Core Viewpoint - The company reported a significant increase in power generation and grid-connected electricity volume for the year 2025, despite a decrease in average grid-connected electricity prices across its hydro and photovoltaic segments [1][2]. Group 1: Power Generation and Grid-Connected Electricity - For the year 2025, the company's total power generation reached 6.627 billion kWh, representing a year-on-year increase of 13.85% [1] - The total grid-connected electricity volume was 6.515 billion kWh, also showing a year-on-year growth of 13.86% [1] - The hydroelectric segment generated 6.356 billion kWh, with a year-on-year increase of 15.40%, while the grid-connected electricity volume was 6.246 billion kWh, up 15.41% [1] - The photovoltaic segment saw a decline, with power generation at 0.271 billion kWh, down 13.42%, and grid-connected electricity volume at 0.269 billion kWh, down 13.23% [1] Group 2: Average Grid-Connected Electricity Prices - The average grid-connected electricity price for the company was 0.206 yuan/kWh, a decrease of 6.79% year-on-year [1] - The average price for hydroelectric projects was 0.195 yuan/kWh, down 4.88% year-on-year [1] - The photovoltaic segment's average grid-connected electricity price was 0.454 yuan/kWh (including national subsidies), reflecting an 8.47% decrease year-on-year [1] Group 3: Reasons for Changes in Power Generation and Prices - The increase in power generation and grid-connected electricity volume was primarily due to the commissioning of all six units at the Yinjing Hydropower Station, which enhanced hydroelectric output [1] - The decrease in average grid-connected electricity prices was attributed to market-driven sales and the increased proportion of hydroelectric generation during the wet season, which lowered the overall average price [2] - The decline in photovoltaic generation and grid-connected electricity was influenced by insufficient absorption capacity for renewable energy in the project area and intensified market competition affecting pricing [1][2]

因项目所在区域新能源电量消纳能力不足，光伏发电量和上网电量 有所降低。 2025年1-12月，公司控股企业累计完成发电量66.27亿千瓦时，同比 上年增长13.85%；上网电量65.15亿千瓦时，同比上年增长13.86%；企业 平均上网电价0.206元／千瓦时，同比上年降低6.79%。 2025年1-12月，公司控股水电企业累计完成发电量63.56亿千瓦时， 同比上年增长15.40%；上网电量62.46亿千瓦时，同比上年增长15.41%； 水电企业平均上网电价0.195元／千瓦时，同比上年降低4.88%。 2025年1-12月，公司控股光伏发电企业累计完成发电量2.71亿千瓦 时，同比上年降低13.42%；上网电量2.69亿千瓦时，同比上年降低13.23%； 平均上网电价0.454元／千瓦时（含国补），同比上年降低8.47%。 2025年1-12月发电量、上网电量变动的原因： 公司控股的攀水电公司银江电站全部六台机组陆续投产带来的水电 发电量和上网电量增长。 股票代码：600674 股票简称：川投能源 公告编号：2026-001号 四川川投能源股份有限公司 2025 年 1-12 月主要经营数据公告 本公司董 ...

2025年1-12月平均上网电价降低的原因：本期公司电力营销工作情况正常。水电项目上网电价有所降低 的原因：一是市场化售电导致电价有所降低，二是攀水电公司银江电站投产，拉高了公司丰水期电量在 年发电量中的占比，拉低了全年水电均价。光伏项目上网电价有所降低的原因：主要是受光伏项目售电 区域电力市场交易环境以及市场竞争加剧影响，上网电价有所降低。 2025年1-12月发电量、上网电量变动的原因：公司控股的攀水电公司银江电站全部六台机组陆续投产带 来的水电发电量和上网电量增长。因项目所在区域新能源电量消纳能力不足，光伏发电量和上网电量有 所降低。 格隆汇1月13日丨川投能源(600674.SH)公布，2025年1-12月，公司控股企业累计完成发电量66.27亿千瓦 时，同比上年增长13.85%；上网电量65.15亿千瓦时，同比上年增长13.86%；企业平均上网电价0.206元 ／千瓦时，同比上年降低6.79%。 2025年1-12月，公司控股水电企业累计完成发电量63.56亿千瓦时，同比上年增长15.40%；上网电量 62.46亿千瓦时，同比上年增长15.41%；水电企业平均上网电价0.195元／千瓦时，同比上年降 ...

人民财讯1月13日电，川投能源（600674）1月13日公告，2025年1—12月，公司控股企业累计完成发电 量66.27亿千瓦时，同比增长13.85%；上网电量65.15亿千瓦时，同比增长13.86%；企业平均上网电价 0.206元／千瓦时，同比降低6.79%。 ...

川投能源公告称，2025年1-12月，公司控股企业累计发电量66.27亿千瓦时，同比增13.85%；上网电量 65.15亿千瓦时，同比增13.86%；平均上网电价0.206元/千瓦时，同比降6.79%。其中，控股水电企业发 电量63.56亿千瓦时，同比增15.40%；上网电量62.46亿千瓦时，同比增15.41%；平均上网电价0.195元/ 千瓦时，同比降4.88%。控股光伏发电企业发电量2.71亿千瓦时，同比降13.42%；上网电量2.69亿千瓦 时，同比降13.23%；平均上网电价0.454元/千瓦时，同比降8.47%。发电量及上网电价变动均有相应原 因。 ...

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

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].

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]

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating that the expected settlement price for thermal power in 2026 is likely to be better than market expectations [7]. Core Insights - The long-term contract electricity price risk has materialized, and the average reduction in long-term contract electricity prices for 2026 is estimated to be around 3-4 cents per kilowatt-hour. However, the capacity price for coal-fired power is expected to increase by at least 65 yuan per kilowatt per year, which may lead to a lower-than-expected decline in thermal power settlement prices [7]. - The report highlights that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. - The report suggests that the utility sector remains a quality dividend asset for long-term allocation, especially under the trend of low interest rates and policies encouraging long-term capital market entry [7]. Summary by Sections Electricity Price Dynamics - The average clearing price for the Guangdong electricity market from January 3 to January 9, 2026, was 321 yuan per megawatt-hour, down 51 yuan year-on-year (-13.7%) [10]. - The average price for Shanxi during the same period was 234 yuan per megawatt-hour, down 107 yuan year-on-year (-31.4%) [10]. Coal Price Trends - As of January 9, 2026, the price of Q5500 thermal coal in Qinhuangdao was 699 yuan per ton, reflecting a week-on-week increase of 17 yuan (+2.5%) [15]. - The coal inventory at Qinhuangdao port decreased by 11.6% week-on-week, indicating a tightening supply situation [21]. Performance of Utility Sector - The utility sector index increased by 2.5% during the week of January 5 to January 9, 2026, underperforming compared to the Shanghai Composite Index, which rose by 2.8% [35]. - The report notes that the gas sector within utilities showed the highest weekly increase of 4.8% [37]. Investment Recommendations - The report recommends focusing on quality dividend assets in the utility sector, particularly in thermal power, hydropower, and nuclear power, with specific stocks highlighted for potential investment [7].