（来源：势银能链） "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户2026势银液氢产业大 会（2026年4月15日，无锡）点此报名 2025年，液氢产业迈入加速发展期。从上游制氢液化到中游储运加注，再到下游场景应用，全产业链多 点开花；政策标准持续完善筑牢发展根基，企业融资合作热潮涌动，液氢规模化、商业化的步伐显著加 快。 液氢全产业链突破不断 液氢产业的爆发，始于上游制氢与液化环节的突破—— 储运与加注是液氢产业落地的核心支撑，2025年多项关键技术与工程取得重大进展—— 装备研发方面—— 河南利源集团与河南中科清能、未势能源合作建设的氢液化综合利用项目开工。该项目建成后年 产液氢2.3万吨，可解决高端电子装备制造业用氢需求； 由未势能源牵头承担的河北省科技计划"液氢'制、储、运、加'系统集成关键技术及示范"项目， 取得多项关键进展； 河北旭阳5吨/天液氢示范项目成功入选河北省重点建设项目，成为区域产业标杆； 中科富海牵头打造的首条民用液氢制储运用全产业链示范工程启动，打通从制氢到应用的完整链 路； 三峡集团乌兰察布"源网荷储一体化"试验基地顺利产出液氢，系统额定工况下日 ...

Group 1: Key Insights on the Machine Dog Industry - The quadruped robot industry is experiencing rapid application expansion, with strong environmental adaptability and commercial viability [4][12] - Key application scenarios include defense, industrial inspection, emergency rescue, and consumer household use, indicating a promising long-term market potential [4][12] - Domestic brands dominate the market, with over 50 companies actively participating, including notable players like Yushutech and Boston Dynamics [4][12] Group 2: Insights on the Power Generation Sector - In the thermal power sector, both coal and electricity prices are declining, leading to improved profit margins for coal-fired power plants [4][12] - Hydropower utilization hours are expected to increase due to favorable water conditions, with a projected utilization of 3367 hours in 2025, up 12 hours year-on-year [4][12] - Nuclear power is maintaining a high approval rate, with 10 new units expected to be approved in 2025, although profitability may be impacted by declining market electricity prices [4][12] Group 3: Recommendations for Investment - For thermal power, recommended companies include Guodian Power and Inner Mongolia Huadian, which benefit from stable profit margins [5][12] - In hydropower, companies like Yangtze Power and State Power Investment are highlighted for their potential growth due to improved financial conditions [5][12] - In the natural gas sector, companies such as Kunlun Energy and New Hope Energy are recommended due to expected profitability improvements from cost reductions [5][12]

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 ...

Group 1 - The core point of the article is that the controlling shareholder of Three Gorges Energy has increased its stake in the company through centralized bidding, acquiring a total of 187,128,095 shares, which represents approximately 0.65% of the company's total share capital [1] - The total amount spent on the share acquisition by the controlling shareholder is approximately 799,392,799.54 yuan [1]

（编辑 袁冠琳） 证券日报网讯 2月9日，三峡能源在互动平台回答投资者提问时表示，基于对公司未来发展的信心，公 司控股股东三峡集团计划自2025年4月9日起12个月内通过二级市场增持公司股份，拟增持金额不低于人 民币15亿元、不高于人民币30亿元，本次增持不设置固定价格区间，结合资本市场行情择机开展股票增 持。 ...

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].

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].

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].

Core Viewpoint - The construction of a digital twin water conservancy system is a key measure for achieving water conservancy modernization and promoting high-quality development in water management, ensuring national water security [2][3] Group 1: Digital Twin Water Conservancy System Components - The digital twin water conservancy system consists of three core parts: digital twin watershed, digital twin water network, and digital twin water conservancy projects, which are interconnected and share information [2] - The framework for the digital twin water conservancy system in China has been largely established, with ongoing efforts to enhance water management benefits for the public [2] Group 2: Achievements and Applications - As of now, 94 pilot tasks for digital twin watersheds have been completed, creating replicable and promotable case studies [2] - The digital twin technology has been applied in 11 key projects, including the Three Gorges and South-to-North Water Diversion projects, with significant progress in 49 pilot irrigation areas and 230 rural water supply projects [2] Group 3: Importance of Digital Twin Technology - The digital twin water conservancy system plays a crucial role in flood forecasting, water transfer scheduling, and water resource management, effectively addressing risks in water security [4] - The integration of a comprehensive monitoring system has improved flood forecasting accuracy, extending the forecast period from 3 days to 10 days, with a 90% accuracy rate for key river flood forecasts [4] Group 4: Future Development and Goals - The construction of the digital twin water conservancy system is an ongoing process, with plans to enhance capabilities and functionalities, focusing on integrated development of watersheds, water networks, and water conservancy projects [7] - Future efforts will include improving monitoring capabilities and accelerating the research and application of new technologies and equipment to support accurate data collection [7][8]