证券研究报告·行业跟踪周报·公用事业 增持（维持） [Table_Tag] [投资要点 Table_Summary] 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 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 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》 2026-01-27 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 ...

Group 1 - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the need to consolidate the stable and positive momentum of the capital market [1] - In January, the Purchasing Managers' Index (PMI) was reported at 49.3%, a decrease of 0.8 percentage points from the previous month [1] - The two departments announced improvements to the pumped storage capacity electricity pricing mechanism [1] Group 2 - Major internet companies are competing for AI traffic during the Spring Festival [1] - The personal income tax threshold for individual taxpayers has been raised to 1,000 yuan, and supporting regulations for the VAT law have been implemented [1] - In January, there was a net outflow of nearly 800 billion yuan from equity ETFs [1] Group 3 - Gold and silver prices experienced a significant drop, with silver recording the largest intraday decline in history [1] - SpaceX has applied to deploy one million satellites [1] - Former President Trump nominated Kevin Warsh to serve as the Chairman of the Federal Reserve [1]

国家发展改革委、国家能源局发布关于完善发电侧容量电价机制的通知。通知指出，完善 抽水蓄能容 量电价机制。《关于进一步完善抽水蓄能价格形成机制的意见》（发改价格〔2021〕633号，简称633号 文件）出台前开工（取得取水、临时用地、环评批复文件，下同）建设的电站，容量电价继续实行政府 定价，具体由省级价格主管部门按照633号文件办法核定或校核。电站经营期满后，按照弥补必要技术 改造支出和运行维护成本的原则重新核价。按照633号文件明确的逐步实现主要通过参与市场回收成 本、获得收益的精神，该文件出台后开工建设的电站，由省级价格主管部门每3—5年按经营期内弥补平 均成本的原则，根据633号文件明确的成本参数规则，制定省级电网同期新开工电站统一的容量电价 （满功率发电时长低于6小时的相应折减）。执行年限可统筹考虑 电力市场建设发展、电力系统需求、 电站可 持续发展等情况确定。同时，抽水蓄能电站自主参与电能量、辅助服务等市场，获得的市场收 益按比例由电站分享，分享比例由省级价格主管部门确定；其余部分冲减系统运行费用、由用户分享。 ...