根据初步统计，2025年第四季度公司完成供热量2,734.62万吉焦，同比降低0.82%，其中：居民供热量 完成2,552.38万吉焦，同比降低1.50%；工业供热量完成182.24万吉焦，同比增加9.74%。2025年度，公 司累计完成供热量7,075.36万吉焦，同比降低1.27%，其中：居民供热量完成6,435.86万吉焦，同比降低 3.15%；工业供热量完成639.50万吉焦，同比增加22.58%。 格隆汇1月14日丨建投能源(000600.SZ)公布，根据河北建投能源投资股份有限公司初步统计，2025年第 四季度公司完成发电量132.87亿千瓦时，同比降低3.96%，完成上网电量123.59亿千瓦时，同比降低 4.15%。2025年度，公司累计完成发电量523.21亿千瓦时，同比降低3.56%，累计完成上网电量485.62亿 千瓦时，同比降低3.58%。 ...

2025年第四季度公司完成供热量2,734.62万吉焦，同比降低0.82%，其中：居民供热量完成2,552.38万吉 焦，同比降低1.50%;工业供热量完成182.24万吉焦，同比增加9.74%。 2025年度，公司累计完成供热量7,075.36万吉焦，同比降低1.27%，其中：居民供热量完成6,435.86万吉 焦，同比降低3.15%;工业供热量完成639.50万吉焦，同比增加22.58%。 2025年度，公司累计完成发电量523.21亿千瓦时，同比降低3.56%，累计完成上网电量485.62亿千瓦 时，同比降低3.58%。 智通财经APP讯，建投能源(000600.SZ)发布公告，2025年第四季度公司完成发电量132.87亿千瓦时，同 比降低3.96%，完成上网电量123.59亿千瓦时，同比降低4.15%。 ...

根据初步统计，2025年第四季度公司完成供热量2,734.62万吉焦，同比降低0.82%，其中：居民供热量 完成2,552.38万吉焦，同比降低1.50%；工业供热量完成182.24万吉焦，同比增加9.74%。2025年度，公 司累计完成供热量7,075.36万吉焦，同比降低1.27%，其中：居民供热量完成6,435.86万吉焦，同比降低 3.15%；工业供热量完成639.50万吉焦，同比增加22.58%。 格隆汇1月14日丨建投能源(000600.SZ)公布，根据河北建投能源投资股份有限公司初步统计，2025年第 四季度公司完成发电量132.87亿千瓦时，同比降低3.96%，完成上网电量123.59亿千瓦时，同比降低 4.15%。2025年度，公司累计完成发电量523.21亿千瓦时，同比降低3.56%，累计完成上网电量485.62亿 千瓦时，同比降低3.58%。 ...

建投能源1月14日公告，2025年第四季度公司完成发电量132.87亿千瓦时，同比降低3.96%，完成上网电 量123.59亿千瓦时，同比降低4.15%。2025年度，公司累计完成发电量523.21亿千瓦时，同比降低 3.56%，累计完成上网电量485.62亿千瓦时，同比降低3.58%。2025年度，公司累计完成供热量7075.36 万吉焦，同比降低1.27%， ...

2025年第四季度公司完成供热量2,734.62万吉焦，同比降低0.82%，其中：居民供热量完成2,552.38万吉 焦，同比降低1.50%;工业供热量完成182.24万吉焦，同比增加9.74%。 2025年度，公司累计完成供热量7,075.36万吉焦，同比降低1.27%，其中：居民供热量完成6,435.86万吉 焦，同比降低3.15%;工业供热量完成639.50万吉焦，同比增加22.58%。 建投能源（000600）(000600.SZ)发布公告，2025年第四季度公司完成发电量132.87亿千瓦时，同比降低 3.96%，完成上网电量123.59亿千瓦时，同比降低4.15%。 2025年度，公司累计完成发电量523.21亿千瓦时，同比降低3.56%，累计完成上网电量485.62亿千瓦 时，同比降低3.58%。 ...

| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2026-02 | | --- | --- | --- | --- | --- | | 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 河北建投能源投资股份有限公司 2025 年度销售量完成情况公告 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。 根据河北建投能源投资股份有限公司（以下简称"公司"）初步统计， 2025 年第四季度公司完成发电量 132.87 亿千瓦时，同比降低 3.96%，完 成上网电量 123.59 亿千瓦时，同比降低 4.15%。 2025 年度，公司累计完成发电量 523.21 亿千瓦时，同比降低 3.56%， 累计完成上网电量 485.62 亿千瓦时，同比降低 3.58%。 根据初步统计，2025 年第四季度公司完成供热量 2,734.62 万吉焦， 同比降低0.82%，其中：居民供热量完成2,552.38万吉焦，同比降低1.50%； ...

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]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

Investment Rating - The report maintains a "Positive" outlook for the utility sector, indicating that the expected settlement price for thermal power in 2026 is likely to be better than market expectations [7]. Core Insights - The long-term contract electricity price risk has materialized, and the average reduction in long-term contract electricity prices for 2026 is estimated to be around 3-4 cents per kilowatt-hour. However, the capacity price for coal-fired power is expected to increase by at least 65 yuan per kilowatt per year, which may lead to a lower-than-expected decline in thermal power settlement prices [7]. - The report highlights that the performance expectations for the utility sector have reached a low point, making low-priced utility assets worth considering for investment [7]. - The report suggests that the utility sector remains a quality dividend asset for long-term allocation, especially under the trend of low interest rates and policies encouraging long-term capital market entry [7]. Summary by Sections Electricity Price Dynamics - The average clearing price for the Guangdong electricity market from January 3 to January 9, 2026, was 321 yuan per megawatt-hour, down 51 yuan year-on-year (-13.7%) [10]. - The average price for Shanxi during the same period was 234 yuan per megawatt-hour, down 107 yuan year-on-year (-31.4%) [10]. Coal Price Trends - As of January 9, 2026, the price of Q5500 thermal coal in Qinhuangdao was 699 yuan per ton, reflecting a week-on-week increase of 17 yuan (+2.5%) [15]. - The coal inventory at Qinhuangdao port decreased by 11.6% week-on-week, indicating a tightening supply situation [21]. Performance of Utility Sector - The utility sector index increased by 2.5% during the week of January 5 to January 9, 2026, underperforming compared to the Shanghai Composite Index, which rose by 2.8% [35]. - The report notes that the gas sector within utilities showed the highest weekly increase of 4.8% [37]. Investment Recommendations - The report recommends focusing on quality dividend assets in the utility sector, particularly in thermal power, hydropower, and nuclear power, with specific stocks highlighted for potential investment [7].