智通财经1月21日讯（编辑 梓隆），近期，A股市场整体表现平稳，部分个股则持续回落，截至今日（1 月21日）收盘，累计共有近230股当前收盘价低于"924"时（2024年9月24日）收盘价，占全市场标的近 4.3%。 跌破点位标的盘点，医药板块占比较高 按行业板块（申万一级）来统计，目前收盘价跌破"924"的个股中，医药生物股数量最高，其占比可达 18.7%，同时，食品饮料、煤炭、公用事业、基础化工、交通运输股数量也相对较多，其比例均在10% 以上。若从细分板块（申万三级）来看，白酒、中药、动力煤、焦煤、住宅开发板块的个股数量位居前 五，化学制剂、体外诊断、医疗耗材股数量也居前。 注：目前收盘价跌破"924"的个股行业分布情况（截至1月21日收盘） 市值规模层面，这两百余股目前平均总市值近436亿元，中位数总市值达108亿元。从市值分布上看，其 整体较为均衡，50亿元以下市值股近70只，占比近30%，而千亿以上市值股近20只，占比接近一成。其 中，万亿市值股共有1股，为通信股中国移动，其目前收盘价较2024年9月24日时收盘价累计回撤近 3.7%，同时股价近期在96元附近震荡。 注：目前收盘价跌破"924"的 ...

融资融券周报 主要指数多数下跌，两融余额继续上升 ――融资融券周报 | 分析师：王雪莹 | SAC NO：S1150525020001 | 年 | 月 | 日 | 2026 | 1 | 21 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 证券分析师 | 核心观点： | 王[Table_IndInvest] | 雪莹 | | | | | | | | | | | | | | | | | | | | | 市场概况 |  | 022-23839121 | | | | | | | | | | | | | | | | | | | | | | wangxy4430@bhzq.com | 上周（1 | 月 | 日-1 | 月 | 日）A | 股市场主要指数多数下跌，其中中证 |  | 14 | 20 | 500 | 涨幅最大 ...

证券研究报告 公用环保 中美电价剪刀差：大国的相同与不同 ——中国电力何时见底系列 I 华泰研究 行业走势图 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 福能股份 | 600483 CH | 15.47 | 买入 | | 淮河能源 | 600575 CH | 5.28 | 买入 | | 川投能源 | 600674 CH | 21.25 | 买入 | | 华润电力 | 836 HK | 25.49 | 买入 | | 国电电力 | 600795 CH | 6.87 | 买入 | | 甘肃能源 | 000791 CH | 9.55 | 买入 | | 长江电力 | 600900 CH | 36.55 | 买入 | | 京能清洁能源 | 579 HK | 2.96 | 买入 | | 国投电力 | 600886 CH | 17.35 | 买入 | | 湖北能源 | 000883 CH | 5.88 | 买入 | | 陕西能源 | 001286 CH | 12.60 | 买入 | | 华能国际 | 600011 ...

Group 1 - Recent net redemptions in A-share broad-based ETFs have drawn market attention, with significant outflows recorded on January 15 and 16, totaling 687 billion and 863 billion respectively, marking the highest single-day outflows in history [1] - As of January 19, four out of six major broad-based ETFs saw their shares decline by over 10% in the last three trading days, with the largest, Huatai-PB CSI 300 ETF, dropping to 778.63 billion shares, a scale of approximately 369.2 billion, the lowest since August 2024 [1] - The ChiNext and STAR Market ETFs also experienced significant declines, with the E Fund STAR 50 ETF and E Fund ChiNext ETF seeing share reductions of 34.55% and 20.22% respectively [3] Group 2 - In contrast to the outflows from broad-based ETFs, certain commodity, cross-border, and narrow-based ETFs attracted significant inflows, with the Southern Nonferrous ETF being the only product to receive over 10 billion in net inflows, totaling 100.87 billion, driven by rising base metal prices [3] - Other ETFs such as Yongying Satellite ETF, Harvest Software ETF, and GF Media ETF also received net inflows exceeding 6 billion [3] - According to CITIC Securities, the impact of ETF redemptions on individual stocks was significant, with main board, ChiNext, and STAR Market stocks experiencing sell-offs of 946 billion, 334 billion, and 265 billion respectively during the peak outflow days [3] Group 3 - Regulatory measures have been implemented to cool down the market following rapid price increases and overheated sentiment, including raising the minimum margin requirement for margin trading from 80% to 100% [5][6] - The China Securities Regulatory Commission emphasized the need for comprehensive market monitoring and timely counter-cyclical adjustments to maintain market stability and prevent excessive volatility [6] - There are differing views on the long-term outlook for A-shares, with some analysts suggesting the potential for a slow bull market due to reforms, while others remain skeptical about escaping historical volatility patterns [7]

宋尚骞 长江证券电力分析师: 各位领导早上好，欢迎再度来到我们能源华章系列的电话会议活动。我是这个电力，我是 电力组孙大千。过去的三四周，我们这个周度汇报的核心，重点的话都是集中在火电和这 个绿电。这两个方向上，因为在过去的一个月的时间内，随着年度交易陆续的落地，包括 各个地区，这个新能源 130 号文执行的情况，机制电，机制电压。陆续出台，这个火电和 绿电，还是有比较多的边际变化的。相对来说，这个水电这一个板块，是属于基本面的这 个变化并不是特别的明显。 这么样的一个这种方向。但是，在过去的一周的时间内，我们会发现，以长江电力为首的 这个权重的水电股都出现了不同程度上的一个这种回撤。所以说这周的话，主要跟各位领 导来更新汇报一下水电方面的一个这种情况。然后从客观的数据上来看，这个上周整体的 这个厂电是单周下跌了 2.82 这么样的一个这种水平。这个是从 2025 年年初以来最大的 一个周度跌幅的一个这种表现。因为 25 年以来，市场整体的风险偏好的话，本来就来的 比较的高，再加上这个各个板块的，各个主题的这个机会也来的比较的活跃，其实本来就 不是很有利于水电的发挥。 但是在这么样的一个情况之下，本，这个上周 ...

根据业绩披露规则，年报披露季部分上市公司会提前发布业绩预告或业绩快报，而且相对于业绩预告， 业绩快报的准确性更强。截至1月20日，共24家公司发布了2025年业绩快报。 | 代码 | 简称 | 业绩快报公布 | 营业收入（亿 | 营业收入同比 | 净利润（亿 | 净利润同比 | | --- | --- | --- | --- | --- | --- | --- | | | | 日 | 元） | （%） | 元） | （%） | | 600189 | 泉阳泉 | 01.08 | 12.73 | 6.24 | 0.15 | 147.89 | | 300824 | 北鼎股 | 01.15 | 9.50 | 26.04 | 1.11 | 59.05 | | | 份 | | | | | | | 002028 | 思源电 | 01.16 | 212.05 | 37.18 | 31.63 | 54.35 | | | 气 | | | | | | | 600030 | 中信证 | 01.15 | 748.30 | 28.75 | 300.51 | 38.46 | | | 券 | | | | | | | 601965 | 中国汽 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Core Insights - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity demand and is a major reason for the electricity supply gap [2][9] - The electricity index is currently at a historically low valuation, with a PE ratio of approximately 17 times as of December 31, 2025, providing a certain margin of safety for investors [4][12] Group 1: Electricity Demand and Supply - Data centers are becoming the core growth engine for electricity demand due to their massive power consumption [2][9] - The electricity supply gap is primarily caused by the increasing energy needs of data centers [2][9] Group 2: Index Composition and Weighting - The index includes various power generation methods with the following weightings: thermal power (40.81%), hydroelectric (24.81%), wind (14.25%), nuclear (11.83%), and solar (6.87%) [10][11] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [3][10] Group 3: Valuation Insights - The current valuation of the electricity index is lower than most of the past decade, indicating potential investment opportunities [4][12] - The historical PE ratio trend of the index suggests a favorable entry point for investors [5][12]

Core Viewpoint - The article discusses the contrasting perceptions of civil service jobs and investment opportunities, particularly in the context of stock investments like Changjiang Electric Power, highlighting the financial returns versus the stability and societal perceptions of civil service roles [1][5]. Group 1: Investment Perspective - Investing in 100,000 shares of Changjiang Electric Power could yield an annual dividend of 100,000 and an expected stock price increase of another 100,000, totaling 200,000, which is a significant income compared to a civil servant's salary [1]. - The article suggests that the allure of civil service jobs may stem from societal status rather than financial benefits, as many perceive civil service roles as stable but not necessarily lucrative [6][13]. Group 2: Civil Service Insights - The article emphasizes that not all civil service positions are equal, with many being low-paying roles in smaller cities or rural areas, where salaries can be as low as 3,000 per month, leading to a disparity in perceptions of civil service jobs [2][7]. - It points out that the abandonment rate for civil service positions in remote areas can exceed 10%, indicating a lack of interest in these roles compared to more desirable positions in urban centers [7][8]. - The discussion also highlights that civil servants in certain regions face significant scrutiny and pressure, which can diminish the perceived benefits of these roles [11][13].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].