Investment Rating - The report maintains a positive outlook on the energy sector, particularly in renewable energy, storage, and hydrogen industries, driven by recent government policies and market demand [1][5][22]. Core Insights - The energy sector is experiencing a significant policy push, with the National Development and Reform Commission and the National Energy Administration releasing key guidelines aimed at promoting high-quality development in the renewable energy sector during the 14th Five-Year Plan period [1][5]. - There is a strong emphasis on the global demand for clean energy and the construction of new power grids over the next 3-5 years, presenting abundant investment opportunities in storage, green hydrogen, and ammonia [1][5]. - The report highlights the robust growth in the energy storage market, with a notable increase in global energy storage battery shipments, which reached 428 GWh in the first three quarters of 2025, marking a year-on-year increase of 90.7% [9][7]. Summary by Sections Energy Storage - The report emphasizes the necessity of a capacity pricing mechanism for energy storage, with Inner Mongolia setting a compensation standard of 0.28 yuan/kWh for 2026, which is better than expected [1][5]. - A long-term agreement between Haibo and Ningde Times for 200 GWh of energy storage batteries reinforces the optimistic outlook for storage demand and battery supply constraints [1][5][8]. Wind Power - Inner Mongolia plans to add 150 GW of new renewable energy capacity over the next five years, with a competitive bidding process for 15 GW of wind power projects in 2025, indicating sustained high demand in the short to medium term [2][15]. - The report notes favorable pricing policies for offshore wind projects in Zhejiang and Jiangsu, suggesting a significant increase in domestic offshore wind capacity during the 14th Five-Year Plan period [2][16]. Photovoltaics - The report suggests a focus on perovskite technology, which is gaining traction due to policy support and industry advancements, recommending investments in equipment and core materials [18][19]. - CSIQ's strong guidance for energy storage shipments in 2026, projected to be between 14-17 GWh, indicates robust growth potential in the solar sector [19][20]. Hydrogen and Fuel Cells - The report outlines a strategic push from the government to develop the green hydrogen and ammonia industry, with policies aimed at enhancing the integration of renewable energy sources [22][24]. - The establishment of a "flexible load" identity for green hydrogen projects is expected to improve their economic viability and support the stability of high-renewable energy grids [23][24]. Electric Grid - The report highlights significant price increases for metering equipment, with A-D grade meters seeing price hikes of over 30%, which is expected to enhance profit margins for leading companies [30]. - The ongoing high volume of bidding for transmission and transformation projects indicates a stable growth trajectory for the electric grid sector [30].

聚焦创投圈投融资最新情报。 11月10日，郑州高新产投基金联合河南投资集团、郑州市战新母基金等多方力量，共同发起设立河南汇融人工智能产业投资基金，总规模10亿元专项基金 成功落地。 该基金由汇融基金担任管理人，将锚定"核心技术突破+场景深度应用"双主线，重点投向人工智能等前沿领域，抢滩未来产业新赛道，高度契合郑州建设 全国重要未来产业先导区的战略布局。 作为核心发起方，高新产投基金依托"母基金+直投+战略投资"的立体化运作体系，通过高新区母基金出资3亿元，在基金筹备与设立的过程中，有效发挥 了资本整合与产业引导的关键作用。目前高新产投基金已打造由26只基金组成、总规模超170亿元的资本矩阵，通过母子基金协同累计撬动超500亿元产业 落地。此次设立人工智能专项基金，将进一步巩固高新产投基金在区域产业资本与创新资源整合中的枢纽地位，加速构建覆盖企业全生命周期的科技金融 服务体系，有效提升高新区在人工智能产业领域的核心竞争力与辐射带动力。 11月12日，芯联资本宣布其首支主基金完成12.5亿元规模的募集。该支基金整体规模预计超15亿元，重点布局半导体、人工智能、机器人、新能源等硬科 技领域。 据悉，芯联资本该期基金 ...

Market Overview - The A-share market experienced both positive and negative movements during the trading week from November 10 to 14, with the Shanghai Composite Index reaching new highs in the first four days before a significant drop on Friday erased gains across many indices [2][4]. Index Performance - The Shanghai Composite Index saw a weekly decline of 0.18%, with a year-to-date increase of 19.06% [5]. - The ChiNext Index dropped by 3.01% for the week, but it has a year-to-date increase of 45.29% [5]. - The total trading volume in the market fell below the psychological threshold of 2 trillion yuan, indicating a potential limitation on market rebound height if it continues to shrink [10]. Market Sentiment and Trends - The market is currently characterized by a "slow bull" trend, although upward momentum is diminishing, requiring consolidation before further advances [8]. - Investors are becoming more cautious, leading to a consensus on market volatility, which may result in further fluctuations or downward corrections [8]. - The recent trading patterns suggest a tendency for "Friday declines" to be followed by "Monday recoveries," indicating a potential for short-term market corrections [8]. Economic and Earnings Outlook - Short-term economic recovery is expected to remain weak, with corporate earnings likely to continue their upward trajectory, supported by narrowing declines in PPI and improved earnings growth in Q3 compared to Q2 [9]. - The liquidity environment is anticipated to remain loose, despite a slowdown in capital inflows into the stock market [9]. Upcoming Events and Policy Implications - Significant events that could influence market sentiment include the upcoming China International Photovoltaic and Energy Storage Conference and the Nvidia Q3 earnings report, which is expected to be a key indicator for AI-related stocks [12][13]. - There are expectations for potential adjustments in LPR rates by the end of the year, driven by policies aimed at boosting domestic demand and stabilizing the real estate market [15].

智通财经APP获悉，东吴证券发布研报称，自A股开启估值修复、并逐步进入新一轮牛市行情，风格维 度上，成长风格领先，是本轮牛市超额收益的核心来源，巨潮小盘指数相对巨潮大盘指数优胜。展望 2026年，6月前后可能成为"成长→价值"市场风格新一轮转换的关键窗口。而在产业趋势方面，AI爆款 应用若上半年仍未出现，叠加下半年美元走强的流动性压力，市场情绪可能转向观望，AI主线或迎来 中期调整。反内卷政策需要3-4个季度左右的效果验证，关注后市红利资产厚积薄发。 东吴证券主要观点如下： 当我们在谈论风格的时候，我们在谈论什么？ 产业趋势拐点与流动性拐点是"成长→价值"风格切换的核心：成长股的实际行情演绎虽以产业趋势为根 基，但两大要素并非完全独立，流动性紧缩会对产业趋势存在压制；两者共振之时，往往催生最为强劲 的市场表现。配置成长股无需过度"畏高"，估值本身高低并不是行情拐点的关键，驱动估值的逻辑是否 发生反转才是关键。资金流方面，基于东吴证券构建的三方博弈模型推演，弱美元趋势持续下，前期滞 留海外的资本可能成为领先边际增量，引发其他资金的博弈与跟随，进而形成"乘数效应"，为国内经济 与市场形成有效支撑。 东吴证券预计， ...

Core Viewpoint - The article emphasizes the importance of low-carbon transformation in industrial parks and the promotion of green electricity consumption, highlighting the establishment of zero-carbon parks as a key initiative supported by national policies [2]. Group 1: Policy and Initiatives - The "14th Five-Year Plan" aims to establish around 100 national-level zero-carbon parks, with provinces actively applying for national and provincial-level zero-carbon park construction [2]. - The government is accelerating the increase of green electricity consumption in key energy-consuming sectors, encouraging the development of green electricity factories and parks that achieve 100% green electricity consumption [2]. - The "Notice on the Orderly Promotion of Green Electricity Direct Connection" encourages export-oriented enterprises to utilize surrounding renewable energy resources for green electricity direct connection [2]. Group 2: Training Details - A seminar and training on green electricity direct connection and zero-carbon park creation will be held from November 21 to 22 in Chengdu, organized by China Energy News and supported by the China Energy Economic Research Institute [3]. - The training targets various stakeholders, including power companies, renewable energy enterprises, energy service companies, and professionals interested in zero-carbon park construction [3][4]. Group 3: Course Modules - The training will cover topics such as green electricity direct connection policies, application scenarios, pricing mechanisms, project planning, investment and returns, and the relationship between green electricity direct connection and energy storage [5]. - It will also address zero-carbon park creation policies, evaluation indicators, construction status, investment analysis, key technology paths, and certification processes [5]. Group 4: Financial Information - The training fee is set at 3,900 yuan per person, excluding transportation and accommodation costs, with payment options available through bank transfer [5].

"100秒极速换电"、智能机器人清洁、智能传菜机器人、"警校e家"智能交通治理……11月13日，无 锡市举办超级场景发布暨场景创新供需对接活动。作为全国首批开展多点场景打造的城市之一，无锡自 今年5月"无限锡引，零动未来"、8月"无限锡引，焕新未来"两大超级场景发布后，成功发布第三场、主 题为"能碳未来"的城市级超级场景。 从商业航天到低空经济，从民生养老到文旅转型，无锡构建起"独立场景—多元场景—超级场景"三 级体系，形成从点状突破到系统集成的完整链条，让场景创新成为新质生产力的落地密码。 "我们带来的智能立体车库光伏储能协同充电系统集成场景机会，为光伏发电、储能、新能源汽车 充电结合提供了新模式。""日托光伏自主研发创新型的轻质组件产品，重量相比传统玻璃组件减少了 50%，安装效率提升60%。"在活动现场，6家业主单位发布场景机会，15家场景创新前沿企业进行绿色 技术能力展示路演，低碳创新需求与供给能力精准对接。 新场景的大规模应用离不开前沿技术的驱动，前沿技术突破及其成果转化会不断催生出新领域新赛 道的应用场景。早在2021年，无锡便提出要"打造一批智慧社区、智慧交通、智慧医院、智慧校园等应 用示范场景 ...

郑州航空港区与中国科学院微小卫星创新研究院签约共建新型研发机构，河南省中科科技成果转移转化 中心与中国科学院大学化学工程学院等5家单位共同发起郑州航空港区新型综合创新联合体项目……活 动现场，最引人注目的就是总额达1.625亿元的集中签约环节，涉及微小卫星、射频等离子、新能源汽 车减震器等领域的23个项目签约。 11月13日，2025年中国科学院院所河南科技成果发布对接会在郑州航空港经济综合实验区举行，这也是 河南省"龙子湖科创路演"系列活动（港区站）的首场活动。 "这次合作为我们研制前沿传感器带来了很大帮助，让我们在人形机器人赛道竞跑中赢得了先发优 势。"现场签约的河南福申电子科技有限公司总经理王瑞丽说。 现场发布成果涉及电子信息、新材料、新能源、生物医药、低空经济、现代农业等领域，对接会现场达 成合作意向121项，为郑州航空港区抢抓产业风口、科技创新引领产业升级提供了有力支撑。 "对接会能有效促进企业和研究机构互相认识、找到对接方向，共同研究，同向发力。"巴西科学院院 士、东莞理工学院校长特聘教授袁锦昀建议，未来的活动中，可以进一步把融资平台也拉进来，为成果 转化打通"全流程通道"。 "下一步，我们将围绕 ...

1、 市场监管总局发布《互联网平台反垄断合规指引（征求意见稿）》。征求意见稿提出，市场力量较大的平台经营者要定期评估是否在相 关市场具有市场支配地位，避免在提供平台服务或者开展自营业务等过程中从事滥用市场支配地位行为。 为帮助平台经营者更好识别反垄断 合规风险，征求意见稿以示例方式为平台经营者列举了平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网最低价"等8个风险 示例，涉及数据传输、算法适用、服务定价、搜索排序、推荐展示、流量分配、补贴优惠等多种平台经营活动。 1、 11月16日出版的第22期《求是》杂志将发表中共中央总书记、国家主席、中央军委主席习近平的重要文章《因地制宜发展新质生产力》。 这是习近平 总书记2023年9月至2025年4月期间有关重要论述的节录。 文章强调，"十五五"时期，必须把因地制宜发展新质生产力摆在更加突出的战略位 置，以科技创新为引领、以实体经济为根基，加快建设现代化产业体系。 各地要坚持从实际出发，根据本地的资源禀赋、产业基础、科研条件 等，有选择地推动新产业、新模式、新动能发展，加快推动作为经济增长和就业收入基本依托的传统产业改造升级，推动新旧发展动能平稳接续 ...

"青年能否更快置业？""大学科研成果如何在医院落地应用？"7月底，2025年施政报告首场地区咨询会 在香港马头涌官立小学（红磡湾）举行，现场座无虚席，市民畅所欲言。来自不同阶层、行业、地区的 声音汇聚成新一份施政报告的民意底色。 这是一次从"听见"到"回应"的治理动员。自本届香港特区政府就职以来，香港的施政理念从管理事务转 向推动变革，从单点施策走向跨部门统筹。以改革求变，正是香港迈向由治及兴的必经之路。建立"部 门首长责任制"、完善公务员评核机制、订立数百个项目指标……这些政策细节，让"以结果为目标"的 施政理念更加具象化。 香港转型，有新引擎。香港北部都会区区位优势独特，发展潜力巨大。2025年施政报告提出，成立由行 政长官领导的北都发展委员会，提升决策层次，简化行政流程，并制定专属法例以加快项目审批。香港 特区行政会议召集人、立法会议员叶刘淑仪表示，这些"拆墙松绑"的突破性安排，将成为香港未来经济 增长的重要引擎。 香港转型，有新赛道。在产业层面，香港正致力于促进产业结构转型，明确将先进制造、生命健康科 技、新能源、人工智能及数据科学列为重点领域，香港特区政府将提供资金补助、税务优惠与人才政策 支持，把 ...

□ 本报记者李爽李楠段丽娟 "100秒极速换电"、智能机器人清洁、智能传菜机器人、"警校e家"智能交通治理……11月13日，无锡市 举办超级场景发布暨场景创新供需对接活动。作为全国首批开展多点场景打造的城市之一，无锡自今年 5月"无限锡引，零动未来"、8月"无限锡引，焕新未来"两大超级场景发布后，成功发布第三场、主题 为"能碳未来"的城市级超级场景。 从商业航天到低空经济，从民生养老到文旅转型，无锡构建起"独立场景—多元场景—超级场景"三级体 系，形成从点状突破到系统集成的完整链条，让场景创新成为新质生产力的落地密码。 先行一步"打头阵" 实现技术从"可能"到"可用"的跨越 "我们带来的智能立体车库光伏储能协同充电系统集成场景机会，为光伏发电、储能、新能源汽车充电 结合提供了新模式。""日托光伏自主研发创新型的轻质组件产品，重量相比传统玻璃组件减少了50%， 安装效率提升60%。"在活动现场，6家业主单位发布场景机会，15家场景创新前沿企业进行绿色技术能 力展示路演，低碳创新需求与供给能力精准对接。 "小切口"里探"大乾坤" 围绕社会民生等五大领域精准发力 每到放学时分，学生们有序走出校门，然而，停在马路边的 ...