报告要点 [Table_Summary] 展望来看，随着容量电价提升及国资委考核的深化，未来火电的叙事有望转向盈利稳定与分红 提升的红利逻辑；短期维度来看，在煤价上行周期煤电一体化标的的可比优势或更加突出。对 绿电而言，尽管政策层面何时能够对基本面产生实际改善仍存在不确定性，但估值低且兼具一 定股息补偿、风电占比高、区域电价确定性强的主体依然值得左侧布局。当前，长江电力的股 息率达到历史高位，成长性更强的国投电力与川投能源的估值也达到相对低位，重视水电绝对 收益价值。核电在"十五五"期间将迎来可观的产能增长，并将进一步支撑分红能力，虽然市 场电价一定程度扰动核电业绩预期，但长期电价中枢预期依然坚实。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SFC：BQT627 刘亚辉 张子淳 SAC：S0490523080003 %% %% %% %% research.95579.com 1 行业研究丨深度报告丨公用事业 [Table_Title] 新征程，还是老轮回？——电力行业 ...

中国发展网讯"十四五"期间，国家电投山东公司坚定走好可持续高质量健康发展道路，助力集团公 司"均衡增长战略"落地见效，深度融入地方能源转型升级大局，在齐鲁大地上书写了绿色低碳高质量发 展的精彩答卷。公司创新打造的"高青模式"，用"绿电"照亮乡村振兴新路，为乡村绿色振兴与企业可持 续发展开辟新路径。 在黑里寨镇，以项目实施村装机容量2兆瓦计算，2025年运营期内总收益约为2750万元，每年可增加村 集体收益78万元。油马村整建制光伏项目运行当年就为村集体增收108万元，并向全村120户群众分红15 万元，成功将"房顶"变"银行"。 走进青城镇的"畜光互补"园区，映入眼帘的是一排排规整的蔚蓝色太阳能板，板下却别有洞天——宽敞 的牛棚里，健硕的黑牛正悠闲地休憩。太阳能板如同巨大的"遮阳伞"，为牛群遮挡烈日风雨，营造出凉 爽舒适的小环境，由此产生的绿色电力，正持续转化为真金白银，反哺着当地的养殖产业。 如今的高青，正在编织一张全域绿色能源网络，清洁能源已渗透到从农业生产到交通运输的各个领域。 目前，高青县8万千瓦"千乡万村驭风行动"项目和10万千瓦绿色低碳能源转型示范项目已进入核准阶 段，正在加速做好开工建设准备。( ...

沪指今日上涨1.19%，25股收盘价创历史新高。 今日可交易A股中，股价上涨的有3626只，占比66.58%，下跌的有1635只，占比30.02%，其中，涨停的 有58只，跌停的有27只。 证券时报·数据宝统计显示，不含近一年上市的次新股，今日共有25股收盘价创历史新高，按所属板块 看，主板有19只，创业板有6只。从行业属性来看，有色金属、电子、基础化工行业创新高的个股较为 集中，分别有5只、5只、4只个股出现在名单中。 从股价表现看，收盘价创历史新高股中，今日股价平均上涨6.84%，涨停的有奕东电子、东方铁塔、英 维克等，涨幅居前的有新易盛、中钨高新、东材科技等。股价方面，创新高股平均股价65.12元，其 中，股价超百元的有4只，50元~100元的有7只，收盘股价最高的是新易盛，今日收盘价为446.10元，上 涨9.55%，其次是联动科技、西测测试，收盘价分别为122.21元、104.58元。 资金流向上，今日创新高股主力资金合计净流入36.18亿元，其中，主力资金净流入的有18只，净流入 资金居前的有新易盛、英维克、中钨高新等，净流入资金分别为14.10亿元、8.93亿元、3.56亿元；主力 资金净流出的 ...

证券研究报告 | 行业策略报告 2025 年 12 月 16 日 电改深化，变中求稳 公用事业 2026 年度策略报告 周期/环保及公用事业 煤价企稳回升，叠加容量电价上涨，26 年整体电价降幅预计可控；区域来水 分化，短期内建议关注水电装机增长带来的弹性；136 号文陆续落地，预计新 能源短期电价和消纳承压。燃气板块，多个 LNG 气田陆续投产，全球 LNG 供 给将趋于宽松，价格中枢有望下移，从而提振需求。 推荐（维持） 行业规模 1 、 《 环 保 公 用 事 业 行 业 周 报 （20251207）：机制电价竞价结果加 速落地，"41+9"打造氢能新动力》 2025-12-09 2 、 《 环 保 公 用 事 业 行 业 周 报 （20251130）：输配电价新规发布， 鼓励跨省跨区工程探索容量电价》 2025-12-01 3、《电力行业点评报告：点碳成金， "超碳一号"年内冲刺满功率发电》 2025-12-01 宋盈盈 S1090520080001 敬请阅读末页的重要说明 ❑ 2025 年以来，环保及公用事业板块均有上涨。截止 12 月 13 日，公用事业 板块累计涨幅 3.61%，在 31 个申万 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

企查查APP显示，近日，国家电投集团生物质能源有限公司成立，法定代表人为赵永刚，注册资本为80 亿元，经营范围包含：发电业务、输电业务、供（配）电业务；燃气经营；燃气汽车加气经营；肥料生 产；储能技术服务等。企查查股权穿透显示，该公司由国家电力投资集团有限公司、国网综合能源服务 集团有限公司共同持股。 （原标题：国家电投集团生物质能源公司成立，注册资本80亿） ...

2025 年 12 月 14 日 ——公用事业行业周报（20251214） 要点 本周行情回顾：本周 SW 公用事业一级板块下跌 0.09%，在 31 个 SW 一级板 块中排名第 11；沪深 300 下跌 0.08%，上证综指下跌 0.34%，深证成指上涨 0.84%，创业板指上涨 2.74%。细分子板块中，火电上涨 0.22%，水电下跌 0.26%，光伏发电上涨 1.27%，风力发电上涨 0.11%，电能综合服务上涨 0.48%，燃气下跌 0.86%。本周公用事业涨幅前五的个股分别为嘉泽新能 （+9.71%）、银星能源（+8.58%）、中泰股份（+7.79%）、西昌电力（+5.38%）、 郴电国际（+4.14%）；周跌幅前五的个股分别为蓝天燃气（-15.21%）、德 龙汇能（-14.02%）、惠天热电（-12.62%）、华通热力（-11.33%）、联美 控股（-10.05%）。 本周数据更新：本周动力煤价格加速下跌。其中，秦皇岛港 5500 大卡动力煤 （中国北方，平仓价）周环比下跌 39 元/吨；防城港 5500 大卡动力煤（印度 尼西亚，场地价）本周周环比下跌 10 元/吨；广州港 5500 大卡动力 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The increase in coal power capacity price compensation in Yunnan province is expected to accelerate the development of provincial capacity pricing policies across various regions [7] - The decline in port coal prices and high inventory levels are influencing market dynamics, with expectations of a gradual narrowing of price declines in the future [7] - The utility sector is viewed as a defensive asset, with low-priced utility assets becoming increasingly attractive for investors [7] - The report emphasizes the need for further market-oriented pricing reforms to support the evolving power system as renewable energy consumption increases [7] Summary by Sections Investment Suggestions and Targets - The report expresses optimism for the utility sector, highlighting the advantages of dividend assets in a low-interest-rate environment [7] - Specific stock recommendations include Huadian International (600027), Guodian Power (600795), Huaneng International (600011), Anhui Energy (000543), and Jiantou Energy (000600) for thermal power [7] - For hydropower, it suggests focusing on quality large hydropower companies such as Yangtze Power (600900) and Sichuan Investment Energy (600674) [7] - Nuclear power is noted for its long-term growth certainty, with China General Nuclear Power (003816) recommended [7] - Wind and solar sectors are expected to see growth, with a focus on companies with high wind power ratios [7] Industry Dynamics - Yunnan province's coal power capacity price compensation has increased to 100% of fixed costs, which is expected to alleviate operational pressures on coal power plants [7] - Port coal prices have continued to decline, with the Qinhuangdao port price for Shanxi Q5500 coal at 745 RMB/ton, reflecting a week-on-week decrease of 5.1% [13] - The report notes that coal inventory levels are high, with Qinhuangdao port coal inventory at 7.22 million tons, a week-on-week increase of 1.5% [21] - The average electricity price in Guangdong has decreased by 13.0% year-on-year, while Shanxi has seen a significant drop of 57.9% [10] Hydrology and Water Levels - The Three Gorges Reservoir's water level is currently at 172 meters, showing a year-on-year increase of 2.7% [29] - The average inflow to the Three Gorges Reservoir has decreased by 2.4% year-on-year, while the outflow has increased by 93% since Q4 2025 [29]

2020-2025年1-10月中国发电量产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：华能国际（600011）,大唐发电（601991）,国电电力（600795）,华电国际（600027）,长江电 力（600900）,国投电力（600886）,川投能源（600674）,桂冠电力（600236）,内蒙华电（600863）,浙 能电力（600023） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 根据国家统计局数据显示：2025年10月中国发电量产量为8002亿千瓦时，同比增长7.9%；2025年1-10月 中国发电量累计产量为80625.5亿千瓦时，累计增长2.3%。 ...