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 - Inner Mongolia is projected to generate 851.7 billion kWh of electricity in 2025, accounting for approximately 8.8% of the national total, significantly surpassing Guangdong and Jiangsu by over 140 billion kWh and 200 billion kWh respectively [1][3][12]. Resource Advantage - Inner Mongolia is a major energy province in China, with coal reserves and production consistently ranking first nationally. In 2024, the province's raw coal output is expected to reach 1.29 billion tons, making up 27.3% of the national total [3][5]. - The province's abundant coal resources allow for stable and low-cost supply, enabling consistent operation of thermal power plants, which form the backbone of its electricity generation [5][9]. Energy Mix - In 2025, thermal power is expected to contribute 5,920.4 billion kWh, representing 69.5% of the total electricity generation, while wind power is projected to generate 2,033.4 billion kWh, accounting for 23.9% and showing a year-on-year growth of 22.6% [5][9]. - Inner Mongolia has also made significant strides in renewable energy, with total installed capacity for new energy sources exceeding 147 million kW, surpassing that of thermal power [7][25]. Infrastructure Development - The province has established a robust electricity transmission network, including eight ultra-high voltage transmission lines, facilitating efficient electricity delivery to various regions across China [10][23]. - Since the launch of the first ultra-high voltage line in 2016, Inner Mongolia has cumulatively transmitted 838 billion kWh of electricity, supporting the energy needs of approximately 285 million households annually [11][23]. Economic Impact - Inner Mongolia's electricity generation supports the economic activities of densely populated and industrially developed regions such as Beijing, Tianjin, and Jiangsu, especially during peak demand periods in summer and winter [16][17]. - The availability of stable electricity has also fostered local industrial growth, particularly in coal chemical and renewable energy equipment manufacturing, reducing production costs and enhancing competitiveness [19][30]. Social Benefits - The expansion of the electricity grid has improved living standards in rural areas, providing reliable power for heating, cooling, and household appliances, thereby enhancing the quality of life for residents [21][30]. - Inner Mongolia's role as a key energy supplier helps balance the regional disparities in electricity supply and demand across the country, ensuring that economic development and public welfare are supported [23][32].

Core Insights - The report provides a comprehensive analysis of the Chinese power transmission and distribution industry, covering the entire industry chain, market environment, technological trends, competitive landscape, and future directions [1][2]. Industry Overview - The power transmission and distribution industry is a crucial segment of the power system, encompassing the entire process of electricity transmission from power plants to end-users, including high-voltage transmission, substations, and distribution networks [7][8]. - The industry has evolved from a planned economy to a market-oriented model, with policies and technology driving its development, particularly through the application of ultra-high voltage and smart grid technologies [1][2]. Market Environment and Policy Analysis - The continuous growth of GDP, industrial restructuring, and urbanization are driving the demand for electricity, with emerging industries becoming new growth drivers [2][27]. - The policy framework emphasizes clean and low-carbon energy, energy security, and technological innovation, promoting the industry's green transformation [2][38]. Technological Development Trends - Innovations in transmission technology, such as High Voltage Direct Current (HVDC) and Ultra High Voltage (UHV) technologies, are enhancing the capacity and efficiency of electricity transmission [41][43]. - Smart monitoring technologies are being integrated into transmission lines for real-time management and fault detection, improving operational safety and efficiency [47]. Current Industry Status - As of 2024, the market size of the Chinese power transmission and distribution industry has surpassed several trillion yuan, with state-owned enterprises like State Grid and China Southern Power Grid dominating the market [23][24]. - The industry structure shows significant regional disparities, with eastern regions exhibiting higher levels of smart grid development and western regions focusing on ultra-high voltage projects [26]. Competitive Landscape - Major players in the industry include State Grid Corporation and China Southern Power Grid, which lead in asset scale, service coverage, and technological capabilities [24][25]. - The competition is characterized by high concentration, with state-owned enterprises leveraging their advantages while private and local companies focus on niche areas like smart grids and energy storage [2][24]. Future Directions - The industry is expected to continue its transition towards smart and green technologies, with further upgrades in high-voltage transmission technology and deep integration of smart grids with renewable energy and storage systems [2][16].

很多人看中国经济，只看GDP、外贸和股市，却忽略了最真实的指标——用电量。 电力是经济的"晴雨表"，工业、科技、民生的冷暖，全藏在用电数据里。 从前闹电荒，到现在成为全球第一用电大国，2025年中国用电量突破10.4万亿千瓦时，是美国的两倍多，比欧盟、印度、俄罗斯、日本加起来还多。 法国专家：中国电力已经让世界畏惧！为何中国人自己却浑然不知？ 如果你只看中国的GDP数据，可能无法完全理解中国电力消费的巨大变化。 然而，当你看到中国的用电量从20年前的电荒，到如今突破10.4万亿千瓦时，你会惊讶于这个数字的背后隐藏着中国经济腾飞的力量。 中国如今的用电量已经超过了美国的两倍，甚至超过了欧盟、印度、俄罗斯和日本的总和。 很多人一开始可能会觉得很难理解，毕竟在我们印象中，欧美这些发达国家的工业和经济远比中国要成熟。 但是，从中国庞大的产业体系来看，这个用电量的飞跃是必然的。 中国的产业结构有着与众不同的特点。 从原材料的开采，到零部件的制造，再到整机的生产与系统集成，几乎所有工业领域都可以在国内完成。 这意味着中国在工业生产的每一个环节都会消耗大量的电力。尤其是中国的制造业，一直是全球最庞大、最全面的生产体系之一。 ...

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 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]

天眼查工商信息显示，近日，中国电力国际发展有限公司出资6300万元成立中电（孝感）能源有限公 司，持股100%，所属行业为电力、热力生产和供应业。 资料显示，中电（孝感）能源有限公司成立于2026年2月13日，法定代表人为尹以清，注册资本6300万 人民币，公司位于孝感市，许可项目：发电业务、输电业务、供（配）电业务。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）风力发 电技术服务,太阳能发电技术服务,太阳能热发电产品销售,新能源汽车换电设施销售,储能技术服务,集中 式快速充电站,电动汽车充电基础设施运营,停车场服务。（除许可业务外，可自主依法经营法律法规非 禁止或限制的项目）。 本文源自：市场资讯 作者：情报员 ...

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]

中国电力(02380)发布公告，2026年2月13日，潍坊新能源(本公司一家间接非全资拥有的附属公司)分别 与国核院及山东院订立三份独立的总承包合同。根据该等合同，承包商将为开发鲁北一期项目提供总承 包服务，建设光伏及风力发电设施、一座升压站及连接送出线路，合并代价人民币7.68亿元(约相等于 8.63亿港元)。 预计该项目竣工后，将通过强化当地能源结构，推动国家"黄河下游绿色能源带"建设目标的实现，助力 该区域向高科技化工产业转型。该项目投资符合本公司绿色可持续发展的战略目标，预期将提升本集团 长远的盈利能力。 本集团通过中国的采购与招标平台及网络(包括中国招标投标公共服务平台、中国电力设备信息网及国 家电投电子商务平台)，遵循严谨竞争的公开市场招标过程才授予承包商每份总承包合同。三份工程总 承包合同各自应付的代价与其他公司就市场可比较项目所收取的现行价格相符。董事认为，工程总承包 合同的代价及其相关条款均不逊于独立第三方提供予本集团的代价及条款。 位于中国山东省潍坊市鲁北盐硷滩涂地的风光储输一体化基地，鲁北项目采用"光伏与盐田"互补模式实 现协同发展。透过在盐田上方设置发电设备发展光伏与风力发电，该项目相 ...

格隆汇2月13日丨中国电力(02380.HK)公告，2026年2月13日，潍坊新能源(公司一家间接非全资拥有的 附属公司)分别与国核院及山东院订立三份独立的总承包合同。根据该等合同，承包商将为开发鲁北一 期项目提供总承包服务，建设(i)光伏及风力发电设施、(ii)一座升压站及(iii)连接送出线路，合并代价人 民币767,935,300元(约相等于862,848,700港元)。 ...