固收周报 避险情绪主导债市 美债收益率显著回落 美债收益率明显回落， 10 年期和 2 年期美债收益率上周分别下行 15 个和 10 个基 点至 3.94% 和 3.37% 。虽然近期数据显示美国通胀压力有所回升，但市场情绪被 避险情绪主导，带动美债收益率明显回落。受到美债收益率明显回落的提振，上 周中资美元债表现较佳，彭博巴克莱中资美元债总回报指数全周上涨 0.4% 。上 周末，美以正式对伊朗展开军事行动，伊朗随即反击，并封锁霍尔木兹海峡，带 动原油价格大幅上涨。特朗普称针对伊朗的军事行动可能会持续四星期，短期内 在避险情绪和通胀预期升温的共振下，美债可能维持波动。高于预期的通胀数据 和地缘冲突触发的能源价格上升，也进一步降低美联储于 3 月降息的可能性。在 岸市场方面， 3 年期和 10 年期国债收益率分别较春节假期前持平和上行 2 个基点 至 1.38% 和 1.82% 。周一，境内利率债市同样受到避险情绪提振，各期限国债收 益率普遍有所回落。两会将在本周召开，届时将公布 2026 年经济目标、财政支 持力度等，并可能释放更多货币政策信号，债市料将会有所定价。 离岸市场：美债市场提前定价战争风险 中资美 ...

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 AI 赋能绿色转型，双轮驱动 电力投资新纪元 -9% -5% -1% 4% 8% 12% 17% 21% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：英国章鱼能源进 军我国电力市场，建议以哑铃策略配置电力资 产》 2026-02-04 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 联系人：李智 电力及公用事业 ——电力及公用事业行业月报 发布日期：2026 年 02 月 26 日 投资要点： ⚫ 行情回顾：截至 2026 年 2 月 25 日，2 月电力及公用事业指数表现 强于市场。截至 2026 年 2 月 25 日，中信电力及公用事业指数 2 月上涨 2.0 ...

根据项目公示，本次公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿 元。公司已取得中国华能集团有限公司2026年逆变器框架协议采购招标项目中标通知书，中标价格3亿 元。 北京科锐（002350）(002350.SZ)公告，据"南方电网公司2025年配网设备第二批框架招标项目中标公 告"，公司为该项目中标人之一;据"中国华能集团有限公司2026年逆变器框架协议采购招标中标结果公 示"，公司为标段三中标人之一。 ...

每经头条（nbdtoutiao）——伤亡180万人！俄乌冲突四周年，陷入谈判死局、战场僵局、经济困局！谁 为战争买单 （记者 张明双） 每经AI快讯，北京科锐2月25日晚间发布公告称，近日，中国南方电网有限责任公司在其供应链统一服 务平台发布了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公 司为该项目中标人之一；中国华能集团有限公司在其电子商务平台发布了"中国华能集团有限公司2026 年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。 ...

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...

根据项目公示，本次公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿 元。公司已取得中国华能集团有限公司2026年逆变器框架协议采购招标项目中标通知书，中标价格3亿 元。 智通财经APP讯，北京科锐(002350.SZ)公告，据"南方电网公司2025年配网设备第二批框架招标项目中 标公告"，公司为该项目中标人之一;据"中国华能集团有限公司2026年逆变器框架协议采购招标中标结 果公示"，公司为标段三中标人之一。 ...

格隆汇2月25日丨北京科锐(002350.SZ)公布，中国南方电网有限责任公司在其供应链统一服务平台发布 了"南方电网公司2025年配网设备第二批框架招标项目中标公告"，北京科锐集团股份有限公司为该项目 中标人之一；中国华能集团有限公司（简称"中国华能"）在其电子商务平台发布了"中国华能集团有限 公司2026年逆变器框架协议采购招标中标结果公示"，公司为标段三中标人之一。根据项目公示，本次 公司在南方电网公司2025年配网设备第二批框架招标项目中标金额合计约为2.88亿元。中国华能集团有 限公司2026年逆变器框架协议采购招标项目最终以签署的项目合同实际金额为准。公司已取得本项目中 标通知书，中标价格3亿元（具体中标金额，按照具体项目合同签订结算），最终以签署的项目合同实 际金额为准。 ...

2026年02月25日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：沪镍投机情绪仍存，持续关注镍矿矛盾 | 2 | | --- | --- | | 不锈钢：成本支撑重心上移，淡季累库约束弹性 | 2 | | 碳酸锂：供需偏紧，价格表现较坚挺 | 4 | | 工业硅：处于相对低估值区间 | 6 | | 多晶硅：情绪或提振盘面 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 2 月 25 日 镍：沪镍投机情绪仍存，持续关注镍矿矛盾 不锈钢：成本支撑重心上移，淡季累库约束弹性 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 2）根据钢联，印尼镍矿商协会 (APNI) 透露，能源和矿产资源部（ESDM）将于 2026 年初修订镍矿商 品的基准价格公式，修订要点之一是政府将开始将镍的伴生矿钴视为独立商品并征收特许权使用费。 3）SMM 报道印尼林业工作组披露了多家企业违规占用林地，面临的潜在罚款约 80.2 万亿印尼盾，部 分受影响的矿山正与政府部门进行积极协商 ...

Report Summary 1. Industry Investment Ratings The report does not provide an overall investment rating for the industry. Instead, it offers individual trend intensities for various commodities: - **Positive Trends**: Gold, silver, tin, aluminum, platinum, palladium, nickel, stainless steel, lithium carbonate, logs, p-xylene, PTA, MEG, rubber, short fibers, bottle chips, palm oil, soybean oil, cotton [2][18][26][30][36][60][63][71][143][156][173] - **Neutral Trends**: Copper, zinc, lead, alumina, synthetic rubber, LLDPE, PP, caustic soda, pulp, glass, methanol, urea, styrene, soda ash, LPG, PVC, fuel oil, low - sulfur fuel oil, container shipping index (European line), double - offset paper, pure benzene, soybean meal, soybeans, corn, sugar, peanuts [8][11][15][22][74][77][80][83][89][94][97][103][107][110][114][123][126][128][147][152][161][164][168][186] - **Negative Trends**: Iron ore, eggs, live pigs [43][178][181] 2. Core Views - **Commodity - Specific Views**: Each commodity's performance is influenced by its unique supply - demand dynamics, cost factors, and macro - economic and industry news. For example, gold and silver showed positive trends during the holiday period; iron ore faced poor demand expectations; and lithium carbonate had a tight supply - demand situation [2][43][36] - **Macro - economic Impact**: Global events such as Trump's tariff policies, geopolitical tensions in the Middle East, and AI - related economic impacts have affected market sentiment and commodity prices [7] 3. Summary by Commodity Precious Metals - **Gold**: Oscillated upward during the holiday. The price of domestic and international gold contracts decreased, and trading volume and positions changed. ETF holdings decreased slightly [2][5] - **Silver**: Attention should be paid to the post - holiday gap - up opening. The price of silver contracts decreased significantly, and trading volume and positions also changed [2][5] - **Platinum and Palladium**: Both showed a generally upward - trending pattern. The prices of platinum and palladium contracts rose, and trading volume and positions changed [26] Base Metals - **Copper**: The price rebounded as the US stock market rebounded. Supply - demand data showed changes in inventory and price differentials. Macro - economic and industry news included tariff policies and production data [8] - **Zinc**: Underwent wide - range adjustments. Price, trading volume, and inventory data showed certain fluctuations. News related to tariff policies also affected the market [11] - **Lead**: The increase in domestic inventory restricted price rebounds. Price, trading volume, and inventory data were presented, along with relevant news [15] - **Tin**: Showed a slightly upward - trending pattern. Price, trading volume, and inventory data changed, and there were some macro - economic and industry news [18][19] - **Aluminum**: Attention should be paid to the spring rally. Alumina had increased maintenance, and cast aluminum alloy followed the trend of electrolytic aluminum. A large amount of fundamental data was provided [22] Energy and Chemicals - **Crude Oil and Related Products**: Although not the main focus, some related information was mentioned. For example, the price of Brent crude oil futures increased, and it affected the cost of downstream products [64][66] - **P - xylene and PTA**: Had strong cost support, and the market was expected to rise after the holiday. Supply - demand and cost factors were analyzed [63][64][69] - **MEG**: Traded in a range, with a strategy of going long on PTA and short on MEG. Inventory and supply - demand information was provided [63][67][70] - **Rubber**: Showed a slightly upward - trending pattern. Price, trading volume, and inventory data were presented, and there was some industry news [71] - **Synthetic Rubber**: Was expected to trade in a short - term range. The price, trading volume, and some fundamental data were provided [74] - **LLDPE**: Had strong cost support due to geopolitical disturbances during the holiday. Supply - demand and market conditions were analyzed [77] - **PP**: The C3 raw material was strong, and PDH maintenance remained high. Price, trading volume, and supply - demand information were provided [80] - **Caustic Soda**: Was mainly trading in a range with cost support. Supply - demand and inventory information were presented [83] - **Pulp**: Showed a slightly upward - trending pattern. Price, trading volume, and inventory data were provided, along with industry news [89] - **Glass**: The price of the original sheet was stable. Price, trading volume, and supply - demand information were presented [94] - **Methanol**: Traded in a range. Price, trading volume, and inventory data were provided, and there was some market news [97] - **Urea**: The price center shifted upward. Price, trading volume, and supply - demand information were presented, and there was some industry news [103] - **Styrene**: Traded in a slightly upward - trending pattern. Price, trading volume, and inventory data were presented, and there was some market news [107] - **Soda Ash**: The spot market changed little. Price, trading volume, and supply - demand information were presented [110] - **LPG**: Had strong short - term geopolitical disturbances. Price, trading volume, and supply - demand information were presented [114] - **Propylene**: The fundamentals remained tight, and attention should be paid to post - holiday restocking dynamics. Price, trading volume, and supply - demand information were presented [114] - **PVC**: Traded in a range. Price, trading volume, and supply - demand information were presented [123] - **Fuel Oil and Low - Sulfur Fuel Oil**: Fuel oil decreased slightly at night, and low - sulfur fuel oil rebounded significantly. Price, trading volume, and supply - demand information were presented [126] Agricultural Products - **Palm Oil and Soybean Oil**: Palm oil was difficult to decline in the short term due to production cuts, and soybean oil had limited driving force from US soybeans and rebounded within a range. Price, trading volume, and supply - demand information were presented [156] - **Soybean Meal and Soybeans**: Soybean meal might rebound and oscillate, and soybeans' spot price increased to catch up, with the futures market oscillating. Price, trading volume, and supply - demand information were presented [161] - **Corn**: Showed a slightly upward - trending pattern. Price, trading volume, and supply - demand information were presented, and there was some market news [164] - **Sugar**: Traded in a narrow range. Price, trading volume, and supply - demand information were presented, and there was some industry news [168] - **Cotton**: Reached a new high for the year. Price, trading volume, and supply - demand information were presented, and there was some industry news [173] - **Eggs**: Traded in a weak - oscillating pattern. Price, trading volume, and supply - demand information were presented [178] - **Live Pigs**: The spot price was lower than expected, and it was difficult to reduce inventory during the off - season. Price, trading volume, and supply - demand information were presented [181] - **Peanuts**: Traded in an oscillating pattern. Price, trading volume, and supply - demand information were presented, and there was some market news [186] Shipping - **Container Shipping Index (European Line)**: Should be treated with an oscillating mindset. Price, trading volume, and supply - demand information were presented, and there was some market news [128] Fibers - **Short Fibers and Bottle Chips**: Had cost support and were expected to be strong in the short term. Price, trading volume, and supply - demand information were presented [143] Paper - **Offset Printing Paper**: Should be observed. Price, trading volume, and supply - demand information were presented, and there was some industry news [147]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600025 证券简称：华能水电 公告编号：2026-004 华能澜沧江水电股份有限公司 关于控股股东之一致行动人增持股份 及后续增持计划的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 华能澜沧江水电股份有限公司（以下简称"公司"或"华能水电"）于2026年2月24日收到公司控股股东 中国华能集团有限公司（以下简称"华能集团"）之一致行动人华能结构调整1号证券投资私募基金（以 下简称"华能结构调整基金"）管理人天津华人投资管理有限公司的通知，华能结构调整基金于2026年2 月24日通过上海证券交易所集中竞价方式增持了公司3,276,000股A股股份，增持股份占公司总股本的 0.0176%（"本次增持"）。公司控股股东华能集团直接及间接持有华能结构调整基金92.50%股权，为华 能集团的一致行动人。 ● 华能结构调整基金计划自本公告披露之日起6个月内继续通过上海证券交易所系统允许的方式增持公 司A股股份，累计增持金额不低于1亿元且不 ...