行业政策与环境 电力板块当日整体表现疲弱，氢能源板块同期下跌1.10%。市场对煤价波动、新能源电价下行（2025年 Q1-3风电/光伏电价同比分别下降17.04分/千瓦时和6.47分/千瓦时）等因素存在担忧。尽管公司火电板块 受益于容量电价政策（2026年起暂按330元/千瓦/年执行），但短期情绪面承压。 未来发展 经济观察网 甘肃能源（000791）（000791.SZ）2026年2月13日股价下跌3.84%，收盘价6.51元，成交额 2.34亿元，换手率1.83%。当日电力板块整体下跌1.34%，上证指数下跌1.26%，深证成指下跌1.28%。 股价最低触及6.51元，接近布林带下轨支撑位。 业绩经营情况 公司2025年三季报显示，营业收入65.25亿元（同比+0.64%），归母净利润15.82亿元（同比 +14.16%），扣非净利润同比大幅增长157.90%。2026年1月20日公司发布业绩预告，预计2025年全年归 母净利润19.5亿至21亿元，同比增长18.60%至27.72%。尽管业绩表现稳健，但2025年Q1-3上网电量 203.70亿千瓦时，同比下降2.54%，其中水电上网电量同比降幅达14. ...

格隆汇2月11日丨甘肃能源(000791.SZ)在投资者互动平台表示，公司光伏电站均为集中式光伏，主要分 布在张掖、武威、酒泉、金昌等地区。 ...

每经AI快讯，甘肃能源（000791.SZ）2月11日在投资者互动平台表示，公司光伏电站均为集中式光伏， 主要分布在张掖、武威、酒泉、金昌等地区。 （文章来源：每日经济新闻） ...

中新网兰州2月10日电 (戴文昌)马年春节临近之际，记者从甘肃电投集团了解到，该省庆阳"东数西 算"产业园区绿电聚合试点项目一期首批机组并网发电，标志着该项目实现从"蓝图"到"电流"的关键跨 越，这场能源与数字"双向奔赴"，为"东数西算"国家战略落地注入绿色动能。 2月初，航 拍下的庆阳绿电聚合新能源项目全景。 甘肃电投集团供图 庆阳地处甘肃省东部，是中国西部重要能源基地，可再生能源丰富，更是全国唯一集四大国家资源调配 战略工程于一体的地级市。得天独厚的条件，为"东数西算"产业布局、绿电"织网"与算力"续航"奠定了 坚实基础。 "从蓝图绘就到电流涌动，该项目既要为东部算力提供稳定经济的能源支撑，又要守住100%绿色底 线。"甘肃电投酒汇公司负责人王家学说，该项目从诞生起就自带"融合"基因，它既是新能源与数字经 济的深度融合，更是"东数西算"与"双碳"目标的战略协同。 而这份"融合"理念，更体现在项目的创新设计与规模体量上。作为"东数西算"甘肃关键支撑项目，其核 心是"算力需求"与"绿色电力"的精准匹配，项目总装机200万千瓦，本次并网100万千瓦首批机组，为数 据中心提供稳定清洁的直供电保障。 这份新春答卷背 ...

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 ...

Group 1 - Yuehongyuan A announced the transfer of 45% equity in Hongxi Mining for 22.37 million yuan, aiming to optimize its business and promote transformation, expecting a positive impact on financial results with an estimated gain of over 22 million yuan [2] - Wanhua Chemical plans to increase capital by 19.086 billion yuan to its wholly-owned subsidiary Wanhua Olefins, consolidating its carbon two industry operations to enhance competitiveness [3] - Huayou Cobalt signed a cooperation framework agreement to build an integrated battery industry chain project in Indonesia, aiming to establish the country as a production base for electric vehicle batteries [4] Group 2 - Gansu Energy reported that the first batch of wind turbines for its 1 million kW green electricity aggregation pilot project has been connected to the grid, contributing to over 10% of the company's expected installed capacity by the end of 2025 [5] - Lingyi Zhizao completed the acquisition of 35% equity in Liminda for 875 million yuan, gaining control over 52.78% of voting rights, making Liminda a subsidiary [6] - Tianqi Lithium's third-phase expansion project for chemical-grade lithium concentrate produced its first batch of qualified products, enhancing raw material supply for its lithium chemical production bases [7] Group 3 - Ecovacs expects a net profit of 1.7 billion to 1.8 billion yuan for 2025, a year-on-year increase of 110.90% to 123.30% due to product upgrades and cost optimization [9] - Cambrian anticipates a turnaround with a net profit of 1.85 billion to 2.15 billion yuan for 2025, a significant increase in revenue driven by operational improvements [10] - China Southern Airlines expects a net profit of 800 million to 1 billion yuan for 2025, recovering from a loss of 1.696 billion yuan in the previous year [11] Group 4 - Shandong Gold forecasts a net profit of 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% due to improved production efficiency and rising gold prices [16] - Perfect World expects a net profit of 720 million to 760 million yuan for 2025, recovering from a loss of 1.288 billion yuan, driven by successful game launches and cost reductions [17] - CICC anticipates a net profit of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% due to strong performance in investment banking and wealth management [18] Group 5 - *ST Songfa expects a net profit of 2.4 billion to 2.7 billion yuan for 2025, recovering from a loss of 76.64 million yuan, attributed to a major asset restructuring [19] - New Hope predicts a net loss of 1.5 billion to 1.8 billion yuan for 2025, down from a profit of 473.6 million yuan, impacted by fluctuations in the pig market [20] - 360 expects a net profit of 213 million to 318 million yuan for 2025, turning around from a loss, driven by increased investment income from equity method accounting [21]

Core Viewpoint - Gansu Energy announced that its wholly-owned subsidiary, Gansu Jiuquan Huineng Wind Power Development Co., Ltd., has successfully connected the first batch of wind turbines (with a capacity of 13.4 megawatts) to the grid for the first phase of the 1 million kilowatt new energy project in the Gansu Qingyang East Data West Computing Industry Park [1] Group 1 - The total installed capacity of the project is 1,000,450 kilowatts, comprising 750,250 kilowatts from wind power and 250,200 kilowatts from photovoltaic power [1] - This project is expected to account for over 10% of the company's controlled installed capacity by the end of 2025 [1] - The project is primarily located in the northern part of Huan County [1]

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].