证券日报网讯12月4日，三峡能源（600905）在互动平台回答投资者提问时表示，公司通过上证e互动、 投资者热线、邮箱等各类渠道，认真听取投资者意见建议。 ...

人民财讯12月4日电，企查查APP显示，近日，三峡(澄城)新能源发电有限公司成立，法定代表人为闵宏 伟，注册资本为1100万元，经营范围包含：风力发电技术服务；太阳能发电技术服务；发电业务、输电 业务、供(配)电业务。企查查股权穿透显示，该公司由三峡能源（600905）全资持股。 ...

今年前三季度，前海实现地区生产总值2250.8亿元、增长5.5%；1-10月实现进出口总额6124.5亿元、增 长4.5%，实际使用外资161亿元、增长27.1%，占深圳市54.2%。当前，前海已吸引超1.2万家外商投资企 业落户、183家世界500强企业投资布局，如西门子、汇丰、IBM、瑞银等。 "前海已经形成香港研发、前海转化、深圳制造的创新链条，这对央企发挥好香港高校创新资源，实现 重大突破及转化，特别是技术研究突破和加速发展具有很好的实操意义。"参会董事代表说。 近年来，央企将目光着重瞄向战略性新兴产业。国务院国资委数据显示，"十四五"以来，中央企业在战 略性新兴产业领域累计投资8.6万亿元，在集成电路、生物技术、新能源汽车等领域发展速度明显加 快。不少中央企业设立了创投基金，目前总规模近千亿元，积极投早、投小、投长期、投硬科技，形成 了产融结合的新模式。 12月3日，中央企业专职外部董事团赴深圳前海开展座谈交流、实地调研。 21世纪经济报道记者了解到，参与此次前海行的央企包括三峡集团、航空工业集团、中远海运等绿色能 源、先进制造、海洋经济龙头企业，中旅集团、南光集团等在香港、澳门的央企，以及中国国新 ...

在储运环节，氢气密度低、储运难、成本高是业界痛点。项目着眼于大规模、长距离的储运需求，应用 了多压力等级储氢体系，同步建设可满足7日储存需求的低温液氢罐，探索出高压气氢与液氢协同储运 的技术路径。 在加注与应用环节，项目充分考虑我国北方地区严寒环境特点，构建了适应零下30摄氏度低温工况的加 氢测试平台，验证了加注系统在极端条件下的运行可靠性。系统实现"启-运-停"全过程自动化控制，可 稳定支持35兆帕与70兆帕两种主流压力等级加氢站的试验需求。此外，项目配套建设的200千瓦/120小 时氢燃料电池热电联供储能系统，验证了绿氢作为零碳能源的应用潜力。 该项目由三峡集团科学研究院（简称"科研院"）牵头研发，聚焦"制氢、储氢、运输、加注"四大核心领 域技术攻关，完整覆盖电解水制氢、多元储运、氢燃料电池发电、氢气加注等关键环节，构建"绿电制 氢—多元储运—多场景应用"的全流程闭环。 现场科研人员介绍："全产业链平台中，氢既可以是'荷'，也可以是'储'。通过与储氢设备、燃料电池深 度耦合，能够实现新能源的大规模、长周期稳定存储，与电化学储能形成功能互补、协同增效的格局， 完善新能源消纳与供给体系。" 为实现"氢电耦合" ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

人民网伊斯兰堡11月29日电 （记者赵益普）记者从中国三峡集团获悉：巴基斯坦卡洛特水电站实 物入藏中国国家博物馆仪式28日在北京举行，此次入藏的23件（套）实物包括水电站机组核心构件模 型、关键设备部件、技术手稿等。 2022年6月，经过7年多建设的卡洛特水电站投入商业运营。截至2025年6月29日，卡洛特水电站累 计发电90.51亿千瓦时，有效保障了巴基斯坦能源供应。 据了解，除此次巴基斯坦卡洛特水电站建设实物入藏展出，中国国家博物馆在过去两年内，还分批 次收藏了中国三峡集团捐赠的葛洲坝水电站、三峡工程以及白鹤滩水电站的建设实物及档案文献。 巴基斯坦卡洛特水电站航拍全景图。中国三峡集团供图 由中国三峡集团为主投资方投资建设的卡洛特水电站，是共建"一带一路"首个大型水电投资建设项 目和中巴经济走廊首个水电投资项目，位于巴基斯坦旁遮普省卡洛特地区杰赫勒姆河上，水电站总装机 容量72万千瓦。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

每经AI快讯，三峡能源（SH 600905，收盘价：4.18元）11月28日晚间发布公告称，公司第二届第四十 四次董事会会议于2025年11月28日在北京以现场结合通讯方式召开。会议审议了《关于公司经理层成员 2024年度薪酬清算和2022-2024年任期激励兑现结果的议案》等文件。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 2024年1至12月份，三峡能源的营业收入构成为：风力发电占比66.68%，光伏发电占比30.69%，其他业 务占比2.08%，水力发电占比0.55%。 （记者 曾健辉） 截至发稿，三峡能源市值为1195亿元。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].