证券研究报告 | 行业周报 gszqdatemark 2026 03 08 年 月 日 电力 ➢ "算电协同"被首次写入政府工作报告，成为新型基础设施建设的重要方向。 3 月 5 日，国务院总理李强向大会作政府工作报告。政府工作报告提出，打造 智能经济新形态。实施超大规模智算集群、算电协同等新基建工程，加强全国 一体化算力监测调度，支持公共云发展。标志"算电协同"从地方试点、部门 政策正式上升为国家战略部署。除此之外，报告还明确"深入推进零碳园区和 工厂建设"，"着力构建新型电力系统，加快智能电网建设，发展新型储能， 扩大绿电应用"，"加快智能电网建设"，新型电力系统将成为未来支撑国家 安全、科技创新等战略发展的核心基础设施。 算力中心从电力系统的"补充角色"逐步转变为"核心协同者"。根据 IDC 与 浪潮信息联合发布的行业报告，2024 年中国智能算力规模已达到 725.3 EFLOPS，同比增长 74.1%，远高于同期通用算力约 20%的增速，算力需求结 构正在快速向人工智能领域集中。在双碳目标引领和新型电力系统加速构建 的大背景下，绿色能源成为破解数据中心高能耗难题的关键路径，同时数据中 心用电需求也对 ...

公用事业行业 行业研究 | 行业周报 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） 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 08 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 低位实物资产，宏观交易催化价值重估： | 2026-03-01 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.02.23- | | | 2026.02.27） | | | 明确时间表，强调电力资源多维价值：公 | 2026-02-23 | | 用 事 业 行 业 周 报 （2026.02.09- | | | 2026.02.13） | | | 电量有望稳健增长，新能源装机增速放 | 2026-02-08 | | 缓 ： 公 用 事 业 行 业 周 报 （2026.02.02- | | | 2026.02.06） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表 ...

公用事业行业 行业研究 | 行业周报 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） 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 08 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 低位实物资产，宏观交易催化价值重估： | 2026-03-01 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.02.23- | | | 2026.02.27） | | | 明确时间表，强调电力资源多维价值：公 | 2026-02-23 | | 用 事 业 行 业 周 报 （2026.02.09- | | | 2026.02.13） | | | 电量有望稳健增长，新能源装机增速放 | 2026-02-08 | | 缓 ： 公 用 事 业 行 业 周 报 （2026.02.02- | | | 2026.02.06） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表 ...

Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Zheneng Power, Guodian Power, and Huaneng International, among others [8]. Core Insights - A total of 84 green electricity direct connection projects have been approved, with a total installed capacity of 32.59 million kilowatts, indicating further progress in collaborative electricity calculations [2][11]. - The green electricity direct connection will transition from pilot projects to large-scale promotion by 2026, with over 200 projects expected to be implemented, totaling more than 15 GW [2][11]. - The application scenarios for green electricity are diversifying, covering data center power supply, hydrogen production, and zero-carbon parks [3][12]. - The mechanism electricity price for new energy in March reached a maximum of 10.52 cents per kilowatt-hour, with significant regional variations in costs [4][13]. Summary by Sections Industry Overview - The report highlights the performance of the power sector, with the CITIC Power and Utilities Index rising by 5.45%, outperforming the CSI 300 Index by 4.37 percentage points [6][64]. Green Electricity Direct Connection - The report emphasizes the completion of approvals for 84 green electricity direct connection projects, with a total installed capacity of 32.59 million kilowatts, and outlines the expected transition to large-scale implementation by 2026 [2][11]. Investment Recommendations - The report recommends focusing on companies involved in collaborative electricity calculations, such as Fuling Power and Gansu Energy, as well as traditional power companies like Huaneng International and Huadian International [5][8]. - It also suggests monitoring companies with flexible coal power transformation capabilities, such as Qingda Environmental Protection and Huaguang Huaneng [5]. Market Dynamics - The report notes that in March, the proxy purchase electricity prices in 90% of regions decreased year-on-year, with significant drops in several provinces [16][59]. - The report also mentions the rise in coal prices, which reached 742 yuan per ton, impacting the thermal power sector [18]. Carbon Market Insights - The national carbon market saw a 2.29% increase in trading prices, with a total trading volume of 947,900 tons and a closing price of 80.5 yuan per ton [59].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Viewpoints - The utility sector is expected to experience steady growth in electricity demand, with macroeconomic trading catalyzing the revaluation of low-asset physical utilities [7] - The anticipated recovery in pessimistic earnings expectations supports the current upward trend in the sector, with the first quarter of 2026 expected to outperform market expectations [7] - The report emphasizes the need for further reforms in electricity pricing to support the increasingly complex new energy system in China [7] Summary by Sections Industry Performance - The utility sector outperformed the broader market indices, with the Shenwan Utility Index rising by 5.7%, surpassing the CSI 300 Index by 4.6 percentage points [41] - The sector's performance is driven by a combination of low physical asset valuations and macroeconomic factors [7] Electricity Prices - In Guangdong, the average spot electricity price decreased by 23.6% year-on-year, while in Shanxi, it fell by 62.3% year-on-year [10][13] - The average spot electricity price in Jiangsu also saw a decline of 6.9% week-on-week [10] Coal Prices - The price of Qinhuangdao Q5500 thermal coal increased by 4.0% week-on-week, reaching 751 RMB/ton, while the price of imported Indonesian coal rose by 5.7% [16][18] - Port coal inventories are showing signs of recovery, with Qinhuangdao port coal inventory increasing by 5.6% week-on-week [26] Investment Recommendations - The report recommends focusing on utility stocks, particularly in the thermal power sector, where companies like Jiantou Energy and Huadian International are highlighted as buy candidates [7] - For hydropower, it suggests investing in high-quality river basin hydropower stocks [7] - The nuclear power sector is noted for its strong long-term growth potential, while wind and solar sectors are expected to see significant growth under carbon neutrality expectations [7]

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 电力 绿电直连 3259 万千瓦装机完成审批，算电协同进一步推进 本周行情回顾：本周（2.24-2.27）上证指数报收 4162.88 点，上涨 1.98%，沪深 300 指数报收 4710.65 点，上涨 1.08%。中信电力及公用事业指数报收 3281.34 点，上 涨 5.45%，跑赢沪深 300 指数 4.37pct，位列 30 个中信一级板块涨跌幅榜第 5。 本周行业观点： ➢ 84 个绿电直连项目已完成审批，总装机规模 3259 万千瓦，算电协同进一步 推进。2 月 27 日，国家能源局全面总结了绿电直连的建设情况。2025 年 5 月，国家发展改革委、国家能源局联合印发《关于有序推动绿电直连发展有关 事项的通知》，创新新能源消纳新模式。目前，全国有 84 个绿电直连项目已 完成审批，新能源总装机规模 3259 万千瓦。2026 年绿电直连将从试点转向 规模化推广，全年预计落地超 200 个、总规模超 15GW。 应用场景多元化，涵盖数据中心供电、制氢制醇、零碳园区等多业态。 3 月新能源机制电量差价电费折合度 ...

公用事业行业 行业研究 | 行业周报 低位实物资产，宏观交易催化价值重估 公用事业行业周报（2026.02.23-2026.02.27） 核心观点 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 03 月 01 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 明确时间表，强调电力资源多维价值：公 | 2026-02-23 | | --- | --- | | 用 事 业 行 业 周 报 （2026.02.09- | | | 2026.02.13） | | | 电量有望稳健增长，新能源装机增速放 | 2026-02-08 | | 缓 ： 公 用 事 业 行 业 周 报 （2026.02.02- | | | 2026.02.06） | | | 新建新型储能容量电价，多元电价体系逐 | 2026-02-01 | | 步完善：公用事业行业周报（2026.01.26- | | | 2026.01.30） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之 ...

证券日报网讯 2月27日，皖能电力发布公告称，公司董事会十一届十六次会议审议通过，同意聘任张鹏 先生为公司副总经理，任期自本次董事会决议通过之日起至本届董事会任期届满之日止。 （文章来源：证券日报） ...

Group 1 - The company announced the election of Xu Wengong as a non-independent director of the 11th Board of Directors, effective from the date of the shareholders' meeting until the term of the board ends [1] Group 2 - The news highlights a significant shift in AI usage, with China's AI call volume surpassing that of the United States for the first time, leading to a surge in various sectors in the A-share market [1] - A well-known Wall Street analyst commented on China's computing power path, stating it disrupts traditional perceptions [1]

每经AI快讯，皖能电力2月27日晚间发布公告称，经公司董事会十一届十六次会议审议通过，同意聘任 张鹏先生为公司副总经理。 每经头条（nbdtoutiao）——中美大反转，中国AI调用量首超美国，A股嗨了，多板块掀涨停潮！华尔 街知名分析师：中国算力路径颠覆传统认知 （记者 曾健辉） ...