Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating a favorable investment environment [7][3]. Core Insights - December's electricity consumption growth was affected by temperature, but a stable growth rate is expected for 2026, with an anticipated growth rate of around 5% [7][10]. - The report highlights that the long-term electricity price reform is necessary to support the increasingly complex new energy system in China [7]. - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. Summary by Sections Electricity Consumption - In 2025, the total electricity consumption in China increased by 5.0% year-on-year, with growth rates for different sectors being +9.9% for primary industry, +3.7% for secondary industry, +8.2% for tertiary industry, and +6.3% for residential use [10][9]. - The average national temperature in December 2025 was -1.1°C, which contributed to the decline in electricity consumption growth [7][10]. Coal Prices and Supply - Coal prices at ports and production sites have weakened slightly, aligning with previous expectations. The report anticipates that short-term coal prices will remain stable with limited upward potential [7][27]. - As of January 16, 2026, the price of Q5500 thermal coal at Qinhuangdao was 695 CNY/ton, showing a week-on-week decrease of 0.6% [27][30]. Performance of Utility Sector - The utility sector index rose by 0.1%, outperforming the CSI 300 index by 0.7 percentage points during the week of January 10-16, 2026 [53]. - The report suggests that the utility sector remains a quality dividend asset for long-term investment, especially under the current low-interest-rate environment [7][3]. Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal, hydropower, nuclear, and renewable energy sectors, with specific stocks highlighted for potential investment [7][3]. - Notable stocks include: - Thermal Power: Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [7]. - Hydropower: Yangtze Power, Guiguan Power, Chuanwei Energy, and Huaneng Hydropower [7]. - Nuclear Power: China General Nuclear Power [7]. - Wind and Solar: Longyuan Power [7].

周克文任 广西桂冠电力股份有限公司（以下简称" 桂冠电力 " } 董事长、党委书记。 1月14日，桂冠电力公告，第十届董事会第十六次会议审议通过了《关于选举公司第十届董事会董事长的议案》， 周克文先生当选公司 第十届董事会董事长 。该议案在提交董事会审议前已经董事会提名委员会审议通过。 周克文还当选董事会战略委员会主任委员，及提名委员会委员。 公告信息显示，周克文，男，196 8年出生，汉族，中共党员，大学学历，正高级会计师。历任大唐呼伦贝尔项目筹建处副主任（主持 工作）兼大唐呼伦贝尔能源开发有限公司副总经理（主持工作），大唐吉林发电有限公司计划营销部主任，大唐珲春发电厂厂长，大唐 吉林发电有限公司副总经理、党组成员、纪检组长、工会主席，中国大唐集团公司监察部（党组纪检组办公室、巡视工作办公室）副主 任，中国大唐集团公司人力资源部副主任，中国大唐集团新能源股份有限公司总经理、党委副书记，中国大唐集团有限公司山西分公司 董事长、党委书记，中国大唐集团有限公司人力资源部（党组组织部、全面深化改革办公室）主任，中国大唐集团有限公司总经理助理 兼人力资源部（党组组织部）主任。 现任中国大唐集团有限公司总经理助理、广西 ...

Core Viewpoint - Guiguan Power is expanding its growth by taking over Datang's hydropower assets, moving from Guangxi to a global stage [1] Group 1: Company Overview - Guiguan Power is controlled by Datang Group, one of the five major state-owned power enterprises, with the top six shareholders holding 94.31% as of September 2025 [1] - The company focuses on hydropower and other clean energy assets, currently ranking second in market value among Datang Group's listed companies [1] Group 2: Strategic Developments - Under the leadership of a new chairman, Datang Group aims to enhance capital operations, green transformation, and international development [1] - The new chairman emphasizes the importance of hydropower assets, with Guiguan Power setting a dual market value target of 200 billion by the start of the 14th Five-Year Plan [1] Group 3: Future Prospects - By the end of 2024, Datang Group has 8 GW of hydropower assets that are not yet listed [1] - Guiguan Power is tasked with significant development assets in Tibet, particularly the Southeast Tibet water-wind-solar base, which may be bundled for external delivery, positioning the company as a high-certainty and high-growth hydropower stock [1]

（文章来源：证券日报） 证券日报网讯 1月14日，桂冠电力发布公告称，公司第十届董事会第十六次会议审议通过《关于选举公 司第十届董事会董事长的议案》《关于调整公司第十届董事会专门委员会组成人员的议案》。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its growth potential and market position [5][11]. Core Insights - The company is positioned as a core hydropower platform under the Datang Group, expanding its operations from Guangxi to international markets. The acquisition of assets from Datang's Tibet company is expected to enhance its growth trajectory and solidify its hydropower platform [5][23]. - The company aims to achieve a dual target of asset and market capitalization exceeding 100 billion RMB, with a focus on clean energy and international expansion [5][23]. - The report highlights the stability of hydropower pricing in Guangxi, which is expected to contribute to steady operational performance, largely independent of macroeconomic fluctuations [30][31]. Summary by Sections Company Overview - The company is primarily focused on hydropower, with a significant portion of its assets located in the Hongshui River basin in Guangxi. As of June 2025, it has a total installed capacity of 14.18 million kilowatts, with hydropower accounting for 10.24 million kilowatts [30][31]. - The company is the only hydropower listed platform under the Datang Group, which holds a 51.55% stake in it [17][21]. Financial Performance - The company is projected to achieve net profits of 3.29 billion RMB, 3.82 billion RMB, and 3.96 billion RMB for the years 2025, 2026, and 2027, respectively [11][12]. - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 19, 17, and 16 times, respectively, with a dividend payout ratio of 70% leading to a projected dividend yield of 4.24% in 2026 [9][11]. Market Dynamics - The report anticipates a reversal in electricity supply and demand in Guangdong by the end of the "14th Five-Year Plan," necessitating the import of clean energy. The company is well-positioned to meet this demand through its planned projects in Tibet [6][45]. - The integration of hydropower, wind, and solar resources is expected to enhance the efficiency and reliability of energy delivery, particularly in the context of the new energy system [8][40]. Strategic Initiatives - The acquisition of Datang's Tibet company for 2 billion RMB is a strategic move to expand the company's operational footprint beyond Guangxi, aligning with its goal of national and ASEAN market penetration [5][23]. - The company is set to benefit from the rich hydropower and wind resources in Tibet, with significant investments planned for the development of a clean energy base projected to exceed 150 billion RMB [37][44].

（编辑 任世碧） 证券日报网讯 1月14日，桂冠电力发布公告称，公司2026年第一次临时股东会审议通过《关于收购大唐 西藏能源开发有限公司及中国大唐集团ZDN清洁能源开发有限公司100%股权暨关联交易的议案》《关 于选举公司第十届董事会董事（非独立董事）的议案》。 ...

东方华银关于桂冠电力 2026 年第一次临时股东会的法律意见书 上海东方华银律师事务所 关于广西桂冠电力股份有限公司 2026 年第一次临时股东会的法律意见书 致：广西桂冠电力股份有限公司 上海东方华银律师事务所（以下简称"东方华银"或"本所"）接受广西桂 冠电力股份有限公司（以下简称"桂冠电力"或"公司"）委托，就桂冠电力召 开 2026 年第一次临时股东会的有关事宜，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"） 等法律、法规和其他规范性文件以及《广西桂冠电力股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东会的相关资料， 包括但不限于公司召开 2026 年第一次临时股东会的通知、公司 2026 年第一次临 时股东会的议程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事 实的陈述和说明。公司已向本所作出保证和承诺，保证公司向本所提供的资料和 文件均为真实、准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关 法律法规 ...

证券代码：600236 证券简称：桂冠电力 公告编号：2026-002 广西桂冠电力股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 282 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,890,000,441 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 87.4101 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 股东会的召集、召开形式、程序和表决方式符合《公司法》及《公司章程》 的规定，会议由副董事长莫宏胜先生主持，会议决议合法有效。 (一) 股东会召开的时间：2026 年 1 月 14 日 (二) 股东会召开的地点：广西南宁市青秀区民族大道 126 号龙滩大厦 26 层 2601 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股 ...

股票代码：600236 股票简称：桂冠电力 编号： 2026-003 广西桂冠电力股份有限公司 第十届董事会第十六次会议决议公告 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个别及连带责任。 广西桂冠电力股份有限公司(以下简称公司)第十届董事会第十 六次会议于 2026 年 01 月 14 日上午 9:50 在广西南宁市民族大道 126 号龙滩大厦 2601 会议室以现场+视频表决方式召开。会议通知及文件 于 2026 年 01 月 04 日以电子邮件方式发出。 会议由副董事长莫宏胜主持，会议应出席董事 13 人，实际现场 出席 4 人，分别是莫宏胜、蔡爽、韦锡坚、林世权；视频出席 8 人， 分别是周克文、施健升、邓慧敏、宋文平、李香华、潘斌、沈剑飞、 周兵；委托出席 1 人，唐尚亮（非独立董事）因另有公务未能亲自出 席本次会议，书面委托董事莫宏胜代为出席并代为行使表决权。 公司在任高级管理人员 5 人，其中总经理施健升先生、副总经理 田晓东先生、总会计师孙银钢先生、副总经理徐维友先生列席会议， 副总经理王鹏宇先生因另有公务未能列席本 ...

Core Viewpoint - The report highlights the growth of industrial enterprises in Guangxi Zhuang Autonomous Region, indicating a positive trend in the industrial sector with a year-on-year increase in the number of enterprises [1]. Group 1: Industrial Enterprises in Guangxi - As of January-November 2025, the number of industrial enterprises in Guangxi reached 10,535, an increase of 239 enterprises compared to the same period last year, representing a growth rate of 2.32% [1]. - The industrial enterprises accounted for 2% of the national total, reflecting Guangxi's contribution to the overall industrial landscape in China [1]. Group 2: Industry Research and Consulting - Zhiyan Consulting, a leading industry consulting firm in China, has been deeply engaged in industry research for over a decade, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [1]. - The firm emphasizes its professional approach, quality service, and keen market insights to empower investment decisions [1].