锚定电力市场改革方向 夯实电力中长期市场根基 ——《电力中长期市场基本规则》解读 《基本规则》聚焦各类市场品种衔接，明确跨电网经营区中长期交易、跨省跨区中长期交易、省内中长 期交易的组织主体、组织原则、价格机制等内容，明确跨省跨区绿电交易、省内绿电交易的参与对象、 组织方式、结算原则等内容，强调中长期市场和现货市场在组织时序、价格限值、结算流程等方面的有 序衔接。 《基本规则》以"统一框架定方向、灵活机制提效能、多元主体激活力、各方协同守底线"为核心脉络， 强化了与电力市场"1+6"基本规则体系的系统性衔接，明确按照统一标准开展市场注册、交易组织、交 易结算、信息披露等工作，技术支持系统应实现统一平台架构、统一技术标准、统一核心功能、统一交 互规范。 二、筑牢电力市场平稳运行的"新机制" 电力中长期交易是电力市场的核心组成部分，承担着保障电力安全稳定供应、锁定市场主体预期的基础 功能。规则构建"多年、年度、月度、月内"全周期交易体系，明确数年、年度交易定期开市并探索连续 开市，月内交易原则按日开市；推广分时段交易、带电力曲线签约，要求现货运行地区时段不少于24 个，新机制实现了"长周期稳预期"与"短周期调偏差 ...

港股通数据统计周报 2025.12.29-2026.01.04 港股通前十大净买入/卖出公司 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 3 港股通本周前十大净买入公司（2025.12.29-2026.01.04） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 1288.HK | 农业银行 | 金融 | 181815021 | 10.51 | | 2 | 1398.HK | 工商银行 | 金融 | 103355393 | 6.50 | | 3 | 0386.HK | 中国石油化工股份 | 能源 | 74759971 | 3.49 | | 4 | 1117.HK | 现代牧业 | 日常消 ...

（文章来源：中国新闻网） 2025年，宁夏聚焦特色优势产业绿电园区建设，创新推行绿电双边交易模式，将低压办电"零投资"政策 覆盖至160千瓦及以下民营经济组织，累计为9.85万个低压用户节约办电成本，精准赋能小微企业发 展。在重点项目服务方面，国网宁夏电力开辟用电绿色通道，超前对接服务中金数据中心等54个重点项 目，完成386.59万千伏安用电报装，保障2700余个高压用电用户按期送电，新增报装容量达216.2万千伏 安。 新能源消纳与外送成效显著是宁夏电力发展的亮点。2025年，宁夏新增新能源并网容量1815万千瓦，通 过"一企一策"引导自备电厂在新能源大发时段降低出力、参与电力市场交易，推动绿电替代与增绿降 碳。当年，宁夏新能源外送电量超280亿千瓦时，占总外送规模的28%，通过宁夏—湖南±800千伏特高 压直流输电工程等通道，将清洁电力稳定送往中东部地区，为全国能源结构转型贡献宁夏力量。(完) 中新网银川1月7日电 (记者李佩珊)记者7日从国网宁夏电力有限公司获悉，2025年宁夏电网实现里程碑 式突破，全年售电量达1044.84亿千瓦时，同比增长6.92%，增速位居中国国家电网系统前列，外送电量 亦同步 ...

Core Insights - The continuous increase in electricity load in Guizhou marks a significant improvement in the province's power supply capacity, supporting high-quality economic and social development [1][4] Group 1: Load Growth Drivers - The rise in load is driven by dual factors: industrial development and improvements in people's livelihoods, particularly since the implementation of the "Four New" and "Four Modernizations" strategies [1] - Key emerging industries such as big data, new energy batteries, and modern chemicals have become important engines for electricity consumption growth [1] Group 2: Measures to Ensure Power Supply - Guizhou Electric Power Company has implemented a series of measures to ensure reliable power supply, including establishing a government-enterprise linkage mechanism and optimizing coal and hydropower dispatch [2][3] - The company has maintained coal power peak capacity above 90% and has effectively utilized rainfall resources through scientific adjustments in power generation [2] Group 3: Response to High Load Peaks - The company has proactively deployed measures to ensure stable operation of the power grid, including optimizing power generation plans and enhancing equipment maintenance through advanced technologies [3] - Real-time monitoring of distribution equipment and load management plans have been established to improve response capabilities to extreme weather and emergencies [3] Group 4: Economic Implications - The record-high electricity load reflects the vitality and resilience of Guizhou's economic development, serving as a barometer for economic activity and growth potential [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company is expected to achieve a power generation volume of approximately 307.19 billion kWh in 2025, representing a year-on-year growth of 3.82%. The fourth quarter alone is projected to see a significant increase of 19.93% in power generation [2][6] - The anticipated dividend yield of the company is at a high level, with a difference from the ten-year government bond yield reaching the 97th percentile since 2023. The expected average dividend yield for 2026-2027 is projected to be 3.73%, indicating strong long-term investment value as a stable dividend stock [2][12] Summary by Sections Event Description - The company reported that its total power generation from six domestic hydropower stations is expected to be around 307.19 billion kWh in 2025, which exceeds the initial target of 300 billion kWh by 2.40%. The fourth quarter's generation is expected to be about 72.07 billion kWh, showing a year-on-year increase of 19.93% [6] Event Commentary - The fourth quarter has seen abundant water supply, leading to a robust performance in power generation. The company’s investment income is also expected to contribute positively to its overall performance. The company is projected to maintain steady growth in its annual performance [12] - The company has committed to a high dividend payout ratio of at least 70% of the net profit attributable to shareholders from 2026 to 2030, reflecting its commitment to shareholder returns [12] - The company’s earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.41, 1.44, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.33, 18.95, and 18.58 [12]

《赞比亚每日邮报》1月6日报道，截至目前，赞比亚已完成125兆瓦的太 阳能发电，包括奇桑巴100兆瓦项目和迈洛-塞伦杰25兆瓦项目。赞比亚国家电 网预计到7月将实现500兆瓦的太阳能发电。目前在建的项目有阿普拉省50兆瓦 项目，南方省西亚翁加区100兆瓦项目、卡富埃峡谷100兆瓦项目、奇桑巴二期 100兆瓦项目和乔马35兆瓦项目。 （原标题：赞国家电网预计今年7月实现500兆瓦太阳能发电） ...

Core Insights - In January 2026, 20 regions implemented peak electricity prices, while 3 regions adopted valley electricity prices. A total of 21 regions exhibited a peak-valley price difference exceeding 0.6 yuan/kWh, and 16 regions had a peak-to-flat price difference greater than 0.3 yuan/kWh [3][4] - The top three regions with the largest peak-valley price differences are: Guangdong Pearl River Delta (1.1577 yuan/kWh), Jiangmen (1.1510 yuan/kWh), and Hainan (1.1171 yuan/kWh) [3][4] - Year-on-year changes in the maximum price difference for January 2026 show increases in only 7 provinces, while the remaining provinces experienced declines. Notably, Xinjiang saw a decrease of 93.4%, Ningxia 57.4%, and Liaoning 48.3% [3][4] Price Differences - The maximum peak-valley price difference in January 2026 is as follows: - Guangdong Pearl River Delta: 1.1577 yuan/kWh, down 11.9% year-on-year - Jiangmen: 1.1510 yuan/kWh, down 12.0% year-on-year - Hainan: 1.1171 yuan/kWh, with other regions like Huizhou, Hunan, and Shandong also showing significant differences [3][5] - The year-on-year decline in maximum price differences is particularly pronounced in provinces with ample supply, such as Xinjiang, Ningxia, and Liaoning, while Jiangsu's decline is attributed to adjustments in time-of-use pricing [3][5] Time-of-Use Pricing Policies - Hebei, Shandong, and Shanxi updated their time-of-use pricing policies in January 2026, with specific floating ratios for peak and valley pricing [6][8][9] - The floating ratios for peak and valley prices are set at 70% above and below the flat price, respectively, with peak prices increasing by 20% and valley prices decreasing by 20% [7][8][9] Impact on Energy Storage - Changes in time-of-use pricing policies significantly affect the profitability of user-side energy storage. The CNESA will continue to monitor electricity price trends, with detailed analyses available in the CNESA DataLink global energy storage database [12]

Group 1 - Jilin Province's total annual electricity consumption exceeded 100 billion kilowatt-hours for the first time, reaching 101.19 billion kilowatt-hours, with a year-on-year growth of 6.49%, marking a significant milestone in the province's economic expansion [1] - The growth rates of electricity consumption by sector were as follows: primary industry 13.6%, secondary industry 4.2%, tertiary industry 10.1%, and residential use 7.5% [1] - Specific industries such as chemical raw materials and products manufacturing, chemical fiber manufacturing, and electronic equipment manufacturing saw electricity consumption growth rates exceeding 40%, while accommodation and catering, wholesale and retail, and financial industries experienced growth rates above 10% [1] Group 2 - Since 2025, State Grid Jilin Electric Power Company has taken significant steps to ensure food security by fully electrifying 17,800 high-standard farmland wells before spring plowing [2] - The company established 571 service teams to provide on-site support, visiting over 22,400 individuals in agricultural production and identifying 6,100 potential electricity safety hazards [2] - Efforts to optimize the electricity business environment included implementing a "project leader" system to support key enterprises and major projects, completing electricity connection tasks for 576 significant projects, and reducing connection costs by 910 million yuan [2]

Core Viewpoint - The National Energy Administration has released a series of key industry standards aimed at regulating energy project planning, construction, and safety management, promoting new technologies and industries, and supporting energy efficiency and carbon emission management [1]. Group 1: Comprehensive Technical Specifications - The "Guidelines for Assessing the Capacity of Distributed Power Sources Connected to the Power System" standardizes the assessment of the capacity and available capacity for distributed power sources, enhancing the acceptance and configuration capabilities of the distribution network for distributed renewable energy [2]. - A series of safety production standardization implementation specifications for power generation enterprises have been established, covering various types of power generation including hydropower, gas, coal, and solar, aimed at improving safety management levels in power generation enterprises [2]. Group 2: Important Product Standards - The "Clean Low-Carbon Hydrogen Evaluation Standard" provides a lifecycle assessment method for hydrogen products, guiding hydrogen production enterprises in accurately defining carbon footprint accounting boundaries and promoting the transition to green and clean hydrogen production processes [5]. - The standards for "Green Ammonia" and "Green Methanol" aim to fill gaps in product evaluation and promote the green low-carbon transformation of the ammonia and methanol industries, supporting carbon trading market development [7][8]. Group 3: New Technologies, Industries, and Business Models - The "General Technical Conditions for Photovoltaic Power Plant Inspection Robots" standardizes the technical requirements and testing methods for inspection robots, enhancing the intelligent operation and maintenance of photovoltaic power plants [9]. - The "Deep Peak Regulation Capability Assessment Guidelines for Coal-Fired Power Generation Units" provide a framework for evaluating the peak regulation capabilities of coal-fired power plants, supporting the integration of renewable energy [11]. Group 4: Energy Efficiency and Carbon Emission Management Standards - The "Quantification Methods and Evaluation Standards for Carbon Emissions of Wind Power Projects" and "Photovoltaic Power Projects" establish guidelines for assessing the carbon emissions throughout the lifecycle of these projects, aiding in low-carbon management and industry development [12][13].

Core Viewpoint - The "Guiding Opinions on Promoting High-Quality Development of the Power Grid" aims to adapt to the green and low-carbon energy transition, supporting large-scale and high-proportion development of renewable energy through the establishment of a new power grid platform by 2030 [2][3]. Group 1: New Power Grid Platform - The new power grid platform is characterized by "safe and reliable, flexible and controllable, efficient and agile, and intelligent integration," emphasizing its role as a hub in the new power system [2][3]. - By 2030, the new power grid platform is expected to be initially established, enhancing resource optimization capabilities, with "West-to-East Power Transmission" exceeding 420 million kilowatts and supporting renewable energy generation to account for approximately 30% [3][4]. Group 2: Infrastructure and Development Goals - The guiding opinions highlight the need to solidify the public infrastructure attributes of the power grid, improving access for various grid-connected entities and optimizing connection standards to support the healthy development of new power business models [3][5]. - By 2035, the integration of main grids, distribution grids, and intelligent microgrids will be fully coordinated, enhancing the safety governance mechanisms and supporting the stable operation of the new power system [4]. Group 3: Seven Key Measures - The guiding opinions propose seven key measures to achieve high-quality development, focusing on unified planning and construction, enhancing the coupling of distribution grids with main grids, and supporting the reasonable development of distributed renewable energy [5][6]. - Emphasis is placed on improving the reliability of power supply in urban and rural areas, addressing bottlenecks in residential electricity supply, and promoting the integration of charging infrastructure with power grid development [5][6]. Group 4: Technological Innovation and Management - The guiding opinions call for strengthening key technological research, promoting the integration of artificial intelligence and digital technologies into power grid development, and establishing a standard system for the new power grid platform [6]. - The roles of various stakeholders, including local authorities and grid enterprises, are outlined to ensure the reliable supply of electricity and the safe operation of the power grid [6].