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].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 天津容量电价调整略超预期，各地代购电价表现 分化 张韦华 司旗 宋尚骞 刘亚辉 张子淳 报告要点 [Table_Summary] 1 月 5 日，天津市发改委发布《关于调整煤电容量电价有关事项的通知》，明确自 2026 年 1 月 1 日起，天津市煤电容量电价将从每年每千瓦 100 元调整为 231 元，即通过容量电价回收煤电 固定成本的比例提升至 70%，超出此前政策规划的 50%的最低水平。从 2026 年 1 月份代理购 电数据看，受 2025 年以来煤价中枢下行、供需形势偏宽松等影响，多数省份电价同环比均有 所下行。但各地电价表现明显分化，北方内陆多数地区电价更具韧性，而沿海地区普遍面临较 大压力，如广东、江苏、浙江、安徽等地 1 月代购电价同比降幅均超过 5 分/千瓦时。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力 2026 绿证交易价格有望提升，微电网建设指南约束园区消纳 本周行情回顾本周（1.5-1.9）上证指数报收 4120.43 点，上升 3.82%，沪深 300 指数报收 4758.92 点，上升 2.79%。中信电力及公用事业指数报收 3115.59 点， 上升 2.4%，跑输沪深 300 指数 0.38pct，位列 30 个中信一级板块涨跌幅榜第 23。 个股方面，电力及公用事业板块上市公司大部分上涨。 本周行业观点： ➢ 国家能源局发布绿证细则，全流程监管重塑市场规则。国家能源局印发《可 再生能源绿色电力证书管理实施细则（试行）》，系统性地规范了绿证的核 发、交易、划转、核销与监管全流程。新规对于绿证的核心度量标准保持不 变，继续采用"1000 千瓦时可再生能源电量核发 1 个绿证"作为唯一基本单 位；可再生能源项目覆盖范围与绿证分类管理规则不变，为风电、光伏等项 目的上网电量核发"可交易绿证"，并为自发自用电量及特定存量水电核发 "不可交易绿证"；绿证作为资产的基本属性规定不变，其 2 年有效期制度 以及账户管 ...

据中闽能源股份有限公司（以下简称"公司"）统计，2025年度公司下属各项目累计完成发电量 287,530.12万千瓦时，比上年同期300,800.41万千瓦时减少4.41%；累计完成上网电量279,326.67万千瓦 时，比上年同期292,354.13万千瓦时减少4.46%，详情如下： ■ 特此公告。 证券代码：600163 证券简称：中闽能源 公告编号：2026－002 中闽能源股份有限公司 2025年度发电量完成情况的公告 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。 中闽能源股份有限公司董事会 2026年1月9日 ...

Group 1 - Jinli Permanent Magnet expects a net profit of 660 million to 760 million yuan for 2025, representing a year-on-year growth of 127% to 161% [1] - Wens Foodstuffs anticipates a net profit of 5 billion to 5.5 billion yuan for 2025, a decrease of 40.73% to 46.12% compared to the previous year [2] - New Open Source plans to repurchase shares worth 40 million to 50 million yuan, with a maximum repurchase price of 25.77 yuan per share [3] Group 2 - Fosun Pharma's subsidiary has had a drug registration application accepted for a new drug targeting ALK-positive non-small cell lung cancer [4] - Leike Film reported a net profit of -86 million yuan for the first three quarters of 2025, indicating a potential annual loss [5] - Crown Stone Technology's application for a specific issuance of A-shares has been accepted by the Shanghai Stock Exchange [6] Group 3 - Dongxin Technology has completed the business registration change for its subsidiary, Lishuan Technology, and has invested 211 million yuan in it [7] - Tianci Materials has increased its commodity futures hedging business limit from 150 million to 300 million yuan [8] - Gaode Infrared's actual controller has reduced his shareholding by 0.54%, bringing his stake down to 62.95% [9] Group 4 - Tianyong Intelligent expects a net profit of 10 million to 15 million yuan for 2025, marking a turnaround from losses [10][11] - China Merchants Energy anticipates a net profit of 6 billion to 6.6 billion yuan for 2025, an increase of 17% to 29% year-on-year [18] - Guangdong Electric Power A's Huizhou Power Plant's Unit 5 has been put into commercial operation, with an investment of 8.05 billion yuan [19] Group 5 - Jianghuai Automobile reported a 42.24% year-on-year increase in sales volume for December 2025 [25] - China Pharmaceutical's subsidiary has received a drug registration certificate for a new medication [26] - TianNeng Co. plans to use up to 12 billion yuan of its own funds for entrusted wealth management [27] Group 6 - Luoyang Huizhong reported a 10.55% month-on-month decrease in sales revenue from live pigs for December 2025 [28] - Baolidi expects a net profit of 145 million to 152 million yuan for 2025, a year-on-year increase of 27.17% to 33.30% [30] - Changchun High-tech's subsidiary has had a melatonin granule registration application accepted [31] Group 7 - Zhongmin Energy reported a 4.46% year-on-year decrease in cumulative on-grid electricity for 2025 [32] - Huaxin Electronics reported a 7.79% year-on-year decrease in consolidated operating revenue for December 2025 [35] - Xiamen Airport reported a 2.79% year-on-year increase in passenger throughput for December 2025 [36] Group 8 - Baiyun Airport reported a 12.27% year-on-year increase in passenger throughput for December 2025 [37] - Pulaike has received a new veterinary drug registration certificate for a chewable tablet [38] - Yunnan Energy Holdings' subsidiary has reduced its stake to 84% after a capital increase [39] Group 9 - Gansu Energy Chemical's new thermal power project has successfully completed trial operation [41] - Zhenghong Technology reported a significant decrease in sales revenue from live pigs for December 2025 [42] - Huasheng Lithium Battery is planning to issue H-shares for listing on the Hong Kong Stock Exchange [43] Group 10 - Jincheng Mining has signed a mining production contract with an estimated total price of approximately 510 million yuan [44] - Microchip Biotech has received approval for clinical trials of a new drug for pancreatic cancer [45] - Yahon Pharmaceutical has completed the first patient enrollment for a Phase I clinical trial of its drug [46]

格隆汇1月8日丨中闽能源(600163.SH)公布，据中闽能源股份有限公司统计，2025年度公司下属各项目 累计完成发电量287,530.12万千瓦时，比上年同期300,800.41万千瓦时减少4.41%；累计完成上网电量 279,326.67万千瓦时，比上年同期292,354.13万千瓦时减少4.46%。 ...

特此公告。 中闽能源股份有限公司董事会 证券代码：600163 证券简称：中闽能源 公告编号：2026－002 2026 年 1 月 9 日 中闽能源股份有限公司 2025 年度发电量完成情况的公告 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。 据中闽能源股份有限公司（以下简称"公司"）统计，2025 年度公司下属 各项目累计完成发电量 287,530.12 万千瓦时，比上年同期 300,800.41 万千瓦时 减少 4.41%；累计完成上网电量 279,326.67 万千瓦时，比上年同期 292,354.13 万千瓦时减少 4.46%，详情如下： | 经营地区/ | | 发电量（万千瓦时） | | | 上网电量（万千瓦时） | | | --- | --- | --- | --- | --- | --- | --- | | 发电类型 | 本期 | 上年同期 | 同比 | 本期 | 上年同期 | 同比 | | 福建省 | | | | | | | | 风电 | 262,109.07 | 271,486.89 | -3.45% | ...

智通财经APP讯，中闽能源(600163.SH)发布公告，据公司统计，2025年度公司下属各项目累计完成发 电量287,530.12万千瓦时，比上年同期300,800.41万千瓦时减少4.41%;累计完成上网电量279,326.67万千 瓦时，比上年同期292,354.13万千瓦时减少4.46%。 ...

人民财讯1月8日电，中闽能源（600163）1月8日公告，据公司统计，2025年度公司下属各项目累计完成 发电量28.75亿千瓦时，比上年同期减少4.41%；累计完成上网电量27.93亿千瓦时，比上年同期减少 4.46%。 ...