花旗发表研究报告指，昨天多只内地公用股的股价下跌，相信是由于国家能源局对明年提出保守指引， 包括审慎制定风电与太阳能新增装机产量目标，及其对水电与核电发展持谨慎态度。根据过往经验，认 为明年风能和太阳能装机产量超过200GW的预测可能过低，并预计十五五规划期间的水电与核电项目 资本开支将会增加，以达成减排目标。此外，该行预计全球储能系统(ESS)的需求将加快扩张。该行重 申对金风科技、通威股份、东方电气及阳光电源的"买入"评级。 ...

Flash | 11 Dec 2025 07:08:19 ET │ 10 pages Dongfang Electric (1072.HK) Potential New Orders for Gas Turbine Power Generators from US Data Centers CITI'S TAKE DFE cannot export big gas turbine power generators yet- For big gas turbine power generators over 50MW, Mitsubishi has not allowed DFE to export these yet. Under their joint venture agreement, Mitsubishi provides important raw material, forgings and turbine blades of big gas-fired power equipment to DF, and DF is mainly responsible for equipment proces ...

（编辑 黄力） 本报讯 （记者袁传玺）天眼查App显示，近日，东方电气石化氢能（自贡）有限公司成立，注册资本8780万元，经营范围 包括燃气经营、食品销售、太阳能发电技术服务、新兴能源技术研发、站用加氢及储氢设施销售等。股东信息显示，该公司由 东方电气集团东方锅炉股份有限公司、中国石化销售股份有限公司、自贡无水港投资发展有限公司共同持股。 ...

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].

据介绍，该项目是目前国内最大单体新能源清洁供热项目，其核心任务是高效消纳光伏绿电，通过电加热熔盐储能技术，将不稳定的光伏电能转化为可稳定 储存、按需释放的热能，并利用二元盐双罐系统储存，最终产出高温高压蒸汽，24 小时连续供给周边工业园区，开创高压蒸汽外供新模式。 IT之家从东方电气官方获悉，项目投运后，预计每年可消纳绿电约 10 亿度，既能有效缓解当地绿电消纳压力，也可满足工业园区持续稳定供汽的需求，为 零碳园区建设与能源结构转型提供重要示范。 . THER :00 u (11) C 47 B r SEBRANDS PA tissu 2 all PHAN NEELL mit 热储能及综合能源 E y Enti f o 1676 12 月 14 日消息，据东方电气官方消息，由该集团所属东方锅炉承建的华能西安热工院 500 兆瓦 / 2000 兆瓦时熔盐储罐项目迎来重要阶段性成果 —— 高、 低温熔盐储罐罐体安装全面完成。该节点的顺利实现，标志着项目主体设备安装取得重大进展，为后续系统联调与整体投运奠定了基础。 ...

记者13日从通用技术沈阳机床获悉，由通用技术集团与东方电气集团联合研发的4台高端五轴联动数控 机床12日在沈阳下线交付。这一合作在取得重大技术突破的同时，还打破了"研用脱节"的产业困境，开 创了国产工业母机研制的新模式。（中新网） ...

通用技术集团总工程师周舟表示，此次合作是中央企业发挥产业链引领作用、打造创新联合体的有力举措，集团将联合更多伙伴，构建自主可控、安全高 效的高端装备生态。据悉，通用技术集团与东方电气集团已于今年9月签署二期合作意向书，将围绕"十五五"核心技术攻关任务系统谋划，深化在工业母 机、国际工程、医疗服务等领域的战略合作，共同推进中央企业先进电力装备与高端数控机床创新联合体建设，为筑牢现代化产业体系、加快建设制造强 国贡献央企力量。 "以前很多应用场景、信息我们是见不着、拿不到的，此次合作彻底打破了这一局面，真正把产学研用连在一起、拧在一起，形成了有效的合力。"通用技 术集团机床工程研究院有限公司副院长吴俊勇介绍。长期以来，国产高端数控机床面临着"研发投入大、周期长、验证难"的瓶颈——企业闭门研发与市场 实际需求脱节，产品陷入"用户不愿用、不敢用，技术难迭代、难成熟"的恶性循环。 为破解这一难题，今年6月，通用技术集团与东方电气集团两大央企签署合作协议，探索开创"场景牵引、联合研发、风险共担、利益共享"的协同创新范 式。 东方电气集团开放能源装备制造场景，将生产工艺需求前置传递，为研发提供"靶向目标"；两家央企分工协同 ...

12月12日，由通用技术集团与东方电气集团深度协同、联合研发的4台高端五轴联动数控机床在通用技术沈阳机床下线并交付。 此次合作在取得重大技术突破的同时，还成功打破了"研用脱节"的产业困境，开创了国产工业母机研制的新模式。 此次交付的两类四种机型产品，实现了整机及核心部件自主可控，定位精度、加工效率等关键技术指标达到国际先进水平，将直 接应用于雅下水电、新一代煤电等国家重点工程，为落实"双碳"战略和保障能源安全提供支撑。 通用技术集团总工程师周舟表示，此次合作是中央企业发挥产业链引领作用、打造创新联合体的有力举措，集团将联合更多伙 伴，构建自主可控、安全高效的高端装备生态。据悉，通用技术集团与东方电气集团已于今年9月签署二期合作意向书，将围绕"十五 五"核心技术攻关任务系统谋划，深化在工业母机、国际工程等领域的战略合作，共同推进中央企业先进电力装备与高端数控机床创 新联合体建设，为筑牢现代化产业体系、加快建设制造强国贡献央企力量。 图为在通用技术沈阳机床下线并交付的高端五轴联动数控机床。 "以前很多应用场景、信息是见不着、拿不到的，此次合作彻底打破了这一局面，真正把产学研用连在一起、拧在一起，形成了 有效合力。 ...

31个申万一级行业中，共计21个收涨，有色金属、电子、电力设备、机械设备、通信、国防军工等热门赛道涨幅均超 过1%。商贸零售、综合、房地产等板块收跌。 在中央经济工作会议提振下，12月12日A股放量上涨，成交额重上2万亿元，但分化显著，仅2683只个股收涨。电力设 备掀涨停潮，算力概念则相对逊色。 受访人士表示，短期处于政策与数据真空期，难现连续拉升，震荡仍是主基调。电力设备、通信、国防军工等科技股 既契合政策导向，业绩确定性又高，获资金持续扫货。而大消费因业绩拐点未现，暂被冷落。 单日成交额增至2.12万亿元 指数温和收高，深市强于沪市。沪指收涨0.41%报3889.35点，创业板指收涨0.97%报3194.36点，深证成指收涨0.84%。 沪深300、上证50、北证50微涨，科创50收涨1.74%。 但交投活跃度明显提升，今日成交额达2.12万亿元，较前一日大增2337亿元。杠杆资金热度较高，截至12月11日，沪 深京两融余额约为2.51万亿元。 盘面上，科技股走强，可控核聚变、高带宽内存、超导概念、第四代半导体、消费电子设备、贵金属大涨；银行、石 油天然气、零售、微盘股微跌。 | | 东财概念指数 | ...