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。 ...

投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 03 月 22 日 看好（维持） 公用事业行业 行业研究 | 行业周报 用电需求上行，火电由负转正 公用事业行业周报（2026.03.16-2026.03.20） 核心观点 | 孙辉贤 | 执业证书编号：S0860525090003 | | --- | --- | | | sunhuixian@orientsec.com.cn | | | 021-63326320 | | 孙怡萱 | 执业证书编号：S0860525110002 | | | sunyixuan@orientsec.com.cn | | | 021-63326320 | | 十五五目标明确，强调电力市场改革：公 | 2026-03-15 | | --- | --- | | 用 事 业 行 业 周 报 （2026.03.09- | | | 2026.03.13） | | | 再度强调价格改革，算电协同助发展：公 | 2026-03-08 | | 用 事 业 行 业 周 报 （2026.03.02- | | | 2026.03.06） | | | 低位实物资产，宏观 ...

公用事业行业 行业研究 | 行业周报 用电需求上行，火电由负转正 公用事业行业周报（2026.03.16-2026.03.20） 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 风险提示：弃风弃光率大幅提升，煤炭价格大幅上涨，市场电价低于预期等。 ⚫ 经济活动回暖拉动用电量增速上行。2026 年 1~2 月全社会用电量同比+6.1%，较 2025 年 12 月用电量同比增速+3.3 pct。分产业看，2026 年 1~2 月一产/二产/三产/ 居民用电量同比增速为+7.4%/+6.3%/+8.3%/+2.7%，较 2025 年 12 月用电量同比增 速+0.9/+3.2/+2.9/+5.0 pct。我们认为 1~2 月用电量增速较前期上升主要由于：1） 经济活动边际回暖： 2026 年 1~2 月我国工业增加值/社会消费品零售总额同比 +6.3%/2.8%，较 2025 年 12 月同比增速+1.1/+1.9 pct；2）低基数效应：2025 年 1~2 月全社会用电量同比+1.3%。2026 年 1~2 月我国 ...

证券研究报告 [Table_Page] 深度分析|公用事业 | | | 重申绿电重估行情，关注年报一季报业绩 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-22 [分析师： Table_Author]郭鹏 SAC 执证号：S0260514030003 SFC CE No. BNX688 021-38003655 guopeng@gf.com.cn 分析师： 郝兆升 SAC 执证号：S0260524070001 0755-82557403 -10% -3% 4% 10% 17% 24% 03/25 06/25 08/25 10/25 01/26 03/26 公用事业 沪深300 haozhaosheng@gf.com.cn 请注意，郝兆升并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 1 / 31 识别风险，发现价值 请务必阅读末页的免责声明 [Table_PicQuote] 相对市场表现 972918116公共联系人2026-03-22 19:33:48 [Table_ 相关研究： DocRepor ...

Core Viewpoint - The commissioning of China's first 550 MW F-class gas turbine unit at the Huadian Chongqing Tongnan project marks a significant breakthrough in the application of large-capacity, high-efficiency clean energy equipment in the country [2] Group 1: Project Overview - The project is located in Tongnan District, Chongqing, with a total installed capacity of 1,100,240 kW and a combined cycle efficiency of 61.66%, making it the largest and most efficient F-class heavy-duty gas turbine unit in China [2] - The project is expected to generate approximately 2.1 billion kWh of electricity annually, which can meet the annual electricity needs of 1.75 million households, while saving 200,000 tons of standard coal and reducing carbon dioxide emissions by about 860,000 tons each year [4] Group 2: Technological Advancements - The gas turbine plant operates with high efficiency, utilizing a single fuel input for two rounds of power generation, achieving an efficiency that exceeds traditional coal-fired units by over 15 percentage points [5] - The core rotor of the unit weighs 132 tons and operates at a speed of 3,000 RPM, demonstrating advanced engineering capabilities [7] Group 3: Environmental Impact - The plant's emissions are significantly lower, with no visible smoke from the chimney, indicating compliance with environmental standards. Real-time data on emissions is collected and transmitted to environmental authorities for monitoring [9] - The gas turbine unit is designed to support the integration of renewable energy sources, providing a reliable backup during fluctuations in wind and solar power generation [12] Group 4: Strategic Importance - The commissioning of this gas turbine unit is seen as a key component in China's new energy system, complementing renewable energy sources and enhancing energy security and stability [10][12] - The project aligns with China's goals for carbon peak and neutrality, contributing to the optimization of the energy structure and promoting a green and low-carbon transition [12]

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].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 華電國際電力股份有限公司 Huadian Power International Corporation Limited* （在中華人民共和國（「中國」）註冊成立之中外合資股份有限公司） 華電國際電力股份有限公司 秦介海 董事會秘書 於本公告日期，董事會由下列董事組成： 劉雷（董事長、執行董事）、李泉城（副董事長、執行董事）、朱鵬（副董事長、非執 行董事）、曾慶華（非執行董事）、曹敏（非執行董事）、王曉渤（非執行董事）、李 國明（執行董事）、祝月光（執行董事）、豐鎮平（獨立非執行董事）、王躍生（獨立 非執行董事）、沈翎（獨立非執行董事）及黃克孟（獨立非執行董事）。 中國 • 北京 （股份代碼：1071） 董事會會議通知 華電國際電力股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將 於二零二六年三月二十六日（星期四）審議及表決（其中包括）發佈本公司及其附屬公 司截至二零二五年十二月三十一日 ...

Investment Rating - The investment rating for the utility sector is "Positive" and maintained [8] Core Insights - China announced its participation in the "Triple Nuclear Energy Declaration" on March 10, reaffirming its long-term nuclear power development strategy. As a major nuclear power country, China is expected to be a key contributor to the global nuclear power capacity expansion target, with an anticipated approval pace of 8-10 new nuclear units annually, ensuring a high certainty of a prolonged favorable cycle for the nuclear power industry [2][6] - The nuclear power sector is experiencing improvements in both volume and price. The "14th Five-Year Plan" emphasizes the active and orderly advancement of coastal nuclear power construction, which, along with the declaration, confirms the long-term development path for nuclear power. The expected reforms in the nuclear power pricing mechanism may provide opportunities for stable cash flow and discounted value, reinforcing the core investment logic [11] Summary by Sections Nuclear Power Development - China aims to increase its operational nuclear power units from 49 to 134 by 2050, with a total capacity target of approximately 153 million kilowatts. By the end of 2025, China is projected to have 112 operational, under-construction, and approved nuclear units with a total capacity of 126 million kilowatts, indicating a conservative approval pace of only 22 new units over the next 20 years [6] - Globally, the target is to triple nuclear power capacity by 2050, requiring an average annual installation of 31.3 million kilowatts, corresponding to a compound annual growth rate of approximately 4.45% [6] Investment Recommendations - Recommended companies include Huaneng International, Datang Power, Guodian Power, Huadian International, China Power, and Huaneng Power for traditional coal-fired operations. For hydropower, focus on Yangtze Power, Guotou Power, Chuan Investment Energy, and Huaneng Hydropower. In the renewable energy sector, consider Longyuan Power, New天 Green Energy, China Nuclear Power, and Zhongmin Energy [11][15][16][17][19]

Investment Rating - The report maintains a "Positive" outlook on the utility sector, indicating it is a worthwhile asset for investment [6][3]. Core Insights - The "14th Five-Year Plan" emphasizes specific targets for the energy sector, including a 17% reduction in carbon emissions and a 25% share of non-fossil energy consumption by the end of the plan [6][3]. - The report highlights the ongoing reform of the electricity market, aiming for a unified national electricity market by 2030 and a multi-dimensional pricing system that reflects various values of electricity [6][3]. - The utility sector has shown a recovery post-Chinese New Year, with the Shenwan Utility Index rising by 3.1%, outperforming the CSI 300 Index by 2.9 percentage points [6][3]. Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the utility sector, driven by the restructuring of international order and the need for further market reforms to accommodate high proportions of renewable energy [6][3]. - Specific recommendations include: - Thermal Power: Expected improvement in dividend capacity and willingness, with recommended stocks including Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [6][3]. - Gas: Beneficiaries of high global gas prices include Shouhua Gas and Xintian Gas [6][3]. - Hydropower: Recommendations for high-quality hydropower stocks such as Yangtze Power and Guotou Power [6][3]. - Nuclear Power: Strong long-term growth potential with recommended stock China General Nuclear Power [6][3]. - Wind and Solar: Focus on leading companies with high wind power ratios, awaiting profitability recovery [6][3]. Industry Dynamics Tracking - Electricity prices in Guangdong and Shanxi have seen significant year-on-year declines, with Guangdong's average price down by 13.8% and Shanxi's by 25.0% [9][10]. - Domestic coal prices have decreased, with the Qinhuangdao Q5500 coal price at 729 RMB/ton, down 1.9% week-on-week [13][14]. - International gas prices remain high, with the Dutch TTF gas price at 50.1 EUR/MWh, down 6.1% week-on-week but up 19.1% year-on-year [25][26]. - The Three Gorges Reservoir's outflow has increased, with a weekly average outflow of 8793 cubic meters/second, up 4.0% week-on-week [30][31]. Market Performance - The utility sector outperformed the broader market, with a 3.1% increase in the Shenwan Utility Index compared to a 0.2% increase in the CSI 300 Index [38][39]. - Sub-sector performance showed wind power leading with an 8.5% increase, followed by solar power at 5.3% [40][41].

Investment Rating - The report maintains a "Positive" outlook on the utility sector, indicating it is a worthwhile asset for investment [6][3]. Core Insights - The "14th Five-Year Plan" emphasizes specific targets for the energy sector, including a 17% reduction in carbon emissions and a 25% share of non-fossil energy consumption by the end of the plan [6][3]. - The report highlights the ongoing reform of the electricity market, aiming for a unified national electricity market by 2030 and a market-based pricing mechanism for various energy sources [6][3]. - The utility sector has shown a recovery, with the Shenwan Utility Index rising by 3.1%, outperforming the CSI 300 Index by 2.9 percentage points [6][3]. Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the utility sector, driven by the restructuring of international order and the need for further market reforms to accommodate high proportions of renewable energy [6][3]. - Specific recommendations include: - Thermal Power: Expected improvement in dividend capacity and willingness, with suggested stocks including Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [6][3]. - Gas: Beneficiaries of high global gas prices include upstream gas assets, with related stocks being Shouhua Gas and Xintian Gas [6][3]. - Hydropower: Recommended to invest in quality hydropower assets, with stocks like Yangtze Power and Guotou Power [6][3]. - Nuclear Power: Strong long-term growth potential, with China General Nuclear Power as a related stock [6][3]. - Wind and Solar: Anticipated growth under carbon neutrality expectations, with a focus on leading companies in the sector [6][3]. Industry Dynamics - Electricity prices in Guangdong and Shanxi have seen significant year-on-year declines, with Guangdong's average price down by 13.8% and Shanxi's by 25.0% [9][10]. - Domestic coal prices have decreased, while port inventories have increased, indicating a shift in supply dynamics [13][22]. - International gas prices remain high, influenced by geopolitical tensions, with LNG prices in China rising significantly [25][27]. Market Performance - The utility sector has outperformed the broader market indices, with notable weekly gains across various sub-sectors, particularly wind and solar [38][40]. - Individual stock performances show significant increases for companies like Huadian Energy and Xiexin Energy, while some companies faced declines [44].