行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 16 日 十五五新型能源体系建设出台 欧亚 气价小幅回落 看好 ——申万公用环保周报(26/03/09~26/03/13) 本期投资提示： 风险提示：天然气价格高波动风险、国内顺价机制落地情况不及预期风险、新能源发电业务环境价值兑 现风险、电价下降风险。 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 电力：十五五规划纲要新型能源体系建设，风光水核多能并举。新华社受权于 13 日全文播发《中华人 民共和国国民经济和社会发展第十五个五年规划纲要》。关于新型能源体系建设，十五五加力建设新型 能源基础设施。推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能 ...

行 业 研 究 / 行 业 点 评 行 业 及 产 业 公用事业 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 16 日 十五五新型能源体系建设出台 欧亚 气价小幅回落 看好 ——申万公用环保周报(26/03/09~26/03/13) 本期投资提示： 风险提示：天然气价格高波动风险、国内顺价机制落地情况不及预期风险、新能源发电业务环境价值兑 现风险、电价下降风险。 ⚫ 电力：十五五规划纲要新型能源体系建设，风光水核多能并举。新华社受权于 13 日全文播发《中华人 民共和国国民经济和社会发展第十五个五年规划纲要》。关于新型能源体系建设，十五五加力建设新型 能源基础设施。推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能并举，实施非化石能 源十年倍增行动。对于核电、海 ...

Group 1 - The core viewpoint of the report is that the power equipment industry is transitioning from "high growth" to "accelerated growth," indicating strong sustainability and certainty in its performance [2][12][27] - The report highlights that the current investment strategy should focus on "marginal changes in growth," emphasizing both G (growth) and Δg (change in growth rate) [2][12][26] - The power equipment sector is expected to experience a high prosperity cycle comparable to the coal industry in 2022, driven by a reversal in performance anticipated in 2025 [3][14] Group 2 - Energy security is projected to bring further valuation premiums to the power equipment sector, as the geopolitical landscape emphasizes the need for energy independence [4][5] - The report outlines three macro trends driving demand for power equipment: reshaping of supply-side dynamics, enhancement of energy system resilience, and the reconfiguration of national strategic reserves [4][5] - The power equipment industry is positioned to benefit from the transition towards domestic energy sources, particularly in wind, solar, and nuclear energy [4][5] Group 3 - Investment recommendations suggest prioritizing segments within the power equipment industry that align with both energy security and growth metrics [5][9] - Key focus areas include battery storage, grid equipment, synergistic computing and electricity solutions, and domestic energy sources [5][9] - The battery storage sector is identified as a core component of national strategic reserves, transitioning from commercial exploration to a strategic material [5][9]

公司装机超 8GW，可再生能源占比>60%，在建 2.4GW 抽蓄电站为全 国最大，江苏市场份额达 1/3。 虚拟电厂市占率全国第一（约 8%），江苏省占 40%，可调负荷 >800MW，电力交易收入占比约 70%。 战略转型 AIDC 能源供应商，提供轻资产能源解决方案解决供电瓶颈， 不直接投资算力硬件以降低资金压力。 零碳园区聚焦沿海大客户，通过风光储+天然气热电联产实现能源闭环， 收益率要求高于纯光伏项目。 海外布局以印尼、越南为核心，倾向大型集中式项目，目标在"十五" 期间实现电力资产与服务全球化。 能源 AI 定位双向赋能：利用 AI 优化现有电力交易与发电效率，同时为 高耗能科技产业提供能源优化方案。 协鑫能科 20260313 摘要 Q&A 请介绍一下协鑫能科当前的业务构成、运营规模以及未来的战略方向？ 协鑫能科的业务主要分为两大部分。第一部分是当前的核心业务，涵盖三个方 面：首先是电力资产的投资与运营，公司基本盘扎实，业务涵盖风能、太阳能、 储能、抽水蓄能、垃圾发电、氢能、天然气热电联产及煤电热电联产等几乎所 有新能源业态，总装机容量超过 8 吉瓦，其中可再生能源占比超过 60%。具体 来看， ...

Group 1 - The 14th National People's Congress approved the 15th Five-Year Plan for national economic and social development [2] - The People's Bank of China is implementing a moderately loose monetary policy to support the real economy and stabilize market expectations [2] - The Ministry of Justice highlighted artificial intelligence as a key focus for legislation this year [2] Group 2 - Cambrian plans to distribute 15 yuan per 10 shares and increase shares by 4.9 for every 10 shares, projecting a net profit of 2.059 billion yuan in 2025 [4] - Zhenai Meijia confirmed that it is not involved in artificial intelligence business and has not experienced significant changes in its main operations [5] - Guangxun Technology denied rumors regarding large orders [6] Group 3 - GCL-Poly Energy noted risks of market sentiment overheating and irrational speculation affecting its stock price [7] - Dayuan Pump Industry warned of risks related to rapid stock price increases followed by potential declines [8] - Zhao Chi Co., Ltd. is in the rapid development stage of a 1.6T optical module [9] Group 4 - Deguan New Materials has launched production for its functional film and functional masterbatch renovation project [10] - Lian Te Technology stated that recent information regarding its clients, orders, and production plans circulating online is unofficial [11] - Ningbo Construction clarified that it and Zhongjing Cloud are not engaged in computing power leasing [12] Group 5 - *ST Chang Pharmaceutical received a decision for stock delisting [13] - CITIC Securities is under investigation by the Hong Kong Securities and Futures Commission, but its operations remain normal [14] - Guotai Junan reported that an employee was taken for investigation, but the company's operations are normal [15] Group 6 - Chaoxun Communication plans to invest in establishing a holding subsidiary to expand its computing power business [16] - Baichuan Co., Ltd. noted recent price increases in some chemical products but cannot predict the impact on performance [17] - ST Jinglan's stock will be suspended for verification due to abnormal trading fluctuations starting March 13 [18] Group 7 - Kaiying Network's actual controller plans to increase holdings of the company's shares by no less than 150 million yuan [19]

证券代码：002015 证券简称：协鑫能科 公告编号：2026-018 协鑫能源科技股份有限公司 股票交易异常波动公告暨补充风险提示公告 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。 重要内容提示： 1、股票交易异常波动 协鑫能源科技股份有限公司（以下简称"公司"）股票交易价格连续3个交 易日内（2026年3月10日、2026年3月11日、2026年3月12日）日收盘价格涨幅偏 离值累计超过20%。根据《深圳证券交易所交易规则》的有关规定，属于股票交 易异常波动的情形。 公司当前主要收入来源于电力、热力销售业务。2025年1-9月，公司实现营 业收入793,493.61万元，其中，电力销售业务占营业总收入的比例为51.05%，热 力服务业务占营业总收入的比例为22.55%。 此外，在实际经营中，公司电力、热力销售业务面临宏观经济与政策风险， 电力、热力销售业务与工业用能需求高度相关，当前宏观经济承压，部分高耗能 行业产能利用率下行，可能导致企业用能需求收缩，进而影响公司盈利能力。同 时，在电力全面市场化交易深入推进的背景下，行业进入深度调整期，未来政策 细化 ...

Market Overview - On March 12, A-shares saw a collective decline across the three major indices, with the Shanghai Composite Index down 0.1%, the Shenzhen Component Index down 0.63%, and the ChiNext Index down 0.96% [3][4] - The total market saw over 3,800 stocks decline, indicating a broad market downturn [3] Sector Performance - The coal sector experienced significant gains, with stocks such as Zhengzhou Coal Electricity, Yanzhou Coal Mining, and Shaanxi Black Cat reaching their daily limit up [5][6] - The military equipment sector faced adjustments, with stocks like Hangya Technology and Western Superconducting seeing declines of over 6% [6][7] Trading Volume - The trading volume in the Shanghai and Shenzhen markets was 2.44 trillion yuan, a decrease of 66.5 billion yuan compared to the previous trading day [8] Capital Flow - Main capital flows showed net inflows into sectors such as public utilities, construction decoration, and basic chemicals, while there were net outflows from defense, electronics, and communications sectors [9] - Specific stocks like China Energy Construction and Sanan Optoelectronics saw net inflows of 5.755 billion yuan and 2.648 billion yuan, respectively [9] Institutional Insights - Huatai Securities suggests that hydrogen energy may experience a nonlinear growth inflection point due to domestic and international policy resonance [11] - CICC expresses cautious optimism regarding the sustainability of excess returns for active equity funds [12] - CITIC Securities continues to recommend investments in the global electricity shortage supply chain [13]

Summary of Conference Call on Collaborative Computing and Power Industry Industry Overview - The discussion centers around the **collaborative computing and power industry**, particularly focusing on investment opportunities arising from the integration of computing power and electricity supply [1][2][3]. Key Points and Arguments 1. **Government Initiatives**: The concept of collaborative computing was first introduced in the government work report during the Two Sessions, highlighting its importance in future infrastructure development [1][2]. 2. **Investment Catalysts**: - The government’s commitment to emerging industries, particularly in the energy sector, serves as a catalyst for investment [1][2]. - Significant investments in power infrastructure, such as the announcement of a 4 trillion yuan investment by the State Grid, have positively impacted related stocks [3][4]. 3. **Stock Performance**: Companies involved in the collaborative computing and power sector, such as **Jin Kai Xin Neng** and **Yu Neng Holdings**, have seen substantial stock price increases, indicating strong market interest [1][3][12]. 4. **Energy Demand Growth**: The demand for electricity is expected to surge, with projections indicating that global data centers will consume 1 trillion kilowatt-hours daily by 2026, equivalent to Japan's annual consumption [8][9]. 5. **Cost Reduction Potential**: The integration of computing power with green electricity could reduce energy costs by 10% to 20%, which is crucial given that electricity accounts for over 60% of costs in AI-driven industries [6][10]. Additional Important Insights 1. **Emerging Keywords**: The terms "collaborative computing" and "future energy, green fuels" were highlighted as new focal points in the latest government report, indicating a shift towards sustainable energy solutions [2][21]. 2. **Sectoral Opportunities**: - The collaborative computing sector is expected to benefit from advancements in AI and the need for efficient energy consumption [6][22]. - Companies involved in green energy, such as **Three Gorges Energy** and **Longyuan Power**, are positioned for potential revaluation as demand for green energy increases [11][22]. 3. **Investment Recommendations**: - Companies that have already integrated computing and power systems, such as **China Energy Construction** and **China Power Construction**, are recommended for investment due to their strategic positioning in the market [19][22]. - The focus should also be on companies that provide smart grid solutions and energy storage, as these areas are expected to see significant growth [12][14][15]. Conclusion - The collaborative computing and power industry presents a promising investment landscape driven by government support, increasing energy demands, and the potential for cost reductions through technological integration. Key players in this sector are well-positioned to capitalize on these trends, making them attractive investment opportunities for the future [22][23].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides various investment recommendations for specific sectors and companies within the energy and environmental sectors. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [5][8][9]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices, particularly affecting Europe and Asia, with significant price fluctuations observed [13][22][36]. - The report outlines several investment opportunities across different energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [11][12][38]. Summary by Sections 1. Power Sector - The "14th Five-Year Plan" introduces a dual control system for carbon emissions, aiming for carbon peak and neutrality, and emphasizes the development of non-fossil energy sources [5][8][9]. - Key tasks include accelerating the transition to green energy, promoting low-carbon technologies, and enhancing resource management [10]. 2. Gas Sector - The Middle East tensions have caused a rapid increase in gas prices, with significant weekly changes noted in various markets, such as a 116.35% increase in Northeast Asia LNG prices [13][22][36]. - The report highlights that the current geopolitical situation has led to a more abrupt price increase compared to previous cycles, with a potential for shorter duration [36]. 3. Investment Recommendations - Thermal Power: Recommended companies include Datang Power A+H and JianTou Energy, particularly in regions with high computational demand [11][12]. - Hydropower: Companies like Guotou Power and Changjiang Power are favored due to expected improvements in financial metrics [12]. - Nuclear Power: Focus on China National Nuclear Power and China General Nuclear Power, with a projected increase in approved units [12]. - Green Energy: Companies such as Xintian Green Energy and Longyuan Power are recommended as new energy market rules enhance project stability [12]. - Natural Gas: Companies like Kunlun Energy and China Gas are highlighted for their potential in a favorable pricing environment [12][38].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][46]. Core Insights - The "14th Five-Year Plan" emphasizes a dual control system for carbon emissions, focusing on low-carbon development and the promotion of non-fossil energy sources [10][11]. - The ongoing geopolitical tensions in the Middle East have led to a sharp increase in natural gas prices in Europe and Asia, with significant price fluctuations observed [15][24]. - The report identifies several investment opportunities across various energy sectors, including thermal power, hydropower, nuclear power, green energy, and natural gas [13][14][44]. Summary by Sections 1. Electricity: Implementation of Dual Control on Carbon Emissions - The "14th Five-Year Plan" outlines a comprehensive approach to achieving carbon neutrality, emphasizing the need for a robust incentive mechanism and specific tasks related to energy, industry, and lifestyle [10][11][12]. - Key tasks include accelerating the transition to renewable energy, promoting low-carbon technologies, and enhancing resource management [12]. 2. Natural Gas: Impact of Middle Eastern Conflicts on Prices - Natural gas prices have surged due to geopolitical tensions, with the Henry Hub spot price at $2.90/mmBtu and European prices experiencing significant increases [15][24]. - The report notes that the current supply constraints, particularly from Qatar, have led to a more pronounced price increase compared to previous cycles [42][44]. - Investment recommendations include focusing on LNG traders and unconventional gas resource companies that benefit from high price environments [44]. 3. Weekly Market Review - The public utility, electricity, and gas sectors have outperformed the Shanghai Composite Index, while the environmental sector has lagged [46]. 4. Company and Industry Dynamics - Recent regulatory updates include the implementation of new standards for ecological industrial parks and competitive pricing mechanisms for renewable energy projects in Zhejiang [56]. - Notable company announcements include significant investments in waste-to-energy projects and renewable energy initiatives [57].