每经AI快讯，物产环能（SH 603071，收盘价：13.13元）12月18日晚间发布公告称，公司第五届第十七 次董事会会议于2025年12月18日在公司会议室以现场结合通讯方式召开。会议审议了《关于2025年度中 期利润分配方案的议案》等文件。 2024年1至12月份，物产环能的营业收入构成为：煤炭流通行业占比92.79%，热电联产行业占比 7.01%，新能源行业占比0.13%，其他业务占比0.07%。 截至发稿，物产环能市值为73亿元。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… （记者 王晓波） ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

物产环能(603071)官方公众号显示，为积极响应"双碳"目标、深化绿色金融创新，公司于12月12日成功 发行"财通-物产环能电力上网收费收益权绿色资产支持专项计划"。物产环能表示，这是公司首次进军 债券市场，发行规模5.3亿元人民币，市场反响热烈，发行成效显著。 物产环能表示，本次发行聚焦绿色能源，盘活优质资产。本次专项计划的底层基础资产，是物产环能旗 下子公司污泥及生物质发电机组的电力上网收费收益权。这些热电联产项目运营稳定，现金流持续且可 预测，其绿色属性与国家能源结构转型的战略方向高度契合。通过资产证券化这一创新金融工具，公司 成功将未来的绿色现金流转化为当下的发展资本，有效盘活了存量资产，优化了资产负债结构，为继续 扩大清洁能源领域投资提供了有力的金融支撑。 本次发行采用了"1+1+1"期限结构设计，显著增强了产品的灵活性。尽管近期债券市场存在一定波动， 但凭借突出的绿色主题、优质的资产基础和公司良好的市场声誉，本次专项计划仍获得了银行、券商等 众多专业投资机构的积极认购，最终发行利率低至1.75%，这不仅体现了资本市场对优质绿色金融资产 的认可，也降低了公司的融资成本，实现了经济效益与环境效益的协 ...

格隆汇12月12日丨物产中大(600704.SH)公布，截至公告披露日，物产环能"财通-物产环能电力上网收费 收益权绿色资产支持专项计划"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产支持证 券已得到全额认购。本次专项计划实际收到的认购金额为人民币5.3亿元，已经达到约定的专项计划募 集资金规模，本次专项计划于2025年12月12日正式成立。 ...

格隆汇12月12日丨物产中大(600704.SH)公布，截至公告披露日，物产环能"财通-物产环能电力上网收费 收益权绿色资产支持专项计划"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产支持证 券已得到全额认购。本次专项计划实际收到的认购金额为人民币5.3亿元，已经达到约定的专项计划募 集资金规模，本次专项计划于2025年12月12日正式成立。 ...

证券代码：603071 证券简称：物产环能 公告编号：2025-049 浙江物产环保能源股份有限公司 关于财通-物产环能电力上网收费收益权 绿色资产支持专项计划成立的公告 浙江物产环保能源股份有限公司（以下简称"公司"或"物产环能"）于 2024 年 10 月 28 日召开第五届董事会第七次会议，审议通过了《关于公司开展 资产证券化业务的议案》，同意公司开展污泥和生物质发电电费收费收益权资产 证券化业务，规模不超过人民币 5.3 亿元（含 5.3 亿元），具体内容详见公司于 2024 年 10 月 29 日披露的《浙江物产环保能源股份有限公司关于拟开展电费收 益权资产证券化业务的公告》（公告编号：2024-042）。上述事项已于 2025 年 7 月 7 日取得上海证券交易所出具的《关于对财通-物产环能电力上网收费收益 权绿色资产支持专项计划资产支持证券挂牌转让无异议的函》（上证函〔2025〕 2161 号）。 截至公告披露日，"财通-物产环能电力上网收费收益权绿色资产支持专项 计划"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产支持证 券已得到全额认购。本次专项计划实际收到的认购金额为人民币 5 ...

格隆汇12月12日丨物产环能(603071.SH)公布，截至公告披露日，"财通-物产环能电力上网收费收益权绿 色资产支持专项计划"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产支持证券已得到 全额认购。本次专项计划实际收到的认购金额为人民币5.3亿元，已经达到约定的专项计划募集资金规 模，本次专项计划于2025年12月12日正式成立。 ...

格隆汇12月12日丨物产环能(603071.SH)公布，截至公告披露日，"财通-物产环能电力上网收费收益权绿 色资产支持专项计划"（以下简称"本次专项计划"）的优先级资产支持证券和次级资产支持证券已得到 全额认购。本次专项计划实际收到的认购金额为人民币5.3亿元，已经达到约定的专项计划募集资金规 模，本次专项计划于2025年12月12日正式成立。 ...

证券研究报告——煤炭行业周报 煤价高位回落，继续关注下游需求变化 【2025.11.24-2025.11.30】 行业评级：看好 数据来源：Wind 大同证券 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 liuyongfang@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 发布日期：2025.12.1 煤炭行情走势图 供暖需求进一步释放，动力煤价有望回升。本周，由于煤炭产 能利用率提高，而终端需求不及预期，导致动力煤价高位回落， 随着冬季供暖需求进一步释放，以及供给端安监维持较严水 平，预计煤价有望在震荡运行后企稳回升。 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 核心观点 下游有望开启补库，焦煤价预计以稳为主。本周，焦煤供给量 上升，而下游钢厂盈利率进一步遭到压缩，焦煤价格在供增需 减的情况下下降，进入 12 月焦企和钢厂或启动补库，对焦煤 价格有一定支撑，预计煤价窄幅震荡、以稳为主。 权益市场涨多跌少，煤炭跑输指数。在美联储降息预期升温和 国内 12 月中旬 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5]. Core Insights - Molten salt energy storage is pivotal in transforming coal power from a base-load to a flexible power source, addressing the challenges posed by the increasing share of renewable energy and peak load pressures in the power system [1][16]. - The National Development and Reform Commission and the National Energy Administration have set requirements for coal power efficiency, including reducing minimum output for deep peak shaving to 20% and enhancing load change rates [1][16]. - The molten salt storage technology, particularly steam heating, is currently the mainstream approach due to its high compatibility with thermal power plants and engineering maturity [2][26]. Summary by Sections 1. Special Research - Molten salt energy storage aids in the transition of coal power to a flexible power source, overcoming the "heat determines electricity" dilemma [1][16]. - The technology's core is "thermal-electrical decoupling," allowing for energy storage during low demand and release during peak demand [1][16][22]. - The report highlights the successful operation of the Guoneng Suzhou power plant's molten salt storage project as a replicable model for coal power flexibility transformation [1][25]. 2. Market Information Tracking - Electricity prices in Jiangsu and Guangdong for December 2025 are reported at 339.58 RMB/MWh and 372.33 RMB/MWh, respectively, indicating a decrease in Jiangsu and a slight increase in Guangdong compared to benchmark prices [4][39]. - The average price of thermal coal in the Bohai Rim region is reported at 698 RMB/ton, remaining stable [41]. - The report notes a decline in natural gas prices, with Dutch TTF futures at 29 EUR/TWh and China's LNG at 11 USD/MMBtu [43][45]. 3. Industry Dynamics - The report emphasizes the significant growth in renewable energy installations, with a total capacity of 2.22 billion kW, accounting for nearly 60% of the national total [8]. - The introduction of new pricing mechanisms for electricity transmission and distribution aims to support the efficient utilization of renewable energy and reduce system operation costs [9]. - The ecological environment ministry's carbon emissions trading plan aims to incentivize advanced practices and penalize laggards in key industries [10]. 4. Investment Portfolio and Recommendations - The report suggests focusing on coal power companies with high price elasticity, such as Huaneng International and Huadian International, due to expected improvements in profitability [11]. - For hydropower, the report is optimistic about the fourth quarter outlook, recommending attention to companies like Yangtze Power and Sichuan Investment Energy [11]. - The report also highlights the potential for independent energy storage and virtual power plants under market-driven electricity pricing [12].