格隆汇1月7日｜长江证券研报指出，长江电力四季度下游来水转丰，全年业绩展望稳健。整体而言，得 益于下游的丰沛来水，四季度电量实现高速增长，单季业绩展望积极。全年来看，公司发电量实现稳健 增长，同时考虑来水改善的背景下，公司参股投资收益同样有望贡献业绩增量，公司全年业绩有望实现 稳健增长。若按照"十五五"初期2026-2027年预期平均业绩测算，公司股息率将达到3.73%，坚定看好公 司作为稳健红利典范的长期投资价值。根据最新经营数据，调整公司盈利预测，预计公司2025-2027年 对应EPS分别为1.41元、1.44元和1.47元，对应PE分别为19.33倍、18.95倍和18.58倍。维持"买入"评级。 ...

绿色消费蔚然成风，能源转型惠及民生。记者了解到，"十四五"以来，南方五省区电能替代电量突破 2400亿千瓦时，电能占终端能源消费比重达34%，较全国平均水平高出5个百分点。超10万个充电桩遍 布城乡，粤港澳大湾区更达成欧标充电桩县区全覆盖。2025年绿电绿证交易量达2500亿千瓦时，超此前 三年总和，港澳台绿证交易实现全覆盖，绿色电力从生产端直达消费端，为社会各界参与"双碳"实践搭 建起便捷桥梁。 "十四五"时期，中国南方电网有限责任公司（以下简称"南方电网"）锚定数字化、绿色化转型"双主 线"，争当能源革命"先锋队"，新型电力系统建设硕果满枝：世界最大规模交直流互联电网上线运 行，"西电东送"累计输送电量超9500亿千瓦时，绿色电能直达千里；数智赋能让粤港澳大湾区供电可靠 率跃居世界顶尖水平，充电桩实现乡镇无死角覆盖，广州、深圳、海口成功斩获国家级车网互动示范金 字招牌；电力交易市场主体突破22万家、占全国四分之一，市场化交易电量占比超七成，市场活力火力 全开；昆柳龙直流工程创下19项世界之最，特高压技术领跑全球赛道，尽显央企实干担当硬核底气。 日前，南方电网正式发布新型电力系统发展白皮书，以翔实数据、鲜活 ...

——《电力中长期市场基本规则》解读 山东电力交易中心董事长 李锋 在我国"十四五"规划圆满收官，"十五五"规划谋篇布局的关键节点，国家发展改革委、国家能源局印发 《电力中长期市场基本规则》（以下简称《基本规则》），进一步夯实全国统一电力市场"1+6"基础规 则体系，既为构建高水平社会主义市场经济体制提供了重要支撑，也体现了国家推进能源领域治理体系 和治理能力现代化的坚定决心。深入领会和贯彻《基本规则》精神，需牢牢把握"一目标、两衔接、三 覆盖"的核心逻辑，推动电力中长期市场在保障能源安全、促进绿色转型、稳定市场运行中发挥更大作 用。 一、坚定一个目标：以市场机制促进"保供应、促转型、稳价格" 中长期与现货市场衔接方面，《基本规则》明确了中长期、现货市场的时序衔接、出清协调和结算对接 机制。推动月内交易按日连续开市，探索月度及以上期限交易连续开市，增强了市场灵活性。明确提出 设置中长期结算参考点，实现中长期与现货市场价格衔接，增强了市场价格稳定性和可预期性。 《基本规则》紧紧围绕"保供应、促转型、稳价格"核心目标，全面优化电力中长期市场功能定位，筑牢 电力市场运行的根基。 保供应方面，《基本规则》强化中长期市场 ...

——《电力中长期市场基本规则》解读 江苏电力交易中心董事长 柳惠波 《基本规则》将储能企业、虚拟电厂、负荷聚合商等新型经营主体纳入市场成员范围，明确提出新型经 营主体定义，厘清新型经营主体的权利和义务，区分单一技术类新型经营主体和资源聚合类新型经营主 体纳入市场体系，对新型主体参与中长期交易的路径作出明确指引，打破了传统市场主体的参与壁垒， 有利于通过市场价格信号激发各类资源调节潜力，为海量分布式光伏、储能、虚拟电厂等新兴业态发展 提供有力支撑。 四、开启各类市场品种协同的"新模式" 《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。 五、展望：推动落地见效，贡献江苏先进经验 《电力中长期市场基本规则》（以下简称《基本规则》），作为电力市场"1+6"基础规则体系的核心组 成部分，此次规则的发布既是对前期电力市场化改革实践的系统总结，更是立足新型电力系统建设需 求、推动电力市场高质 ...

1月5日，记者从国网苏州供电公司获悉，长三角重要能源枢纽变电站——江苏苏州500千伏车坊变电站 超规模扩建工程顺利送电。该变电站是连接无锡、上海的重要输电联络点，承接着±800千伏锦屏—苏 南特高压直流输电工程汇入江苏电网的清洁水电。变电站的改造投运可进一步提升苏州电网对西部清洁 水电的消纳能力。 工程选址于车坊变电站老区西南侧，此次扩建新建100万千伏安主变压器1组，500千伏出线6回，220千 伏出线9回。"工程完成增容后，新增变电容量100万千伏安，苏州地区年提升供电能力87.6亿千瓦时， 相当于近300万户家庭1年的用电量。"国网苏州供电公司500千伏变电运检中心副主任苏俊霖介绍。 "工程对优化长三角能源结构、服务'双碳'目标落地、推动区域绿色低碳发展具有重要战略意义，也为 长三角一体化高质量发展注入了强劲能源动力。"国网苏州供电公司建设部副主任高琦说。 据悉，2025年江苏共有10项主干网、1007项配电网迎峰度冬重点工程建设。除500千伏车坊变电站超规 模扩建工程外，一批主网工程正加快建设。这些工程投运后将进一步优化江苏电网新能源消纳和整体供 电能力，全面支撑冬季电力安全供应。 500千伏车坊变电 ...

Core Viewpoint - The A-share market experienced a collective pullback on January 7, but the power sector showed resilience, with significant gains in related stocks and ETFs [1]. Group 1: Market Performance - The green energy ETF (562550) rose by 0.36%, while the power grid equipment ETF (159326) increased by 1.78% [1]. - Notable power stocks such as Shanghai Electric surged over 4%, with Inner Mongolia Huadian, Guiguan Electric, Jingneng Electric, and China Nuclear Power also seeing gains [1]. Group 2: Policy Developments - Relevant authorities issued guidelines to promote the consumption and regulation of renewable energy, aiming for a reasonable consumption of 200 million kilowatts of renewable energy annually by 2030 [1]. - The guidelines reinforce the "14th Five-Year Plan" goals for large-scale development of renewable energy and serve as a foundational policy to reshape the focus on renewable energy consumption and regulation [1]. Group 3: Demand Dynamics - The explosion of AI-driven computing power is reshaping the data center industry and is becoming a critical variable in the evolution of global energy consumption patterns, presenting unprecedented challenges and innovative opportunities for power infrastructure [1]. Group 4: Investment Outlook - Huatai Securities noted that the construction of a national unified electricity market is accelerating, with expected grid investments during the "14th Five-Year Plan" period to exceed 4 trillion yuan, a significant increase from 2.8 trillion yuan during the "13th Five-Year Plan" [1]. - The construction of the main grid is essential for achieving interconnection of the national grid framework and remains a key focus area for development [1].

Group 1 - The core objective of the theoretical learning center group at Baotou Donghua Thermal Power Co., Ltd. is to enhance theoretical knowledge and apply the Party's innovative theories to address new situations and problems in a systematic manner [1][2] - The company emphasizes the integration of theoretical learning with practical applications in safety production, reform, and development, aiming to empower energy supply through effective learning practices [1][4] - The learning approach includes a combination of individual study, collective discussions, and specialized lectures to ensure that learning is targeted and effective, addressing the specific needs of party members and leaders [3][4] Group 2 - The company prioritizes political construction and aims to deeply understand and implement the Party's innovative theories, ensuring that learning outcomes are translated into actionable strategies for high-quality development [2][4] - The leadership actively engages in research and field studies to address key operational challenges, such as the development of new energy storage and smart heating networks, thereby enhancing the company's operational efficiency [4][5] - Baotou Donghua Thermal Power Co., Ltd. is committed to continuous theoretical reinforcement and innovative learning methods to lead high-quality development while fulfilling its responsibilities in energy security and green transformation [5]

Core Viewpoint - The release of the "Basic Rules for the Electric Power Medium and Long-term Market" marks a significant step in the development of China's electric power market, aiming to enhance energy security, promote green transformation, and stabilize market operations [1] Group 1: One Goal - The "Basic Rules" focus on three core objectives: ensuring supply, promoting transformation, and stabilizing prices [2] - To ensure supply, the rules strengthen the medium and long-term market's foundational role in stabilizing electricity supply and demand, encouraging long-term contracts to provide clear market expectations for power investment and grid planning [2] - For promoting transformation, the rules establish a green electricity trading mechanism, allowing for independent accounting of green electricity's environmental value and encouraging participation in long-term green electricity trading [2] - The rules also incorporate new market participants like virtual power plants and distributed energy sources to support energy structure transformation [2] Group 2: Two Connections - The "Basic Rules" emphasize the need for dynamic connections between inter-provincial and intra-provincial markets, as well as between medium-long-term and spot markets, to create a multi-level collaborative operating system [4] - The rules promote coupling between inter-provincial and intra-provincial trading, encouraging innovative mechanisms for cross-regional electricity trading [4] - They also clarify the timing and settlement mechanisms for medium-long-term and spot markets, enhancing market flexibility and stability [4] Group 3: Three Coverages - The "Basic Rules" aim to establish a comprehensive medium and long-term electricity market system that covers spatial, temporal, and varietal dimensions [5] - Spatially, the rules create a three-tier trading organization system across grid operating areas, provinces, and regions, ensuring nationwide electricity trading coverage [6] - Temporally, the rules establish a full-cycle trading system covering multiple time frames, from several years to monthly and daily transactions [6] - In terms of variety, the rules define various trading methods, including bilateral negotiation, centralized bidding, and listing, to meet diverse trading needs [6] Group 4: Outlook - By 2025, Shandong aims to implement the national unified electricity market construction requirements, achieving significant results and establishing itself as a provincial model for the national unified electricity market [7] - The introduction of the "Basic Rules" provides guidance for Shandong to better integrate into the national market system, enhancing its medium and long-term trading mechanisms and promoting green electricity trading [7]

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 ...