证券研究报告 | 2026年03月23日 2026年03月24日 公用环保 202603 第 4 期 优于大市 辽宁建立核电可持续发展价格结算机制，2026 年 1-2 月份全社会用电量同比增 长 6.1% 市场回顾：本周沪深 300 指数下跌 2.19%，公用事业指数下跌 2.35%，环 保指数下跌 5.59%，周相对收益率分别为-0.17%和-3.41%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 4 和第 23 名。电力板 块子板块中，火电下跌 1.78%；水电下跌 0.85%，新能源发电下跌 1.39%； 水务板块下跌 3.70%；燃气板块下跌 1.42%。 重要事件：辽宁发改委印发《关于 2026 年辽宁省核电机组参与电力市场化 交易有关事项的通知》。辽宁发改委印发《关于 2026 年辽宁省核电机组 参与电力市场化交易有关事项的通知》，提出通过建立核电可持续发展 价格结算机制，推动核电机组平稳入市。具体而言，核电参与市场交易 后，在市场外建立差价结算机制，差价结算费用暂纳入系统运行费用， 专题研究：主要碳排放国家减排政策梳理。世界主流大国对碳减排的态度各 异，呈现出差异化发展态势。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][8]. Core Insights - The report highlights China's commitment to sustainable energy development through its participation in the "Triple Nuclear Energy Declaration," which aims to triple global nuclear energy capacity by 2050 [2][15]. - The "14th Five-Year Plan" outlines significant goals for the public utility and environmental sectors, including a 25% share of non-fossil energy consumption by 2030 and a reduction of carbon emissions per unit of GDP by 17% over five years [17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.19%, while the public utility index increased by 3.07% and the environmental index by 0.79%, with respective relative returns of 2.88% and 0.60% [1][14]. - Within the electricity sector, new energy generation surged by 10.84%, while thermal and hydroelectric power saw increases of 1.97% and 1.58%, respectively [1][25]. Important Events - China joined the "Triple Nuclear Energy Declaration" at the second Nuclear Energy Summit in Paris, emphasizing international cooperation for sustainable nuclear energy development [2][15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy, due to supportive national policies for renewable energy [4][22]. - The report suggests focusing on stable dividend-paying hydropower stocks like Yangtze Power and companies involved in gas trading like Jiufeng Energy [4][22]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.8 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an EPS forecast of 0.75 for 2024 and a PE of 24.3 [8]. - Recommendations extend to environmental firms like China Everbright Environment and Shanghai Industrial Holdings, which are seen as stable investment opportunities [23].

一、交易概述 证券简称：上海电力 证券代码：600021 编号：临 2026-014 上海电力股份有限公司 关于为黄河公司境外资产提供管理服务 暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上海证券交易所股票上市规则》等有关规定，现将有关事项公告如下： 为进一步提升公司境外业务专业化、集约化、规模化的管理优势，优化资源 配置，持续提升管理效率和整体效益，经公司第九届董事会第七次会议审议通过， 公司拟为黄河公司境外资产（权益装机容量约 121.01 万千瓦）提供管理服务。 按照市场化原则，根据该等境外资产所在国别分布，以及上海电力管理同规 模、同类型资产所必须的管理成本，经双方友好协商，管理服务费用价格暂估为 4657.5 万元/年（不含税）。 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 1 交易内容：上海电力股份有限公司（以下简称"上海电力"、"公司"）拟与 国家电投集团黄河上游水电开发有限责任公司（以下简称"黄河公司"）签订 境外资产管理服务协议。 黄河公司为 ...

证券简称：上海电力 证券代码：600021 编号：临 2026-016 上海电力股份有限公司 关于终止重大资产购买的进展公告 证券简称：上海电力 证券代码：600021 编号：临 2026-016 上海电力股份有限公司（以下简称"上海电力""公司"）拟以现金方式收购 KES POWER LTD.（以下简称"KES 能源公司"）持有的 K-ELECTRIC LIMITED（以下简 称"KE 公司"）18,335,542,678 股，占 KE 公司总发行股本的 66.40%，可支付对价 为 17.70 亿美元，视标的公司经营情况给予交易对方或其指定方奖励金合计不超过 0.27 亿美元（简称"本次重大资产购买""本次交易"），并与交易对方签署了带 交割先决条件的《股份买卖协议》。 自筹划本次重大资产购买事项以来，公司严格按照相关法律、法规及规范性文件 的规定，积极推进本次重大资产购买所涉及的各项工作。鉴于交易对方始终未能达成 交割先决条件及巴基斯坦营商环境变化，经审慎研究分析，为切实维护公司及全体股 东利益，公司决定终止本次重大资产购买事项。因 KES 能源公司未能满足《股份买卖 协议》第 4.1 条规定的先决条件 ...

3.公司子公司上海前滩新能源发展有限公司应收账款，因欠款方资不抵债等 原因，依据企业会计准则达到计提减值的条件，拟计提信用减值损失不超过 3.89 1 证券简称：上海电力 证券代码：600021 编号：临 2026-015 上海电力股份有限公司 关于计提应收款项信用减值损失的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海电力股份有限公司（以下简称"公司"或"上海电力"）于 2026 年 3 月 12 日召开第九届董事会第七次会议，会议审议通过了《关于上海电力 2025 年度计提应收款项信用减值损失的议案》。为客观反映公司资产状况和经营成果， 确保会计信息真实可靠，公司按照《企业会计准则》和公司财务制度的相关规定， 对存在减值迹象的资产采取必要的减值测试和评估。经测试及评估，拟对以下应 收款项计提信用减值损失： 一、计提应收款项信用减值损失情况 1.公司子公司上海电力燃料有限公司（以下简称"燃料公司"）负责上海吴 泾发电有限责任公司（以下简称"吴泾发电"）的燃料采购业务。吴泾发电为上 海电力和申能股份有限公司各持股 ...

证券简称：上海电力 证券代码：600021 编号：临 2026-013 上海电力股份有限公司 第九届董事会第七次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 （一）上海电力股份有限公司九届董事会第七次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和公司章程的规定。 （二）本次董事会会议通知和会议材料于 2026 年 3 月 5 日以电子方式发出。 （三）本次董事会会议于 2026 年 3 月 12 日以现场结合视频的方式召开。 （四）会议应到董事 13 名，亲自出席董事 10 名，梁宝生董事、胡祥董事委 托黄晨董事行使表决权，张启平董事委托岳克胜董事行使表决权，符合《公司法》 和《公司章程》规定。 该议案已经公司董事会审计与风险委员会审议通过。 （三）同意关于上海电力为黄河公司境外资产提供管理服务的议案。 7 名关联董事：黄晨、田钧、田玉环、于海涛、余国君、梁宝生、胡祥回避 表决。 该议案 6 票同意，0 票反对，0 票弃权。 （五）会议由公司董事长黄晨主持，公司高级管理人员列 ...

Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [1][5][7]. Core Insights - The 2026 government work report and the "14th Five-Year Plan" outline a push towards a clean, low-carbon, safe, and efficient energy system, aiming for a total energy production capacity of 5.8 billion tons of standard coal by 2026 [1][14]. - The report highlights the importance of integrating renewable energy sources and emphasizes the need for a comprehensive green transition [1][14]. - The eight major computing power hubs are identified as key areas for direct green electricity connections, driven by national policies [2][15]. Summary by Sections Investment Strategy - Coal and electricity prices are expected to decline simultaneously, maintaining reasonable profitability for thermal power companies, with recommendations for Huadian International and Shanghai Electric [3][24]. - Continuous government support for renewable energy is anticipated to stabilize profitability in the sector, recommending leading companies like Longyuan Power and Three Gorges Energy [3][24]. - Nuclear power companies are expected to maintain stable profitability, with recommendations for China National Nuclear Power and China General Nuclear Power [3][24]. - High-dividend hydropower stocks are highlighted for their defensive attributes, recommending Changjiang Power [3][24]. - The report suggests focusing on environmental protection opportunities in water and waste incineration sectors, recommending companies like China Everbright Environment and Shanghai Industrial Holdings [3][25]. Market Performance - The public utilities index increased by 3.42% while the environmental index decreased by 1.41%, with public utilities ranking 3rd among 31 industry sectors [1][26]. - In the electricity sector, thermal power rose by 3.41%, hydropower by 4.73%, and renewable energy by 3.36% [1][27]. Key Company Profit Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 10.6 [7]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 in 2024 and a PE ratio of 23.5 [7]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 in 2024 and a PE ratio of 20.9 [7]. - Changjiang Power (600900.SH) is rated "Outperform" with an expected EPS of 1.33 in 2024 and a PE ratio of 20.5 [7].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The government work report for 2026 sets a target to reduce energy consumption per unit of GDP by approximately 3.8%, an increase from the previous target of 3% in 2025. Key initiatives include fostering future energy development, quantum technology, and implementing large-scale intelligent computing clusters [15][16]. - The report emphasizes the importance of establishing a new power system, accelerating the construction of smart grids, and expanding green electricity applications. The focus remains on achieving carbon peak and carbon neutrality goals, with a closer integration of technology and energy [6][15]. - The power sector is characterized as a defensive asset in the AI era, with attributes such as high barriers to entry, long project lifespans, and stable cash flows. The rising coal prices are expected to positively influence electricity pricing, leading to a restructuring of the thermal power business model towards a more utility-like approach [6][15]. - The report highlights several companies to watch, including Huaneng International, Huadian International, and China Power, which are expected to benefit from the ongoing transformation in the utility sector [6][7]. Summary by Sections Section 1: Two Sessions Highlights - The focus is on cultivating future energy and the first mention of computing power and electricity synergy. The government aims to reduce energy consumption per unit of GDP and promote green low-carbon economic development [15][16]. Section 2: Weekly Review - Local governments are implementing electricity market reforms, with various provinces releasing their "14th Five-Year" plans. For instance, Qinghai Province is promoting large-scale solar thermal power development [22][23]. Section 3: Industry High-Frequency Data Tracking - Recent data shows a steady increase in coal prices, with the Qinhuangdao 5500 kcal thermal coal price rising to 755 CNY/ton as of March 6, 2026. This reflects a slight increase of 0.67% compared to the previous week [27][29].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][8]. Core Insights - The upcoming deliberation of the Ecological Environment Code is expected to enhance the legal framework for pollution prevention, ecological protection, and green low-carbon development [15]. - The integration of computing power and electricity is highlighted as a significant trend, with public utilities being well-positioned to leverage AI and other new productivity developments [16]. - The report emphasizes the importance of the renewable energy sector and comprehensive energy management in the context of carbon neutrality [20]. Market Performance - The Shanghai and Shenzhen 300 Index increased by 0.09%, while the public utility index rose by 4.54% and the environmental index by 7.73% [14][22]. - Within the electricity sector, coal-fired power increased by 7.57%, while renewable energy generation saw a rise of 7.33% [23]. Key Company Recommendations Public Utilities - Recommended companies include: - Huadian International (华电国际) and Shanghai Electric (上海电力) for coal-fired power [20]. - Longyuan Power (龙源电力) and Three Gorges Energy (三峡能源) for renewable energy [20]. - China Nuclear Power (中国核电) and China General Nuclear Power (中国广核) for nuclear power [20]. - Changjiang Power (长江电力) for hydropower [20]. - Jiufeng Energy (九丰能源) for gas [20]. - Xizi Clean Energy (西子洁能) for clean energy equipment manufacturing [20]. Environmental Protection - Recommended companies include: - Everbright Environment (光大环境) and Shanghai Industrial Holdings (上海实业控股) for water and waste incineration [21]. - Juguang Technology (聚光科技) and Wanyi Technology (皖仪科技) for scientific instruments [21]. - Shangaohuaneng (山高环能) for waste oil recycling [21]. Industry Dynamics - The report notes that the water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow [21]. - The domestic scientific instrument market is projected to have substantial room for domestic substitution, with a market size exceeding 90 billion USD [21]. Important Events - The report highlights the upcoming National People's Congress, where multiple legal drafts, including the Ecological Environment Code, will be reviewed [15]. - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance investment in computing power and promote the synergy between computing and electricity [16]. Industry Data Overview - The report provides insights into the electricity generation and consumption trends, indicating a year-on-year increase in total electricity consumption of 5.0% for 2025 [52]. - The total installed capacity of electricity generation reached 3.89 billion kilowatts by the end of 2025, marking a year-on-year growth of 16.1% [68].

证券简称：上海电力 证券代码：600021 编号：临 2026- 012 上海电力股份有限公司 关于首期股票期权激励计划 限制行权期间的提示性公告 二〇二六年三月六日 1 本次限制行权期为2026年3月16日至2026年4月30日，在此期间全部激励对象 将限制行权。 公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司申 请办理限制行权的相关事宜。 特此公告。 上海电力股份有限公司董事会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据《上市公司股权激励管理办法》《上海电力股份有限公司首期股票期权 激励计划（草案二次修订稿）》及中国证券登记结算有限责任公司上海分公司关 于股票期权自主行权的相关规定，结合公司2025年年度报告及2026年第一季度报 告等披露计划，现就首期股票期权激励计划限制行权时间公告如下： 公司首期股票期权激励计划首次授予部分股票期权于2025年6月29日进入第 二个行权期，行权期有效期为2025年6月29日-2026年5月29日，目前处于自主行 权阶段。 ...