Core Viewpoint - The article summarizes various suggestions and opinions from representatives and committee members during the 2026 National Two Sessions regarding the energy sector, covering areas such as the power grid, coal, natural gas, photovoltaics, nuclear energy, and hydrogen energy. Power Grid - The power grid plays a crucial role in resource optimization and supporting energy transition, serving as a "lifeline" for high-quality economic and social development [3] - The safety of the power grid is fundamental for building a strong energy nation, with significant improvements in resilience during the 14th Five-Year Plan period [3] - The 15th Five-Year Plan period presents new challenges for grid safety, necessitating innovation in technology and management to enhance the grid's protective capabilities [3] Coal - The coal industry is at a critical juncture for high-quality development during the 15th Five-Year Plan, with coal consumption expected to peak in the mid to late period [7] - The industry will focus on intelligent and green development, with large coal mines achieving full automation and a significant reduction in carbon emissions [7] - Coal's role is shifting from a primary energy source to a supportive one, emphasizing its importance in energy security and the development of coal-based new materials [8] Natural Gas - The integration of natural gas and hydrogen energy is essential for industry transformation, with recommendations for establishing safety standards and pricing mechanisms for hydrogen blending [11] - A modern biogas industry system should be developed, with support for biogas projects and a national certification platform for emissions reduction [12] - The gas-electricity pricing mechanism needs improvement to reflect the higher adjustment value of gas power in the new power system [12] Photovoltaics - High standards are necessary to address "involution" in the photovoltaic industry, with measures to enhance safety, reliability, and efficiency [14] - A green electricity consumption system should be established to promote the application of renewable energy and stabilize the domestic photovoltaic market [15] - Rural photovoltaic development requires infrastructure upgrades and financial products to ensure stable returns for farmers and investors [17] Nuclear Energy - The export of nuclear technology, particularly the "Hualong One" reactor, has gained international recognition, with plans to enhance competitiveness in global markets [20] - A three-step strategy for nuclear power development focuses on maintaining a steady approval pace for mainstream reactor types and advancing research on advanced reactors [21] - Nuclear energy should be integrated into green certificate trading systems to reflect its zero-carbon value and support energy structure optimization [23] Hydrogen Energy - A national hydrogen energy infrastructure plan is needed to facilitate large-scale development, including a comprehensive hydrogen pipeline network [25] - The coupling of electricity and hydrogen should be prioritized, with policies to support green hydrogen projects and their integration into the power market [26] - The establishment of a unified green hydrogen certification and traceability system is crucial for promoting market transactions and ensuring fair returns on investments [29]

本报讯（四川日报全媒体记者 李淼）2月24日，省政府举行2026年首次专题学习会，深入贯彻习 近平总书记关于加强干部队伍能力建设和国家能源安全、科技创新等重要论述，聚焦新型能源体 系建设、脑机接口产业创新发展开展集中学习。省委副书记、省长施小琳出席。 省政府建立专题学习制度以来，已举行七次集中学习活动，邀请国家部委负责同志和知名专家学 者及企业家，围绕学习贯彻中央经济工作会议精神、人工智能、低空经济、产业技术研究转化、 发展医保事业、加强和改进人民信访工作等主题授课，促进领导干部加强新知识学习，密切关注 经济、科技、治理等前沿动态，增强工作的科学性、预见性、创造性，并汇聚各方智慧力量，共 同推动四川高质量发展。 副省长任京东主持学习会，副省长董卫民、胡云、黄瑞雪、徐芝文，省政府秘书长胡元坤，省直 有关部门负责同志等参加。 党的二十届四中全会对能源强国建设作出顶层部署，"十五五"规划建议将脑机接口列入前瞻布局 的"六大未来产业"之一。省政府要求，要落实中央和省委部署，实施"人工智能+"一号创新工程， 全方位赋能千行百业，发挥清洁能源大省优势，在能源科技创新上持续发力，加快构建新型能源 体系，促进能源结构优化升级 ...

Group 1 - The company Sichuan Energy Investment Development (01713.HK) has recently obtained a patent for a method of estimating distribution network status parameters, which aims to enhance the accuracy of distribution network monitoring [1][2] - The Sichuan provincial government has announced in its work report the inclusion of the "Three Rivers" basin integrated clean energy base into national planning, emphasizing the acceleration of the new energy system construction, which may provide long-term business opportunities for local power companies like Sichuan Energy Investment Development [2] Group 2 - The company's stock price has remained stable but with low trading volume, closing at HKD 2.43 as of February 11, 2026, with a 5-day price change of -0.41% and a price range fluctuation of only 1.23% [3] - The total trading volume from February 6 to 11, 2026, was approximately HKD 102,100, indicating limited market attention [3] - The stock is currently near the middle band of the Bollinger Bands (HKD 2.447), and the MACD indicator shows weak short-term momentum, with the Hang Seng Index down 0.69%, reflecting a similar trend to the company's stock price [3]

此次检修涵盖1000千伏特高压巴岳变电站2号主变例行检修、专项检查、消缺、技改、技术监督等内 容，由运维、检修、试验、保护自动化等多专业团队协同开展，聚焦2号主变、GIS设备等核心部件， 累计完成一、二次设备例行试验与定期校验近300台（套），同步实施主变套管在线监测系统安装、 GIS隔离开关触头行程调整等4类专项检修，成功处理计划缺陷41项，研判并处置2号主变C相非电量保 护电缆绝缘值偏低等重大技术监督问题4项，设备各项参数均恢复至最优标准，为春节期间民生用电保 障奠定坚实基础。 据了解，1000千伏特高压巴岳站首次检修工作预计持续至今年6月3日，其间将陆续完成站内所有一、二 次主辅设备首次检修任务，同步整改基建遗留问题、治理新增运维缺陷，进一步提升西南电网电力资源 优化配置能力，为新型能源体系建设及成渝地区双城经济圈高质量发展注入强劲电力动能。 2月5日凌晨1时许，国网重庆超高压公司1000千伏特高压巴岳变电站2号主变送电成功，2号主变首次检 修工作圆满结束，该站年度检修序幕也正式拉开。此次检修是巴岳站投运406天以来的首次大型综合性 检修，也是重庆地区首次自主开展特高压设备检修工作。 ...

Core Viewpoint - The provincial government report emphasizes the need to strengthen deep-sea development and utilization, presenting significant growth opportunities for the company and the industry [1] Group 1: Company Initiatives - The company, as a state-owned energy enterprise, is committed to fulfilling its social responsibilities in energy supply and contributing to the economic development of Jiangsu by providing more clean energy [1] - The company plans to enhance the functionality of the national million-ton LNG reserve base and accelerate the planning of integrated storage and transportation facilities for clean energy such as hydrogen, ammonia, alcohol, and hydrocarbons at the Yancheng Green Energy Port [1] Group 2: Industry Development - The initiatives align with the construction of a new energy system and the green low-carbon transition in Jiangsu, supporting the province's goal of becoming a new growth pole for development [1]

Group 1: Market Overview - The market opened lower influenced by external factors, with the Shanghai Composite Index down 0.66%, Shenzhen Component down 0.96%, and ChiNext down 1.02% [1] - The coal and banking sectors showed resilience, while precious metals, photovoltaic, computing hardware, and semiconductors faced declines [1] Group 2: Industry Insights - The coal sector is experiencing a favorable environment due to multiple supportive policies aimed at energy security and new energy system construction, enhancing efficiency in capacity approval and project development [3] - Demand for coal is increasing due to the rapid growth in global AI computing infrastructure, with coal power being a core support for computing supply [3] - The macroeconomic environment is characterized by a loosening of global liquidity, which, combined with energy supply guarantees and economic recovery, supports the valuation uplift of the coal sector [3] Group 3: Restaurant Industry Outlook - The restaurant industry is at a critical turning point, with expectations for valuation recovery driven by fundamental improvements, ongoing policy support, and price mechanism restoration [2] - The sector is benefiting from a strong focus on service consumption, making it a clear beneficiary of consumption stimulus policies [2] - Continued recovery in restaurant revenue and same-store performance is anticipated from the second half of 2025 [2]

锐始者必图其终，成功者先计于始。 今年是"十五五"开局之年。如何开好局、起好步，政府工作的发力点至关重要。兼顾需要和可能，谋划长远，干在当下，有助于提振信心，催人奋进。 政府工作报告再次强调了黑龙江省委"十五五"规划建议中的十二个"奋力推进"，这并不是重复，而是把省委标定方向、明确目标的"蓝图"细化为政府思路清 晰、举措扎实的"施工图"，并在此基础上提出今年要具体抓好的八个方面重点工作，体现了"五年看头年，全局看开局"的务实精神。 靡不有初，鲜克有终。在战略上布好局，在关键处落好子，只是开始。最终要看厚积高质量发展动能、持续增进民生福祉的效果。一分部署，九分落实。一 张蓝图绘到底，一起为梦想奋斗、为幸福打拼，需要把握好节奏和力度，持之以恒，久久为功。 确定预期，锚定目标，笃定前行。全省上下必须拿出跃马扬鞭的勇气，激发万马奔腾的活力，保持马不停蹄的干劲，赢得主动、赢得优势、赢得未来。 黑龙江日报评论员：樊金钢 草摇叶响知鹿过，松风一起知虎来。增强预见力，各项工作就打出了提前量。实施未来产业孵化加速计划，加快新型能源体系建设，应对人口老龄化加强公 共设施适老化和无障碍改造……今年的政府工作想在前头，赶在前头，用发 ...

| 分析师： [Tabl | 郭磊 | 分析师： | 贺骁束 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516070002 | | SAC 执证号：S0260517030003 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003589 | | | guolei@gf.com.cn | | hexiaoshu@gf.com.cn | | | 请注意，贺骁束并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 报告摘要： [Table_Page] 宏观经济研究报告 2026 年 2 月 2 日 证券研究报告 [Table_Title] 广发宏观 高频数据下的 1 月经济：数量篇 中电联口径截至 1 月 22 日，纳入统计的发电集团燃煤电厂本月累计发电量同比增长 4.6%（去年 12 月同比为 -8.5%）。春节错位可能是关键影响因素之一，去年春节在 1 月底；而今年春节在 2 月中下旬，1 月企业普遍处 于正常开工 ...

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 中电联口径截至1月22日，纳入统计的发电集团燃煤电厂本月累计发电量同比增长4.6%（去年12月同比为-8.5%）。 春节错位可能是关键影响因素之一，去年春节在1月底；而今年春节在2月中下旬，1月企业普遍处于正常开工状态。这也预示 着今年1月其他同比经济数据会相对比较有利。 第三， 重点企业粗钢产量环比回升，同比降幅收窄。截至1月20日，全国重点企业粗钢日均产量（月度日均，下同）环比回升 11.3% ， 同 比 回 落 4.5% （ 前 值 -8.8% ） ； 截 至 1 月 30 日 ， 主 要 钢 厂 螺 纹 钢 产 量 环 比 回 升 6.4% ， 同 比 回 升 1.0% （ 前 值-16.4%）；主要钢厂热轧卷板产量月环比回升1.5%，同比回落1.8%（前值-3.9%）。 第四， 实物工作量暂未起势，资金到位率徘徊。截至1月27日，样本工地资金到位率环比回落0.2pct，非房建、房建资金到位 率环比录得-0.4、0.4pct。截至1月28日，石油沥青开工率（月均值，下同）环比回落2.2pct，同 ...

Core Insights - Hangzhou's total electricity consumption is projected to reach 114.25 billion kWh by 2025, marking a 6.5% year-on-year increase and a 41.4% increase compared to 2020, positioning it as the second provincial capital city in China to exceed 100 billion kWh in electricity consumption [3][4] Group 1: Electricity Consumption Trends - The electricity consumption structure in Hangzhou is undergoing significant transformation during the 14th Five-Year Plan period, with emerging manufacturing and service industries becoming the main growth drivers [3] - By 2025, the electricity consumption shares of the primary, secondary, and tertiary industries, as well as residential use, are expected to be 0.5%, 42.7%, 35.8%, and 21% respectively, with the tertiary industry's share increasing by 7.8 percentage points since 2020 [3][4] - The secondary industry's electricity consumption remains the highest, but its growth is shifting from high energy consumption to high-tech driven [3] Group 2: Manufacturing and Service Sector Developments - The high-end, intelligent, and green transformation in the manufacturing sector is particularly notable, with manufacturing electricity consumption expected to account for 36.7% of total electricity by 2025, reflecting a 3.1% year-on-year increase [4] - High-end manufacturing sectors such as computer communication, pharmaceutical manufacturing, and aerospace are experiencing double-digit growth in electricity consumption, while the electric vehicle manufacturing sector is projected to grow by 17.1% [4] - The productive service sector's electricity consumption is expected to account for 18.6% of total consumption, with a year-on-year growth of 10.4% and a 78.6% increase since 2020 [4] Group 3: Emerging Sectors and Innovations - The internet data service sector, driven by artificial intelligence, is witnessing explosive growth, with electricity consumption increasing by 159.6% year-on-year and 25.5 times since 2020 [4] - The consumption of electricity in the consumer service sector is projected to account for 17% of total consumption, with a year-on-year increase of 9.8% and an 84.2% increase since 2020 [4] - The charging and swapping service sector for electric vehicles is expected to see a 41.5% year-on-year increase in electricity consumption by 2025, with a staggering 650% increase since 2020 [5] Group 4: Infrastructure and Future Outlook - By 2025, Hangzhou is expected to have built 5,011 charging stations, with total charging volume reaching 2.077 billion kWh, a 49.7% year-on-year increase [5] - The changes in electricity consumption patterns will provide robust data support and practical guidance for Hangzhou's new energy system construction and the development of advanced manufacturing clusters during the 15th Five-Year Plan period [5]