证券简称：上海电力 证券代码：600021 编号：临 2026-006 上海电力股份有限公司 2026 年度 第二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。 本公司的关联方国家电投集团财务有限公司参与本期债务融资工具认购，最终获 配金额为3亿元。 特此公告。 上海电力股份有限公司董事会 二〇二六年一月二十三日 上海电力股份有限公司于2026年1月20日发行了2026年度第二期超短期融资券， 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SCP002 | | --- | --- | --- | --- | | 具名称 | 度第二期超短期融资券 | 简称 | | | 代码 | 012680209 | 债务融资工具 期限 | 114日 | | 计息方式 | 付息固定利率 | 发行总额 | 21亿元/人民币 | | 起息日 | 2026年1月21日 | 兑付日 | 2026年5月15日 | | 发行价格 | 100元/百元 | 票面利率 （年 ...

Core Viewpoint - Shanghai Electric announced the issuance of its second short-term financing bond for 2026, aimed at refinancing maturing debt [1] Group 1: Financing Details - The bond, named "26沪电力SCP002," has a total issuance amount of 2.1 billion yuan [1] - The bond has a maturity period of 114 days, with an interest rate of 1.68% per annum [1] - The issuance date is set for January 21, 2026, and the repayment date is May 15, 2026 [1] Group 2: Underwriting and Subscription - The underwriting bank for the bond is Ningbo Bank [1] - The bond will be publicly issued through a centralized placement in the national interbank bond market [1] - State Power Investment Corporation Financial Co., a related party, subscribed to 300 million yuan of the bond [1]

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, with notable amounts withdrawn from companies across different sectors, suggesting a potential shift in investor sentiment and market dynamics [1][2][3] Group 1: Stock Performance and Fund Outflows - The top stock with the largest fund outflow is XW Communication, with a withdrawal of 1.851 billion yuan and a decline of 10.16% in its stock price [2] - Guizhou Moutai follows with a fund outflow of 1.480 billion yuan and a decrease of 1.64% [2] - TBEA Co., Ltd. experienced a fund outflow of 1.294 billion yuan and a drop of 3.83% [2] - Other notable companies with significant outflows include: - Sanzi Gaoke: -0.993 billion yuan, -4.43% [2] - Goldwind Technology: -0.892 billion yuan, -2.34% [2] - Zhongji Xuchuang: -0.829 billion yuan, -0.53% [2] Group 2: Sector Analysis - The consumer electronics sector is represented by XW Communication and Lens Technology, both experiencing substantial fund outflows [2][3] - The beverage industry, highlighted by Guizhou Moutai, shows a minor decline in stock price despite significant fund outflow [2] - The power equipment sector, including TBEA Co., Ltd. and China Western Power, reflects mixed performance with varying fund outflows [2][3] - The telecommunications sector, represented by companies like Zhongji Xuchuang and Fenghuo Communication, also shows notable fund withdrawals [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, suggesting a bearish sentiment in the market. Group 1: Major Stocks with Capital Outflows - Xinyi Communication experienced a capital outflow of 1.23 billion, with a price drop of 7.98% [1][2] - Tebian Electric witnessed a capital outflow of 671 million, with a price decline of 2.5% [1][2] - Shanzi Gaoke had a capital outflow of 636 million, with a decrease of 4.8% [1][2] - Tianyin Electromechanical saw an outflow of 501 million, with a drop of 2.34% [1][2] - Kweichow Moutai experienced a capital outflow of 431 million, with a decline of 0.84% [1][2] Group 2: Additional Stocks with Notable Outflows - Baiwei Storage had a capital outflow of 388 million, with a price drop of 1.55% [1][2] - Fenghuo Communication saw an outflow of 363 million, with a slight increase of 0.19% [1][2] - Goldwind Technology experienced a capital outflow of 357 million, with a price increase of 0.54% [1][2] - Shannon Chip Creation had an outflow of 337 million, with a decline of 1.36% [1][2] - Agricultural Bank saw a capital outflow of 333 million, with a drop of 1.67% [1][2] Group 3: Further Stocks with Capital Outflows - China Satellite Communications experienced a capital outflow of 332 million, with a decline of 1.3% [3] - Shanghai Electric saw an outflow of 326 million, with a price drop of 2.7% [3] - Wuliangye experienced a capital outflow of 324 million, with a decline of 1.52% [3] - Shanghai Hanxun had an outflow of 303 million, with a drop of 2.15% [3] - Jiuding New Materials saw a capital outflow of 297 million, with a significant decline of 6.03% [3]

Group 1 - The top ten stocks with net financing purchases on January 20 include: Zhejiang Wenhu Internet (265 million), People's Daily Online (221 million), Zijin Mining (214 million), Kweichow Moutai (195 million), Shanghai Electric Power (163 million), Guodian NARI Technology (152 million), Aerospace Electronics (148 million), China Power Construction (140 million), Changdian Technology (131 million), and Baotou Steel (128 million) [1]

Group 1 - The electricity sector increased by 0.9% compared to the previous trading day, with Hengsheng Energy leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] - Key stocks in the electricity sector showed significant price increases, with Hengsheng Energy rising by 10.01% to a closing price of 27.47 [1] Group 2 - The electricity sector experienced a net inflow of 135 million yuan from institutional investors, while retail investors contributed a net inflow of 439 million yuan [2] - Major stocks like Shanghai Electric and Nanfang Energy saw varying levels of net inflow and outflow from different investor types [3] - Hengsheng Energy had a net inflow of 92.45 million yuan from institutional investors, indicating strong interest despite a net outflow from retail investors [3]

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]

Group 1 - Shanghai Electric's stock increased by 5.39%, reaching 23.08 CNY per share, with a trading volume of 2.771 billion CNY and a turnover rate of 4.34%, resulting in a total market capitalization of 65.114 billion CNY [1] - Shanghai Electric Co., Ltd. is located at No. 1, Gaoke West Road, Pudong New District, Shanghai, established on June 4, 1998, and listed on October 29, 2003. The company's main business includes power generation, heating, and electricity services [1] - The revenue composition of Shanghai Electric is as follows: electricity 92.90%, heating 5.49%, and others 1.61% [1] Group 2 - Xinyi Fund has one fund heavily invested in Shanghai Electric, specifically the Xinyi CSI All Share Public Utilities Index Initiation A (023975), which held 22,800 shares in the third quarter, accounting for 3.3% of the fund's net value, ranking as the eighth largest holding [2] - The Xinyi CSI All Share Public Utilities Index Initiation A (023975) was established on June 4, 2025, with a latest scale of 10.7833 million CNY and a year-to-date return of 2.64%, ranking 4226 out of 5542 in its category [2] - The fund manager of Xinyi CSI All Share Public Utilities Index Initiation A is Weng Zichen, who has been in the position for 1 year and 179 days, with total assets under management of 818 million CNY, achieving a best return of 107.46% and a worst return of -5.51% during the tenure [2]

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]