Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The China Electricity Council forecasts a 5%-6% growth in electricity consumption for 2026, with a significant decline in proxy electricity prices in February [5][12] - Over 80% of provinces and cities reported a year-on-year decrease in proxy electricity prices in February, with Jiangsu, Inner Mongolia, and Liaoning experiencing the largest declines of 29.3%, 25.6%, and 23.1% respectively [5][14] - The report anticipates that by the end of 2026, the installed capacity of solar power will exceed that of coal power for the first time, with renewable energy sources accounting for half of the total installed capacity [5][14] Summary by Sections Industry Outlook - The report predicts that by 2026, the total installed capacity of renewable energy will reach half of the total installed capacity, with solar power surpassing coal power for the first time [5][14] - The total electricity consumption in China is expected to be between 10.9 and 11 trillion kilowatt-hours, reflecting a year-on-year growth of 5%-6% [5][14] Investment Trends - In January 2026, the State Grid completed fixed asset investments of 30.8 billion yuan, a year-on-year increase of 35.1% [6][14] - The Southern Power Grid plans to invest over 24 billion yuan in the first quarter of 2026, marking a year-on-year increase of over 20% [7][14] Proxy Electricity Prices - The report highlights that proxy electricity prices have generally decreased, with significant drops in various regions, indicating a more favorable supply-side environment [5][14] Key Companies and Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and integrated coal power operations, such as Huaneng International and Huadian International [8][14] - It also recommends monitoring companies in the wind and solar sectors, including Xintian Green Energy and Longyuan Power [8][14]

股票代码：600475 股票简称：华光环能 公告编号：临2026-003 无锡华光环保能源集团股份有限公司 关于超短期融资券发行结果的公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 1 2026 年度第一期科技创新债券由宁波银行股份有限公司作为主承销商，江苏银行 股份有限公司为联席主承销商； 2026 年度第二期科技创新债券由宁波银行股份有限公司作为主承销商，江苏银行 股份有限公司为联席主承销商。 2026 年度第三期科技创新债券由招商银行股份有限公司作为主承销商，中信银行 股份有限公司为联席主承销商。 以上超短期融资券均通过簿记建档、集中配售的方式在银行间债券市场公开发行， 发行的相关文件已在中国货币网（www.chinamoney.com.cn）和上海清算所网站 （www.shclearing.com.cn）上刊登。 特此公告。 无锡华光环保能源集团股份有限公司 2025 年 7 月 30 日，无锡华光环保能源集团股份有限公司（以下简称"公司"）第九 届董事会第三次会议审议通过了《关于公司发行科技创新债券及接续发行中期票据 ...

Core Viewpoint - The company is actively expanding its overseas market presence, with a significant increase in overseas order amounts and proportions, currently accounting for about one-fourth of total orders [2] Group 1: Overseas Market Expansion - The company has reported a continuous layout in overseas markets, with overseas orders now making up approximately 25% of total orders [2] - Sales product types include pulverized coal boilers, fluidized bed boilers, waste incineration boilers, and waste heat boilers [2] - Key sales regions are primarily in "Belt and Road" countries such as Central Asia, Southeast Asia, and Africa, with recent breakthroughs in North America, particularly Mexico [2] Group 2: Strategic Collaborations - The company is actively deepening collaboration with leading enterprises such as China Power Construction, Dongfang Electric, and Harbin Electric International [2] - Long-term partnerships are being established with benchmark enterprises in overseas project locations [2]

证券日报网2月2日讯，华光环能（600475）在接受调研者提问时表示，公司完成了首批中能建松原项目 大标方电解槽的测试和交付工作，如松原项目设备顺利投运，对公司氢能业务市场口碑将起到里程碑作 用，为后续业务发展和市场开拓打开通道。同时，公司对国内大型绿氢制备项目、绿色氢氨醇一体化项 目保持密切跟踪。 ...

证券日报网2月2日讯 ，华光环能（600475）在接受调研者提问时表示，公司主要有三大业务板块，分 别为装备制造板块、工程与服务板块和运营管理板块。装备制造板块分为节能高效发电设备和环保新能 源发电设备，节能高效发电设备主要包括循环流化床锅炉、煤粉锅炉等传统锅炉，环保新能源发电设备 主要包括燃机余热锅炉、垃圾焚烧锅炉、生物质锅炉、固废锅炉等环保锅炉。公司以装备制造起家，在 大中型锅炉等电力设备的制造方面积累了丰富的经验与市场，为今后创新产品的研发和落地提供了平台 和有力支撑，公司氢能领域的碱性电解槽制氢设备及锅炉火电灵活性改造这两大新业务将在装备制造板 块进行孵化发展。工程与服务板块分为电站工程和市政工程，电站工程主要包括电站EPC、光伏EPC 等，市政工程主要包括以污水、固废处置为主的市政环保工程。公司子企业华昕设计集团拥有市政及环 境工程甲级设计资质，综合实力稳居江苏省内前十，华光电站及下属华光（西安）设计院拥有电力行业 乙级资质，各类人才储备雄厚。运营管理板块分为地方热电及新能源运营服务和环保运营服务，地方热 电及新能源运营服务主要是指热电联产供热发电及光伏运营发电业务，公司拥有国内供热距离最长的多 热 ...

证券日报网2月2日讯，华光环能（600475）在接受调研者提问时表示，公司以装备制造起家，在大中型 锅炉等电力设备的制造方面积累了丰富的经验与市场，自1995年以来，累计销售锅炉1700余台，产品遍 布国内主要省市，及海外近40个国家地区。公司多年位列中国机械500强，积累了先进的装备制造能力 和丰富的客群。公司燃机余热锅炉是国内唯一一家同时拥有卧式、立式自然循环技术的HRSG供应商， 市场占有率排名靠前，技术在国内处于领先地位。 ...

证券日报网2月2日讯，华光环能（600475）在接受调研者提问时表示，在分红方面，公司已连续5年保 持0.35元/股或以上的现金分红，并且2024年、2025年连续2年进行中期分红。公司将保持稳健的分红政 策，为广大股东带来持续稳定的回报。在员工激励方面，公司关注长效激励机制，建立以业绩实现为基 本要求，以长期发展为基本目标，以股权分批解禁为基本方式的激励体系，充分调动和激发中高层管理 人员和核心骨干员工的积极性。公司2016年员工持股计划及2020年限制性股票员工股权激励计划均已实 施完毕。2024年，公司第二次限制性股票员工股权激励计划已完成授予，目前正在年度考核过程中。 ...

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][8] - The industry has a large upstream and downstream supply chain, with the midstream boiler manufacturing segment being the focus of the listed companies [1] Company Performance - The leading companies in the boiler manufacturing sector, such as Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have reported boiler business revenues exceeding 1 billion yuan [8] - Hailu Heavy Industry achieved the highest gross margin of 26.03% for its waste heat boilers and related products in 2024 [8] Financing Activity - The financing activity in the boiler manufacturing industry has shown a declining trend, with a total of 61 financing events occurring from 2014 to 2025 [9] - The financing activity significantly decreased after 2018, with no financing events reported in 2021 [9] - In 2024, there were 5 financing events disclosed, amounting to approximately 1.15 billion yuan, while 3 financing events occurred in 2025, totaling around 250 million yuan [9] Investment Focus - The financing rounds in the boiler manufacturing sector are primarily concentrated on strategic investments and post-listing financing, particularly in the New Third Board [10]

Group 1 - The controlling shareholder, Wuxi Guolian Development (Group) Co., Ltd., plans to reduce its stake in Huaguang Huaneng (600475.SH) by up to 9,559,600 shares, representing no more than 1.00% of the total share capital [1] - The reduction period is set from March 2, 2026, to June 1, 2026, with the selling price determined by the market price at the time of the sale [1] - Based on the last trading day's closing price of 22.27 yuan, the total cash to be raised from the share reduction is approximately 212,892,292 yuan [1] Group 2 - As of the announcement date, the controlling shareholder holds 496,626,343 shares, accounting for 51.95% of the total share capital, with shares acquired through asset purchase [1] - Guolian Financial Investment Group Co., Ltd., a wholly-owned subsidiary of Guolian Group, holds 11,722,543 shares, representing 1.23% of the total share capital [1] - The combined shareholding of Guolian Group and its subsidiary amounts to 508,348,886 shares, or 53.18% of the total share capital, all of which are freely tradable shares [1] Group 3 - The implementation of the share reduction plan will not lead to a change in the control of the listed company [2]