Core Viewpoint - The company has completed the signing of electricity trading contracts for the year 2026 and aims to enhance efficiency through market analysis and policy research [1] Group 1: Company Strategy - The company will actively work on supplementary electricity contracts, coal procurement, and electricity spot trading to optimize operations [1] - During the "14th Five-Year Plan" period, the company will strengthen its thermal power base and seek growth opportunities [1] - The company plans to accelerate the implementation of thermal power projects both within and outside the province, contributing to the construction of a new power system [1]

Group 1: Company Overview - As of the end of 2025, Anhui Wan Energy Co., Ltd. has a controlled installed power generation capacity exceeding 19 million kW, with an equity capacity surpassing 23 million kW [2] - The company's controlled power generation volume has exceeded 60 billion kWh for two consecutive years, setting a historical record [2] Group 2: BEST Project Information - The BEST project involves a vacuum chamber that generates fusion reactions to produce energy, with a design to absorb heat for power generation [2] - The experimental goal for BEST is to achieve a Q factor of 1-5 and conduct deuterium-deuterium experiments after commissioning [2] Group 3: Investor Relations Activities - The investor relations activity included a meeting with analysts and representatives from various financial institutions, including Guosen Securities and Ping An Fund [1] - The meeting took place at the key system research facility in Hefei, Anhui Province, with company representatives Hu Min and Zhang Zengzhi present [2] Group 4: Future Plans and Strategies - For 2026, the company has completed its power trading contract signing and aims to enhance efficiency through market analysis and strategic procurement [2] - During the "14th Five-Year Plan" period, the company will strengthen its thermal power base and seek growth opportunities by accelerating the development of thermal power projects within and outside the province [2]

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The China Electricity Council forecasts a 5%-6% growth in electricity consumption for 2026, with a significant decline in proxy electricity prices in February [5][12] - Over 80% of provinces and cities reported a year-on-year decrease in proxy electricity prices in February, with Jiangsu, Inner Mongolia, and Liaoning experiencing the largest declines of 29.3%, 25.6%, and 23.1% respectively [5][14] - The report anticipates that by the end of 2026, the installed capacity of solar power will exceed that of coal power for the first time, with renewable energy sources accounting for half of the total installed capacity [5][14] Summary by Sections Industry Outlook - The report predicts that by 2026, the total installed capacity of renewable energy will reach half of the total installed capacity, with solar power surpassing coal power for the first time [5][14] - The total electricity consumption in China is expected to be between 10.9 and 11 trillion kilowatt-hours, reflecting a year-on-year growth of 5%-6% [5][14] Investment Trends - In January 2026, the State Grid completed fixed asset investments of 30.8 billion yuan, a year-on-year increase of 35.1% [6][14] - The Southern Power Grid plans to invest over 24 billion yuan in the first quarter of 2026, marking a year-on-year increase of over 20% [7][14] Proxy Electricity Prices - The report highlights that proxy electricity prices have generally decreased, with significant drops in various regions, indicating a more favorable supply-side environment [5][14] Key Companies and Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and integrated coal power operations, such as Huaneng International and Huadian International [8][14] - It also recommends monitoring companies in the wind and solar sectors, including Xintian Green Energy and Longyuan Power [8][14]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector, indicating a favorable outlook for investment opportunities in this industry [7]. Core Insights - Electricity demand is expected to grow steadily, while the growth rate of new energy installations is anticipated to slow down. The China Electricity Council predicts that the national electricity consumption for 2026 will be between 10.9 to 11.0 trillion kilowatt-hours, representing a year-on-year increase of 5% to 6% [7]. - The report highlights that the overall balance of electricity supply and demand in 2026 is expected to improve, with a reduction in the risk of electricity shortages. The growth rate of new energy installations is projected to decelerate [7]. - The report suggests that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. Summary by Sections Electricity Demand and Supply - The report forecasts that the total installed power generation capacity will exceed 400 million kilowatts in 2026, with new energy installations expected to surpass 300 million kilowatts [7]. - The electricity supply-demand situation is projected to be generally balanced, with some regions experiencing tighter balances during peak summer and winter periods [7]. Coal Prices and Inventory - Port coal prices have seen a slight increase, while inventory levels have decreased. The report notes that the port coal price for Q5500 grade coal was 695 RMB/ton, reflecting a week-on-week increase of 0.4% [19]. - The report indicates that coal inventory at major ports has decreased by 5.5% week-on-week, with power plant coal consumption also declining by 12% [28]. Performance of Utility Sector - The utility sector index outperformed the broader market indices, with a 0.2% increase compared to a 1.3% decline in the CSI 300 index [38]. - The report identifies specific stocks within the utility sector that are recommended for investment, including JianTou Energy and Huadian International, among others [7]. Water Resource Management - The report notes a slight decrease in the outflow from the Three Gorges Reservoir, with the average outflow for the week being 8,091 cubic meters per second, which is a 9.8% decrease week-on-week [31].

证券代码：524666 证券简称：26 皖能 G1 安徽省皖能股份有限公司 2026 年面向专业投资者公开发行 绿色公司债券（第一期）票面利率公告 本公司及其全体董事、高级管理人员或履行同等职责的人员承诺本募集说明 书信息披露真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 (本页无正文,为《安徽省皖能股份有限公司 2026 年面向专业投资者公开 发行绿色公司债券（第一期）票面利率公告》之盖章页） 安徽省皖能股份有限公司（以下简称"发行人"）发行不超过人民币 99 亿元 公司债券已获得中国证券监督管理委员会证监许可【2026】20 号文注册。安徽 省皖能股份有限公司 2026 年面向专业投资者公开发行绿色公司债券（第一期） （以下简称"本期债券"）拟发行规模不超过 10 亿元（含 10 亿元），发行期限为 3 年。 2026 年【 投资者进行了票面利率询价，利率询价区间为【1.50】%- 2】月【6 】日，发行人和主承销商通过簿记建档系统向专业机构 【2.50】%。根据网下 向专业机构投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券 票面利率为【1.80】%。 发行人将按上述票面利率于 2 ...

徐文宫任 安 徽省皖能股份有限公司（以下简称"皖能电力"）总经理。 2月6日，皖能电力发布公告称， 因工作调整的原因，方世清先生申请辞去公司董事及总经理职务。经公司董事会十一届十五次会议审 议通过，同意提名徐文宫先生为公司第十一届董事会董事候选人， 同意聘任徐文宫先生为公司总经理 。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rg y） 责编丨李慧颖 公司官网信息显示，皖能电力是安徽省第一批规范化改制的上市公司，199 3年12月在深圳证券交易所挂牌上市。公司作为皖能集团电 力主业资产的整体运营平台，聚焦一流电力产业平台建设，坚持以电为主的经营发展战略，不断优化发展火电，战略发展风电、水 电、核电等清洁能源。截至202 4年底，公司资产总额66 6亿元。 来源：深圳证券交易所网站、 安徽省皖能股份有限公司网站 ...

（编辑 袁冠琳） 证券日报网讯 2月5日，皖能电力发布公告称，因工作调整，方世清先生申请辞去皖能电力董事及总经 理职务；董事会十一届十五次会议审议通过，提名徐文宫先生为第十一届董事会董事候选人并聘任其为 总经理，任期自董事会决议通过之日起至本届董事会任期届满之日止。 ...

证券日报网讯2月5日，皖能电力（000543）发布公告称，因工作调整，方世清先生申请辞去公司董事及 总经理职务，此后将不在公司担任任何职务；其辞职报告自送达董事会之日起生效，辞职不影响公司经 营管理正常运行。 ...

安徽省皖能股份有限公司 主体长期信用评级报告 | | | www.lhratings.com 1 联合〔2025〕1213 号 联合资信评估股份有限公司通过对安徽省皖能股份有限公司的 信用状况进行综合分析和评估，确定安徽省皖能股份有限公司主体 长期信用等级为 AAA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 二〇二五年三月十四日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真实、 客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告在资 料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受安徽省皖能股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公正 的关联关系。 三、本报告引用的资料主要由该公司 ...

安徽省皖能股份有限公司 （安徽省合肥市马鞍山路 76 号能源大厦） 2026 年面向专业投资者公开发行绿色 公司债券（第一期）发行公告 | 发行人： | 安徽省皖能股份有限公司 | | --- | --- | | 牵头主承销商/簿记管理人/受托管理人： | 中信证券股份有限公司 | | 联席主承销商： | 国泰海通证券股份有限公司、国元证券股份 | | | 有限公司、中国国际金融股份有限公司、申 | | | 万宏源证券有限公司 | 签署日期：2026年【2】月【4】日 本公司及其全体董事、监事、高级管理人员或履行同等职责的人员保证公 告内容真实、准确和完整。 重要事项提示 1、安徽省皖能股份有限公司（以下简称"发行人"、"本公司"、"公司"） 已于 2026 年 1 月 6 日获得中国证券监督管理委员会证监许可〔2026〕20 号文， 同意公司面向专业投资者公开发行面值不超过（含）99 亿元的公司债券。 2、本期债券为 3 年期，发行规模为不超过人民币 10 亿元（含），每张面值 为 100 元，发行数量为不超过 1000 万张（含 1000 万张），发行价格为人民币 100 元/张。 3、根据《证券法》等相 ...