电力及公用事业行业月报：AI赋能绿色转型，双轮驱动电力投资新纪元-20260226

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector based on industry valuation levels, earnings growth expectations, and development prospects [7][5]. Core Insights - As of February 25, 2026, the power and utilities index outperformed the market, with a monthly increase of 2.05%, surpassing the Shanghai and Shenzhen 300 index by 1.42 percentage points [12][5]. - The sub-industry performance for the month ranked as follows: Environmental and Water Services (4.81%), Other Power Generation (2.80%), Thermal Power (2.33%), Gas (0.62%), Grid (0.41%), Hydropower (-0.37%), and Heating or Others (-2.36%) [13][5]. - The report suggests a "barbell strategy" for asset allocation in the power sector, focusing on stable, high-dividend thermal power companies for defensive positions and exploring opportunities in virtual power plants and controllable nuclear fusion for aggressive investments [7][5]. Market Review - The power and utilities index showed strong performance relative to the market, with a notable increase in various sub-sectors [12][5]. - The report highlights the recovery in thermal coal prices, with northern port prices reaching 715 RMB/ton, a monthly increase of 2.88% and a year-to-date increase of 3.62% [16][6]. - The report notes extreme weather conditions leading to supply-demand mismatches, with U.S. natural gas prices rising significantly in January 2026, while China's LNG prices saw a decline in February 2026 [21][6]. Industry Dynamics - The State Council issued an implementation opinion on improving the national unified electricity market system, aiming for a fully established market by 2035 [33][7]. - The Southern Power Market has accelerated reforms, achieving 100% signing of inter-provincial medium- and long-term transactions and introducing virtual power plants into the market [33][7]. - The report emphasizes the significant growth in green electricity trading in the Southern region, with a 3.87-fold increase in trading volume in 2025 compared to previous years [31][7]. Company News - The report includes updates on various companies, such as the successful merger and restructuring of Inner Mongolia Huadian and the completion of significant milestones in nuclear power projects by China Nuclear Power [38][7]. - It also mentions the rebranding of Jilin Electric Power Co., Ltd. to State Power Investment Corporation Green Energy Co., Ltd. [38][7].