Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

中闽能源所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：福建国资、基金重仓、充电 桩、融资融券、海上风电等。 截至9月30日，中闽能源股东户数3.93万，较上期减少3.93%；人均流通股48365股，较上期增加4.09%。 2025年1月-9月，中闽能源实现营业收入10.80亿元，同比减少1.40%；归母净利润3.28亿元，同比减少 19.82%。 中闽能源今年以来股价跌1.95%，近5个交易日跌2.16%，近20日涨8.47%，近60日涨13.49%。 资料显示，中闽能源股份有限公司位于福建省福州市鼓楼区五四路国际大厦二十二层A,B,C座，成立日 期1998年5月26日，上市日期1998年6月2日，公司主营业务涉及陆上风力发电的项目开发、建设及运 营。主营业务收入构成为：风电96.16%，其他(补充)1.61%，生物质发电1.16%，光伏发电1.06%。 12月23日，中闽能源盘中上涨2.08%，截至10:58，报5.89元/股，成交1.15亿元，换手率1.04%，总市值 112.09亿元。 资金流向方面，主力资金净流入1098.64万元，特大单买入468.13万元，占比4.08%，卖出404. ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

证券之星消息，12月16日电力板块较上一交易日下跌1.02%，中闽能源领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。电力板块个股涨跌见下表： 从资金流向上来看，当日电力板块主力资金净流出14.68亿元，游资资金净流入1.6亿元，散户资金净流 入13.08亿元。电力板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

中闽能源股份有限公司 ZHONGMIN ENERGY CO.,LTD. 2025 年第三次临时股东会 会 议 资 料 2025 年 12 月 29 日 | 2025 | 年第三次临时股东会会议须知 1 | | --- | --- | | 2025 | 年第三次临时股东会会议议程 3 | | 议案：关于组建企业集团并修订《公司章程》的议案 | 5 | 中闽能源 2025 年第三次临时股东会会议资料 2025 年第三次临时股东会会议须知 为维护股东的合法权益，确保本次股东会的正常秩序及顺利召开，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》及《公 司章程》《公司股东会议事规则》等有关规定，特制定股东会须知如下，望出席 本次股东会的全体人员遵照执行。 一、本次股东会设立会议登记处，具体负责会议组织工作和股东登记等相关 事宜。 二、出席本次股东会的对象为股权登记日在册的股东，本次股东会股权登记 日为 2025 年 12 月 22 日。涉及融资融券、转融通业务、约定购回业务相关账户 以及沪股通投资者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关规定执行，公司 ...

Group 1 - The core viewpoint of the article is that Zhongmin Energy (600163.SH) clarified its business structure and confirmed that it does not have plans for tourism operations [1][3] - Zhongmin (Pingtan) New Energy Co., Ltd. is a subsidiary of Zhongmin (Pingtan) Wind Power Co., Ltd., which is a holding subsidiary of the company [1] - The company is currently focused on operating the second phase of the Qingfeng Wind Farm project in Pingtan [1] Group 2 - The shareholders of Zhongmin (Pingtan) New Energy Co., Ltd. include Zhongmin (Pingtan) Wind Power Co., Ltd. (holding 90%) and Pingtan Comprehensive Experimental Zone Urban Development Group Co., Ltd. (holding 10%) [3] - There is no vision or planning for the company to engage in tourism business in Pingtan [1][3]

Company Overview - Zhongmin Energy (SH 600163) announced a temporary board meeting on December 12, 2025, to discuss the revision of the company's budget management measures [1] - As of the report, Zhongmin Energy has a market capitalization of 11.8 billion yuan [1] Revenue Composition - For the year 2024, Zhongmin Energy's revenue composition is as follows: electricity accounts for 98.39% and other businesses account for 1.61% [1]

证券代码：600163 证券简称：中闽能源 公告编号：2025-042 具体内容详见上海证券交易所网站 http://www.sse.com.cn《中闽能源关于 组建企业集团并修订公司章程的公告》（公告编号：2025－043）。 一、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"）第十届董事会第二次临时会 议于 2025 年 12 月 12 日在福州市五四路 210 号国际大厦 22 层第一会议室以现 场和视频相结合的方式召开。本次会议为紧急情况下召开的临时董事会,会议通 知和材料已于 2025 年 12 月 11 日以电子邮件方式送达全体董事，全体董事一致 同意豁免本次董事会通知时限要求。本次会议由董事长郭政先生主持，会议应 出席董事 9 名，实际出席董事 9 名，公司部分高级管理人员列席了会议。会议 的召集、召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》 的规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以 下议案： 1、审议通过了《关于组建企业集团并修订<公司章程>的议案》 为充分发挥集团化管理优势，加强母、子公司间业务协同，会议 ...

中闽能源股份有限公司 章 程 2025 年 12 月 | 第一章 | 总则 3 | | --- | --- | | 第二章 | 经营宗旨和范围 5 | | 第三章 | 股份 5 | | 第一节 | 股份发行 5 | | 第二节 | 股份增减和回购 6 | | 第三节 | 股份转让 7 | | 第四章 | 股东和股东会 8 | | 第一节 | 股东的一般规定 8 | | 第二节 | 控股股东和实际控制人 10 | | 第三节 | 股东会的一般规定 11 | | 第四节 | 股东会的召集 13 | | 第五节 | 股东会的提案与通知 14 | | 第六节 | 股东会的召开 16 | | 第七节 | 股东会的表决和决议 18 | | 第五章 | 公司党委 22 | | 第六章 | 董事和董事会 23 | | 第一节 | 董事的一般规定 23 | | 第二节 | 董事会 26 | | 第三节 | 独立董事 31 | | 第四节 | 董事会专门委员会 33 | | 第七章 | 高级管理人员 35 | | 第八章 | 财务会计制度、利润分配和审计 37 | | 第一节 | 财务会计制度 37 | | 第二节 | 内部审计 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025－043 中闽能源股份有限公司 关于组建企业集团并修订公司章程的公告 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（以下简称"公司"）于 2025 年 12 月 12 日召开第 十届董事会第二次临时会议，审议通过了《关于组建企业集团并修订<公司章程> 的议案》，现将具体情况公告如下： 一、企业集团设立情况 公司具备成立企业集团的条件，本次组建的企业集团是以中闽能源股份有限 公司为母公司，与下属全资及控股子公司共同成立的企业法人联合体。企业集团 设立如下： （一）企业集团名称：中闽能源集团（暂定名，最终名称以市场监督管理部 门登记为准）。 （二）本次组建的中闽能源集团是由母公司与下属全资及控股子公司共同组 建的企业法人联合体，不是独立的企业法人，集团的企业成员无需增加其注册资 本。 （三）本次以中闽能源股份有限公司为母公司组建企业集团，公司名称、证 券简称、股票代码、注册资本、经营范围等事项均不作变更。 二、公司章程修订情况 根据组建企业集团的 ...