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].

Market Overview - The electricity sector increased by 1.3% compared to the previous trading day, with Baitong Energy leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Top Gainers in the Electricity Sector - Baitong Energy (001376) closed at 19.76, up 10.02% with a trading volume of 250,700 shares and a transaction value of 478 million [1] - Zhongmin Energy (600163) closed at 6.09, up 9.93% with a trading volume of 687,900 shares [1] - Luxiao Technology (002617) closed at 9.28, up 7.16% with a trading volume of 3,681,900 shares [1] - Haoling Power (600452) closed at 10.68, up 4.71% with a trading volume of 673,100 shares [1] - Huayin Power (600744) closed at 6.94, up 4.68% with a trading volume of 2,474,800 shares [1] Top Losers in the Electricity Sector - Shiwang Energy (605028) closed at 31.46, down 9.99% with a trading volume of 3,450 shares [2] - Hengsheng Energy (605580) closed at 24.97, down 7.04% with a trading volume of 210,600 shares [2] - Tuo Ri New Energy (002218) closed at 4.90, down 4.85% with a trading volume of 2,516,900 shares [2] Capital Flow Analysis - The electricity sector saw a net inflow of 181 million from main funds, while retail funds experienced a net inflow of 475 million [2] - Main funds showed a significant net outflow from several companies, including China Nuclear Power (601985) with a net outflow of 32.02 million [3] - Zhongmin Energy (600163) also experienced a net outflow of 44.80 million from main funds [3]

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]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The adjustment of coal power capacity prices in Tianjin exceeds expectations, with the fixed cost recovery ratio increasing to 70% from January 1, 2026, which is higher than the previously planned minimum of 50% [2][11] - The January 2026 proxy purchase electricity prices show a general decline across most provinces, with significant regional disparities; northern inland areas exhibit more resilience compared to coastal regions facing greater pressure [2][11] Summary by Sections Capacity Price Adjustment - Tianjin's coal power capacity price will rise from 100 yuan per kilowatt per year to 231 yuan, enhancing the fixed cost recovery ratio to 70% [2][11] - The adjustment is expected to yield an increase of approximately 0.035 yuan per kilowatt-hour in electricity pricing, although actual capacity fees may rise more significantly due to declining coal power utilization hours [11] Proxy Purchase Electricity Prices - January 2026 proxy purchase prices show a decline, with Guangdong and Jiangsu reporting average transaction prices of 372.14 yuan per megawatt-hour and 344.19 yuan per megawatt-hour, respectively, reflecting year-on-year decreases of 19.72 yuan and 68.26 yuan [11] - Northern inland regions, such as Inner Mongolia, show a year-on-year increase in proxy purchase prices, while coastal provinces like Guangdong and Jiangsu face declines exceeding 5 fen per kilowatt-hour [11] Investment Recommendations - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [11][16][17] - It also highlights the potential of new energy companies like Longyuan Power and China Nuclear Power, suggesting a favorable long-term outlook for the sector [11][20]

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

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% | ...