Group 1 - The core viewpoint of the news highlights the positive performance of the green power sector, with the Guozheng Green Power Index rising by 0.90% and significant gains in constituent stocks such as Nanwang Energy (+4.87%) and solar energy companies (+3.54%) [1] - The Aisa Wind Power Project in Ethiopia, constructed by a Chinese company, has commenced operations with a total installed capacity of 120 MW, marking a significant milestone in international renewable energy projects [1] - A new pricing mechanism for independent new-type energy storage capacity has been established by the National Development and Reform Commission and the National Energy Administration, enhancing the investment attractiveness and revenue certainty for energy storage projects [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the Guozheng Green Power Index include major players like China Nuclear Power and Three Gorges Energy, collectively accounting for 52.75% of the index [2] - The Green Power ETF (159625) closely tracks the Guozheng Green Power Index, providing a convenient tool for investors to gain exposure to the overall performance of listed companies in the green power sector [2] - Investors can also access investment opportunities through the corresponding Green Power ETF linked fund (017057) [3]

February 1, 2026 08:28 PM GMT We see this as a critical milestone in China's power market reform. In particular, the inclusion of independent ESS arrives ahead of market expectations and potentially incentivizes the upcoming demand upon promising economic returns. We expect provincial capacity tariff policies to accelerate the rollouts post this national notice, and we have already seen provinces like Hubei, Gansu and Inner Mongolia introduce the relevant measures ( Exhibit 1 ). | M Downloaded by Neil.Wang@ ...

格隆汇2月2日｜今日特高压、光伏板块表现亮眼，电网设备ETF(159326)飙涨3.25%，盘中获资金净申 购1亿份，光伏ETF华夏(515370)涨0.88%。 相关产品： 特高压权重超60%+智能电网含量55%+可控核聚变含量14%"：电网设备ETF(159326)，权重股包括国电 南瑞（国内电网智能龙头）、特变电工（全球特高压设备核心供应商）、思源电气（电力设备研发与制 造）等。该ETF年初至今累计净流入124亿元，位居同类第一。 高纯度光伏产业覆盖：光伏ETF华夏(515370)，权重股包括特变电工（硅料+输变电双龙头）、隆基绿 能（硅片+ BC组件龙头）、阳光电源（全球逆变器王者）。 电力转型全链条：绿电ETF(562550)，核心权重股：长江电力（国内最大水电运营商）、三峡能源（国 内最大的新能源运营商）。 消息面上： ①据央视财经，全球AI算力建设进入爆发期，电力设备变压器正升级为算力基础设施的核心，大量变 压器工厂已经处于满产的状态，其中部分面向数据中心的业务订单都排到了2027年，美国市场交付周期 已经从50周延长至127周。 ②中信证券最新研报指出，太空光伏并非炒作，正在进入规模化部署的前 ...

Market News - The central bank will have a total of 17,615 billion yuan in reverse repos maturing this week, with specific maturities of 1,505 billion yuan, 4,020 billion yuan, 3,775 billion yuan, 3,540 billion yuan, and 4,775 billion yuan from Monday to Friday. Additionally, 7,000 billion yuan in 91-day reverse repos will mature on Wednesday [1] - The official manufacturing PMI for January in China has returned to the contraction zone at 49.3%, a decrease of 0.8 percentage points month-on-month. The non-manufacturing PMI also fell to 49.4%, down 0.8 percentage points, indicating a decline in manufacturing and non-manufacturing activity due to seasonal factors and insufficient market demand [2] - A series of new regulations will take effect starting in February, including the "Encouragement of Foreign Investment Industry Catalog (2025 Edition)" and various regulations aimed at promoting fair competition and addressing issues in government procurement [3] - The U.S. Labor Department is set to release the January non-farm payroll report, with expectations of an increase of 64,000 jobs and an unemployment rate holding steady at 4.4% [4] Sector Events - The AWE Asia 2026, an Asian virtual reality XR industry exhibition, will be held in Singapore from February 2 to 4, featuring a new Gaming Hub section for XR game creators and developers [5] - The 2026 Brain-Computer Interface Developers Conference will take place in Tianjin on February 3-4, focusing on open-source technology and commercial applications in the brain-computer interface sector [6] - A seminar on the review of the photovoltaic industry in 2025 and outlook for 2026 will be held in Beijing on February 5, inviting industry leaders and experts to analyze the development of the photovoltaic sector [7] - The Chicago Mercantile Exchange has announced an increase in margin requirements for platinum and palladium futures, effective after the market closes on February 2 [8] Individual Company News - Minexplosion Optoelectronics plans to acquire 51% of Xiamen Xizhi Precision Technology Co., Ltd. in cash, with the stock resuming trading on February 2. This acquisition will expand the company's business into high-end PCB drilling technology [10] - Vanke A announced the suspension of multiple domestic corporate bonds due to changes in subsequent transfer arrangements, effective from February 2 [11] - Jihua Group is planning a change in control as its major shareholder is in discussions to transfer part of its stake, leading to a suspension of trading from February 2 [12] Lock-up Expiration - A total of 42 companies will have lock-up shares released this week, amounting to 4.657 billion shares with a total market value of 1,036.69 billion yuan based on the closing price on January 30. The peak release day is February 2, with 18 companies releasing shares worth 607.1 billion yuan, accounting for 58.56% of the week's total [13][14] New Stock Calendar - Two new stocks are set to be issued this week, with a total issuance of approximately 54.53 million shares and expected fundraising of 1.558 billion yuan [17] Institutional Outlook - CITIC Securities indicates that space photovoltaic technology is transitioning from concept to large-scale deployment, driven by new demands from "space computing + AI" and the global competition for low Earth orbit resources [18][19] - CITIC Securities also predicts that demand for computing power will continue to rise, supported by the increasing need for cloud computing resources and ongoing iterations of AI models [20] - Huatai Securities notes that the recent performance of A-share real estate stocks has outperformed the market, driven by low valuations and improving fundamentals [21] - ShenGang Securities suggests that the white liquor sector may see a recovery in market performance ahead of fundamental improvements, with potential opportunities arising from inventory clearance and operational improvements [22]

【华泰公用】发电侧容量电价新规基本符合预期 事件：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），在此前煤电、抽蓄容量电价机制的基础上进一步更新规则，并扩充至气电、电网侧独立新型储 能的容量电价顶层设计。 观点： 1）各类电源容量电价机制完善情况基本符合预期，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 【华泰公用】发电侧容量电价新规基本符合预期 事件：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），在此前煤电、抽蓄容量电价机制的基础上进一步更新规则，并扩充至气电、电网侧独立新型储 能的容量电价顶层设计。 观点： 1）各类电源容量电价机制完善情况基本符合预期，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； 2）抽蓄抽水、电网侧独立新型储能充电时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） ...

证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 02 年 月 日 朝闻国盛 美联储迎来沃什，4 大关键点 今日概览 ◼ 重磅研报 【宏观】美联储迎来沃什，4 大关键点——20260201 【宏观】物价回升如何影响税收收入？—2025 年财政回顾与 2026 年展 望——20260131 【宏观】1 月 PMI 超季节性回落的背后——20260131 【策略】月度高胜率窗口的经验与应对——20260201 【海外】优选地产、大宗和科技——2026 年 2 月海外金股推荐—— 20260131 【金融工程】短期调整不足为惧——20260201 【金融工程】择时雷达六面图：本周拥挤度指标明显弱化——20260131 【固定收益】联储换帅、市场波动与债市逻辑——20260201 【固定收益】赎纯债、降久期、增信用——债基 2025Q4 季报分析—— 20260201 【固定收益】资金平稳跨月，存单偿还地方债放量——流动性和机构行 为跟踪——20260131 【固定收益】固收+继续扩张，增配科技化工——25Q4 基金转债持仓分 析——20260131 【电新】低轨星座竞赛与太空算力革命，引爆太空光 ...

1月31日，位于北京市丰台区丽泽金融商务区的一处施工现场，一台绿色的打桩机启动作业，高耸的桩 锤重重落下，一根桩基被稳稳打入，标志着北京丰台500千伏输变电工程正式开工建设。北京市丰台区 相关负责人介绍，该工程也是北京市"十五五"时期首个新建的500千伏电网工程，将显著提升北京南部 电网韧性水平和受电能力，对北京市持续优化投资结构、大力发展高精尖产业等提供可靠电力支撑。 增强北京电网韧性引入张北清洁能源 审批创"北京速度"提供更稳定的供电保障 服务地区发展所需，前期工作体现"北京速度"。在北京市及丰台区的大力支持下，政企协作优势得到充 分发挥，其中，变电站工程从立项核准到取得施工许可证仅用177天，较常规工程建设前期工作提前了4 个月，为工程顺利开工建设预留了充足的周期。 2025年，丽泽金融商务区税收贡献突破百亿元，五年平均增速超20%，彰显了高质量发展的"含金量"。 负责人表示，北京丰台500千伏输变电工程的开工建设，将进一步为首都核心区及丽泽金融商务区的发 展提供可靠的供电保障。对于居民而言，工程投运后供电可靠率将进一步提升，为家庭用电、新能源汽 车充电等提供更稳定的保障。 资讯编辑：罗莹 021-26 ...

// 市场要闻 // 1、央行公开市场将有17615亿元逆回购到期 Wind数据显示，本周央行公开市场将有17615亿元逆回购到期，其中本周一至本周五分别到期1505亿元、4020亿元、3775亿元、3540亿元、4775亿元。此 外，本周三将有7000亿元91天期买断式逆回购到期。 2、成品油将迎调价窗口 根据"十个工作日"原则，本轮调价窗口为2月3日24时。据测算截至1月30日第八个工作日，参考原油品种均价为64.09美元/桶，变化率为4.68%，对应的国 内汽柴油零售价均上调190元/吨。 3、中国1月官方制造业PMI重回收缩区间 中国1月官方制造业PMI为49.3%，环比下降0.8个百分点；非制造业PMI为49.4%，下降0.8个百分点；综合PMI产出指数为49.8%，下降0.9个百分点。国家 统计局指出，1月份，部分制造业行业进入传统淡季，加之市场有效需求仍显不足，制造业景气水平有所回落。受建筑业等行业景气度下降等因素影响，1 月非制造业商务活动指数有所回落，金融市场活跃度较高。 4、一批新规将自2月起施行 一批新规将自2月起施行，具体包括：《鼓励外商投资产业目录（2025年版）》；《制止滥用行政权 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

Investment Rating - The report maintains a "Buy" rating for several companies in the power generation sector, including Huaneng International, Guodian Power, Huaren Power, and others [6][10][12]. Core Insights - The new capacity price mechanism for power generation is expected to enhance the fixed income proportion of regulating power sources, thereby improving profitability stability [1]. - The coal power capacity price is set to increase to no less than 165 yuan/kW, with decision-making authority delegated to local governments, which may help ensure the survival of less profitable coal power plants [2]. - The new capacity price mechanism for pumped storage projects will allow for a market-driven reflection of their value, potentially leading to a decrease in average internal rate of return (IRR) levels for these projects [3]. - Independent new energy storage systems on the grid will now be included in the capacity price compensation framework, which is expected to stimulate investment in these projects [4]. - A reliable capacity compensation mechanism will be established in the spot market, reflecting the peak contribution of different units [5]. Summary by Sections Power Generation Sector - The report highlights the expected improvements in profitability for coal power plants due to the increased capacity price mechanism, which will recover a higher proportion of fixed costs [2]. - The introduction of a new capacity price for pumped storage projects aims to reflect their market value, with operators expected to achieve above-average profitability if they maintain strong cost control and operational efficiency [3]. Investment Recommendations - Key recommended stocks include: - ChuanTou Energy (600674 CH) with a target price of 21.25 yuan - Guodian Power (600795 CH) with a target price of 6.87 yuan - Huaren Power (836 HK) with a target price of 25.49 HKD - Gansu Energy (000791 CH) with a target price of 9.55 yuan - Changjiang Power (600900 CH) with a target price of 36.55 yuan - Guotou Power (600886 CH) with a target price of 17.35 yuan - Huaneng International (600011 CH) with a target price of 9.47 yuan - Huaneng International Power (902 HK) with a target price of 7.33 HKD - Hubei Energy (000883 CH) with a target price of 5.88 yuan - Nanshan Storage (600995 CH) with a target price of 15.81 yuan - Inner Mongolia Huadian (600863 CH) with a target price of 5.55 yuan [7][10].