Core Viewpoint - The report from Dongwu Securities highlights 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, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

Hot Topics - Jia Mei Packaging's stock trading suspension review has concluded, and the stock will resume trading tomorrow [1] - Fenglong Co., Ltd.'s stock trading suspension review has concluded, and the stock will resume trading tomorrow [2] - Hongbaoli does not produce epoxy propylene products, and its subsidiary's related project has entered the preliminary preparation stage for trial production [2] - Hunan Gold's future market price for gold products has uncertainty regarding whether it can continue to rise or maintain high levels [2] - Tongding Interconnection's current operating conditions are normal, with no significant changes in the internal and external operating environment [3] - Tiandi Online's recent operating conditions and internal and external operating environment show no significant changes [4] - Dayue City reports no significant changes in its recent operating conditions and internal and external environment [5] - Huangtai Liquor Industry is not involved in hot concept matters, and its current operating conditions are normal [6] Performance - Leshan Electric Power reported a net profit of 23.4023 million yuan for 2025, an increase of 3.68% year-on-year [7] - Great Wall Motors sold 90,300 vehicles in January, a year-on-year increase of 11.59% [8] - Seres sold 45,900 vehicles in January, a year-on-year increase of 104.85% [9] - GAC Group sold 116,600 vehicles in January, a year-on-year increase of 18.47% [10] - BAIC Blue Valley's subsidiary sold 8,073 vehicles in January, a year-on-year increase of 11.83% [11] Shareholding Changes - Chipone Technology's shareholders plan to reduce their holdings by no more than 1.95% of the company's shares [30] Share Buybacks - Chuzhou Dongfeng's controlling shareholder proposed to repurchase shares worth 50 million to 100 million yuan [31] - GoerTek has increased the total amount for share repurchase from no less than 500 million yuan (inclusive) and no more than 1 billion yuan (inclusive) to no less than 1 billion yuan (inclusive) and no more than 1.5 billion yuan (inclusive) [31] Contract Awards - Jerry Holdings' wholly-owned subsidiary signed a sales contract for gas turbine generator sets worth approximately 1.265 billion yuan with a U.S. client [32] - Fulongma is expected to win four sanitation service projects in January, with a total first-year service fee of 83.5364 million yuan [34] Equity Changes - Yanzhou Coal Mining is transferring 100% equity of Xintai Coal [33] Mergers and Acquisitions - BGI Genomics plans to acquire 100% equity of Sanjian Qifa and 100% equity of BGI Xufeng to integrate two cutting-edge technology platforms in spatial omics and nanopore sequencing [34] Refinancing - Sanjia Technology (rights protection) plans to issue shares to its controlling shareholder to raise no more than 300 million yuan for working capital and repaying bank loans [35] Other - Fushikong's actual controller, chairman, and general manager Chen Yongliang has been placed under detention [36] - China Mobile's VAT tax category adjustment will change the applicable VAT rate from 6% to 9% [37] - China Telecom's VAT tax category adjustment will impact the company's revenue and profits [38] - China Unicom's VAT tax category adjustment will change the applicable VAT rate from 6% to 9% [39] - Nanwang Energy's price policy adjustment for pumped storage and new energy storage will increase uncertainty in revenue and profits from pumped storage power stations [39] - Wanbangde has completed the enrollment of 100 subjects for the clinical trials of Shishan Jianjia controlled-release tablets phases II and III [39] - Penghui Energy has submitted an application for issuing H-shares and listing on the Hong Kong Stock Exchange [40] - Haichuang Pharmaceutical has passed the GMP compliance inspection for drugs [41]

Core Viewpoint - The recent notice from the National Development and Reform Commission and the National Energy Administration outlines new pricing mechanisms for pumped storage and independent new-type energy storage, aiming to enhance market-oriented operations and clarify pricing policies for different categories of power stations [1][2]. Group 1: Pricing Mechanisms for Pumped Storage - The notice specifies that pumped storage stations built before the issuance of the 633 document will continue to have government-set pricing, with adjustments made post-operation based on necessary technical upgrades and maintenance costs [1][2]. - For pumped storage stations constructed after the 633 document, provincial pricing authorities will set capacity prices every 3-5 years based on average cost recovery principles, with adjustments for operational hours [1][2]. - New pumped storage stations can participate in energy and ancillary service markets, sharing a portion of market revenues as determined by provincial pricing authorities [1][2]. Group 2: Independent New-Type Energy Storage Pricing - The notice establishes a capacity pricing mechanism for independent new-type energy storage stations that support power system safety, with pricing based on local coal power capacity standards and peak capacity ratios [1][2]. - Independent new-type energy storage stations will be managed under a list system, with specific management requirements to be defined by the National Energy Administration [1][2]. Group 3: Electricity Settlement Policies - In regions with continuous spot markets, the pricing for pumped storage and independent new-type energy storage will follow market rules or real-time spot prices; in regions without continuous markets, pricing will be based on commercial user electricity purchase prices [1][2]. - During charging, pumped storage and independent new-type energy storage will be treated as users, incurring transmission and system operation fees, while discharge will reduce these fees accordingly [1][2]. Group 4: Impact on the Company - The company’s existing pumped storage stations, including seven operational ones, fall under the first category, while nine additional stations under construction are classified as the second category [2][4]. - The company’s future projects will either follow the second or third category pricing policies, which will be clarified by relevant authorities during project implementation [2][4]. - The company plans to leverage the new pricing policies and the "dual carbon" strategy to optimize its pumped storage and new-type energy storage development strategies, enhancing its value creation capabilities [6].

Core Viewpoint - The announcement discusses the adjustment of pricing policies for pumped storage and new energy storage, as outlined by the National Development and Reform Commission and the National Energy Administration, which will impact the company's operations and revenue generation strategies. Pricing Policy Adjustments - The new pricing policy for pumped storage includes three categories of power stations: 1. First category stations will continue to have government-set pricing based on previous regulations [1] 2. Second category stations will have their capacity prices determined every 3-5 years based on average cost recovery principles [1] 3. Third category stations will participate in market mechanisms and receive all market revenues [1] - For independent new energy storage on the grid side, capacity pricing will be based on local coal power capacity prices, adjusted for peak capacity [1] Impact on the Company - The company has several pumped storage stations classified under the first and second categories, with the pricing policies for new projects yet to be clarified [4] - Existing new energy storage stations will either maintain their original business model or adopt new pricing policies, pending further clarification from authorities [4] - The company expects to generate capacity fee income from new grid-side independent energy storage projects and participate in electricity market transactions [4] Market Execution and Revenue - The company operates and is constructing pumped storage and new energy storage stations across five provinces, with varying market conditions affecting pricing execution [5] - In Guangdong, where the electricity market is continuously operational, pricing will follow market rules, while other provinces are in trial phases [5] - The company will be treated as a user during charging, incurring certain fees, while discharge will reduce transmission fees accordingly [5] Future Strategy - The company plans to leverage the "dual carbon" strategy opportunities and optimize its pumped storage and new energy storage development strategies in line with the new pricing policies [7] - The company aims to enhance its value creation capabilities in the market under the new regulatory framework [7]

Industry Insights - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, specifically for coal, gas, pumped storage, and new energy storage [1] - The notice allows localities to establish independent capacity pricing mechanisms for new energy storage based on local coal power capacity pricing standards, discharge duration, and peak contribution [1] - Experts believe that energy storage is a current bottleneck in the power system, and independent energy storage construction can effectively address this issue, thereby promoting the development of the energy storage sector [1] Company Highlights - Sunshine Power is expected to see a 70% year-on-year increase in energy storage shipments in the first three quarters of 2025, with overseas shipments rising from 63% to 83% [1] - Southern Power Grid Energy Storage, a subsidiary of Southern Power Grid, is steadily developing its pumped storage and independent energy storage operations and is likely to benefit from the high growth potential of the new energy storage industry [1]

证券研究报告 公用环保 发电侧容量电价新规基本符合预期 华泰研究 2026 年 2 月 01 日│中国内地 动态点评 2026 年 1 月 30 日，国家发改委、国家能源局发布《关于完善发电侧容量电 价机制的通知》（发改价格〔2026〕114 号），各类电源容量电价机制完善 情况基本符合预期；抽蓄抽水、电网侧独立新型储能充电时视作用户，缴纳 上网环节线损费用和系统运行费用（全国平均约 1.6 和 6.1 分/千瓦时），充 放电量损耗需按照单一电量制用户缴纳输配电价（全国平均约 0.178 元/千 瓦时），此前各省执行情况不一，该要求一定程度或减少抽蓄和新型储能电 量收益。总体而言，容量电价机制的进一步完善有望提升调节电源的固定收 入占比，盈利稳定性有望提升，推荐火电龙头华能国际 AH/国电电力/华润 电力等、抽蓄运营龙头南网储能和装机增长潜力大的长江电力/湖北能源等。 煤电容量电价如期提升至不低于 165 元/千瓦，决定权下放至地方 "114 号文"提出：1）将通过容量电价回收煤电机组固定成本的比例提升 至不低于 50%，与 2023 年 11 月 8 日国家发改委、国家能源局发布的《关 于建立煤电容量电价机 ...

证券代码：600995 证券简称：南网储能 编号：2026-03 南方电网储能股份有限公司 关于抽水蓄能和新型储能价格政策调整 及其对公司影响的公告 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。 近日，国家发展改革委、国家能源局印发了《关于完善发电侧容 量电价机制的通知》（发改价格〔2026〕114 号）（以下简称《通知》）， 其中进一步明确了抽水蓄能以及电网侧独立新型储能电价政策，现将 有关情况公告如下： 一、《通知》规定的相关电价政策 （一）完善抽水蓄能容量电价机制 根据《通知》，《关于进一步完善抽水蓄能价格形成机制的意见》 （发改价格〔2021〕633 号）（以下简称"633 号文件"）出台前开工 （取得取水、临时用地、环评批复文件，下同）建设的电站，容量电 价继续实行政府定价，具体由省级价格主管部门按照 633 号文件办法 核定或校核。电站经营期满后，按照弥补必要技术改造支出和运行维 护成本的原则重新核价。（下文称以上电站为"第一类电站"） 633 号文件出台后开工建设的电站，由省级价格主管部门每 3-5 年按经营期 ...

Core Viewpoint - The article discusses the recent notification issued by the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity pricing mechanism for hydropower storage, which is expected to enhance the development of the energy storage industry and facilitate the construction of a new power system in China [2]. Group 1: Improvement of Pumped Storage Pricing Mechanism - The notification aims to establish a scientific pricing mechanism for the sustainable development of the pumped storage industry, addressing issues such as investment guidance and market price signals [3]. - The principle of "stability for existing projects and activation for new projects" is emphasized, with differentiated policies for existing and new pumped storage plants to ensure stable operations and reasonable returns [4][6]. - For existing projects, the notification allows provincial pricing authorities to continue using previous pricing methods to avoid significant operational fluctuations due to policy changes [4]. Group 2: New Pricing Mechanism for New Projects - For new projects initiated after the previous guidelines, a pricing mechanism combining "unified capacity price + market revenue sharing" is introduced, which aims to optimize resource allocation and encourage investment [6]. - The unified capacity price will be determined every 3-5 years based on average costs, while market revenue sharing will increase the proportion of market income in the revenue structure of pumped storage plants [6][8]. - This transition from policy-driven to market-driven mechanisms is expected to enhance the efficiency of new projects and support the construction of a new power system [6]. Group 3: Independent Capacity Pricing for New Energy Storage - The notification establishes an independent capacity pricing mechanism for grid-side new energy storage, allowing these facilities to have the same capacity status as coal power plants [7]. - The new pricing structure includes "capacity price + energy revenue + ancillary services," which will provide stable income and promote the rapid development of the new energy storage industry [8]. - Different energy storage technologies will compete under unified rules, shifting the focus from cost competition to a comprehensive evaluation of functional value [8]. Group 4: Assessment and Regulation - The policy includes a user price burden assessment system to ensure that the pricing mechanism is sustainable and beneficial for the economy [9][10]. - Strengthened capacity fee assessments will guide the operational performance of power plants, ensuring that revenue flows to projects that effectively provide regulatory functions [10]. - This dual approach aims to balance user price burdens with regulatory oversight, maximizing the effectiveness of the pricing reforms [10]. Conclusion - The comprehensive improvement of the energy storage pricing mechanism establishes a policy framework that balances stability for existing projects with market-driven transformation for new projects, filling the gap in independent capacity pricing for grid-side energy storage [11]. - The notification is expected to attract social capital into efficient energy storage sectors, enhancing the power system's regulatory capabilities and supporting the transition to a green and low-carbon energy structure [11].

2025年，国内水电行业呈现稳健发展态势，来水偏丰有效带动发电量增长，推动行业内企业经营效益稳 步向好。据《证券日报》记者不完全统计，截至2026年1月30日，南方电网储能股份有限公司（以下简 称"南网储能（600995）"）、贵州黔源电力（002039）股份有限公司（以下简称"黔源电力"）、中国长 江电力（600900）股份有限公司（以下简称"长江电力"）、国家电投集团水电股份有限公司（以下简 称"电投水电（600292）"）等多家水电相关上市公司披露了2025年业绩预告或业绩快报。 发电量增长 1月30日，南网储能发布2025年业绩预告显示，报告期内，该公司调峰电站来水较好，发电量同比增 加，售电收入及利润同比增加；预计2025年度实现归属于母公司所有者的净利润为16.67亿元至17.27亿 元，同比增长47.98%至53.31%。 1月29日，电投水电发布了业绩预增公告，预计2025年度实现归属于母公司所有者的净利润为5.17亿元 左右，与上年同期（追溯调整前）相比，同比增长1337%左右。 1月21日，黔源电力发布的2025年业绩预告显示，预计实现归属于上市公司股东的净利润为5.67亿元至 6.33亿 ...

Group 1: Performance Highlights - Nanwang Energy (600995.SH) expects net profit of 1.5-1.8 billion CNY, a year-on-year growth of 55%-85% driven by large-scale energy storage projects and favorable electricity pricing policies[4] - Transsion Holdings (688036.SH) anticipates net profit of 4.2-4.8 billion CNY, with a year-on-year increase of 75%-100% due to market share growth in emerging markets and product optimization[6] - Green Harmonic (688017.SH) forecasts net profit of 150-180 million CNY, reflecting an 80%-116% year-on-year growth driven by demand for humanoid robots and improved product margins[7] Group 2: Significant Losses - Qidi Environment (000826.SZ) projects a net loss of 2.8-3.5 billion CNY, with losses widening due to substantial investment losses and increasing receivables[40] - Meike Home (600337.SH) expects a net loss of 1.2-1.8 billion CNY, attributed to the downturn in the real estate sector and significant inventory write-downs[41] - Zhaopu Technology (300203.SZ) anticipates a net loss of 200-250 million CNY, facing potential delisting risks due to declining revenue and significant asset impairments[49] Group 3: Industry Trends - The report identifies three core drivers of market performance: technological breakthroughs, cost control, and price cycles[65] - The lithium battery supply chain shows signs of stabilization, with leading companies like Tianqi Lithium (002466.SZ) and Enjie (002812.SZ) returning to profitability, indicating a recovery phase[69] - The automotive sector exhibits a trend where upstream components outperform downstream integrators, highlighting the competitive landscape in the electric vehicle market[68]