Group 1: Metal Sector - Hongda Co. (600331.SH) is projected to have a net profit of 0.36 billion CNY in 2024, but is expected to incur a loss of 0.80 billion CNY in 2025, with a significant recovery to 4.00 billion CNY in 2026, resulting in a PE ratio of 131.36[17] - Zijin Mining (601899.SH) is forecasted to achieve a net profit of 320.51 billion CNY in 2024, increasing to 913.17 billion CNY by 2026, with a PE ratio dropping from 32.86 to 11.53[17] - Huaxi Nonferrous (600301.SH) is expected to see net profits rise from 6.58 billion CNY in 2024 to 12.69 billion CNY in 2026, with a PE ratio of 32.29[17] Group 2: Construction Materials - Oriental Yuhong (002271.SZ) is projected to have net profits of 1.08 billion CNY in 2024, increasing to 21.94 billion CNY by 2026, with a PE ratio of 19.60[17] - China Jushi (600176.SH) is expected to grow its net profit from 24.45 billion CNY in 2024 to 47.80 billion CNY in 2026, with a PE ratio of 22.65[17] - The construction materials sector is facing a significant supply exit, with 2024 commodity housing sales expected to decline by approximately 47% compared to 2021[44] Group 3: Transportation - YTO Express (600233.SH) is forecasted to achieve net profits of 40.12 billion CNY in 2024, increasing to 50.84 billion CNY by 2026, with a PE ratio of 13.20[17] - COSCO Shipping Energy (600026.SH) is expected to see net profits rise from 40.37 billion CNY in 2024 to 98.19 billion CNY in 2026, with a PE ratio of 10.94[17] Group 4: Chemical Sector - Boyuan Chemical (000683.SZ) is projected to have net profits of 18.11 billion CNY in 2024, decreasing to 23.43 billion CNY by 2026, with a PE ratio of 14.87[17] - Xingfa Group (600141.SH) is expected to see net profits rise from 16.01 billion CNY in 2024 to 24.54 billion CNY in 2026, with a PE ratio of 19.62[17] Group 5: Power and Coal - Longyuan Power (001289.SZ) is forecasted to achieve net profits of 63.45 billion CNY in 2024, with a slight decrease to 61.52 billion CNY by 2026, maintaining a PE ratio of 17.20[17] - Electric Power Investment (002128.SZ) is expected to see net profits rise from 53.42 billion CNY in 2024 to 68.98 billion CNY in 2026, with a PE ratio of 9.98[17]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 重视"双碳"考核 重点氢能项目总结 ——大能源行业 2026 年第 8 周周报（20260301） 投资要点： 电力：重视"双碳"考核及绿电消纳 "十五五"开局之年，计划与市场转型关键期，重申重视"双碳"考核。从考核看 投资方向，1）存量角度看配额机制，参考发电企业碳配额交易情况看，预计钢铁、 水泥、铝冶炼进入碳市场后，将进一步从"绿色"的角度加快供给侧出清，上述高 耗能企业承担"绿色"转型责任。2）增量角度看绿电需求，考虑到"十五五"期间 考核指标从能耗转为碳排放，有利于高耗能企业增强清洁能源的使用，其中绿证 ...

投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 03 月 01 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 公用事业行业 行业研究 | 行业周报 低位实物资产，宏观交易催化价值重估 公用事业行业周报（2026.02.23-2026.02.27） 核心观点 | 明确时间表，强调电力资源多维价值：公 | 2026-02-23 | | --- | --- | | 用 事 业 行 业 周 报 （2026.02.09- | | | 2026.02.13） | | | 电量有望稳健增长，新能源装机增速放 | 2026-02-08 | | 缓 ： 公 用 事 业 行 业 周 报 （2026.02.02- | | | 2026.02.06） | | | 新建新型储能容量电价，多元电价体系逐 | 2026-02-01 | | 步完善：公用事业行业周报（2026.01.26- | | | 2026.01.30） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之 ...

公用事业行业 行业研究 | 行业周报 低位实物资产，宏观交易催化价值重估 公用事业行业周报（2026.02.23-2026.02.27） 核心观点 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 03 月 01 日 看好（维持） 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 明确时间表，强调电力资源多维价值：公 | 2026-02-23 | | --- | --- | | 用 事 业 行 业 周 报 （2026.02.09- | | | 2026.02.13） | | | 电量有望稳健增长，新能源装机增速放 | 2026-02-08 | | 缓 ： 公 用 事 业 行 业 周 报 （2026.02.02- | | | 2026.02.06） | | | 新建新型储能容量电价，多元电价体系逐 | 2026-02-01 | | 步完善：公用事业行业周报（2026.01.26- | | | 2026.01.30） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之 ...

证券研究报告 | 2026年02月23日 2026年02月26日 2026年02月28日 公用环保 202602 第 2 期 优于大市 国办发布《关于完善全国统一电力市场体系的实施意见》，2026 年全国碳排放 权交易市场有关工作安排出炉 市场回顾：本周沪深 300 指数上涨 0.36%，公用事业指数下跌 1.25%，环 保指数上涨 0.63%，周相对收益率分别为-1.61%和 0.27%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 23 和第 15 名。电力板 块子板块中，火电下跌 0.23%；水电下跌 2.06%，新能源发电下跌 0.58%； 水务板块下跌 1.53%；燃气板块下跌 2.27%。 重要事件：国办《发布关于完善全国统一电力市场体系的实施意见》。2026 年 2 月 11 日，国务院办公厅发布关于完善全国统一电力市场体系的实施意 见。文件明确，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。跨省跨区和省内实现联合交易，现货市场全面转入 正式运行，市场基础规则和技术标准全面 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5][7]. Core Insights - The report highlights the release of the State Council's implementation opinions on improving the national unified electricity market system, aiming for 70% of electricity consumption to be market-based by 2030 [14][15]. - The green methanol projects in China are primarily concentrated in Inner Mongolia and Northeast regions, with a planned capacity of 18.37 million tons per year [16]. - The report emphasizes the importance of carbon neutrality and recommends investments in the new energy industry chain and comprehensive energy management [18]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.36%, while the public utility index fell by 1.25% and the environmental index increased by 0.63% [13][21]. - Within the electricity sector, coal-fired power decreased by 0.23%, hydropower by 2.06%, and new energy generation by 0.58% [22]. Important Policies and Events - The State Council issued opinions on the national unified electricity market system, targeting a fully operational market by 2030 [14]. - The Ministry of Ecology and Environment announced plans for the 2026 national carbon emissions trading market [15]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [18]. - New energy companies such as Longyuan Power and Three Gorges Energy are recommended due to supportive national policies [18]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are expected to maintain stable profits [18]. - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [18]. - The report suggests focusing on environmental companies like China Everbright Environment and Shanghai Industrial Holdings as they enter a mature phase [19]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH): Outperform, with an EPS of 0.46 for 2024A and a PE of 9.9 [7]. - Longyuan Power (001289.SZ): Outperform, with an EPS of 0.75 for 2024A and a PE of 20.5 [7]. - China Nuclear Power (601985.SH): Outperform, with an EPS of 0.46 for 2024A and a PE of 20.0 [7]. - China Everbright Environment (0257.HK): Outperform, with an EPS of 0.55 for 2024A and a PE of 9.5 [7].

Core Viewpoint - Longyuan Power's stock performance on February 27, 2026, was influenced by multiple factors, including positive policy signals and project developments in the renewable energy sector [1][2][3]. Industry Policy and Environment - On February 26, the Director of the New Energy and Renewable Energy Department of the National Energy Administration, Li Chuangjun, announced plans to accelerate the revision of the Renewable Energy Law in 2026 and simultaneously prepare the "14th Five-Year" plan, which brings positive expectations for the green power sector [2]. - The electric power sector showed strong performance on the same day, with green power leading the gains. Analysts noted that China's AI model usage has surpassed that of the U.S., and since electricity is a major cost for AI operations, China's cost advantage in green power is significant, catalyzing interest in power stocks [2]. Company Project Advancement - Longyuan Power recently signed a cooperation development framework agreement with the People's Government of Tieli City, Heilongjiang Province, for a 3.53 million kilowatt renewable energy generation project, which includes a 3 million kilowatt pumped storage project, demonstrating the company's ongoing expansion capabilities in the renewable energy field [3]. Fund Movement - On February 27, there was a net inflow of 4.269 million yuan in main funds, marking the second consecutive day of net inflow, indicating increased attention from some investors towards the stock [4]. Stock Price Situation - The stock price approached the technical resistance level of 16.64 yuan and successfully broke through the 60-day moving average. The KDJ indicator showed a K value of 78.17, indicating a relatively strong position [5].

（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 ...

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively involved in the green energy sector, focusing on wind and solar power generation, and is participating in the national carbon market development [2][6]. Group 1: Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has been a pioneer in the national carbon market, executing the first carbon trading transaction when the market launched in 2021 [2]. - Longyuan Power has signed a framework agreement with the government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. Group 2: Financial Performance - As of September 30, Longyuan Power reported a revenue of 22.22 billion yuan for the first nine months of 2025, a year-on-year decrease of 15.67% [7]. - The net profit attributable to the parent company for the same period was 4.39 billion yuan, down 19.76% year-on-year [7]. - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed over the past three years [8]. Group 3: Market Activity - On February 27, Longyuan Power's stock rose by 2.79%, with a trading volume of 159 million yuan and a turnover rate of 0.19%, bringing the total market capitalization to 138.606 billion yuan [1]. - The main net inflow of funds today was 5.224 million yuan, accounting for 0.03% of the total, indicating a continuous increase in main funds over the past two days [3][4]. - The average trading cost of the stock is 16.42 yuan, with the current price approaching a resistance level of 16.64 yuan, suggesting potential for upward movement if this level is surpassed [5].

Group 1 - The core viewpoint of the news is that Longyuan Power has shown significant trading activity, with a notable increase in financing buy-ins and a relatively high financing balance compared to its market value [1] - On February 26, Longyuan Power's stock rose by 2.02%, with a trading volume of 118 million yuan and a net financing buy of 2.86 million yuan [1] - As of February 26, the total financing and securities lending balance for Longyuan Power was 87.1 million yuan, with financing balance accounting for 0.11% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022, focusing on power system and electrical equipment technology services, new energy development, and project management [2] - For the period from January to September 2025, Longyuan Power reported a revenue of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, down 19.76% year-on-year [2] - The company has distributed a total of 6.814 billion yuan in dividends since its A-share listing, with 5.582 billion yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with some shareholders reducing their holdings [3] - Notably, the top shareholder, Hong Kong Central Clearing Limited, reduced its holdings by 819,900 shares [3]