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].

本文源自：市场资讯 作者：情报员 资料显示，中广核惠州第三核电有限公司成立于2025年2月16日，法定代表人为章国强，注册资本 180000万人民币，公司位于惠州市，许可项目：发电业务、输电业务、供（配）电业务、港口经营。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许 可证件为准）发电机及发电机组销售、技术服务、技术开发、技术咨询、技术交流、技术转让、技术推 广、货物进出口、技术进出口。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 天眼查工商信息显示，近日，中国广核电力股份有限公司出资180000万元成立中广核惠州第三核电有限 公司，持股100%，所属行业为电力、热力生产和供应业。 ...

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Position - CGN is actively communicating with the national government and relevant provincial regions regarding market-oriented trading for nuclear power [1] - The company aims to accelerate the development of trading policies that cater to the characteristics of nuclear power [1] - CGN is committed to tracking the implementation of market-oriented trading plans for nuclear power and adapting to market changes to secure more electricity generation [1] Group 2: Industry Context - The company supports the establishment of a scientifically sound and reasonable national unified electricity market [1] - CGN is striving for increased output and full capacity operation of its nuclear power units [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) is currently not involved in nuclear fusion-related business and is focused on promoting market-oriented trading policies for nuclear power to ensure sustainable development in the industry [1] Group 1: Company Positioning - The company is actively communicating with national and regional authorities to accelerate the development of market-oriented trading policies specific to nuclear power [1] - CGN aims to secure more grid-connected electricity generation and strives for higher operational efficiency of its nuclear power units [1] Group 2: Industry Context - The company is closely monitoring the implementation of market-oriented trading schemes for nuclear power and is adapting to changes in market conditions [1] - CGN supports the establishment of a scientifically sound and reasonably unified national electricity market [1]

五矿证券近日发布有色金属行业战略性矿产系列报告：根据WNA，1千克二氧化铀核燃料的前端核燃料 循环成本约为1,663美元，其中，天然铀成本占核燃料成本的51%，铀转化及浓缩占比约31%，燃料组件 加工约占18%。根据2024年中国广核（003816）年报，核燃料成本占销售电力成本的比例约为17%，大 致推算天然铀占核能发电整体成本约为9%。 以下为研究报告摘要： 1.1天然铀的物理、化学性质及放射性(1/2) 铀的物理性质：铀位于第七周期第ⅢB族，属于锕系元素之一，其化学符号为U。1)原子性质：铀原子 序数为92，原子量为238，是自然界至今发现的最重的元素。铀原子呈椭圆形，原子体积为 12.59cm3/mol，密度与黄金密度相似(常温下为19.05g/cm3)，硬度稍低于铜(布氏硬度为 240~260kg/mm2)；熔点1132.3℃，沸点3818℃，热导率(25℃)0.060卡/厘米.秒.度，电导率3.8×106S/m， 比热6.594卡/摩尔.度，抗拉强度450MPa，屈服强度207MPa，弹性模数172GPa，在接近绝对零度时具有 超导性和延展性；2)原子结构：铀原子的中心为原子核，围绕带正电荷的原子 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Core Insights - The rapid development of AI technology is driving explosive growth in data center construction, which significantly increases electricity demand and is a major reason for the electricity supply gap [2][9] - The electricity index is currently at a historically low valuation, with a PE ratio of approximately 17 times as of December 31, 2025, providing a certain margin of safety for investors [4][12] Group 1: Electricity Demand and Supply - Data centers are becoming the core growth engine for electricity demand due to their massive power consumption [2][9] - The electricity supply gap is primarily caused by the increasing energy needs of data centers [2][9] Group 2: Index Composition and Weighting - The index includes various power generation methods with the following weightings: thermal power (40.81%), hydroelectric (24.81%), wind (14.25%), nuclear (11.83%), and solar (6.87%) [10][11] - The top ten weighted stocks in the index include leading companies such as Changjiang Electric Power, China Nuclear Power, and Three Gorges Energy, collectively accounting for 52.07% of the index [3][10] Group 3: Valuation Insights - The current valuation of the electricity index is lower than most of the past decade, indicating potential investment opportunities [4][12] - The historical PE ratio trend of the index suggests a favorable entry point for investors [5][12]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].