"我们克服了离岸距离远、施工窗口期短、海上作业难度大等多重挑战，从首台风机起吊到98台机组全 部吊装完成仅用时半年，从全面开工到全容量并网历时不足10个月，为后续深远海风电项目开发提供了 可复制、可推广的技术路径与工程经验。"三峡集团江苏分公司盐城公司负责人刘宇说。 该项目预计年均发电量可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳 排放约237万吨，为清洁能源转型和长三角地区能源保供、绿色低碳发展注入澎湃动能。 （文章来源：科技日报） 12月15日，我国离岸距离最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并网， 标志着我国海上风电向深远海迈进取得了又一重大突破。 三峡江苏大丰800兆瓦海上风电项目由三峡集团投资建设，位于盐城市大丰区东北方向海域，由四个场 址组成，共安装98台风力发电机组，总装机容量800兆瓦，配套建设2座20万千瓦、1座40万千瓦海上升 压站和一座海上救援平台。项目H8-1号场址中心点离岸距离80千米，最远点离岸距离85.5千米，刷新了 我国海上风电项目离岸距离的纪录。 该项目自主研发建成国内首个搭载气象雷达的海上升压站，通过海洋气象精细化监 ...

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].

我国离岸距离最远海上风电项目全容量并网。 今天（12月15日），随着最后一台风机成功启动， 我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并 网 ，标志着我国海上风电向深远海迈进取得了又一重大突破。 三峡江苏大丰8 0 0兆瓦海上风电项目位于盐城市大丰区东北方向海域，由四个场址组成，最远点离岸距离8 5.5千米，是我国当前已并网 离岸距离最远的海上风电项目。项目共安装98台风电机组，配套建设3座海上升压站和一座海上救援平台。 三峡集团江苏分公司执行总经理 李涛： 三峡大丰项目离岸最远的地方有80多公里，海域面积比较大，总体施工难度比较大。为此，我 们自主研发了气象预警平台，尽可能精准地预测和利用好每一个施工窗口期，为将来到更深、更远的海洋开发能源资源积累了宝贵经 验。 据了解，项目预计年均发电量超28亿千瓦时，可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳排放约 237万吨，为长三角地区的能源保供和绿色低碳发展注入源源不断的清洁动能。 来源：央视新闻客户端 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 ...

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 ...

公用环保 202512 第 2 期 优于大市 "十五五"规划建议首提"能源强国" ，关注氢能和聚变能未来产业发展 证券研究报告 | 2025年12月14日 2025年12月15日 市场回顾：本周沪深 300 指数下跌 0.08%，公用事业指数下跌 0.09%，环 保指数下跌 0.61%，周相对收益率分别为-0.01%和-0.53%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 11 和第 14 名。电力板 块子板块中，火电上涨 0.22%；水电下跌 0.26%，新能源发电上涨 0.93%； 水务板块下跌 0.90%；燃气板块下跌 0.86%。 重要事件：中央经济工作会议：制定能源强国建设规划纲要。中央经济 工作会议 12 月 10 日至 11 日在北京举行，会议明确：坚持"双碳"引 领，推动全面绿色转型。深入推进重点行业节能降碳改造。制定能源强 国建设规划纲要，加快新型能源体系建设，扩大绿电应用。加强全国碳 排放权交易市场建设。实施固体废物综合治理行动，深入打好蓝天、碧 水、净土保卫战，强化新污染物治理。扎实推进"三北"工程攻坚战， 实施自然保护地整合优化。加强气象监测预报预警体系建设，加紧补 ...

三峡集团江苏分公司执行总经理李涛称："三峡大丰项目离岸最远的地方有80多公里，海域面积比较大，总体施工难度比较大。为此，我 们自主研发了气象预警平台，尽可能精准地预测和利用好每一个施工窗口期，为将来到更深、更远的海洋开发能源资源积累了宝贵经验。" 央视网消息：12月15日，随着最后一台风机成功启动，我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并 网，标志着我国海上风电向深远海迈进取得了又一重大突破。 三峡江苏大丰800兆瓦海上风电项目位于盐城市大丰区东北方向海域，由四个场址组成，最远点离岸距离85.5千米，是我国当前已并网离 岸距离最远的海上风电项目。项目共安装98台风电机组，配套建设3座海上升压站和一座海上救援平台。 据了解，项目预计年均发电量超28亿千瓦时，可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳排放约237万 吨，为长三角地区的能源保供和绿色低碳发展注入源源不断的清洁动能。 ...

三峡集团江苏分公司执行总经理 李涛：三峡大丰项目离岸最远的地方有80多公里，海域面积比较大，总体施工难度比较大。为此，我们自主研发了气象预 警平台，尽可能精准地预测和利用好每一个施工窗口期，为将来到更深、更远的海洋开发能源资源积累了宝贵经验。 今天（15日），随着最后一台风机成功启动，我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并网，标志着我国海上风电向 深远海迈进取得了又一重大突破。 0:00 三峡江苏大丰800兆瓦海上风电项目位于盐城市大丰区东北方向海域，由四个场址组成，最远点离岸距离85.5千米，是我国当前已并网离岸距离最远的海上 风电项目。项目共安装98台风电机组，配套建设3座海上升压站和一座海上救援平台。 据了解，项目预计年均发电量超28亿千瓦时，可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳排放约237万吨，为长三角地区 的能源保供和绿色低碳发展注入源源不断的清洁动能。 责编：张青津、卢思宇 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

中国三峡新能源（集团）股份有限公司，成立于1985年，位于北京市，是一家以从事电力、热力生产和 供应业为主的企业。企业注册资本2862521.92万人民币。通过天眼查大数据分析，中国三峡新能源（集 团）股份有限公司共对外投资了525家企业，参与招投标项目4887次，专利信息938条，此外企业还拥有 行政许可9个。 长江三峡投资管理有限公司，成立于2020年，位于上海市，是一家以从事水利管理业为主的企业。企业 注册资本5000000万人民币。通过天眼查大数据分析，长江三峡投资管理有限公司共对外投资了20家企 业，参与招投标项目79次，专利信息22条，此外企业还拥有行政许可4个。 中国能源建设集团广东省电力设计研究院有限公司，成立于2001年，位于广州市，是一家以从事专业技 术服务业为主的企业。企业注册资本105330万人民币。通过天眼查大数据分析，中国能源建设集团广东 省电力设计研究院有限公司共对外投资了29家企业，参与招投标项目5000次，财产线索方面有商标信息 15条，专利信息2564条，此外企业还拥有行政许可170个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建 ...