广发证券研报指出，我国发用电量转型突出，中长期电量占比逐步下降。用电量增量由二产转向三产 +城乡居民，发电量增量主要由风光贡献，中长期电量比重下降。火电：26年容量电价提升，公用事业 化有望加速。水电：蓄能高位保障电量，关注装机投产与资产证券化。绿电关注政策驱动，核电及城燃 关注需求改善。公用事业化加速推进，关注板块红利价值。 ...

智通财经APP获悉，广发证券发布研报称，我国用电量增量由二产转向三产+城乡居民，且主要由风光 贡献。2025年内火电公司股价表现分化明显，北方公司业绩高增普遍股价表现较优。火电自由现金流改 善突出，分红比例提升空间广阔，火电的"公用事业化"时刻或已来临。25下半年珠江、长江来水偏丰带 动水电电量增长，关注行业装机投产与资产证券化。公用事业化加速推进，建议关注板块红利价值。 25下半年珠江、长江来水偏丰带动电量增长，长电已发布业绩快报，25年实现归母净利润342亿元(同比 +5%)，其中Q4达60亿元(同比+34%)，预计水电整体业绩亦有良好表现。25年末偏高蓄能将保障26上半 年枯水期电量，汛期电量低基数，水电有望维持多个季度利润提升。水电投产高峰期来临，大渡河等流 域多座电站将陆续投产，此外各集团仍有水电资产未证券化，亦可关注证券化进程。桂冠电力拟收购大 唐集团西藏子公司，打开未来成长空间。而长端利率仍在低位运行，水电的股息价值持续凸显。 绿电关注政策驱动，核电及城燃关注需求改善 该行认为绿电尚未走出装机→电量→收入→利润层层回落的趋势，但136号文的推开将促进绿电的ROE 稳定性提升，该行仍然建议以补贴、 ...

Group 1 - The core view of the report emphasizes the acceleration of utility sector transformation, highlighting the increasing value of dividends [1] - The report maintains a "Buy" rating for the utility sector, consistent with previous ratings [3] - The report indicates that the utility sector has outperformed the market, with a relative performance increase of 30% from January 2025 to January 2026 [4] Group 2 - Electricity demand growth is expected to continue, driven by industrial transformation, with significant contributions from wind and solar power [17] - The report notes that from January to November 2025, wind and solar power accounted for 86.2% of the total electricity generation increase, indicating a strong shift towards renewable energy sources [17][18] - The structure of electricity consumption is shifting from secondary industry to tertiary industry and residential use, with the tertiary sector expected to account for 50.2% of the total electricity consumption increase by 2025 [17] Group 3 - The report highlights that the cash flow of thermal power companies is improving, with a potential increase in dividend payouts [17] - It suggests that the transition towards utility-like operations in thermal power is accelerating, with companies like Huaneng International Power and Huadian International Power showing strong performance and dividend management [17] - The report indicates that the capacity price for coal-fired power is expected to rise in 2026, which could enhance profitability [17] Group 4 - Hydropower is expected to benefit from high reservoir levels, ensuring stable electricity generation during dry seasons, with companies like Changjiang Electric Power showing promising performance [17] - The report emphasizes the importance of asset securitization in hydropower, with ongoing projects expected to enhance growth potential [17] - The report also notes that long-term interest rates remain low, which could further enhance the attractiveness of hydropower investments [17] Group 5 - The report discusses the challenges faced by green energy, particularly in terms of pricing and profitability, but anticipates improvements driven by policy changes [17] - Nuclear power is expected to see accelerated approvals and market-driven pricing, which could enhance its competitiveness [17] - The report highlights the need for a focus on demand recovery in the gas sector, with companies like Jiufeng Energy positioned to benefit from cost improvements [17] Group 6 - The report recommends specific stocks within the utility sector, including Huaneng International Power, Huadian International Power, and Changjiang Electric Power, based on their strong performance and dividend potential [17] - It also highlights the potential of gas companies like Jiufeng Energy and renewable energy firms like Longyuan Power and Fuyuan Co., which are expected to benefit from favorable market conditions [17] - The report suggests that the utility sector is entering a phase of increased dividend value, making it an attractive investment opportunity [17]