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政策上，相关部门发布《关于促进新能源消纳和调控的指导意见》，明确到2030年每年要实现2亿千瓦 新能源的合理消纳，既明确了"十五五"新能源坚持规模化开发目标，又作为纲领性政策重构新能源消纳 与调控重点。 （文章来源：每日经济新闻） 华泰证券指出，全国统一电力市场建设加速推进，预计"十五五"期间电网投资有望达到4万亿元以上， 相比于"十四五"期间电网投资2.8万亿元显著提升。其中，主网建设助力全国电网网架实现互联互通， 是全国统一电力大市场搭建的重要支撑，仍将是重点建设方向。 1月7日午后，A股三大指数集体回调，电力板块表现坚挺。截至14:30，绿电ETF（562550）涨幅 0.36%，电网设备ETF（159326）涨幅1.78%。相关电力股集体上涨，上海电力涨超4%，内蒙华电、桂 冠电力、京能电力、中国核电等股跟涨。 需求端，AI驱动的算力爆发不仅重塑数据中心产业，也正成为全球能源消费格局演进的关键变量，对 电力基础设施的承载力、绿色化与智能化提出了前所未有的系统性挑战与创新机遇。 ...

国联民生（601456）证券表示，创新实业能源-氧化铝-电解铝一体化布局，电解铝产能分布在能源成本 具备优势的内蒙地区，未来随着绿电并网发电，电解铝成本有望进一步下降。公司走向海外在沙特扩张 电解铝产能，我们认为公司将成为行业内稀有的有电解铝增量的标的。 消息面上，新年伊始，伦铝突破3000美元大关，创下2022年以来的最高记录。申万宏源认为，国内电解 铝产能将于2026年达峰，海外产能虽然进入扩张周期，但受投放节奏及电力供应扰动影响，2026年全球 电解铝产量增量或低于市场预期。 创新实业(02788)盘中涨超11%，高见23.4港元，再创上市新高。截至发稿，涨5.3%，报21.84港元，成 交额8840.76万港元。 ...

点击注册小程序 查看完整报告 截至2024年，火电装机及发电占广东省省内机组的比例分别为54.8%及70.70%。随着广东绿电装机继续扩 张，广东绿电对于整体电力供需情况及电价影响力预期提升。根据广东省136号文竞价结果，广东省机制 电价为0.36元/千瓦时，火电26年年度长协电价0.372元/千瓦时高于绿电机制电价水平；新能源对于火电的 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 2026年广东电力年度交易呈现"量增价降"态势，综合上网电价同比基本持平 不含绿电的年度交易总成交量同比增长5.38%，创下近年新高，成交均价同比下降5.03%，对应2分/千瓦 时。交易以双边协商为主导，占比超99%绿电交易同步完成，整体价格略高于常规电力。2025年批发侧平 均电量电价为0.392元/千瓦时，2026年 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

扩大绿电应用，是中央经济工作会议提出的一个明确要求。在能源结构加速调整、绿色贸易规则日益完 善的背景下，推动绿电从"能发出"走向"用得好"，既是实现"双碳"目标的关键抓手，也是提升产业绿色 竞争力的重要路径。 三是应用场景与消费动力依然存在结构性分化。外向型企业、高耗能行业需求更为迫切，而不少中小企 业、公共服务领域和居民侧对绿电价值、采购路径与核算方式认知不足，绿色用能尚未形成更广泛的自 发扩散。 有鉴于此，接下来应从问题与短板出发，坚持系统观念，针对性地提出解决措施，将扩大绿电应用与建 设新型电力系统、完善全国统一电力市场、推进产业绿色升级等协同推进。 按照源网荷储一体化发展思路，统筹推进新能源大规模开发与电网主网架、跨省输送通道及调峰资源的 协同规划。加快构建以抽水蓄能为"压舱石"、新型储能为补充的多元化调节体系，重点攻克低成本、高 安全、长时序的新型储能关键技术，大力推广"新能源+储能"一体化开发模式。深化数字赋能，利用智 能化手段提升电网对高比例新能源的可调、可控水平。深挖存量潜力，有序推动煤电向基础保障性和系 统调节性电源转型，从物理层面筑牢绿电高效利用与电网安全稳定的双重防线。 完善绿电交易与绿 ...

九月的泉城，一场关于"绿色身份"认证的变革发生了——山东省绿证交易服务中心正式揭牌，全国首个省级层面的绿证交易"枢纽"诞生。 过去，山东企业直接购买绿证，得通过国家或北京、广州的平台，流程长、距离远。更关键的是，传统"证电合一"式交易受电网物理限制，绿电难以跨区 域灵活流动。"就像你有优质水源，但输水管只有几条固定路线，卖不远也卖不活。"一位能源行业专家比喻。 压力不仅来自技术，更来自转型阵痛。 对于很多高耗能企业来说，购买绿证意味着增加成本。但政策"指挥棒"已清晰指向绿色未来：国家明确将可再生能源电力消纳责任权重作为约束性指标， 并扩大强制绿证消费行业范围，钢铁、水泥、多晶硅、数据中心等被纳入考核。 山东创新推出以"证电分离"为核心的区域性交易平台，在自家门口，发电企业可以单独售卖绿证，获得绿色环境收益；用电企业无需改变供电线路，买证 即获绿电资质，提升产品"含绿量"。 绿证的出现，源自一个困扰中国制造出口的痛点：车间里机器轰鸣，但用的电究竟是"绿"是"灰"？企业主自己说不清，海外客户更不认账。 电力一旦汇入电网，就像水滴入海，无法区分来源。绿色电力的环保价值被困在电网里，无法转化为企业实实在在的竞争力，这 ...

电力行业 2026 年度投资策略 20251229 摘要 煤电价格机制改革打破电价约束，容量价格机制改革预期落地，成为影 响火电行情关键因素。年度交易谈判和煤价走势影响火电全年表现，上 半年通常优于下半年。未来一两年，容量补偿和辅助服务市场将提升火 电竞争力。 双碳背景下，新能源项目大规模建设，但调节和输送能力滞后导致弃风 弃光恶化。市场化交易压力传导至新能源板块，电价下滑影响新增和老 项目。港股新能源公司受益于政策扶持，绿电脱碳政策执行效果值得关 注。 "十五五"规划延续绿色发展方向，新能源价格机制改革和高耗能产业纳 入强制消费体系是重要措施。补贴欠款缓解现金流压力，但政策推进节 奏不确定，绿电仍具看涨期权属性。 绿电投资策略包括：选择无调销纳问题和市场化交易压力小的地域性标 的，如福建的福能中闽；或选择央企低估值风电公司，如港股绿电公司， 目前股息率约 4%，估值较低，进一步回撤是布局良机，推荐新天绿色 能源。 Q&A 2026 年火电行业的投资策略是什么？ 火电行业在 2026 年的投资策略主要围绕价格机制的变化展开。过去几年，火 电行业表现出明显的逆周期属性，与煤炭价格波动呈反向相关关系。十三五时 期 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

凤凰网财经讯 近日，华宝基金因一起劳动纠纷被告上法庭。 | 法院 | 法庭 | 开庭日期 | 案号 | 案由 | 审判长/主审 承办部门 | 原告/上诉人 | 被告/被上诉人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | W | | | | 上海市浦东新区人 西漕第二十 2026-01-19 (2025) 沪0115民 | | | | 劳动争议 | 民事审判 | 陈龙 | 华宝基金管理有限公 | | 民法院 | 一法庭 | 14:30:00 | 初99525号 | | 庭 | | 글 | Choice信息显示，华宝基金有一位已离任的基金经理正与案件原告陈龙同名，其于2018年9月加入华宝基金任高级分析师，2021年9月2日起担任华宝绿色主 题混合基金经理，并在同年12月21日担任华宝竞争优势混合基金经理。 | | 陈龙 | | 基金经理名称/代码 | Q | 全部 | 综合 | 偏股 | 偏债 | QDII | FOF | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...