证券日报网讯2月11日，三峡能源（600905）在互动平台回答投资者提问时表示，公司将持续严把投资 入口关，做好各项生产经营工作，提升核心竞争力，着力推动上市公司市场价值与内在价值相匹配，不 断提升公司投资价值。 ...

（文章来源：证券日报） 证券日报网讯 2月11日，三峡能源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 于市值管理工作要求，制定《市值管理制度》和具体工作方案，努力提升核心竞争力，完善投资者关系 管理，维护广大投资者利益。自上市以来公司保持现金分红的连续性和稳定性，每年坚持现金分红，累 计分配现金股利达80.13亿元，每年分红占当年可分配利润均不低于30%。公司高管薪酬严格按照公司 经理层成员经营业绩考核管理办法及薪酬管理办法等规定执行。 ...

（文章来源：证券日报） 证券日报网讯 2月11日，三峡能源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，围绕价值创造和价值传递两大主线，着力提升公司核心竞争力，同时不断完善 市值管理体系，制定市值管理制度与具体工作方案，建立稳定的分红政策，强化长效机制保障。 ...

证券日报网讯 2月11日，三峡能源在互动平台回答投资者提问时表示，公司以促进新能源消纳利用和适 应电力系统安全稳定运行为方向，持续探索开展电源侧、电网侧的新型储能研究和示范应用，通过新能 源配储、独立储能等形式已并网新型储能规模超过270万千瓦。可再生能源的规模化发展和消纳压力的 提升，驱动绿氢产业正从小规模试验走向规模化示范探索，但商业化发展还有赖于产业链上下游技术进 步和市场接受程度。公司将围绕新能源主业发展需要，紧密结合政策导向及技术成熟度，根据市场需求 稳妥做好绿氢业务布局探索。公司已签发江苏如东H6等4个海风项目CCER，完成福建平潭海风CCER项 目登记，截至目前已实现CCER收益超4500万元。 （文章来源：证券日报） ...

证券日报网讯2月9日，三峡能源（600905）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司控股股东以集中竞价方式累计增持公司股份187128095股，占公司总股本比例约为0.65%，累计增 持股份的金额为799392799.54元。 ...

（编辑 袁冠琳） 证券日报网讯 2月9日，三峡能源在互动平台回答投资者提问时表示，基于对公司未来发展的信心，公 司控股股东三峡集团计划自2025年4月9日起12个月内通过二级市场增持公司股份，拟增持金额不低于人 民币15亿元、不高于人民币30亿元，本次增持不设置固定价格区间，结合资本市场行情择机开展股票增 持。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The Jilin Green Power Direct Connection Project is under public consultation, aiming for a minimum of 30% self-consumed electricity by 2030, increasing to 35% for new projects [4][6] - The State Grid has announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green energy transition [4][6] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4][38] - The price of thermal coal at Qinhuangdao port was 695 yuan per ton as of February 6, 2026, a year-on-year decrease of 7.70% [4][46] - The inflow to the Three Gorges Reservoir increased by 65.3% year-on-year, while the outflow decreased by 5.3% [4][54] Industry Data Tracking Electricity Consumption - Total electricity consumption in 2025 was 10.37 trillion kWh, a year-on-year increase of 5.0% [4][13] - The growth rates for different sectors were: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residential +6.3% [4][13] Power Generation - Total power generation in 2025 was 9.72 trillion kWh, a year-on-year increase of 2.2% [4][20] - The growth rates for different power sources were: thermal power -1.0%, hydropower +2.8%, nuclear power +7.7%, wind power +9.7%, and solar power +24.4% [4][20] Installed Capacity - New installed capacity in 2025 included: thermal power +94.5 million kW (up 63.8%), hydropower +12.15 million kW (down 11.9%), nuclear power +1.53 million kW, wind power +120.48 million kW (up 50.9%), and solar power +317.51 million kW (up 14.2%) [4][58] Investment Recommendations - For green power, focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - For thermal power, consider Huaneng International and Huadian International [4] - For hydropower, Longjiang Power is highlighted due to its low cost and strong cash flow [4] - For nuclear power, China National Nuclear Power and China General Nuclear Power are recommended due to their growth potential [4] - For solar assets and charging pile assets, companies like Southern Power Grid Energy and Longxin Technology are suggested [4]

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].