格隆汇2月3日丨绿发电力(000537.SZ)公布，截至2026年1月31日，公司通过股份回购专用证券账户以集 中竞价方式累计回购公司股份6,635,653股，占公司总股本2,066,602,352股的0.32%，最高成交价8.46元/ 股，最低成交价8.25元/股，成交总金额55,411,536.24元（不含交易费用）。 ...

天津绿发电力集团股份有限公司 关于回购公司股份进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 天津绿发电力集团股份有限公司（以下简称"公司"）分别于 2025 年 8 月 28 日、2025 年 9 月 16 日召开第十一届董事会第二十次会议、2025 年第三次临时股东 会，审议通过了《关于实施股份回购的议案》，同意公司以自有资金，通过集中竞 价交易方式回购公司 A 股股份，全部用于注销并减少公司注册资本。本次用于回购 股份的资金总额为人民币 6,184.28 万元至 9,276.42 万元（含），回购价格不超过 人民币 13.31 元/股（含本数）。回购期限自公司 2025 年第三次临时股东会审议通 过回购股份方案之日起 12 个月内（2025 年 9 月 16 日-2026 年 9 月 15 日）。公司于 2025 年 10 月 28 日实施了 2025 年半年度分红派息，根据《深圳证券交易所上市公司 自律监管指引第 9 号——回购股份》及《天津中绿电投资股份有限公司回购报告书》 的相关规定，公司对本次回购股份的价格上限进行调整，由不超过人 ...

格隆汇1月31日丨绿发电力(000537.SZ)发布2025年度业绩预告，报告期内，归属于上市公司股东的净利 润6.91亿元～8.98亿元，同比下降10.97%～31.46%；扣除非经常性损益后的净利润7.49亿元～9.73亿 元，同比增长-17.03%～7.77%；基本每股收益0.37元/股～0.47元/股。 报告期内，公司归属于上市公司股东的净利润较上年同期减少的主要原因：一是受市场环境、行业政策 影响，公司存量项目因限电导致损失电量同比增加，叠加平均上网电价同比下行，导致利润空间进一步 收窄；二是根据《企业会计准则》有关要求，部分在建工程转固后开始计提折旧，同时公司对部分风电 机组实施"以大代小"增容升级改造，计提相关资产减值准备，致使利润进一步承压。 ...

的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为进一步优化天津绿发电力集团股份有限公司（以下简称"公司"）投资布局 和投资结构，2025 年公司积极实施"两个转移"（由光伏向风电储能转移，由西北 向中东部转移），多措并举获取新能源项目建设指标。 一、指标获取情况 | 证券代码：000537 | 证券简称：绿发电力 | | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | | 债券代码：524531 | 债券简称：25 | 绿电 | | | | G1 G1 | | | | 公告编号：2026-007 | 天津绿发电力集团股份有限公司 关于2025年度新能源项目建设指标获取情况 1.上述数据为公司根据相关地方政府指标核发情况进行的内部统计，由于不同 地方政府对新能源指标的核发程序差异较大（包括核准、备案、公示等），同时公 司获取指标方式及后续投资模式也不尽相同（自主获取的项目由公司自主投资开发； 与股东方通过产业协同方式获取的项目，由公司与相关方合作开发），公司将以保 障项目投资收益为中心 ...

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].

证券日报网讯1月22日，绿发电力（000537）在互动平台回答投资者提问时表示，公司合资项目主要为 新疆一、二期大基地项目，及青海、江苏等区域部分项目。截至2025年底，公司在运装机规模中权益占 比约68%。公司与合资方按股权比例履行出资义务及获取投资收益。 ...

投资者提问： 董秘你好，对于公司发展我有点浅薄建议，目前靠卖电越来越不赚钱，像目前房地产，建房不赚钱但是 物业赚钱啊，那公司是不是可以转变思路，在项目上控量保质同时发展其他项目，重心比如放在储能， 虚拟电厂等等配套方向，毕竟靠一条路走路是蹦不长的。 董秘回答(绿发电力SZ000537)： 投资者您好，感谢您的宝贵建议。为顺应新能源发展趋势，满足新型电力系统建设要求，公司在聚焦主 责主业、持续提升经营质效的同时，积极探索发展"新能源+"融合业态，通过构建"新能源+新型储 能"、"新能源+数字科技"等多元化业态进一步锻造公司核心竞争力，助力公司高质量发展。查看更多董 秘问答>> 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

每经AI快讯，有投资者在投资者互动平台提问：贵公司新疆或者其他地区哪些新项目是合资的？发电 量和分成占比公司份额多少？ （记者 张明双） 绿发电力（000537.SZ）1月22日在投资者互动平台表示，公司合资项目主要为新疆一、二期大基地项 目，及青海、江苏等区域部分项目。截至2025年底，公司在运装机规模中权益占比约68%。公司与合资 方按股权比例履行出资义务及获取投资收益。 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

证券日报网讯1月20日，绿发电力（000537）在互动平台回答投资者提问时表示，截至2025年12月31 日，公司已累计回购股份663.57万股，成交总金额5541.15万元。后续公司将根据二级市场股价情况，持 续做好股份回购及库存股注销工作。后续，控股股东如有股份增持计划，公司将严格按照监管要求及时 履行信息披露义务。 ...