东方证券发布研报称，该行指出，2026年我国各省份煤电容量电价补偿比例持续提升，叠加现货市场在 全国范围内全面铺开，火电将逐步从基荷电源向调节性电源转变，其商业模式改善已初见端倪。预计 2026年火电行业分红能力及分红意愿均有望持续提升。 电力股午后涨幅扩大，截至发稿，华能国际(00902)涨6.54%，报6.03港元；大唐发电(00991)涨5.22%， 报2.62港元；华电国际(01071)跌4.46%，报4.45港元；华润电力(00836)涨1.81%，报18.59港元。 消息面上，近期，国务院办公厅正式印发《关于完善全国统一电力市场体系的实施意见》。国盛证券南 发布研报称，全国统一电力市场顶层设计出台，电力资源的电能量、调节、环境、容量等多维价值将全 面由市场反映，电力板块有望迎来盈利改善和价值重估。 来源：智通财经网 ...

东方证券发布研报称，该行指出，2026年我国各省份煤电容量电价补偿比例持续提升，叠加现货市场在 全国范围内全面铺开，火电将逐步从基荷电源向调节性电源转变，其商业模式改善已初见端倪。预计 2026年火电行业分红能力及分红意愿均有望持续提升。 电力股午后涨幅扩大，截至发稿，华能国际（600011）(00902)涨6.54%，报6.03港元；大唐发电 （601991）(00991)涨5.22%，报2.62港元；华电国际（600027）(01071)跌4.46%，报4.45港元；华润电力 (00836)涨1.81%，报18.59港元。 消息面上，近期，国务院办公厅正式印发《关于完善全国统一电力市场体系的实施意见》。国盛证券 （002670）南发布研报称，全国统一电力市场顶层设计出台，电力资源的电能量、调节、环境、容量等 多维价值将全面由市场反映，电力板块有望迎来盈利改善和价值重估。 ...

本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，华润电力（唐山曹妃甸）有限公司取得一项名为"基于AI决策的碳捕集过程 智能诊断控制方法及系统"的专利，授权公告号CN121165670B，申请日期为2025年10月。 天眼查资料显示，华润电力（唐山曹妃甸）有限公司，成立于2004年，位于唐山市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本357134万人民币。通过天眼查大数据分析，华润电力 （唐山曹妃甸）有限公司共对外投资了1家企业，参与招投标项目5000次，专利信息49条，此外企业还 拥有行政许可32个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

Core Insights - The report evaluates the low-carbon transition performance of 33 traditional power generation listed companies in China, which account for nearly 28% of the national total installed capacity and about 44% of thermal power capacity [10][24][27] - The assessment framework focuses on the integration of supply security, low-carbon initiatives, and profitability, analyzing the basic and changing performance from 2021 to 2024 [10][12][14] - The findings indicate that while the sample companies have a significant thermal power base and a growing share of non-fossil energy, their transition progress lags behind national levels, with notable differences between central and local enterprises [18][19] Performance Evaluation - The report categorizes companies based on their low-carbon transition performance, with top performers like Guotou Power and China Power receiving five-star ratings for four consecutive years [2][17] - The transition paths of companies vary, with some focusing on diversified energy services while others emphasize the synergy between thermal and clean energy [2][19] - The report identifies five key trends for the thermal power industry over the next five years, including a shift from passive to proactive transformation and the integration of renewable energy into the market [19][20] Industry Characteristics - The sample companies exhibit a significant reliance on thermal power, with an average installed capacity of 92,494 MW, of which 63,159 MW is thermal power, representing 43.8% of the national thermal power capacity [27][34] - The transition to non-fossil energy sources has been slow, with the average share of non-fossil energy increasing from 19.8% in 2021 to 31.8% in 2024, indicating a need for improved responsiveness to policy changes [43][44] - The profitability of the thermal power sector has fluctuated, with a recovery in net profits due to falling coal prices, but overall revenue has declined, highlighting the unsustainability of relying solely on coal price reductions for profit [18][41] Recommendations for Transition - The report suggests that the government should clarify the long-term development direction of coal power and enhance market mechanisms and green finance regulations [20][21] - The industry is encouraged to focus on cost reduction and efficiency improvements, integrate green branding into evaluations, and enhance information disclosure [20][21] - Companies are advised to pursue technological innovation, diversify their business models, and optimize asset structures to adapt to changes in the renewable energy market [21][22]

Market Overview - The Hong Kong stock market opened slightly lower, with the Hang Seng Index down 0.2% at 27,210.56 points, the Hang Seng Tech Index down 0.47% at 5,474.25 points, and the National Enterprises Index down 0.19% at 9,250.27 points [1] - Major tech stocks mostly opened lower, with Alibaba down 1.37%, Tencent down 2.01%, and Meituan down 2.48%, while AI application stocks showed strength, with Zhihui up 8.77% and MINIMAX-WP up 5.65% [1] Company Performance - NetEase reported strong performance, with a net revenue of approximately 112.63 billion yuan, a year-on-year increase of 6.96%, and a net profit of approximately 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music saw a significant profit increase of 75.4%, with a revenue of 7.76 billion yuan and a profit of 2.75 billion yuan, confirming a turning point in performance [2] Industry Trends - The hard technology and manufacturing sectors showed signs of recovery, with Qiu Tai Technology reporting a 22.8% year-on-year increase in camera module sales and an 18.4% increase in fingerprint recognition module sales, driven by demand in IoT and smart automotive sectors [3] - The renewable energy sector also saw growth, with China Resources Power reporting a 28.4% year-on-year increase in electricity sales, and solar power sales soaring by 72.3% [3] Biopharmaceutical Sector - The biopharmaceutical sector experienced significant positive developments, with Rebio Biotech announcing a global exclusive licensing agreement worth up to 4.4 billion USD, leading to a substantial increase in stock price [4] - Heng Rui Pharmaceutical's product was included in a breakthrough therapy list, with projected global sales exceeding 6.5 billion USD in 2024 [4] Capital Market Activity - Industrial capital is actively engaging in buybacks to stabilize the market, with Geely Automobile repurchasing shares worth approximately 20.30 million HKD and other companies like Kingsoft and Bai Rong Cloud also participating in buybacks [5] - Huili Group is expected to see a profit increase of over 20 times in 2025, indicating a strong performance reversal [5] Institutional Insights - There is a divergence in institutional views regarding market fluctuations, with some suggesting that the recent pullback is a liquidity shock, while others believe that valuation recovery is nearly complete [6] - Specific sectors like AI computing and surgical robots are highlighted for potential growth, with expectations for high performance in 2025 and 2026 [6]

Company News - Q Technology (01478.HK) reported a total sales volume of camera modules of 44.071 million units in January, representing a year-on-year increase of 22.8%. Fingerprint recognition module sales reached 19.741 million units, up 18.4% year-on-year, driven by increased overseas customer demand and a growing market share in the IoT and smart automotive sectors [2] - China Resources Power (00836.HK) achieved a sales volume of 23.78879 million megawatt-hours in January, a year-on-year increase of 28.4%. The sales from wind power plants increased by 7.2%, while solar power plant sales surged by 72.3% year-on-year [2] - NetEase-S (09999.HK) projected net revenue of approximately 112.626 billion yuan for 2025, a year-on-year growth of 6.96%, with net profit expected to be around 33.76 billion yuan, up 13.68% [2] - NetEase Cloud Music (09899.HK) anticipates revenue of about 7.759 billion yuan in 2025, with an expected profit of approximately 2.746 billion yuan, reflecting a significant year-on-year growth of 75.4%. The gross margin is expected to reach 35.7%, an increase from 33.7% in 2024, attributed to business scale growth, enhanced monetization capabilities, prudent cost management, and operational leverage [2] - Huitian Group (00806.HK) expects to achieve a consolidated profit attributable to shareholders of approximately 660 million HKD for the fiscal year 2025, a substantial increase from 31 million HKD in the previous year [2] Biotech Developments - Reborn Bio-B (06938.HK) entered into an exclusive global licensing agreement with Madrigal for several siRNA assets, receiving an upfront payment of 60 million USD, with potential cumulative payments of up to 4.4 billion USD upon achieving certain development, regulatory, and commercialization milestones, in addition to potential royalties on net sales [3] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase 1b/2 clinical study of HLX43 in combination with HLX07 or Hansizhuang® for patients with advanced or metastatic colorectal cancer in China [3] - Heng Rui Medicine (01276.HK) announced that its injection of Rukang Trastuzumab has been included in the list of breakthrough therapies, with global sales of similar products expected to reach approximately 6.557 billion USD in 2024 [3] - Saint Bella (02508.HK) made significant progress in its global strategic expansion plan, aiming to extend its reach to the eastern United States, the UK, France, Thailand, and Australia [3] - China National Biotech Group (08247.HK) signed a strategic cooperation agreement with Xiaoshou Medical to jointly promote the enhancement of quality medical resources and grassroots medical service capabilities [3] Buyback Activities - Geely Automobile (00175.HK) repurchased 1.201 million shares at a cost of 20.3042 million HKD, with repurchase prices ranging from 16.67 to 17.08 HKD [4] - Bairong Cloud-W (06608.HK) repurchased 1.66 million shares for 18.9051 million HKD, with share prices between 11.11 and 11.43 HKD [5] - Kingsoft (03888.HK) repurchased 355,200 shares at a cost of 9.9963 million HKD, with repurchase prices ranging from 27.9 HKD to 28.2 HKD [5]

Core Insights - China Resources Power (00836.HK) reported a significant increase in electricity sales for its subsidiary power plants in January 2026, reaching 23,788,790 MWh, which represents a year-on-year growth of 28.4% [1] Group 1: Electricity Sales Performance - The subsidiary wind power plants achieved electricity sales of 4,929,982 MWh, marking a year-on-year increase of 7.2% [1] - The subsidiary solar power stations recorded electricity sales of 1,279,386 MWh, showing a substantial year-on-year growth of 72.3% [1]

Core Viewpoint - China Resources Power (00836) reported a significant increase in electricity sales from its subsidiaries for January 2026, indicating strong growth in both wind and solar energy sectors [1] Group 1: Electricity Sales Performance - The total electricity sales volume from subsidiaries reached 23.78879 million megawatt-hours, representing a year-on-year increase of 28.4% [1] - The electricity sales from subsidiary wind farms amounted to 4.92998 million megawatt-hours, with a year-on-year increase of 7.2% [1] - The electricity sales from subsidiary solar power stations reached 1.27939 million megawatt-hours, showing a substantial year-on-year increase of 72.3% [1]