投资建议与投资标的 公用事业行业 行业研究 | 行业周报 光伏新增装机下滑，天然气价维持高位 公用事业行业周报（2026.03.23-2026.03.27） 核心观点 行业 公用事业行业 报告发布日期 2026 年 03 月 29 日 | 孙辉贤 | 执业证书编号：S0860525090003 | | --- | --- | | | sunhuixian@orientsec.com.cn | | | 021-63326320 | | 孙怡萱 | 执业证书编号：S0860525110002 | | | sunyixuan@orientsec.com.cn | | | 021-63326320 | 用电需求上行，火电由负转正：公用事业 行业周报（2026.03.16-2026.03.20） 2026-03-22 十五五目标明确，强调电力市场改革：公 用 事 业 行 业 周 报 （2026.03.09- 2026.03.13） 2026-03-15 再度强调价格改革，算电协同助发展：公 用 事 业 行 业 周 报 （2026.03.02- 2026.03.06） 2026-03-08 有关分析师的申明，见本报告最后 ...

公用事业行业 行业研究 | 行业周报 光伏新增装机下滑，天然气价维持高位 公用事业行业周报（2026.03.23-2026.03.27） 核心观点 投资建议与投资标的 行业 公用事业行业 报告发布日期 2026 年 03 月 29 日 | 孙辉贤 | 执业证书编号：S0860525090003 | | --- | --- | | | sunhuixian@orientsec.com.cn | | | 021-63326320 | | 孙怡萱 | 执业证书编号：S0860525110002 | | | sunyixuan@orientsec.com.cn | | | 021-63326320 | 用电需求上行，火电由负转正：公用事业 行业周报（2026.03.16-2026.03.20） 2026-03-22 十五五目标明确，强调电力市场改革：公 用 事 业 行 业 周 报 （2026.03.09- 2026.03.13） 2026-03-15 再度强调价格改革，算电协同助发展：公 用 事 业 行 业 周 报 （2026.03.02- 2026.03.06） 2026-03-08 有关分析师的申明，见本报告最后 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Views - The report emphasizes the recovery in electricity demand and the positive turnaround in thermal power generation [2][8] - It highlights the need for further reforms in the electricity market to accommodate a higher proportion of renewable energy consumption [8][19] - The report suggests that utility assets are likely to be revalued positively due to the restructuring of international order [8] Summary by Sections Electricity Demand and Generation - In January and February 2026, the total electricity consumption in China increased by 6.1% year-on-year, up from 3.3% in December 2025 [8] - The growth rates for different sectors were: primary industry +7.4%, secondary industry +6.3%, tertiary industry +8.3%, and residential use +2.7% [8] - The generation of electricity from large-scale power plants rose by 4.1% year-on-year, with thermal power generation increasing by 3.3% [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - It also suggests looking into gas companies and hydropower firms for potential investment opportunities [8] Market Dynamics - The report notes that the Shenyang utility index fell by 2.4%, underperforming the CSI 300 index by 0.2% but outperforming the Wind All A index by 1.7% [8] - The report indicates that the coal prices have increased, with the Qinhuangdao Q5500 coal price at 735 RMB/ton, up 0.8% week-on-week [35] Natural Gas Prices - The report highlights a significant increase in natural gas prices, with the Dutch TTF gas price rising by 18.2% week-on-week [48] - The domestic LNG ex-factory price was reported at 4868 RMB/ton, showing a year-on-year increase of 6.6% [50] Hydropower and Renewable Energy - The report suggests that hydropower has a simple and efficient business model, with the lowest cost per kilowatt-hour among all power sources [8] - It anticipates continued growth in wind and solar energy under carbon neutrality expectations, recommending leading companies in these sectors [8]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector in China [4] Core Insights - Electricity demand is on the rise, with a year-on-year increase of 6.1% in total electricity consumption for January and February 2026, compared to a 3.3 percentage point increase from December 2025 [8] - The growth in electricity consumption is attributed to a recovery in economic activity and a low base effect from the previous year [12] - Power generation growth has rebounded, with thermal power growth turning positive at 3.3% year-on-year for January and February 2026 [19] - The report highlights the potential for value reassessment of low-priced utility assets amid international order restructuring [8] - The report suggests that the utility sector remains a quality asset for investment, benefiting from the ongoing reforms in the electricity market [8] Summary by Sections Electricity Demand and Supply - Total electricity consumption increased by 6.1% year-on-year in January and February 2026, with significant growth in primary (7.4%), secondary (6.3%), and tertiary industries (8.3%) [8][12] - Power generation from large-scale power plants rose by 4.1% year-on-year, with thermal power showing a recovery [19] Investment Recommendations - The report recommends investing in the utility sector, particularly in thermal power companies such as: - Jiantou Energy (000600, Buy) - Huadian International (600027, Buy) - Guodian Power (600795, Buy) - Huaneng International (600011, Buy) - Anhui Energy (000543, Buy) [8] - For gas, companies like Shouhua Gas (300483, Not Rated) and Xintian Gas (603393, Not Rated) are highlighted as potential beneficiaries of rising natural gas prices [8] - In hydropower, quality assets in favorable basins are recommended for investment [8] Market Dynamics - The report notes a decline in the Shenyang spot electricity price by 14.2% year-on-year, while Shanxi's price increased by 26.3% year-on-year [31][33] - Coal prices have risen, with Qinhuangdao's Q5500 coal price at 735 RMB/ton, reflecting a 9.2% increase year-on-year [35] - Natural gas prices have surged, with the Dutch TTF gas price increasing by 18.2% week-on-week [48]

二、付息相关事宜 股票代码：000543 股票简称：皖能电力 公告编号：2026-24 安徽省皖能股份有限公司 关于 2025 年度第一期中期票据 2026 年付息安排的公告 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）及董事会全 体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或 重大遗漏。 为保证安徽省皖能股份有限公司 2025 年度第一期中期票据（债券简称：25 皖能股 MTN001，债券代码：102581432.IB）付息工作的顺利进行，现将有关事 宜公告如下： | 发行人名称 | 安徽省皖能股份有限公司 | | --- | --- | | 债项名称 | 安徽省皖能股份有限公司 2025 年度第一期中期票据 | | 债项简称 | 25 皖能股 MTN001 | | 债项代码 | 102581432.IB | | 发行金额 | 3 亿元 | | 起息日 | 2025-03-28 | | 发行期限 | 3 年 | | 债项余额 | 3 亿元 | | 最新评级情况（如有） | AAA（联合资信） | | 偿还类别 | 利息支付 | | 本计息期债项利率 | 2% | | 利息兑付 ...

Investment Rating - The report maintains a "Positive" outlook on the utility sector, indicating it is a worthwhile asset for investment [6][3]. Core Insights - The "14th Five-Year Plan" emphasizes specific targets for the energy sector, including a 17% reduction in carbon emissions and a 25% share of non-fossil energy consumption by the end of the plan [6][3]. - The report highlights the ongoing reform of the electricity market, aiming for a unified national electricity market by 2030 and a multi-dimensional pricing system that reflects various values of electricity [6][3]. - The utility sector has shown a recovery post-Chinese New Year, with the Shenwan Utility Index rising by 3.1%, outperforming the CSI 300 Index by 2.9 percentage points [6][3]. Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the utility sector, driven by the restructuring of international order and the need for further market reforms to accommodate high proportions of renewable energy [6][3]. - Specific recommendations include: - Thermal Power: Expected improvement in dividend capacity and willingness, with recommended stocks including Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [6][3]. - Gas: Beneficiaries of high global gas prices include Shouhua Gas and Xintian Gas [6][3]. - Hydropower: Recommendations for high-quality hydropower stocks such as Yangtze Power and Guotou Power [6][3]. - Nuclear Power: Strong long-term growth potential with recommended stock China General Nuclear Power [6][3]. - Wind and Solar: Focus on leading companies with high wind power ratios, awaiting profitability recovery [6][3]. Industry Dynamics Tracking - Electricity prices in Guangdong and Shanxi have seen significant year-on-year declines, with Guangdong's average price down by 13.8% and Shanxi's by 25.0% [9][10]. - Domestic coal prices have decreased, with the Qinhuangdao Q5500 coal price at 729 RMB/ton, down 1.9% week-on-week [13][14]. - International gas prices remain high, with the Dutch TTF gas price at 50.1 EUR/MWh, down 6.1% week-on-week but up 19.1% year-on-year [25][26]. - The Three Gorges Reservoir's outflow has increased, with a weekly average outflow of 8793 cubic meters/second, up 4.0% week-on-week [30][31]. Market Performance - The utility sector outperformed the broader market, with a 3.1% increase in the Shenwan Utility Index compared to a 0.2% increase in the CSI 300 Index [38][39]. - Sub-sector performance showed wind power leading with an 8.5% increase, followed by solar power at 5.3% [40][41].

Investment Rating - The report maintains a "Positive" outlook on the utility sector, indicating it is a worthwhile asset for investment [6][3]. Core Insights - The "14th Five-Year Plan" emphasizes specific targets for the energy sector, including a 17% reduction in carbon emissions and a 25% share of non-fossil energy consumption by the end of the plan [6][3]. - The report highlights the ongoing reform of the electricity market, aiming for a unified national electricity market by 2030 and a market-based pricing mechanism for various energy sources [6][3]. - The utility sector has shown a recovery, with the Shenwan Utility Index rising by 3.1%, outperforming the CSI 300 Index by 2.9 percentage points [6][3]. Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the utility sector, driven by the restructuring of international order and the need for further market reforms to accommodate high proportions of renewable energy [6][3]. - Specific recommendations include: - Thermal Power: Expected improvement in dividend capacity and willingness, with suggested stocks including Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [6][3]. - Gas: Beneficiaries of high global gas prices include upstream gas assets, with related stocks being Shouhua Gas and Xintian Gas [6][3]. - Hydropower: Recommended to invest in quality hydropower assets, with stocks like Yangtze Power and Guotou Power [6][3]. - Nuclear Power: Strong long-term growth potential, with China General Nuclear Power as a related stock [6][3]. - Wind and Solar: Anticipated growth under carbon neutrality expectations, with a focus on leading companies in the sector [6][3]. Industry Dynamics - Electricity prices in Guangdong and Shanxi have seen significant year-on-year declines, with Guangdong's average price down by 13.8% and Shanxi's by 25.0% [9][10]. - Domestic coal prices have decreased, while port inventories have increased, indicating a shift in supply dynamics [13][22]. - International gas prices remain high, influenced by geopolitical tensions, with LNG prices in China rising significantly [25][27]. Market Performance - The utility sector has outperformed the broader market indices, with notable weekly gains across various sub-sectors, particularly wind and solar [38][40]. - Individual stock performances show significant increases for companies like Huadian Energy and Xiexin Energy, while some companies faced declines [44].

为保证安徽省皖能股份有限公司 2025 年度第二期超短期融资券（债券简称： 25 皖能股 SCP002，债券代码：012581450）兑付工作的顺利进行，现将有关事宜 公告如下： | 企业名称 | 安徽省皖能股份有限公司 | | --- | --- | | 债项名称 | 安徽省皖能股份有限公司 2025 年度第二期超短 | | | 期融资券 | | 债项简称 25 | 皖能股 SCP002 | | 债项代码 | 012581450 | | 发行金额（万元） | 30000 | | 起息日 | 2025-06-20 | | 发行期限 | 270 天 | | 债项余额（万元） | 30000 | | 偿还类别 | 本息兑付 | | 本计息期债项利率（%） | 1.6 | | 本息兑付日 | 2026-03-17 | | 本期应偿付本息金额（元） | 303550684.93 | | 主承销商 | 上海浦东发展银行股份有限公司、杭州银行股 | | | 份有限公司 | 股票代码：000543 股票简称：皖能电力 公告编号：2026-22 安徽省皖能股份有限公司 关于 2025 年度第二期超短期融资券兑付安排的公告 安 ...

股票代码：000543 股票简称：皖能电力 公告编号：2026-23 安徽省皖能股份有限公司 为保证安徽省皖能股份有限公司 2025 年度第三期超短期融资券（债券简称： 25 皖能股 SCP003，债券代码：012581439.IB）兑付工作的顺利进行，现将有关 事宜公告如下： | 企业名称 | 安徽省皖能股份有限公司 | | --- | --- | | 债项名称 | 安徽省皖能股份有限公司 2025 年度第三期超短 | | | 期融资券 | | 债项简称 | 25 皖能股 SCP003 | | 债项代码 | 012581439.IB | | 发行金额（万元） | 30000 | | 起息日 | 2025-06-20 | | 发行期限 | 270 天 | | 债项余额（万元） | 30000 | | 偿还类别 | 本息兑付 | | 本计息期债项利率（%） | 1.6 | | 本息兑付日 | 2026-03-17（如遇法定节假日，则顺延至下一 | | | 工作日） | | 本期应偿付本息金额（元） | 303,550,684.93 元（具体以实际为准） | | 主承销商 | 徽商银行股份有限公司、兴业银行股份有 ...

Investment Rating - The report maintains a "Buy" rating for the industry, emphasizing the potential of "算电协同" (computing and electricity collaboration) as a new infrastructure category [9][10]. Core Insights - The concept of "算电协同" has been officially included in the government work report, marking it as a significant direction for new infrastructure development. This indicates a shift from local trials to a national strategic deployment [2][14]. - The report highlights the rapid growth of intelligent computing power in China, projected to reach 725.3 EFLOPS by 2024, a 74.1% increase year-on-year, significantly outpacing general computing power growth [2][14]. - The dual carbon goals are reinforcing the value of green electricity, with a focus on constructing a new power system and promoting the application of renewable energy [5][17]. Summary by Sections Government Work Report - The government work report emphasizes the importance of "算电协同" in building a new type of infrastructure and outlines plans for zero-carbon parks and factories, as well as the development of smart grids and new energy storage [2][14]. - The report sets ambitious carbon reduction targets, aiming for a 17% reduction in carbon emissions per unit of GDP during the 14th Five-Year Plan period [9][17]. Industry Trends - The electricity sector is experiencing structural changes, with increasing demand from data centers for green energy, which is driving upgrades in the power system [4][16]. - The report notes that the pricing and capacity value of electricity are being adjusted, making low-cost and high-green energy parks more attractive for data center electricity needs [4][16]. Policy Developments - Continuous policy support for "算电协同" has been observed, with initiatives aimed at establishing a comprehensive computing infrastructure by the end of 2025 [3][15]. - The report outlines several major projects under the 14th Five-Year Plan, including the development of new energy bases and zero-carbon initiatives [18]. Investment Recommendations - The report suggests focusing on companies involved in "算电协同," recommending specific firms such as 涪陵电力 (Fuling Power) and 金开新能 (JinKai New Energy) for investment [9][10]. - It also highlights the potential of traditional thermal power companies to adapt and benefit from the evolving energy landscape, suggesting firms like 华能国际 (Huaneng International) and 国电电力 (Guodian Power) as key players [9][10].