Group 1 - The core viewpoint of the article indicates that despite the release of multiple CCER methodologies, the limited development scale of newly included types has resulted in a constrained supply of CCER, leading to a significant supply gap compared to the annual theoretical demand cap for CCER nationwide [1] - The company anticipates that the recent market reduction in emissions will primarily focus on the energy industry, which is expected to have a minimal impact on the company [1]

证券日报网讯1月7日，三峡能源（600905）在互动平台回答投资者提问时表示，当前，新能源的发展方 式正加速向集成应用升级，国家层面提出要坚持多元融合，推动新能源发展从"单兵作战"向集成应用转 变。公司将以促进新能源消纳利用和适应电力系统安全稳定运行为目标，积极探索多元融合发展与就地 消纳，提升新能源规模化开发和消纳利用。 ...

证券日报网讯 1月7日，三峡能源在互动平台回答投资者提问时表示，公司通过控股子公司投资株洲中 车时代半导体股份有限公司，目前持股比例为0.88%。 （文章来源：证券日报） ...

证券日报网讯1月7日，三峡能源（600905）在互动平台回答投资者提问时表示，公司将结合实际情况认 真考虑，积极策划开展投资者活动。 ...

证券日报网讯1月7日，三峡能源（600905）在互动平台回答投资者提问时表示，公司积极落实证监会、 国资委关于市值管理工作的要求，开展了以下工作：一是提升核心竞争力，夯实价值创造基础。二是建 立稳定分红政策，增强投资者获得感。三是控股股东加大增持力度，彰显长期发展信心。四是提升公司 治理效能，护航规范运作。五是搭建立体多元投资者沟通渠道，积极传递公司价值。六是完善市值管理 体系，强化长效机制保障。未来公司将围绕提升公司发展质量和效益、稳定投资者回报、加强投资者交 流等方面，扎实推进市值管理工作，引导公司价值合理回归，以实际行动增强投资者获得感，与投资者 共享公司高质量发展成果。 ...

Core Viewpoint - The company acknowledges the impact of the "green electricity direct connection" policy being implemented by various provinces, emphasizing its importance in enhancing the consumption capacity of renewable energy and meeting green energy demands [1]. Group 1: Company Response - The company responded to an investor inquiry regarding the effects of the "green electricity direct connection" policy, indicating that it is supported by national and local authorities [1]. - The company plans to actively research the development model of green electricity direct connection, leveraging its experience in renewable energy project development [1]. - The company highlighted that further research is needed on the specific policy implementation and investment economics related to this initiative [1].

Core Viewpoint - The successful full-capacity operation of the largest all-vanadium flow battery energy storage station in China marks a significant breakthrough in large-capacity, long-duration energy storage technology, contributing to the establishment of a new power system dominated by renewable energy [2] Group 1 - The energy storage station, located in Jimsar County, Changji Prefecture, Xinjiang, has a construction scale of 200MW/1GWh, making it the largest operational all-vanadium flow battery energy storage station in China [2] - It is expected to enhance the utilization rate of the associated photovoltaic power station by over 10% annually, potentially generating more than 230 million kilowatt-hours of clean electricity [2] - The all-vanadium flow battery technology is characterized by long cycle life, high safety, and strong scalability, making it particularly suitable for large-scale, long-duration energy storage applications [4] Group 2 - The project employs a steel structure factory for the first time in the country, housing energy storage equipment indoors, which effectively addresses operational challenges during extreme weather conditions [6] - Xinjiang is one of China's most important renewable energy bases, and the project will provide peak shaving, backup regulation, and emergency power supply functions, supporting the construction of a safe and stable renewable energy system [8]

一、募集资金基本情况 根据中国证券监督管理委员会《关于核准中国三峡新能源（集团）股份有限公司首次公开发行股票的批 复》（证监许可〔2021〕1438号），中国三峡新能源（集团）股份有限公司（以下简称公司）公开发行 人民币普通股股票857,100万股，每股发行价格为人民币2.65元。截至2021年6月4日，公司实际已向社会 公众公开发行人民币普通股股票857,100万股，募集资金总额为人民币22,713,150,000.00元；扣除承销费 用、保荐费用人民币198,875,720.00元，募集资金实际到账金额为人民币22,514,274,280.00元；另扣除律 师费、审计及验资费、信息披露费、印花税、发行手续费及其他费用，募集资金净额为人民币 22,499,629,138.97元。 上述募集资金于2021年6月4日存入公司募集资金监管专户，已经信永中和会计师事务所(特殊普通合伙) 验证，并出具《中国三峡新能源（集团）股份有限公司2021年6月4日验资报告》 (XYZH/2021BJAA30836号)。 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 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

证券日报网讯1月4日，三峡能源（600905）发布公告称，控股股东三峡集团自2025年4月9日启动15亿元 至30亿元增持计划以来，截至本公告日，已通过集中竞价累计增持公司1.87亿股，占总股本0.65%，累 计增持股份的金额为799，392，799.54元。本次增持计划尚未实施完毕。 ...