Core Insights - The main focus of the news is on the significant inflow of capital into various stocks, highlighting the top 20 stocks with the highest capital inflow as of January 20, with specific amounts listed for each company [1][2][3] Group 1: Stock Performance - China Power Construction saw a capital inflow of 690 million yuan with a price increase of 6.85% [2] - Shanghai Electric experienced a capital inflow of 624 million yuan and a price increase of 8.22% [2] - Contemporary Amperex Technology reported a capital inflow of 509 million yuan with a modest price increase of 0.34% [2] - China Duty Free Group had a capital inflow of 460 million yuan and a price increase of 2.74% [2] - Sanzi Gaoke recorded a capital inflow of 441 million yuan with a price increase of 6.1% [2] Group 2: Industry Insights - The engineering sector, represented by China Power Construction, is showing strong investor interest with significant capital inflow [2] - The electric power industry, highlighted by Shanghai Electric, is also attracting substantial investments [2] - The battery industry, represented by Contemporary Amperex Technology, is experiencing steady capital inflow despite a small price increase [2] - The tourism and liquor sector, represented by China Duty Free Group, is seeing positive capital movement [2] - The automotive parts sector, represented by Sanzi Gaoke, is gaining traction with notable capital inflow [2]

1月20日，上海电力涨5.39%，截至发稿，报23.08元/股，成交27.71亿元，换手率4.34%，总市值651.14 亿元。 兴银中证全指公用事业指数发起A（023975）成立日期2025年6月4日，最新规模1078.33万。今年以来收 益2.64%，同类排名4226/5542；成立以来收益3.68%。 兴银中证全指公用事业指数发起A（023975）基金经理为翁子晨。 截至发稿，翁子晨累计任职时间1年179天，现任基金资产总规模8.18亿元，任职期间最佳基金回报 107.46%， 任职期间最差基金回报-5.51%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，上海电力股份有限公司位于上海市浦东新区高科西路1号上电大厦，成立日期1998年6月4 日，上市日期2003年10月29日，公司主营业务涉及包括发电、供热、电力服务等。主营业务收入构成 为：电力92.90%，热力5.49%，其他1.61%。 从基金十大重仓股角度 数据显示，兴银基金 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. 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%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Core Insights - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity demand and is a major reason for the electricity supply gap [2][9] - The electricity index is currently at a historically low valuation, with a PE ratio of approximately 17 times as of December 31, 2025, providing a certain margin of safety for investors [4][12] Group 1: Electricity Demand and Supply - Data centers are becoming the core growth engine for electricity demand due to their massive power consumption [2][9] - The electricity supply gap is primarily caused by the increasing energy needs of data centers [2][9] Group 2: Index Composition and Weighting - The index includes various power generation methods with the following weightings: thermal power (40.81%), hydroelectric (24.81%), wind (14.25%), nuclear (11.83%), and solar (6.87%) [10][11] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [3][10] Group 3: Valuation Insights - The current valuation of the electricity index is lower than most of the past decade, indicating potential investment opportunities [4][12] - The historical PE ratio trend of the index suggests a favorable entry point for investors [5][12]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - 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 [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. 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% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [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 nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

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 ...

Core Viewpoint - Shanghai Electric (600021.SH) reported an increase in total power generation for the year 2025, driven primarily by growth in clean energy generation capacity and output [1] Group 1: Power Generation Data - The company achieved a total power generation of 78.232 billion kWh in 2025, representing a year-on-year increase of 1.41% [1] - Coal power generation was 51.006 billion kWh, down 1.87% year-on-year, while gas power generation fell by 14.23% to 7.804 billion kWh [1] - Wind power generation increased by 19.06% to 11.509 billion kWh, and solar power generation rose by 23.58% to 7.913 billion kWh [1] - The total on-grid electricity volume was 74.979 billion kWh, up 1.49% year-on-year, with an average on-grid electricity price (including tax) of 0.58 yuan per kWh [1] - Market transaction settlement electricity volume reached 57.792 billion kWh [1] Group 2: Installed Capacity and Clean Energy - As of December 31, 2025, the company's total installed capacity was 26.3213 million kW, with clean energy accounting for 62.59% of the total capacity [1] - The breakdown of installed capacity includes coal power at 9.848 million kW (37.41%), gas power at 3.8251 million kW (14.53%), wind power at 5.3981 million kW (20.51%), and solar power at 7.2501 million kW (27.55%) [1]

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。 ...