1-2 月风电装机增长提速，本周动力煤价格快速上涨 2026 年 3 月 29 日 行业研究 ——公用事业行业周报（20260329） 要点 本周行情回顾：本周 SW 公用事业一级板块上涨 1.56%，在 31 个 SW 一级板 块中排名第 2；沪深 300 下跌 1.41%，上证综指下跌 1.09%，深证成指下跌 0.76%，创业板指下跌 1.68%。细分子板块中，火电上涨 4.78%，水电上涨 0.7%，光伏发电上涨 1.61%，风力发电上涨 4.33%，电能综合服务上涨 2.36%， 燃气下跌 0.62%。 本周数据更新：本周国产、进口动力煤价格周同比快速上涨。其中，国产秦皇 岛港 5500 大卡动力煤（中国北方，平仓价）周环比上涨 25 元/吨。进口动力 煤中，防城港 5500 大卡动力煤（印度尼西亚，场地价）周同比上涨 10 元/ 吨，广州港 5500 大卡动力煤（澳洲优混，场地价）周环比上涨 20 元/吨。本 周山西（出清算数均值，实时市场）现货周平均出清价格周同比有所下跌、广 东（加权平均电价）有所上涨。代理购电电量电费全国大范围下行，主要原因 系火电年度长协电价大幅下行叠加新能源全面入市，降低 ...

本次控股股东权益变动系四川能源发展集团有限责任公司 （以下简称"四川能源发展集团")承继四川省投资集团有限责任 公司（以下简称"川投集团"）直接及间接持有的四川川投能源 股份有限公司（以下简称"公司"）股份从而成为公司控股股东， 公司实际控制人仍为四川省政府国有资产监督管理委员会（以下 简称"四川省国资委"）。 股票代码：600674 股票简称：川投能源 公告编号：2026-007 号 四川川投能源股份有限公司 关于公司控股股东权益变动的进展公告 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。 重要内容提示： 截至本公告披露日，本次控股股东权益变动涉及的川投集团直 接持有的公司股份尚未完成中国证券登记结算有限责任公司的登记 过户程序，相关工商变更登记手续尚未完成。 三、其他相关事项说明 公司将持续关注本次控股股东权益变动事宜的进展情况，并按 照相关法律法规的规定及时履行信息披露义务。 一、本次控股股东权益变动的基本情况 公司于 2024 年 11 月 30 日发布了《四川川投能源股份有限公 司关于控股股东四川省投资集团 ...

股票代码：600674 股票简称：川投能源 公告编号：2026-006 号 四川川投能源股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回 的公告 截至本公告日，公司最近十二个月使用闲置可转换公司债券募 集资金购买理财的情况： | 理财产品类型 | 实际投入金额 | 实际收回本金 | 起息日 | 到期日 | 实际收益 | 尚未收回本 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 金 | | 人民币结构性存款 | 28,400.00 | 28,400.00 | 2025/7/21 | 2025/10/21 | 125.27 | | | 共赢智信汇率挂钩人民币结构 | 5,000.00 | 5,000.00 | 2025/11/27 | 2026/3/20 | 25.85 | | | 性存款 A23382 期 | | | | | | | | 中国工商银行区间累计型法人 人民币结构性存款产品-专户型 | 48,500.00 | | 2025/11/4 | 2026/10/21 | | 48,500.00 | | 2025 年第 385 ...

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant recovery, with total generation reaching 15,718 billion kWh, a year-on-year increase of 4.1%. Hydropower generation increased by 6.8%, while thermal power grew by 3.3% [2][5]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, with Northeast Asia LNG spot prices reaching $25.3/mmBtu, a 29.74% increase week-on-week [18][27]. Summary by Sections Electricity - In January-February 2026, electricity generation totaled 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (3.3% YoY) and hydropower 1,560 billion kWh (6.8% YoY). The overall electricity demand increased by 6.1% YoY, driven primarily by the secondary industry [2][12]. - The secondary industry accounted for 64% of the electricity demand increase, with notable growth in manufacturing and high-energy-consuming sectors [12][13]. - Recommendations include investing in companies like Datang Power, China Power, and Huaneng Power for thermal power, and China Nuclear Power and China General Nuclear Power for nuclear energy [16][17]. Natural Gas - The report highlights the impact of the recent attack on Qatar's LNG infrastructure, which has led to a 17% loss in production capacity and further price increases in the global natural gas market [18][27]. - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while European prices saw significant increases, with TTF prices at €59.00/MWh (15.69% increase) and NBP prices at 149.95 pence/therm (19.01% increase) [19][27]. - Investment recommendations focus on LNG traders with international contracts, such as ENN Energy and Jiu Feng Energy, and unconventional gas resource companies benefiting from high gas prices [40]

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [1]. Core Insights - Electricity generation in January-February 2026 showed a significant increase, with total generation reaching 15,718 billion kWh, a year-on-year growth of 4.1%. The growth was driven by a recovery in thermal power and an increase in hydropower generation [2][7]. - The natural gas market is experiencing price increases due to geopolitical tensions in the Middle East, particularly following an attack on Qatar's LNG infrastructure, which has led to a 29.74% increase in Northeast Asia LNG spot prices [22][32]. Summary by Sections Electricity - In January-February 2026, electricity generation reached 15,718 billion kWh, with thermal power contributing 10,539 billion kWh (up 3.3%) and hydropower 1,560 billion kWh (up 6.8%). The overall electricity demand increased by 6.1% year-on-year, with the secondary industry contributing 64% to the growth [2][14][17]. - The manufacturing sector showed strong performance, with significant growth in high-energy-consuming industries. The building materials sector recorded its first positive growth since March of the previous year, increasing by 1.0% [16][19]. Natural Gas - As of March 20, 2026, the Henry Hub spot price was $3.04/mmBtu, while the TTF spot price in Europe rose to €59.00/MWh, reflecting a 15.69% increase. The Northeast Asia LNG spot price reached $25.3/mmBtu, marking a 29.74% increase [22][23]. - The report highlights the impact of geopolitical events on natural gas prices, particularly the attack on Qatar's LNG facilities, which has led to a significant reduction in production capacity [32][40]. Investment Recommendations - For thermal power, companies such as Datang Power, Jingtou Energy, and Huaneng Power are recommended due to expected positive growth in profitability [19]. - In the hydropower sector, companies like Guotou Power and Changjiang Power are suggested for their potential valuation recovery [19]. - The report also recommends focusing on LNG traders with international long-term contracts, such as Xin'ao Co. and Jiufeng Energy, as well as unconventional gas resource companies benefiting from high gas prices [45].

Investment Rating - The report indicates a positive outlook for the hydropower industry, highlighting its potential for value reassessment amid market reforms [4]. Core Insights - The report emphasizes the integration of hydropower with wind and solar energy in various river basins, which is expected to enhance economic viability, operational reliability, and green value [2][13]. - The hydropower sector is characterized by lower generation costs, flexible regulation capabilities, and the ability to meet the "energy trilemma" of sustainability, affordability, and reliability [4]. - The report notes that the lifespan of hydropower dam structures can exceed 100 years, providing a significant advantage over traditional energy sources and most industrial assets [3]. Summary by Sections Section 1: Hydropower Development Potential - China's technically exploitable hydropower resources amount to 687 million kilowatts, ranking first globally, with approximately 220 million kilowatts yet to be developed [10]. - The planned "Thirteen Major" hydropower bases have a total installed capacity of 30.54 million kilowatts, with significant contributions from the southwestern region [10]. - The report outlines the challenges faced in developing remaining hydropower projects, including high costs and long construction periods, while highlighting the benefits of integrated water-wind-solar development [13][15]. Section 2: Market Dynamics and Climate Impact - The report discusses the influence of climate phenomena such as El Niño and La Niña on hydropower generation, indicating that extreme weather patterns may enhance the variability of water inflow [39]. - It highlights the increasing importance of hydropower's regulatory capabilities in response to fluctuating water availability and electricity demand due to climate change [76]. - The report anticipates that the market share of hydropower will increase, with a projected rise in market-based electricity pricing, benefiting from its flexibility and low costs [68][69]. Section 3: Financial Performance and Cost Structure - The report details the financial health of hydropower companies, noting improvements in debt structure and operational efficiency through leveraging [3]. - It provides a comparative analysis of electricity pricing across different energy sources, indicating that hydropower remains one of the lowest-cost options [72]. - The report suggests that the profitability of hydropower assets is expected to improve over time, particularly in a low-interest-rate environment, making them attractive for long-term investment [76].

Investment Rating - The report maintains a "Buy" rating for several companies in the power generation and environmental engineering sectors, including China General Nuclear Power (CGN), Longking Environmental Protection, and others [4]. Core Insights - The establishment of a sustainable pricing mechanism for nuclear power in Liaoning marks a significant policy shift, potentially stabilizing profits for clean energy companies after years of pressure from declining coal prices [5][11]. - The new pricing mechanism is expected to enhance CGN's net profit by approximately 700 million RMB in 2026, indicating a recovery in profitability for nuclear power companies [12][17]. - The report emphasizes that the pricing mechanism will likely be adopted by other provinces, leading to a broader impact on the nuclear power sector across China [11][17]. Summary by Sections Investment Recommendations - Key stocks recommended for investment include: - Longking Environmental Protection (600388 CH) - Target Price: 28.96 RMB - Funiu Co., Ltd. (600483 CH) - Target Price: 15.47 RMB - China Resources Power (836 HK) - Target Price: 26.74 RMB - Others include China Nuclear Power (601985 CH) and Huaneng International Power (902 HK), all rated as "Buy" [4]. Pricing Mechanism Impact - The new nuclear pricing mechanism in Liaoning will set the mechanism electricity volume at 70% of actual generation, with a mechanism price equal to the approved price, which is expected to stabilize the revenue of nuclear power plants [5][12]. - The report predicts that the mechanism will lead to a significant reduction in revenue decline for CGN, from a projected drop of 10-15 billion RMB to only 5-10 billion RMB under the new pricing [12][17]. Market Dynamics - The report discusses the global liquidity of fossil fuels and its impact on electricity prices, suggesting that the price differences between China and the US will not persist long-term due to the interconnected nature of energy markets [6][38]. - It highlights that the pricing of renewable energy will increasingly reflect carbon emission costs, with green certificates and carbon pricing expected to enhance the market value of renewable energy assets [7][26]. Future Outlook - The report anticipates that the nuclear power sector will be among the first to benefit from the new pricing policies, with CGN and China National Nuclear Corporation expected to see significant improvements in their fundamentals [8][11]. - The potential for a nationwide rollout of the nuclear pricing mechanism could further enhance the profitability of nuclear power companies, making them attractive investment opportunities [11][17].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Views - The report emphasizes the recovery in electricity demand and the positive turnaround in thermal power generation [2][8] - It highlights the need for further reforms in the electricity market to accommodate a higher proportion of renewable energy consumption [8][19] - The report suggests that utility assets are likely to be revalued positively due to the restructuring of international order [8] Summary by Sections Electricity Demand and Generation - In January and February 2026, the total electricity consumption in China increased by 6.1% year-on-year, up from 3.3% in December 2025 [8] - The growth rates for different sectors were: primary industry +7.4%, secondary industry +6.3%, tertiary industry +8.3%, and residential use +2.7% [8] - The generation of electricity from large-scale power plants rose by 4.1% year-on-year, with thermal power generation increasing by 3.3% [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - It also suggests looking into gas companies and hydropower firms for potential investment opportunities [8] Market Dynamics - The report notes that the Shenyang utility index fell by 2.4%, underperforming the CSI 300 index by 0.2% but outperforming the Wind All A index by 1.7% [8] - The report indicates that the coal prices have increased, with the Qinhuangdao Q5500 coal price at 735 RMB/ton, up 0.8% week-on-week [35] Natural Gas Prices - The report highlights a significant increase in natural gas prices, with the Dutch TTF gas price rising by 18.2% week-on-week [48] - The domestic LNG ex-factory price was reported at 4868 RMB/ton, showing a year-on-year increase of 6.6% [50] Hydropower and Renewable Energy - The report suggests that hydropower has a simple and efficient business model, with the lowest cost per kilowatt-hour among all power sources [8] - It anticipates continued growth in wind and solar energy under carbon neutrality expectations, recommending leading companies in these sectors [8]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Insights - Electricity demand is on the rise, with a year-on-year increase of 6.1% in total electricity consumption for January and February 2026, compared to a 3.3 percentage point increase from December 2025 [8] - The growth in electricity consumption is attributed to a recovery in economic activity and a low base effect from the previous year [12] - Power generation growth has rebounded, with thermal power growth turning positive at 3.3% year-on-year for January and February 2026 [19] - The report highlights the potential for value reassessment of low-priced utility assets amid international order restructuring [8] - The report suggests that the utility sector remains a quality asset for investment, benefiting from the ongoing reforms in the electricity market [8] Summary by Sections Electricity Demand and Supply - Total electricity consumption increased by 6.1% year-on-year in January and February 2026, with significant growth in primary (7.4%), secondary (6.3%), and tertiary industries (8.3%) [8][12] - Power generation from large-scale power plants rose by 4.1% year-on-year, with thermal power showing a recovery [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - For gas, companies like Shouhua Gas (300483, Not Rated) and Xintian Gas (603393, Not Rated) are highlighted as potential beneficiaries of rising natural gas prices [8] - In hydropower, quality assets in favorable basins are recommended for investment [8] Market Dynamics - The report notes a decline in the Shenyang spot electricity price by 14.2% year-on-year, while Shanxi's price increased by 26.3% year-on-year [31][33] - Coal prices have risen, with Qinhuangdao's Q5500 coal price at 735 RMB/ton, reflecting a 9.2% increase year-on-year [35] - Natural gas prices have surged, with the Dutch TTF gas price increasing by 18.2% week-on-week [48]

股票研究 /[Table_Date] 2026.03.20 近看大渡河投产，远望雅砻江开发 川投能源(600674) 川投能源首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 吴杰(分析师) | 021-23183818 | wujie3@gtht.com | S0880525040109 | | 于鸿光(分析师) | 021-38031730 | yuhongguang@gtht.com | S0880522020001 | | 傅逸帆(分析师) | 021-23185698 | fuyifan@gtht.com | S0880525040042 | | 阎石(分析师) | 021-23185741 | yanshi@gtht.com | S0880525070005 | | 胡鸿程(分析师) | 021-23185962 | huhongcheng@gtht.com | S0880525070011 | 本报告导读： 大渡河龙头电站投产提升流域调节能力，雅砻江水风光一体化打造成长新路径。 投资要点： 资料来源：W ...