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。 ...

减持后，BlackRock, Inc.最新持好仓数目为281,555,813股，持好仓比例由6.07%下降至5.99%。 格隆汇2月26日丨根据联交所最新权益披露资料显示，2026年2月20日，华能国际电力股份(00902.HK)遭BlackRock, Inc.在场内以每股均价5.5336港元减持好 仓387.6万股，涉资约2144.82万港元。 | 股份代號: | 00902 | | --- | --- | | 上市法國名稱: | 華能國際電力股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 26/01/2026 - 26/02/2026 | | 現格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | 請參閱上述 * 註 | 有投票權股(日/月/年) * | | | | | | | | 份百分比 | | CS20260225E00356 | BlackR ...

智通财经APP获悉，香港联交所最新资料显示，2月20日，贝莱德减持华能国际电力股份(00902)387.6万股，每股均价5.5336港元，总金额约为2144.82万港 元。减持后最新持股数目约为2.82亿股，最新持股比例为5.99%。 ...

智通财经APP获悉，香港联交所最新资料显示，2月20日，贝莱德减持华能国际电力股份(00902)387.6万 股，每股均价5.5336港元，总金额约为2144.82万港元。减持后最新持股数目约为2.82亿股，最新持股比 例为5.99%。 ...

截至9月30日，华能国际股东户数9.46万，较上期减少1.99%；人均流通股0股，较上期增加0.00%。2025 年1月-9月，华能国际实现营业收入1729.75亿元，同比减少6.19%；归母净利润148.41亿元，同比增长 42.52%。 分红方面，华能国际A股上市后累计派现678.62亿元。近三年，累计派现73.78亿元。 机构持仓方面，截止2025年9月30日，华能国际十大流通股东中，中国证券金融股份有限公司位居第六 大流通股东，持股4.67亿股，持股数量较上期不变。香港中央结算有限公司位居第十大流通股东，持股 1.64亿股，相比上期减少6550.18万股。 2月26日，华能国际盘中上涨2.01%，截至10:01，报7.12元/股，成交2.43亿元，换手率0.31%，总市值 1117.70亿元。 资金流向方面，主力资金净流入1872.63万元，特大单买入4648.70万元，占比19.15%，卖出2924.71万 元，占比12.05%；大单买入5630.33万元，占比23.20%，卖出5481.69万元，占比22.59%。 华能国际今年以来股价跌4.56%，近5个交易日涨2.59%，近20日跌4.30%， ...

中访网数据 华能国际电力股份有限公司于2024年3月22日发布了2023年年度报告。报告显示，公司全年 实现营业收入约2,543亿元人民币，同比增长3.11%；归属于上市公司股东的净利润达到84.46亿元，同 比大幅增长166.7%，业绩表现亮眼。核心决策方面，公司董事会审议通过了2023年度利润分配预案， 拟向全体股东每10股派发现金红利2.1元（含税）。关键数据显示，公司境内电厂全年完成上网电量 4,251.85亿千瓦时，同比增长5.33%；供电煤耗为290.21克/千瓦时，继续保持行业先进水平。影响范围 上，业绩增长主要得益于境内业务单位燃料成本的下降及新能源发电量的稳步提升。公司表示，未来将 继续优化电源结构，加大清洁能源开发力度，推动绿色低碳转型。 ...

"我们提前就接到东北能源监管局的主动提醒，全程通过'绿色通道'办理，材料大幅简化、办理效 率高，实现许可证有效期的无缝衔接。"日前，华能国际电力股份有限公司大连电厂相关负责人表示， 该厂持有的全国首张电力业务许可证，在20年有效期满后，顺利完成延续办理，成为全国首张完成"续 期"的电力业务许可证。标志着我国电力业务许可监管正式迈入"颁发、持有、延续、退出"的全流程、 全周期管理新阶段。 2005年，作为我国电力体制改革明确的一项标志性、基础性管理措施，电力业务许可制度正式落地 实施，首张电力业务许可证落户华能大连电厂。随着各项许可管理制度的深入有效落实，截至2025年年 底，全国发电、输电、供电等各类持有许可证的企业总数已达近2万家，为维护电力市场秩序、保障电 力生产安全以及推动全国统一电力市场建设提供了有力支撑。 东北能源监管局相关人士表示，目前企业申请电力业务许可实现全国范围内同标准、同流程"一网 通办"，审核周期从过去20个工作日压缩至最快1天，申请材料也进一步精简，切实为电力市场经营主体 减负松绑。 ...

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]