格隆汇2月8日丨中国核电(601985.SH)公布，公司控股子公司中核苏能核电有限公司(以下简称中核苏能) 的股东连云港金联能源投资有限公司(以下简称连云港金联)拟将其持有的中核苏能4%的股权(以下简称 标的股权)，以人民币55,534万元加计相应资金成本的价格转让给江苏省东辛农场有限公司(以下简称东 辛农场)，公司放弃本次股权转让的优先购买权。 ...

2026 年 2 月 目录 | 摘要 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业内企业信用分析 | 15 | | 结论 | 24 | | 附表 | 25 | 联络人 www.ccxi.com.cn 作者 企业评级部 盛 蕾 010-66428877 lsheng@ccxi.com.cn 王琳博 010-66428877 lbwang@ccxi.com.cn 马 骁 010-66428877 xma@ccxi.com.cn 赵曰鹏 010-66428877 ypzhao@ccxi.com.cn 其他联络人 王梦莹 010-66428877 mywang01@ccxi.com.cn 中诚信国际 行业展望 中国电力生产行业 ◼ 2025年以来，我国经济在复杂的外部环境下实现稳健增长，全社会用电量同比保持中速 增长；预计2026年国内高技术及新质生产力的发展仍将对用电增量需求提供支撑，加之 经济提质增效政策的持续发力以及极端天气等因素，我国全社会用电需求或将继续保持 中速增长态势。 ◼ 2025年我国新能源装机维持高速增长，预计2026年电源结构清洁化发展趋 ...

Core Viewpoint - The establishment of an independent new energy storage capacity pricing mechanism by the National Development and Reform Commission and the Energy Administration is expected to stabilize revenue expectations in the energy storage sector and stimulate investment enthusiasm among owners, particularly benefiting state-owned enterprises [1][2]. Group 1: Market Performance - The Southern Fund's New Energy ETF (516160) rose by 2.57%, with a turnover of 3.35% and a transaction volume of 227 million yuan [1]. - Key stocks in the index, such as Zhiyu Technology, Laplace, and GCL-Poly, saw significant increases of 12.79%, 10.41%, and 10.10% respectively [1]. Group 2: Policy Impact - The implementation of the capacity pricing policy is expected to shift the energy storage industry from cost competition to value creation, revealing investment value [1]. - The cancellation of mandatory storage requirements is anticipated to further enhance the investment landscape in the energy storage sector [1]. Group 3: Industry Growth Projections - The domestic energy storage installation is expected to experience rapid growth by 2026, with a focus on leading companies in the energy storage supply chain [1]. - Global energy storage installations are projected to increase significantly, with estimates of 279 GWh, 423 GWh, and 563 GWh for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 44%, 52%, and 33% [2]. Group 4: ETF Composition - The New Energy ETF closely tracks the CSI New Energy Index, which includes companies involved in renewable energy production, application, storage, and related devices [2]. - The top ten weighted stocks in the index include CATL, Sungrow Power, TBEA, and others, reflecting a diverse representation of the new energy sector [2].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has announced the "Model Central Enterprises" for 2025, emphasizing the importance of promoting advanced deeds and spirits of model enterprises to inspire high-quality development in central enterprises [1][3]. Group 1: Announcement of Model Central Enterprises - The 2025 "Model Central Enterprises" include notable teams and individuals such as Chen Liang from China National Nuclear Corporation, the "9·3" military parade aviation equipment support team from Aviation Industry Corporation of China, and the deep well attack team from China National Petroleum Corporation [3]. - Zhang Yuzhuo, the Secretary of the SASAC Party Committee, expressed high respect for the awarded teams and individuals, highlighting their contributions to the high-quality development of state-owned enterprises [3]. Group 2: Inspirational Messages and Responsibilities - Zhang emphasized that the new era is one for strivers, and the model representatives embody the spirit of dedication and patriotism, motivating countless employees to pursue progress and innovation [4]. - Central enterprise party committees are urged to pay attention to and care for the model representatives, widely publicizing their advanced deeds to inspire employees to contribute to the national economic and social development [4].

截至2026年2月6日 11:12，南方基金旗下新能源ETF(516160)上涨1.89%，盘中换手2.48%，成交1.67亿 元。跟踪指数中证新能源指数成分股恩捷股份上涨7.41%，协鑫集成上涨7.21%，震裕科技上涨6.98%， 天赐材料，湖南裕能等个股跟涨。 消息面上，2月5日，中国光伏行业协会于北京举办"光伏行业2025年发展回顾与2026年形势展望研讨 会"。会上了解到，"十五五"时期，全球与中国光伏新增装机增速预计均明显放缓。晶硅光伏技术在进 一步提升的同时，也将逼近极限，使得降本提效带来的边际收益减少。光伏企业须直面高质量发展挑 战，寻求新的突破点。 新能源ETF(516160)，场外联接(A类：012831；C类：012832；南方中证新能源ETF联接I：021057)。 展望2026年，华泰证券重申风电光伏板块盈利修复趋势：1）风机订单价格自2024年四季度以来持续回 暖，考虑到前期低价订单交付步入尾声，涨价订单逐步交付支撑盈利修复。2）光伏需求走低预期下， 供应链或强化质量与成本把控，加速高功率产品与贱金属导入，有望驱动盈利修复。同时，太空光伏或 打造新业态，近期SpaceX宣布收购xAI ...

Group 1 - The core viewpoint of the news highlights the positive performance of the thermal power and electric grid sectors, with the National Green Power Index rising by 0.20% as of February 6, 2026, and several key stocks showing significant gains [1] - The completion of the China-Laos 500 kV interconnection project marks a significant milestone, enabling a mutual electricity supply capacity of 1.5 million kilowatts and an annual transmission of 3 billion kilowatt-hours of clean electricity [1] - By 2025, the national electricity market transaction volume is expected to reach 6.6 trillion kilowatt-hours, with spot trading accounting for 4%, and renewable energy hydrogen production capacity exceeding 250,000 tons, doubling year-on-year [1] Group 2 - The strategic importance of green electricity is increasingly recognized as the energy transition progresses, shifting from mere capacity expansion to high-quality development characterized by supply-demand coordination and integrated energy systems [2] - As of January 30, 2026, the top ten weighted stocks in the National Green Power Index account for 52.75% of the index, including major players like China Nuclear Power and Yangtze Power [2] - The Jiashi Green Power ETF (159625) closely tracks the National Green Power Index, providing a convenient tool for investors to gain exposure to the overall performance of green power-related listed companies [2]

证券研究报告 | 2026年02月03日 2026年02月04日 2026年02月05日 公用环保行业 2026 年 2 月投资策略 优于大市 两部门发文完善发电侧容量电价机制，公用环保行业 25Q4 基金持仓梳理 市场回顾：本月沪深 300 指数上涨 1.65%，公用事业指数上涨 3.19%，环 保指数上涨 5.94%，月相对收益率分别为 1.54%和 4.29%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 21 和第 13 名。电力板 块子板块中，火电上涨 2.60%；水电下跌 1.65%，新能源发电上涨 7.23%； 水务板块上涨 3.96%；燃气板块上涨 7.48%。 重要事件：两部门发文完善发电侧容量电价机制。国家发展改革委和国家能 源局于 2026 年 1 月 30 日联合发布《关于完善发电侧容量电价机制的通知》， 明确电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对机组 可靠容量根据顶峰能力按统一原则进行补偿，公平反映不同机组对电力系统 顶峰贡献。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕 1501 号）要求，将通过容量电价回收煤电机组固定成本的 ...

2026.02. 05 本文字数：1117，阅读时长大约2分钟 作者 | 第一财 经 林春挺 2月4日发布的全国人民代表大会常务委员会公告（〔十四届〕第十五号）显示，3人被罢免第十四届全国人民代表大会代表职务。 其中，山东省人大常委会决定罢免罗琦的第十四届全国人民代表大会代表职务。 多名与罗琦有过接触核电业内人士向第一财经记者表示，去年以来，罗琦已经有很长时间没有出现在公众场合。去年下旬，记者曾多次拨打罗琦的电 话，但电话一直无人接听。 罗琦出生于1967年10月，长期在中核集团系统工作。公开资料显示，2000年12月至2004年5月，罗琦任中核集团旗下中国核动力研究设计院设计所型 号副总设计师、所长。2009年1月，任中国核动力研究设计院院长。2022年3月，任中核集团总工程师。 刘仓理出生于1961年12月，陕西岐山人，实验物理学家，中国科学院院士。刘仓理长期从事核武器等高科技武器研究工作。2015年—2024年6月，刘 仓理曾任中国工程物理研究院院长。 微信编辑 | 夏木 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱：bianjibu@yicai.c ...

0 6 开年以来真"硬核" 多个重要工程项目建设报喜 2026开年以来,多个重要工程项目取得 新进展,为高质量发展蓄势赋能。 "华龙· 量" 漳州核电一期工程 全面建成投产 中国经济 数据观 d a 11 . . . . . . . . . o be be bet be been to be to be the been t 1月1日,经过168小时满功率连续 运行考核,位于福建漳州的漳州核 电2号机组正式投入商业运行,标 志着"华龙一号"漳州核电一期工 程全面建成投产。 漳州核电是"华龙一号"批量化建 设的始发地,也是全球最大的"华 龙一号"核电基地,规划建设6台 "华龙一号"核电机组。基地全面 建成后，预计每年可提供约600亿 度清洁电能，能够有效优化福建省 "北电南送"的电力格局。 渝万高铁重难点工程 巴山村隧道 顺利贯通 l l 1月4日上午,随着最后一次爆破成 功实施,经过34个月日夜奋战,渝 万高铁重难点工程 -- 巴山村隧道 顺利贯通。至此,渝万高铁忠县段 12座隧道全部贯通,标志着渝万高 铁建设取得重大突破，为全线按期 通车奠定了坚实基础。 2026年 我国首台核电机组 开工建设 8 - 1月 ...

Group 1 - The core viewpoint of the news highlights the performance of the National Green Power Index, which fell by 1.36% as of February 5, 2026, with mixed results among constituent stocks [1] - In 2025, China's new energy installed capacity reached a historical high, with a total of 434.4 GW added, accounting for 80.2% of all new power generation installations; solar power capacity reached 1.2 billion kW, a year-on-year increase of 35.4%, while wind power capacity reached 640 million kW, a year-on-year increase of 22.9% [1] - Zhongyuan Securities suggests a "barbell strategy" for power asset allocation, focusing on cutting-edge areas like virtual power plants and controllable nuclear fusion for offensive investments, while defensive investments should target large hydropower and high-dividend thermal power companies with stable profitability [1] - Galaxy Securities notes the introduction of a capacity price mechanism for coal, gas, pumped storage, and new energy storage, marking a significant upgrade for storage from an auxiliary service role to a core function of the power system, which is expected to enhance profitability stability and construction enthusiasm [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Green Power Index include China Nuclear Power, Yangtze Power, Three Gorges Energy, and others, collectively accounting for 52.75% of the index [2] - The Green Power ETF by Harvest (159625) closely tracks the National Green Power Index, serving as a convenient tool for investing in the overall performance of listed companies related to green power [2] Group 3 - Investors can seize investment opportunities through the corresponding Green Power ETF linked fund (017057) [3]