中巴两国在经贸领域的合作越发坚实，中巴经济走廊作为共建"一带一路"旗舰项目更是大放异彩。回望 2025年，走廊建设取得可喜进展：瓜达尔港自由区企业入驻数量显著增加，昔日渔村正崛起为区域枢 纽；产业合作硕果累累，拉沙卡伊特别经济区迎来首批高科技制造企业入驻；中巴农业合作示范区带动 巴方农产品出口额大幅提升……一系列数据的背后，蕴含着中巴两国平等互惠的无限合作动能。除了数 据方面的成就外，走廊所带来的景象就在人们身边。信德省的一个偏远村落里，中国援助的太阳能路灯 项目让当地居民不用再摸黑赶路；在瓜达尔海岸，中巴合作的风电场叶片迎风转动，中国企业提供的培 训和机会让无数有才之士实现人生梦想……一个又一个鲜活而动人的故事，正在成为走廊最温情的注 脚。 当前，国际局势波谲云诡，而中巴关系历久弥坚，从未动摇。2025年12月8日，全巴基斯坦中资企业协 会在巴首都伊斯兰堡举行"2025年巴基斯坦洪涝灾害援助行动启动仪式"，31家中企向巴洪灾灾区捐赠约 3689万巴基斯坦卢比（约合13.2万美元），这些资金将用于采购食物、毛毯等生活物资，以帮助灾区民 众渡过寒冬。预计此举将使超过1850户巴基斯坦受灾家庭受益。巴基斯坦近几年 ...

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Nanjing Bank, among others [12][19][53]. Core Insights - The report highlights the financial and manufacturing industries' investment outlook for January 2026, emphasizing the need to focus on companies with strong fundamentals and growth potential amid economic pressures [6][8][10]. - It identifies specific sectors such as real estate, non-bank financials, banking, new energy, machinery, military industry, light industry, and environmental protection as areas of interest for investment [8][10][21][32][36][43]. Summary by Sector Real Estate - The real estate sector faces increasing downward pressure, necessitating policy easing. Key companies like China Resources Land are highlighted for their strong operational capabilities and cash flow stability [11][12][53]. Non-Bank Financials - The non-bank financial sector is expected to benefit from policy support and high market trading volumes, with companies like New China Life Insurance showing strong growth potential [16][17][53]. Banking - The banking sector is viewed positively, with a focus on large banks and city commercial banks, particularly Jiangsu Bank, which is noted for its attractive valuation and growth prospects [18][19][53]. New Energy - The new energy sector is at a turning point, with companies like Sungrow Power Supply and Slin Smart Drive recommended for their growth potential in solar and energy storage technologies [21][23][53]. Machinery - The machinery sector is encouraged to focus on AI and robotics, with companies like Hengli Hydraulic and Ding Tai High-Tech identified for their growth opportunities in traditional and emerging markets [25][30][31][53]. Military Industry - The military sector is expected to see growth from military-to-civilian transitions and military trade, with AVIC Xi'an Aircraft Industry Company highlighted for its potential in the domestic and international markets [32][34][53]. Light Industry - The light industry is advised to focus on overseas manufacturing and new consumer opportunities, with companies like Yingke Medical and Meiyin Sen noted for their growth in international markets [36][40][53]. Environmental Protection - The environmental sector is poised for growth through overseas expansion and rising metal prices, with companies like Weiming Environmental and Ice Wheel Environment recommended for their strong market positions [43][48][51][53].

以下文章来源于阿尔法工场Green ，作者坚冰至 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 导语：博取题材风口溢价已然结束，以技术底层通约性延展主业增长边界，或是产业龙头在微利时代的唯一救赎。 1月6日午后，风电龙头金风科技（002202.SZ）的股价在商业航天概念的带动下再度冲高，A股涨停并创下历史新高。 而2026年元旦至今，港股金风科技（2208.HK）的表现同样令投资者侧目。首个交易日股价早盘即现跳空高开，收盘涨幅近 21%。 图源：蓝箭航天招股书 这股突如其来的投资热情，或源于上交所官网一则公告：2025年12月31日晚，民营商业航天公司蓝箭航天空间科技股份有限 公司（简称蓝箭航天）的科创板IPO申请获受理，开启冲刺"商业火箭第一股"的地位。 蓝箭航天主营液氧甲烷发动机及运载火箭的研发、生产与商业发射服务等业务，在过去几年中完成了朱雀系列火箭的关键技 术突破，并成功实现运载火箭入轨。 12月3日，由蓝箭航天研制的朱雀三号重复使用运载火箭成功首飞，二子级火箭顺利入轨，一子级火箭回收失败，这是国内首 次对入轨级运载火箭尝试一子级回收。 本次IPO ...

来源：张中祥 在甘肃灵台某能源企业的电厂内，两台机组平稳运行，智慧管控中心的大屏幕上，机组负荷、背压等参 数实时更新。"电厂发电标准煤耗仅265克/千瓦时，每天可为新能源消纳腾出4000万至5000万千瓦时空 间，每年减排二氧化碳超52万吨。"相关负责人表示。 随着能源绿色低碳转型深入推进，我国能源结构持续优化。"推动能源绿色低碳转型，促进新能源有序 替代化石能源，既可以减少碳排放，还能保障能源供应充足，有利于维护国家能源安全。"天津大学马 寅初经济学院创院院长张中祥在接受记者采访时表示，随着新能源装机规模增加，光伏组件、风电设备 制造等产业迅速发展，能为我国经济贸易开拓新的增长点。 国家能源局发布的最新数据显示，截至2025年11月底，全国累计发电装机容量37.9亿千瓦，同比增长 17.1%。其中，太阳能发电装机容量11.6亿千瓦，同比增长41.9%；风电装机容量6.0亿千瓦，同比增长 22.4%。 在甘肃酒泉金塔10万千瓦熔盐塔式光热电站里，定日镜随着太阳高度自动调节方向，太阳光被汇集到吸 热塔上加热液态熔盐；高温熔盐进入熔盐罐储存，在需要发电时与水换热形成高温高压蒸汽，推动汽轮 发电机组输出绿色电能。" ...

一、关联交易概述 2025年6月12日，太原重工股份有限公司（以下简称"太原重工"或"公司"）召开第十届董事会2025年第 一次临时会议，审议通过《关于收购太重集团向明智能装备股份有限公司67%股权暨关联交易的议 案》。公司控股股东太原重型机械集团有限公司（以下简称"太重集团"）拟以非公开协议方式将所持太 重集团向明智能装备股份有限公司（以下简称"太重向明"）51%的股权转让给公司，同时公司收购山西 艾克赛勒科技有限公司和自然人范巷民先生分别持有太重向明共计16%的股权，公司合计收购太重向明 67%股权，交易价格共计299,515,795元。具体内容详见公司于2025年6月14日披露的《太原重工关于收 购太重集团向明智能装备股份有限公司67%股权暨关联交易的公告》（公告编号：2025-031）。同日， 公司与太重集团、山西艾克赛勒科技有限公司及范巷民签订《股份转让协议》。公司于2025年6月30日 召开2025年第三次临时股东会，表决通过《关于收购太重集团向明智能装备股份有限公司67%股权暨关 联交易的议案》。 在本次股权转让事项推进过程中，因山西艾克赛勒科技有限公司变更登记为宁波艾克赛勒自有资金投资 有限公 ...

很多人每天用电，却很少认真思考一个问题：电意味着什么？ 它不仅仅是家里灯能否亮起，手机是否充满电，更关乎一个国家的工业血脉和科技基础。没有可靠的电 力，现代文明将难以维持运转。 文、编辑 | 橙子 前言 中国电力的发展历程，正是一部国家现代化和产业升级的缩影。从19世纪末上海外滩的一盏电灯，到新 中国成立时仅有185万千瓦的装机容量，再到2024年底33.5亿千瓦的全球最大规模，中国用几十年时间 实现了电力跨越式发展。 从电灯到电力王国 中国的电力发展，从象征性灯光到全球领先，经历了漫长而艰辛的积累。1879年，上海公共租界外滩的 一台蒸汽发电机点亮了中国第一盏电灯，这一举动更多是象征意义，仅用于外滩道路照明，与普通民众 生活无关，电力普及更是无从谈起。 新中国成立时，全国发电装机容量仅为185万千瓦，年发电量43亿千瓦时，相当于今天一座中型城市的 用电量。 当时工业生产高度依赖白天，夜晚停工成为常态，农村更是长期处于无电状态，电力的缺乏不仅制约生 活水平提升，更直接限制了工业化进程的推进。 改革开放前，中国的电力建设长期受制于资金短缺、技术落后和基础薄弱等多重问题。五六十年代，水 电和火电虽有初步发展，但产 ...

作为配套支持，太原重工与进出口行签订《回购担保合同》，为该笔贷款提供余额回购担保。该担保事 项已于2015年1月通过公司第六届董事会2015年第一次临时会议审议批准，相关内容曾于2015年1月12日 以《关于为公司产品销售向客户提供银行借款回购担保的公告》（公告编号：临2015-003）披露。 提前解除详情 1月6日，太原重工股份有限公司（简称"太原重工"）发布公告称，公司已与安达市老虎岗风电场有限公 司（简称"老虎岗公司"）、中国进出口银行（简称"进出口行"）签订协议，提前解除为老虎岗公司提供 的3.6亿元回购担保责任。本次担保解除后，公司对老虎岗公司的实际担保余额已降至0元。 事件概述 公告显示，此次解除的担保为太原重工此前为老虎岗公司银行借款提供的余额回购担保，担保金额为 3.6亿元，原担保期限为2015年1月9日至2031年1月9日。根据三方最新协议，该《回购担保合同》自 2025年12月26日起正式解除，公司不再承担相关担保责任。截至公告披露日，太原重工对老虎岗公司的 担保余额已清零。 担保背景回顾 据了解，此次担保源于太原重工与老虎岗公司的业务合作。公告披露，太原重工曾与老虎岗公司签订 《安达广源 ...

Core Insights - The report emphasizes a positive outlook for the mechanical industry in 2026, driven by structural transformation and a rebound in external demand [3][4] - The report introduces a "risk排雷" manual to proactively identify potential market misjudgments and challenges within various sectors [3][4] Industry Overview - The mechanical industry is expected to experience a cyclical reversal, with growth in engineering machinery, industrial gases, shipbuilding, photovoltaic equipment, and lithium battery equipment [6][8] - Key assumptions include continued government support for emerging technology industries and a stable macroeconomic recovery [11][16] Engineering Machinery - The engineering machinery sector is witnessing a cyclical upturn, with increased overseas market share and a gradual domestic renewal cycle [17] - Key growth drivers include global market expansion, improved domestic demand due to favorable macro policies, and a stabilizing domestic infrastructure and real estate market [17] Shipbuilding - The shipbuilding industry is on an upward trend, with demand supported by a variety of vessel types and improving profitability for shipyards [19] - The sector is expected to benefit from supply constraints driving up ship prices and a focus on high-end, large-scale, dual-fuel vessels [20] Export Chain - The export chain is optimistic about demand recovery, particularly in the U.S. market, with a focus on strategic exports and emerging markets [22] - Key assumptions include a favorable trade environment and ongoing industrial shifts towards resource-rich countries [22] Industrial Gases - The industrial gases sector is viewed positively, with expectations of volume and price increases leading to improved valuations [27] - The report highlights the importance of leading companies in the sector and recommends focusing on those with operational highlights in niche markets [30] Lithium Battery Equipment - The lithium battery equipment sector is expected to emerge from a downturn, with solid-state battery technology creating significant market opportunities [51] - The report anticipates a substantial increase in market size, projecting a growth from 2.06 billion in 2025 to 33.62 billion by 2030 [51] Wind Power Equipment - The wind power industry is projected to maintain high growth, particularly in offshore wind projects, with significant investments expected [63] - The report recommends focusing on leading manufacturers and components that support the offshore wind market [64] Testing and Inspection - The testing and inspection sector is expected to see upward momentum, driven by increasing demand and a trend towards consolidation among leading firms [71] - The report emphasizes the importance of focusing on emerging fields and the long-term growth potential of comprehensive testing companies [71] Rail Transit Equipment - The rail transit equipment sector is expected to benefit from steady investment in fixed assets and high demand for passenger and freight transport [75] - The report highlights the potential for continued growth in the high-speed train sector and recommends key players in the industry [76] Oil Service Equipment - The oil service equipment sector is anticipated to thrive due to sustained demand driven by oil prices and energy security concerns [79] - The report suggests focusing on companies with strong technical barriers and those benefiting from domestic and international market opportunities [80]

智通财经APP获悉，广发证券发布研报称，预计2025-2027年，国内陆风年新增装机约为100-105GW;海 风装机从9.0GW增至15.0GW，CAGR约29.1%。全球风电需求共振向上，欧洲海风蓬勃发展。2026年风 电板块站在"十五五"开局与国内外双景气共振的交汇点，配置逻辑围绕出海&产值结构性通胀。整机环 节关注海外客户占比较高及积极推进海风部署的厂商。 广发证券主要观点如下： 2026年系风电多重景气共振的新周期起点 国内136号文推动新能源全面入市，发电集团加码风电建设。该行预计2025-2027年，国内陆风年新增装 机约为100-105GW;海风装机从9.0GW增至15.0GW，CAGR约29.1%。全球风电需求共振向上，欧洲海风 蓬勃发展。该行预计全球风电2025–2030年新增装机CAGR约8.8%，中国与欧洲仍是主要增长支柱，合 计贡献73%的新增容量。其中陆风年均新增装机CAGR达6.6%;全球海风2025–2030年新增装机CAGR约 27%，2026年欧洲海风新增装机达8.7GW，2025-2027 CAGR高达54.3%。 反内卷成效显现+海外高毛利订单交付，26年产业链步入"价 ...

Core Insights - The report emphasizes that the wind power sector is expected to break the cyclical pattern and maintain growth in 2026, driven by both onshore and offshore wind energy expansion globally, with a focus on green energy applications [10][12] - The report identifies four main investment themes for 2026: 1) Resonance of policies between China and Europe for offshore wind, 2) Green energy catalyzing non-electric utilization, 3) Profitability elasticity of major manufacturers, and 4) Sustained demand in the components sector [10][16] Group 1: Industry Overview - In 2025, the wind power sector faced cyclical pressures, but by the third quarter, the relative advantages of wind power became more pronounced due to policy impacts on the electricity market and non-electric utilization, leading to a projected double-digit growth in installed capacity for 2026 [10][20] - The report forecasts that installed capacity for onshore and offshore wind in 2026 will reach approximately 110 GW and 10 GW respectively, representing year-on-year growth of 10% and 25% [20][41] Group 2: Key Companies and Profitability Forecasts - The report highlights several key companies with investment ratings, including: - Goldwind Technology (002202.SZ) with a buy rating and projected EPS growth from 0.42 in 2024 to 1.16 in 2026 [7] - Dongfang Cable (603606.SH) also rated as buy, with EPS expected to rise from 1.47 in 2024 to 3.03 in 2026 [7] - New Strong Link (300850.SZ) rated as buy, with EPS projected to increase from 0.18 in 2024 to 2.92 in 2026 [7] - The profitability of major manufacturers is expected to improve significantly, with the average bidding price for main units increasing by 7.4% in 2025, and a high proportion of high-price orders expected to continue into 2026 [10][13] Group 3: Offshore Wind Development - The report notes that both Europe and China are emerging from a low point in offshore wind development, with a significant increase in project approvals and construction expected to drive growth in 2026 [10][56] - The offshore wind policy in China is evolving, with a focus on deep-sea technology and a significant number of projects expected to be initiated, which will enhance demand for high-voltage cables and other components [10][56] Group 4: Component Sector Dynamics - The demand for wind turbine components is projected to remain strong, with expectations of over 20,000 turbines needed annually during the "14th Five-Year Plan" period, indicating a recovery from previous supply chain constraints [10][44] - The report suggests that component manufacturers will benefit from increased capacity utilization and the introduction of new technologies, with specific companies recommended for investment, including New Strong Link and Delijia [10][13]