道达尔首席执行官：天然气交易将在价格反弹后恢复。

7月22日，巴菲特指数（沪深300市值/GDP）下降至87.76%，大周期看仍在十年波动区间上端附近震荡；股债性价比指标——沪深300指数股权风险溢价（ERP）回落至5.16%，仍然在7月以来5.2%的波动中枢附近波动，处于2024年10月以来波动区间下端，暗示目前股市相对国债收益优势不明显。 注：1、巴菲特指数是通过将股市总市值和GDP来比较，判断目前股市是否高估，通常70-100%为正常估值，低于该区间为低估，高于该区间为高估。 2、沪深300指数风险溢价（ERP）主要对比沪深300收益和国债收益率，统计近10年数据可以发现该指标和股指有明显反向关系，每次股市都处于底部区域时，风险溢价均超过6%，也就是当ERP≥6%，股市有投资性价比，而当ERP≤4%时，则股市往往接近或处于阶段性高点，投资性价比低甚至要小心回调风险。

The National Development and Reform Commission and the National Energy Administration issued a 15th Five-Year Plan for renewable energy development, prioritizing R&D on advanced materials, core components, key equipment and control systems. The plan mandates development of variable-speed, ultra‑high‑head and ultra‑high‑pumping‑ratio pumped-storage units and km‑head impulse hydropower units; targeted R&D on high-efficiency, high-reliability wind-power equipment and manufacturing breakthroughs for low-cost reliable blades, ultra‑high towers and new floating foundations, and exploration of high‑altitude wind. It accelerates perovskite tandem PV cell preparation and industrialization research, calls for study of space-based solar power with verification of key technologies, and steps up R&D and application of green hydrogen, ammonia and methanol flexible off‑grid production technologies.