Market Performance - The A-share market experienced a nine-day rally, with the Shanghai Composite Index rising by 0.31% and the Shenzhen Component Index increasing by 0.03% [1] - The ChiNext Index fell by 0.32%, while the North China 50 Index rose by 0.11% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 1.4078 trillion yuan, a decrease of 57.8 billion yuan compared to the previous day [1] - Over 3,400 stocks in the market declined [1] Sector Performance - Leading sectors included carbon fiber, diversified finance, brain-computer interfaces, non-ferrous metals, CPO, wind power equipment, commercial aerospace, and humanoid robots [1] - Underperforming sectors were food and beverage, retail, batteries, chemicals, and influenza [1] ETF Performance - The non-ferrous metal sector saw gains, with the Dachen Fund Non-Ferrous Metal ETF rising by 2.9% [1] - The oil and gas sector performed well, with the Penghua Fund Oil and Gas ETF and the Jingshun Great Wall Fund Oil and Gas ETF increasing by 2% and 1.92%, respectively [1] - The AI sector showed signs of recovery, with the Kexin AI ETF and the Kexin Artificial Intelligence ETF rising by 2% [1] - The commercial aerospace sector continued its upward trend, with the Satellite ETF from Yifangda increasing by 1.7% [1] Declining ETFs - High-premium Hong Kong stock ETFs saw significant declines, with the Hang Seng ETF for Hong Kong Stock Connect hitting the limit down and the Hong Kong Stock Connect 50 ETF dropping by 7% [1] - The latest premium/discount rates for these ETFs were 5% and 0.27%, respectively [1] - The Hong Kong innovative drug sector declined, with the Hang Seng Innovative Drug ETF falling by 2% and the Hong Kong Stock Connect Innovative Drug ETF decreasing by 1.7% [1] - Power stocks experienced a pullback, with the Green Power ETF and Power ETF both declining by 1.6% [1]

本报乌鲁木齐讯（全媒体记者 张贝） 12月22日，"新时代党的治疆方略的成功实践"系列主题新闻发布 会在乌鲁木齐举行。本次发布会以"产业兴州 富民稳边——中国式现代化克州实践谱新篇"为主题，系 统介绍克孜勒苏柯尔克孜自治州近年来在社会稳定、经济发展、民族团结、文化繁荣、对外开放等方面 取得的显著成效。 民生福祉持续增进。克州农村居民人均可支配收入较2012年增长2.8倍，超50%的村集体经济收入超百 万元；不断扩大教育、医疗等公共服务供给，建成新疆天山职业技术大学（克州校区），结束了克州无 本科教育的历史；全面建成紧密型县域医共体，推动药品和耗材集中采购价格显著下降；全面推进农村 抗震安居房建设，推动"一老一小"服务体系日益完善，广大群众获得感、幸福感、安全感持续提升。 近年来，克州始终锚定社会稳定和长治久安总目标，统筹发展和安全，推进法治建设，各族群众安全感 持续提升；通过打造"石榴籽"等品牌调解室排查化解矛盾纠纷，夯实社会稳定群众基础。 以铸牢中华民族共同体意识为主线，克州持续开展"铸牢共同体·共圆中国梦"等活动，累计创建县级以 上民族团结进步示范区（单位）1516个；深入推进文化润疆，连续举办11届玛纳 ...

"经济总量相继跨越2万亿元、2.5万亿元大关，5年增量预计超过7500亿元，相当于再造了一个'太原+大 同'的经济体量。"山西省发展改革委党组书记、主任陈磊介绍山西"十四五"发展成就时称，5年间，山 西坚定有序推进转型发展，经济发展的质量效益稳步提高。 作为能源大省，深入开展能源革命，是山西转型发展的核心抓手。保障国家能源安全、让老百姓用上更 清洁、更安全、更经济的能源，是"十四五"时期山西能源工作的头等大事。 "十四五"期间，山西完成了能源革命，从"煤炭资源大省"走向"综合能源大省"，煤炭从"传统开采"走 向"绿色智能"，电力从"煤电为主"走向"绿电领跑"，天然气从"单一开采"走向"三气共采"，用能管理 从"保障供给"走向"提质增效"。五个"走向"上的深层变革，为山西全方位转型提供了坚实支撑。 中经记者 黄永旭 北京报道 作为全国首个能源革命综合改革试点，"地区生产总值从2020年的1.765万亿元跃升至2024年的2.549万亿 元"，在"十四五"收官之际，山西交出了一份令人瞩目的成绩单。 面向"十五五"，山西仍保持着清醒判断。日前，《中共山西省委关于制定国民经济和社会发展第十五个 五年规划的建议》（以下 ...

摩根士丹利宏观策略谈-年终收官时刻以全局视角眺望全球 20251217 摘要 中国名义 GDP 增长预期约为 4%，低于市场普遍预期。财政政策预计温 和前置，侧重基建投资，如城市更新和 AI 算力中心。若上半年形势有变， 或追加相当于 GDP 0.5%的新增财政空间。 货币政策方面，降息降准空间有限，预计全年降息幅度在 10-20 个基点， 更侧重结构性工具。房地产政策方面，按揭利率补贴可能在 2025 年二 季度推出，消费方面，延续以旧换新，并探讨服务业消费补贴。 中国在科技板块、电池、电动汽车、机器人、光伏等新兴产业领域具有 先发优势。预计中国占全球出口市场份额有望从 15%提升至 16%- 17%，受益于企业全球化和人才优势。 中国资本市场信心有所提升，新兴产业企业家精神重燃。政策层面逐步 纠偏，增加对消费、社保的支持，但转型速度偏慢，需关注消费民生问 题。 美联储 12 月降息后，预计 2026 年 1 月和 4 月仍有两次降息，上半年 流动性相对宽松，利好风险资产。美国就业环境面临压力，美联储决策 会考虑此因素。 Q&A 2026 年中国宏观政策的总体定调是什么？ 2026 年中国宏观政策的总体定调 ...

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and Renewable Energy Key Points Contract and Order Status - Total environmental engineering contracts on hand amount to **19.74 billion yuan** with non-electric orders primarily from the steel metallurgy and chemical sectors [2][3] - New environmental engineering contracts added in the first three quarters reached **7.62 billion yuan**, with the electric power sector accounting for approximately **62%** and non-electric sectors for **38%** [3] Market Opportunities - The non-electric desulfurization and denitrification market has significant potential, with demand for ultra-low emissions transformation in steel, coking, and cement industries estimated at **300-400 billion yuan** [2][6] - Longking aims to capture over **10 billion yuan** in the existing transformation market and is actively expanding into emerging industries and mining desulfurization and denitrification [2][6] Fire Power Market - The company benefits from national plans for fire power construction, with a target of adding **80 million kilowatts** of capacity each year from 2023 to 2025 [4][5] - The operational maintenance market for fire power is projected to reach **20 billion yuan** annually, with significant growth expected following the acquisition of Jitai Intelligent [2][7] Renewable Energy Projects - The **200 MW** solar-storage project in Tibet has exceeded profit expectations, generating a net profit of **93 million yuan** in the first three quarters [2][11] - The company has a total green energy project scale nearing **1.2 GW**, primarily supplying Zijin Mining and its affiliates [2][15] Strategic Developments - Longking's acquisition of Jitai Intelligent has led to substantial growth in orders and performance, indicating a strong future in intelligent operations [2][7] - The company is focusing on developing microgrid and energy storage systems in Tibet, Africa, and South America, with expected capacities of several gigawatts [2][16] Financial Health and Investment Plans - Longking plans to invest approximately **5-6 billion yuan** over the next three years in major projects, including the **Mami Cuo** project in Tibet [22][23] - The company has around **4.5 billion yuan** in cash and financing capabilities to meet future investment needs [23] Dividend Policy - Longking has committed to a dividend payout ratio of over **40%**, achieving **42.8%** last year, but future increases will depend on funding needs for upcoming projects [24] Growth Prospects - The company is in a strong growth phase with stable main business orders and expanding green energy and storage operations [25] - Potential growth areas include electric mining trucks and sodium-ion battery technology [25] Risk Management - The company has addressed goodwill impairment risks, with a significant reduction in losses in hazardous waste disposal operations [8] - Management changes are not expected to impact operations significantly, with continuity in leadership roles [9][10] Conclusion - Longking Environmental is well-positioned for future growth with a robust order book, strategic acquisitions, and a focus on renewable energy projects, supported by strong financial health and a commitment to shareholder returns [25]

电力行业 2026 年度投资策略 证 券 研 究 报 告 推荐（维持） 看好海风成长潜力，火水核价值回归可期 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 行业研究 电力及公用事业 2025 年 11 月 26 日 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 226 | 0.03 | | 总市值( ...

Core Insights - The economic resilience across various regions in China has been highlighted, with a national GDP exceeding 101 trillion yuan, reflecting a year-on-year growth of 4.07% in the first three quarters of the year [1] Group 1: Regional Economic Performance - Guangdong Province leads with a GDP of approximately 105.18 billion yuan, showing a growth rate of 2.93% [2] - Jiangsu Province follows closely with a GDP of about 102.81 billion yuan and a growth rate of 3.6% [2] - Sichuan Province has reached a GDP of 49.32 billion yuan, with a growth rate of 4.93%, driven by the Chengdu-Chongqing economic circle [4] Group 2: Competitive Dynamics - The GDP gap between Chongqing and Jiangxi has narrowed to 230 billion yuan, showcasing a competition between two distinct economic models [5] - Chongqing's automotive manufacturing, particularly in new energy vehicles, has seen a 40% increase in production, while Jiangxi excels in lithium battery and photovoltaic industries [5] - Both regions are competing in the digital economy, with Jiangxi focusing on IoT demonstration zones and Chongqing enhancing industrial internet coverage [5] Group 3: Emerging Growth Areas - Gansu Province has achieved a growth rate of 4.8%, primarily driven by its renewable energy strategy, with significant wind and solar capacity [8] - The province's data center cluster is growing rapidly, attracting major tech companies, although traditional industries still dominate its economic structure [8] - The challenge for Gansu lies in avoiding becoming a "green energy island" and developing a local consumption and high-value conversion system [8] Group 4: Future Outlook - The essence of regional competition is seen as an iteration of development models, with eastern provinces relying on technological innovation while central and western regions explore differentiated paths [10] - The upcoming quarters may reveal which provinces will achieve ranking improvements through the cultivation of new productive forces [10]

Summary of Longking Environmental Conference Call Company Overview - **Company**: Longking Environmental - **Industry**: Environmental Protection and Renewable Energy Key Points Shareholder Dynamics - Zijin Mining fully subscribed to Longking Environmental's 2 billion yuan private placement, increasing its shareholding from 25% to nearly 34%, providing significant financial support and accelerating future funding capabilities [2][3] Green Energy Business Performance - In the first three quarters of 2025, Longking Environmental's green energy business net profit reached 170 million yuan, significantly higher than the previous year's total of 70-80 million yuan [2][8] - The Lagocuo Salt Lake photovoltaic project contributed notably, with expected unit profitability exceeding 500 million yuan per megawatt [9] - New projects, including the Mamito Salt Lake photovoltaic and the Congo hydropower station, are anticipated to drive future performance growth [2][9] Storage and Emerging Business Areas - Longking Environmental is actively recovering its storage business, achieving a turnaround in profitability in 2025, with total battery cell deliveries of 5.9 GWh from January to September [6][12] - The company is exploring new fields such as mining new energy, green electricity, and wall-climbing robots, providing certainty for growth over the next three years [6] Environmental Protection Sector - The environmental protection segment serves as a stabilizer for the company, contributing stable and predictable performance [10] - In 2025, new orders in this sector reached 7.6 billion yuan, with a year-on-year growth of 11%, and the backlog of orders stood at 19.7 billion yuan, sufficient to support two years of performance confirmation [15] Future Growth and Valuation - Zijin Mining aims to achieve a 30% self-supply rate of green electricity by 2030, with a demand for approximately 7 GW of green energy installations [11] - Longking Environmental's current valuation is not fully recognized by the market, particularly for specific projects like mining green electricity, which have higher profitability than average [7] - Overall profit for 2025 is expected to exceed 1.1 billion yuan, with projections for 2026 and 2027 reaching 1.0-1.5 billion yuan and 1.6-1.7 billion yuan, respectively [16] Equipment Business Developments - The equipment business includes mining heavy trucks, mining equipment, and wall-climbing robots, with successful deliveries already made [14] - Partnerships with companies like Hunan Chuangyuan and Jitai Intelligent are expected to become significant growth points in the future [14] Conclusion - Longking Environmental is positioned for strong growth in the green energy sector, supported by significant shareholder investment and a stable environmental protection business. The company is exploring new technologies and markets, which could enhance its profitability and market valuation in the coming years.

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

Core Insights - The chemical sector has outperformed the innovative pharmaceutical sector recently, with a notable increase of 3.7% in chemical stocks, leading to a total profit of over 20% from a rotation strategy between chemicals and green energy [3][20]. - The innovative pharmaceutical sector has also seen significant gains, with a current increase of 4.76% and a price-to-earnings (P/E) ratio of 31.83, which is relatively low compared to its historical average [5][6]. - The innovative pharmaceutical sector's growth this year has been driven by earnings rather than mere price increases, indicating a strong underlying performance [8]. Chemical Sector - The chemical sector has shown a profit of 15% after a recent bottom-fishing strategy, with the price now exceeding the previous selling price by 7% [2][3]. - The rotation strategy between chemicals and green energy has yielded a combined profit of over 20% [3][20]. Innovative Pharmaceutical Sector - The innovative pharmaceutical sector has experienced a significant rise, with a reported profit of 93.73% on a specific ETF holding, which is expected to exceed 100% with recent gains included [9]. - Despite the substantial price increase this year, the P/E ratio remains at a reasonable level, suggesting potential for further growth [6][8]. Market Trends - The market is witnessing a shift towards more stable investments, with investors inquiring about the potential for further investments in dividend and fixed-income funds [16][19]. - The overall sentiment indicates that while the market has recovered significantly, future profits will increasingly depend on identifying sectors with potential for substantial earnings growth [18].