February 1, 2026 08:28 PM GMT We see this as a critical milestone in China's power market reform. In particular, the inclusion of independent ESS arrives ahead of market expectations and potentially incentivizes the upcoming demand upon promising economic returns. We expect provincial capacity tariff policies to accelerate the rollouts post this national notice, and we have already seen provinces like Hubei, Gansu and Inner Mongolia introduce the relevant measures ( Exhibit 1 ). | M Downloaded by Neil.Wang@ ...

Core Viewpoint - The recent adjustment of the market-oriented grid connection project list in Shandong Province, which removed 63 photovoltaic power station projects with a total capacity of 5.839 million kilowatts, has raised significant concerns in the market due to the involvement of 35 central state-owned enterprises [1][4]. Group 1: Project Adjustments - The Shandong Provincial Energy Bureau has emphasized strict scrutiny for future new energy project applications following the removal of the delayed projects [1]. - The 63 projects removed include significant capacities from major state-owned enterprises, with China Power Investment Corporation losing 1.598 million kilowatts, and other companies like Huaneng and Huadian also facing substantial cuts [2][5]. - A total of 29 projects with a capacity of 2.978 million kilowatts have been granted a reprieve, allowing them to be included in the 2026 construction list, requiring completion by the end of 2026 [4][5]. Group 2: Broader Industry Trends - The trend of project cancellations is not limited to Shandong; various regions have seen similar phenomena, with significant withdrawals from projects by major state-owned enterprises across the country [6]. - In Yunnan, over 800,000 kilowatts of photovoltaic projects have been withdrawn, with some projects being offered for transfer at symbolic prices [6]. - A total of 143 wind and solar projects have been canceled across six provinces, amounting to 10.67 gigawatts, with 67 of those being solar projects totaling 546.81 megawatts [6][7]. Group 3: Financial Viability Concerns - The primary reason for the withdrawal of projects by state-owned enterprises is financial losses due to plummeting electricity prices and reduced generation capacity [9]. - The average market price for photovoltaic electricity has dropped significantly, with some regions reporting prices as low as a few cents per kilowatt-hour, which is far below the benchmark coal price [9][10]. - The phenomenon of electricity curtailment has also worsened, with some regions experiencing curtailment rates exceeding 30%, further impacting the financial viability of photovoltaic projects [10].

证券研究报告 | 朝闻国盛 gszqdatemark 2026 02 02 年 月 日 朝闻国盛 美联储迎来沃什，4 大关键点 今日概览 ◼ 重磅研报 【宏观】美联储迎来沃什，4 大关键点——20260201 【宏观】物价回升如何影响税收收入？—2025 年财政回顾与 2026 年展 望——20260131 【宏观】1 月 PMI 超季节性回落的背后——20260131 【策略】月度高胜率窗口的经验与应对——20260201 【海外】优选地产、大宗和科技——2026 年 2 月海外金股推荐—— 20260131 【金融工程】短期调整不足为惧——20260201 【金融工程】择时雷达六面图：本周拥挤度指标明显弱化——20260131 【固定收益】联储换帅、市场波动与债市逻辑——20260201 【固定收益】赎纯债、降久期、增信用——债基 2025Q4 季报分析—— 20260201 【固定收益】资金平稳跨月，存单偿还地方债放量——流动性和机构行 为跟踪——20260131 【固定收益】固收+继续扩张，增配科技化工——25Q4 基金转债持仓分 析——20260131 【电新】低轨星座竞赛与太空算力革命，引爆太空光 ...

Investment Rating - The report assigns a "Buy" rating to several companies in the power generation sector, including Guodian Power, Huaneng International, and China Power Investment, indicating a positive outlook for these stocks [2]. Core Insights - The report discusses the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, aimed at addressing the challenges of the new energy transition and ensuring the development of regulating power sources [1]. - The notification highlights the need for a balanced approach to "new energy consumption, power security, and regulating power source profitability," which is crucial for the construction of a new power system [1]. - The report emphasizes the differentiated optimization of capacity pricing for four types of regulating power sources, including independent new energy storage and pumped storage, to ensure fair competition and adequate compensation for capacity [1]. Summary by Sections Capacity Price Mechanism - The notification introduces a differentiated capacity pricing mechanism for various regulating power sources, allowing local authorities to set prices based on factors such as coal power capacity standards and peak contribution [1]. - The policy aims to ensure that the capacity value of regulating power sources is adequately recognized and compensated, addressing previous issues of insufficient cost coverage [1]. Unified Compensation Mechanism - A key breakthrough in the notification is the establishment of a reliable capacity compensation mechanism that standardizes compensation across different types of power generation units, promoting rational investment and resource allocation [1]. - This mechanism aims to avoid inefficient resource allocation by linking compensation to the actual contribution of each unit to the power system [1]. Investment Recommendations - The report recommends specific companies for investment based on their integrated operations and stable profit potential, including Guodian Power, Inner Mongolia Huadian, and China Huaneng [1]. - It also highlights the potential for hydropower companies to benefit from increased output and stable dividends, recommending companies like Yangtze Power and State Power Investment [1].

公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 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 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 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 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

分析师 陶贻功 ☎：010-80927673 行业点评报告 · 公用事业行业 源装机创新高,用电量结构优化 -- 2025年全年电力数据点评 2026年1月 30 日 公用事亦 推荐 维持评级 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 ☎：010-80927656 网: liangyounan_yj@chinastock.com.cn 分析师登记编码：s0130523070002 研究助理:马敏 z: mamin_yj @chinastock.com.cn 相对沪深 300 表现图 2026-1-30 资料来源:中国银河证券研究院 资料来源:中国银河证券研究院 相关研究 【银河环保公用】行业点评_风光装机增速分化,用 电量增速放缓 【银河环保公用】行业点评_水电电量降幅扩大，用 电量增速放缓 【银河环保公用】行业点评_风光新增装机下滑，用 电量增速加快 【银河环保公用】行业点评_太阳能单月装机创新高, 火电发电量由降转增 【银河环保公用】行业点评_太阳能装机持续高增长, 水核发电量增速下降 www.chinastock.com.c ...

走在前、挑大梁，10万亿之上的山东何以能？答案写在脚下，也写在历史中。 封图：网络图片 卫星从这里发射上天。烟台东方航天港累计成功发射137颗卫星，并聚集了30多家企业。一条集海上发射、火箭研发、卫星星座建设、卫星研 制、数据应用等的航天产业链初具雏形。 "深海一号"在这里下海。该船续航力超过14000海里，其搭载的潜水器"蛟龙号"具备7000米级下潜能力，这也是中国载人深潜的纪录。 海量新能源车在这里下线。2025年，山东新能源汽车产量超过110万辆，平均每天3000多辆下线，销往全国各地乃至世界市场；锂电池总产量达 到225GWh(吉瓦时)，占全国总产量的15.2%。山东成为新能源汽车产业的聚集地。 传统产业在这里蜕变出全新的技术、产能和形态。身处纺织业，即发集团开始从虾蟹壳中提炼纤维，织物染色无须用水；潍柴集团以科技赋能 内燃机产业，大缸径发动机应用于百万卡超算中心备电发电；青岛港（601298）自动化码头成为中国第一个、全球领先的全自动化集装箱码 头…… 放眼齐鲁大地，"十五五"开局之年，扑面而来的是一个不一样的山东。 今天的山东，是中国北方经济压舱石。北方每5元的产出就有1元是山东提供的；"十四五" ...

走在前、挑大梁，10万亿之上的山东何以能？答案写在脚下， 也写在历史中。 作者：种昂 封图：网络图片 卫星从这里发射上天。烟台东方航天港累计成功发射137颗卫星，并聚集了30多家企业。一条集海上发射、火箭研发、卫星星座建设、卫星研制、数 据应用等的航天产业链初具雏形。 "深海一号"在这里下海。该船续航力超过14000海里，其搭载的潜水器"蛟龙号"具备7000米级下潜能力，这也是中国载人深潜的纪录。 海量新能源车在这里下线。2025年，山东新能源汽车产量超过110万辆，平均每天3000多辆下线，销往全国各地乃至世界市场；锂电池总产量达到 225GWh（吉瓦时），占全国总产量的15.2%。山东成为新能源汽车产业的聚集地。 传统产业在这里蜕变出全新的技术、产能和形态。身处纺织业，即发集团开始从虾蟹壳中提炼纤维，织物染色无须用水；潍柴集团以科技赋能内燃机产 业，大缸径发动机应用于百万卡超算中心备电发电；青岛港自动化码头成为中国第一个、全球领先的全自动化集装箱码头…… 放眼齐鲁大地，"十五五"开局之年，扑面而来的是一个不一样的山东。 今天的山东，是中国北方经济压舱石。北方每5元的产出就有1元是山东提供的；"十四五"开局 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5]. Core Insights - The report highlights a record high in new energy installations, with total installed wind power reaching 640.0 GW, a year-on-year increase of 22.9%, and solar power installations at 1201.7 GW, up 35.5% year-on-year [4]. - Total electricity consumption in 2025 was 10,368.2 billion kWh, reflecting a growth of 5.0% compared to the previous year [4]. - The report anticipates that the growth rate of new energy installations will return to rational levels during the 14th Five-Year Plan period, with an expected addition of over 200 GW in 2026 [4]. Summary by Sections New Energy Installations - In 2025, new installations of wind and solar power reached 434 GW, marking a historical high, with year-on-year growth rates of 50.4% and 13.7%, respectively [4]. - The report notes that the growth rate of wind and solar installations is diverging due to the impact of policy changes on electricity pricing and output characteristics [4]. Electricity Consumption Trends - The report indicates that traditional industrial electricity consumption is slowing down, while new infrastructure and emerging industries are showing significant growth [4]. - In 2025, the share of secondary industry in total electricity consumption was 64.0%, a decrease of 0.8 percentage points, while the tertiary industry's share increased to 19.2%, up 0.6 percentage points [4]. Company Recommendations - For thermal power, the report recommends companies with diversified regional layouts and those with relatively small expected price declines in 2026, such as Huaneng International and Datang Power [4]. - For hydropower, it suggests focusing on companies with high dividend yields like Yangtze Power and those with stable pricing mechanisms like Guizhou Power [4]. - In the nuclear power sector, it highlights the growth potential of China General Nuclear Power and China National Nuclear Power despite short-term pricing pressures [4]. - For new energy, it recommends companies like Longyuan Power and Jilin Electric Power, which are positioned to benefit from supportive pricing and consumption trends [4].