Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

1月31日，位于北京市丰台区丽泽金融商务区的一处施工现场，一台绿色的打桩机启动作业，高耸的桩 锤重重落下，一根桩基被稳稳打入，标志着北京丰台500千伏输变电工程正式开工建设。北京市丰台区 相关负责人介绍，该工程也是北京市"十五五"时期首个新建的500千伏电网工程，将显著提升北京南部 电网韧性水平和受电能力，对北京市持续优化投资结构、大力发展高精尖产业等提供可靠电力支撑。 增强北京电网韧性引入张北清洁能源 审批创"北京速度"提供更稳定的供电保障 服务地区发展所需，前期工作体现"北京速度"。在北京市及丰台区的大力支持下，政企协作优势得到充 分发挥，其中，变电站工程从立项核准到取得施工许可证仅用177天，较常规工程建设前期工作提前了4 个月，为工程顺利开工建设预留了充足的周期。 2025年，丽泽金融商务区税收贡献突破百亿元，五年平均增速超20%，彰显了高质量发展的"含金量"。 负责人表示，北京丰台500千伏输变电工程的开工建设，将进一步为首都核心区及丽泽金融商务区的发 展提供可靠的供电保障。对于居民而言，工程投运后供电可靠率将进一步提升，为家庭用电、新能源汽 车充电等提供更稳定的保障。 资讯编辑：罗莹 021-26 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

证券研究报告 公用环保 发电侧容量电价新规基本符合预期 华泰研究 2026 年 2 月 01 日│中国内地 动态点评 2026 年 1 月 30 日，国家发改委、国家能源局发布《关于完善发电侧容量电 价机制的通知》（发改价格〔2026〕114 号），各类电源容量电价机制完善 情况基本符合预期；抽蓄抽水、电网侧独立新型储能充电时视作用户，缴纳 上网环节线损费用和系统运行费用（全国平均约 1.6 和 6.1 分/千瓦时），充 放电量损耗需按照单一电量制用户缴纳输配电价（全国平均约 0.178 元/千 瓦时），此前各省执行情况不一，该要求一定程度或减少抽蓄和新型储能电 量收益。总体而言，容量电价机制的进一步完善有望提升调节电源的固定收 入占比，盈利稳定性有望提升，推荐火电龙头华能国际 AH/国电电力/华润 电力等、抽蓄运营龙头南网储能和装机增长潜力大的长江电力/湖北能源等。 煤电容量电价如期提升至不低于 165 元/千瓦，决定权下放至地方 "114 号文"提出：1）将通过容量电价回收煤电机组固定成本的比例提升 至不低于 50%，与 2023 年 11 月 8 日国家发改委、国家能源局发布的《关 于建立煤电容量电价机 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the power generation sector, including Guodian Power, Huaneng International, and China Power Investment, indicating a positive outlook for these stocks [2]. Core Insights - The report discusses the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, aimed at addressing the challenges of the new energy transition and ensuring the development of regulating power sources [1]. - The notification highlights the need for a balanced approach to "new energy consumption, power security, and regulating power source profitability," which is crucial for the construction of a new power system [1]. - The report emphasizes the differentiated optimization of capacity pricing for four types of regulating power sources, including independent new energy storage and pumped storage, to ensure fair competition and adequate compensation for capacity [1]. Summary by Sections Capacity Price Mechanism - The notification introduces a differentiated capacity pricing mechanism for various regulating power sources, allowing local authorities to set prices based on factors such as coal power capacity standards and peak contribution [1]. - The policy aims to ensure that the capacity value of regulating power sources is adequately recognized and compensated, addressing previous issues of insufficient cost coverage [1]. Unified Compensation Mechanism - A key breakthrough in the notification is the establishment of a reliable capacity compensation mechanism that standardizes compensation across different types of power generation units, promoting rational investment and resource allocation [1]. - This mechanism aims to avoid inefficient resource allocation by linking compensation to the actual contribution of each unit to the power system [1]. Investment Recommendations - The report recommends specific companies for investment based on their integrated operations and stable profit potential, including Guodian Power, Inner Mongolia Huadian, and China Huaneng [1]. - It also highlights the potential for hydropower companies to benefit from increased output and stable dividends, recommending companies like Yangtze Power and State Power Investment [1].

Group 1 - The first annual report of the Shanghai Stock Exchange will be released by Chip Guidance Technology on February 3, 2025, making it the first listed company to disclose its annual report [1][13] - Other companies scheduled to release their annual reports include *ST Huawang on February 13 and Shangwei Co., Ltd. on February 14 [1][13] Group 2 - The domestic gasoline and diesel prices are expected to increase by 190 yuan per ton due to a 4.68% change in the average price of crude oil, which was $64.09 per barrel as of January 30 [2][14] - The price adjustment window will open at 24:00 on February 3 [2][14] Group 3 - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast the trends for 2026 [3][15] - A Brain-Computer Interface Developer Conference will be held in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [4][15] Group 4 - A total of 42 companies will have their restricted shares unlocked from February 2 to 6, with a total of 4.657 billion shares and a market value of 103.669 billion yuan based on the closing price on January 30 [6][16] - February 2 is the peak day for unlocks, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlock value for the week [6][16] - The top three companies by unlock value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Electric Power (12.151 billion yuan) [6][16] Group 5 - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [9][19] - The issue price for Yisiwei is 55.95 yuan, while Aide Technology is priced at 7.67 yuan [10][20]

Investment Rating - The report maintains an "Overweight" rating for the industry, indicating a positive outlook for investment opportunities in the sector [2]. Core Insights - The report discusses the recent issuance of the "Notice on Improving the Capacity Price Mechanism on the Generation Side" by the National Development and Reform Commission and the National Energy Administration, aimed at addressing the challenges in the development of adjustable power sources amid the transition to a new energy system [2]. - The report highlights the need for a refined capacity pricing mechanism to ensure the economic viability of coal, gas, pumped storage, and new energy storage sources, which are essential for balancing the supply and demand of renewable energy [2]. - The report emphasizes the differentiation in capacity pricing for four types of adjustable power sources, aiming to optimize revenue logic and ensure fair competition across regions [2]. - A key breakthrough is the establishment of a unified compensation mechanism for reliable capacity, which standardizes compensation across different types of power generation units based on their peak supply capabilities [2]. - The report suggests that the improved pricing mechanism will stabilize investment expectations in the power sector, ensuring a balance between energy security and the integration of renewable energy [2]. Summary by Sections Capacity Pricing Mechanism - The report outlines the necessity of improving the capacity pricing mechanism to address the issues of supply-demand mismatch and insufficient adaptation of existing mechanisms [2]. - It identifies three major problems with the current system, including declining utilization hours for coal power and the lack of cost constraints for pumped storage pricing [2]. Differentiated Pricing Strategy - The report details the differentiated optimization of capacity pricing for adjustable power sources, allowing local authorities to set prices based on specific factors such as discharge duration and peak contribution [2]. - It introduces a "new and old distinction" strategy for pumped storage, maintaining existing pricing for older plants while implementing a unified pricing mechanism for new projects [2]. Unified Compensation Mechanism - The report introduces a reliable capacity compensation mechanism that standardizes compensation across different generation units, promoting rational investment and resource allocation in the power sector [2]. - This mechanism aims to link revenue to the actual contribution of each type of power generation unit, encouraging efficiency and technological improvements [2]. Investment Recommendations - The report recommends several companies for investment, including coal power companies like Guodian Power and Inner Mongolia Huadian, as well as hydropower companies such as Yangtze Power and State Power Investment [2][3].

Group 1 - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, allowing various institutional investors such as social security funds and public funds to act as strategic investors with a minimum shareholding of 5% [2][3] - The CSRC emphasizes that capital investors must hold a significant proportion of shares for a long term and participate in corporate governance, while also requiring them to have a deep understanding of the company's industrial development [3][4] Group 2 - CSRC Chairman Wu Qing held discussions with representatives from domestic and foreign listed companies to gather opinions on enhancing the capital market's adaptability and improving the quality and investment value of listed companies [3][4] - The CSRC aims to consolidate the positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development, while also enhancing the efficiency of refinancing and supporting the globalization of listed companies [4] Group 3 - Fenglong Co. and Jiamei Packaging announced the end of their stock suspension, with Fenglong's stock set to resume trading on February 2, 2026, after confirming no significant changes in its main business [5][6] - Jiamei Packaging's stock also resumes trading on February 2, 2026, despite a significant price increase that deviated from its fundamentals, with an expected net profit decline of 53.38% to 43.02% year-on-year [6] Group 4 - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, including establishing a new capacity pricing mechanism for independent energy storage [7][8] - The notice aims to enhance fair competition among different technology types in the power industry and is expected to have minimal impact on electricity costs for residential and agricultural users [8] Group 5 - The transformer industry in China is experiencing a surge in demand due to the global AI computing power boom, with many factories operating at full capacity and orders extending to 2027 [9] - China's transformer export value is projected to reach 64.6 billion yuan in 2025, representing a nearly 36% increase from 2024 [9] Group 6 - The Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rate applicable to telecommunications services, which will affect the revenue and profits of major telecom operators [10] - The adjustment will change the applicable tax category for services provided by major telecom operators from value-added telecommunications services to basic telecommunications services, increasing the VAT rate from 6% to 9% [10] Group 7 - The semiconductor industry is witnessing a significant increase in demand, with South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [11] - Domestic chip manufacturers are raising prices across various segments, with increases of up to 80% expected to continue into the first half of 2026 [11]

公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 核心观点 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...