今年是京津冀协同发展战略提出12年。12年来，京津冀地区生产总值稳步攀升，交通、产业、生态等一体 化纵深推进，雄安新区承接疏解项目建设进入"快车道"，三地优势互补、成果共享，携手迈向高质量发展 新征程。 · 京津冀地区生产总值由2020年的8.96万亿元 增加到2025年的近12万亿元,连续跨越 3个万亿元台阶,"十四五"期间年均增速 分别为5.2%、4.4%和5.4%。 翼时新闻 冀时 "十四五"期间，雄安新区进入大规模建设与 承接北京非首都功能疏解并重阶段，每年 保持2千亿元投资规模。 · 2025年,雄女犹区回正贫产投资同比 增长14%。 冀 寶时新闻 1-18-18-18 · 中国星网、中国中化、中国华能总部等 标志性疏解项目迁驻运营。 · "四纵三横"高速公路网全面形成，5300多栋 楼宇拔地而起。 · 278项京雄"同城化"政务服务应用场景 全面落地。 · 首批4所疏解高校雄安校区加速建设, 第二批5所疏解高校确定选址,高水平开办 中小学、幼儿园60所，新增学位5.5万个。 安同纵深刻 A HIMBERTY THE FILE IN THE RESEARCE THE FILL FOR THE 111 ...

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、 ...

在京津冀的版图上，新两翼正迎着时代之风舒展振翅——南望雄安，这座承载着"千年大计"的未来之 城，正将规划蓝图上的每一个标点，化作燕赵大地上坚实的步履；东看北京城市副中心，城市框架已然 拉开，标志性重大项目构筑起城市的"四梁八柱"，通北示范区用两载光阴将"一盘棋"的智慧化为生动实 景。 北京城市副中心固定资产投资每年保持千亿级规模、雄安新区每年保持2000亿元投资规模……高质量发 展背后，资金流成为两座"千年之城"的发展基石。 千亿投资 城市副中心重大工程拉开城市框架 "一年一个节点，每年都有新变化"。在北京东部，北京城市副中心正从宏伟蓝图，幻化成生机蓬勃的未 来之城。蝶变背后，每年的"千亿投资"强度成了这座千年之城的发展基石。 2016年城市副中心启动建设，截至2025年11月，已累计固定资产投资超过9600亿元，连续5年保持千亿 元以上，建安投资总量连续6年全市第一，实现了投资结构优化、功能系统重构、承载能力跃升。 值得一提的是，千亿投资中，政府投资的比重持续下降，社会资本的比重持续攀升。以2024年千亿投资 为例，政府投资占比26%，社会投资占比74%。 千亿投资落在北京城市副中心，并非钢筋水泥的简单堆砌 ...

Group 1 - The core viewpoint of the news is that Huaneng International's stock performance has shown fluctuations, with a recent increase in share price despite a year-to-date decline [1] - As of February 26, Huaneng International's stock price was 7.12 yuan per share, with a market capitalization of 111.77 billion yuan [1] - The company has experienced a net inflow of main funds amounting to 18.73 million yuan, with significant buying and selling activity from large orders [1] Group 2 - For the period from January to September 2025, Huaneng International reported operating revenue of 172.98 billion yuan, a year-on-year decrease of 6.19%, while net profit attributable to shareholders increased by 42.52% to 14.84 billion yuan [2] - The company has distributed a total of 67.86 billion yuan in dividends since its A-share listing, with 7.38 billion yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 1.99% to 94,600, with no change in the average circulating shares per person [2][3]

总结雄安新区在实施政务、市场、要素、法治、信用"五大环境"提升工程，营造市场化、法治化、国际 化一流营商环境方面的举措，可从三个方面来看。 一是来得了。畅通疏解对象到雄安的渠道，打消顾虑。拓展"疏解一件事""建设项目开工一件事""道路 开口一件事""证照联办、联变、联销"等"一件事"服务场景，降低制度性成本。将企业迁移过程中涉及 的企业登记、涉税业务、公章备案、公积金、社保参保登记及银行预开户等环节进行整合，一键迁移。 与北京实现278项政务服务事项同城化办理。"京雄社保窗口"与北京实现社保网络互联，疏解人员可在 本地办理参保登记、权益查询、转移接续等9项高频北京社保业务。 从一块地到一张图，再到一座城，雄安新区已走过近9年的发展历程，标志性疏解项目压茬推进，"四纵 三横"高速公路网形成，5300多栋楼宇拔地而起，空天信息和卫星互联网等产业集聚成势。这些成绩的 取得殊为不易，离不开良好营商环境的支撑。 许多从北京疏解过来的企业负责人，到雄安追梦打拼的奋斗者，还有各职能部门工作人员，感受到雄安 为企业和人才提供的良好服务，见证了奋斗者在雄安圆梦安居的喜悦。 一些企业负责同志虽然一开始抱着看一看的心态，但很快就感 ...

中访网数据 华能国际电力股份有限公司于2024年3月22日发布了2023年年度报告。报告显示，公司全年 实现营业收入约2,543亿元人民币，同比增长3.11%；归属于上市公司股东的净利润达到84.46亿元，同 比大幅增长166.7%，业绩表现亮眼。核心决策方面，公司董事会审议通过了2023年度利润分配预案， 拟向全体股东每10股派发现金红利2.1元（含税）。关键数据显示，公司境内电厂全年完成上网电量 4,251.85亿千瓦时，同比增长5.33%；供电煤耗为290.21克/千瓦时，继续保持行业先进水平。影响范围 上，业绩增长主要得益于境内业务单位燃料成本的下降及新能源发电量的稳步提升。公司表示，未来将 继续优化电源结构，加大清洁能源开发力度，推动绿色低碳转型。 ...

Group 1: Core Insights - The Beijing-Tianjin-Hebei (Jing-Jin-Ji) region has established a 1 to 1.5-hour transportation circle among major cities over the past 12 years, enhancing technological and industrial innovation collaboration [1][7] - During the 14th Five-Year Plan period, the total value of technology contracts from Beijing to Tianjin and Hebei reached over 320 billion yuan, a 1.7 times increase compared to the 13th Five-Year Plan, with 99.61 billion yuan expected in 2025 [1][7] - The region's GDP is projected to approach 12 trillion yuan by 2025, with social security card applications expanding across five major scenarios [1] Group 2: Educational and Healthcare Developments - Four universities have commenced construction of their campuses in Xiong'an New Area, supporting the relocation of non-capital functions [2] - The Beijing medical network has established 150 medical alliances, with significant progress in mutual recognition of medical test results across 1,326 institutions [5] Group 3: Urban Development and Infrastructure - The Beijing Urban Sub-center is accelerating high-quality development, with major projects like the East Sixth Ring Road renovation and the opening of Beijing Tongzhou Station [3] - The "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)" has been approved, promoting integrated development in commuting, functional, and industrial circles [4] Group 4: Technological and Industrial Innovation - The Jing-Jin-Ji region has seen the establishment of 140 hard-tech enterprises, with significant advancements in hydrogen energy and biomedicine industries [7] - The advanced manufacturing cluster in the region has achieved a total output value exceeding 1.6 trillion yuan in the new generation information technology sector [7] Group 5: Future Development Plans - The Beijing Development and Reform Commission plans to enhance non-capital function relocation, support Xiong'an New Area construction, and improve public services in the region [8]

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 ...

工业硅：处于相对低估值区间 多晶硅：情绪或提振盘面 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2605收盘价（元/吨） | 8,410 | 15 | -40 | -320 | | | | Si2605成交量（手） | 134,782 | -73,273 | -65,318 | -101,060 | | | | Si2605持仓量（手） | 293,851 | 7,958 | -1,059 | 63,131 | | 工业硅、多晶硅期货市场 | | PS2605收盘价（元/吨） | 47,000 | -2,305 | -2,370 | - | | | | PS2605成交量（手） | 8,503 | 4,716 | 3,797 | - | | | | PS2605持仓量（手） | 37,729 | 885 | -618 | - | | | | 工业硅：近月 ...