据天眼查APP显示，中国长江电力股份有限公司成立于2002年11月04日，注册资本2446821.7716万人民 币。（数据宝） 12月18日长江电力大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 173.47 | 4359.30 | 25.13 | -10.51 | 广发证券股份有限公司 上海西藏南路证券营业 | 国投证券股份有限公司上海浦 东新区花园石桥路证券营业部 | | | | | | 部 | | （文章来源：证券时报网） 长江电力12月18日大宗交易平台出现一笔成交，成交量173.47万股，成交金额4359.30万元，大宗交易成 交价为25.13元，相对今日收盘价折价10.51%。该笔交易的买方营业部为广发证券股份有限公司上海西 藏南路证券营业部，卖方营业部为国投证券股份有限公司上海浦东新区花园石桥路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 12月18日，长江电力收涨0.57%，收盘价为28.08元，发生1笔大宗交易，合计成交量173.47万股，成交 金额4359.3万元。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为1.33亿元。该股近5个交易日累计 上涨0.79%，主力资金合计净流出1600.79万元。 责任编辑：小浪快报 第1笔成交价格为25.13元，成交173.47万股，成交金额4,359.30万元，溢价率为-10.51%，买方营业部为 广发证券股份有限公司上海西藏南路证券营业部，卖方营业部为国投证券股份有限公司上海浦东新区花 园石桥路证券营业部。 ...

每经记者｜朱成祥 每经编辑｜董兴生 丨 2025年12月18日 星期四 丨 NO.1 长江电力：秘鲁红珊瑚风电项目完成股权交割 据长江电力公众号，秘鲁时间12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马完成红珊瑚风电 项目股权交割。这是路德斯公司历史第三个新能源发电并购项目，该项目交割后路德斯公司已成为秘鲁 第一大风电运营商。 点评：此举标志长江电力国际化与"水风光储"多能互补战略加速推进，通过并购快速切入海外风电市 场，优化能源结构，提升抗风险能力与综合竞争力。短期事件提振市场情绪，中长期若项目运营良好， 有望为公司贡献稳定收益，并为后续海外新能源布局提供范本。 NO.2 隆基绿能李振国：呼吁强化行业自律，坚决抵制非理性竞争 12月17日，在"2025光伏供应链配套发展研讨会"上，隆基绿能创始人、首席技术官李振国表示，中国光 伏产业要持续强化创新引领、构建韧性协同的供应链体系，积极开拓全球市场，持续提升中国光伏品牌 的国际影响力与竞争力。他呼吁产业链上下游同仁加强务实合作，强化行业自律，坚决抵制非理性竞 争，合力营造开放包容、规范有序、韧性高效的产业新生态，为构建新型能源体系、保障国家能源安全 贡献光 ...

（文章来源：证券日报） 本报讯 （记者贺王娟）12月17日，中国长江电力股份有限公司（以下简称"长江电力"）宣布，秘鲁时 间2025年12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马顺利完成红珊瑚风电项目股权交割。 这是路德斯公司历史第三个新能源发电并购项目，该项目成功交割后路德斯公司已成为秘鲁第一大风电 运营商，标志着路德斯公司在秘鲁构建"水风光多种能源形式互补、发配售全产业链协同"的发展目标取 得重大进展。 长江电力披露，上述项目标的资产位于秘鲁伊卡大区，装机规模13.57万千瓦，年发电量约6.6亿千瓦 时，年利用小时数超4800小时。该项目毗邻前期并购的蓝宝石风电场，可充分发挥路德斯公司作为配售 电企业的优势，实现电力运营与销售协同，取得较好的经济效益。 ...

Group 1: Core Insights - The future narrative for thermal power is expected to shift towards enhanced profitability stability and increased dividends due to rising capacity prices and deeper assessments by the State-owned Assets Supervision and Administration Commission (SASAC) [2][60] - In the short term, integrated coal power companies are likely to have a comparative advantage as coal prices rise, with a consensus forming around an increase in the coal price baseline for next year [2][6] - Renewable energy companies, despite facing challenges such as supply-demand imbalance and subsidy delays, have shown considerable absolute returns, supported by improving policies for green energy development [6][8] Group 2: Thermal Power Analysis - Historical performance of thermal power shows a certain "counter-cyclical" nature, with earnings often moving inversely to coal prices, which are now market-driven [19][26] - The current policy framework limits the duration of profitability expectations for thermal power, leading to a "high first, low second" characteristic in the market for 2023 and 2024 [6][45] - The expected increase in capacity prices across provinces by 2026 will enhance the fixed cost recovery ability of coal power plants, significantly improving profitability stability [60][64] Group 3: Renewable Energy Insights - The renewable energy sector is currently facing multiple issues, including market price pressure and subsidy delays, but the gradual improvement in policy support is expected to create investment opportunities [6][8] - Companies with low valuations, high wind power ratios, and strong regional price certainty are still worth considering for investment despite the uncertain timing of policy impacts [2][6] Group 4: Hydropower and Nuclear Power - Leading hydropower companies exhibit high earnings certainty and dividend ratios, making them attractive for long-term investment [7] - Nuclear power is anticipated to see significant capacity growth during the 14th Five-Year Plan, with stable long-term price expectations despite some market price fluctuations [8][60] Group 5: Investment Recommendations - Recommended companies include quality thermal power operators such as Huaneng International, Datang Power, and China Power, as well as leading hydropower firms like Yangtze Power and Guotou Power [9] - In the renewable sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [9]

沪深300ESGETF南方（560180）业绩比较基准为沪深300ESG基准指数收益率，管理人为南方基金管理 股份有限公司，基金经理为李佳亮，成立（2023-04-13）以来回报为13.96%，近一个月回报为-3.28%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 来源：新浪基金∞工作室 12月17日，截止午间收盘，沪深300ESGETF南方（560180）涨0.44%，报1.146元，成交额448.28万元。 沪深300ESGETF南方（560180）重仓股方面，宁德时代截止午盘跌0.27%，贵州茅台涨0.43%，招商银 行跌0.98%，中际旭创涨3.52%，长江电力跌0.29%，美的集团涨0.36%，比亚迪跌0.30%，兴业银行跌 0.73%，工商银行涨0.51%，恒瑞医药涨0.83%。 ...

来源：新浪基金∞工作室 12月16日，截止午间收盘，沪深300ETF中金（510320）跌1.23%，报1.208元，成交额144.57万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘跌1.87%，贵州茅台跌0.63%，中国平安跌 0.52%，招商银行跌0.17%，紫金矿业跌3.66%，新易盛跌4.70%，中际旭创跌3.83%，美的集团跌 0.25%，东方财富跌1.01%，长江电力跌0.53%。 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为22.37%，近一个月回报为-1.56%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

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].

投资策略：公用事业：1.煤价电价同步下行，火电盈利有望维持合理水 平，推荐全国大型火电企业华电国际以及区域电价较为坚挺的上海电 力；2.国家持续出台政策支持新能源发展，新能源发电盈利有望逐步趋 于稳健，推荐全国性新能源发电龙头企业龙源电力、三峡能源，区域优 质海上风电企业广西能源、福能股份、中闽能源，以及开展新能源与智 算中心一体化深化算电协同标的金开新能；3.装机和发电量增长对冲电 价下行压力，预计核电公司盈利仍将维持稳定，推荐核电运营标的中国 核电、中国广核；国家电投整合核电资产，打造 A 股第三家核电运营商， 推荐重组标的电投产融；4.全球降息背景下高分红的水电股防御属性凸 显，推荐业绩稳健性和成长性兼具的水电龙头长江电力；5.燃气推荐具 有海气贸易能力，特气业务锚定商业航天的九丰能源；6.基于余热锅炉 设备制造进军核能和清洁能源装备制造的西子洁能。环保：1.水务&垃 圾焚烧行业进入成熟期，自由现金流改善明显，再叠加无风险收益率的 持续走低，投资者的预期回报率和风险偏好均有所下降，建议关注环保 板块中的"类公用事业投资机会"，推荐光大环境，中山公用；2.中国 科学仪器市场份额超过 90 亿美元，国产替代 ...