证券日报网1月8日讯 ，南网储能（600995）在接受调研者提问时表示，电力现货市场中电价差的形成 受多种因素综合影响，包括未来供需形势、拟入市站点的容量、接入位置、储能利用小时数等因素。 ...

近年来，新疆电网新型储能技术类型不断丰富，磷酸铁锂储能实现规模化应用，全钒液流、飞轮储能等新型储能技术示范落地，构网型储能、长 时储能技术加快推进试点应用 ，技术迭代升级持续提升储能设施的安全性能与调节效能，让储能设施成为电网安全运行的稳定器、新能源高效 利用的助推器，为新型电力系统建设筑牢技术根基。 下一步，国网新疆电力将持续优化储能并网服务机制 ，推进新型储能技术示范应用，完善储能市场化交易机制，不断壮大新型储能装机规模、 提升储能利用效率，不断提升储能产业发展质效，稳步推进新型电力系统建设，持续提升新疆能源资源优化配置能力。 文 | 中新网 截至 2025年底 ， 新疆电网新型储能装机规模达 20.1504 GW / 70.5376 GWh，突破 20 GW 大关。 装机规模位居全国前列，为新疆新能 源高效消纳、电网安全稳定运行提供坚实支撑，也为我国能源绿色低碳转型和国家能源保供大局注入新疆动能。 截至2025年底，新疆电网发电总装机已超 250 GW，其中新能源装机达 161 GW， 建成哈密、准东等6个 10 GW级新能源基地，新能源装机 占比持续提升，清洁能源供给能力稳步增强。 2025年新疆电网 ...

（原标题：明年看好四大投资主题！摩根大通刘鸣镝：消费板块 估值有吸引力） 在配置方面，刘鸣镝看好提出明年"4+1"投资方向。四大可加仓主题包括"反内卷"、全球AI基建开支增 长、发达国家宽松政策利好出口，以及"K型"消费复苏对食饮及超高端消费的带动；另有一个潜在主题 是地产可能企稳。 "当前市场对消费复苏与地产企稳仍有分歧。近期政策将消费、房地产稳定与防化风险置于更重要的位 置，预计到明年初，尤其是全国两会期间，信号将更加明确。"刘鸣镝说。 近日，在摩根大通举办的线上媒体圆桌会议上，摩根大通中国内地及香港地区股票策略研究主管刘鸣镝 接受证券时报·券商中国记者采访时分享道，展望2026年，MSCI中国指数、沪深300指数及MSCI香港指 数目标点位分别为100点、5200点和16000点，对应当前点位均有约两位数上涨空间。 刘鸣镝指出，2026年四大投资主题值得关注：一是"反内卷"；二是全球AI基建开支增长；三是发达国家 宽松政策对出口的提振；四是"K型"消费复苏对食品饮料及超高端消费的带动。 她同时表示，半导体等板块短期估值已偏高，更看好光伏、电池等领域；消费板块当前估值具备吸引 力，建议投资者不宜过度低配。 ...

对比四季度各行业预期，她认为，市场对金融行业预期较低，而对科技与医疗预期很高，后者需实现环 比大幅的增长方能匹配市场的高预期。"我们判断半导体硬件等板块短期估值已偏高，短期存在压力。 长期看，若进口替代、质量与产出能提升至新高度，当前估值或可获支撑。" 在AI领域内，她认为基础设施设备(尤其是电力储能ESS)目前仅处于"恢复期"。因此，她对AI中的 ESS(储能系统)、光伏、电池及电池材料等领域更为看好。关于出海主题，她表示电池、储能及光伏产 业链的出口前景备受看好，这些行业能为数据中心提供快速电力解决方案，是2026年最看好的方向之 一。 "反内卷"聚焦成长型行业 对于"反内卷"主题，刘鸣镝表示，明年继续看好有"反内卷"措施且需求景气的行业。她将相关行业分为 三类：一是收入前景良好的成长型(如电池、光伏)；二是与宏观紧密关联的周期型(如钢铁、化工)；三 是与消费相关的领域。 刘鸣镝认为，第一类行业表现将优于第二类，主因收入端具备提升潜力，尤其是AI数据中心建设带来 的电力需求。"全球(中国内地以外)AI基建开支增长都需要电力，这是一个结构性机会。"她表示，将持 续看好当前利润承压明显的光伏、碳酸锂、电池及电 ...

Core Viewpoint - Artificial intelligence is a key driving force for a new round of technological revolution and industrial transformation, and digital optimization and upgrading across various fields are essential for building a digital China [1] Group 1: Smart Control Center Development - The South Grid Energy Storage Company has developed a smart control center in Guangzhou, managing 31 pumped storage units in the Guangdong-Hong Kong-Macao Greater Bay Area, achieving a cumulative adjustment of 66.29 billion kilowatt-hours by November 2025 [3] - The smart control center's operations have resulted in over 30 billion kilowatt-hours of electricity generation, equivalent to the annual electricity consumption of 240 million households, reducing standard coal consumption by approximately 9 million tons and cutting CO2 emissions by over 24 million tons [3] Group 2: Automation and Efficiency - The company has implemented a data reporting function using RPA robots to automate data collection and reporting, significantly reducing the workload of operators and allowing them to focus on real-time monitoring and emergency response [5] - This automation addresses the repetitive and error-prone nature of data statistics and report preparation, enhancing operational efficiency [5] Group 3: Risk Management and Predictive Maintenance - The company has developed intelligent trend warning, status verification, and fault location functions to monitor various parameters in real-time, enabling early detection of equipment issues and reducing non-scheduled downtime [6] - The system provides a visual tracking of the entire startup and shutdown process, improving response efficiency and reliability of equipment operations [6] Group 4: Intelligent Alarm Handling - An intelligent alarm handling module has been created, which automatically analyzes fault characteristics and generates structured handling suggestions for different levels of personnel, enhancing decision-making efficiency during abnormal events [7] - This upgrade supports effective decision-making and improves the quality of incident response [7] Group 5: Talent Development and Training - The smart control system's development is not only a technological innovation but also a practical training opportunity for talent cultivation, with frontline personnel involved in the entire process from demand analysis to testing [7] - This approach strengthens the professional capabilities of operational staff, laying a solid foundation for the future development and management optimization of pumped storage [7] Group 6: Continuous Improvement and Future Goals - The company aims to continuously track and optimize the smart control system's operations, transitioning from traditional "human monitoring" to a new paradigm of "system prediction" for intelligent operations [8] - The commitment to technological innovation will drive the ongoing transformation and upgrading of the smart control center, supporting high-quality development [9]

Group 1 - The core viewpoint emphasizes the need to upgrade standards to support high-quality development and enhance the role of standards in guiding and ensuring industrial progress [1][3] - China's standardization efforts have yielded positive results, with over 47,000 national standards established, including successful cases that have led to the upgrade of industries, such as standards for lithium-ion batteries in energy storage [1] - The current manufacturing sector faces challenges such as low-level repetitive competition and reliance on foreign core technologies, which are often linked to outdated or absent standard systems [1] Group 2 - Optimizing standard supply requires focusing on the pain points, difficulties, and growth areas of economic and social development, particularly in upgrading traditional industries and addressing public concerns [2] - Strengthening the implementation of standards is crucial, necessitating robust supervision and support for enterprises to innovate and adhere to high standards [2] - Enhancing the internationalization of standards is essential for Chinese enterprises to expand globally, promoting participation in international standard-setting and aligning with advanced international standards [2]

Core Insights - The white paper titled "2025 Annual Report on Hainan Province's Policies and Actions to Address Climate Change" was released, marking China's first provincial-level systematic disclosure of climate change policies and actions to the international community [1] - Hainan is recognized as a national ecological civilization pilot zone, focusing on high-quality construction of a low-carbon island and promoting a comprehensive green transformation of economic and social development [1] Policy and Action Overview - Hainan has integrated climate change responses into its overall economic and social development and free trade port construction layout, enhancing its climate change policy system since 2024 [1] - Key measures include accelerating the ecological protection and green development of Hainan Tropical Rainforest National Park and defining carbon reduction pathways in energy, industry, and transportation sectors [1] Green Industry Development - To mitigate climate change, Hainan is accelerating the green low-carbon transformation of its industrial structure, significantly developing offshore wind power, photovoltaics, energy storage, and smart grid industries [1] - The province is actively creating green factories [1] Energy Structure Transformation - By September 2025, the share of clean energy (including gas) in Hainan's power generation is expected to reach 70.3%, ranking among the top in the country [1] - The new power generation capacity in the province mainly comes from renewable energy sources such as wind and solar power, while the proportion of coal in primary energy consumption is gradually decreasing, projected to drop to around 20% by 2024 [1] Transportation Sector Initiatives - In the transportation sector, the proportion of new energy vehicles in Hainan's newly added vehicles ranks first among provincial-level regions in the country [2] - The province's new energy vehicle ownership accounts for the second-highest ratio among provincial regions nationwide [2] Ecosystem and Carbon Sink Enhancement - Hainan is actively promoting blue carbon development and application to enhance the carbon sink capacity of its ecosystems [2] - The province has maintained a forest coverage rate of over 62% through continuous afforestation and greening efforts, and has added nearly 30,000 acres of mangroves in the past five years [2] International Cooperation - Hainan emphasizes open cooperation to enhance climate governance capabilities, actively implementing national strategies for openness and international cooperation [2] - The province focuses on key areas of climate change response, forming a multi-level, multi-field, and comprehensive international cooperation framework [2]

Core Viewpoint - The company is actively advancing its hydropower and energy storage projects, indicating a strong commitment to renewable energy development [1] Group 1: Project Developments - The company has two major hydropower projects under construction: the Henan Lushan Pumped Storage Project with a capacity of 1300MW and the Linzhou Gongshang Pumped Storage Project with a capacity of 1200MW [1] - The company has successfully launched the Hebi 100MW/200MWh energy storage project, which is now operational [1]

Key Points - The stock price of Shikong Technology has seen a significant short-term increase, indicating potential market sentiment overheating and irrational speculation risks [1] - East Asia Machinery plans to invest in the construction of an intelligent manufacturing base for air compressors and core components in Central China [1] - Qiaoyin Co., Ltd. has received a bid notification for a cooperation operation project in the urban sanitation sector worth approximately 512 million yuan [1] - Yongji Co., Ltd. intends to acquire a 52.69% stake in Pijen for 31 million Australian dollars through its wholly-owned subsidiary [1] - Microchip Biotech plans to repurchase shares worth between 10 million to 15 million yuan [1] - Taiyuan Heavy Industry reported a net profit of 41.2152 million yuan for the third quarter, representing a year-on-year increase of 25.14% [1] - Kanglongda's major shareholder plans to reduce their holdings by no more than 3.00% [1] - Shengxin Lithium Energy intends to raise no more than 3.2 billion yuan through a private placement [1] - Zhongyuan Co., Ltd. plans to raise no more than 500 million yuan through a private placement [1]

Core Insights - The Central State-Owned Enterprises Modern Energy ETF (561790) has shown a positive performance, with a recent increase of 0.16% and a two-week cumulative rise of 4.39% as of October 22, 2025 [3][4] - The index tracks 50 listed companies involved in modern energy sectors, reflecting the overall performance of state-owned enterprises in this field [4] Market Performance - The Central State-Owned Enterprises Modern Energy Index rose by 0.29%, with notable increases in constituent stocks such as China Nuclear Engineering (up 10.01%) and Petrochemical Machinery (up 8.24%) [3] - The ETF's trading volume was active, with a turnover rate of 10.96% and a transaction value of 4.92 million yuan [3] Industry Developments - As of mid-2025, China's operational power storage projects reached a cumulative installed capacity of 164.3 GW, marking a 59% year-on-year increase, with new energy storage growing by 110% [4] - The number of charging infrastructure units nationwide reached 17.34 million, reflecting a 57.72% increase [4] - The new power generation capacity added from January to August 2025 grew by 64.40%, with power investment totaling 499.2 billion yuan, a 0.50% increase [4] Technological Advancements - The successful operation of a 3kW@4.5K helium refrigerator developed by Zhongke Qingneng supports the stable operation of the CRAFT facility, a key project in China's nuclear fusion research [3] - XINWANDA has launched a polymer solid-state battery with an energy density of 400 Wh/kg, with plans to establish a 0.2 GWh production line by the end of 2025 [3]