（文章来源：证券日报） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，股价波动受多种因素综合影响， 公司将持续多措并举，着力推动上市公司市场价值与内在价值相匹配，提升公司投资价值和股东回报能 力。 ...

证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，公司坚定"陆上大基地、海上风电 引领者"战略，"十四五"期间装机规模、发电量及盈利能力稳步提升，并将持续多措并举推动市场价值 与内在价值相匹配，提升投资价值和股东回报能力。 （文章来源：证券日报） ...

证券日报网讯 2月2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要求，制定《市值管理制度》和具体工作方案，努力做好各项生产经营工 作，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%。公司将持续多措并举，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 值和股东回报能力。股价波动受多种因素综合影响。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - The Three Gorges Group emphasizes the implementation of a new energy security strategy to build a more strategically supportive clean energy group, aiming to provide robust energy security for China's modernization efforts [1] Group 1: New Energy Development - In 2025, the Three Gorges Group added over 8.39 million kilowatts of new energy grid capacity, bringing the total installed capacity to over 72 million kilowatts, a growth of over 3.2 times compared to the end of the 13th Five-Year Plan [5] - The annual power generation exceeded 100 billion kilowatt-hours for the first time, with equipment utilization rates consistently above 99% [5] - The company is focusing on enhancing management efficiency and core competitiveness through improved project management and risk control in investment and construction [5] Group 2: Technological Innovation - The Three Gorges Group is accelerating the transition from factor-driven growth to technology-driven growth, emphasizing the importance of innovation in driving new productive forces [6] - The New Energy Division is actively promoting digital transformation, developing a centralized monitoring platform, and implementing intelligent upgrades across multiple sites [8] - The company is advancing projects such as the 20-megawatt offshore wind turbine and 16-megawatt floating wind turbine, while also exploring emerging technologies like thermal energy storage and hydrogen energy [8] Group 3: Strategic Initiatives - The New Energy Division aims to implement a strategy to lead offshore wind energy development, focusing on major scientific research projects that align with national strategies and future development needs [9] - The company plans to enhance operational efficiency, strengthen economic and technical management, and contribute significantly to green and low-carbon development [9] - The establishment of an offshore wind power industry chain alliance and the release of a technology challenge list are part of the efforts to foster collaborative development across the industry [8]

Investment Rating - The report assigns a "Buy" rating to several companies in the power generation sector, including Guodian Power, Huaneng International, and China Power Investment, indicating a positive outlook for these stocks [2]. Core Insights - The report discusses the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, aimed at addressing the challenges of the new energy transition and ensuring the development of regulating power sources [1]. - The notification highlights the need for a balanced approach to "new energy consumption, power security, and regulating power source profitability," which is crucial for the construction of a new power system [1]. - The report emphasizes the differentiated optimization of capacity pricing for four types of regulating power sources, including independent new energy storage and pumped storage, to ensure fair competition and adequate compensation for capacity [1]. Summary by Sections Capacity Price Mechanism - The notification introduces a differentiated capacity pricing mechanism for various regulating power sources, allowing local authorities to set prices based on factors such as coal power capacity standards and peak contribution [1]. - The policy aims to ensure that the capacity value of regulating power sources is adequately recognized and compensated, addressing previous issues of insufficient cost coverage [1]. Unified Compensation Mechanism - A key breakthrough in the notification is the establishment of a reliable capacity compensation mechanism that standardizes compensation across different types of power generation units, promoting rational investment and resource allocation [1]. - This mechanism aims to avoid inefficient resource allocation by linking compensation to the actual contribution of each unit to the power system [1]. Investment Recommendations - The report recommends specific companies for investment based on their integrated operations and stable profit potential, including Guodian Power, Inner Mongolia Huadian, and China Huaneng [1]. - It also highlights the potential for hydropower companies to benefit from increased output and stable dividends, recommending companies like Yangtze Power and State Power Investment [1].

本网讯（雷海超）1月30日，三峡集团董事长、党组书记刘伟平在北京与华北电力大学党委书记汪庆华，校长、党委副书记毕天姝座谈。双方就贯彻落实党 的二十届四中全会精神，深化在科技创新、人才培养等方面合作进行深入交流。三峡集团副总经理、党组成员王昕伟，华北电力大学党委常委、副校长刘威 出席。 刘伟平对汪庆华、毕天姝一行来访表示欢迎，对华北电力大学长期以来给予三峡集团的支持和帮助表示衷心感谢。刘伟平表示，华北电力大学是能源电力领 域享有盛誉的全国知名高校，双方在科技攻关、平台建设、人才培养等方面开展长期务实合作，建立了紧密的校企合作关系。希望双方继续发挥各自优势， 聚焦水利水电、清洁能源，围绕"沙戈荒"大基地、海上风电、新型储能等领域持续深化合作，加快推进科技创新和科研平台共建，强化人才支撑、培养和交 流，更好服务能源强国、科技强国和人才强国建设。 汪庆华、毕天姝对三峡集团长期以来给予华北电力大学的大力支持表示感谢。汪庆华、毕天姝表示，双方合作紧密且富有成效，具有坚实合作基础和广阔合 作前景。华北电力大学将聚焦三峡集团高质量发展所需，依托能源电力科学与工程学科群特色优势，携手推进原始创新和关键核心技术攻关，加强科技创新 ...

证券日报网讯1月29日，三峡能源（600905）在互动平台回答投资者提问时表示，公司直接持有金风科 技（002202）股票，金风科技所持有资产与公司不存在股权关系。 ...

证券日报网讯1月29日，三峡能源（600905）在互动平台回答投资者提问时表示，公司控股股东基于对 公司未来发展的信心，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，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，公司依法履行披露义务，及时公告增持进展。股价 波动受宏观经济、市场环境、投资者情绪等多种因素影响。 ...

Investment Rating - The industry investment rating is "Overweight" for both Utilities and Environmental sectors [8]. Core Insights - The carbon pricing market is undergoing a value reconstruction driven by both policy and market forces, with carbon prices expected to stabilize at 150-200 RMB/ton by 2030 [3][7]. - The green certificate market is currently underperforming, with prices at only 8% of the carbon price, indicating significant potential for value release [5][7]. - The upward pressure on electricity prices is anticipated from both carbon costs and green certificate revenues, with wholesale electricity prices projected to increase by 10% to 385 RMB/MWh [6]. Summary by Sections Carbon Price Trends - Carbon prices peaked at 98 RMB/ton by the end of 2024 but fell to a low of 38 RMB/ton in 2025 due to declining energy prices and increased renewable energy capacity [4]. - As of January 2026, carbon prices have stabilized at an average of 73 RMB/ton, supported by compliance demand from the power sector and the expansion of carbon markets in heavy industries [4]. Green Certificate Market - The average price of green certificates was 4.2 RMB per certificate in 2025 and increased to 5.5 RMB in 2026, still significantly lower than carbon prices [5]. - The low price of green certificates is attributed to the incomplete integration with the carbon market and insufficient market demand for green electricity [5]. Electricity Price Dynamics - Current carbon and green certificate prices are expected to push wholesale electricity prices from 350 RMB/MWh to 385 RMB/MWh, with further increases anticipated if carbon prices rise to 150-200 RMB/ton [6]. - If green certificate prices align with carbon prices, wholesale electricity prices could increase by 24-31% [6]. Future Outlook - The carbon market is expected to transition from "soft constraints" to "hard constraints" by 2027, with a gradual tightening of quotas and an increase in the proportion of paid allowances [7]. - Policies are being established to link the environmental value of green certificates with carbon reduction values, which may enhance the economic viability of green electricity [7].