证券研究报告 | 2026年03月23日 2026年03月24日 公用环保 202603 第 4 期 优于大市 辽宁建立核电可持续发展价格结算机制，2026 年 1-2 月份全社会用电量同比增 长 6.1% 市场回顾：本周沪深 300 指数下跌 2.19%，公用事业指数下跌 2.35%，环 保指数下跌 5.59%，周相对收益率分别为-0.17%和-3.41%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 4 和第 23 名。电力板 块子板块中，火电下跌 1.78%；水电下跌 0.85%，新能源发电下跌 1.39%； 水务板块下跌 3.70%；燃气板块下跌 1.42%。 重要事件：辽宁发改委印发《关于 2026 年辽宁省核电机组参与电力市场化 交易有关事项的通知》。辽宁发改委印发《关于 2026 年辽宁省核电机组 参与电力市场化交易有关事项的通知》，提出通过建立核电可持续发展 价格结算机制，推动核电机组平稳入市。具体而言，核电参与市场交易 后，在市场外建立差价结算机制，差价结算费用暂纳入系统运行费用， 专题研究：主要碳排放国家减排政策梳理。世界主流大国对碳减排的态度各 异，呈现出差异化发展态势。 ...

证券代码：002534 证券简称：西子洁能 编号：2026－011 西子清洁能源装备制造股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更前次股东会决议。 一、会议召开情况 1、会议召开时间： 现场会议召开时间为：2026 年 3 月 24 日（星期二）下午 2:00 网络投票时间：2026年3月24日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为 2026 年 3 月 24 日上午 9:15—9:25，9：30—11：30，下午 1：00－3：00；通过深圳证券交 易所互联网投票系统进行网络投票的具体时间为 2026 年 3 月 24 日上午 9：15 至下午 3：00 的任意时间。 2、现场会议召开地点：公司会议室（杭州市上城区大农港路 1216 号） 3、会议方式：本次股东会采取现场投票和网络投票相结合的方式。 4、召集人：西子清洁能源装备制造股份有限公司董事会 5、现场会议主持人：董事长王克飞先生 6、本次股东会会议的 ...

关于西子清洁能源装备制造股份有限公司 2026 年第一次临时股东会之法律意见书 浙江金道律师事务所 浙江金道律师事务所 ZHEJIANG BRIGHTEOUS LAW FIRM 浙江金道律师事务所 关于西子清洁能源装备制造股份有限公司 2026 年第一次临时股东会 之 法律意见书 二〇二六年三月二十四日 浙江省杭州市文二路 391 号西湖国际科技大厦 A 座 9-12 楼 邮政编码: 310012 总机: 0571-87006666 传真: 0571-87006661 网址： www.zjblf.com 关于西子清洁能源装备制造股份有限公司 2026 年第一次临时股东会之法律意见书 浙江金道律师事务所 浙江金道律师事务所 关于西子清洁能源装备制造股份有限公司 2.公司 2026年3月9日刊登于巨潮资讯网、深圳证券交易所网站的《西子 清洁能源装备制造股份有限公司第六届董事会第三十二次临时会议决议公告》； 3.公司 2026年3月9日刊登于巨潮资讯网、深圳证券交易所网站的《西子 清洁能源装备制造股份有限公司关于召开公司 2026 年第一次临时股东会的通知》 (以下简称《股东会通知》)； 2026 年第一次临时股东 ...

证券代码：002534 证券简称：西子洁能 编号：2026－013 西子清洁能源装备制造股份有限公司 关于选举董事长、副董事长、董事会专门委员会委员及聘任 高级管理人员、证券事务代表、内审负责人的公告 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。 西子清洁能源装备制造股份有限公司（以下简称"公司"）于 2026 年 3 月 24 日召开 2026 年第一次临时股东会，审议通过董事会换届选举的相关议案，选 举产生第七届董事会非职工代表董事，与公司召开的第一届职工代表大会第十次 会议，选举产生的第七届董事会职工代表董事共同组成公司第七届董事会。2026 年 3 月 24 日，公司召开第七届董事会第一次会议， 选举产生第七届董事会董事 长、副董事长、董事会专门委员会委员，并聘任公司高级管理人员、证券事务代 表、内审负责人。现将相关情况公告如下： 一、公司第七届董事会成员 公司第七届董事会由 9 名董事组成，其中非独立董事 6 名（含 2 名职工代表 董事）， 独立董事 3 名，具体成员如下： 上述人员简历详见刊登在 2026 年 3 月 9 日《证券时报》《中国证 ...

证券代码：002534 证券简称：西子洁能 编号：2026－012 西子清洁能源装备制造股份有限公司 第七届董事会第一次会议决议公告 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。 西子清洁能源装备制造股份有限公司（以下简称"公司"）第七届董事会第 一次会议于 2026 年 3 月 24 日在浙江省杭州市上城区大农港路 1216 号西子清洁 能源装备制造股份有限公司会议室召开，应参加表决董事 9 人，实际参加表决董 事 9 人，符合《公司法》《公司章程》等的有关规定。会议由王克飞先生主持， 经董事审议、表决，形成如下决议： 一、《关于选举公司第七届董事会董事长的议案》； 表决结果：王克飞先生获得 9 票 ； 会议选举王克飞先生为公司第七届董事会董事长。 二、《关于选举公司第七届董事会副董事长的议案》； 表决结果：Chang Ian H(张仁爀)先生获得 9 票 ； 会议选举Chang Ian H(张仁爀)先生为公司第七届董事会副董事长。 三、《选举公司第七届董事会专门委员会成员的议案》； 表决结果：同意：9 票；反对：0 票；弃权：0 票。 第七届董事会各专门 ...

Summary of Key Points from Conference Call Industry Overview - The gas turbine sector remains a core area of focus due to ongoing electricity shortages, with a strong outlook for the future [1] - Recent declines in the gas turbine sector are attributed to market fluctuations caused by geopolitical conflicts and perceptions of rising European natural gas prices negatively impacting the sector [1] - However, North American natural gas prices remain stable and independent, and demand for gas turbines driven by rapid AIDC (Artificial Intelligence Data Center) construction has not diminished [1] Core Insights and Arguments - The narrative of gas turbine shortages has not changed; it continues to be a central theme in addressing electricity shortages [1] - Despite short-term fluctuations in global natural gas prices, these do not affect the long-term energy transition and related downstream demand in certain regions [1] - With the rapid growth of AI demand in North America and stable demand increases in other regions, it is projected that the global gas turbine shortfall will reach 30 GW by 2028 [1] - The tightening of the supply chain is expected to lead to price increases and a growing trend in demand for gas engines [1] Investment Recommendations - Strong recommendations for the following areas: 1. **Complete Units**: Focus on small gas turbines and medium-speed engines, with a particular emphasis on China Power, which is considered to have the lowest valuation in the sector and stable core business [2] 2. **Component Sector**: Key blade components with ongoing integration into overseas core downstream markets, including companies like Yingliu and Wanzhou, and low-valuation HRSG (Heat Recovery Steam Generator) segments with strong potential for price increases [2] 3. **Structural Components**: Companies such as Linde and Haomai Technology are highlighted for their potential [2] Additional Important Insights - The overall sentiment in the market indicates a strong belief in the resilience of the gas turbine sector despite external pressures [1] - The anticipated growth in AI-related infrastructure is expected to significantly drive demand for gas turbines in the coming years [1]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - Nuclear fusion is considered one of humanity's ultimate energy solutions, currently in the engineering verification stage, characterized by its infinite resources, high energy density, safety, and cleanliness [1][15] - The D-T (deuterium-tritium) reaction is the most feasible fusion reaction on Earth, with global research primarily focused on magnetic confinement fusion and inertial confinement fusion technologies [2][22] - The global fusion industry is experiencing active financing, with a total of $9.766 billion raised by 2025, and 78% of companies expect to have their first commercial demonstration plant operational between 2030 and 2035 [3][4] Summary by Sections 1. Transition from Laboratory to Engineering in Controlled Nuclear Fusion - Controlled nuclear fusion is viewed as the ultimate energy solution, with characteristics such as infinite resources, high energy density, safety, and cleanliness [1][15] - Achieving fusion ignition requires meeting the Lawson criteria, with energy balance being a crucial indicator for commercial viability [17][20] - The main technical paths for achieving fusion include magnetic confinement and inertial confinement [25] 2. Magnetic Confinement Fusion: Tokamak as the Main Pathway - The Tokamak is recognized as the most promising method for achieving controlled nuclear fusion, with ITER being the largest experimental Tokamak reactor [27][29] - The core components of the Tokamak include superconducting magnet systems, vacuum chambers, and blanket systems, which are critical for maintaining plasma stability and achieving fusion [42][43] 3. Global Acceleration of Nuclear Fusion Commercialization - The fusion industry is seeing a surge in financing, with a total of $9.766 billion raised by 2025, and a fivefold increase in new financing from 2024 to 2025 [3][4] - In China, a dual-driven model involving state-owned enterprises and private companies is emerging, with significant milestones such as the establishment of China Fusion Energy Co., which is pivotal for commercialization [3][4][11] 4. Investment Recommendations - Focus on companies involved in materials and equipment manufacturing that have received validation or orders from large scientific installations in the short term [11] - Long-term attention should be directed towards operational companies in the fusion energy sector [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Shanghai Minhang District has accelerated the commercialization of fusion energy, establishing a comprehensive industrial ecosystem that includes R&D, manufacturing, and services [1] - The industry is entering a phase of intensive equipment procurement, bidding, and construction, driven by increasing power demand from AI computing and the growing importance of controlled nuclear fusion as a "ultimate energy" source [2] - The global nuclear fusion equipment market is projected to reach an average annual scale of 266 billion yuan by 2035 [2] Summary by Sections Industry Development - The Shanghai government has identified fusion energy as one of the four key future energy developments, focusing on a three-step development approach: pilot experimental reactors, demonstration reactors, and commercial reactors [1] - The industry aims to create a complete ecosystem that includes core R&D, supporting manufacturing, and service support, while encouraging the application of fusion technology in fields such as healthcare, new materials, and high-end equipment [1] Market Outlook - The industry is expected to see a surge in orders for upstream materials and midstream core equipment suppliers as it moves into the "engineering feasibility verification" stage [2] - Multiple technical paths are being explored, with magnetic confinement and inertial confinement technologies advancing simultaneously [2] Investment Focus - Investment strategies should focus on high-value segments of the Tokamak device cost structure, with significant cost components including the magnetic system (28%), vacuum chamber components (17%), and power supply (8%) [3] - Key "chain leader" companies in the nuclear fusion sector include China Fusion Energy Company and Jiangxi Fusion New Energy, with major devices such as HL-3, HL-4, and Spark One [3] - Midstream equipment companies to watch include Lianchuang Optoelectronics, Xuguang Electronics, and others [4][5]

证券代码：002534 证券简称：西子洁能 编号：2026－010 特此公告。 西子清洁能源装备制造股份有限公司董事会 二〇二六年三月十八日 1 简历： 毛一恺先生：中国国籍，无境外居留权，1988 年生，研究生学历，浙江大 学工学硕士，副高级工程师。2010 年 7 月进入西子清洁能源装备制造股份有限 公司（原杭州锅炉集团股份有限公司），历任设计工程师、综合设计处处长，现 任西子清洁能源装备制造股份有限公司职工董事、董事长助理兼设计处处长、产 品研发处处长。毛一恺先生通过公司2023年员工持股计划持有份额42.75万份(对 应股份数 50,000 股，未解锁)，与其他持有公司 5%以上股份的股东以及其他董 事、高级管理人员之间不存在关联关系。不存在《公司法》《公司章程》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》所规定的 不得担任公司董事、高级管理人员的情形，未受过中国证监会及其他有关部门的 处罚和证券交易所惩戒。 刘淑华先生：中国国籍，无境外居留权，1980 年 4 月生，大学本科学历， 助理会计师。2004 年 7 月毕业于西安交通大学财政学专业，获得经济学学士学 位。20 ...

Group 1: Macro Overview - In the first two months of 2026, China's imports and exports saw a significant increase, with a cumulative year-on-year growth rate reaching around 20%, marking a nearly four-year high. The average monthly trade surplus was $106.8 billion, with a cumulative year-on-year increase of 26.2%, indicating that net exports remain a crucial support for the economy [3]. - The strong performance in foreign trade is partly attributed to the timing of the Spring Festival, which affects export patterns. After adjusting for the holiday impact, the export growth rate for January-February still reached 12.8%, surpassing the 5.5% growth rate of 2025, suggesting an improvement in export conditions [3]. - The growth in exports is primarily driven by electromechanical products, with significant increases in the exports of integrated circuits and automatic data processing equipment due to the rising demand in AI. Key products like automobiles and ships continue to show high growth [3]. Group 2: Banking Sector Insights - The 2026 National People's Congress and the government work report outlined systematic policy deployments for the banking sector, focusing on four main areas: supporting the real economy, promoting capital replenishment, preventing and resolving financial risks, and optimizing financial market order [4]. - The report emphasizes the need for a moderately loose monetary policy to support economic growth, particularly in areas like expanding domestic demand, technological innovation, and support for small and micro enterprises [4]. - A capital replenishment plan involving 300 billion yuan in special government bonds to support state-owned commercial banks is highlighted, alongside efforts to engage market-based funding to create a sustainable capital replenishment mechanism [4]. Group 3: Company-Specific Analysis - Xizi Clean Energy - Xizi Clean Energy is transitioning from traditional boiler manufacturing to focus on waste heat boilers, solar thermal power, nuclear power, and expanding into overseas markets. The company’s revenue from waste heat boilers remains stable at over 30% [6]. - The company has secured significant nuclear power orders, providing equipment for multiple nuclear power plants, and its overseas sales revenue increased by 48.79% year-on-year in the first half of 2025, covering over 100 countries and regions [6]. - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 64.19 billion yuan, 75.06 billion yuan, and 88.12 billion yuan, respectively, and corresponding net profits of 4.38 billion yuan, 5.27 billion yuan, and 6.31 billion yuan [7]. Group 4: Company-Specific Analysis - Tonghuashun - Tonghuashun reported a 44% year-on-year increase in revenue for 2025, reaching 6.029 billion yuan, and a 75.79% increase in net profit, amounting to 3.205 billion yuan, indicating strong performance driven by market activity and AI [11]. - The company is expected to maintain a "buy" rating, with projected revenues of 8.413 billion yuan, 10.476 billion yuan, and 12.354 billion yuan from 2026 to 2028, alongside net profits of 3.993 billion yuan, 4.909 billion yuan, and 5.772 billion yuan [13].