炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 高股息风格个股今日（12月23日）表现强劲，聚焦"高股息+低估值"大盘蓝筹股的价值ETF（510030） 盘中突然拉升，场内价格最高涨0.91%，截至发稿，涨0.73%。 成份股方面，保险、石化、电力等板块部分个股涨幅居前。截至发稿，中国石油、华电国际双双大涨超 2%，中国人保、中国铝业、中国平安等多股跟涨超1%。 中金公司认为，进入12月下旬，红利资产也可能凸显防御价值。沪深300指数动态市盈率接近历史均 值，估值与此前牛市高点比还有充分扩张空间，中国股票牛市或尚未结束。 价值投资，选择"价值"！价值ETF（510030）紧密跟踪上证180价值指数，该指数以上证180指数为样本 空间，从中选取价值因子评分最高的60只股票作为样本股。上证180价值指数成份股均为"低估值+高股 息"大盘蓝筹股，包括中国平安、招商银行、工商银行等金融板块龙头股，以及基建、资源等板块龙头 股，成份股股息率高，在波动行情中具有较好的防御属性。 | | | 分时 多日 1分 5分 15分 30分 60分 ▼ | | | | | | F9 盘前盘后 雪加 九转 图 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].

北京12月21日电 据中国华电消息，日前，作为国家天然气基础设施互联互通重点工程，国内首个由电 力央企主导的LNG接收站项目——江苏华电赣榆LNG接收站首座储罐成功升顶。该项目将增强区域供 气灵活性与可靠性，完善国家天然气"一张网"布局，优化长三角能源结构，为区域绿色转型注入动能。 据介绍，项目规划建设3座22万立方米LNG储罐，由华电江苏能源有限公司联合多国企业共同投资建 设。 "我们要把面积相当于1座足球场、重量相当于近700辆家用轿车的钢铁帽子，稳稳戴到50余米高LNG储 罐上，靠的是自主研发的气压顶升技术。"作为承建方的中核五公司项目经理胡克梧表示，通过4台大功 率专用风机持续输出稳定气流，用气压把近千吨的大家伙顶起来，最终实现毫米级精准就位。 "该项目投产后，每年将外输天然气42亿立方米，相当于江苏省年天然气消费量的13.7%，可满足相当 于江苏省居民约一个月用气需求。"江苏华电赣榆液化天然气有限公司相关负责人表示，项目每年减少 二氧化碳排放超3000万吨，相当于植树8000万棵，带动港口、航运、工程建设、装备制造等上下游产业 发展，为赣榆临港产业区石化等产业提供稳定的清洁能源支撑。 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 风光贡献全部发电增量，关注板块低配高股息 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-21 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 12/24 03/25 05/25 07/25 10/25 12/25 公用事业 沪深300 | [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： 许子怡 | | SAC 执证号：S0260524010002 | | 021-38003618 | | xuziyi@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@ ...

Core Insights - The collaboration between Shandong Provincial Water Resources Department and State Grid Shandong Electric Power Company marks the official implementation of the "Electricity to Reflect Water" reform, aimed at addressing the challenges of rural water supply management [1][2] Group 1: Implementation and Challenges - Rural water supply relies heavily on operational management, facing difficulties due to the dispersed nature of users and infrastructure, particularly in the "last mile" of operation and maintenance [1] - The "Electricity to Reflect Water" initiative provides a new approach by utilizing electricity data to monitor the operational status of water supply systems, allowing for proactive identification of issues [1][2] Group 2: Practical Effects and Long-term Vision - The initiative has shown potential in rural governance, with data from electricity usage aiding in water resource management and infrastructure planning, exemplified by the identification of 1,393 vacant properties in Jining, which could save nearly 30% in construction costs [2] - Long-term, "Electricity to Reflect Water" offers a new perspective for rural water supply development, emphasizing the need for innovative governance methods to enhance stability, management precision, and service capabilities [2] Group 3: Broader Implications - The experience from "Electricity to Reflect Water" can be applied to other sectors, highlighting the effectiveness of cross-sector data integration in improving governance capabilities and public service efficiency [3]

Group 1 - The Jiangsu Huadian Ganyu LNG receiving station, the first LNG project involving a state-owned power enterprise, has successfully completed the gas pressure topping operation for its first storage tank [1][3] - The project is designed to construct three LNG storage tanks, each with a capacity of 220,000 cubic meters [1] - Once operational, the project is expected to supply 4.2 billion cubic meters of natural gas annually [1] Group 2 - The topping operation, known as "gas topping," is the most complex and challenging phase in the construction of LNG storage tanks [3] - The operation involves four high-power specialized fans that continuously output stable airflow to lift a nearly thousand-ton "steel cap" to the top of the storage tank, achieving millimeter-level precision [3]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to enhance the signing and performance of medium- and long-term electricity contracts for 2026 through four key measures, aiming to ensure effective implementation and quality of these contracts [22][25]. Group 1: Contract Signing Requirements - The total signed electricity volume for medium- and long-term contracts by coal-fired power enterprises in each province should not be less than 70% of the actual online electricity volume from the previous year, with monthly contract signing volumes not less than 80% of the expected market-based online electricity volume [10][26]. - The electricity consumption side must ensure that the monthly contract signing volume is not less than 80% of the expected electricity consumption [2][27]. - For cross-provincial and cross-regional contracts, there should be clear arrangements for supporting renewable energy in transmission projects, encouraging green electricity trading to fulfill priority generation plans [3][28]. Group 2: Quality Improvement Measures - There should be a mechanism for time-segmented and curve-based signing in annual electricity medium- and long-term transactions, with at least 24 trading periods in regions where the electricity spot market is operational [5][28]. - The pricing mechanism for medium- and long-term electricity contracts should be flexible, allowing for adjustments based on market supply and demand, and not mandating fixed prices [6][29]. - A balance management system for electricity supply and demand should be established to avoid significant discrepancies in electricity volume across trading periods [12][29]. Group 3: Efficient Contract Performance - Continuous and flexible trading of medium- and long-term contracts within provinces should be promoted, considering the characteristics of renewable energy generation and load [8][30]. - The quality of cross-provincial and cross-regional medium- and long-term transactions should be improved by enhancing trading frequency and optimizing transaction organization [14][30]. - Monitoring of medium- and long-term trading behaviors should be strengthened to prevent market manipulation and ensure compliance with regulations [15][31]. Group 4: Contract Assurance Mechanism - A mechanism to promote high-quality signing and performance of medium- and long-term contracts should be established, ensuring compliance with policy requirements [16][32]. - The priority generation plan for cross-provincial and cross-regional electricity should be effectively implemented, ensuring that annual delivery needs are met [17][33]. Group 5: Timeline - Local government departments and the National Energy Administration should complete the necessary preparations for the medium- and long-term electricity market by December 10, 2025, and finalize cross-provincial contract signing by December 25, 2025 [18][34].

升顶是LNG储罐建设的尖峰时刻，工艺复杂、操控难度大。对于此次升顶，项目团队采用具有自主知 识产权的"大型低温储罐拱顶气压顶升施工工法"及"大型低温储罐拱顶气压顶升施工工艺及其平衡导向 装置专利"等核心技术。"要把这个面积相当于1座足球场，重量相当于近700辆家用轿车的钢铁帽子，稳 稳戴到50余米高储罐上，靠的是自主研发的气压顶升技术——可以形象比喻为吹气球，通过4台大功率 专用风机持续输出稳定气流，用气压把近千吨的大家伙顶起来在高空漫步，最终实现毫米级精准就 位。"中核五公司项目经理胡克梧说。 据悉，中核五公司目前已深耕LNG储罐建设28年，拥有1项国家级工法、4项企业级工法及16项核心发 明专利。 新华财经北京12月19日电 记者从中核集团获悉，19日，国家天然气基础设施互联互通重点工程——江 苏华电赣榆LNG（液化天然气）接收站项目首座储罐气压顶升作业圆满完成。该项目将增强区域供气 灵活性与可靠性，进一步完善国家天然气"一张网"布局，优化长三角能源结构，为区域绿色转型注入强 劲动能。 项目规划建设3座22万立方米LNG储罐，由中国华电下属华电江苏能源有限公司联合多国企业共同投资 建设，中核集团下属中核五 ...