证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 03 月 01 日 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 重视"双碳"考核 重点氢能项目总结 ——大能源行业 2026 年第 8 周周报（20260301） 投资要点： 电力：重视"双碳"考核及绿电消纳 "十五五"开局之年，计划与市场转型关键期，重申重视"双碳"考核。从考核看 投资方向，1）存量角度看配额机制，参考发电企业碳配额交易情况看，预计钢铁、 水泥、铝冶炼进入碳市场后，将进一步从"绿色"的角度加快供给侧出清，上述高 耗能企业承担"绿色"转型责任。2）增量角度看绿电需求，考虑到"十五五"期间 考核指标从能耗转为碳排放，有利于高耗能企业增强清洁能源的使用，其中绿证 ...

Core Viewpoint - The electricity sector has shown strong performance since the beginning of the year, driven by policy reforms and improving fundamentals, indicating significant long-term growth potential and investment opportunities in the sector [1][2]. Policy Drivers - The recent rally in the electricity sector is primarily attributed to policy-driven reforms, including the deepening of the electricity system reform and the establishment of a nationwide unified electricity market [2][3]. - The State Grid Corporation has announced a fixed asset investment plan of 4 trillion yuan for the 14th Five-Year Plan period, marking a 40% increase compared to the previous plan [2]. Financial Performance - The electricity industry's fundamentals are improving, transitioning from a phase of "dual pressure on volume and price" to "stable prices and increased revenue" [4]. - For 2025, Jin控电力 expects a net profit of 155 million to 195 million yuan, representing a year-on-year increase of 383.21% to 507.90%, driven by lower coal prices [4]. - Qian源电力 anticipates a net profit of 567 million to 633 million yuan for 2025, a growth of 160% to 190%, attributed to increased water flow and significant growth in power generation [5]. Investment Opportunities - The electricity demand is shifting from traditional industries to residential and emerging sectors, with a continuous optimization of the electricity supply structure [6]. - The investment logic in the electricity sector is transitioning towards growth driven by AI and energy transformation, moving away from traditional cyclical fluctuations [6]. - Short-term investment opportunities include coal power and energy storage, while mid-term focuses on cross-regional trading and long-term on low-cost hydropower and nuclear power [7].

马年开市以来，电力板块走势强劲，表现亮眼，主力资金积极布局，多只个股大幅上涨，成为市场焦 点。 分析人士认为，本轮行情由政策驱动，电力体制改革不断深化，全国统一电力市场体系顶层设计落地， 国家电网的中长期投资规划为行业打开了成长空间。与此同时，电力行业基本面迎来向上拐点，火电、 水电企业盈利普遍得到改善，行业发展基础持续夯实。 未来，随着电改向纵深推进、能源转型不断加速，电力板块长期成长空间与配置价值愈发凸显，细分领 域投资机会值得重点挖掘。 电力板块表现亮眼 2月27日，电力板块全天震荡走强。iFind数据显示，电力板块当日上涨3.25%，马年首周（2月24日—2 月27日），电力板块累计涨幅达8.47%。 当日，电力板块主力资金净流入超30亿元，板块内多只个股涨停。其中，珈伟新能（300317）20%涨 停，南网能源（003035）、涪陵电力（600452）、协鑫能科（002015）、赣能股份（000899）等8只个 股涨停。 对于电力板块近期走强的原因，多家机构一致认为，主要源于政策层面的驱动，电力体制改革持续深 化，推动电力全面市场化，并实现环境价值落地。 政策端，国家电网公司日前披露，"十五五"时期 ...

● 本报记者 谭丁豪 马年开市以来，电力板块走势强劲，表现亮眼，主力资金积极布局，多只个股大幅上涨，成为市场焦 点。 分析人士认为，本轮行情由政策驱动，电力体制改革不断深化，全国统一电力市场体系顶层设计落地， 国家电网的中长期投资规划为行业打开了成长空间。与此同时，电力行业基本面迎来向上拐点，火电、 水电企业盈利普遍得到改善，行业发展基础持续夯实。 未来，随着电改向纵深推进、能源转型不断加速，电力板块长期成长空间与配置价值愈发凸显，细分领 域投资机会值得重点挖掘。 电力板块表现亮眼 2月27日，电力板块全天震荡走强。iFind数据显示，电力板块当日上涨3.25%，马年首周（2月24日—2 月27日），电力板块累计涨幅达8.47%。 当日，电力板块主力资金净流入超30亿元，板块内多只个股涨停。其中，珈伟新能20%涨停，南网能 源、涪陵电力、协鑫能科、赣能股份等8只个股涨停。 对于电力板块近期走强的原因，多家机构一致认为，主要源于政策层面的驱动，电力体制改革持续深 化，推动电力全面市场化，并实现环境价值落地。 政策端，国家电网公司日前披露，"十五五"时期，国家电网公司固定资产投资预计达到4万亿元，将创 历史新高， ...

证券日报网讯2月25日，黔源电力（002039）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司股东人数为19220户。 ...

华源证券近日发布大能源行业2026年第7周周报：2025年国网总部总计招标金额894亿元，超过2022年的 2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、电缆及附件、开关柜、 继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断路器外，其余设备中标 金额均同比增加。 以下为研究报告摘要： 投资要点： 电网：2025年国网总部招标总结 本报告总结国网总部2025年输变电设备招标（不含单一来源采购）情况。2025年国网总部总计招标金额 894亿元，超过2022年的2倍，相比2024年增长27%，增速有所加快。从金额来看，组合电器、变压器、 电缆及附件、开关柜、继电保护、通信网设备、电抗器是招标金额排名前7的设备，除通信网设备和断 路器外，其余设备中标金额均同比增加。上市公司中，中国西电（601179）、平高电气（600312）、思 源电气（002028）、特变电工（600089）、国网信通（600131）、国电南瑞（600406）中标金额排名前 6，除国电南瑞外其它公司中标金额均有较高增长，其中思源电气相比2024年中标金额增长接近80%。 主要设备招标量、中标金额 ...

Group 1: Solid-State Battery Industry - The global solid-state battery industry is expected to achieve GWh-level mass production by 2027, driven by collaborative innovation in materials, processes, and equipment [5][6][7] - The solid-state battery supply chain is evolving towards a "materials-equipment-manufacturing-application" collaborative innovation model, with key advancements in electrolyte film formation processes impacting ionic conductivity [6][7] - The global solid-state battery equipment market is projected to reach 120 billion yuan by 2026, with significant demand for new equipment such as dry electrode preparation and isostatic pressing [7][8] Group 2: AI Applications and Media Consumption - The 2026 Spring Festival has become a battleground for major AI companies to showcase their technological capabilities, integrating AI deeply into program production and real-time interactions [10][11] - The focus of domestic AI large models has shifted from general capabilities to native agent capabilities, emphasizing task planning and multi-modal technology breakthroughs [10][11] - The gaming sector during the Spring Festival saw a preference for high DAU games, particularly in the MOBA and FPS genres, with Tencent's games dominating the market [11][12] Group 3: Energy Sector and Coal Market - In 2025, the State Grid's total bidding amount reached 89.4 billion yuan, doubling that of 2022 and increasing by 27% compared to 2024, indicating strong growth in the energy sector [14][15] - The coal market experienced unexpected inventory reductions before the Spring Festival, leading to optimistic coal prices post-holiday, supported by favorable supply conditions [16] - The release of the national unified electricity market policy aims to establish a market-oriented mechanism centered on supply and demand, emphasizing sustainability [17][18] Group 4: New Consumption Trends - The 2026 Spring Festival saw a significant increase in travel and consumption, with cross-regional passenger flow expected to reach 9.5 billion, a 5.32% increase from 2025 [19][20] - The beauty sector showed signs of recovery during the off-peak season, with a notable increase in sales, particularly in the makeup category, driven by festive consumption [22][23] - The overall retail and catering sales during the Spring Festival increased by 8.6% compared to the previous year, reflecting a vibrant consumer market [21][22]

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

上市公司：盘江股份（600395），贵州燃气（600903），永吉股份（603058），中毅达（600610），信 邦制药（002390），贵州百灵（002424），新天药业（002873），益佰制药（600594），贵州三力 （603439），沃顿科技（000920），贵绳股份（600992），黔源电力（002039） 相关报告：智研咨询发布的《2026-2032年中国工业云行业市场深度评估及投资机会预测报告》 2016-2025年贵州省工业企业数统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 2025年1-12月，贵州省工业企业数（以下数据涉及的工业企业，均为规模以上工业企业，从2011年起， 规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为5071 个，和上年同期相比，减少了145个，同比下降2.78%，占全国的 ...

证券日报网讯2月12日，黔源电力（002039）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司股东人数为19283户。 ...