要了解李嘉诚的厉害，需要以10年为尺度来看。 还记得当年"李嘉诚买下英国"的论调吗？那时候李嘉诚父子重金收购英国的电网、水务等民生基建项 目，寻求稳定的获益业务。 十多年后，李嘉诚尽管出售英国最大配电网络之一UKPN的全部股权能大赚一笔，获得数倍的回报，表 面看是赢了，实际上是不得不为之。 如果有可能，或者风险很低，李嘉诚家族何尝想放弃这么一个优质的"现金奶牛"呢？ 所以这笔交易是买家欧洲本土巨头——法国能源巨头 Engie占了便宜（它用几年时间等到了李嘉诚更低 的报价：成交价105.48亿英镑，低于2022年传闻的150亿英镑）。 风向变了。这个世界一直不变的是变化，在李嘉诚大手笔到英国投资的时候，英国人是欢迎的，伦敦不 少上层社会的绅士都把李嘉诚视为"自己人"，是掏真金白银来帮自己解决麻烦的朋友。 但后来全球化遭遇重大逆流，大国博弈加剧，作为非西方资本，持有他国 "国家命脉" 资产，随时可能 因 "国家安全" 被限制、审查甚至变相国有化，巴拿马港口就是一个例子。2010年的时候没有几个人会 相信这种事的发生。 其实以李嘉诚之老谋深算，他和儿子李泽钜早已保持警惕，开始防范风险了，数年来他们旗下的企业是 战略 ...

来源：@华夏时报微博 文/黄指南 来源：@华夏时报微博 2月26日，长江和记实业（下称"长和"）与长江基建发布联合公告，旗下附属公司携手电能实业、长江 实业附属公司，与法国能源Engie旗下买方订立购股协议，拟出售英国配电企业UK Power Networks 100%股权及相关股东债务票据。 据悉，长和系三家出售方按持股比例确定UKPowerNetworks交易作价，长江基建附属公司、电能实业附 属公司各持40%股权，作价均为42.192亿英镑（约443亿港元）；长江实业附属公司持有20%股权，作价 为21.096亿英镑（约221.5亿港元），三家合计作价约105.48亿英镑（折合1107.5亿港元）。 UK Power Networks是英国领先配电商，运营超19.2万公里电网，服务850万英国家庭及企业，2025财年 溢利同比大幅增长，长江基建2010年起投资该标的。交易需满足多方条件，包括四家出售方股东批准、 英国国家安全审查通过、根西岛金融监管机构认可等，最后截止日为2026年6月30日，未达标则交易或 终止。 截至发稿时，长和（0001.HK）拉升涨3.47%，报64.15港元；长江基建集团（10 ...

2月24日，A股迎来马年首个交易日，三大指数全线上涨：上证指数高开1.15%，深证成指高开1.52%，创业板指高开1.7%。有色金属、油气、算力等板块 指数涨幅居前。 对于节后走势，多家券商机构表示乐观。"随着一系列条件的满足和不确定性因素的落地，建议大家重整旗鼓，备战马年的第一波上涨周期。"广发证券策 略首席分析师刘晨明认为。 中国银河证券策略首席分析师杨超也表示，春节假期后，在政策预期、流动性支持与产业趋势催化下，市场震荡上行概率较大，未来一段时间A股市场或 以政策催化为核心驱动力，资金将围绕政策导向的产业主线与主题机会展开博弈，呈现"政策热点轮动、风格切换快速"的特征。 兴业证券经济与金融研究院策略研究首席分析师张启尧认为，对于A股而言，节前A股跟随海外资产调整后已释放了一定的风险，节后A股即将进入一段 高胜率窗口，继续看好A股节后迎来新一轮上行。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4129.13 | 14313.86 | 1830.15 | | +47.06 +1.15% +213.67 +1.52% ...

Group 1 - The A-share market is expected to continue its spring rally in 2026, driven by policy guidance and industry trends, with a focus on technology and resource sectors [1][3] - The market sentiment is currently strong, with limited adjustment pressure, and the potential for a rebound in market indices post-Spring Festival [2][3] - The AI sector is highlighted as a key investment opportunity, with expectations for significant advancements and commercialization in 2026 [3][4] Group 2 - Resource sectors, including chemicals and precious metals, are gaining attention from institutions, particularly due to rising international prices for gold and oil [4][5] - The geopolitical situation may provide a short-term boost to oil prices, while precious metals are seen as a safe haven for investors [5][6] - The upcoming peak season for industrial production and construction in March and April is expected to validate price increases and influence market trends [6]

国家电网近期公布4万亿元投资计划，较"十四五"增长40%。叠加南方电网及地方电网投入，"十五 五"期间，我国电网总投资规模预计将突破5万亿元。 加大电网投资力度，是筑牢国家能源安全的战略之举。当前全球能源供给波动加剧，极端天气频发，人 工智能用电需求爆发，端牢能源饭碗面临的挑战不小。我国能源资源与用能中心逆向分布的基本国情， 决定了必须建设强大的跨区域输电网络，实现资源优化配置。持续提升跨区跨省输电能力，可进一步巩 固"西电东送、北电南供"能源格局，从根本上增强国家能源自主保障能力，抵御各类能源供应风险。 （文章来源：经济日报） 加大电网投资力度，是赋能经济发展、增进民生福祉的务实之措。对生产而言，稳定可靠的电力，是高 端制造、数字经济等新兴产业的必备条件，也是乡村振兴与农业现代化的重要支撑。坚强电网可为产业 链供应链稳定提供保障，助力实体经济高质量发展。对生活而言，更高效的充电网络、更经济的用电成 本、更智慧的用电方式，将更好满足人们对美好生活的需求。 根据规划，到2030年，我国要初步建成主干电网和配电网为重要基础、智能微电网为有益补充的新型电 网平台。这个目标为5万亿元电网投资指明了方向：一是升级特高压 ...

近日，国网河北电力数据显示，"十四五"期间，河北南部电网累计投资约810亿元，重点聚焦华北区域 特高压负荷落地工程、新能源输送通道、雄安世界一流城市电网建设等重点领域，电网建设实现跨越进 阶，为经济社会高质量发展注入强劲动能。 "与'十三五'以基础网架完善为主的建设格局相比，'十四五'河北南部电网建设更突出绿色转型。"国网 河北电力建设部副主任王怀民介绍。"十四五"期间，国网河北电力主网建设实现跨越式突破。1000千伏 特高压保定站、邢台站两项扩建工程先后投运。保西500千伏变电站投运，有力保障太行山沿线300万千 瓦新能源并网送出。蒙西—京津冀±800千伏特高压直流工程开工建设，陇东—山东±800千伏特高压直 流工程全线贯通，有效助力"沙戈荒"基地新能源外送，构建起多能互补、安全可靠的电力供应体系。 在雄安新区，一张世界一流的城市智慧电网正加速成型。"十四五"期间，国网河北电力共投运16座覆盖 不同电压等级的智慧变电站。其中，500千伏雄东变电站、雄安变电站，为雄安供能筑牢骨干网架。剧 村城市智慧能源融合站等220千伏智慧变电站实现站城一体、和谐共融。黄湾村、王家寨绿色智能微电 网，为乡村电网低碳智能化改造 ...

此轮推进的输变电工程，将全面配套先进调度控制技术与数字化监测系统，进一步增强电网动态平衡能 力与事故应急处置能力，为高比例可再生能源安全稳定并网运行提供坚实的硬件保障。 随着系列重点工程的推进，云南电网逐步形成以"西电东送、云电外送"为核心，省内供电安全可靠、省 际互联互通高效、国际能源合作深入的现代化电力网络体系。立足"十五五"发展新阶段，云南电网主网 架架构将实现战略性转型升级，从"十四五"时期的"四横四纵一中心"省级骨干网，全面迈向"四翼组 团、核心双环"的现代化网架。这一架构的全面升级将显著增强电网整体韧性与资源优化配置能力，为 云南建设国家级新型电力系统示范区、实现绿色能源强省目标奠定坚实基础。（记者 段晓瑞） 责任编辑：罗宇 转自：云南日报 记者从南方电网云南电网公司获悉，一季度，云南电网预计投资57亿元，用于提速500千伏耿马输变电 工程、中老500千伏联网工程等重大工程建设，全力保障500千伏禾甸输变电工程、500千伏乐业输变电 工程等重点工程顺利开工。 此轮投资建设是云南电网深入贯彻落实云南"3815"战略发展目标、推进新型电力系统示范区建设的关键 举措，将为云南能源基础设施升级与区域发展赋 ...

Group 1 - The core point of the news is that the State Grid Zaozhuang Power Supply Company is significantly enhancing its power infrastructure during the 14th Five-Year Plan period, with substantial increases in substation capacity and transmission line length [1][3]. - During the 14th Five-Year Plan, 12 new substations of 35 kV and above will be built, adding 5.19 million kVA in capacity and 4,342 km in line length, representing growth of 26.92% and 35.43% respectively compared to the end of the 13th Five-Year Plan [1]. - The installed capacity of renewable energy in Zaozhuang is set to increase from 1.7216 million kW to 4.602 million kW, surpassing coal power capacity of 4.459 million kW for the first time [3]. Group 2 - The company has undertaken significant upgrades to the 220 kV main grid, enhancing the energy transmission capabilities to support the city’s transformation and economic development [3][5]. - A major project to expand the transmission capacity from Huadian Zaozhuang New Source Thermal Power Company to the Zaozhuang grid was completed two months ahead of schedule, increasing the transmission capacity by 200,000 kW [5]. - Eleven substations in the core urban area are under construction, with a focus on integrating new materials and technologies for environmentally friendly construction practices [7].

（文章来源：证券日报） 证券日报网讯 1月19日，明阳电气在互动平台回答投资者提问时表示，在全球化和创新驱动战略的双轮 驱动下，公司立足全球能源战略，继续深耕清洁能源和电力行业，围绕风电、光伏、电网、储能、多能 互补、数据中心等领域，推进重大电力装备及关键核心技术攻关，赋能全球能源的绿色、可持续发展。 ...

Core Conclusion - The market's upward momentum has slowed down this week, with active trading funds causing turnover rates to spike, surpassing the high point of August 2025. The spring market is still in progress, and a period of sideways consolidation after excessive short-term trading is normal. Although there are indications of a short-term cooling in policy, the overall stance remains accommodative [1][5]. Market Trends - The market style is shifting, with thematic sentiment cooling and strong sectors returning to the prosperity line. In the liquidity bull market phase, the profit effect is spreading, and price increases are considered a key prosperity line. The current narrative around commodities is driven by de-globalization and supply chain restructuring, leading to a re-pricing of key resource products [1][5]. Commodity Price Dynamics - Long-term, commodity prices tend to move in tandem, even during periods of economic downturn, as seen from 1970 to 1980 when prices continued to rise until 1980. There is optimism for a new super cycle in commodity prices. In the short to medium term, the focus should be on supply constraints, with potential expansion from emerging industry demand to the recovery of traditional demand. Beneficiaries on both supply and demand sides include non-ferrous metals (precious metals, copper, aluminum, strategic metals, rare earths), new energy (new energy materials, power batteries), chemical products (phosphate chemicals, fluorine chemicals), and storage chips [1][3][6]. Supply and Demand Factors - The current commodity price cycle is primarily driven by supply chain security. On the supply side, the control of strategic resources is intensifying amid great power competition, leading to increased scarcity in key mineral sectors. On the demand side, real needs driven by the AI technology revolution, energy transition, and military spending are boosting demand for strategic metals like copper, aluminum, lithium, and rare earths. A weak dollar cycle may support the elevation of commodity price levels [2][6]. Price Movement Patterns - Historically, during a commodity price increase, there are price rotations among commodities due to their interdependencies and relationships within the supply chain. For instance, during the demand expansion-driven price increase from 2009 to 2011, copper led the rise, followed by crude oil and soybeans. In the supply constraint-driven price increase from 2016 to 2018, oil and black commodities rose first, with chemical products showing sustained price increases [2][6]. Future Outlook - There is a strong belief in the potential for a new super cycle in commodity prices. The focus for the current price increase should be on supply constraint elasticity, with expansion likely moving from emerging industry demand to the recovery of traditional demand. Key supply constraints include production capacity limits for critical resources like copper and rare earths, capacity restrictions driven by "anti-involution" policies, and supply shortages driven by high AI demand. Demand opportunities are expected to arise from the transition between new and old driving forces in sectors like new energy vehicles, photovoltaics, and AIDC [3][7].