Core Viewpoint - The report highlights a decline in China's thermal power generation, with a projected decrease in output for 2025 compared to previous years, indicating potential challenges for the industry [1]. Industry Summary - According to the National Bureau of Statistics, the thermal power generation output in December 2025 is expected to be 581.2 billion kilowatt-hours, representing a year-on-year decrease of 3.2% [1]. - The cumulative thermal power generation output for the entire year of 2025 is projected to be 6,294.55 billion kilowatt-hours, reflecting a cumulative decline of 1% [1]. - The report is part of a comprehensive market survey and investment potential research for the thermal power industry in China from 2026 to 2032, published by Zhiyan Consulting [1].

Core Viewpoint - The report from Dongwu Securities highlights 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, which includes an increase in the coal power capacity price recovery ratio and the inclusion of new energy storage, gas power, and pumped storage in the capacity compensation framework [2][3]. Group 1: Investment Highlights - The coal power capacity recovery ratio is set to increase from approximately 30% in 2024-2025 to no less than 50% [2]. - The average capacity fee revenue for coal power is expected to rise from 0.027 yuan/kWh to 0.040 yuan/kWh by 2026 due to the increased recovery ratio [2]. - Local governments are encouraged to adjust the lower limit of medium- and long-term trading prices for coal power and to relax the signing ratio requirements for medium- and long-term contracts, promoting flexible pricing mechanisms [2]. Group 2: Capacity Compensation Mechanism Expansion - A new independent capacity price mechanism for grid-side energy storage has been established, which will be compensated based on local coal power standards [3]. - The pumped storage capacity price mechanism will adopt a "new and old distinction" principle, allowing for market-based cost recovery [3]. - A capacity price mechanism for gas power generation may be established by provincial pricing authorities, determining capacity prices based on a fixed cost recovery ratio [3]. Group 3: Reliable Capacity Compensation Mechanism - A reliable capacity is defined as the capacity that can provide stable power supply during peak demand periods [4]. - A reliable capacity compensation mechanism will be established to replace the original capacity price, focusing on compensating for the fixed costs not recovered by marginal units [4]. - The compensation scope will include coal power, gas power, and independent new energy storage, gradually expanding to pumped storage [4]. Group 4: Investment Recommendations - Operators of coal power, gas power, and pumped storage will benefit from the increased fixed cost recovery ratio and market revenue sharing mechanisms [4]. - The implementation of capacity prices will significantly improve the revenue model for independent energy storage stations, favoring high-quality storage asset operations [4]. - The regulatory resources will support the construction of new power systems and facilitate the absorption of renewable energy [4]. Recommended companies include Huaneng International (600011), Huadian International (600027), and Longyuan Power (001289) [4].

华源证券近日发布大能源行业2026年第4周周报：截至2025年底，全国累计发电装机容量38.9亿千瓦， 全年新能源新增装机434GW，超出市场预期，其中风电119GW、光伏315GW。需要注意的是，火电新 增95GW。单12月看，太阳能新增装机41GW、风电新增装机38GW，远高于6-11月单月情况，预计与年 底风光大基地项目并网有关。 我们预计更多省份有望出台容量电价政策，具备投决过会和项目开工落地条件的省级市场增多，国内独 储市场规模有望变大，储能集成商、上游零部件及电池企业等有望受益。 投资分析意见：建议关注1)集成商：海博思创、阳光电源（300274）、阿特斯；2)电池企业：宁德时代 （300750）、亿纬锂能（300014）、鹏辉能源（300438）、中创新航、欣旺达（300207）、国轩高科 （002074）、瑞浦兰钧；3)储能变流器：科华数据（002335）、正泰电源（002150）、盛弘股份 （300693）、禾望电气（603063）、上能电气（300827）；4)新布局储能行业并有望受益于赛道成长性 的个股：海希通讯、壹连科技（301631）。 电力：完善发电侧容量电价政策25年电源新增装机 ...

2月2日，中国电力企业联合会(简称：中电联)发布《2025—2026年度全国电力供需形势分析预测报告》 (简称：《报告》)，预计2026年全社会用电量同比增长5%—6%，并预计2026年太阳能发电装机规模将 首次超过煤电装机规模，年底风电和太阳能发电合计装机规模将达到总发电装机的一半。 相关概念股： 时代电气(03898)：公司深耕输配电领域近20年，先后服务乌东德、哈密-郑州、巴西美丽山等国内外特 高压直流和柔性直流输电工程超过40个，具有丰富的项目实践经验。目前公司在国内输配电领域的市场 份额在50%左右。公司拥有丰富的产品种类，能提供完整的解决方案，未来也将根据电网和能源应用领 域需求持续开发更大容量、高功率密度、高可靠性的产品。 华电国际（600027）电力股份(01071)：公司全资子公司华电龙口发电有限公司于近期圆满完成华电龙 口四期2×66万千瓦热电联产项目第二台机组168小时满负荷试运行，正式投入商业运营。至此华电龙口 四期项目两台66万千瓦超超临界机组已全部建成投运，为区域能源安全保障和绿色低碳发展注入新动 能。 中国电力(02380)：公司附属公司中电(普安)新能源有限责任公司的风光火储一 ...

Group 1 - The Spring Festival travel rush has begun, with Capital Airport expected to handle 7.89 million passengers and Daxing Airport 6.37 million passengers during the 40-day period [2] - Capital Airport has introduced personalized services, including a packaging service for the popular "Nai Pi Zi" yogurt, allowing travelers to safely check it in [3] - Daxing Airport has enhanced its services with two "easy security" lanes, improving efficiency by 40%, and has launched a self-service check-in for international flights, reducing average travel time by over 15 minutes [5] Group 2 - Capital Airport has implemented various convenient services, such as winter clothing storage, electric vehicle assistance, and special wristbands for elderly and disabled travelers to ensure efficient identification and service [3] - Daxing Airport has organized 281 volunteers to support frontline services during the Spring Festival, collaborating with various organizations to provide real-time assistance to travelers [5] - The festive atmosphere at both airports includes themed decorations and cultural exhibitions, enhancing the travel experience during the Spring Festival [4][5]

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 完善发电侧容量电价机制，2025 年新增光伏 /风电装机 315/119GW 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 02 日 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《寒潮退潮，美气价格高位回落；欧 洲&国内气价相对平稳》 2026-02-02 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 证券分析师 袁理 2026-01-27 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）《关于完善发电侧容量电价机制的通知》发布。国 家发展改革 ...

证券研究报告·行业点评报告·公用事业 公用事业行业点评报告 发电侧容量电价机制完善，容量机制扩围提 比，调节性资产价值重塑 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 02 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 2026-01-27 《供暖需求+供应中断担忧，全球气价 上涨；关注商业航天可回收路径中稀 缺耗材，九丰能源推进剂特气份额& 价值量提升》 2026-01-25 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：国家发展改革委、国家能源 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The report highlights the release of a notification regarding the improvement of the capacity price mechanism for power generation, increasing the coal power recovery ratio to 50%, enhancing revenue certainty [4] - It forecasts an addition of 315 GW of solar and 119 GW of wind power capacity in 2025, with a total installed capacity of 3.89 billion kW by the end of 2025, representing a year-on-year growth of 16.1% [4] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4] - The report emphasizes the need for investment in green energy, coal power, hydropower, nuclear power, and solar assets, recommending specific companies for investment [4] Summary by Sections Industry Trends - The report notes a stable growth in electricity consumption, with a total of 9.46 trillion kWh from January to November 2025, reflecting a year-on-year increase of 5.2% [13] - Cumulative power generation in 2025 reached 9.72 trillion kWh, with a year-on-year growth of 2.2% [23] - The report tracks the average electricity purchase price, which was 374 RMB/MWh in January 2026, down 8% from the previous year [38] Power Generation - The report indicates that coal prices at Qinhuangdao port were 692 RMB/ton as of January 30, 2026, showing a year-on-year decrease of 8.1% [44] - The inflow and outflow rates at the Three Gorges Reservoir were 7460 m³/s and 9230 m³/s respectively, with year-on-year increases of 65.8% and 11.7% [51] - The report highlights the significant growth in renewable energy, with solar and wind power installations increasing by 315 GW and 119 GW respectively in 2025 [4] Investment Recommendations - The report suggests focusing on green energy investments, with specific recommendations for companies such as Longyuan Power, China Nuclear Power, and others in the renewable sector [4] - It also emphasizes the transformation potential in coal power and the benefits of hydropower due to low costs and strong cash flow [4]

Core Insights - The collaboration between China Huadian Group and Cainiao Wuyou marks a shift in the human resources training landscape, moving from traditional service providers to specialized entities that enhance both job seekers and recruiters [1][2][4] Group 1: Transition of Cainiao Wuyou's Role - Cainiao Wuyou has evolved from a job seeker service provider to a professional hub that optimizes talent supply and demand in the state-owned enterprise sector [1][2] - The partnership with China Huadian Group highlights the recognition of Cainiao Wuyou's expertise in understanding the mindset and strategies of top job seekers, particularly university graduates [2][3] Group 2: Practical Training Approach - The training provided by Cainiao Wuyou focuses on practical solutions, addressing specific needs in the energy sector and aligning with the core goals of "precise identification and scientific selection" [3][4] - The program includes insights into common interview formats used by state-owned enterprises, helping recruiters better assess candidates' potential and fit for roles [3] Group 3: Dual Empowerment Strategy - Cainiao Wuyou's strategy emphasizes a dual empowerment model, where insights from job seekers are used to inform and enhance recruitment processes for state-owned enterprises [4][5] - This approach allows Cainiao Wuyou to build a sustainable professional ecosystem by understanding both the supply side (job seekers) and the demand side (employers) [4] Group 4: Redefining Industry Standards - The collaboration with China Huadian Group positions Cainiao Wuyou as a co-builder of talent selection and training standards, moving beyond traditional roles of providing job information and skills [5] - This shift is expected to increase demand for specialized third-party services that enhance job matching efficiency as competition for talent intensifies [5]

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].