Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

最新公告列表 近日，新天绿色能源股份有限公司发布公告称，公司已完成向特定对象发行307,000,000股H股股份的登 记手续，发行完成后公司注册资本由人民币4,205,693,073.00元增至4,512,693,073.00元。本次发行于2025 年11月7日在香港中央证券登记有限公司办理完毕股份登记。根据发行结果，公司对《公司章程》相关 条款进行了修订，主要包括更新股本结构及注册资本信息。修订后，公司总股本为4,512,693,073股，其 中A股2,366,688,677股（占比52.45%），H股2,146,004,396股（占比47.55%）；注册资本变更为人民币 451,269.3073万元。该修订经公司总裁依据董事会授权完成，无需提交股东大会审议。公司已就上述变 更完成工商登记手续，并取得石家庄市行政审批局换发的《营业执照》。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年12月17日收盘，新天绿色能源（00956）报收于4.06元，较前一交易日下跌0.25%，该股当日 开盘4.08元，最高4.09元， ...

（编辑 任世碧） 证券日报网讯 12月16日晚间，新天绿能发布公告称，公司向特定对象发行H股股票事宜，公司已于2025 年8月28日披露《新天绿色能源股份有限公司关于向特定对象发行H股股票暨关联交易的公告》（公告 编号：2025-051），现公司已完成发行307，000，000股H股，并于2025年11月7日在香港中央证券登记 有限公司办理完毕股份登记手续。本次发行完成后，公司注册资本由人民币4，205，693，073.00元增 加至4，512，693，073.00元。近日，公司已完成相关工商变更登记手续，并取得了石家庄市行政审批 局换发的《营业执照》。 ...

新天綠色能源股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 章程 本章程以中文編寫。如本章程的中文與英文版本有任何歧義，概以中文版本為準。 目 錄 | 章節 | 標題 | 頁碼 | | --- | --- | --- | | 第一章 | 總則 | 1 | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份、股份轉讓和註冊資本 | 3 | | 第四章 | 減資和購回股份 | 6 | | 第五章 | 股票和股東名冊 | 7 | | 第六章 | 股東的權利和義務 | 11 | | 第七章 | 股東會 | 14 | | 第八章 | 類別股東表決的特別程序 | 26 | | 第九章 | 黨委 | 29 | | 第十章 | 董事會 | 31 | | 第十一章 | 公司高級管理人員 | 44 | | 第十二章 | 財務會計制度與利潤分配 | 47 | | 第十三章 | 會計師事務所的聘任 | 52 | | 第十四章 | 保險 | 52 | | 第十五章 | 勞動制度 | 52 | | 第十六章 | 工會組織 | 53 | | 第十七章 | 公司的合併與分立 | 53 | | 第十八章 | 公司解散和 ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-071 一、公司章程修订情况 鉴于本次发行已完成，总裁根据上述授权对《公司章程》进行了修订。本次 章程修订无需提交股东会审议。具体修订内容如下： | 现行条款 | 修订后条款 | | --- | --- | | 第二十条 经国务院授权的公司审 | 第二十条 经国务院授权的公司审 | | 批部门批准，公司成立时向发起人发行 | 批部门批准，公司成立时向发起人发行 | | 普通股总数为 亿股，其中，河北建 20 | 普通股总数为 亿股，其中，河北建设 20 | | 设投资集团有限责任公司认购和持有 | 投资集团有限责任公司认购和持有 16 | | 16 亿股，占公司发行普通股总数的百 | 亿股，占公司发行普通股总数的百分之 | | --- | --- | | 分之八十；河北建投水务投资有限公司 | 八十；河北建投水务投资有限公司认购 | | 认购和持有 4 亿股，占公司发行普通股 | 和持有 4 亿股，占公司发行普通股总数 | | 总数的百分之二十。 | 的百分之二十。 | | …… | …… | | 于二零二一年八月十九日经中国 | 于二零二一年八 ...

新天綠色能源股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 章程 本章程以中文編寫。如本章程的中文與英文版本有任何歧義，概以中文版本為準。 目 錄 | 章節 | 標題 | 頁碼 | | --- | --- | --- | | 第一章 | 總則 | 1 | | 第二章 | 經營宗旨和範圍 | 2 | | 第三章 | 股份、股份轉讓和註冊資本 | 3 | | 第四章 | 減資和購回股份 | 6 | | 第五章 | 股票和股東名冊 | 7 | | 第六章 | 股東的權利和義務 | 11 | | 第七章 | 股東會 | 14 | | 第八章 | 類別股東表決的特別程序 | 26 | | 第九章 | 黨委 | 29 | | 第十章 | 董事會 | 31 | | 第十一章 | 公司高級管理人員 | 44 | | 第十二章 | 財務會計制度與利潤分配 | 47 | | 第十三章 | 會計師事務所的聘任 | 52 | | 第十四章 | 保險 | 52 | | 第十五章 | 勞動制度 | 52 | | 第十六章 | 工會組織 | 53 | | 第十七章 | 公司的合併與分立 | 53 | | 第十八章 | 公司解散和 ...

CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於修訂<公司章程>並完成 工商變更登記的公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年12月16日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及 趙士毅先生；本公司執行董事為譚建鑫先生；以及本公司獨立非執行董事為周文港博士、楊晶磊博 士、陳奕斌先生及劉斌先生。 * 僅供識別 证券代码：600956 证券简称：新天绿能 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

2025 年 12 月 14 日 ——公用事业行业周报（20251214） 要点 本周行情回顾：本周 SW 公用事业一级板块下跌 0.09%，在 31 个 SW 一级板 块中排名第 11；沪深 300 下跌 0.08%，上证综指下跌 0.34%，深证成指上涨 0.84%，创业板指上涨 2.74%。细分子板块中，火电上涨 0.22%，水电下跌 0.26%，光伏发电上涨 1.27%，风力发电上涨 0.11%，电能综合服务上涨 0.48%，燃气下跌 0.86%。本周公用事业涨幅前五的个股分别为嘉泽新能 （+9.71%）、银星能源（+8.58%）、中泰股份（+7.79%）、西昌电力（+5.38%）、 郴电国际（+4.14%）；周跌幅前五的个股分别为蓝天燃气（-15.21%）、德 龙汇能（-14.02%）、惠天热电（-12.62%）、华通热力（-11.33%）、联美 控股（-10.05%）。 本周数据更新：本周动力煤价格加速下跌。其中，秦皇岛港 5500 大卡动力煤 （中国北方，平仓价）周环比下跌 39 元/吨；防城港 5500 大卡动力煤（印度 尼西亚，场地价）本周周环比下跌 10 元/吨；广州港 5500 大卡动力 ...