格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司控股公司没有参与西电东送。 ...

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。 ...

格隆汇1月6日丨川投能源(600674.SH)在投资者互动平台表示，公司没有参与东数西算。 ...

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].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [10] Core Insights - In November, the national trading volume of green certificates reached 132.12 million, a year-on-year increase of 143%, marking a historical high for monthly trading scale. From January to November, the trading of green certificates accounted for 41.81% of the issued tradable scale, an increase of 27.65 percentage points compared to the entire year of 2024, indicating a continuous alleviation of the oversupply issue in green certificates [2][12] - The average trading price of green certificates in November was 4.96 yuan per certificate, showing a month-on-month increase of 10.80%. The improvement in both supply and demand sides is expected to provide long-term support for green certificate prices, further catalyzing the recovery of the utility sector's attributes and growth narrative [2][12] - The report highlights a significant increase in new installed capacity for thermal power, with a historical high of 77.52 million kilowatts added from January to November, representing a year-on-year growth of 63.41%. This expansion is expected to enhance the power system's regulation capacity and alleviate the pressure on renewable energy consumption and electricity prices [2][12] Summary by Sections Green Certificate Trading - The trading volume of green certificates in November reached 132.12 million, a 143% increase year-on-year, with the trading scale hitting a historical high. The trading of green certificates from January to November totaled 728 million, a 119% increase year-on-year. The proportion of traded green certificates to the issued tradable scale reached 41.81%, up 27.65 percentage points from 2024 [2][12] - The average trading price for green certificates in November was 4.96 yuan per certificate, reflecting a month-on-month increase of 10.80%. The price stability is supported by the synchronized improvement in supply and demand, with expectations of rational expansion in supply due to policy changes [2][12] Installed Capacity - From January to November, the total new installed capacity was 44.557 million kilowatts, with November alone contributing 4.773 million kilowatts, a year-on-year increase of 27.86%. Wind and solar power installations saw significant growth, with wind power increasing by 59.42% and solar power by 33.25% year-on-year [2][12] - The report emphasizes that the substantial expansion of thermal power capacity will significantly enhance the power system's ability to accommodate fluctuating renewable energy outputs, thereby stabilizing electricity prices [2][12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, Guodian Power, and Huadian International, as well as hydropower companies like Yangtze Power and State Power Investment Corporation. It also highlights opportunities in the renewable energy sector, suggesting companies like Longyuan Power and New天绿色能源 [2][12]

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

四川川投能源股份有限公司董事会 审计委员会实施细则 第一章 总则 第一条 为强化董事会决策功能，做到事前审计、专业审 计，确保董事会对经理层的有效监督，健全公司内部控制体系， 完善公司治理结构，根据《公司法》《上市公司治理准则》《上 市公司独立董事管理办法》《上市公司审计委员会工作指引》 《上海证券交易所上市公司自律监管指引第 1 号—规范运作》 《公司章程》及其他有关规定，公司设立董事会审计委员会（以 下简称审计委员会），制定本细则。 第二条 审计委员会是董事会下设的专门工作机构，在董 事会的领导下进行工作，对董事会负责。 第二章 人员组成 第三条 审计委员会由 3 名董事组成，其中独立董事 2 名。 审计委员会成员应当为不在公司担任高级管理人员的董 事。审计委员会成员应当勤勉尽责，切实有效地监督、评估公 司内外部审计工作，促进公司建立有效的内部控制并提供真实、 准确、完整的财务报告。 审计委员会成员应当具备履行审计委员会工作职责的专业 知识和经验。 1 第四条 审计委员会委员由董事长、二分之一以上的独立 董事或全体董事的三分之一以上提名，并由董事会选举产生。 第五条 审计委员会设主任（召集人）和副主任各 ...

四川川投能源股份有限公司董事会 提名及薪酬与考核委员会实施细则 第一章 总则 第一条 为完善公司董事和高级管理人员的提名及董事会 成员和高级管理人员考核、薪酬决策程序，充分调动董事和高 级管理人员的工作积极性，健全董事和高级管理人员的激励机 制，根据《公司法》《上市公司治理准则》和《公司章程》等规 定，特制定本细则。 第二条 提名及薪酬与考核委员会是董事会下设的专门工 作机构，在董事会的领导下进行工作，对董事会负责。提名及 薪酬与考核委员会的提案应提交董事会审查决定。 第二章 人员组成 第三条 提名及薪酬与考核委员会由 5 名董事组成，其中 独立董事 3 名。 第四条 提名及薪酬与考核委员会设主任 1 名，由独立董 事担任，设副主任 1 名，由其他委员担任。 第五条 提名及薪酬与考核委员会由董事长、二分之一以 上独立董事或者全体董事的三分之一以上提名，并由董事会选 举产生。 第六条 提名及薪酬与考核委员会任期与董事会任期一致， 1 第七条 提名及薪酬与考核委员会下设提名及薪酬与考核 工作组为日常办事机构，工作组由 2 至 3 名人员组成，办公地 点设在公司人力资源部，主要职责为负责日常工作的联络和会 议的组织 ...

四川川投能源股份有限公司董事会 战略委员会实施细则 第一章 总则 第一条 为加强公司决策科学性，提高决策的效益和质量， 防范决策风险，更好地保护公司和投资者的利益，根据《公司法》 《上市公司治理准则》和《公司章程》及其他有关规定，特制定 本细则。 第二条 战略委员会是董事会下设专门工作机构，在董事会 的领导下进行工作，对董事会负责。 第二章 人员组成 第三条 战略委员会由 8 名董事组成，其中，独立董事 2 名。 第四条 战略委员会委员由董事长、二分之一以上独立董事 或者全体董事的三分之一以上提名，并由董事会选举产生。 第五条 战略委员会设主任 1 名，由公司董事长担任；设副 主任 1 名，由副董事长担任。主任和副主任任期届满，可连选连 任。 第六条 战略委员会任期与董事会任期一致，委员任期届满， 可连选连任，但独立董事成员连续任职不得超过六年。 期间如有委员不再担任公司董事职务，则自动失去委员资格， 并由董事会根据上述第三条至第五条规定补足委员人数。 第三章 职责权限 第八条 战略委员会的主要职责权限： （一）对公司年度生产经营计划、中期或长期发展战略规划 等进行研究并提出建议； （二）对法律法规、证监部门 ...