证券研究报告|行业定期报告 2026 年 03 月 02 日 证券研究报告 | 行业定期报告 2026 年 03 月 02 日 政策与电算协同共振，电力板块迎来价值重估 环保公用事业行业周报（2026/03/01） 周期/环保及公用事业 本周环保与公用事业板块涨幅靠前。环保（申万）行业指数上涨 6.96%，公用 事业（申万）行业指数上涨 5.69%，相对市场整体涨幅靠前。 ❑ 行业重点事件：国网公布 2025 年第 6 次可再生能源电价补贴转付情况。 ❑ 风险提示：政策落实低于预期、煤炭及硅料价格下跌、项目进展低于预期、 国际政治局势变化的风险等。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 244 | 4.7 | | 总市值（十亿元） | 4372.7 | 3.8 | | 流通市值（十亿元） | 3975.6 | 3.8 | 行业指数 % 1m 6m 12m 绝对表现 4.9 13.7 35.7 相对表现 4.8 6.3 16.9 资料来源：公司数据、招商证券 -10 0 10 20 30 40 50 Mar/25 Jun/25 Oct/2 ...

（来源：上海市电力行业协会） 01 政策速递 国家机关事务管理局： 印发《关于2026年公共机构节约能源资源工作安排的通知》 鼓励开展碳资产交易、虚拟电厂、绿电消纳等前沿领域探索 近日，国家机关事务管理局印发《关于2026年公共机构节约能源资源工作安排的通知》（国管节能〔2026〕28号）。《通知》提出，聚焦碳达峰目标，全 面完善和落实碳排放双控机制。发布《公共机构碳排放核算指南》行业标准，明确公共机构碳排放核算边界范围、因子取值、步骤方法。测算下达"十五 五"公共机构碳排放总量和强度指标，制定公共机构碳排放考核实施具体方案。优化用能结构，推动公共机构终端用能电气化替代，加大太阳能等可再生 能源、绿色低碳技术和产品推广运用力度。加强公共机构碳普惠体系建设经验做法总结提炼和复制推广，鼓励开展碳资产交易、虚拟电厂、绿电消纳等前 沿领域探索。出版2024-2025年度绿色低碳转型课题集，启动新一批课题申报。 点击查看政策详情 02 行业关注 国家能源局： 2026年1月全国可再生能源绿色电力证书核发及交易数据 一、绿证核发情况 2026年1月，国家能源局核发绿证1.96亿个，涉及可再生能源发电项目83.20万个，其 ...

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors experienced declines, with the environmental index down 2.78% and the public utility index down 1.66%, indicating a larger drop compared to the overall market [6] - The report highlights the establishment of a reliable capacity compensation mechanism for power generation, which aims to ensure fair compensation based on reliable capacity without differentiating between unit types [10] - The report suggests focusing on investment opportunities in the power sector, particularly recommending undervalued companies such as Anhui Energy and Huaneng International, while also highlighting long-term prospects for China Resources Power and other firms [6] Summary by Sections Key Event Interpretations - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism, proposing a reliable capacity compensation mechanism based on reliable capacity as a standard [10] - The State Administration of Energy Management encourages the exploration of carbon asset trading and virtual power plants, promoting energy-saving renovations in public institutions [14] Weekly Market Review - Both the environmental and public utility sectors saw declines, with the environmental sector up 5.94% year-to-date, outperforming the CSI 300 and ChiNext indices [15] - The report notes specific stock performances within the environmental and power sectors, highlighting both top gainers and losers [23][26][27] Key Industry Data Tracking - As of January 30, 2026, the price of Qinhuangdao 5500 kcal thermal coal remained stable at 695 CNY/ton, while the price of Indonesian thermal coal at Guangzhou Port was 515 CNY/ton [29] - The report tracks water levels and storage in key reservoirs, noting changes in inflow and outflow rates [31] - LNG prices increased, with the import price at 12.10 CNY/million BTU and domestic ex-factory price at 4045 CNY/ton [42] Industry Key Events - The report outlines significant events in the power market, including various regulatory updates and proposals for long-term market implementation [56][58] - It also discusses developments in the dual-carbon market, emphasizing the promotion of carbon neutrality in large-scale events and the management of fixed asset investment projects [60] Upcoming Events Reminder - The report lists important upcoming announcements from companies in the environmental and power sectors, including stock circulation and equity incentive plans [61]

Group 1 - Company submitted a listing application to the Hong Kong Stock Exchange on May 27, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The purpose of the Hong Kong listing is to further promote overseas business development, with a subsidiary already established in Vietnam [2] - The company plans to leverage its experience in disease prevention and breeding technology to provide comprehensive solutions for pig farming overseas [2] Group 2 - The company announced a cash dividend of 5.72 yuan per 10 shares for 2024, totaling 30.83 billion yuan, with an overall cash dividend and share buyback amounting to 85.88 billion yuan, representing 45.38% of the annual net profit [2] - Despite a projected net profit recovery to 17.881 billion yuan in 2024, the company faces liquidity risks due to short-term debt maturity and declining asset turnover efficiency [3] - The company’s current liquidity ratios are concerning, with a current ratio of 0.8 and a quick ratio of 0.33, indicating potential financial strain [4] Group 3 - The company’s fundraising in the A-share market has been constrained, with a 60% reduction in the scale of private placements for 2024, while the potential P/E ratio in Hong Kong could reach 15 times compared to 8.56 times in A-shares [5] - The company aims to raise 1 billion USD in Hong Kong to cover 32.7% of a 21.4 billion yuan funding gap for 2025-2027, with additional funding through asset-backed securities and supply chain financial tools [5] - To comply with the EU's carbon border adjustment mechanism, the company needs to invest 1.2 billion yuan in upgrading biogas power generation facilities, which could be financed through green bonds [6]