1、李强：全面推进人工智能科技创新、产业发展和赋能应用 重要程度：★★★★★ 2月11日，国务院以深化拓展"人工智能+"、全方位赋能千行百业为主题，进行第十八次专题学习。国务院总 理李强在主持学习时强调，要深入学习贯彻习近平总书记关于人工智能发展的重要指示精神和党中央有关决 策部署，全面推进人工智能科技创新、产业发展和赋能应用，培育壮大新质生产力，推动高质量发展。 李强指出，要深刻认识和把握人工智能发展态势，推动人工智能全链条突破、全场景落地，更大释放发展潜 能。要持续夯实技术底座，推进算法创新，加大高质量数据供给，提升大模型性能，前瞻布局新技术新路 径。要大力推进规模化商业化应用，促进人工智能终端和服务消费，建设人工智能应用中试基地，发展壮大 智能体产业，拓展更多高价值应用场景。 2、国办最新印发！完善全国统一电力市场体系，绩优潜力"黑马"曝光 重要程度：★★★★ 2月11日，国务院办公厅印发《关于完善全国统一电力市场体系的实施意见》。《意见》指出，到2030年， 基本建成全国统一电力市场体系，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，市场化 交易电量占全社会用电量的70%左右。到2035年 ...

北京市炜衡（贵阳）律师事务所 致：贵州黔源电力股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》《上市公司股东会规则》及《贵州 黔源电力股份有限公司章程》（以下简称"《公司章程》"） 的规定，北京市炜衡（贵阳）律师事务所（以下简称"本所"） 接受贵州黔源电力股份有限公司（以下简称"贵公司"）的委 托，指派刘慧颖、王康明青（以下简称"本所律师"）出席贵 公司于2026年2月9日召开的2026年第一次临时股东会（以下简 称"本次股东会"），对本次股东会召开的合法性进行见证， 并出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东会召集和召开 的程序、表决程序及出席本次会议现场会议的人员资格、召集 人的资格是否符合有关法律和公司章程的规定以及本次股东会 审议的议案表决结果是否有效发表意见，并不对本次股东会所 审议的议案内容以及议案所表述的事实或数据的真实性、准确 性、合法性发表意见。本所律师假定贵公司提交给本所律师的 资料（包括但不限于有关人员的居民身份证、授权委托书、营 地址：贵州省贵阳市观山湖区龙海路 101 号黔桂国际商务中心 B 区 13/14 层 电话： ...

证券代码：002039 证券简称：黔源电力 公告编号：2026-006 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 贵州黔源电力股份有限公司 2026 年第一次临时股东会决议公告 （一）会议召开情况 1.会议召集人：公司董事会。 2.会议的召开方式：现场表决与网络投票相结合。 3.会议时间： （1）现场会议时间：2026年02月09日15:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 02 月 09 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2026 年 02 月 09 日 9:15 至 15:00 的任意时 间。 4.会议地点：贵州省贵阳市都司高架桥路 46 号黔源大厦 23 楼会议室。 5.会议主持人：公司董事长杨焱先生主持本次会议。 6.本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所 股票上 ...

Investment Rating - The report assigns an "Overweight" rating for the utility sector, indicating a potential increase of over 15% relative to the CSI 300 index [1][10]. Core Insights - The report suggests that the long-term contract electricity prices for 2026 may be better than expected, with a projected nationwide decline in electricity prices of around 2 cents. If coal prices decrease compared to 2025, the profitability of power plants may remain stable or even improve, particularly for northern power plants [3][5]. - The report highlights that the performance of northern power plants is expected to be stronger, recommending a focus on these plants and undervalued national H-shares [3][5]. - The China Electricity Council forecasts that national electricity consumption will reach 10.37 trillion kWh in 2025, with a year-on-year growth of 5.0%, and an average annual growth of 6.6% during the 14th Five-Year Plan period [5]. - The report notes significant investments in ultra-high voltage projects, with a total fixed asset investment of 30.8 billion yuan in January 2026, representing a year-on-year increase of 35.1% [5]. - The report anticipates a recovery in the performance and valuation of hydropower and thermal power sectors, with companies like Qianyuan Power expected to see a net profit increase of 160-190% due to favorable water conditions [5]. Summary by Sections - **Electricity Price Outlook**: The report indicates that the long-term contract electricity prices for 2026 may not be overly pessimistic, with a potential nationwide price drop of about 2 cents. The profitability of power plants could remain stable or improve if coal prices decline [5]. - **Regional Performance**: Northern power plants are expected to perform better, and the report recommends focusing on these plants and undervalued national H-shares [3][5]. - **Electricity Demand Forecast**: The China Electricity Council predicts that national electricity consumption will reach 10.9-11 trillion kWh in 2026, with a year-on-year growth of 5%-6% [5]. - **Investment in Infrastructure**: Significant investments in ultra-high voltage projects are noted, with a total investment of 30.8 billion yuan in January 2026, marking a 35.1% increase year-on-year [5]. - **Sector Performance Expectations**: The report anticipates a positive outlook for hydropower and thermal power sectors, with notable profit increases expected for several companies due to favorable conditions [5].

点击注册小程序 查看完整报告 华电集团旗下新能源最终整合的唯一平台，资产注入具备想象空间 中国华电集团旗下的电力运营上市企业包括华电国际、华电能源、黔源电力、华电新能。华电国际的定位是全 国性的火电运营商；华电能源定位为黑龙江省的火力发电企业；黔源电力主营为贵州省的水电和光伏业务；华 电新能的定位是华电集团全国新能源最终整合的唯一平台。截至2024年年底，华电集团在手1077.01万千瓦新 能源发电资产有望注入华电新能，为华电新能持续巩固行业地位提供稳健增量。 各省发布"136号文"细则，兜底绿电电价 2025年1月27日，国家发展改革委、国家能源局发布《关于深化新能源上网电价市场化改革 促进新能源高质量 发展的通知》（发改价格〔2025〕136号），2025年多省份陆续发布配套细则或征求意见稿，明确了绿电消费 的相关政策导向和机制，有助于稳定市场预期，减少因政策不确定性带来的价格波动，使得绿电价格在一个相 对稳定的框架内运行，通过机制电价部分对绿电价格进行兜底。 风险提示： 产业政策变化的风险；政府审批时间延长的风险；优质资源获取难度增加风险；自然条件对发电 量影响较大的风险；次新股股价波动的风险。 发布日 ...

Group 1: Energy Sector Overview - As of the end of 2025, the cumulative installed power generation capacity in the country reached 3.89 billion kilowatts, with a total of 434 GW of new energy capacity added throughout the year, exceeding market expectations. This includes 119 GW from wind power and 315 GW from solar power. Notably, thermal power added 95 GW [1][4]. - In December alone, solar power saw an addition of 41 GW and wind power added 38 GW, significantly higher than the monthly figures from June to November, likely due to the grid connection of large wind and solar projects at year-end [1][4]. Group 2: Storage and Pricing Mechanisms - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity pricing mechanism for power generation, which is expected to accelerate the introduction of independent storage capacity pricing policies at the provincial level. This is anticipated to expand the domestic independent storage market, benefiting storage integrators, upstream component manufacturers, and battery companies [2][3]. - The notice is seen as a significant step in establishing a unified framework for pricing and profitability for gas-fired power plants, which may enhance their construction enthusiasm and profitability [3]. Group 3: Investment Recommendations - Companies to watch in the storage sector include integrators such as Haibo Shichuang, Sunshine Power, and Canadian Solar, as well as battery manufacturers like CATL, EVE Energy, and others [2]. - In the power generation sector, companies with significant natural gas generation capacity such as Huadian International and Guangdong Power Development are recommended, along with those offering a combination of dividend yield and growth potential like Gui Guan Power [4][5]. Group 4: Carbon Market Developments - The "14th Five-Year Plan" emphasizes carbon reduction as a key development line, with stricter carbon emission controls expected. The carbon market is projected to expand, with additional industries being incorporated by 2027 [5][6]. - New methodologies for CCER (China Certified Emission Reduction) are being introduced, expanding the market's support to various sectors, including oil and gas recovery and green hydrogen, which may create new investment opportunities [6].

Core Viewpoint - The report highlights the growth trends in China's hydropower generation, indicating a positive outlook for the industry through 2025, with specific production figures and growth rates provided [1]. Industry Summary - According to the National Bureau of Statistics, China's hydropower generation reached 86.5 billion kilowatt-hours in December 2025, marking a year-on-year increase of 4.1% [1]. - The cumulative hydropower generation for the entire year of 2025 was 1,314.36 billion kilowatt-hours, reflecting a total growth of 2.8% compared to the previous year [1]. - The report is part of a broader analysis by Zhiyan Consulting, which specializes in industry research and provides comprehensive consulting services [1].

Core Viewpoint - Qianyuan Power (002039) reported that as of January 30, 2026, the number of shareholders reached 19,191 households [1] Summary by Relevant Categories Company Information - Qianyuan Power has a total of 19,191 shareholders as of the specified date [1]

Core Viewpoint - The hydropower industry in China is experiencing steady growth in 2025, driven by favorable water conditions that enhance electricity generation and improve the operational efficiency of companies in the sector [1][3]. Group 1: Electricity Generation Growth - Nanwang Energy's 2025 performance forecast indicates a net profit attributable to shareholders of 1.667 billion to 1.727 billion yuan, representing a year-on-year increase of 47.98% to 53.31% [2]. - State Power Investment Corporation Hydropower's profit forecast for 2025 is approximately 517 million yuan, reflecting a staggering year-on-year growth of around 1337% [2]. - Qianyuan Power anticipates a net profit of 567 million to 633 million yuan for 2025, marking a year-on-year increase of 160% to 190%, attributed to a 45% increase in water inflow compared to 2024 [2]. - Yangtze Power, as a leading hydropower company, reported a net profit of 34.167 billion yuan for 2025, a year-on-year increase of 5.14%, driven by increased electricity sales and reduced financial costs [2]. Group 2: Hydropower Capacity Growth - China's hydropower installed capacity reached 445 million kilowatts by the end of November 2025, showing a year-on-year growth of 3.0% [4]. - The ongoing investment in large-scale hydropower projects is a strategic choice to meet rising electricity demand and enhance long-term industrial competitiveness [4]. - Hydropower is recognized for its stable generation and strong regulation capabilities, effectively countering the intermittency of wind and solar energy, thus ensuring reliable power supply for industries requiring high stability [4]. - The installed capacity of hydropower is expected to continue growing, with over 25 million kilowatts of hydropower stations under construction across major river basins by the end of 2025 [4]. Group 3: Long-term Investment Perspective - The CEO of Yingkou Jincheng Machinery emphasizes that large hydropower projects require substantial investment and long construction periods, necessitating a long-term approach for sustainable industry development [5].

附注 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 上市企业：黔源电力（002039）、泰永长征（002927）、ST天成（600112）、盘江股份（600395）、 贵州燃气（600903） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 2025年12月，贵州省发电230亿千瓦时，同比增长1.2%。2025年，贵州省发电2567.1亿千瓦时，同比增 长4.5%。分品种看，2025年，贵州省火力发电量1527.9亿千瓦时，占总发电量的59.5%，同比下滑 6.6%；贵州省水力发电量704.7亿千瓦时，占总发电量的27.5%，同比增长32.2%；贵州省风力发电量 147.4亿千瓦时，占总发电量的5.7%，同比增长12.8%；贵州省太阳能发电量187.19亿千瓦时占总发电量 的7.3%，同比增长19.5%。 2018-2025年贵 ...