分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 -9% -5% -1% 4% 8% 12% 17% 21% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：英国章鱼能源进 军我国电力市场，建议以哑铃策略配置电力资 产》 2026-02-04 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 联系人：李智 电力及公用事业 AI 赋能绿色转型，双轮驱动 电力投资新纪元 ——电力及公用事业行业月报 发布日期：2026 年 02 月 26 日 投资要点： ⚫ 行情回顾：截至 2026 年 2 月 25 日，2 月电力及公用事业指数表现 强于市场。截至 2026 年 2 月 25 日，中信电力及公用事业指数 2 月上涨 2.0 ...

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 AI 赋能绿色转型，双轮驱动 电力投资新纪元 -9% -5% -1% 4% 8% 12% 17% 21% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：英国章鱼能源进 军我国电力市场，建议以哑铃策略配置电力资 产》 2026-02-04 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 联系人：李智 电力及公用事业 ——电力及公用事业行业月报 发布日期：2026 年 02 月 26 日 投资要点： ⚫ 行情回顾：截至 2026 年 2 月 25 日，2 月电力及公用事业指数表现 强于市场。截至 2026 年 2 月 25 日，中信电力及公用事业指数 2 月上涨 2.0 ...

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、 ...

格隆汇2月26日｜今日电网、电力板块逆势上涨，电网设备ETF(159326)大涨2.55%，盘中获资金净申购 1.97亿份，预估净申购规模3.87亿元，近5日净流入额高达19.8亿元，绿电ETF(562550)、公用事业 ETF(159301)分别涨1.4%和0.7%。 ③高盛提出，AI时代资金正在涌向"重资产、低淘汰"（HALO）实体资产，比如电网、管道、公用事 业、交通基建及关键工业产能。 相关产品： 特高压权重高达66.28%+智能电网含量55%+可控核聚变含量14%"：电网设备ETF(159326)，权重股包括 国电南瑞（国内电网智能龙头）、特变电工（全球特高压设备核心供应商）、思源电气（电力设备研发 与制造）等。该ETF最新规模突破200亿，近20日净流入额高达47.59亿元。 电力转型全链条：绿电ETF(562550)，核心权重股：长江电力（国内最大水电运营商）、三峡能源（国 内最大的新能源运营商）。 MACD金叉信号形成，这些股涨势不错！ 消息面上： ①高盛最新报告上调2030年全球数据中心用电需求增幅，从175%上调到220%，AI投资增量正从算力外 溢至电力供应链，引发基础设施"可靠性超级周 ...

新春伊始，各地锚定目标真抓实干，加快推动高质量发展取得新成效，为"十五五"开好局起好步奠定坚实基础。 昆明长水机场改扩建项目迎来重要节点 云南昆明长水国际机场是我国面向南亚、东南亚的国际航空枢纽。眼下，机场改扩建工程正加速推进，建成后，长水机场将成 为全球第二个高原多跑道国际枢纽，实现高铁、地铁、机场捷运无缝换乘。 总台记者 李腾飞：我现在所处的位置就是长水机场改扩建工程综合交通枢纽施工现场，我身旁塔吊林立、机械轰鸣，600多名工 人穿梭在钢筋骨架间正在专注作业，冲刺农历马年的开门红，这片区域是未来长水机场的T2航站楼，高铁正线、地铁桥梁与综合交 通枢纽主体结构在这里纵横交错，可以说现在的建设情况直接关系着后续的施工进展，过程中建设者们严格遵守行业规程，注意施 工细节，忙而不乱地推进项目进度。好消息是，再过一个来月，交叉区域的施工基本就能收尾了，工程将迎来重要进展。 横跨安徽、湖北两省的华阳河蓄滞洪区建设工程正在加紧建设，多个关键闸站、泵站主体结构近期顺利封顶，总体建设进度达 72%以上，是长江流域重要防洪控制性工程，预计2027年全面建成发挥效益。 辽宁徐大堡核电项目1号机组核岛安装设备 在我国最北端的核电 ...

Group 1 - The main stocks with significant capital outflows include Kunlun Wanwei (-1.858 billion), Zhaoyi Innovation (-1.262 billion), and Xiexin Integration (-1.227 billion) [1][2] - The sectors affected by the capital outflows include Media, Electronics, Power Equipment, and Communication [2][3] - Notable declines in stock prices were observed, with Kunlun Wanwei down by 6.98%, Zhaoyi Innovation down by 3.63%, and BlueFocus down by 2.86% [2][3] Group 2 - Other companies with substantial capital outflows include China Zhongmian (-0.736 billion), Wangsu Technology (-0.719 billion), and China Nuclear Power (-0.707 billion) [1][2] - The data indicates a trend of capital leaving the Media and Electronics sectors, with companies like Guanghua Media and Chip Original also experiencing significant outflows [3] - The overall market sentiment appears to be negative, as reflected in the stock price declines across multiple sectors [2][3]

上个月，美国政府向森特鲁斯、Orano和新进入该行业的General Matter三家企业各拨款9亿美元，以加 强国内铀浓缩服务。但韦克斯勒表示，市场已经很紧张，并且会持续紧张，直到大量新产能上线，而这 要等到下一个十年。 除了燃料外，美国想要实现核能复兴还有很长的路要走。美国能源行业媒体"Oilprice.com"网站23日分 析称，由于近些年美国核能行业就业机会不足，许多技术工人已转行进入其他能源领域，需要对核电从 业人员开展培训。此外，由于行业近年来的停滞状态，美国可能需要数年时间才能重新掌握核电站建设 技术、降低成本并避免延误。该媒体直言："在其他国家不断扩大核电装机容量之际，美国已在核能开 发领域失去了竞争优势。" 浓缩铀是核燃料的关键组成部分。《金融时报》报道提到，目前全球浓缩行业有四大主要生产商：俄罗 斯国家原子能公司、中国核工业集团有限公司、法国的Orano，以及欧洲铀浓缩企业Urenco。在美国， 仅有森特鲁斯公司和Urenco两家企业的工厂有铀浓缩许可。目前，森特鲁斯销售的浓缩铀大部分来自俄 罗斯，而这一贸易途径将在2028年1月1日起因美国国会制裁而被禁止。 这对当前试图通过复兴核能以满 ...

Group 1 - The main stocks with significant capital outflow include Kunlun Wanwei (-1.83 billion), Zhaoyi Innovation (-1.175 billion), and Tianfu Communication (-1.077 billion) [1] - The sectors affected by the capital outflow include Media, Electronics, and Communication, with notable declines in stock prices for companies like Kunlun Wanwei (-7.83%), Zhaoyi Innovation (-3.77%), and Tianfu Communication (-3.57%) [2][3] - Other companies experiencing substantial capital outflow include GCL-Poly Energy (-0.907 billion), BlueFocus (-0.786 billion), and Hengtong Optic-Electric (-0.761 billion) [1] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investor withdrawal from these sectors, particularly in Media and Electronics [1][2] - Companies like China Duty Free (-0.563 billion) and Guangku Technology (-0.510 billion) also show significant capital outflow, reflecting broader market concerns [3] - The overall market sentiment appears negative, with many stocks experiencing declines in both capital flow and stock price [2][3]

Group 1 - The core viewpoint of the news is that the new energy sector is experiencing significant growth, driven by government policies and market dynamics, particularly in the context of the electricity market reform and lithium prices [1][2]. Group 2 - As of February 25, 2026, the New Energy ETF (516160) rose by 2.24%, with a trading volume of 201 million yuan and a turnover rate of 2.88% [1]. - The State Council issued an implementation opinion on improving the national unified electricity market system, marking a shift towards a more systematic approach to electricity market reform [1]. - The top ten weighted stocks in the China New Energy Index include major players such as CATL, Sungrow Power, and LONGi Green Energy, reflecting the overall performance of the new energy sector [3]. Group 3 - UBS has raised its price forecasts for lithium spodumene and carbonate, indicating that the global lithium market has entered a third price supercycle, driven by the electric vehicle sector [2]. - The cost of single battery cells has decreased to $55 per kWh, nearly a 50% reduction since 2020, with manufacturing costs continuing to decline by approximately 10% annually [2]. - The upcoming Beijing Auto Show is expected to stimulate market demand as new flagship models are set to be launched, potentially leading to a rebound in new energy vehicle penetration rates [2].

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.