核电之外，中广核新能源成绩单同样亮眼。中国广核（003816）新能源控股有限公司党委副书记、新闻 发言人陈公全介绍，"十四五"时期，中广核境内新能源实现跨越式发展，在运装机容量突破7000万千 瓦，较"十三五"末增长近三倍，累计上网电量超3700亿千瓦时，新能源设备可利用率保持在99%以上。 2025年，境内新能源新增装机1329万千瓦，年度自主投运能力已跃升至千万千瓦级。 同时，为系统应对新型电力系统构建中的稳定性、生态协同与产业拓展等挑战，中广核创新性提出并深 入实施"热海绿沙氢"发展战略，该系统性实践已入选"2025年中央企业绿色可持续发展优秀十佳案例"。 1月27日，中广核在北京举办的2026年度媒体见面会暨"十四五"高质量发展成果通报会。中广核党委副 书记、董事李历在会上透露，"十四五"时期，公司累计核准16台核电机组，新开工10台，在建达到20 台；清洁能源上网电量超1.67万亿千瓦时，在运装机容量从6200万千瓦增长至1.13亿千瓦，其中境内新 能源在运装机容量突破7000万千瓦，海外新能源业务拓展到18个国家。 同时，中广核在运核电机组保持高水平安全稳定运行，平均82%的指标达到世界先进水平。 ...

南财智讯1月28日电，中自科技发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-4524.11万元至-6786.16万元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润 为-10646.21万元至-7097.47万元。2025年度，公司归属于母公司所有者的净利润和归属于母公司所有者 的扣除非经常性损益的净利润出现较大幅度的下滑，主要原因如下：（一）期间费用影响：2025年度， 为满足公司新业务的发展需要，公司加大了在氢能、储能、固态电池、复合材料等领域的研发投入和市 场开发力度，同时，根据生产经营需求，增加了金融机构借款，银行利息增加，导致公司期间费用较去 年同期大幅增长。（二）资产减值影响：2025年度，公司按照一贯的计提减值政策进行测算，对与此相 关的资产计提了减值损失。 ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges announced the termination or withdrawal of five public infrastructure REITs applications, marking the first occurrence of such terminations since the pilot program began in 2021 [1][2]. Group 1: Termination of REITs Applications - Five REITs projects have been terminated, including those focused on rental housing, industrial parks, logistics, and renewable energy, with the aim of achieving stable cash flow for dividends [1][3]. - The terminated projects include: - Jianxin Jianrong Rental Housing REIT - Chuangjin Hexin Electronic City Industrial Park REIT - Huaxia Wanwei Logistics REIT - Jianxin Jinfeng Renewable Energy REIT - Fuguo Shouchuang Water REIT [1][5]. - The termination is attributed to the projects not responding to regulatory feedback within the required timeframe, as per the new guidelines effective from December 31, 2025 [6][11]. Group 2: Market Context and Regulatory Changes - The public REITs market has surpassed 200 billion yuan in scale, transitioning to a phase of normalized development, with a shift in regulatory focus from quantity to the quality of underlying assets and cash flow stability [2][10]. - The new regulatory guidelines introduced a "termination" mechanism for applications that do not meet response deadlines, aiming to enhance market efficiency and quality [6][11]. Group 3: Challenges Faced by Terminated Projects - The terminated projects faced various structural challenges, such as compliance issues, rental stability, and cash flow predictability, which hindered their ability to meet regulatory requirements [7][8]. - Specific issues included: - Jianxin Jianrong Rental Housing REIT struggled with compliance for non-residential housing conversions and high short-term rental ratios [7]. - Chuangjin Hexin Electronic City Industrial Park REIT had concerns regarding tenant stability and lease renewal risks [7]. - Huaxia Wanwei Logistics REIT faced declining rental prices and high tenant concentration [7]. - Jianxin Jinfeng Renewable Energy REIT was impacted by subsidy reductions affecting cash flow [7][8]. Group 4: Future Outlook for REITs Market - The termination of these projects is seen as a necessary phase for the high-quality development of public REITs, with expectations for structural optimization and resilience in the market as commercial real estate REITs trials deepen [12]. - However, the market still faces challenges related to the stability of underlying assets and macroeconomic cycles [12].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 陈达美股投资 来源：雪球 第一个将IPO比喻成抽血的人值一个诺贝尔经济文学奖，因为事实就是如此，如果一个市场的IPO抽血太狠，这个市场就是会倾向于不长个。 整个2025年港股市场IPO，117个新股上市，一共募资2867亿港币，折合368亿美元，创四年新高。许多文章与报道说2025年的港股全球IPO第一， 这是直接粘贴复制AI、不做事实核查的fake news，因为美股2025年全年IPO募资是在700亿美元以上；如果港股IPO是大盘鸡的话，那美股就是大 盘鹅。 但考虑到港股总体量大概6.4万亿美元，而美股是近70万亿，你做一下除法，新股募资/总市值，可得美股为10个bps，而港股高达57.5个。如果这可 以看成某个市场IPO的强度值的话，那这方面阿港显然冠绝环宇。 这就好比，你只有7只鹅，而隔壁老王家有70只；结果拔了一年鹅毛，一算，你拔下来的鹅毛至少是老王家的一半，等于以一敌五，此时求你家大 鹅的心理阴影面积。如果故意拔鹅罪能判刑，那你至少是个无期。也难怪2025年最后两个月，你家鹅被拔得陷入了重度抑郁之中，行情 ...

Core Viewpoint - The company Mingyang Smart Energy plans to acquire 100% of Zhongshan Dehua Chip Technology Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds for the transaction and other financial needs [3][5]. Group 1: Transaction Details - The acquisition involves purchasing the entire equity of Dehua Chip, which is engaged in semiconductor design, production, and related services [3][6]. - The final transaction price is yet to be determined, pending the completion of asset audits and evaluations [3][5]. - The controlling shareholder of Dehua Chip is Guangdong Mingyang Ruide Venture Capital Co., Ltd., which is fully owned by Zhang Chuanwei's daughter, Zhang Chao, who is also a director and vice president of Mingyang Smart Energy [3][5]. Group 2: Financial Performance - Dehua Chip has shown a challenging financial status, with projected revenues of 84.74 million yuan and 52.98 million yuan for 2023 and 2024 respectively, and a net profit of 2.16 million yuan in 2023, followed by a loss of 42.58 million yuan in 2024 [7][8]. - Mingyang Smart Energy's revenue has decreased from 30.75 billion yuan in 2022 to 27.16 billion yuan in 2024, with a significant drop in net profit from 3.45 billion yuan to 346 million yuan during the same period [9][10]. Group 3: Market Reaction - Following the announcement of the acquisition, Mingyang Smart Energy's stock price experienced significant volatility, including a 33.60% increase over five trading days prior to the announcement [4][8]. - The acquisition has been associated with the growing enthusiasm in the capital market for aerospace and space photovoltaic concepts, which has contributed to the stock's performance [8][10]. Group 4: Regulatory Scrutiny - The Shanghai Stock Exchange issued an inquiry to Mingyang Smart Energy regarding the necessity and rationale behind acquiring a loss-making entity and the significant stock price fluctuations surrounding the announcement [5][6]. - The company is required to conduct a thorough self-examination of insider trading activities related to the stock [5].

Core Insights - The article emphasizes that the core capabilities of enterprises, such as technological innovation, leadership, talent development, coordination, and dynamic capabilities, are essential for navigating the current complex business environment [2][4] Group 1: Challenges Facing Chinese Enterprises - Chinese enterprises are currently facing multiple challenges, including geopolitical tensions, technological blockades, and structural contradictions within organizations [2][3] - The shift from a high-growth era to a more competitive and demanding market requires companies to focus on building core capabilities rather than merely relying on strategic planning [3][4] Group 2: Importance of Core Capabilities - High Xudong argues that the effectiveness of a strategy is highly dependent on the underlying capabilities of the enterprise, making capability development a priority [4][5] - The five core capabilities identified are: technological innovation, leadership, talent development, coordination and integration, and dynamic capabilities [4][5] Group 3: Misconceptions About Digital Transformation - There is a prevalent misconception that digital technology alone can solve business challenges; however, the true value of digital transformation lies in the enterprise's ability to integrate technology with its operational capabilities [5][6] - Companies must develop the ability to discern effective digital solutions and ensure that technology aligns with their specific business needs [6][7] Group 4: Leadership and Organizational Structure - Leadership capability is deemed the most critical among the five core capabilities, with a focus on evolving leadership styles to adapt to changing market conditions [9][10] - High Xudong suggests that leaders should embrace a distributed leadership model to enhance decision-making and foster collective intelligence within the organization [12][13] Group 5: Learning and Adaptation - Continuous learning is highlighted as a vital quality for leaders, especially in a rapidly changing environment where traditional business practices may no longer apply [13][14] - Companies must cultivate a culture of learning and adaptability to navigate uncertainties and leverage new opportunities effectively [13][14]

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) is drafting a document to promote the cultivation of emerging pillar industries among central enterprises, aiming for leapfrog development in investment projects, leading enterprise cultivation, and optimization of the overall layout of state-owned economy [1][2] - By 2026, SASAC plans to accelerate the layout of emerging industries among central enterprises, emphasizing a new approach of "tiered cultivation and differentiated policies" for various types of industries [1] - The goal is to create a robust and resilient ecosystem for emerging industries through a mechanism that emphasizes "system empowerment and collaborative efforts," focusing on key areas such as industrial technological innovation and project implementation [1] Industry Development - By 2025, the revenue scale of strategic emerging industries among central enterprises is expected to exceed 12 trillion yuan, achieving an annual growth of 1 trillion yuan for three consecutive years [2] - Since the beginning of the 14th Five-Year Plan, central enterprises have invested over 10 trillion yuan in strategic emerging industries, with the investment proportion increasing from 22% to over 40% [2] - The total scale of central enterprise venture capital funds is nearly 100 billion yuan, with a special fund for the development of strategic emerging industries set to raise 51 billion yuan in its first phase, effectively leveraging social capital for long-term investments in hard technology [2] Future Focus Areas - SASAC aims to build a number of emerging pillar industries by creating market-oriented and specialized platforms for state capital operations, with a focus on sectors such as new energy, new energy vehicles, new materials, aerospace, and quantum technology [2] - The commission is also planning ahead for new tracks in areas like embodied intelligence, biomanufacturing, ocean energy, and green shipping, with the goal of establishing globally competitive industrial clusters [2]

关于举办绿电直连及零碳园区创建研讨培训的通知 各企事业单位： 工业园区是能源利用低碳化转型和绿色电力消费的重要载体。《关于开展零碳园区建设的 通知》，明确了零碳园区的建设条件、重点任务、保障措施、组织方式等一系列内容。 2 0 25年底，第一批国家级零碳园区建设名单发布，要求各地方推动绿电直连、新能源就 近接入增量配电网等绿色电力直接供应模式在国家级零碳园区落地。 此外，国家明确加快提升重点用能单位和行业的绿色电力消费比例，在有条件的地区分类 分档打造一批高比例消费绿色电力的绿电工厂、绿电园区等，鼓励其实现1 0 0%绿色电力 消费。《关于有序推动绿电直连发展有关事项的通知》指出，鼓励出口外向型企业利用周 边新能源资源探索开展存量负荷绿电直连，云南、河北、陕西、山东等地陆续出台绿电直 连实施方案。 为了帮助各企事业单位了解绿电直连最新政策、物理落地路径、项目规划思路及其与企业 园区用电结合方式、零碳园区标准体系以及零碳园区创建评估标准，《中国能源报》社特 举办绿电直连及零碳园区创建研讨培训，培训完后发放《中国能源报》社有限公司中国能 源经济研究院"绿电直连及零碳园区创建"培训结业证书。 具体安排如下： 一、时 ...

（文章来源：新华社） 人民财讯1月28日电，记者从正在召开的新疆维吾尔自治区两会上了解到，截至目前，风光资源丰富的 新疆已建成6个千万千瓦级新能源基地，新能源装机1.67亿千瓦，占全疆电力总装机的64%。自治区政 府工作报告透露，6个千万千瓦级新能源基地遍布天山南北，分别是哈密市、昌吉回族自治州、乌鲁木 齐市、巴音郭楞蒙古自治州、喀什地区和吐鲁番市。 ...

▲ 第1 5届阿联酋国际投资峰会暨中阿能源项目交流对接会新闻发布会现场。 吴莉/摄 1月2 7日，第15届阿联酋国际投资峰会暨中阿能源项目交流对接会新闻发布会在京举行。第15届阿联酋国际投资峰会将于4月1 3日至15 日在迪拜世界贸易中心举行，该峰会被 阿联酋 定位为国家三大重要活动之一，也是国家级重大经贸平台。峰会期间，由中国能源报、 AIM全球基金会联合主办中阿能源项目交流对接会以及商务考察行，将为能源领域打通政策、项目、技术与资本对接的高端实效对话合 作平台，推动高质量共建"一带一路"能源合作走深走实。 本次新闻发布会上，中国能源汽车传播集团党委书记、董事长、总编辑兼中国汽车报社社长、中国能源报总编辑谢戎彬、AIM全球基金 会大中华区首席代表贾柳夏出席会议。迪拜IFZA自贸区、深耕阿拉伯国家律所以及中核集团、中国电建、中国能建等国内能源央企， 正泰新能、隆基绿能、特变电工新能源、协鑫集成、晶澳科技、固德威、科华数能、海泰新能、中集石家庄安瑞科、兴储世纪、碳能科 技、绿发科技、岳能科技、上海置信电气、北京伯肯节能等新能源企业海外市场负责人， 大兴区投资促进服务中心、 中关村（大兴） 国际氢能示范区、 天津 ...