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].

Summary of Conference Call on Yalong River Hydropower Project Industry Overview - The hydropower sector typically shows good absolute returns and odds after reaching historical highs, despite current high interest margins leading to subdued performance due to market risk appetite [1][3] - The overall performance of the hydropower sector is characterized by strong cash flow, high dividends, and significant dividend yields, which tend to follow certain patterns during changes in market risk preferences and interest rates [3] Company Insights Yalong River Company - The installed capacity in the Yalong River basin is 19.2 million kW, with an additional 200,000 kW from wind and solar power. Ongoing projects total over 3.7 million kW, with expectations for a 40% increase in competitive hydropower capacity by 2030 [9][2] - The compensation benefits from the Yalong River hydropower project include issuance benefits and seasonal smoothing effects, potentially exceeding 2 billion yuan in performance if fully realized [12] - New hydropower stations are expected to contribute approximately 2.5 billion yuan in performance increments, with 8 GW of new capacity planned [12] State Power Investment Corporation (Guotou) - Guotou's growth expectations are significantly better than those of Changjiang Electric, with a long-term compound return expectation of around 10% compared to Changjiang's 3.5%-3.6% [5][16] - Guotou's installed capacity in renewable energy is projected to grow from over 3 million kW in 2020 to 9 million kW by the end of 2025 [8] Sichuan Investment Group (Chuantou) - Chuantou operates as an investment platform, with nearly 100% of profit derived from investments, primarily in the Yalong River project [6] - The company has undergone significant profit growth linked to capacity investments, with expectations for further growth due to the integration of Sichuan Investment Group and Sichuan Energy Group starting in 2025 [6][20] Financial Performance and Projections - The Dadu River project is expected to contribute approximately 1 billion yuan in performance increments during its new production window in 2025-2026 [14][15] - Chuantou's dividend policy has shifted to 0.4 yuan per share, which may lead to a decline in the dividend payout ratio to 38% by 2025, compared to Guotou's 55% [18][19] - Chuantou's current valuation is around 14 times PE, which is lower than its peers, indicating a smaller downside risk compared to Guotou [21] Future Outlook - The performance growth rate for Chuantou is expected to maintain around 6% over the next two years, driven by new unit operations and stable pricing impacts from the Yalong River project [22] - Both Guotou and Chuantou are viewed positively for future growth, with Chuantou having a stronger safety margin against downside risks [22]

证券日报网讯 1月6日，川投能源在互动平台回答投资者提问时表示，公司作为参股股东，通过派驻董 事方式参与雅砻江的经营管理决策，持续关注参股公司的来水情况、电价及生产经营动态，同时督促雅 砻江公司强化电力营销工作，优化交易策略，积极应对电价波动等市场变化。 （文章来源：证券日报） ...

证券日报网讯 1月6日，川投能源在互动平台回答投资者提问时表示，在分水期签约模式下，枯水期电 价优于丰水期电价，整体平均电价能否保持稳定，核心取决于当年枯水期与主汛期的电量及电价占比情 况，具体生产经营数据请关注公司后续发布的生产经营快报。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that ChuanTuo Energy (600674) clarified on an interactive platform that its holding company did not participate in the West-East Power Transmission project [1] Group 2 - The company responded to investor inquiries regarding its involvement in significant energy projects [1] - The clarification may impact investor sentiment and perceptions of the company's strategic direction in the energy sector [1]

证券日报网讯1月6日，川投能源（600674）在互动平台回答投资者提问时表示，公司没有参与东数西 算。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司当前没有算电融合项目。 ...