证券研究报告：电力设备|点评报告 行业投资评级 行业相对指数表现（相对值） 2024-12 2025-03 2025-05 2025-08 2025-10 2025-12 -14% -7% 0% 7% 14% 21% 28% 35% 42% 49% 电力设备 沪深300 强于大市 |维持 行业基本情况 | 收盘点位 | | 10088.23 | | --- | --- | --- | | 52 | 周最高 | 10950.05 | | 52 | 周最低 | 6107.84 | 资料来源：聚源，中邮证券研究所 研究所 分析师:苏千叶 SAC 登记编号:S1340525110004 Email:suqianye@cnpsec.com 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:盛炜 SAC 登记编号:S1340525120008 Email:shengwei@cnpsec.com 近期研究报告 《国家发改委修定输配电成本监审和 定价办法，我们预计明年整体进入过渡 期——适应"拍卖"机制》- 2025.12.01 电力市场化进一步 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The report highlights the establishment of a capacity compensation mechanism for power generation in Gansu Province, which compensates for reliable capacity based on contributions, impacting all industrial and commercial users [5][6] - The compensation standard is set at 330 yuan per kilowatt annually, with various factors determining the reliable capacity and compensation coefficients [6] - The report suggests that the capacity compensation will gradually transition to a market-oriented approach, with an emphasis on the pricing of renewable energy sources like solar thermal and hydropower [7] Summary by Relevant Sections Industry Overview - The closing index is at 10088.23, with a 52-week high of 10950.05 and a low of 6107.84 [2] Investment Highlights - The report discusses the need for a re-evaluation of pricing for solar thermal energy within the electricity market, indicating that current compensation mechanisms are necessary to avoid distorting pricing due to the operational costs of coal-fired power plants [6] - The compensation mechanism aims to ensure that the market operates on marginal cost pricing, allowing for optimal technology to prevail [6] Investment Recommendations - The report recommends focusing on companies like Xizi Clean Energy, as the capacity compensation mechanism is expected to enhance the reliability and pricing of various energy sources [7]

新华社萨拉热窝1月5日电（记者殷晓圣）波黑公共电力公司5日发布通报称，近日波黑多地的强降雪加 重了电网运行负担，已导致超过4万户家庭停电，相关部门正在全力抢修。 通报说，得益于在重点区域采取的预防性措施，尽管此次降雪强度较大，但当前电网故障数量和停电规 模低于此前预期。 波黑气象部门5日对多地发布降雪和道路结冰黄色预警。 责编：张荣耀、卢思宇 通报显示，波黑东北部图兹拉州受影响最重，有超过2.9万户家庭停电。图兹拉州当天早晨出现强降 雪，部分地区积雪深度达44厘米，多个社区停电并引发供水中断。电力公司和公共服务部门已派出人员 抢修，但复杂地形和通行受限导致维修难度增加。 ...

能源是国民经济的命脉，人工智能（AI）是引领科技革命的核心力量。在"双碳"目 标引领与新型能源体系建设的关键阶段，"人工智能+能源"融合创新技术持续涌现。 这场融合不仅是技术层面的叠加，更是保障能源安全、推动绿色转型、培育新质生产 力的战略抓手，彰显了我国以科技创新破解发展难题的坚定决心。 政策领航定向，为能源智能转型锚定发展坐标。 党的十八大以来，我国能源领域改革发展成就显著，但"保安全、促转型、提效率"的 三重使命依然艰巨。2 0 2 5年，我国全社会用电量预计首超1 0万亿千瓦时，风光新增 发电装机预计约3 . 7亿千瓦，风、光电力的间歇性与电网承载能力的矛盾日益凸显。 2 025年9月，国家发改委、国家能源局联合印发《关于推进"人工智能+"能源高质量 发展的实施意见》，为能源与人工智能深度融合划定"时间表"与"路线图"。 2 025年11月25日，国家能源局发布《关于组织开展"人工智能+"能源试点工作的通 知》，旨在充分发挥我国能源领域超大规模市场和丰富应用场景的优势，目标是探索 形成可复制、可推广的综合解决方案与商业模式，打造"人工智能+能源"融合发展的 新范式。 以上举措与"十五五"规划建议提出的 ...

格隆汇1月6日｜日本民众1月5日在日本经产省前举行抗议集会，反对东京电力公司和日本政府重启新潟 县柏崎刈羽核电站。抗议民众表示，福岛核事故遗留问题尚未得到妥善解决，日本政府政府并未对福岛 核事故承担相应责任。在这样的背景下，重启老旧核电站的决定令人担忧，因为这本来就是一座存在缺 陷的发电站，却在被掩盖的情况下继续推进。 ...

3. 市场情绪与技术面共振沪指突破4000点后触发程序化交易买盘，融资余额单日增加320亿元至2.49万亿元，杠杆资金加速入场。技术面上，12连阳突破 2015年牛市高点，形成"头肩底"突破形态，吸引技术派资金加仓。 二、结构分化：新经济主导的"慢牛"雏形 A股"十二连阳"创30年纪录：沪指站上4020点，万亿成交背后是牛市序章还是泡沫前夜？ 2026年1月5日，A股市场以一场史诗级的放量上涨震撼全球资本市场。上证指数单日飙升1.38%，强势突破4000点大关并站稳4020点，日线实现罕见的12 连阳，刷新自1992年3月以来最长连阳纪录。沪深两市成交额暴增5000亿元至2.57万亿元，创下近两个月新高。从人脑工程概念股集体涨停到半导体产业 链全面爆发，从保险股创新高到商业航天强势领涨，这场由政策、资金与产业共振推动的行情，正在改写中国资本市场的历史轨迹。 一、现象解码：三重推力铸就"开门红" 1. 流动性宽松与政策红利共振人民币汇率走强至6.96关口，叠加2025年末降准降息政策效应释放，市场流动性环境显著改善。险资"开门红"新增保费超万 亿，叠加A500ETF等宽基产品持续吸金，形成增量资金"双引擎"。央 ...

新华社东京1月6日电 日本中部电力公司5日召开记者会承认，为使其运营的滨冈核电站3号和4号机组通 过审查重启，该公司涉嫌存在操纵相关数据、故意低估可能发生的地震最大破坏力的行为。 ...

Core Viewpoint - The report highlights the growth in electricity generation in Tibet, with significant increases in various energy sources, indicating a positive trend in the energy sector in the region [1]. Group 1: Electricity Generation Data - In November 2025, Tibet's electricity generation reached 1.39 billion kilowatt-hours, marking a year-on-year increase of 3.7% [1]. - From January to November 2025, total electricity generation in Tibet was 15.06 billion kilowatt-hours, reflecting a year-on-year growth of 10.8% [1]. - Breakdown of electricity generation from January to November 2025 shows: - Thermal power generation was 0.5 billion kilowatt-hours, accounting for 3.3% of total generation, with a year-on-year increase of 43.3% [1]. - Hydropower generation was 12.61 billion kilowatt-hours, making up 83.7% of total generation, with a year-on-year increase of 5.3% [1]. - Wind power generation was 0.38 billion kilowatt-hours, representing 2.5% of total generation, with a year-on-year increase of 195.4% [1]. - Solar power generation was 1.571 billion kilowatt-hours, accounting for 10.4% of total generation, with a year-on-year increase of 37.4% [1]. Group 2: Statistical Data Source - The data presented in the report is sourced from the National Bureau of Statistics and organized by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business income of 20 million yuan or more [1].

Group 1 - The core viewpoint of the articles highlights the growth in electricity generation in Guizhou Province, with a total generation of 211.4 billion kWh in November 2025, representing a year-on-year increase of 6.9% [1] - From January to November 2025, Guizhou Province generated 2,336.3 billion kWh of electricity, showing a year-on-year growth of 4.8% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 1,373.2 billion kWh (58.8% of total generation) with a year-on-year decline of 5.9%, while hydropower increased by 31.8% to 653.2 billion kWh (28% of total generation) [1] Group 2 - Wind power generation reached 134.1 billion kWh, representing 5.7% of total generation with a year-on-year increase of 8.5% [1] - Solar power generation amounted to 175.72 billion kWh, making up 7.5% of total generation and showing a year-on-year growth of 16.9% [1] - The report by Zhiyan Consulting provides an analysis of the energy industry market in China from 2026 to 2032, indicating potential investment opportunities [1]

Core Insights - The report highlights the growth in electricity generation in the Xinjiang Uygur Autonomous Region, with a total generation of 514.2 billion kilowatt-hours from January to November 2025, marking a year-on-year increase of 5% [1] - The breakdown of electricity generation by type shows that thermal power accounted for 68.1% of the total generation, with a slight increase of 0.7% year-on-year, while hydropower decreased by 0.6% [1] - Wind power generation increased by 7.9% year-on-year, contributing 14.6% to the total generation, and solar power saw a significant growth of 43%, making up 10.8% of the total generation [1] Industry Overview - The report is based on data from the National Bureau of Statistics and compiled by Zhiyan Consulting, focusing on large-scale industrial enterprises with annual main business revenues of 20 million yuan or more [2] - The report emphasizes the importance of consistent statistical criteria for year-on-year comparisons, noting that changes in the scope of large-scale industrial enterprises may affect data comparability [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored consulting services to support investment decisions [2]