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]

公用事业 行业定期报告 hyzqdatemark 2026 年 02 月 24 日 证券研究报告 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 2025 国网招标总结 煤炭去库超预期 ——大能源行业 2026 年第 7 周周报（20260222） 煤炭：节前去库超预期，良性供给助节后煤价乐观 板块表现： 国内供给：元旦至春节前的煤矿日均开工率处于近三年较低位；进口供给：截至 2026 年 2 月，进口煤海运发运量维持 4 年较低位。需求：1 月寒潮致需求较 ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

Core Viewpoint - China General Nuclear Power Corporation (CGN) New Energy reported a preliminary total power generation of 1,647.8 GWh for January 2026, representing a year-on-year increase of 7.9% compared to 2025 [1] Group 1: Power Generation Breakdown - The power generation from Chinese wind projects decreased by 2.9% [1] - The power generation from Chinese solar projects increased by 38.1% [1] - The power generation from Chinese gas projects surged by 1,200% [1] - The power generation from Chinese hydro projects increased by 0.9% [1] - The power generation from projects in South Korea increased by 23.9% [1]

Group 1 - The core point of the article is that China General Nuclear Power Corporation (CGN) announced a preliminary report indicating that its total power generation in January 2026 reached 1,647.8 GWh, representing a year-on-year increase of 7.9% compared to 2025 [1][3] - The breakdown of power generation shows a decrease of 2.9% in China's wind power projects, an increase of 38.1% in China's solar power projects, a significant increase of 1,200.0% in China's gas projects, a slight increase of 0.9% in China's hydropower projects, and a 23.9% increase in projects in South Korea [1][3]

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced a preliminary report indicating a 7.9% year-on-year increase in power generation for January 2026, totaling 1,647.8 GWh [1] Group 1: Power Generation Breakdown - Wind power projects in China decreased by 2.9% [1] - Solar power projects in China increased significantly by 38.1% [1] - Gas power projects in China saw a substantial increase of 1,200.0% [1] - Hydropower projects in China experienced a slight increase of 0.9% [1] - Projects in South Korea increased by 23.9% [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) announced a preliminary report indicating a total power generation of 1,647.8 GWh in January 2026, representing a year-on-year increase of 7.9% compared to 2025 [1] Group 1: Power Generation Breakdown - The power generation from Chinese wind projects decreased by 2.9% [1] - The power generation from Chinese solar projects increased significantly by 38.1% [1] - The power generation from Chinese gas projects surged by 1,200.0% [1] - The power generation from Chinese hydropower projects saw a slight increase of 0.9% [1] - The power generation from projects in South Korea increased by 23.9% [1]

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，並明確表示概不會就本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司 （於百慕達註冊成立的有限公司） （股份代號：1811） 中國廣核新能源控股有限公司 本公司董事會（「董事會」）宣佈根據本公司初步統計，2026年1月本公司及其附屬公 司（「本集團」）按合併報表口徑完成發電量1,647.8吉瓦時，較2025年同比增加7.9%。 其中，中國風電項目減少2.9%，中國太陽能項目增加38.1%，中國燃氣項目增加 1,200.0%，中國水電項目增加0.9%及韓國項目增加23.9%。 – 1 – 本集團2026年1月及2025年同期發電量詳情如下： | | | 截至 | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2026年 | | | | 年累計 | | | 2026年 | 2025年 | 1月 | 1月31日 | 2 ...

Group 1 - The core point of the article is that China General Nuclear Power Corporation New Energy Liu'an Co., Ltd. has obtained a patent for a testing system and method for grid harmonic adaptability in photovoltaic inverters, with the patent number CN115561659B and an application date of July 2022 [1] - China General Nuclear Power Corporation New Energy Liu'an Co., Ltd. was established in 2020 and is located in Liu'an City, primarily engaged in the production and supply of electricity and heat [1] - The company has a registered capital of 204.189 million RMB and has participated in 56 bidding projects, holds 64 patent records, and possesses 15 administrative licenses according to data from Tianyancha [1]