Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Core Insights - The article highlights that as of January 9, a total of 146 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is ST Renfu, which has seen net purchases for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include *ST Yedao, Yibai Pharmaceutical, Fenglong Co., Ningbo United, Xingdesheng, Zhongchen Technology, Jinzong Co., and Funeng Co. [1] Summary by Category - **Market Activity** - A total of 146 stocks have recorded net buying from major funds for five days or more [1] - ST Renfu leads with 12 consecutive days of net buying [1] - **Notable Stocks** - Other stocks with considerable net buying include *ST Yedao, Yibai Pharmaceutical, Fenglong Co., Ningbo United, Xingdesheng, Zhongchen Technology, Jinzong Co., and Funeng Co. [1]

Core Viewpoint - The report highlights the growth of China's nuclear power generation, indicating a positive trend in the industry with significant year-on-year increases in output [1]. Group 1: Industry Overview - In November 2025, China's nuclear power generation reached 39.8 billion kilowatt-hours, representing a year-on-year growth of 4.7% [1]. - From January to November 2025, the cumulative nuclear power generation in China was 436.56 billion kilowatt-hours, showing an 8.1% increase compared to the previous year [1]. Group 2: Companies Involved - Listed companies in the nuclear power sector include China General Nuclear Power (003816), China National Nuclear Power (601985), Sheneng Co., Ltd. (600642), Zhejiang Energy Power (600023), Hubei Energy (000883), Huaneng International (600011), Datang Power (601991), Jiangsu Guoxin (002608), China Nuclear Technology (000777), and Funiu Co., Ltd. (600483) [1]. Group 3: Market Research - The report titled "2026-2032 China Nuclear Power Industry Market Development Scale and Investment Opportunity Analysis" by Zhiyan Consulting provides insights into the market trends and investment opportunities in the nuclear power sector [1].

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]

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。 ...

Core Viewpoint - Fuzhou Energy Co., Ltd. (Fuzhou Energy) attributes the growth in accounts receivable to business expansion, an increase in the proportion of clean energy subsidy payments, and industry settlement characteristics, indicating a low risk of bad debts due to good customer credit [1] Group 1 - The increase in accounts receivable is primarily due to the expansion of business scale [1] - The proportion of clean energy subsidy payments has risen, contributing to the growth in accounts receivable [1] - The company reports that customer credit is good, resulting in a low risk of bad debts [1] Group 2 - The company's ongoing construction projects mainly include pumped storage projects and coal-fired combined heat and power projects [1] - Funding sources for these projects include contributions from project company shareholders and bank loans [1] - The company plans to use funds raised from convertible bonds to increase capital or provide loans to the project companies for investment projects, indicating a stable financial structure [1]

Core Insights - The "shared QR code electricity" project in Zhangjiagang City, Suzhou, aims to enhance the convenience and efficiency of agricultural irrigation electricity usage through digital services [1][2] - The project addresses the seasonal and temporary nature of electricity demand in agricultural production, which previously required 5 to 7 days for temporary electricity applications [1] - The initiative is designed to eliminate safety hazards associated with unauthorized electrical connections and disputes over electricity bill sharing among neighbors [1] Group 1 - The project was launched in June 2025 at the Fengtai Family Farm, covering an area of over 300 acres, with a total equipment capacity of 36 kilowatts [1] - It features 220-volt 10-amp single-phase and 380-volt 25-amp three-phase sockets, along with clear operational guidelines and QR codes for easy access [1] - The system allows for one installation to be shared among multiple users, providing immediate electricity access during peak agricultural periods [1] Group 2 - Farmers can use the "State Grid" app to scan QR codes and prepay for electricity, enabling immediate power supply for agricultural machinery like drones and water pumps [2] - After usage, the system automatically settles accounts and refunds any remaining balance, enhancing transparency in electricity consumption and costs [2] - The company plans to expand this project to other rural areas in the city and explore applications in various urban settings, such as night markets and temporary vendors, to provide sustainable energy support [2]

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].