？那我们认为这块也是被市场低估的，以及国能日新在 这个行业内的深度的一个卡位，以及它的一个长期的一个市场空间。那今天和我一同主持 会议的，还有我们团队的雨欣。那今天的会议还是包括两部分，第一部分我们把时间那个 交给赵总，请赵总帮我们把行业的这个最新的一个情况，后面的一个驱动因素以及公司的 一个卡位和大家进行一个分享。 那第二部分的话，还是把更多的时间交给线上各位关心的一个投资者。那赵总，您可以开 始了。 国能日新董秘赵楠: 好的，谢谢辛军老师，谢谢那个雨欣老师。然后，也因为马上就要到农历的春节了，然后 可能我们节前的出来的交流的这个情况和频次也不会那么高了，那就趁这个机会给各位投 资人先提前拜个年。希望大家今年在整个今年的行情当中可以这个股票长虹，然后这个收 益也是棒棒的，然后身体也都是好好的。然后，那个这个缪老师刚才就是提到的关于，就 是对于今年的整个的这个业务上面的一些的变化，当然也是结合我们对行业上的一 ...

Core Viewpoint - The approval of the "Dalat—Mengxi 1000 kV AC Transmission and Transformation Project" marks a significant step in China's energy infrastructure, enhancing the transmission capacity from Inner Mongolia to the Beijing-Tianjin-Hebei region and supporting the country's clean energy goals [1][2]. Group 1: Project Details - The Dalat—Mengxi project includes the construction of a new 1000 kV substation at Dalat, with two sets of 3 million kVA transformers, and a double-circuit 1000 kV line spanning 2×124.6 kilometers, with a total investment of 4.374 billion yuan [1]. - The project is part of the key initiatives outlined in China's 14th Five-Year Plan for electricity, and it is the first supporting project for the ±800 kV UHVDC transmission project in the Beijing-Tianjin-Hebei area [1]. Group 2: Economic and Environmental Impact - The construction of the project is expected to generate multiple benefits, including stimulating investment, creating jobs, and restoring the ecosystem, while meeting the power transmission needs of the UHVDC project [1]. - The project is crucial for converting resource advantages in western China into economic benefits, facilitating large-scale consumption of clean energy, and promoting coordinated development in the Beijing-Tianjin-Hebei region [1]. Group 3: Future Developments - The State Grid Mengdong Electric Power Company aims to expedite preliminary procedures and land acquisition, targeting construction to begin in April 2026, ensuring synchronization with the ±800 kV UHVDC project [1]. - The "15th Five-Year Plan" includes the construction of 12 UHV transmission line projects, which will increase Inner Mongolia's total transmission capacity to 96.7 million kW, with an expected external power delivery exceeding 1 trillion kWh during this period [2][3].

Group 1 - The meeting emphasized the importance of adhering to Xi Jinping's thoughts on the work of the United Front in the new era, aiming for new achievements in the work of the United Front within state-owned enterprises by 2025 [1] - There is a focus on deepening political guidance and enhancing the construction of advisory workspaces for non-Party representatives, aiming to strengthen the team of non-Party representatives and improve the overall structure of the United Front work [1] - The meeting highlighted the need for state-owned enterprises to fulfill their social responsibilities, particularly in supporting local disaster relief and basic public services, while also enhancing the management of mixed-ownership enterprise party-building work [1] Group 2 - Companies such as China Huadian, China Steel Research, and China Aneng participated in on-site exchanges, while China National Nuclear Corporation, China Huaneng, China Merchants Group, and China CRRC provided written exchanges [1]