Group 1: Credit Bond ETF Dynamics - The circulation share and market value of credit bond ETFs experienced a rapid surge in late December 2025, followed by a swift decline in early 2026. As of January 28, 2026, the total market value of benchmark credit bond ETFs was 108.3 billion, with a circulation share of 1.072 billion units [6][7] - The logic supporting the price correction of credit bond ETFs has not changed significantly, and the price correction process in Q1 2026 is expected to continue towards a zero value center [7][8] - The first batch of Sci-Tech Innovation Bond ETFs launched in July 2025 saw a "rush for bonds" phenomenon, but by December 2025, the relative advantage of Sci-Tech bonds over ordinary bonds had been erased by the market [8] Group 2: Mergers and Acquisitions - In the recent period, 13 significant equity transactions were disclosed, with a total transaction amount exceeding 14.4 billion. Notable projects include the equity change of 12% in Fulian Precision, with Ningde Times as the subscriber [12][13] - Victory Electric plans to acquire 51.02% of Huajia New Materials for 112.24 million, aiming to strengthen supply chain control and high-end material technology capabilities through vertical integration [14] - The acquisition of new energy assets by Anhui Energy Group is expected to enhance the company's new energy capacity and resolve competition issues within the group [15][16] Group 3: Anhui Energy's Strategic Moves - Anhui Energy plans to invest 17.27 billion in cash and 100% equity of its subsidiary to acquire 51% of a new energy company, optimizing its power structure and addressing competition issues [15][16] - The new energy company has a total installed capacity of approximately 3.46 million kilowatts, with a net profit of 237 million in the first three quarters of 2025 [16] - The company has introduced an employee co-investment plan to align employee interests with corporate goals, which is expected to support long-term development [17]

皖能电力（000543.SZ）2月4日在投资者互动平台表示，您好，截至目前，公司暂未有卖出持有的证券 公司股票计划。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司发展需要更多的资金，是否考虑卖出持有的证券 公司股票？ ...

Core Viewpoint - The company holds 2,159.1360 shares of Wan Energy as of December 31, 2025, indicating its investment stake in the company [1] Group 1 - The company has been asked about its shareholding in Wan Energy and the nature of this investment [1] - The investment in Wan Energy is confirmed to be a financial investment [1]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2026 年 02 月 04 日 投资要点： 风险提示：电量需求不及预期、煤价涨幅超预期、电价不及预期。 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 27,867 | 30,094 | 30,516 | 29,854 | 30,408 | | 同比增长率（%） | 8.26% | 7.99% | 1.40% | -2.17% | 1.86% | | 归母净利润（百万元） | 1,430 | 2,064 | 2,193 | 1,806 | 1,988 | | 同比增长率（%） | 186.37% | 44.36% | 6.28% | -17.66% | 10.08% | | 每股收益（元/股） | 0.63 | 0.91 | 0.97 | 0.80 | 0.88 | | ROE（%） | 10.32% | 13.04% | 12.72% ...

格隆汇2月4日丨皖能电力(000543.SZ)在投资者互动平台表示，公司2025年发电量突破600亿千瓦时大关 水平，再度刷新发电量历史纪录，同比增幅超3%。 ...

格隆汇2月4日丨皖能电力(000543.SZ)在投资者互动平台表示，公司目前火电机组均在网运行，设备健 康水平良好，督促各子公司严格按照电网调度要求积极做好电力保供工作。 ...

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a projected decrease in output for 2025 compared to previous years, indicating potential challenges for the industry [1]. Industry Summary - According to the National Bureau of Statistics, the thermal power generation output in December 2025 is expected to be 581.2 billion kilowatt-hours, representing a year-on-year decrease of 3.2% [1]. - The cumulative thermal power generation output for the entire year of 2025 is projected to be 6,294.55 billion kilowatt-hours, reflecting a cumulative decline of 1% [1]. - The report is part of a comprehensive market survey and investment potential research for the thermal power industry in China from 2026 to 2032, published by Zhiyan Consulting [1].

公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 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 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 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 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

Company Overview - Shaanxi Shanwan Energy Co., Ltd. was recently established with a registered capital of 5 billion yuan [1][2] - The legal representative of the company is Gao Ming, and it is located in the Baota District of Yan'an City, Shaanxi Province [2] Business Scope - The company's business activities include heat production and supply, energy storage technology services, carbon reduction, carbon conversion, carbon capture, carbon storage technology research and development, and energy management services [1][2] Shareholding Structure - The company is jointly owned by three entities: Datang Shaanxi Power Generation Co., Ltd. (34% stake), Shaanxi Yanchang Petroleum Mining Co., Ltd. (34% stake), and Yan'an Waneng Electric Power Co., Ltd. (32% stake) [3]