格隆汇12月30日丨三峡能源(600905.SH)在投资者互动平台表示，公司的主营业务为风能、太阳能的开发、投资和运营，暂未开展风电设备制造。 （原标题：三峡能源(600905.SH)：暂未开展风电设备制造） ...

格隆汇12月30日丨三峡能源(600905.SH)公布，公司在广西北海成立了全资子公司三峡新能源（北海） 有限公司，该公司暂未开展风机核心装备研发、制造。 ...

Group 1 - The stock price of China Three Gorges Energy (600905) closed at 4.11 yuan on December 29, 2025, down 0.48% with a turnover rate of 0.25% and a trading volume of 725,700 shares, amounting to a total transaction value of 299 million yuan [1][2] - On December 29, the main funds experienced a net outflow of 15.36 million yuan, accounting for 5.13% of the total transaction value, while retail investors saw a net inflow of 3.88 million yuan, representing 1.3% of the total transaction value [1][2] Group 2 - China Three Gorges Energy has submitted an application to issue public REITs based on the Dalian Zhuanghe III offshore wind power project, which has been officially accepted by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][2] - The project was approved by the company's board on August 6, 2025, and is currently in the application stage, pending regulatory approval [1]

人民财讯12月29日电，12月28日，三峡能源（600905）陕西榆阳15万千瓦农光互补项目实现全容量并网 发电，标志着"光伏+生态"项目建成落地。 ...

Core Viewpoint - China Three Gorges New Energy (referred to as "Three Gorges Energy") has submitted an application to the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange for a public REITs project based on the Dalian Zhuanghe III offshore wind power project, which is currently in the application stage and subject to regulatory approval [1] Group 1 - The project is being developed by Three Gorges Energy's wholly-owned subsidiary, Three Gorges New Energy Dalian Power Co., Ltd. [1] - The application was officially accepted on December 26, 2025, indicating progress in the regulatory process [1] - The company emphasizes the need for ongoing communication with regulatory bodies and adherence to legal requirements during the application process [1]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

本项目已向中国证券监督管理委员会（以下简称中国证监会） 和上海证券交易所提交了申请文件，并于 2025 年 12 月 26 日获 正式受理。本项目申报发行结果以相关监管机构的审批或注册结 果为准。 证券代码：600905 证券简称：三峡能源 公告编号：2025-069 中国三峡新能源（集团）股份有限公司 关于基础设施公募 REITs 申报发行工作 进展的公告 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、准确性和完整性承担法律责任。 一、实施背景 为有效盘活存量资产，中国三峡新能源（集团）股份有限公 司（以下简称公司）于 2025 年 8 月 6 日召开第二届董事会第四 十一次会议，审议通过《关于以大连庄河Ⅲ海上风电项目为底层 资产发行公募 REITs 暨关联交易的议案》，同意公司以全资子公 司三峡新能源大连发电有限公司所持有的大连庄河Ⅲ海上风电 项目为底层资产发行基础设施公募 REITs（以下简称本项目）。 具体内容详见公司于 2025 年 8 月 7 日披露的《中国三峡新能源 （集团）股份有限公司第二届董事会第四十一次会议决议公告》 （公告编号：20 ...

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].

据当地媒体报道，浙江天台抽水蓄能电站未来将成为长三角地区重要的清洁能源调节枢纽，对区域电网的调峰、填谷、调频、调相和紧急事故备用起到至 关重要的"稳定器"和"调节器"作用。 值得注意的是，随着该机组投运，浙江抽水蓄能总装机规模首次突破1000万千瓦，达到1030.5万千瓦，仅次于广东，位居全国第二。与此同时，浙江在建 和规划建设的抽水蓄能装机规模近2000万千瓦，位居全国首位。 12月25日，三峡集团浙江天台抽水蓄能电站首台机组实现并网发电，标志着我国在高水头、大容量抽蓄机组建设领域实现重要突破。 天台抽水蓄能电站是我国"十四五"重点实施项目，总装机容量170万千瓦。此次投运的机组单机容量达42.5万千瓦，位居国内之首；额定水头724米，为世 界第一；单级斜井长度达483.4米，也创下国内纪录。 作为华东电网重要的调节电源，电站预计2026年迎峰度夏期间全面投产，年发电量约17亿千瓦时，可满足约160万人一年生活用电，每年可节约燃煤52万 吨、减少二氧化碳排放104万吨。 当前，我国正着力构建清洁低碳、安全高效的新型能源体系。随着风、光等新能源快速发展，电力系统对灵活调节能力的需求也日益增强。 储能作为能源转 ...

Group 1: Key Developments in Energy Sector - The first unit of the Zhejiang Tiantai Pumped Storage Power Station has achieved grid-connected power generation, marking a significant breakthrough in high-head, large-capacity pumped storage units in China [1] - The total installed capacity of the Tiantai Pumped Storage Power Station is 1.7 million kilowatts, with a single unit capacity of 425,000 kilowatts, the highest in the country, and a rated head of 724 meters, the highest in the world [1] - The power station is expected to generate approximately 1.7 billion kilowatt-hours annually, enough to meet the electricity needs of about 1.6 million people, while saving 520,000 tons of coal and reducing carbon dioxide emissions by 1.04 million tons each year [1] Group 2: Regional Energy Strategy - Zhejiang Province is accelerating the construction of a new energy system, with a focus on clean, low-carbon, and efficient energy production and consumption [2][4] - The total installed capacity of pumped storage in Zhejiang has surpassed 10 million kilowatts, reaching 10.305 million kilowatts, making it the second highest in the country, following Guangdong [2] - The province has plans for nearly 20 million kilowatts of pumped storage capacity under construction and in planning, leading the nation [2] Group 3: Energy Demand and Supply Dynamics - Zhejiang is characterized as a "resource-scarce province with high energy consumption," relying heavily on external energy sources, with one-third of its electricity imported from outside the province [5][6] - The province's electricity consumption reached 608.8 billion kilowatt-hours in the first ten months of the year, a year-on-year increase of 7.8%, the highest growth rate among major economic provinces in the country [9] - To enhance energy supply capabilities, Zhejiang is diversifying its energy sources, including offshore wind power, pumped storage, and nuclear power projects [9]