证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-02-10 宏观策略 [Table_MacroStrategy] 海外周报 20260208：1 月美国非农和 CPI 前瞻：关注上行风险——海外 宏观与交易复盘 核心观点：本周（2 月 2-8 日）在美股 AI 软件泡沫担忧引发的科技股大 跌、及随后的动量抛售等交易因素造成的流动性冲击下，海外权益、大宗 商品和比特币等资产经历剧烈波动。我们认为，近期资本市场的流动性冲 击更多来自交易层面，而海外宏观基本面和广义流动性环境并未有显著 变化，这意味着部分资产存在被流动性冲击"错杀"的可能。关注下周公 布的 1 月美国非农就业和 CPI 数据，我们预期二者均存在上行风险，令 本周略有升温的美联储降息预期再度面临回调。 宏观量化经济指数周报 20260208：预计 2026 年 1 月贷款温和增长、社 融小幅同比多增 晨会编辑 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 37 [Table_Tag] 节前经济供需两端基本符合季节性特征 ...

Core Insights - China General Nuclear Power Group (CGN) has made significant advancements in nuclear power and renewable energy during the 14th Five-Year Plan period, with a total of 16 nuclear power units approved and 10 new units started, bringing the total number of units under construction to 20 [1][3] - The company has achieved a clean energy grid connection of over 1.67 trillion kilowatt-hours, with operational installed capacity increasing from 62 million kilowatts to 113 million kilowatts, and domestic renewable energy capacity exceeding 70 million kilowatts [1][3] - CGN's nuclear power units maintain a high level of safety and stability, with 82% of performance indicators meeting world-class standards [2] Nuclear Power Development - CGN currently operates 28 nuclear power units and has 20 units under construction, with a total installed capacity exceeding 56 million kilowatts [1] - The company is focusing on the "Hualong One" technology, with 18 units under construction utilizing this technology, and aims to enhance its design and construction capabilities [1][4] - Advanced construction techniques and digital tools are key to the rapid development of the "Hualong One" technology, with a 2.0 version set to enter the demonstration phase [1][4] Renewable Energy Achievements - During the 14th Five-Year Plan, CGN's domestic renewable energy capacity has nearly tripled compared to the end of the 13th Five-Year Plan, with over 370 billion kilowatt-hours of cumulative grid connection [3] - The company has proposed an innovative "Heat Sea Green Sand Hydrogen" development strategy to address challenges in the new power system, which has been recognized as one of the top ten excellent cases for green sustainable development by central enterprises [3] - CGN's overseas renewable energy capacity has expanded to over 13 million kilowatts, providing clean electricity to 18 countries and regions [3] Technological Innovation - CGN has increased its R&D investment intensity to 3.8%, with a technology talent pool exceeding 8,600 people [4] - The company has fostered over 17,000 upstream and downstream enterprises in the industry chain, promoting high-quality development [4] - Notable technological advancements include the "Ning Nuclear Parallel System," which integrates over 10 million data points for real-time equipment operation and maintenance, and the "3D Smart Screen" for enhanced maintenance guidance [4] Nuclear Technology Applications - CGN has established a comprehensive industrial chain layout covering agriculture, medicine, environment, and safety in nuclear technology applications [5]

"十五五"时期，德令哈市将继续利用资源禀赋，以熔盐大开口槽式光热发电技术的突破为重要抓手，聚 焦科技创新，强化政企合作，以技术突破提升光热产业核心竞争力，加速打造"中国光热之都"。 本报海西讯 （记者 栾雨嘉 苏烽 朱炜明） "'十五五'期间，将大力支持企业集中力量攻克超大开口集热 器、超低热损集热管等关键技术难题，保障百兆瓦级光热一体化项目建设，推动'盐湖—熔盐—光热'产 业链形成完整闭环，并推动光热产业朝着大容量、高参数、低成本方向发展。"1月28日，海西蒙古族藏 族自治州德令哈市发展改革委主任、能源局局长王少春表示。 政企协同发展上，在省政府批复光热项目建设用地的政策支持下，可胜技术计划建设标杆示范项目，将 充分发挥链主企业引领作用，联动产业链上下游，共同构建完善的产业生态体系。同时，青海华汇新能 源、青海中车四方所等本地企业不断提升自身配套能力，现已具备光热智能支架、储能系统等核心装备 的生产能力，初步形成"技术研发—装备制造—项目落地"的产业发展雏形。 技术攻关领域，中广核德令哈300MW熔盐槽式光热发电项目联合龙腾光热、中广核光热技术公司等企 业成功应用自主研发的8.6米大开口槽式集热器，并配套使 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].

智通财经APP讯，中广核电力(01816)公布，公司拟于2026年2月10日发行中国广核电力股份有限公司 2026年度第二期超短期融资券，本期发行金额10亿元，面值100元，期限268天。所募集资金全部用于偿 还子公司到期有息负债。 ...

中广核电力(01816)公布，公司拟于2026年2月10日发行中国广核（003816）电力股份有限公司2026年度 第二期超短期融资券，本期发行金额10亿元，面值100元，期限268天。所募集资金全部用于偿还子公司 到期有息负债。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 茲提述本公司日期為2025年9月10日的公告，內容有關本公司於中國銀行間市場 交易商協會註冊多品種債務融資工具(TDFI)，及於中國銀行間市場交易商協會非 金融企業債務融資工具註冊信息系統（或稱「孔雀開屏系統」）刊登的本公司因註冊 多品種債務融資工具(TDFI)而刊發的註冊稿件。 以下為本公司於上海清算所（網址： http://www.shclearing.com ）和中國貨幣網（網 址： http://www.chinamoney.com.cn ）上刊登的《中國廣核電力股份有限公司2026年 度第一期超短期融資券基礎募集說明書》《中國廣核電力股份 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The Jilin Green Power Direct Connection Project is under public consultation, aiming for a minimum of 30% self-consumed electricity by 2030, increasing to 35% for new projects [4][6] - The State Grid has announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green energy transition [4][6] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4][38] - The price of thermal coal at Qinhuangdao port was 695 yuan per ton as of February 6, 2026, a year-on-year decrease of 7.70% [4][46] - The inflow to the Three Gorges Reservoir increased by 65.3% year-on-year, while the outflow decreased by 5.3% [4][54] Industry Data Tracking Electricity Consumption - Total electricity consumption in 2025 was 10.37 trillion kWh, a year-on-year increase of 5.0% [4][13] - The growth rates for different sectors were: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residential +6.3% [4][13] Power Generation - Total power generation in 2025 was 9.72 trillion kWh, a year-on-year increase of 2.2% [4][20] - The growth rates for different power sources were: thermal power -1.0%, hydropower +2.8%, nuclear power +7.7%, wind power +9.7%, and solar power +24.4% [4][20] Installed Capacity - New installed capacity in 2025 included: thermal power +94.5 million kW (up 63.8%), hydropower +12.15 million kW (down 11.9%), nuclear power +1.53 million kW, wind power +120.48 million kW (up 50.9%), and solar power +317.51 million kW (up 14.2%) [4][58] Investment Recommendations - For green power, focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - For thermal power, consider Huaneng International and Huadian International [4] - For hydropower, Longjiang Power is highlighted due to its low cost and strong cash flow [4] - For nuclear power, China National Nuclear Power and China General Nuclear Power are recommended due to their growth potential [4] - For solar assets and charging pile assets, companies like Southern Power Grid Energy and Longxin Technology are suggested [4]

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 CGN Power Co., Ltd.* 中國廣核電力股份有限公司 （在中華人民共和國註冊成立的股份有限公司） （股份代號：1816） 於本公告日期，本公司董事會成員包括執行董事為龐松濤先生；非執行董事為楊 長利先生、李歷女士、馮堅先生及劉煥冰先生；獨立非執行董事為王鳴峰先生、 李馥友先生及徐華女士。 海外監管公告 本公告由中國廣核電力股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則第13.10B條作出。 以下為本公司於深圳證券交易所網站發佈之《華泰聯合證券有限責任公司關於中 國廣核電力股份有限公司2025年度持續督導培訓情況報告》和《華泰聯合證券有限 責任公司關於中國廣核電力股份有限公司2025年現場檢查報告》，僅供參閱。 承董事會命 中國廣核電力股份有限公司 尹恩剛 財務總監、聯席公司秘書及董事會秘書 中國，2026年2月6日 * 僅供識別 培训情况报告 华泰联合证券有限责任公司关 ...