Core Viewpoint - The article emphasizes the rapid growth of clean energy projects in China, which are crucial for ensuring energy supply during peak winter demand and stimulating economic growth through green initiatives [2][4][5][6]. Group 1: Clean Energy Capacity Growth - As of November 2025, China's total installed power generation capacity reached 3.79 billion kilowatts, a year-on-year increase of 17.1% [2]. - Solar power capacity reached 1.16 billion kilowatts, growing by 41.9% year-on-year, while wind power capacity increased to 600 million kilowatts, up by 22.4% [2]. - Hydropower capacity stood at 440 million kilowatts, with a 3% year-on-year growth, and nuclear power capacity reached 60 million kilowatts, growing by 7.6% [2]. Group 2: Nuclear Power Projects - The Zhangzhou Nuclear Power Phase I project has been completed, with the second unit of the project expected to provide approximately 60 billion kilowatt-hours of clean electricity annually [4]. - The construction of the world's largest "Hualong One" nuclear power base is underway, with plans for six units [4]. Group 3: Energy Storage Developments - The largest all-vanadium flow battery energy storage station in China, located in Xinjiang, is set to enhance the utilization rate of associated photovoltaic power stations by over 10%, potentially generating an additional 230 million kilowatt-hours of clean energy annually [4]. Group 4: Solar Energy Projects - The first flexible support photovoltaic project in sandy areas, with a capacity of 2 million kilowatts, is expected to generate 2.96 billion kilowatt-hours of electricity annually, reducing carbon dioxide emissions by over 2.68 million tons [4]. - The first million-kilowatt offshore photovoltaic project in China is projected to meet 60% of the electricity demand in its locality, generating 1.78 billion kilowatt-hours annually [4]. Group 5: Hydropower Projects - The Yebatan Hydropower Station, the highest arch dam power station under construction in China, has begun operations, with an expected annual generation of over 10.2 billion kilowatt-hours, saving approximately 3.1 million tons of standard coal and reducing carbon emissions by over 8.3 million tons [5]. Group 6: Investment Growth in Clean Energy - From January to November 2025, investment in the electricity, heat, gas, and water production and supply sectors grew by 10.7%, contributing 0.8 percentage points to overall investment growth [5]. - Investment in solar, wind, nuclear, and hydropower collectively increased by 7.4% [5]. Group 7: Infrastructure Projects - Recent approvals for major infrastructure projects, including the Zhejiang UHV AC ring network project and the Dadu River Danba hydropower station, involve total investments exceeding 400 billion yuan, aimed at enhancing China's modern infrastructure system [6]. Group 8: Economic Implications - The rapid growth in clean energy investment is significant for economic stability, leveraging China's large market to enhance the competitiveness of clean energy and stimulate related industries [6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 FF301 致：香港交易及結算所有限公司 公司名稱: 華能國際電力股份有限公司 呈交日期: 2026年1月2日 本月底法定/註冊股本總額： RMB 15,698,093,359 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00902 | 說明 | 香港聯交所上市 H 股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,700,383,440 | | 0 | | 4,700,383,440 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 4,700,383, ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际电力股份（00902） 613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿股，最新 持股比例为12.04%。 香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际电力股份（00902） 613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿股，最新 持股比例为12.04%。 ...

香港联交所最新资料显示，12月29日，上海睿郡资产管理有限公司增持华能国际（600011）电力股份 (00902)613.6万股，每股作价5.7069港元，总金额约为3501.75万港元。增持后最新持股数目约为5.66亿 股，最新持股比例为12.04%。 ...

12月30日，国家第三批大型风电光伏基地重点项目——华能苏计沙地200万千瓦光伏项目全容量并网发电，首次在沙地环境内实现柔性支架光伏技术应 用。项目位于内蒙古巴彦淖尔市乌拉特前旗，总装机容量200万千瓦，其中包含30万千瓦柔性支架光伏，可通过高净空、大跨距、少基础设计，有效避免 沙地环境内传统光伏支架易陷沙、难维护等问题。项目配套建设30万千瓦储能，年发电量可达29.6亿千瓦时，每年可减少二氧化碳排放超268万吨，成为 推动地区绿色发展的强劲"引擎"。 索比光伏网 https://news.solarbe.com/202512/31/50015877.html ...

国家知识产权局信息显示，华能国际电力股份有限公司取得一项名为"反应堆同位素辐照最佳时间的计 算方法及系统"的专利，授权公告号CN120030783B，申请日期为2025年2月。 天眼查资料显示，华能国际电力股份有限公司，成立于1994年，位于保定市，是一家以从事电力、热力 生产和供应业为主的企业。企业注册资本1569809.3359万人民币。通过天眼查大数据分析，华能国际电 力股份有限公司共对外投资了210家企业，参与招投标项目4590次，财产线索方面有商标信息46条，专 利信息1643条，此外企业还拥有行政许可27个。 华能核能技术研究院有限公司，成立于2020年，位于上海市，是一家以从事科技推广和应用服务业为主 的企业。企业注册资本30000万人民币。通过天眼查大数据分析，华能核能技术研究院有限公司参与招 投标项目307次，专利信息871条，此外企业还拥有行政许可3个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

Core Viewpoint - The power sector experienced significant declines, particularly in thermal power stocks, due to downward pressure on long-term electricity prices for 2026, which fell short of market expectations [2][5]. Group 1: Stock Performance - Major thermal power stocks saw substantial declines, with Guodian Power down 7.96%, Anhui Energy down 6.46%, and Huaneng International down 5.07% [2][3]. - Other notable declines included Shanghai Electric and Inner Mongolia Huadian, both dropping over 5% [2]. Group 2: Electricity Price Trends - The long-term electricity price for Guangdong in 2026 was set at 372.14 cents/kWh, a decrease of 19.72 cents/kWh from the previous year, nearing the lower limit of the benchmark price [5]. - In Jiangsu, the average price for January 2026 was 324.71 yuan/MWh, down 19.9% year-on-year, reflecting significant downward pressure on electricity prices in economically developed regions [5]. Group 3: Market Analysis - Analysts suggest that the ongoing market reforms may lead to a gradual increase in electricity prices, with the introduction of capacity pricing mechanisms reinforcing the foundational role of coal power [4]. - Despite the current downward trend, some institutions believe that the electricity market may not be overly pessimistic for 2026, as the government is beginning to focus on stabilizing electricity prices [7]. Group 4: Competitive Landscape - The retail electricity market has seen irrational competition, with companies engaging in aggressive pricing strategies to capture market share, leading to a temporary failure in price discovery [6]. - The introduction of new policies may help mitigate the excessive price competition among retail electricity companies, potentially restoring order to the market [7]. Group 5: Future Outlook - The construction of a new power system under the "dual carbon" goals is expected to rely on enhanced system regulation and support from the government, which may improve the performance of power operators in the future [8].

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300125 | *ST玲达 | 7.46 | 19.94% | 6412.0 | | 478.34万 | | 002617 | 露笑科技 | 8.20 | 3.40% | 143.49万 | | 11.81亿 | | 619109 | 嘉泽新能 | 4.66 | 2.64% | 88.00万 | | 4.08亿 | | 002218 | 拓日新能 | 4.45 | 2.30% | 115.16万 | | 5.08亿 | | 600868 | 梅雁吉祥 | 3.55 | 2.01% | 162.00万 | | 5.80亿 | | 002015 | 协整能科 | 10.43 | 1.76% | 38.32万 | | 4.00亿 | | 600719 | 大连热电 | 6.31 | 1.45% | 16.58万 | | 1.05亿 | | 600052 | 东望时代 | 4.75 | 1.28% | 11.98万 | | 5644.64 ...

证券研究报告 | 行业策略 gszqdatemark 2025 12 29 年 月 日 电力 2026 电力行业年度策略：火绿重构，水核筑基，燃气优化 行情回顾：板块盈利稳健，市场表现跑输大盘。2025 年 1-9 月，公用事业 (SW) 板块上涨 0.92%，位列全行业第 27 名，跑输沪深 300 指数 17.02pcts。实现营业收入 13817.83 亿元，同比增长 0.02%，归母净利 1723.24 亿元，同比提高 8.43%。2025 前三季度火电业绩稳健，成本低位 支撑盈利，实现归母净利 711.23 亿元，同比增长 15.83%；新能源发电低 电价压力下业绩仍维持高增，风电板块实现归母净利润 220.31 亿元，同 比提高 31.67%；水电经营稳健但增速有所放缓，实现归母净利 513.22 亿 元，同比增长 3.30%；核电相对承压，实现归母净利 165.78 亿元，同比 下降 12.36%。 市场回顾：电力供需转向平衡，电改进一步推进。2025 年前三季度用电 量增速 4.6%，电力消费弹性系数明显下滑至 0.88。二产用电需求疲软拖 累整体用电，一、三产业及居民用电仍具韧性，信息类行业 ...