巴西《经济价值报》12月17日报道，近日巴西风电公司Casa dos Ventos与丹麦供应商签署约50亿雷 亚尔风力涡轮机订单，这是巴西历史上价值最高的风电设备合同。在当前巴西风电行业萎缩、本土去工 业化的大背景下，相关合同订单将为巴西新能源行业带来一些希望。该项目名为Dom Inocencio，拟于 2026年启动施工，2028年完工。项目总产能将足以满足200万户家庭用电。尽管当前巴西对新能源发电 实施"限电"，但Casa dos Ventos首席执行官持乐观态度，认为这仅是当前形势下的特殊情况，之后会逐 步得到解决。同时，该公司也将选择"限电"幅度较小的区域运营，并加强与立法、监管机构合作。 ...

电力行业 2026 年度信用风险展望（2025 年 12 月） 电力行业样本企业杠杆水平指标 电力行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 工商评级三部 电力行业样本企业营业总收入及营业利润情况 www.lhratings.com 信用风险展望 0 2024－2025 年分月全社会用电量及其增速情况 电力行业装机规模及五大发电企业装机占比情况 宏观方面，2025 年前三季度，内需动能仍待提振，全年增长 目标可期；行业方面，全社会用电量保持同比增长，电力总 装机容量进一步提升，发电量保持同比增长。随着新能源发 电装机规模和占比的不断提高，行业呈现"头部稳固、转型 分化、新兴突围"特征。 行业财务状况方面，2022 年以来，电力行业样本企业营业总 收入和营业利润总额逐年增长。其中，火力发电企业在煤价 回落及电价政策支持下盈利水平有所提升，新能源发电企业 盈利水平保持相对稳定，但投资扩张带来持续的融资 ...

Investment Rating - The report maintains a "Positive" outlook for the utility sector [4] Core Views - The growth rate of electricity generation is slowing down, while coal prices continue to decline [2] - The utility sector is seen as a defensive asset with low valuations, making it attractive for investment [7] - The report emphasizes the need for further market-oriented pricing reforms to support the integration of renewable energy [7] Summary by Sections Electricity Generation - In November 2025, the electricity generation of large-scale power plants increased by 2.7% year-on-year, but the growth rate decreased by 5.2 percentage points compared to October 2025 [10] - The growth of renewable energy generation significantly improved, with wind power increasing by 22.0% and solar power by 23.4% year-on-year [10] - The report notes that the growth of hydropower decreased but remained high, while thermal power generation turned negative with a decline of 4.2% [10] Coal Prices - Port coal prices have been declining, with the Qinhuangdao port's Q5500 coal price at 703 RMB/ton, down 5.6% week-on-week [16] - The report indicates that high coal inventories and low demand from downstream power plants are contributing to the price drop [7] - The report anticipates that the decline in spot coal prices may gradually narrow due to improved acceptance from power plants [7] Investment Recommendations - The report suggests focusing on utility stocks, particularly in thermal power, hydropower, and nuclear power sectors, highlighting specific companies such as Huadian International and China General Nuclear Power [7] - It recommends investing in high-quality hydropower companies due to their low cost per kilowatt-hour and stable business models [7] - The report also notes the potential for growth in wind and solar sectors under carbon neutrality expectations [7] Market Performance - The utility sector index fell by 0.6%, underperforming the CSI 300 index by 0.3 percentage points [41] - Among sub-sectors, hydropower, thermal power, and wind power saw declines, while solar power showed a slight increase of 0.9% [43]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights significant developments in the power equipment sector, particularly in renewable energy, including solar, wind, hydrogen, and energy storage technologies. It emphasizes the importance of price stability and supply chain dynamics in the solar industry, as well as the growth potential in offshore wind and hydrogen projects. The report also discusses the strategic initiatives of companies like Ningde Times in the electric vehicle sector, showcasing their innovative solutions for electric shipping [1][2][3][4]. Summary by Sections 1. New Energy Generation - **Solar Energy**: The price of polysilicon has been adjusted upwards, with the average transaction price for n-type polysilicon at 53,200 RMB per ton, remaining stable week-on-week. Most polysilicon companies have raised new order prices to above 65,000 RMB per ton, driven by expectations of improved demand by Q1 2026 [15][16]. - **Wind Power & Grid**: Oriental Cable has secured a 1.9 billion RMB order for underwater cables, enhancing its overseas market presence. The company’s total orders now exceed 20 billion RMB, with a significant portion attributed to underwater cables and high-voltage cables [2][17][20]. 2. Hydrogen & Energy Storage - **Hydrogen**: The world's largest green hydrogen and ammonia project has commenced operations, setting multiple records in hydrogen production capacity and technology. This project is expected to drive the commercialization of hydrogen energy in China [3][21]. - **Energy Storage**: The report notes a range of bidding prices for energy storage systems, with the average bid for W2 storage systems ranging from 0.4363 to 0.5331 RMB per Wh. The report suggests focusing on companies with high growth certainty in the large-scale storage sector [22][27][30]. 3. New Energy Vehicles - **Ningde Times**: The company has launched an integrated solution for electric shipping, addressing challenges such as high initial costs and complex operations. This includes partnerships with various companies to enhance the electric shipping ecosystem [4][31][32]. The cumulative delivery of electric ships by Ningde Times has reached nearly 900 units, covering various transport scenarios [32][33].

（文章来源：证券日报） 本报讯 （记者贺王娟）12月17日，中国长江电力股份有限公司（以下简称"长江电力"）宣布，秘鲁时 间2025年12月12日，长江电力所属秘鲁路德斯公司在秘鲁首都利马顺利完成红珊瑚风电项目股权交割。 这是路德斯公司历史第三个新能源发电并购项目，该项目成功交割后路德斯公司已成为秘鲁第一大风电 运营商，标志着路德斯公司在秘鲁构建"水风光多种能源形式互补、发配售全产业链协同"的发展目标取 得重大进展。 长江电力披露，上述项目标的资产位于秘鲁伊卡大区，装机规模13.57万千瓦，年发电量约6.6亿千瓦 时，年利用小时数超4800小时。该项目毗邻前期并购的蓝宝石风电场，可充分发挥路德斯公司作为配售 电企业的优势，实现电力运营与销售协同，取得较好的经济效益。 ...

Core Insights - The total electricity consumption in China is projected to exceed 10 trillion kilowatt-hours for the first time in 2025, marking a significant increase compared to 2015 levels, which were approximately double [1] - By 2030, the proportion of renewable energy generation capacity in China's total installed capacity is expected to surpass 50%, establishing renewable energy as the main source of electricity generation [1] Group 1: Electricity Consumption - National electricity consumption is expected to exceed 10 trillion kilowatt-hours in 2025, which is higher than the combined annual electricity consumption of the EU, Russia, India, and Japan [1] - This represents a growth of 14% year-on-year in total installed generation capacity, projected to exceed 3.8 billion kilowatts [1] Group 2: Renewable Energy Development - By the end of the 14th Five-Year Plan in 2030, renewable energy generation capacity will become the dominant source of electricity generation in China [1] - The country aims to promote higher quality development of clean energy, emphasizing a multi-energy approach including wind, solar, hydro, and nuclear power [1] - There will be a focus on accelerating the construction of smart grids and microgrids, improving the green energy consumption system, and implementing minimum renewable energy consumption targets [1]

Core Viewpoint - The project represents a significant advancement in green hydrogen and ammonia production, with the largest scale and innovative technology in the industry [1][2] Group 1: Project Overview - The project, known as the Songyuan Hydrogen Energy Industrial Park, officially commenced operations on December 16, 2025, after starting construction in September 2023 with a total investment of 6.946 billion yuan [1] - The first phase of the project includes 800,000 kilowatts of renewable energy generation, comprising 750,000 kilowatts from wind and 50,000 kilowatts from solar [1] Group 2: Technological Innovations - The project employs an innovative technology route that integrates wind and solar power supply, energy storage, efficient hydrogen production systems, and dynamic ammonia synthesis [1] - It has set four world records: largest scale, maximum hydrogen storage capacity, widest load flexibility process, and largest alkaline electrolysis hydrogen production equipment [1] - The project has achieved 100% localization of key core equipment, filling a gap in flexible production of hydrogen and ammonia directly connected to green electricity in China [1] Group 3: Production Capacity and Environmental Impact - Upon completion, the project will have an annual production capacity of 45,000 tons of green hydrogen and 200,000 tons of green ammonia and green methanol, saving approximately 600,000 tons of standard coal and reducing carbon dioxide emissions by 740,000 tons annually [2] - The project facilitates local consumption of green electricity and high-value conversion [2] Group 4: Certifications and Recognition - The project has received the ISCC EU green certification, enabling access to the international green energy market, with products already entering the global green ammonia maritime fuel market [2] - It has been recognized as a national-level demonstration project in multiple categories, including green low-carbon advanced technology and hydrogen energy project pilot [2]

中泰证券认为储能需求逻辑已重塑，国内大储从政策驱动转向市场盈利驱动，独立储能、工商储潜力凸 显，"十五五"期间复合增速达30%；海外方面，美国AI产业催生大量储能需求，欧洲、澳洲等市场需求 旺盛，新兴市场则因用电短缺，户储、工商储刚性需求强劲。 光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、多晶 硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏产业 整体表现。 （文章来源：每日经济新闻） 2025年12月16日，光伏ETF华夏（515370）回调2.97%。资金面上，昨日光伏ETF华夏（515370）资金 大幅流入超1.2亿元，近10日净流入超4.2亿元。 消息面，今年，我国能源投资增势强劲，向绿向新。新能源实现更高质量跃升式发展。目前，我国第一 批风电光伏基地基本建成投产，第二批、第三批已建成投产约5000万千瓦，预计全年风电光伏新增装机 约3.7亿千瓦，利用率保持在94%以上，风电光伏发电量约占全社会用电量的22%。到"十五五"末，也就 是到2030年，我国新能源发电装机比重将超过50%，新能源发电装机成为电力装机主体。 ...

央视网消息："十四五"规划纲要提出，到2025年年底，非化石能源占能源消费总量比重提高到20%左右。记者15日从全国能源工作会议上 了解到，如今这一目标将超额完成。 国家能源局局长王宏志称："能源绿色低碳转型步伐加快，非化石能源消费比重将超额完成20%的目标任务。" 今年，我国能源投资增势强劲、向"绿"向"新"。全年能源重点项目预计完成投资3.54万亿元，同比增长11%。其中，核电、陆上风电、分 布式光伏等投资强劲，新型储能、充换电基础设施、氢能等投资快速增长。 "十五五"末新能源发电装机占比将超50% 此外，记者了解到，到"十五五"末，也就是到2030年，我国新能源发电装机比重将超过50%，新能源发电装机成为电力装机主体。 国家能源局主要负责人介绍，到2030年，非化石能源消费比重将达到25%，新能源发电装机比重超过50%，新型能源体系将初步建成。 国家能源局局长王宏志称："实现这些目标，能源行业将经历若干从量变到质变的历史性转变，能源活动实现碳达峰；煤炭消费达峰后进 入平台期，石油消费达到峰值；能源和电力需求增量主要由非化石能源满足。" "十五五"期间，我国将加力建设新型能源基础设施，优化能源资源基地布局 ...

供应方面，今年以来，煤炭国内产量增速平稳，进口量大幅下滑。11月煤炭供应同比微降，就数据来 看，当月原煤产量仅次于3月的4.4亿吨，创年内次高。国家统计局数据显示，2025年11月份，规上工业 原煤产量4.3亿吨，同比下降0.5%；1—11月份，规上工业原煤产量44亿吨，同比增长1.4%。 来源：智通财经 进入传统消费旺季，动力煤跌破800元/吨后仍持续下探。 12月12日，秦皇岛港5500大卡动力煤现货平仓价报745元/吨，月环比下跌约90元/吨，同比下降约50元/ 吨；CCTD环渤海动力煤现货参考价5500大卡、5000大卡、4500大卡分别报收761元/吨、659元/吨、564 元/吨，较11月高点均下降70元/吨左右。 智通财经了解到，今年动力煤价格整体走低，以秦皇岛港5500大卡动力煤现货平仓价为例，截至12月12 日，其年内均价为697.03元/吨，较2024年全年均价跌超150元/吨。11月初，动力煤价格年内首次站上 800元/吨，但仅维持到当月下旬就开始下跌，12月初跌破800元/吨后仍持续下探。 中国电力企业联合会（以下简称，中电联）表示，高库存和低于往年的日耗水平是压制煤炭市场的关键 因素 ...