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 ...

Core Viewpoint - The company aims to become a "regionally leading, nationally first-class" comprehensive energy enterprise during the 14th Five-Year Plan period, focusing on a dual-wing strategy of thermal power as the mainstay and energy storage and renewable energy as supplementary [1] Group 1: Existing Thermal Power - The company plans to enhance the construction of existing projects and actively pursue capacity replacement work to secure large-capacity units [1] - Development of industrial steam supply projects is also a priority [1] Group 2: New Energy Development - The company is committed to optimizing and upgrading its asset structure to build a new energy system that integrates multiple energy sources [1] - It aims to plan renewable energy projects in regions with high-quality resources while actively laying out flexible resources [1]

Group 1: Company Performance Overview - In 2025, the company completed a total power generation of 14.19 billion kWh, a decrease of 3.56% year-on-year [2] - The total online electricity sales reached 48.562 billion kWh, down 3.58% compared to the previous year [2] - The total heating supply was 6,435.86 million GJ, a decrease of 3.15%, while industrial heating supply increased by 22.58% to 639.50 million GJ [2] Group 2: Financial Highlights - The company expects a net profit attributable to shareholders of 1.877 billion yuan in 2025, representing a year-on-year increase of 253.38% [3] - Basic earnings per share are projected to be 1.04 yuan per share [3] - The profit distribution policy for 2025 has been adjusted to allocate 50% of distributable profits to shareholders, up from 30% [7] Group 3: Market and Pricing Strategy - The capacity price in Hebei province for 2025 was set at 100 yuan/kW, with an increase to 165 yuan/kW for 2026 [3] - The company is actively optimizing coal resource allocation and cost management to enhance profitability in thermal power operations [2][3] Group 4: Future Development Plans - The company aims to establish a comprehensive energy enterprise with a focus on thermal power, supported by energy storage and renewable energy [5] - Ongoing construction projects include the Xibaipo Power Plant and Renqiu Thermal Power Plant, with plans for completion in the second half of 2026 [4] Group 5: Investor Relations and Communication - The company is currently undergoing a review process for a specific stock issuance by the Shenzhen Stock Exchange [6] - The company has increased the frequency of cash dividends, distributing approximately 180 million yuan in cash dividends for the first three quarters of 2025 [7]

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2026-08 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：149743 | 证券简称：21建能02 | | 河北建投能源投资股份有限公司 关于中期票据获准注册的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 河北建投能源投资股份有限公司（以下简称"公司"）分别于 2025 年 11 月 7 日、2025 年 11 月 25 日召开第十届董事会第二十三次临时会 议、2025 年第五次临时股东大会，审议通过了《关于拟注册发行中期票 据的议案》，同意公司向中国银行间市场交易商协会（以下简称"交易商 协会"）申请注册发行不超过人民币 30 亿元的中期票据。具体情况详见 公司于 2025 年 11 月 8 日、2025 年 11 月 26 日在《中国证券报》《证券 时报》和巨潮资讯网（http://www.cninfo.com.cn）的相关披露。 近日，公司收到交易商协会出具的《接受注册通知书》（中市协注 〔2026〕MT ...

Core Viewpoint - The company, Jiantou Energy, has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue bonds totaling up to 3 billion yuan to professional investors, with a registration validity of 24 months [1][2]. Trading Information Summary - On January 23, Jiantou Energy's stock closed at 8.84 yuan, with a slight increase of 0.23%. The turnover rate was 2.43%, with a trading volume of 264,900 shares and a transaction value of 234 million yuan [1]. - The net inflow of main funds was 2.4035 million yuan, indicating a positive short-term attitude from main investors towards the stock [2]. Company Announcement Summary - The CSRC approved Jiantou Energy's plan to issue corporate bonds with a total face value not exceeding 3 billion yuan. The issuance must comply with the prospectus submitted to the Shenzhen Stock Exchange [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in phases during this period [1].

Investment Rating - The report maintains a "Positive" outlook for the utility sector [8] Core Views - The growth rate of electricity generation is marginally declining, with a narrowing decrease in thermal power generation. In December 2025, the electricity generation of large-scale power plants increased by 0.1% year-on-year, a 2.6 percentage point improvement from November 2025, primarily affected by temperature factors [8][12] - Fund holdings in the utility sector have increased, with a focus on thermal power companies. As of the end of Q4 2025, the utility sector accounted for 1.25% of total fund equity investment, up by 0.10 percentage points from the previous quarter [11] - The performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering. The report indicates that the utility sector is still a quality dividend asset worth long-term allocation [8][11] Summary by Sections Electricity Generation - In December 2025, the year-on-year growth rates for various power sources were as follows: wind power +8.9%, solar power +18.2%, hydropower +4.1%, and nuclear power +3.1%. The decrease in thermal power generation was -3.2% [8][12][18] Fund Holdings - Fund holdings in the utility sector have increased, with the most significant increases in companies like Huaneng International (+1.1%), Anhui Energy (+0.9%), and Jintou Energy (+0.9%) [11][39] Market Dynamics - The report highlights that the average market clearing price for electricity in Guangdong increased by 4.5% year-on-year, while in Shanxi, it rose by 18.2% year-on-year [25][27] - Coal prices have weakened, with the Qinhuangdao Q5500 coal price at 685 CNY/ton, down 1.4% week-on-week [29][30] Investment Recommendations - The report recommends focusing on thermal power companies such as Jintou Energy, Huaneng International, Huadian International, Guodian Power, and Anhui Energy for potential investment opportunities [8][11] - For hydropower, it suggests investing in quality large hydropower companies like Yangtze Power and Guangxi Power [8] - For nuclear power, it recommends China General Nuclear Power as a long-term growth opportunity [8] - In the wind and solar sectors, it suggests waiting for the industry profit bottom to turn, with a focus on companies with a high proportion of wind power [8]

证券代码：149743 证券简称：21建能02 河北建投能源投资股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 河北建投能源投资股份有限公司（以下简称"公司"）于2026年1月21日收到中国证券监督管理委员会 《关于同意河北建投能源投资股份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可 〔2026〕91号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过30亿元公司债券的注册申请。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000600 证券简称：建投能源 公告编号：2026-07 证券代码：149516 证券简称：21建能01 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规定处 理。 公司将按照有关法律法规和上述批复文件的要求，依据公司股东大会的授权 ...

Core Viewpoint - The company, Jiantou Energy, has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 3 billion yuan to professional investors, which is expected to enhance its financial flexibility and support future growth initiatives [1]. Group 1: Stock Performance - As of January 22, 2026, Jiantou Energy's stock closed at 8.82 yuan, down 1.12% from the previous trading day [1]. - The stock opened at 8.98 yuan, reached a high of 9.00 yuan, and a low of 8.75 yuan during the trading session [1]. - The total market capitalization of the company is 15.905 billion yuan, with a trading volume of 3.3 billion yuan and a turnover rate of 3.43% [1]. Group 2: Bond Issuance - The CSRC has granted approval for Jiantou Energy to issue corporate bonds with a total face value not exceeding 3 billion yuan [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches within this period [1]. - The company is required to adhere to the fundraising prospectus submitted to the Shenzhen Stock Exchange and must report any significant events during the bond issuance process [1].

Group 1 - Huakang Clean announced it is the first candidate for the bid of the Wuhan First Hospital expansion project with a bid amount of 54.88 million yuan and a construction period of 120 days [1] - Hualing Steel's subsidiary plans to invest 449.88 million yuan in a major overhaul project for its coking plant, aiming to address aging issues and restore production capacity over a 19-month construction period [2] - Yinjia Technology expects a net loss of 140 million to 110 million yuan for 2025, compared to a loss of 129 million yuan in the previous year [3] Group 2 - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan for 2025, recovering from a loss of 58.52 million yuan in the previous year [4] - Shiyi Da anticipates a net profit increase of 31 million to 46 million yuan for 2025, turning around from a loss of 23.41 million yuan last year [5] - Lijun Co. expects a net profit of 48 million to 66 million yuan for 2025, representing a decline of 45.05% to 60.03% compared to the previous year [7] Group 3 - Xindian Pharmaceutical plans to repurchase shares worth 25 million to 50 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 42 yuan per share [6] - Jingchen Co. has set the initial transfer price for its shares at 82.85 yuan per share, with a total of 13.1 million shares to be transferred to 28 institutional investors [8] - Zejing Pharmaceutical received approval for clinical trials of its innovative cancer immunotherapy drug ZG005 in combination with platinum-based chemotherapy for advanced nasopharyngeal and esophageal squamous cell carcinoma [9] Group 4 - Xingqi Eye Medicine expects a net profit of 662 million to 749 million yuan for 2025, marking a growth of 95.82% to 121.56% compared to the previous year [10] - Liancheng Precision anticipates a net loss of 12 million to 17 million yuan for 2025, reducing its loss from 37.96 million yuan in the previous year [11] - Beidou Star expects a net loss of 230 million to 290 million yuan for 2025, improving from a loss of 350 million yuan last year [13] Group 5 - Qing Shan Paper's affiliate won a bid for a wastewater treatment project worth 51.9 million yuan [15] - Yiling Pharmaceutical forecasts a net profit of 1.2 billion to 1.3 billion yuan for 2025, recovering from a loss of 725 million yuan in the previous year [16] - Huahai Pharmaceutical received a drug registration certificate for its product used in treating depression and obsessive-compulsive disorder [23] Group 6 - Nanjing Panda expects a net profit of 10 million to 15 million yuan for 2025, turning around from a loss of 189 million yuan last year [40] - Rui Sheng Intelligent anticipates a net profit of 33.92 million to 38.40 million yuan for 2025, representing a growth of 112% to 140% compared to the previous year [41] - Jiechang Drive expects a net profit of 395 million to 437 million yuan for 2025, with a growth of 40% to 55% compared to the previous year [43]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds to professional investors, with a total face value not exceeding 3 billion yuan [1] Group 1 - The approval allows the company to issue corporate bonds within a registration period of 24 months from the date of approval [1] - The issuance of the corporate bonds must strictly adhere to the prospectus submitted to the Shenzhen Stock Exchange [1] - The company can issue the bonds in multiple tranches during the registration validity period [1]