Core Viewpoint - The State Power Investment Corporation has officially launched the world's first ultra-high temperature heat pump energy storage technology, named "Shunuo," which offers significant advantages over traditional energy storage methods [1]. Group 1: Technology Overview - "Shunuo" technology features high flexibility in deployment, not reliant on specific geographical conditions, allowing for quick installation in various settings such as flat power stations and mountainous industrial parks [1]. - The heat pump energy storage, also known as the Carnot battery, combines heat pump cycles with heat engine cycles to achieve efficient bidirectional conversion between electrical and thermal energy [1]. - The technology boasts high energy density, low capacity costs, and high storage efficiency, enabling high-quality combined heating, cooling, and electricity supply [1]. Group 2: Performance Metrics - The "Shunuo" technology maintains stable efficiency without degradation across different loads, with thermal storage capabilities exceeding 560°C and as low as -60°C [1]. - The energy storage density can reach 80-120 kilowatt-hours per cubic meter, significantly surpassing conventional compressed air energy storage, with a potential increase in storage capacity by over ten times in the same space [1]. Group 3: Application and Impact - The technology has broad application scenarios, including coupling with large-scale renewable energy bases, coal power, nuclear power, and high-energy-consuming industries, thereby enhancing the proportion of green electricity and meeting flexibility and energy-saving requirements [1]. - Driven by the "dual carbon" goals, long-duration energy storage has transitioned from an optional choice to a necessity for energy transformation, making the innovation and application of long-duration energy storage technologies urgent [1]. - Heat pump energy storage technology is expected to play a crucial role in constructing a new power system and ensuring the safe and stable operation of the power grid, positioning it as a backbone for future large-scale long-duration energy storage [1].

Investment Rating - The investment rating for the industry is "Positive" and is maintained [9]. Core Insights - The average transaction price for Guangdong Province in 2026 is projected to be 372.14 RMB/MWh, reaching the lower limit of the medium to long-term trading price, which represents a year-on-year decrease of 19.72 RMB/MWh. If the impact of the coal power capacity price increase in 2026 is considered, the comprehensive average electricity price will remain roughly the same as in 2025 [2][13]. - The total transaction volume for Guangdong Province in 2026 is expected to reach 359.437 billion kWh, reflecting a year-on-year growth of 5.38% [6][13]. - The Southern Energy Regulatory Bureau has emphasized the prohibition of signing "yin-yang contracts" and will strictly investigate violations in medium to long-term electricity trading. This indicates a focus on maintaining market order and rational trading [2][13]. - The report suggests that if electricity prices experience irrational declines, a new round of mechanism reforms may be initiated. The publication of the long-term electricity price in Guangdong marks the beginning of a new phase in the national electricity price negotiations [13]. Summary by Sections Section: Price Trends - The long-term electricity price has reached its lower limit, indicating potential volatility in prices if not constrained. The regulatory body has issued guidelines to ensure compliance and market stability [2][13]. - The coal power capacity price is set to increase from 100 RMB/year·kW to 165 RMB/year·kW in 2026, which, combined with a decrease in coal power utilization hours, will affect the average price for coal power units, keeping it stable compared to 2025 [2][13]. Section: Market Dynamics - The report highlights that the supply-demand relationship is becoming more relaxed, with an increase in new coal power installations, which may exert downward pressure on electricity prices. The dual-track pricing system of medium to long-term and spot markets is also contributing to this dynamic [13]. - The report recommends focusing on quality coal power operators such as Huaneng International, Datang Power, and others, as well as hydropower companies like Yangtze Power and Guotou Power, and new energy firms like Longyuan Power and China Nuclear Power [13].

Core Viewpoint - The "CNI Energy Sustainable Development Index" (referred to as "Energy ESG") has been officially launched, aiming to fill the gap in the market for a specialized index focusing on the sustainable development of the energy sector, thereby guiding capital towards key areas such as renewable energy and green technology innovation [1][3]. Group 1: Index Overview - The "Energy ESG" index comprises 50 sample companies selected based on their ESG scores, profitability, and growth potential, with a total market capitalization of 5.9 trillion yuan and an average market capitalization of 118.2 billion yuan [2]. - The top ten companies in the index, including Changjiang Electric Power and China Shenhua, account for 65% of the index's weight [2]. - Since its base date of June 29, 2018, the index has achieved a cumulative return of 40%, with an annualized return of 5%, outperforming major market indices like the CSI 300 and CSI 500 [2]. Group 2: Trends in Energy Sustainability - The energy transition is entering a critical phase, with increasing attention from capital markets on the sustainable development capabilities of energy companies [3]. - Six major trends in energy sustainability have been identified, including the evolution of energy supply and demand patterns, with coal's share in power generation expected to drop below 50% by 2030 [3][4]. - The need for enhanced system regulation and energy storage capabilities is emphasized, with new types of storage solutions becoming increasingly important [4]. - The emergence of new industries and business models in the energy sector is driven by technological advancements, leading to rapid growth in areas such as smart microgrids and green manufacturing [4]. - The collaboration between electricity and carbon markets is being strengthened, with new policies being introduced to enhance resource allocation [4][5]. - The economic implications of energy transition are becoming more pronounced, necessitating a focus on optimizing system economics while ensuring a successful transition [5]. - International competition and cooperation in energy are evolving, with increased global interconnectivity and trade in new energy products like hydrogen [5]. Group 3: Company Initiatives - Changjiang Electric Power has set a target for its six hydropower stations to generate 2,959 billion kilowatt-hours by June 2024, which is projected to reduce carbon emissions by 243 million tons [6]. - China Shenhua has implemented a "mining while rehabilitating" model in its mining operations, achieving a 100% rehabilitation rate over 3,300 hectares, with vegetation coverage increasing from 20% to 80% [6].

Core Insights - The global first ultra-high temperature heat pump energy storage technology "Shu Nuo" was launched by China National Power Investment Corporation in Beijing [1] - Long-duration energy storage is deemed a "must-have" option for current energy transition [1] Technology Development - The Central Research Institute of China National Power Investment Corporation proposed the heat pump energy storage technology route, overcoming key technical challenges in system configuration, core equipment, and system control [1] - A pilot system for the ultra-high temperature heat pump energy storage technology has been established, achieving complete autonomy in intellectual property rights [1] Performance and Testing - The pilot system has undergone third-party performance testing by Xi'an Thermal Engineering Institute, completing seven full charge-discharge cycles with all core parameters meeting or exceeding design values [1] - The system is stable and has globally leading technical indicators [1] Advantages Over Traditional Technologies - The "Shu Nuo" technology offers significant advantages over traditional energy storage technologies, including high flexibility in deployment without reliance on specific geographical conditions [1] - The technology boasts a cycle efficiency of over 65% with no degradation, maintaining stable efficiency under varying loads [1] - It can store heat at temperatures above 560°C and as low as -60°C, with a storage density of 80-120 kWh/m³, significantly surpassing conventional compressed air energy storage [1] Application Scenarios - The technology has a wide range of applications, enabling high-quality combined heat, electricity, and cold supply [1] - It can couple with large-scale renewable energy bases, coal power, nuclear power, and high-energy-consuming industries, enhancing the proportion of green electricity and meeting flexibility and energy-saving requirements [1]

（来源：中国电力新闻网） 转自：中国电力新闻网 从项目选址走到这一刻，白龙核电用了22年。集7000余名建设者的合力，共同将能源清洁低碳转型的梦 想，浇筑进白龙核电项目坚实的根基中。 集创新之实，突破技术壁垒 白龙核电项目位于广西壮族自治区防城港市，项目规划建设2台CAP1000核电机组和4台"国和一号"机 组，总装机862万千瓦，一次规划、分期实施。 项目依托"大型先进压水堆核电站"国家科技重大专项和三代核电自主化战略，在设备国产化方面推动技 术突破和行业变革。其中，湿绕组主泵在CAP1000机组中首次应用，该主泵具备高可靠性、高效率、易 维护与易制造等多重技术优势。 与此同时，白龙核电项目实现了核电站仪控系统自主化。关键技术的自主可控，将大幅降低白龙核电的 工程建设和运行维护成本。 如今，我国已经具备了国产化CAP1000核电技术自主设计、制造、建造及运维能力。随着三门二期、海 阳二期、廉江一期、陆丰一期等项目陆续开工建设，CAP1000核电技术已进入批量化建设阶段。目前， 白龙核电项目1号机组实现整机国产化，全面实现了百万千瓦级三代非能动大型商用核电站的设计自主 化、设备国产化、工程建造自主化。 在实现 ...

Group 1 - The establishment of Guodian Zhongjiao (Shuozhou) Energy Development Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The legal representative of the new company is Zhu Lei, and its business scope includes power generation, transmission, and distribution services, as well as solar and wind power technology services, and energy storage technology services [1] - The company is jointly owned by Guodian Power (600795) through its wholly-owned subsidiary Guodian Power Datong Lake East Power Co., Ltd. and China Urban Construction Group Co., Ltd. [1]

2026年3月10日 中国 北京 刘老师 18911617462 北极星风力发电网获悉：12月22日，华电新能源集团股份有限公司（以下简称"华电新能"）发布关于公 司董事及高级管理人员变动的公告。因工作安排需要，吴韶华先生申请辞去公司第二届董事会董事及董 事会战略委员会委员职务，陈朝辉先生申请辞去公司第二届董事会董事及董事会审计委员会委员职务， 辞职后，吴韶华先生、陈朝辉先生不再担任公司的任何职务。 同时，第二届董事会第九次会议审议通过《关于聘任公司总经理的议案》，同意聘任吴豪先生担任公司 总经理。 审议通过《关于聘任公司财务负责人（总会计师）的议案》，经公司总经理吴豪先生提名，同意聘任杨 帅先生担任公司财务负责人（总会计师）。 审议通过《关于聘任公司董事会秘书的议案》，经公司董事长侯军虎先生提名，同意聘任杨帅先生担任 公司董事会秘书。 | | | | | | 是否继续 | 是否存 | | --- | --- | --- | --- | --- | --- | --- | | | 离任职 | 离任时 | 原定任 | 离任原 | 在上市公 | 在未履 | | 姓名 | | | 期到期 | | 司及其控 | 行完 ...

作为国家重要能源基地，大同正以政策引导、要素保障、技术突破"三维驱动"，推动能源体系深刻变 革，在传统能源升级、新能源布局、重大项目攻坚上全面发力，为打造晋北新能源基地注入强劲动能。 产业链延伸与能源网络建设同步推进，转型成效显著。千万吨级煤矸石高值化利用示范工程取得突破， 为煤基固废资源化提供了"大同方案"。左云县煤基活性炭产能占全国三分之一，产品远销海外。浑源抽 水蓄能电站、大怀线特高压工程等重大基础设施，进一步巩固了大同作为京津冀绿色能源供应基地的战 略地位。 为保障晋北基地这一省级重点工程高效推进，大同建立了省级季度调度、市级月度协调的联动机制，开 辟审批绿色通道，助力项目跑出建设"加速度"。从传统能源绿色升级到新能源规模化发展，再到能源网 络强化与产业链延伸，大同正走出一条资源型城市转型与能源安全保障协同并进的新路径。 资讯编辑：祝蓉 021-66896654 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mys ...

Group 1 - The core viewpoint of the article is the commencement of the first concrete pouring for the nuclear island of the Guangxi Bailong Nuclear Power Project, marking the official start of the main construction phase of the first phase of the project [1] - The Guangxi Bailong Nuclear Power Project is located in Fangchenggang City, Guangxi, and plans to build six 1 million kilowatt nuclear power units, with a total installed capacity of 8.62 million kilowatts and a total investment of approximately 120 billion yuan [1] - The first phase of the project will utilize domestically designed third-generation advanced nuclear power technology, with each unit having a capacity of 1.25 million kilowatts [1] Group 2 - Upon completion and operation of the two units in the first phase, the annual electricity generation is expected to be approximately 20 billion kilowatt-hours, which will reduce standard coal consumption by about 6 million tons annually [1] - The project is projected to reduce carbon dioxide emissions by approximately 16 million tons per year, with the emission reduction effect equivalent to planting about 44,000 hectares of broadleaf forest [1]

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].