证券研究报告 公用环保 发电侧容量电价新规基本符合预期 华泰研究 2026 年 2 月 01 日│中国内地 动态点评 2026 年 1 月 30 日，国家发改委、国家能源局发布《关于完善发电侧容量电 价机制的通知》（发改价格〔2026〕114 号），各类电源容量电价机制完善 情况基本符合预期；抽蓄抽水、电网侧独立新型储能充电时视作用户，缴纳 上网环节线损费用和系统运行费用（全国平均约 1.6 和 6.1 分/千瓦时），充 放电量损耗需按照单一电量制用户缴纳输配电价（全国平均约 0.178 元/千 瓦时），此前各省执行情况不一，该要求一定程度或减少抽蓄和新型储能电 量收益。总体而言，容量电价机制的进一步完善有望提升调节电源的固定收 入占比，盈利稳定性有望提升，推荐火电龙头华能国际 AH/国电电力/华润 电力等、抽蓄运营龙头南网储能和装机增长潜力大的长江电力/湖北能源等。 煤电容量电价如期提升至不低于 165 元/千瓦，决定权下放至地方 "114 号文"提出：1）将通过容量电价回收煤电机组固定成本的比例提升 至不低于 50%，与 2023 年 11 月 8 日国家发改委、国家能源局发布的《关 于建立煤电容量电价机 ...

粤宏远Ａ：转让鸿熙矿业45%股权 粤宏远Ａ公告称，公司与贵州曦源于2026年1月30日签署股权转让合同，公司出售所持有的鸿熙矿业45%股权，股权转让价格为2237.15万元。待交易完成 后，本公司不再持有鸿熙矿业股权。本次交易进一步优化公司业务、促进转型。这项交易将对上市公司本期或未来财务状况和经营成果有积极影响，预计可 为公司带来约2200多万元的收益。 万华化学：拟190.86亿元增资全资子公司万华烯烃公司 万华化学公告称，拟将其持有的120万吨乙烯一体化相关资产计145.86亿元及其持有的全资子公司万华烯烃公司45亿元债权共计190.86亿元增资至万华烯烃公 司，实现万华化学碳二产业在同一法人主体万华烯烃公司集中运营管控，进一步提升公司碳二产业的竞争力，本次增资中10亿元人民币计入注册资本， 180.86亿元计入资本公积。增资后，万华烯烃公司注册资本将由30亿元增加至40亿元，仍然为万华化学的全资子公司。 华友钴业：拟在印度尼西亚合作建设电池产业链一体化项目 华友钴业公告称，公司控股子公司HYD与ANTAM、IBC签订合作框架协议，三方将在印度尼西亚围绕新能源汽车电池全产业链开展合作。本协议各方拟在 印 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 格隆汇1月30日丨甘肃能源(000791.SZ)公布，近日，公司收到全资子公司甘肃酒泉汇能风电开发有限责 任公司报告，甘肃庆阳东数西算产业园区绿电聚合试点项目一期工程100万千瓦新能源项目首批风电机 组（装机容量13.4兆瓦）已于2026年1月30日并网发电，剩余风电机组和光伏发电单元将陆续并网发 电。该项目主要分布于环县北部，总装机容量100.045万千瓦（其中风电项目75.025万千瓦，光伏项目 25.02万千瓦），达到公司2025年末已发电控股装机容量的10%以上，根据《深圳证券交易所上市公司 自律监管指引第3号——行业信息披露》规定对新投产情况进行公告。 ...

证券代码：000791 证券简称：甘肃能源 公告编号：2026-03 甘肃电投能源发展股份有限公司 关于甘肃庆阳东数西算产业园区绿电聚合试点项目一期工程 100 万 千瓦新能源项目首批风电机组并网发电的公告 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。 近日，公司收到全资子公司甘肃酒泉汇能风电开发有限责任公司报告，甘肃 庆阳东数西算产业园区绿电聚合试点项目一期工程 100 万千瓦新能源项目首批 风电机组（装机容量 13.4 兆瓦）已于 2026 年 1 月 30 日并网发电，剩余风电机 组和光伏发电单元将陆续并网发电。该项目主要分布于环县北部，总装机容量 100.045 万千瓦（其中风电项目 75.025 万千瓦，光伏项目 25.02 万千瓦），达到 公司 2025 年末已发电控股装机容量的 10%以上，根据《深圳证券交易所上市公 司自律监管指引第 3 号——行业信息披露》规定对新投产情况进行公告。 公司将积极推进甘肃庆阳东数西算产业园区绿电聚合试点项目一期工程 100 万千瓦新能源项目剩余风电机组和光伏发电单元的并网发电，但建设过程中 可能存在市场及政策变 ...

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].

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

Group 1 - Northeast Securities expects a net profit of 1.477 billion yuan in 2025, a year-on-year increase of 69.06% [1] - Gansu Energy anticipates a net profit of 1.95 billion to 2.1 billion yuan in 2025, representing a year-on-year growth of 18.6% to 27.72% [2] - Ningbo Bank reports a projected net profit of 29.333 billion yuan in 2025, with an 8.13% year-on-year increase [3] Group 2 - Qianyuan Power forecasts a net profit of 567 million to 633 million yuan in 2025, indicating a year-on-year growth of 160% to 190% [5] - Batian Co. expects a net profit of 890 million to 980 million yuan in 2025, reflecting a year-on-year increase of 117.53% to 139.53% [6] - Tongfu Microelectronics anticipates a net profit of 1.1 billion to 1.35 billion yuan in 2025, with a year-on-year growth of 62.34% to 99.24% [7] Group 3 - Zhongyuan Nepe expects a net profit of 368 million to 428 million yuan in 2025, representing a year-on-year increase of 80.47% to 109.9% [8] - Huajin Co. predicts a net loss of 1.6 billion to 1.9 billion yuan in 2025, compared to a loss of 2.795 billion yuan in the previous year [9] - Xinghua Co. anticipates a net loss of 420 million to 560 million yuan in 2025, up from a loss of 380 million yuan in the previous year [4] Group 4 - Huayuan Holdings expects a net profit of 107 million to 118 million yuan in 2025, a year-on-year increase of 50.98% to 66.82% [12] - Taishan Petroleum forecasts a net profit of 130 million to 165 million yuan in 2025, indicating a year-on-year growth of 30.88% to 66.11% [13] - Jiuqi Software anticipates a net profit of 40 million to 60 million yuan in 2025, recovering from a loss of 156 million yuan in the previous year [21] Group 5 - Jin Fang Energy expects a net profit of 109 million to 143 million yuan in 2025, reflecting a year-on-year increase of 123.97% to 193.7% [16] - He Sheng New Materials anticipates a net profit of 152 million to 171 million yuan in 2025, representing a year-on-year growth of 55% to 75% [24] - Yuedong Microelectronics predicts a net loss of 340 million to 425 million yuan in 2025 [14] Group 6 - Aibo Medical plans to acquire at least 51% of Demai Medical, with an estimated valuation of the target company not exceeding 1 billion yuan [26] - Zhaoshang Shipping intends to build four 3000TEU container ships with a total investment of no more than 1.324 billion yuan [18] - Zhongtung High-tech's subsidiary has confirmed an increase in mineral resources, adding significant quantities of tungsten and other metals [27]

Group 1: New Stock Offerings - Medela's new stock offering has a subscription code of 920119, with an issue price of 41.88 yuan per share and a price-to-earnings ratio of 14.99 times, allowing a maximum subscription limit of 720,000 shares per account [2] Group 2: Fiscal Policy and Economic Measures - The Ministry of Finance will continue to implement a more proactive fiscal policy, aiming for increased total spending, improved structure, better efficiency, and stronger momentum, with necessary levels of fiscal deficit, total debt, and spending maintained through 2026 [3] - The Ministry of Finance has optimized the personal consumption loan interest subsidy policy, including credit card installment payments, removing restrictions on certain consumption areas, allowing all consumer loans to enjoy interest subsidies [3] - Starting April 1, 2026, export tax rebates for photovoltaic products will be canceled, and electronic product export tax rebates will be phased out over two years, promoting efficient resource use and guiding rational industrial structure adjustments [3] - Tax and fee preferential policies for community services such as elderly care, childcare, and housekeeping will continue, benefiting institutions providing these services [3] Group 3: Commodity Market Adjustments - The Shanghai Futures Exchange will adjust margin ratios and price fluctuation limits for futures contracts of copper, gold, and other commodities starting January 22, 2026 [4] - Domestic gasoline and diesel prices will increase by 85 yuan per ton due to rising international oil prices, marking the first price hike in 2026, with an average increase of 0.07 yuan per liter for 92 and 95 gasoline and 0 diesel [4] - Shanghai has released an action plan to enhance the linkage between spot and futures markets for non-ferrous metals, aiming to expand the international influence of "Shanghai prices" [4] Group 4: Company Earnings Forecasts - Huicheng Environmental Protection plans to increase its shareholding by 25 million to 50 million yuan [7] - JianTou Energy expects a net profit increase of approximately 253.38% year-on-year for 2025 [7] - Hikvision's performance report indicates a year-on-year growth of 18.46% in net profit attributable to shareholders for 2025 [7] - Longzi Co. anticipates a net profit increase of 245.25% to 302.8% year-on-year for 2025 [7] - Zhaoyan New Drug expects a net profit increase of 214% to 371% year-on-year for 2025 [8] - Huachen Equipment forecasts a net profit increase of 193.64% to 242.04% year-on-year for 2025 [8] - Qianyuan Power anticipates a net profit increase of 160% to 190% year-on-year for 2025 [8] - Jin Fang Energy expects a net profit increase of 123.97% to 193.7% year-on-year for 2025 [8] - Other companies such as Zhongfu Industrial, Batian Co., and Dongwei Technology also project significant year-on-year profit increases for 2025, ranging from 50% to over 300% [8][9]

Group 1 - The company Gansu Energy (000791) has disclosed its earnings forecast for 2025, expecting a net profit attributable to shareholders of 1.95 billion to 2.1 billion yuan, representing a year-on-year growth of 18.6% to 27.72% [4] - The forecasted net profit excluding non-recurring items is estimated to be between 1.96 billion and 2.11 billion yuan, indicating a significant year-on-year increase of 172.28% to 193.12% [4] - The basic earnings per share are projected to be between 0.6011 yuan and 0.6474 yuan [4] Group 2 - The company's main business activities include thermal power generation, hydropower generation, wind power generation, and photovoltaic power generation [7] - The increase in net profit for the current fiscal year is primarily attributed to a slight increase in power generation revenue compared to the previous year and a decrease in thermal power generation costs [7] Group 3 - As of January 20, the company's price-to-earnings ratio (TTM) is approximately 10.81 to 11.64 times, with a price-to-book ratio (LF) of about 1.56 times and a price-to-sales ratio (TTM) of approximately 1.73 times [4] - The price-to-earnings ratio is calculated as total market value divided by net profit, while the price-to-book ratio is calculated as total market value divided by net assets [8] - The price-to-sales ratio is typically used for growth companies that are at a loss or have minimal profits [9]

证券日报网讯 1月20日，甘肃能源发布2025年度业绩预告称，公司预计2025年度归属于上市公司股东的 净利润为盈利195，000万元～210，000万元，比上年同期增长18.60%～27.72%。 （编辑 袁冠琳） ...