Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]

证券日报网讯1月23日，福能股份（600483）在互动平台回答投资者提问时表示，公司严格遵守信息披 露相关规定，依法依规履行信息披露义务。 ...

证券日报网讯1月23日，福能股份（600483）在互动平台回答投资者提问时表示，电力市场化改革是国 家通过市场机制优化电力资源配置，发电企业可能会产生电量、电价波动等风险，进而会影响经营业 绩。公司将加强电力市场研究和电力市场营销工作，积极推进相关机组灵活性改造，努力降本增效，争 取较好生产效益。 ...

证券日报网讯1月23日，福能股份（600483）在互动平台回答投资者提问时表示，公司经营正常。公司 严格遵守信息披露相关规定，依法依规履行信息披露义务。 ...

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。 根据中国证券监督管理委员会《上市公司监管指引第3号——上市公司现金分红》 及福建福能股份有限公司（以下简称公司）《章程》等相关规定，为做好公司2025年度 利润分配工作，增强公司利润分配方案决策的透明度，保护广大投资者尤其是中小投资 者的利益，公司决定就2025年度利润分配事项公开征求投资者意见。 | 证券代码：600483 | 证券简称：福能股份 | 公告编号：2026-002 | | --- | --- | --- | | 转债代码：110099 | 转债简称：福能转债 | | 福建福能股份有限公司 关于 2025 年度利润分配事项征求投资者意见的公告 本次征求意见截止时间为2026年2月6日，公司股东可以通过电子邮件方式，将意见 和建议反馈至公司董事会办公室，并请同时提供相关身份及持股证明等材料。 特此公告。 福建福能股份有限公司董事会 2026 年 1 月 24 日 电子邮箱：caiw@fjec.com.cn ...

| 证券代码：600483 | 证券简称：福能股份 公告编号：2026-001 | | --- | --- | | 转债代码：110099 | 转债简称：福能转债 | | 电源类别 | | 发电量（亿千瓦时） | | | | 上网电量（亿千瓦时） | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 10-12 | 月 | 1-12 | 月 | 10-12 | 月 | 1-12 | 月 | | | 完成值 | 同比% | 完成值 | 同比% | 完成值 | 同比% | 完成值 | 同比% | | 1.风电 | 20.73 | -11.80 | 59.95 | -0.29 | 20.32 | -11.59 | 58.60 | -0.20 | | 其中：海上风电 | 12.50 | -11.19 | 35.69 | 0.91 | 12.23 | -10.83 | 34.85 | 1.10 | | 陆上风电 | 8.23 | -12.71 | 24.26 | -2.02 | 8.09 | -12.70 | 23.75 | -2.05 | ...

福能股份公告称，2025年第四季度，公司各运行电厂按合并报表口径完成发电量64.36亿千瓦时，同比 降1.33%；上网电量61.32亿千瓦时，同比降1.29%；供热量294.53万吨，同比增1.35%。2025年全年，累 计完成发电量235.77亿千瓦时，同比降2.36%；上网电量224.25亿千瓦时，同比降2.37%；供热量1008.34 万吨，同比降2.15%。不同电源类别中，风电、火电部分指标有降有升，光伏电量完成值同比显著增 长。 ...

证券日报网讯1月22日，福能股份（600483）在互动平台回答投资者提问时表示，公司近两年仅子公司 福能南纺有部分无纺布产品销售至欧盟国家，福能南纺近三年营业收入占公司总营业收入不到5%，对 公司经营业绩不构成重大影响。销售方式以福能南纺作为境内主体直接向欧盟客户出口为主，目前公司 未在欧盟国家设立子公司，也未通过第三方贸易商、代理商转销至欧盟市场。 ...

国网常州供电公司天目湖供电所运维人员史家辉介绍说："我们针对大棚种植对温度敏感的特点， 协助农户对各类取暖、补光设备进行了细致排查，并指导他们做好防寒防冻措施，确保恶劣天气下大棚 正常供暖。" 目前，国网常州供电公司抢修人员24小时待命，以精细化服务筑牢农业生产供电防线，全力守护市 民的"菜篮子"。 同时，为应对寒潮天气，国网常州供电公司组织人员对辖区内易受恶劣天气影响的输电线路，特别 是近年有过覆冰、舞动记录的区段，展开专项特巡和隐患排查，全力保障电网安全稳定运行和电力可靠 供应。 近日，江苏常州迎来寒潮天气，同时迎来2026年首轮降雪。 这几天，江苏大部分地区持续雨雪低温冰冻，严寒天气对生产生活、交通出行等带来持续影响，也 给当地设施农业生产带来严峻考验。 在常州溧阳天目湖镇南钱村的天目湖草莓园，连片的温室大棚在皑皑白雪中蔚为壮观。作为常州及 长三角地区冬季草莓的重要供应基地，该园区种植面积达260余亩，年产优质"红颜""章姬"等品种草莓 达45万斤。为有效防范寒潮过程给果蔬生产带来的不利影响，基地已提前对草莓大棚进行了维修加固， 并全面开启保温增温设施。走进棚内，温暖如春，一垄垄草莓长势喜人，并未受到棚 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].