（文章来源：证券时报网） 据Wind统计，截至1月9日，沪深两市共有146只个股连续5日或5日以上获主力资金净买入。连续获主力 资金净买入天数最多的股票是ST人福，已连续12个交易日获净买入；连续获主力资金净买入天数较多 的还有*ST椰岛、益佰制药、锋龙股份、宁波联合、星德胜、众辰科技、金钟股份、福能股份等股。 ...

相关报告：智研咨询发布的《2026-2032年中国核电行业市场发展规模及投资机会分析报告》 上市企业：中国广核（003816）,中国核电（601985）,申能股份（600642）,浙能电力（600023）,湖北能 源（000883）,华能国际（600011）,大唐发电（601991）,江苏国信（002608）,中核科技（000777）,福 能股份（600483） 根据国家统计局数据显示：2025年11月中国核能发电量产量为398亿千瓦时，同比增长4.7%；2025年1- 11月中国核能发电量累计产量为4365.6亿千瓦时，累计增长8.1%。 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2020-2025年1-11月中国核能发电量产量统计图 ...

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 %% ...

证券日报网讯1月8日，福能股份（600483）在互动平台回答投资者提问时表示，可转债价格与溢价率受 正股波动、市场资金偏好、剩余期限、转股条款等多重市场因素影响，是市场化交易的结果。公司可转 债发行与交易严格遵循监管规则，转股行为由投资者根据市场情况自主决策，不存在所谓"刻意让大资 金占中小投资者便宜"的情况。公司高度重视所有投资者权益，始终合规运作并及时披露相关信息，未 来将持续做好经营管理与投资者沟通。 ...

证券日报网讯 1月8日，福能股份在互动平台回答投资者提问时表示，股价受宏观经济、市场资金偏好 等多重因素影响，可能与公司内在价值存在阶段性偏离。公司目前经营稳健，基本面良好且已合规披 露。未来公司将继续聚焦主业、提升经营质效，同时重视投资者回报，以扎实业绩为股东创造长期价 值。 （文章来源：证券日报） ...

证券日报网讯1月8日，福能股份（600483）在互动平台回答投资者提问时表示，公司核心业务属于电力 公用事业板块，同时聚焦清洁能源赛道，涵盖风电、光伏、抽水蓄能等细分领域。市值管理方面，一是 聚焦绿色、高效发电业务，通过项目拓展与提质增效夯实业绩基础。二是实施稳定的现金分红政策，控 股股东已完成两轮增持。三是合规披露信息、多渠道听取投资者意见，强化投资者关系管理。公司投资 者热线0591-86211273/86211285。 ...

证券日报网讯1月8日，福能股份（600483）在互动平台回答投资者提问时表示，公司应收账款增长主要 系业务规模扩大、清洁能源补贴款占比提升及行业结算特点所致，客户信用良好、坏账风险较低。公司 在建工程主要为抽水蓄能项目和燃煤热电联产项目，资金来源包括项目公司股东出资、银行贷款，公司 可转债募集资金将通过向募投项目公司增资或借款用于募投项目，公司财务结构稳健。 ...

"现在太方便了，一扫码立刻就能用电。用了多少度、花了多少钱都一目了然。多户共用一个电 表，也不必为分摊电费闹矛盾。"丰泰家庭农场所在的常南社区负责人范慧对"共享扫码用电"项目带来 的农业灌溉用电新模式赞不绝口。 国网苏州供电公司营销部专职李亚飞表示，接下来，供电公司将在全市有需求的农村推广这一项 目；同时，进一步拓展应用场景，积极探索在地摊夜市、临时摊贩、文旅市集等城乡流动性用电场合中 的应用，以智慧、便捷、安全的电力服务，为更广泛的城乡生活与农业生产注入可持续的能源支撑。 为解决这个问题，国网苏州供电公司将张家港地区作为试点，于2025年6月在占地300余亩的丰泰家 庭农场启动"共享扫码用电"项目的建设。据了解，该项目的设备容量达36千瓦，配备220伏特10安培单 相与380伏特25安培三相插座，外壳印有清晰的操作指南与二维码。作为新型公共服务设施，"共享扫码 用电"项目具备一点安装、多户共享、扫码即用的功能，适应农忙期间流动、短时的用电需求，不仅节 约农户用电时间，也消除私拉乱接带来的安全隐患，为田间用电筑起一道安全堤坝。 "农户通过'网上国网'App扫描二维码、预存电费，便可立即为植保无人机、抽水泵等农 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]