点击 国家能源局 关注 7 Selat 2 发表图能源 品障的原名 8月26日,国新办举行"高质量完成 十四五 规划"系列主题新闻发布会,介绍 "十四五"时期能源高质量发展成就并答 记者间。一起看我国能源保障"量足价稳" 的"底气"。 客户端 "十四元" 5年新增用电量 预计将超过 欧盟自度開起量 四五 前四年,我国能源消费增量已达到 The Fee 量的15倍 预计五年新增用电量将超过欧盟年度用电量 The Can and Children 2024年全国发电量 超10万亿千瓦时 占全球1/3 + 1 / 1 / + + ७ - 2024年能源生产品重折合约50亿吨标准课，占比拒全球175 賽音及地区 = 合名中 LILI ● 加快能源产供储销体系建设,有效满足快速增长的能源需求 ◎ 保障能源供应"量足价稳" 40% 发生三 | 18 | 天空间 | ◎ 截至7月底,我国充电基础设施数量达1669.6万个,是"十三五 末的10倍,规模世界领先 © 充电基础设施已覆盖98%的高速公路服务区 构建全球最大、 发展最快的. 可再生能源体系 这五年,横跨东西、纵贯南北、连通海外的能源基础设施网络 O 更加完善 ○ ...

文 | 国新网 国 务 院 新 闻 办 公 室 于 2025 年 8 月 2 6 日 （ 星 期 二 ） 上 午 10 时 举 行 " 高 质 量 完 成 ' 十 四 五 ' 规 划"系列主题新闻发布会，请国家发展改革委党组成员、国家能源局局长王宏志，国家能 源局副局长万劲松，国家能源局电力司司长杜忠明，国家能源局新能源和可再生能源司司 长李创军介绍"十四五"时期能源高质量发展成就，并答记者问。 国家发展改革委党组成员、国家能源局局长 王宏志 提到，"十四五"是能源科技创新取得 更大突破的五年。新能源等技术装备领跑全球，新能源专利数占全球4成以上，光伏转换 效 率 、 海 上 风 电 单 机 容 量 等 不 断 刷 新 世 界 纪 录 ， 短 短 几 年 ， 新 型 储 能 规 模 跃 居 世 界 第 一。 新模式新业态蓬勃发展， 智能微电网、虚拟电厂等发展进入快车道，车网互动规模化应 用试点加快推进 ，能源产业与工业、交通等领域加速融合，新领域新赛道持续涌现，成 为新质生产力发展的重要源泉。 国家能源局新能源和可再生能源司司长 李创军 提到，"十四五"以来，我国市场交易电量 从"十三五"的10.7万亿千瓦时 ...

今天，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。有关负责人表示，我国新能源等技术 装备领跑全球，新能源专利数占全球4成以上，光伏转换效率、海上风电单机容量等不断刷新世界纪录，短短几 年，新型储能规模跃居世界第一。 白鹤滩水电站、自主三代核电"华龙一号""国和一号"、第四代高温气冷堆等多个"全球最大""全球首座"工程建成 投运，油气开发突破深地"万米大关"、挺进"千米深海"，这些"大国重器"彰显了我国科技创新的硬核实力。 ...

Group 1 - The provincial government emphasizes the need to unify thoughts and actions with the central government's scientific judgment and decision-making regarding the economic situation, focusing on achieving annual goals and planning for the 14th Five-Year Plan [1] - The government is committed to enhancing economic quality and stability by leveraging comparative advantages in location, resources, and costs, while implementing extraordinary measures to stabilize employment, enterprises, and market expectations [1][2] - There is a strong focus on accelerating the development of key industries through technological innovation, enhancing collaboration between enterprises and research institutions, and improving the development levels of industries such as new energy, electronic information, and oil and gas [2] Group 2 - The government aims to boost consumer confidence and stimulate consumption by optimizing the distribution of consumption vouchers and promoting sectors like automotive and home appliances [2] - Efforts are being made to stabilize the real estate market through urban renewal initiatives and innovative housing solutions, which will help activate existing housing stock and improve urban infrastructure [2] - The government is also focused on enhancing public services in education, healthcare, and elderly care, while ensuring that resources are expanded and optimized to meet the changing population demands [2]

Core Viewpoint - The global asset performance in July shows that the US dollar leads with a return of 3.19%, followed by commodities at 2.00%, global stocks at 1.30%, and the Chinese yuan at -0.50%, with global bonds declining by 1.49% [2] Group 1: Global Asset Trends - The liquidity of Japanese government bonds has deteriorated beyond the levels seen during the 2008 financial crisis, with the Bloomberg Japan Government Bond Liquidity Index surpassing the post-Lehman Brothers bankruptcy levels [4][10] - There is a divergence in the performance of cyclical stocks versus defensive stocks in the US market, closely linked to forward swap rates tied to interest rates, indicating optimism among investors regarding sustained high interest rates [12] - The relative performance of MSCI Japan bank stocks is highly correlated with the 10-year Japanese government bond yield, benefiting from rising inflation expectations [5][15] Group 2: Fund Manager Allocations - Global fund managers have increased their allocation to technology to the highest level since March 2009, while reducing positions in cash, consumer staples, banks, emerging markets, and commodities [18] - Emerging market sovereign debt has seen its yield spread over US Treasuries narrow to a 15-year low, reducing the attractiveness of this strategy despite strong performance earlier in the year [24][21] Group 3: Economic Indicators - The relative performance of European consumer staples has diverged from the gold-to-copper ratio since 2024, indicating a weakening relationship between macroeconomic conditions and defensive sectors [28] - The relative price-to-earnings ratio of European and US stock indices is closely related to the uncertainty of economic policies in both regions, with European valuations rising as US policy uncertainty increases [31] Group 4: Interest Rate Dynamics - The interest rate swap spread between China's 5-year and 1-year rates has turned positive for the first time in seven months, reflecting confidence in long-term inflation due to domestic policies and infrastructure projects [35] - The South African stock index has closely followed gold prices, with a cumulative increase of approximately 19% since 2025, outperforming other emerging market indices [38] Group 5: Market Sentiment - The volume of bullish options on the SPDR US Dollar ETF has been declining, suggesting a potential softening of the dollar, as indicated by the falling risk reversal options [41]

Core Viewpoint - Shandong Xinchao Energy Co., Ltd. will continue to engage in oil and gas hedging activities through its wholly-owned subsidiary Moss Creek Resources, LLC, to mitigate the adverse effects of international oil and gas price fluctuations on its operations [1][2]. Summary by Sections Transaction Overview - The purpose of the hedging activities is to avoid negative impacts from price fluctuations in international oil and gas markets, with a focus on hedging rather than speculation or arbitrage [2]. - The hedging instruments will include futures and derivatives related to oil and gas [2]. - The hedging business will be valid for 24 months from the board's approval, with annual reviews [3]. - The total hedging scale will not exceed 90% of Moss Creek's proven developed producing (PDP) oil reserves within the specified timeframe [3]. - The maximum contract value held on any trading day will not exceed 50% of the audited net assets attributable to the parent company for the year 2024 [3]. - The funding for the hedging activities will come entirely from the company's own funds, without involving raised capital [3]. Approval Process - The proposal for the hedging activities was approved by the company's 12th Board of Directors on July 4, 2025, and does not require submission to the shareholders' meeting for approval [2][4]. Risk Analysis and Control Measures - The company aims to mitigate risks associated with commodity price fluctuations and exchange rate volatility through its hedging activities, avoiding exposure and risks [4]. - Identified risks include market risk, operational risk, credit risk, regulatory risk, and force majeure [4]. - To manage these risks, the company will strictly monitor the hedging scale, ensuring alignment with Moss Creek's proven oil reserves and production capacity [5]. - Moss Creek will utilize the diversity of the U.S. oil and gas futures market, employing swaps, collars, and options to lock in actual settlement price ranges [5]. - Compliance with local laws and regulations will be strictly adhered to, with regular supervision of the hedging activities' compliance and internal control mechanisms [5]. Impact on the Company - The hedging activities are intended to reasonably mitigate risks associated with price fluctuations in oil and gas markets, without affecting the company's normal cash flow and main business operations [5]. - The company will apply relevant accounting treatments in accordance with the Ministry of Finance's accounting standards for hedging activities [5].

Core Viewpoint - The U.S. Treasury Department has issued a general license related to Russia, allowing certain services associated with the Sakhalin-2 oil and gas development project to be provided [1] Group 1 - The general license specifically authorizes the provision of services that are essential for the operation of the Sakhalin-2 project [1] - This move indicates a potential easing of restrictions on U.S. companies involved in energy projects in Russia, particularly in the context of the ongoing geopolitical situation [1] - The Sakhalin-2 project is significant as it is one of the largest liquefied natural gas (LNG) projects in the world, contributing to global energy supply [1]

Core Insights - The signing of the 1000th leased vessel in Tianjin Dongjiang Comprehensive Bonded Zone marks a significant milestone in the region's leasing industry [1] - The vessel, a floating liquefied natural gas (LNG) production and storage unit, represents a total investment of nearly $1.8 billion, with approximately $1.2 billion financed through leasing [1] - The leased vessels include various mainstream trade transport types, such as bulk carriers, container ships, and oil tankers, which play a crucial role in ensuring food and energy security [1] Investment and Financing - The total investment for the newly signed vessel is close to $1.8 billion [1] - The leasing financing amount for this vessel is around $1.2 billion [1] Industry Impact - The 1000 leased vessels in the Dongjiang Comprehensive Bonded Zone contribute significantly to global trade and logistics, particularly in the context of food and energy security [1] - The types of vessels leased include bulk carriers, container ships, and oil tankers, indicating a diverse portfolio that supports various sectors [1]

Core Viewpoint - The article discusses the performance of global asset classes in May, highlighting that global stocks outperformed commodities, the renminbi, and the dollar, while global bonds showed a decline [2]. Group 1: Global Asset Performance - In May, global stocks returned 5.72%, followed by commodities at 1.26%, the renminbi at 1.00%, the dollar at -0.14%, and global bonds at -0.36% [2]. - The "Big and Beautiful Act" in the U.S. may exacerbate long-term debt risks, with projections indicating that the debt-to-GDP ratio could soar to 134%-149% by 2035 if the act is implemented [4][10]. - The probability of a U.S. economic recession is rising, leading to defensive sectors outperforming cyclical sectors, with defensive sectors showing a year-to-date valuation increase of 10.7% compared to cyclical sectors [5][13]. Group 2: Market Dynamics - Emerging markets are outperforming developed markets, driven by a weaker dollar, which reduces the holding costs of emerging market assets and alleviates debt pressures [6][15]. - Global fund managers have increased their allocation to European stocks, reaching the highest level since October 2017, with net overweights rising from 22% to 35% [6][18]. - U.S. trade policy uncertainty is identified as a significant risk for U.S. stocks, with a close correlation observed between the Bloomberg U.S. Trade Policy Uncertainty Index and the S&P 500 Index [6][22]. Group 3: Currency and Bond Market Insights - The implied volatility of the USD/HKD risk reversal options has dropped to historically low levels, indicating a dominant bearish sentiment towards the HKD [7][25]. - The forward P/E ratio premium of the "Seven Giants" in the U.S. stock market has decreased to historical lows, suggesting a reset in the valuation advantage of tech giants [8][28]. - The Japanese yen's traditional safe-haven status has weakened, leading to significant depreciation in May, while other Asian currencies benefited from tariff pauses [8][31]. Group 4: Recent Developments in Currencies - Following the U.S.-China tariff suspension agreement, the onshore renminbi exchange rate broke through the central bank's midpoint, reaching a new high for the year [9][32]. - The New Taiwan Dollar experienced significant appreciation, surpassing the 30 mark against the U.S. dollar, attributed to foreign capital inflows and global risk sentiment rebound [9][37].

Group 1: Industry Overview - JD Group's launch of "JD Takeaway" and a "100 billion subsidy" has intensified competition in the instant retail sector, particularly among Meituan, JD, and Ele.me [1] - Meituan's CEO Wang Xing emphasized that market competition promotes industry development, especially for instant retail, but the "low-quality, low-price" competition is unsustainable in the long term [1][9] - The collective shift towards "quality" as a core strategy among major platforms indicates a move away from price wars to a focus on value competition [1][2] Group 2: Regulatory Environment - In May, regulatory authorities held discussions with food delivery platforms, reflecting a tightening stance against "low-quality, low-price" and "involution" competition [1] Group 3: Company Developments - Meituan's flash purchase service reported a 200% year-on-year increase in transaction volume during the first day of the "618" event, driven by surging demand for instant retail [4] - China National Offshore Oil Corporation (CNOOC) announced the successful launch of the Mero4 project in Brazil, which will enhance overall oil production capacity [5] - Xiaomi clarified that its "Xuanjie O1" chip is not customized from Arm, highlighting its advancements in independent chip development [3] - BYD's blade battery and fast-charging blade battery passed the new national battery standards ahead of schedule, showcasing its leadership in battery safety technology [8] - Changan Automobile appointed two new product CEOs to enhance management in the context of its transition to new energy vehicles [10] - GAC Group partnered with Alibaba Cloud for overseas market expansion, focusing on digital infrastructure and supply chain management [11]