Core Insights - The afternoon saw a significant rise in the electric power sector, particularly in the green energy direction, driven by the recent announcement from the National Energy Administration regarding the first batch of pilot projects for enhancing new power system construction capabilities [1] - A notable development is that China's AI call volume has surpassed that of the United States, with four major models ranking among the top five globally. This increase in Token call volume is linked to electricity and computing power, with China's lower electricity prices enabling a form of overseas expansion through Token call volume [1] - Huatai Securities emphasizes that the advancement of a national unified electricity market will continuously benefit the construction of new power systems from multiple dimensions, including profit mechanisms, development space, and consumption guarantees. The firm is optimistic about three main investment themes: accelerated high-quality development of energy storage, ongoing construction of the main grid framework, and structural growth in renewable energy demand [1] Industry Performance - As of February 27, 2026, at 14:00, the CSI All Share Utilities Index (000995) surged by 2.26%, with constituent stocks such as Fuling Power and GCL-Poly Energy both rising by 10.02%, and Yongtai Energy increasing by 8.77%. Other stocks like Jiufeng Energy and Gansu Energy also saw gains [1] - The Utilities ETF (560190) rose by 2.43%, marking its fourth consecutive increase, with the latest price reported at 1.06 yuan [1] - The CSI All Share Utilities Index closely tracks the performance of representative and investable listed companies within the utilities sector, selected based on liquidity and market capitalization criteria [1] Top Holdings - As of January 30, 2026, the top ten weighted stocks in the CSI All Share Utilities Index (000995) include: Yangtze Power, China Nuclear Power, Three Gorges Energy, Guodian Power, Yongtai Energy, Huaneng International, State Power Investment, China General Nuclear Power, Shanghai Electric, and Chuanwei Energy, collectively accounting for 53% of the index [2]

2026年2月26日早盘，截至10:33，国证绿色电力指数上涨0.77%，成分股华银电力上涨10.06%，福能股 份上涨5.72%，广安爱众上涨4.16%，天富能源上涨3.76%，银星能源上涨3.74%。 绿色电力ETF嘉实(159625)紧密跟踪国证绿色电力指数，是布局绿色电力相关上市公司整体表现的便利 工具。 场外投资者可通过对应的绿色电力ETF联接基金（017057）把握投资机会。 长江证券指出，2025年我国电力系统呈现"电量宽松与容量紧张"的结构性矛盾：火电电量近十年首现负 增长，但高峰时期可靠容量需求与调节压力持续上升，倒逼火电新增装机保持高位；与此同时，2026年 用电增速有望回升至5.04%，叠加AI数据中心、工业电气化等新增负荷，绿电供需与盈利恶化态势或将 迎来拐点。政策层面，国家发改委已提出适时建立可靠容量补偿机制，测算落地后2026年全国平均容量 电价折度电电价将提升0.041~0.050元/千瓦时，绿电板块"困境反转"逻辑进一步强化。 数据显示，截至2026年1月30日，国证绿色电力指数前十大权重股分别为中国核电、长江电力、三峡能 源、国投电力、中国广核、川投能源、上海电力、华能水电、 ...

广州 以产业之进托举城市之兴 新年初启，广州增芯科技有限公司的晶圆制造厂内，巨大的屏幕上，海量生产数据实时跳动。通过智能 调度，光刻机等上百台核心设备被连接成一个网络，整条生产线"马力全开"。 产业事关城市的能级量级。今年，广州将焕新传统产业动能，推进400家中小企业完成数字化改造；育 强新兴未来产业，推动100个亿元以上项目开工建设；实施"人工智能+"行动，以人工智能赋能千行百 业；推动海洋经济加快发展，做强做优"港、船、能、药、游"等重点产业；做优生产性服务业，强化白 云机场、南沙港区、广州国际港等物流枢纽功能布局及衔接联动；优化重大平台载体，推动自贸片区扩 围提质、知识城上升为中新政府间合作项目、白云机场国际商务合作区获批建设。 坚持工商并举、互促双强，广州全力以赴推动数智化和绿色化转型、制造业和服务业融合，以产业之进 托举城市之兴。 深圳 两大项目迎首批企业入驻 2月24日，深圳南山智造（红花岭基地）和南山智城开园并迎来首批企业入驻。 南山智造（红花岭基地）项目一期建设了厂房、综合楼、宿舍楼及相关配套工程，构建"123+N"产业运 营服务体系。首批入驻企业包括速腾聚创、众擎机器人、越疆科技等，涵盖机器 ...

久立特材产品线丰富多元，涵盖DSS/SDSS、CRA-OCTG、HRB/MLP/WOL、SG-U管、油气输送用大口 径厚壁不锈钢焊接管、大型换热器用超长不锈钢焊接U型管、海水腐蚀铁素体不锈钢焊接U型管、海水 淡化及电站用钛及钛合金焊接管等近百个品种，广泛应用于油气、电力、化工等多个核心工业领域。其 中，公司部分高端产品成功打破国外技术垄断，填补国内相关领域空白，构建显著技术壁垒与市场竞争 优势。截至2025年上半年，久立特材应用于高端装备制造及新材料领域的高附加值、高技术含量产品实 现营业收入12.20亿元，占公司营收比重约20%，同比增长15.42%。 依托优质的产品品质与高效的服务能力，久立特材赢得了国内外众多大中型企业的广泛信赖与深度合 作。在国内市场，公司是中石油、中石化、中海油、中国化工集团、国家能源集团、中国广核 （003816）集团、哈尔滨电气、上海电气（601727）、东方电气（600875）等国内核心能源及装备企业 的重要供应商，深度绑定国内能源基建核心需求；在国际市场，久立特材产品远销70多个国家和地区， 成功与沙特阿美（Aramco）、英荷壳牌（Shell）、埃克森美孚（ExxonMob ...

开源证券近日发布电力行业2026年度投资策略：2025年，A股红利风格板块整体表现不佳。2025年，电 力需求维持平稳增长，我国全社会用电10.37万亿千瓦时，同比增长5.0%。预计十五五期间我国将呈 现"宽电量、紧电力"的电力供需格局，综合电价有望企稳。 以下为研究报告摘要： 1.行业回顾：红利风格表现不佳，电力需求平稳增长 2025年，A股红利风格板块整体表现不佳。2025年，电力需求维持平稳增长，我国全社会用电10.37万亿 千瓦时，同比增长5.0%。预计十五五期间我国将呈现"宽电量、紧电力"的电力供需格局，综合电价有望 企稳。 2.电力：电价下探、补贴退坡，电力体制改革步入深水区 （1）火电：电价承压、煤价趋稳，容量电价重塑火电商业模式。2025年北方火电单位盈利整体同比向 好，东南沿海火电单位盈利承压。2026年江苏、浙江年度长协电价同比下降68.26、67.54元/兆瓦时。容 量电价基本能够覆盖煤电固定成本，折旧到期后有望贡献稳定盈利，红利属性有望强化。 （2）水电：经营稳健，低利率环境下具备长期配置价值。2025年，主要水电上市公司经营稳健。 2024H2起，水电股息率与国债收益率的息差走阔；2 ...

Investment Rating - The report rates the controlled nuclear fusion industry as "Outperform the Market" [1][8] Core Insights - Controlled nuclear fusion is considered the "ultimate energy solution" due to its potential for near-infinite energy, high energy density, and minimal environmental impact [1][13] - The industry is experiencing a second acceleration phase driven by advancements in technology, increased capital expenditure, and supportive policies [3][38] - The market space for nuclear fusion is projected to reach 800-1000 billion yuan, with significant growth expected as the technology matures [6][8] Summary by Sections Introduction to Controlled Nuclear Fusion - Nuclear fusion involves the combination of two light atomic nuclei to form a heavier nucleus, releasing significant energy [1][15] - It is viewed as a solution to energy challenges, offering advantages over traditional energy sources [1][17] Advantages of Nuclear Fusion - Fusion fuel sources are abundant, and the energy density is significantly higher than that of fission [2][21] - It has inherent safety features, reducing the risk of catastrophic failures [2][21] Development of Nuclear Fusion in China - China is pursuing multiple technological pathways, primarily focusing on the Tokamak route for commercial power generation [3][38] - The country aims to demonstrate controlled nuclear fusion power generation by around 2030 and achieve commercial viability by 2050 [3][38] Industry Catalysts - The industry is currently in a phase of rapid development, with increased investment and participation from both state-owned and private enterprises [3][38] - The integration of AI and advancements in high-temperature superconductors are expected to further accelerate progress in the nuclear fusion sector [3][38] Market Potential - The nuclear fusion market is expected to generate substantial demand for engineering and equipment, with annual investments projected at around 20 billion yuan during the 14th and 15th Five-Year Plans [6][8] - Long-term projections suggest that fusion power plants could replace a significant portion of current electricity generation, contributing to carbon neutrality goals by 2060 [6][8] Industry Chain Overview - The nuclear fusion industry chain includes key components such as superconducting materials, vacuum systems, and various auxiliary systems [4][6] - Major companies involved in the sector include 应流股份, 许继电气, and 中国核电, all rated as "Outperform the Market" [8]

党的二十届四中全会审议通过《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，擘 画了中国未来五年的发展蓝图，作出建设能源强国的战略部署。中央经济工作会议强调要制定能源强国 建设规划纲要。2026年全国能源工作会议提出推进能源强国建设的目标任务。建设能源强国是社会主义 现代化强国建设对能源领域的新要求，为能源领域发展指明了方向、明确了目标，对于推动能源行业高 质量发展具有重要指导意义。 一、加快建设能源强国意义重大、正当其时 2014年，习近平总书记高瞻远瞩、审时度势，创造性提出"四个革命、一个合作"能源安全新战略，为我 国能源发展提供了根本遵循和行动指南。十余年来，在这一战略指引下，我国能源行业实现了跨越式发 展，自主保障能力显著增强，绿色低碳转型成效举世瞩目，科技创新成果丰硕，体制机制改革不断深 化，国际合作全面拓展，有力支撑中国式现代化迈出坚实步伐。当前，全球能源格局深刻重塑，地缘政 治、气候治理、科技和产业变革交织，能源领域竞争加剧。我国经济社会发展与"双碳"战略目标叠加， 对统筹能源安全保障与绿色低碳转型提出更高要求。"十五五"规划建议作出建设能源强国的战略部署， 明确了新时代能源事业的战 ...

证券之星消息，根据企查查数据显示中国广核（003816）公布了一项国际专利申请，专利名为"大负荷 瞬变工况下直流式蒸汽发生器压力控制的方法"，专利申请号为PCT/CN2025/113406，国际公布日为 2026年2月19日。 专利详情如下： 图片来源：世界知识产权组织（WIPO） 今年以来中国广核已公布的国际专利申请6个，较去年同期增加了100%。结合公司2025年中报财务数 据，2025上半年公司在研发方面投入了5.24亿元，同比增67.68%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of safety and service during the Spring Festival holiday, urging central enterprises to ensure a peaceful and safe celebration for the public [1][2] - SASAC leaders, including Zhang Yuzhuo and Tan Zuojun, conducted inspections and communicated with staff to understand the arrangements for duty and safety during the holiday period [1][2] - Central enterprises are reminded to strengthen risk assessments in key areas and maintain efficient operations to support public festivities [1][2] Group 2 - Tan Zuojun, on behalf of Zhang Yuzhuo, connected with 11 central enterprises via video to check on energy, power supply, major project operations, and communication services [2] - The focus is on tightening the safety production responsibility chain to ensure the stability of essential services such as energy, communication, and transportation during the holiday [2] - The implementation of the Central Eight Regulations is emphasized to ensure a frugal and civilized holiday atmosphere [2]