Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

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]

Core Viewpoint - The National Energy Administration has announced the first batch of pilot projects for enhancing the construction capacity of a new power system, supporting 43 projects across 10 cities to explore new technologies and models in the energy sector [2][11]. Group 1: Pilot Project Directions - The 43 pilot projects cover seven directions: - 4 system-friendly new energy power station projects - 8 grid-structured technology application projects - 7 smart microgrid projects - 2 computing power and electricity collaboration projects - 13 virtual power plant projects - 1 large-scale high-proportion renewable energy delivery project - 8 new-generation coal power projects [2][11]. Group 2: Pilot Project Details - **Grid-Structured Technology Application Projects**: - Includes 8 projects such as the grid-structured energy storage project in Baotou, Inner Mongolia, and the flexible DC transmission project in Zhoushan, Zhejiang [3][13]. - **Smart Microgrid Projects**: - Comprises 7 projects including the smart microgrid project in Jilin Oilfield, Jilin, and the integrated charging and swapping smart microgrid project in Yichang, Hubei [4][14]. - **Computing Power and Electricity Collaboration Projects**: - Features 2 projects, namely the computing power center project in Haidian District, Beijing, and the data center project in Wuhu, Anhui [5][6]. - **Virtual Power Plant Projects**: - Encompasses 13 projects such as the controllable resource adjustment project in Hebei and the virtual power plant project in Suzhou, Jiangsu [7][15]. - **System-Friendly New Energy Power Station Projects**: - Includes 4 projects like the wind-solar-thermal storage integrated system-friendly new energy power station in Huainan, Anhui [8][12]. - **Large-Scale High-Proportion Renewable Energy Delivery Project**: - Involves the ±800 kV UHV DC transmission project from southeastern Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area [9][16]. - **New-Generation Coal Power Projects**: - Comprises 8 projects including the coal power unit projects in Shanxi, Jiangsu, and Hubei [9][15].

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]

此前，国家电投集团已在雄安新区持续布局：2018年，国家电投集团雄安能源有限公司注册成立，率先 在雄安新区能源领域开展众多示范项目。2025年8月，国家电投集团雄安基地项目完成土地出让，正加 快推动开工建设。2025年10月，国家电投集团置业项目专业化运营管理平台国电投置业(雄安)有限公司 注册成立。 河北雄安新区商务和投资促进局有关负责人表示，国家电投集团的系统性布局是雄安新区以承接疏解带 动区域发展、引领科技创新、加速产业集聚的生动实践。 中新网雄安1月6日电 (赵丹媚 韩冰)6日，国家电投集团综合智慧能源有限公司(以下简称"电投综能")正 式迁址至雄安新区，成为雄安新区2026年首家市场化疏解的央企二级子公司。 电投综能是国家电力投资集团有限公司(以下简称"国家电投集团")为适应新型电力系统和新型能源体系 建设新要求，聚焦综合智慧能源产业高质量发展和用户侧综合智慧能源创新，整合相关业务板块组建的 专业化公司。 目前，雄安新区能源央企集聚效应显著。中国华能集团有限公司等3家能源央企总部落户雄安，国家能 源投资集团有限责任公司、中国核工业集团有限公司等能源央企集中在雄安新区布局二三级子公司或创 新业务板块。 ...

证券代码：600886 证券简称：国投电力 公告编号：2026-001 国投电力控股股份有限公司关于调整职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 根据《公司法》《国投电力控股股份有限公司职工董事、职工监事管理办法》等有关要求，国投电力控 股股份有限公司（以下简称公司）于2025年12月26日召开职工代表大会，组织开展公司职工董事届中调 整及补选工作。 结合工作实际，大会决定对公司第十三届董事会职工董事进行届中调整，尚中华先生不再担任公司职工 董事。选举高海先生（简历请见附件）为公司第十三届董事会职工董事，任期自选举通过之日起至本届 董事会换届之日止。尚中华先生离任具体情况如下： ■ 2026年1月5日 职工董事个人简历 高海，男，1968年4月出生，大学学历，经济学学士，高级经济师。历任国投华靖电力控股股份有限公 司项目经理，综合部副经理，国投电力控股股份有限公司综合部副经理，燃料管理部副经理（主持工 作），燃料管理部经理，商务管理部经理，总经理助理兼商务管理部经理，副总经理、董事会秘书、总 法律顾问。现 ...

证券代码：600886 证券简称：国投电力 公告编号：2026-001 国投电力控股股份有限公司 关于调整职工董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 姓名 | 离任职务 | 离任时间 | 原定任期 到期日 | | 离任 原因 | 是否继续在上 市公司及其控 | 具体 职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股子公司任职 | | 公开承诺 | | | 职工董事 薪酬与考核 | 2025 年 | 2028 年 | | 工作 | 是 | 业务发展 | | | 尚中华 | | 12 月 26 日 | 9 月 5 | 日 | 调整 | | 部副经理 | 否 | | | 委员会委员 | | | | | | | | 尚中华先生离任不会导致公司董事会成员低于法定人数，并已按照公司相关 规定做好工作交接，不存在未履行完毕的公开承诺，其离任不会影响公司的正常 运作，不会对公司日常管理、生 ...

2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 证券代码：600886 证券简称：国投电力 公告编号：2026-002 国投电力控股股份有限公司 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 989 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,098,497,860 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 26.2164 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次会议由公司董事会召集，由公司董事长郭绪元先生主持。会议采用现场 投票和网络投票相结合的表决方式。本次会议的召集、召开、表决符合《公司法》 和《公司章程》的有关规定。 (五) 公司董事和董事会秘书的列席情况 (一) 股东会召开的时间：2026 年 1 月 5 ...

北京市天元律师事务所 关于国投电力控股股份有限公司 2026 年第一次临时股东会的法律意见 京天股字(2026)第007号 致:国投电力控股股份有限公司 国投电力控股股份有限公司(以下简称"公司")2026 年第一次临时股东会(以 下简称"本次股东会")采取现场投票与网络投票相结合的方式,现场会议于 2026 年 1 月 5 日在北京市西城区西直门南小街 147 号楼 1011 会议室召开。北京市天元 律师事务所(以下简称"本所")接受公司聘任,指派本所律师参加本次股东会现 场会议,并根据《中华人民共和国公司法》、《中华人民共和国证券法》(以下简称 "《证券法》")、《上市公司股东会规则》(以下简称"《股东会规则》"以及《国 投电力控股股份有限公司章程》(以下简称"《公司章程》")等有关规定,就本次 股东会的召集、召开程序、出席现场会议人员的资格、召集人资格、会议表决程序 及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《国投电力控股股份有限公司第十三届 董事会第五次会议决议公告》《国投电力控股股份有限公司关于召开 2026年第一次 临时股东会的通知》(以下简称"《召开股东会通知》"《国投电 ...