（来源：淘金ETF） 1. 长江电力（600900） 作为全球水电龙头，长江电力掌控长江流域核心水电资产，旗下三峡、葛洲坝、溪洛渡、向家坝等电站 装机规模与发电量稳居全球第一，水电业务具备稳定、清洁、低成本的核心优势。在全国统一电力市场 建设中，公司作为跨区电力供给核心主体，将充分受益于市场化交易机制完善与绿电溢价提升，同时 AI算力需求爆发带动电力资产价值重估，公司稳定的电力供给能力与绿电属性凸显，在电力行业价值 重构中占据核心地位。此外，公司积极布局抽水蓄能与储能业务，提升调节能力，适配统一市场下的辅 助服务需求，进一步强化全产业链价值。 2. 华电新能（600930） 华电集团旗下新能源核心平台，聚焦风电、光伏等清洁能源项目开发、投资与运营，装机规模持续扩 张，绿电占比不断提升。公司在国内多个区域布局新能源电站，深度绑定"东数西算"等算力项目，提供 稳定绿电直供服务。全国统一电力市场的推进，将为公司绿电交易提供更广阔的平台与更优的溢价空 间；AI算力用电需求高增，也将带动绿电直供与源网荷储协同需求，公司作为新能源发电核心企业， 将充分受益于行业景气度提升。同时，公司积极拓展储能、虚拟电厂等业务，提升调节 ...

证券代码：600674 证券简称：川投能源 公告编号：2026-005 四川川投能源股份有限公司 关于公司副总经理离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 四川川投能源股份有限公司（以下简称"公司"）董事会于 2026 年 2 月 27 日收到杨平先生的辞职报告。杨平先生由于工作原因，辞 去公司副总经理职务。根据《公司法》《公司章程》的有关规定，杨 平先生的辞职报告自送达董事会时生效。 一、高级管理人员离任情况 (一) 提前离任的基本情况 | | | | | | 是否继续在上 | | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 市公司及其控 | 具体职务 | 未履行完 | | | | | 到期日 | | 股子公司任职 | （如适用） | 毕的公开 | | | | | | | | | 承诺 | | | | | | | | 四川川投 | | | | | | | ...

南财智讯2月27日电，川投能源公告，公司董事会于2026年2月27日收到杨平先生的辞职报告。杨平先生 因工作原因，辞去公司副总经理职务。 ...

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]

重要内容提示： 关于公司控股股东权益变动的进展公告 本次控股股东权益变动系四川能源发展集团有限责任公司 （以下简称"四川能源发展集团")承继四川省投资集团有限责任 公司（以下简称"川投集团"）直接及间接持有的四川川投能源 股份有限公司（以下简称"公司"）股份从而成为公司控股股东， 公司实际控制人仍为四川省政府国有资产监督管理委员会（以下 简称"四川省国资委"）。 股票代码：600674 股票简称：川投能源 公告编号：2026-004 号 四川川投能源股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性 承担个别及连带责任。 二、本次控股股东权益变动进展情况 截至本公告披露日，本次控股股东权益变动涉及的川投集团直 接持有的公司股份尚未完成中国证券登记结算有限责任公司的登记 过户程序，相关工商变更登记手续尚未完成。 三、其他相关事项说明 公司将持续关注本次控股股东权益变动事宜的进展情况，并按 照相关法律法规的规定及时履行信息披露义务。 特此公告。 一、本次控股股东权益变动的基本情况 公司于 2024 年 11 月 30 日发布了《四川川 ...

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、 ...

Summary of Conference Call on Power Industry Industry Overview - The conference focused on the power industry, particularly the electricity market in China, and its outlook for 2026 and beyond [1][2][3]. Key Points and Arguments 1. **Market Sentiment and Outlook**: - The overall sentiment in the market is bullish, with expectations that the power industry will enter a strong performance window starting from February into the second quarter of the year [1]. - The configuration value of the power industry is becoming more prominent, with increasing interest from investors [1]. 2. **Investment Recommendations**: - For short-term investments, sectors such as green energy and nuclear power are recommended as good options [1]. - For long-term investments, both thermal power and green energy are highlighted as sectors to focus on [2]. 3. **National Unified Electricity Market**: - A high-level implementation opinion was released, aiming to establish a unified national electricity market by around 2031, with a target of 70% market-based trading volume [2]. - The document emphasizes the importance of marketization and the integration of renewable energy sources into the market [3]. 4. **Marketization Concerns**: - There is a misconception among investors that marketization will lead to price reductions for downstream consumers, causing reluctance towards increased marketization [3]. - Currently, 64% of the electricity market is already market-based, and the integration of renewable energy sources is expected to help achieve the 70% target by 2030 [3]. 5. **Green Certificate System**: - The establishment of a green certificate system is crucial for promoting green energy consumption and is expected to alleviate the oversupply pressure on green certificates [4][5]. - The green certificate prices are anticipated to stabilize and potentially increase, benefiting green energy projects [5]. 6. **Investment Opportunities in Hydropower and Nuclear Power**: - Hydropower is seen as a stable and clean energy source, with significant investment potential due to its low cost and reliability [7][8]. - Nuclear power is expected to play a critical role in energy security and is likely to see increased investment, especially in the context of new infrastructure projects [24][25]. 7. **Market Dynamics and Price Trends**: - The electricity price dynamics are influenced by coal prices, with potential downward pressure on thermal power prices in the short term [13][14]. - However, long-term trends suggest that stable and clean energy sources like hydropower and nuclear power will benefit from marketization [8][9]. 8. **Sector-Specific Insights**: - For thermal power, companies with stable dividend policies and less exposure to price fluctuations are recommended [14]. - In the hydropower sector, companies like Changjiang Electric Power and Guotou Power are highlighted for their attractive dividend yields [16][17]. 9. **Nuclear Power Sector**: - The nuclear power sector is expected to see a rise in investment due to its strategic importance and the anticipated approval of new projects [25][26]. - The uranium market is also projected to experience price increases, driven by demand from nuclear power generation [27]. 10. **Future Outlook**: - The conference concluded with a positive outlook for the power industry, emphasizing the importance of policy support and market dynamics in shaping future investment opportunities [30][31]. Additional Important Content - The call highlighted the need for ongoing monitoring of market conditions and policy developments to identify investment opportunities [31]. - The discussion included insights into the potential for electricity futures markets to enhance price stability and risk management for power producers [12]. This summary encapsulates the key insights and recommendations from the conference call regarding the power industry, focusing on market trends, investment opportunities, and policy implications.

国金证券近日发布公用事业行业研究：2月初国办发布《关于完善全国统一电力市场体系的实施意 见》，较22年发改委、能源局发布的《关于加快建设全国统一电力市场体系的指导意见》，2030年全国 统一电力市场体系基本建成，市场化交易电量占全社会用电量70%左右（2025年末为64%），推动现货 市场27年前基本实现正式运行，2035年全面建成全国统一电力市场体系。 以下为研究报告摘要： 核心观点 电改进入新阶段，重视统一电力市场 2月初国办发布《关于完善全国统一电力市场体系的实施意见》，较22年发改委、能源局发布的《关于 加快建设全国统一电力市场体系的指导意见》，重点强调以下六个维度内容：（1）明确节点：2030年 全国统一电力市场体系基本建成，市场化交易电量占全社会用电量70%左右（2025年末为64%），推动 现货市场27年前基本实现正式运行，2035年全面建成全国统一电力市场体系；（2）优化全国资源配 置：完善跨省跨区跨网交易制度、推动省间互济，研究组建全国电力交易中心；（3）全面市场化：各 类型电源和除保障性用户外的电力用户全部直接参与电力市场；（4）激励调节性电源：传导辅助服务 成本，完善煤电、抽蓄、新型储能 ...

华源证券近日发布大能源行业2026年第7周周报：2025年国网总部总计招标金额894亿元，超过2022年的 2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、电缆及附件、开关柜、 继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断路器外，其余设备中标 金额均同比增加。 以下为研究报告摘要： 投资要点： 电网：2025年国网总部招标总结 本报告总结国网总部2025年输变电设备招标（不含单一来源采购）情况。2025年国网总部总计招标金额 894亿元，超过2022年的2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、 电缆及附件、开关柜、继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断 路器外，其余设备中标金额均同比增加。上市公司中，中国西电（601179）、平高电气（600312）、思 源电气（002028）、特变电工（600089）、国网信通（600131）、国电南瑞（600406）中标金额排名前 6，除国电南瑞外其它公司中标金额均有较高增长，其中思源电气相比2024年中标金额增长接近80%。 主要设备招标量、中标金额 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]