Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].

证券简称：上海电力 证券代码：600021 编号：2026-005 上海电力股份有限公司 2025 年度发电量完成情况公告 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、2025 年度发电量完成情况 根据公司统计，2025 年 1-12 月，公司完成合并口径发电量 782.32 亿千瓦 时，同比上升 1.41%，其中煤电完成 510.06 亿千瓦时，同比下降 1.87%，气电完 成 78.04 亿千瓦时，同比下降 14.23%，风电完成 115.09 亿千瓦时，同比上升 19.06%，光伏发电完成 79.13 亿千瓦时，同比上升 23.58%；上网电量 749.79 亿 千瓦时，同比上升 1.49%；上网电价均价（含税）0.58 元/千瓦时。 2025 年 1-12 月，公司市场交易结算电量 577.92 亿千瓦时。 公司发电量上升的主要原因是：清洁能源发电装机规模和发电量实现增长。 | 公司所属主要发电项目 | | --- | | 2025 年度发电量数据如下： | | 类型 | 公司/项目名称 | 发电量 （亿千瓦时 ...

格隆汇1月16日丨上海电力(600021.SH)公布，根据公司统计，2025年1-12月，公司完成合并口径发电量 782.32亿千瓦时，同比上升1.41%，其中煤电完成510.06亿千瓦时，同比下降1.87%，气电完成78.04亿千 瓦时，同比下降14.23%，风电完成115.09亿千瓦时，同比上升19.06%，光伏发电完成79.13亿千瓦时， 同比上升23.58%；上网电量749.79亿千瓦时，同比上升1.49%；上网电价均价（含税）0.58元/千瓦时。 2025年1-12月，公司市场交易结算电量577.92亿千瓦时。 截至2025年12月底，公司控股装机容量为2632.13万千瓦，清洁能源占装机规模的62.59%，其中：煤电 984.80万千瓦、占比37.41%，气电382.51万千瓦、占比14.53%，风电539.81万千瓦、占比20.51%，光伏 发电725.01万千瓦、占比27.55%。 公司发电量上升的主要原因是：清洁能源发电装机规模和发电量实现增长。 ...

证券简称：上海电力 证券代码：600021 编号：临 2026-004 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 二〇二六年一月十六日 上海电力股份有限公司 2026 年度 第一期超短期融资券发行结果公告 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于2026年1月13日发行了2026年度第一期超短期融资券， 现将发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2026年 | 债务融资工具 | 26沪电力SCP001 | | --- | --- | --- | --- | | 具名称 | 度第一期超短期融资券 | 简称 | | | 代码 | 012680110 | 债务融资工具 期限 | 93日 | | 计息方式 | 付息固定利率 | 发行总额 | 25亿元/人民币 | | 起息日 | 2026年1月14日 | 兑付日 | 2026年4月17日 | | 发行价格 | 100元/百元 | 票 ...

上海电力公告称，公司于2026年1月13日发行2026年度第一期超短期融资券，简称"26沪电力SCP001"， 代码"012680110"，期限93日。发行总额25亿元，起息日为1月14日，兑付日为4月17日，发行价格100 元/百元，票面利率（年化）1.60%，承销商为招商银行。本期融资券通过簿记建档集中配售在全国银行 间债券市场公开发行，募资用于偿还到期债券。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

公用环保 202601 第 2 期 优于大市 2025 年 1-11 月光伏/风电发电利用率同比下滑，重视"环保+资源品"投资逻辑 市场回顾：本周沪深 300 指数上涨 2.79%，公用事业指数上涨 2.54%，环 保指数上涨 3.88%，周相对收益率分别为-0.24%和 1.10%。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 23 和第 16 名。电力板 块子板块中，火电上涨 2.40%；水电上涨 0.70%，新能源发电上涨 3.74%； 水务板块上涨 2.50%；燃气板块上涨 4.80%。 重要事件：1-11 月份，全国光伏/风电发电利用率分别为 94.8%/94.3%。电 力行业规划研究与监测预警中心公布 2025 年 11 月全国新能源并网消纳 情况，11 月光伏发电利用率 93.7%，同比-2.5pct，1-11 月光伏发电利 用率为 94.8%，同比-2.2pct；11 月风电利用率 93.1%，同比-2.7pct， 1-11 月风电利用率 94.3%，同比-2.0pct。 专题研究：从成本中心到价值创造，重视"环保+资源品"投资逻辑。过去 一年，受地缘政治紧张和供应链安全焦虑驱 ...

Core Viewpoint - The A-share market experienced a collective pullback on January 7, but the power sector showed resilience, with significant gains in related stocks and ETFs [1]. Group 1: Market Performance - The green energy ETF (562550) rose by 0.36%, while the power grid equipment ETF (159326) increased by 1.78% [1]. - Notable power stocks such as Shanghai Electric surged over 4%, with Inner Mongolia Huadian, Guiguan Electric, Jingneng Electric, and China Nuclear Power also seeing gains [1]. Group 2: Policy Developments - Relevant authorities issued guidelines to promote the consumption and regulation of renewable energy, aiming for a reasonable consumption of 200 million kilowatts of renewable energy annually by 2030 [1]. - The guidelines reinforce the "14th Five-Year Plan" goals for large-scale development of renewable energy and serve as a foundational policy to reshape the focus on renewable energy consumption and regulation [1]. Group 3: Demand Dynamics - The explosion of AI-driven computing power is reshaping the data center industry and is becoming a critical variable in the evolution of global energy consumption patterns, presenting unprecedented challenges and innovative opportunities for power infrastructure [1]. Group 4: Investment Outlook - Huatai Securities noted that the construction of a national unified electricity market is accelerating, with expected grid investments during the "14th Five-Year Plan" period to exceed 4 trillion yuan, a significant increase from 2.8 trillion yuan during the "13th Five-Year Plan" [1]. - The construction of the main grid is essential for achieving interconnection of the national grid framework and remains a key focus area for development [1].

证券之星消息，1月6日电力板块较上一交易日上涨0.77%，金房能源领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。电力板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 001210 | 金房能源 | 20.72 | 9.98% | 8.94万 | | 1.81亿 | | 002256 | 兆新股份 | 3.78 | 7.69% | 246.26万 | | 9.25 6 | | 601778 | 晶科科技 | 4.13 | 6.44% | 300.85万 | | 12.29亿 | | 001376 | 百通能源 | 17.95 | 5.28% | 27.34万 | | 4.85亿 | | 619109 | 嘉泽新能 | 4.87 | 5.18% | 146.17万 | | 7.06亿 | | 600149 | 廊坊发展 | 5.19 | 3.59% | 12.48万 | | 6416.14万 | | 6000 ...

Group 1 - Lichong Group expects a net profit of 830 million to 870 million yuan for 2025, representing a year-on-year growth of 17.38% to 23.04% [1] - Shandong Zhanggu anticipates a net profit of 72 million to 80 million yuan for 2025, with a year-on-year increase of 0.65% to 11.83% [2] - Yinglian Co. forecasts a net profit of 32 million to 42 million yuan for 2025, marking a turnaround from a loss of 39.67 million yuan in the previous year [3] Group 2 - Hangya Technology announces plans for shareholders to reduce their holdings by up to 2.76% of the company's shares [4] - Guizhou Tire plans to invest in a project in Morocco to produce 6 million semi-steel radial tires annually, with a total investment of 299 million USD [5] - Laisentongling's shareholder plans to reduce their stake by no more than 1% [6] Group 3 - ST Yifei's shareholder intends to reduce their holdings by up to 1.53% [7] - Hengyi Petrochemical has fully launched the second phase of its Brunei refining project, aiming for a production capacity of 12 million tons per year [8] - Zai Sheng Technology's controlling shareholder has terminated an agreement to transfer part of the company's shares [9] Group 4 - Sry New Materials proposes a cash dividend of 0.4 yuan per 10 shares for the first three quarters of 2025 [10] - Quanyin High-Tech announces that the offer period for China Seed Group's acquisition has expired, leading to a temporary suspension of its stock [11] - Zhonggang Luonai's shareholder plans to reduce their stake by up to 1% [12] Group 5 - Nanmo Bio expects to receive a government subsidy of 5.8 million yuan for its subsidiary [13] - Beite Technology has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [14] - Qianyuan Pharmaceutical's subsidiary has obtained drug registration certificates for a new medication [15] Group 6 - Boto Integrated plans to reduce its holdings by no more than 1% [16] - Wanze Co. intends to reduce its stake by up to 1.66% [17] - Tianci Materials will halt production for maintenance on its lithium hexafluorophosphate production line starting March 1, 2026 [18] Group 7 - Haopeng Technology plans to raise up to 800 million yuan through a private placement [20] - Yisheng Co. reports a 43.32% year-on-year increase in sales revenue for its white feather broiler chicks in December 2025 [21] - Jinyu Medical proposes a cash dividend of 8.8 yuan per 10 shares for the first three quarters of 2025 [22] Group 8 - Caesar Travel's subsidiary has won a management service project for the Qingdao International Cruise Port [23] - Kelun Pharmaceutical plans to repurchase shares worth 50 million to 100 million yuan [24] - Jiangling Motors reports a 10.56% year-on-year increase in cumulative sales for 2025 [25] Group 9 - Yilian Technology plans to issue convertible bonds to raise up to 1.2 billion yuan [26] - Shaanxi Guotou A intends to participate in a capital increase for Chang'an Bank, with an amount not exceeding 800 million yuan [27] - Oupokang Vision has obtained a production license for eye drops [28] Group 10 - Shanghai Electric plans to provide management services for overseas assets of China Electric International [30] - Yingfang Micro is planning a major asset restructuring, leading to a temporary suspension of its stock [31] - Victory Energy's stock will resume trading after completing a verification process [32] Group 11 - China Merchants Industry has signed a shipbuilding agreement with Dalian Shipbuilding [33] - Kunyu Group has appointed a new chairman following a board meeting [34] - Microchip Bio's clinical trial application for a new diabetes treatment has been accepted [35] Group 12 - Hanshuo Technology has signed a sales intention agreement for smart shopping carts with Woolworths in Australia [36] - Zhongmin Energy's three photovoltaic power station projects have been included in the Fujian Province development list [37] - Penghui Energy plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [38] Group 13 - Victory Energy reports that the acquirer has deposited a guarantee for the acquisition [39] - Fangsheng Pharmaceutical proposes a special dividend of 0.15 yuan per share for 2025 [40] - Nanning Department Store has received approximately 14.28 million yuan in government subsidies since January 2025 [41] Group 14 - Jushen Co. has signed a bauxite transfer agreement with a company in Guinea [42] - ST Huluwawa has received a drug registration certificate for a new inhalation solution [43] - Zhongzhi Co. will become the controlling shareholder following a share transfer agreement [44] Group 15 - Chuangli Group has signed a strategic cooperation framework agreement with Chuanjiu Construction [45]