华宝贵金 马斯克:中国AI的优势在于电力! 数据中心驱动电力需求增长 | 代码 | 证券简称 细分领域 市值(亿元) 权重(%) | | | | --- | --- | --- | --- | | 600900 长江电力 | 水电 | 6,652.91 10.02 | | | 601985 中国核电 | 核电 | 1,779.13 | 8.36 | | 600905 三峡能源 | 风电 | 1,169.23 | 6.87 | | 600795 国电电力 | 火电 | 898.92 | 5.28 | | 600157 永泰能源 | 火电 | 342.54 | 4.02 | | 600011 华能国际 | 火电 | 1,171.08 | 3.85 | | 600886 国投电力 | 水电 | 1.050.19 | 3.70 | °市场热点 ●Al算力的尽头是电力? 2026年1月23日,财联社报道 称,马斯克在世界经济论坛上表示,中国在AI竞赛中的 决定性优势在于其大规模供应电力的能力。 ● Al技术的快速发展带动数据中心建设爆发式增长. 数据中心耗电量巨大,成为电力需求的核心增长引擎。 数据中心成为电力缺口的主 ...

Core Insights - China has achieved significant advancements in wind power technology, including the development of a 26 MW offshore wind turbine, the highest elevation wind project at 5,370 meters, and the furthest offshore wind project at a distance of 85.5 kilometers [1][2] Group 1: Technological Achievements - The 26 MW offshore wind turbine has a hub height equivalent to over 50 stories and a swept area larger than 10.5 standard football fields [1] - The highest elevation wind project, located in Tibet, utilizes a single blade hoisting technology for the first time above 5,000 meters [1] - The Jiangsu Dafeng 800 MW offshore wind project marks a breakthrough in deep-sea wind power development, with its farthest point located 85.5 kilometers offshore [1] Group 2: Industry Growth and Projections - By 2025, the wind power generation capacity in China is expected to exceed 1 trillion kilowatt-hours, accounting for 10.8% of the national industrial power generation [1] - The installed wind power capacity in China is projected to reach 640 million kilowatts by the end of 2025, representing over 16% of the total power generation capacity [1] - The wind power industry has transitioned from "catching up" to "leading" in global terms, with approximately half of the world's wind power capacity now located in China [1] Group 3: Economic Impact - China's wind power equipment exports account for 70% of the global market, with products reaching over 60 countries and regions [2] - The annual output value of China's wind power industry is approximately 1.2 trillion yuan, supporting over 2 million direct and indirect jobs [2] - The "14th Five-Year Plan" aims to accelerate the construction of integrated renewable energy bases, with an expected addition of over 200 million kilowatts of wind and solar power capacity by 2026 [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券日报网讯 1月23日，三峡能源在互动平台回答投资者提问时表示，公司2025年1月-9月累计实现利 润总额5528985128.56元，详见《2025年第三季度报告》。 （文章来源：证券日报） ...

证券日报网讯 1月23日，三峡能源在互动平台回答投资者提问时表示，公司坚持把好投资入口关，有所 为有所不为，保障项目满足投资收益要求；始终重视融资成本管控，坚持金融机构竞争性比选，把融资 成本作为主要选择依据；抓住债券市场窗口期，2025年公开发行80亿元低利率中期票据；2025年以来持 续开展提质增效专项行动，把成本管理融入日常工作中、落实到具体举措上；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，夯实价值创造 基础。 （编辑 丛可心） ...

证券日报网讯1月23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。公司高度重视股东回报与市值管理工作，自上市以 来持续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%。同时，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，夯实价值创造基础，持续加强上市公司规范运 作，完善投资者关系管理，提升公司投资价值和股东回报能力。 ...

证券日报网讯1月23日，三峡能源（600905）在互动平台回答投资者提问时表示，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。公司将持续多措并举，不断提升上市公司质量，着力推动 上市公司市场价值与内在价值相匹配。 ...

证券日报网讯1月23日，三峡能源（600905）在互动平台回答投资者提问时表示，公司高度重视成本管 控工作，2025年以来持续开展提质增效专项行动，把成本管理融入日常工作中、落实到具体举措上。通 过优化整合建设资源，统筹安全、质量、进度、成本管理，推动精细化管理、强化造价控制；推行区域 集控与智慧化运营，整合资源降低运维成本，提高电站运营效率；加强对资本市场和信贷政策的跟踪研 究，合理把握市场窗口期，降低融资成本；从严从紧安排日常费用预算，强化过程管控，压减管理性开 支。 ...

证券日报网讯1月23日，三峡能源（600905）在互动平台回答投资者提问时表示，目前公司生产经营和 财务状况正常，未来将围绕提升公司发展质量和效益、优化公司治理效能、加强投资者关系管理、增强 信息披露质量、稳定投资者回报等方面，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。 ...

证券日报网讯 1月23日，三峡能源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日起的12个月内，通过二级市场增持公司股份，公司按照监管规则对增持 情况进行披露，非公司回购。公司始终高度重视股东回报与市值管理工作，积极落实证监会、国资委要 求，开展以下工作：一是提升核心竞争力，夯实价值创造基础。紧紧围绕"陆上大基地、海上风电引领 者"战略，加快推进以沙漠、戈壁、荒漠为主的大型风光基地开发，着力巩固海上风电引领优势。实 施"抓大促中优小"策略，全面开展存量项目效益提升，保障发展质量。二是建立稳定分红政策，增强投 资者获得感。上市至今，已累计向股东派发现金股利80.13亿元。三是控股股东加大增持力度，彰显长 期发展信心。截至2025年底，控股股东已累计增持公司股份1.87亿股，累计增持金额约8亿元。四是提 升公司治理效能，完善信息披露机制和ESG管理，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，制定市值管理制度、具体工作方案，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 ...