证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 漳州核电 2 号机组投入商运，山东湖北两地 首个绿电直连项目落地 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2026 年 01 月 12 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 26% 2025/1/13 2025/5/14 2025/9/12 2026/1/11 公用事业 沪深300 相关研究 《气温预计回升至正常水平，欧美气 价回落》 2026-01-12 《重视商业航天特燃特气价值长期提 升，国家级零碳园区建设名单公布》 2026-01-05 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）漳州核电 2 号机组投入商运。2026 年 1 月 1 ...

足及起 2026 年 01 月 12 日 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 游戏 行业高 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 看好 相关研究 环保:《固体废物综合治理行动计划》发布，再生资源化是进一步方向。行动计划提出，到 2030 年，重点领域固体废物专项整治取得明显成效，大宗固体废弃物年综合利用量达到 45 亿吨，主要 再生资源年循环利用量达到 5.1 亿吨，固体废物综合治理能力和水平显著提升。当前在基础设施投 放下降、城市生活垃圾焚烧建设已经基本完成的背景下，由发改委牵头出台的"固废十条"，指向 的不再是财政买单的大型工程建设项目，而是要重整经济 ...

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 天津容量电价调整略超预期，各地代购电价表现 分化 张韦华 司旗 宋尚骞 刘亚辉 张子淳 报告要点 [Table_Summary] 1 月 5 日，天津市发改委发布《关于调整煤电容量电价有关事项的通知》，明确自 2026 年 1 月 1 日起，天津市煤电容量电价将从每年每千瓦 100 元调整为 231 元，即通过容量电价回收煤电 固定成本的比例提升至 70%，超出此前政策规划的 50%的最低水平。从 2026 年 1 月份代理购 电数据看，受 2025 年以来煤价中枢下行、供需形势偏宽松等影响，多数省份电价同环比均有 所下行。但各地电价表现明显分化，北方内陆多数地区电价更具韧性，而沿海地区普遍面临较 大压力，如广东、江苏、浙江、安徽等地 1 月代购电价同比降幅均超过 5 分/千瓦时。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

此次正式投产发电的首批机组为4号机组和3号机组，成功实现"一月双投"。电站全容量投产后，平均年 发电量超102亿千瓦时，每年可节约标准煤约310万吨，减少二氧化碳排放超830万吨。电站发出的清洁 电能将通过全国首条大容量水光互补的纯清洁能源跨区外送直流通道－－金上至湖北±800千伏直流输 电工程，送往华中地区消纳。这对进一步优化我国能源结构，促进能源绿色低碳转型、提升国家能源安 全保障能力具有重要意义。 叶巴滩水电站位于四川白玉县与西藏贡觉县交界的金沙江干流，是国家"十四五"规划重大工程。作为金 沙江上游川藏段装机容量最大的电站，其总装机容量达224万千瓦，最高处达217米。 科技日报讯 （记者都芃）1月5日，记者从中国华电集团有限公司获悉，国家"十四五"规划重大工程 ——华电叶巴滩水电站首批机组日前正式投产发电。这是我国在建海拔最高的双曲拱坝电站。作为金沙 江上游清洁能源基地的重要组成部分，电站为构建新型能源体系和能源强国建设再添新动能。 ...

FF301 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01071 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | 1 | RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

截至2025年12月26日收盘，华电国际（600027）报收于5.25元，较上周的5.2元上涨0.96%。本周，华电国际12月23日盘中最高价报5.31元。12月22 日盘中最低价报5.17元。华电国际当前最新总市值575.94亿元，在电力板块市值排名15/102，在两市A股市值排名316/5181。 本周关注点 公司公告汇总：完成两期科技创新公司债券发行，合计30亿元，利率分别为1.87%和1.77%。 公司公告汇总 华电国际电力股份有限公司2024年年度股东大会审议通过，同意公司在2024年年度股东大会批准时起至2025年年度股东会结束时止，发行本金余 额不超过等值230亿元人民币的公司债券、可续期公司债券、可续期债权投资计划。公司已获准面向专业投资者公开发行面值总额不超过人民币 200亿元的公司债券，并完成2025年第一期和第二期科技创新公司债券的发行。第一期发行金额15亿元，期限3年，发行利率1.87%；第二期发行 金额15亿元，期限2年，发行利率1.77%。募集资金将用于偿还有息债务、补充流动资金、项目投资及运营等。 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310104345710 ...

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。 近日，华电国际发布关于公司债券发行的公告。公告显示，公司2024年年度股东大会审议通过，同意公司在2024年年度股东大会批准时起至2025 年年度股东会结束时止，发行本金余额不超过等值230亿元人民币的公司债券、可续期公司债券、可续期债权投资计划。公司已获准面向专业投资 者公开发行面值总额不超过人民币200亿元的公司债券，并完成2025年第一期和第二期科技创新公司债券的发行。第一期发行金额15亿元，期限3 年，发行利率1.87%；第二期发行金额15亿元，期限2年，发行利率1.77%。募集资金将用于偿还有息债务、补充流动资金、项目投资及运营等。 截至2025年12月30日收盘，华电国际（600027）报收于4.97元，较前一交易日下跌2.36%，最新总市值为577.11亿元。该股当日开盘5.08元，最高 5.09元，最低4.96元，成交额达8.24亿元，换手率为1.94%。 《关于公司债券发行的公告》 最新公告列表 ...