证券代码：000543 证券简称：皖能电力 公告编号：2026-03 安徽省皖能股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 一、召开会议的基本情况 6、会议的股权登记日：2026 年 02 月 05 日 7、出席对象： （1）在股权登记日持有公司股份的普通股股东或其代理人；于股权登记日 2026 年 2 月 5 日下午收 市时在中国结算深圳分公司登记在册的公司全体普通股股东均有权出席股东会，并可以以书面形式委托 代理人出席会议和参加表决，该股东代理人不必是本公司股东； （2）公司董事和高级管理人员； 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、经公司 2026 年 1 月 22 日召开的第十一届董事会第十四次会议通过决议，决定召开 2026 年第一 次临时股东会。本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、部门 规章、规范性文件及《公司章程 ...

证券代码：000543 证券简称：皖能电力 公告编号：2026-02 表决结果为：赞成9票，反对0票，弃权0票。 三、关于审议公司《2025年度合规管理工作报告》的议案 一、关于公司增资控股安徽省新能创业投资有限责任公司的议案 该议案为关联交易事项，关联董事李明、刘亚成、卢浩、张为义、彭松对该 议案回避表决；董事方世清以及独立董事谢敬东、姚王信、孙永标同意该议案。 表决结果为：赞成4票，反对0票，弃权0票。 二、关于审议公司《核心员工跟投平台管理办法》的议案 安徽省皖能股份有限公司 十一届十四次董事会会议决议公告 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。 安徽省皖能股份有限公司（以下简称"公司"或"本公司"）第十一届董事 会第十四次会议于2026年1月22日下午在公司会议室以现场结合通讯的方式召 开。本次会议应出席董事9人，实际出席董事9人（其中：委托出席的董事0人， 以通讯表决方式出席会议的董事6名，分别为李明、张为义、彭松、谢敬东、姚 王信和孙永标）。公司部分高级管理人员以及其他相关人员列席会议。会议的召 集和召开符合《公司法》《公司章程》的规定，所 ...

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Insights - The power industry is entering a new phase characterized by rational investment, market-oriented power generation, and spot pricing for electricity [2][3]. - The report highlights a significant cooling in new energy investments, while thermal power is expected to reach its investment peak by 2026 [5][17]. - The introduction of the "1502" document is expected to shift the electricity pricing model towards a more flexible, market-driven approach, enhancing the role of spot trading [3][29]. Summary by Sections 1. Power Industry Investment and Capacity Situation - Investment in new energy has notably decreased, while thermal power investment continues to grow. The peak for thermal power investment is anticipated in 2026 [5][17]. - Monthly capacity additions show a stark contrast before and after the "531" policy, with thermal power gradually approaching its production peak [5][10]. 2. New Trends in Electricity Reform for 2026 - Market-oriented power generation is gaining traction, with competitive bidding results for new energy projects being favorable. Nuclear power is also increasing its market entry ratio [3][29]. - The "1502" document has loosened the previous pricing model, significantly increasing the weight of spot trading in electricity transactions [3][29]. 3. Analysis of the Second Half of Electricity Reform - New energy capacity additions are expected to slow significantly, while thermal power generation is projected to see substantial growth. The report estimates an increase in thermal power generation from a decline of 37.8 billion kWh in 2025 to an increase of 135.6 billion kWh in 2026, representing a growth rate of 2.20% [3][10]. - The annual long-term contract price decline is more significant than expected, creating potential profit opportunities for thermal power in the spot market [3][10]. 4. Investment Recommendations - The report suggests that the challenges faced by thermal power may reverse, with a focus on high-quality leading companies and integrated coal-power operators. The expected stabilization of coal prices and significant growth in thermal power generation are key factors for this turnaround [3][10][29]. - Recommended companies include major state-owned enterprises in the power sector and integrated coal-power operators, which are expected to show resilience and high dividend attributes [3][10].

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating a favorable investment environment [7][3]. Core Insights - December's electricity consumption growth was affected by temperature, but a stable growth rate is expected for 2026, with an anticipated growth rate of around 5% [7][10]. - The report highlights that the long-term electricity price reform is necessary to support the increasingly complex new energy system in China [7]. - 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 Consumption - In 2025, the total electricity consumption in China increased by 5.0% year-on-year, with growth rates for different sectors being +9.9% for primary industry, +3.7% for secondary industry, +8.2% for tertiary industry, and +6.3% for residential use [10][9]. - The average national temperature in December 2025 was -1.1°C, which contributed to the decline in electricity consumption growth [7][10]. Coal Prices and Supply - Coal prices at ports and production sites have weakened slightly, aligning with previous expectations. The report anticipates that short-term coal prices will remain stable with limited upward potential [7][27]. - As of January 16, 2026, the price of Q5500 thermal coal at Qinhuangdao was 695 CNY/ton, showing a week-on-week decrease of 0.6% [27][30]. Performance of Utility Sector - The utility sector index rose by 0.1%, outperforming the CSI 300 index by 0.7 percentage points during the week of January 10-16, 2026 [53]. - The report suggests that the utility sector remains a quality dividend asset for long-term investment, especially under the current low-interest-rate environment [7][3]. Investment Recommendations - The report recommends focusing on utility stocks, particularly in thermal, hydropower, nuclear, and renewable energy sectors, with specific stocks highlighted for potential investment [7][3]. - Notable stocks include: - Thermal Power: Jiantou Energy, Huadian International, Guodian Power, Huaneng International, and Waneng Power [7]. - Hydropower: Yangtze Power, Guiguan Power, Chuanwei Energy, and Huaneng Hydropower [7]. - Nuclear Power: China General Nuclear Power [7]. - Wind and Solar: Longyuan Power [7].

Core Viewpoint - Fusion energy is becoming a core focus in China's energy transition, with Hefei emerging as a key hub for the fusion energy industry, housing nearly 60 related enterprises and top scientific facilities [1][2]. Group 1: Company Strategy - Anhui Waneng Power has invested 500 million yuan through a partnership to indirectly hold a 3.45% stake in Fusion New Energy, marking a significant step in its fusion energy strategy [2]. - The company positions itself as an "ecological builder, transformation pioneer, and commercial layout planner," leveraging regional advantages to advance fusion energy from technology reserves to engineering and commercialization [2][3]. - Waneng Power is developing a dual-track model focusing on "long-term fusion breakthroughs and short-term technology implementation," collaborating with research institutions to establish a joint laboratory for fusion and hydrogen energy applications [3]. Group 2: Regional Advantages - Hefei's regional advantages support Waneng Power's strategy through collaboration with top research institutions, aligning with local policies for funding support, and participating in industry standard-setting [4]. - The company aims to create a full-cycle capability by integrating upstream raw material supply, midstream equipment development, and downstream electricity consumption markets [4]. Group 3: Operational Readiness - Waneng Power is preparing for the operational challenges of fusion power plants by developing a standardized energy-level operation and maintenance system, focusing on advanced technologies such as remote maintenance and intelligent monitoring [5]. - The company follows a three-step approach for controllable fusion energy: focusing on key technology incubation during the experimental phase, engineering integration during the demonstration phase, and strategic positioning in power sales during the commercial phase [5]. Group 4: Industry Trends - The capital influx into the fusion energy sector is seen as a double-edged sword, with potential for accelerating construction and innovation but also risks of valuation bubbles and development imbalances [7]. - The next 5 to 10 years are expected to see a surge in the operation of fusion experimental devices and the construction of demonstration and commercial reactors, marking a critical phase for engineering and commercialization [7]. Group 5: Strategic Participation - Energy companies are advised to leverage their strengths and avoid blindly following trends, focusing on building core barriers in the "conventional island" segment to achieve strategic positioning [8]. - Waneng Power will continue to deepen its approach of "ecological co-construction, technological leadership, and future layout," accelerating the establishment of joint laboratories and expanding industry collaborations [8].

Core Viewpoint - Fusion energy is becoming a central focus in China's energy transition, with Hefei emerging as a key hub for the fusion energy industry, housing nearly 60 related enterprises and top scientific facilities [1][2] Group 1: Company Strategy - Anhui Waneng Power has invested 500 million yuan through a partnership to indirectly hold a 3.45% stake in Fusion New Energy, marking a significant step in its fusion energy strategy [2] - The company positions itself as an "ecological builder, transformation pioneer, and commercial layout developer," leveraging regional advantages to advance fusion business from technology reserves to engineering and commercialization [2][3] Group 2: Technological Development - Waneng Power is implementing a dual-track model focusing on "long-term fusion breakthroughs and short-term technology implementation," collaborating with Hefei Comprehensive National Science Center to establish a joint laboratory for fusion and hydrogen energy applications [3] - The company is also focusing on the "conventional island" segment of future fusion power plants, utilizing its experience in power generation to lay a solid foundation for commercial power stations [3] Group 3: Regional Advantages - Hefei's regional advantages support Waneng Power's strategy through three main aspects: leveraging top research facilities for accelerated technology engineering, aligning with local policy for funding support, and fostering a collaborative ecosystem among enterprises [4] - The compact fusion energy experimental device (BEST) is a core project for the nuclear energy industry, currently in the assembly phase, guiding Waneng Power's operational management and investment in the industry chain [4] Group 4: Industry Trends - The capital influx into the fusion energy sector is rising, with the A-share nuclear fusion sector experiencing a surge due to the BEST project, but there are risks associated with this capital, including potential valuation bubbles and development imbalances [7] - The industry is expected to enter a critical phase in the next 5 to 10 years, with a focus on the operational launch of fusion experimental devices and the construction of demonstration and commercial reactors [7][8] Group 5: Future Outlook - Energy companies are advised to leverage their strengths and avoid blindly following trends, focusing on building core barriers in the "conventional island" segment while managing risks [8] - Waneng Power aims to deepen its approach of "ecological co-construction, technological leadership, and future layout," accelerating the establishment of joint laboratories and expanding industry chain cooperation to facilitate the transition to engineering and commercialization in fusion energy [8]

Core Viewpoint - Fusion energy is becoming a core focus in China's energy transition, with Hefei emerging as a key hub for the fusion energy industry, housing nearly 60 related enterprises and top scientific facilities [1][2] Group 1: Company Strategy - Anhui Waneng Power has invested 500 million yuan in fusion energy through a partnership, marking a significant step in its strategic layout for future energy solutions [1][2] - The company identifies itself as an "ecological builder, transformation pioneer, and commercial layout builder," leveraging regional advantages to advance fusion energy from technical reserves to commercialization [2][3] Group 2: Technological Development - Waneng Power is collaborating with the Hefei Comprehensive National Science Center to establish a joint laboratory for fusion and hydrogen energy applications, focusing on both long-term breakthroughs and short-term technology implementation [2][3] - The company is developing a comprehensive operational management system for fusion power plants, emphasizing remote maintenance, operational robotics, and intelligent monitoring [3] Group 3: Industry Trends - The fusion energy sector is experiencing increased capital interest, with the A-share nuclear fusion sector seeing significant stock price movements due to project advancements [3][4] - The next 5 to 10 years are expected to see a surge in the operation of fusion experimental devices and the initiation of demonstration and commercial reactors, marking a critical phase for engineering and commercialization [4][5] Group 4: Risk and Opportunity - While capital influx can accelerate technological advancements and collaborative innovation, it also poses risks such as potential valuation bubbles and misalignment between short-term capital interests and long-term industry goals [3][5] - Companies are advised to leverage their strengths and avoid blindly following trends, focusing on building core competencies in the conventional energy sector to strategically position themselves in the fusion energy landscape [5]

股票代码：000543 股票简称：皖能电力 公告编号：2026-01 安徽省皖能股份有限公司 关于 2025 年度第一期超短期融资券兑付安排的公告 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。 （三）登记托管机构：银行间市场清算所股份有限公司 联系部门：运营部 一、本期债券基本情况 二、兑付相关事宜 托管在银行间市场清算所股份有限公司的债券，其兑付资金由发行人在规定 时间之前划付至银行间市场清算所股份有限公司指定的收款账户后，由银行间市 场清算所股份有限公司在兑付日划付至债券持有人指定的银行账户。债券兑付日 如遇法定节假日，则划付资金的时间相应顺延。债券持有人资金汇划路径变更， 应在兑付前将新的资金汇划路径及时通知银行间市场清算所股份有限公司。因债 券持有人资金汇划路径变更未及时通知银行间市场清算所股份有限公司而不能 及时收到资金的，发行人及银行间市场清算所股份有限公司不承担由此产生的任 何损失。 三 、相关机构联系人和联系方式 联系方式：0551-62225821 联系方式：0551-65809139 为保 ...

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a notable decrease in production figures for 2025 compared to previous years [1] Group 1: Industry Overview - In November 2025, China's thermal power generation output was 497 billion kilowatt-hours, representing a year-on-year decrease of 4.2% [1] - From January to November 2025, the cumulative thermal power generation output in China was 57,124.6 billion kilowatt-hours, showing a cumulative decline of 0.7% [1] Group 2: Companies Involved - Listed companies in the thermal power sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Jingneng Power (600578), Zhejiang Energy (600023), Yunnan Energy Holdings (001896), Sheneng Co. (600642), Jingtou Energy (000600), and Anhui Energy (000543) [1] Group 3: Research and Analysis - The report titled "2026-2032 China Thermal Power Industry Market Panorama Survey and Investment Potential Research Report" was published by Zhiyan Consulting, a leading industry consulting firm in China [1] - Zhiyan Consulting has over a decade of experience in industry research, providing comprehensive industry solutions to empower investment decisions [1]