记者丨雷椰 编辑丨陈洁 2月11日，国务院办公厅发布《关于完善全国统一电力市场体系的实施意见》（以下简称《实 施意见》）。 多位业内人士向21世纪经济报道记者表示， 本次《实施意见》的公布，标志着电力市场化改 革从部门推动上升为国家战略部署。 文件提出全国统一电力市场顶层设计原则和目标愿景， 为新形势下对照纵深推进全国统一大市场建设要求，深化全国统一电力市场体系建设明确了方 向和路径。 《实施意见》明确，到2030年，基本建成全国统一电力市场体系，各类型电源和除保障性用户 外的电力用户全部直接参与电力市场， 市场化交易电量占全社会用电量的70%左右 。到2035 年，全面建成全国统一电力市场体系，市场功能进一步成熟完善，市场化交易电量占比稳中有 升。 《实施意见》提出推动电力资源在全国范围内优化配置、健全电力市场的各项功能、促进各类 经营主体平等广泛参与电力市场、构建全国统一的电力市场制度体系等多项内容。 | 索引 号： 000014349/2026-00009 | 主题分类: 国土资源、能源电力 | | --- | --- | | 发文机关： 国务院办公厅 | 成文日期: 2026年02月08日 | | 标 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The overall production is more robust than in previous years before the Spring Festival, but there are differences in various production indicators; the improvement trend of the new - house sales volume in 30 cities has weakened; the decline of pig prices has widened; and oil prices have risen [2][3][4]. 3. Summary by Directory 3.1 Economic Growth: Production is More Robust than in Previous Years before the Spring Festival 3.1.1 Production - **Power plant daily consumption shows seasonal decline**: On February 10, the average daily consumption of 6 major power - generating groups was 792,000 tons, a 2.8% decrease from February 3; on February 8, the daily consumption of power plants in eight southern provinces was 2.03 million tons, an 8.6% decrease from January 30 [4][11]. - **Blast furnace operating rate rises before the festival**: On February 6, the national blast furnace operating rate was 79.6%, a 0.5 - percentage - point increase from January 30; the capacity utilization rate was 85.7%, a 0.3 - percentage - point increase. The blast furnace operating rate of Tangshan steel mills was 92.3%, a 2.5 - percentage - point increase [4][16]. - **Tire operating rate is more robust than in previous Spring Festivals**: On February 5, the operating rate of all - steel truck tires was 60.7%, a 1.7 - percentage - point decrease from January 29; the operating rate of semi - steel car tires was 72.8%, a 2.1 - percentage - point decrease. The operating rate of looms in the Jiangsu - Zhejiang region shows a seasonal decline [4][18]. 3.1.2 Demand - **The improvement trend of new - house sales volume in 30 cities weakens**: From February 1 - 10, the average daily sales area of commercial housing in 30 large - and medium - sized cities was 185,000 square meters, a 27.3% increase from January, a 116.3% increase from February last year, and a 3.2% increase from February 2024 [4][23]. - **The retail growth of the auto market strengthens**: In February, retail sales increased by 54% year - on - year, and wholesale sales increased by 46% year - on - year [4][25]. - **Most steel prices decline**: On February 10, compared with February 3, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil were flat, down 1.3%, down 0.6%, and down 0.1% respectively [4][31]. - **The decline of cement prices slows down before the festival**: On February 10, the national cement price index decreased by 0.3% compared with February 3 [4][32]. - **Glass prices fluctuate within a narrow range**: On February 10, the active futures contract price of glass was 1,079 yuan/ton, a 0.6% increase from February 3 [4][38]. - **The decline of the container shipping freight rate index slows down**: On February 6, the CCFI index decreased by 4.5% compared with January 30, and the SCFI index decreased by 3.8% [4][42]. 3.2 Inflation: The Decline of Pig Prices Widens 3.2.1 CPI - **The decline of pig prices widens**: On February 10, the average wholesale price of pork was 18.3 yuan/kg, a 1.6% decrease from February 3 [4][47]. - **The agricultural product price index declines moderately**: On February 10, the agricultural product wholesale price index decreased by 0.3% compared with February 3 [4][53]. 3.2.2 PPI - **Oil prices rise**: On February 10, the spot prices of Brent and WTI crude oil were $72.4 and $64.0 per barrel respectively, a 3.6% and 1.2% increase from February 3 [4][55]. - **Copper and aluminum prices decline**: On February 10, the prices of LME 3 - month copper and aluminum decreased by 2.0% and 0.7% respectively compared with February 3 [4][59]. - **The domestic commodity index turns to decline month - on - month**: On February 10, the Nanhua Industrial Products Index increased by 0.01% compared with February 3, and the CRB index decreased by 0.4% [4][59].

Core Viewpoint - Chendian International announced that its stock price experienced a cumulative decline of over 20% during three consecutive trading days from February 9 to February 11, 2026, indicating abnormal trading price fluctuations [1] Summary by Relevant Sections - **Stock Price Movement** - The company's stock price fell significantly, with a cumulative drop exceeding 20% over three trading days [1] - **Regulatory Compliance** - The board of directors confirmed that, apart from disclosed matters, there are no undisclosed items or agreements that should be reported according to the Shanghai Stock Exchange regulations [1] - **Information Disclosure** - The company stated that it is not aware of any undisclosed information that could significantly impact the trading price of its stock and derivatives [1]

Core Viewpoint - The State Council issued the "Implementation Opinions on Improving the National Unified Electricity Market System," marking a shift in electricity market reform from departmental promotion to national strategic deployment, with clear goals for 2030 and 2035 [1][3]. Group 1: Key Goals and Timeline - By 2030, the national unified electricity market system is expected to be basically established, with market transactions accounting for approximately 70% of total electricity consumption [1][3]. - By 2035, the market system will be fully established, with further maturation and an increasing proportion of market transactions [1][3]. Group 2: Systematic Reform Measures - The implementation opinions propose systematic reforms to address key issues such as breaking market barriers, promoting diverse participation, and enhancing capacity assurance mechanisms [3][4]. - The document emphasizes breaking down market barriers to optimize electricity resource allocation nationwide, enabling "electricity to flow nationwide" [3][4]. Group 3: Market Participation and Structure - The opinions outline pathways for various market participants, including gas, hydro, and nuclear power, to enter the market, promoting a diverse and competitive market structure [4][6]. - New entities like virtual power plants and smart microgrids are encouraged to participate flexibly in the market [4][6]. Group 4: Market Mechanism Development - Continuous improvement of market mechanisms is emphasized, including the establishment of a capacity price mechanism for coal, pumped storage, and new energy storage resources [4][6]. - The document highlights the need for effective transmission of auxiliary service costs in regions with continuous spot market operations [4][6]. Group 5: Market Function Clarification - The implementation opinions clarify the functions of six major markets: spot, medium- and long-term, auxiliary services, green electricity, capacity, and retail markets [6][7]. - The new pricing system represents a significant breakthrough in China's electricity market construction, shifting from a "single electricity pricing" model to a market-driven approach [6][7]. Group 6: Green Electricity and International Standards - The opinions stress the importance of strengthening the traceability of green electricity consumption and exploring the feasibility of incorporating green certificates into carbon emission accounting [7][8]. - There is a call for proactive engagement in international standard-setting processes to align China's green electricity standards with global systems [8].

Key Highlights - Dongfang Guoxin's Inner Mongolia Intelligent Computing Center project has been partially completed and delivered to customers [1] - Dawi Technology's rental service business has a minimal impact on the company's performance [1] - Jin Haitong plans to invest no more than 400 million yuan in the construction of the Shanghai Lanbo Semiconductor Equipment Manufacturing Center [1] - Hongsheng Huayuan is expected to win a bid for approximately 621 million yuan for a Southern Power Grid project [1] - Dongwang Times intends to acquire 51% of Zhejiang Keguan Polymer Co., Ltd. for 194 million yuan [1] - State Grid Information Communication's net profit for 2025 is projected to be 678 million yuan, a year-on-year decrease of 16.91% [1] - Quzhou Dongfeng plans to repurchase shares worth between 50 million to 100 million yuan [1] - Jieshun Technology's actual controller Liu Cuiying plans to reduce her stake by no more than 2.8% [1] - Pingzhi Information intends to raise no more than 1 billion yuan through a private placement for the construction of a domestic intelligent computing center [1] - Longci Technology plans to raise no more than 760 million yuan for a chip inductor manufacturing project [1] Project Investments - Shoulu Hotel plans to invest 281 million yuan in a new hotel property project [1] - Jin Haitong intends to invest no more than 400 million yuan in the Shanghai Lanbo Semiconductor Equipment Manufacturing Center [1] Contract Awards - Teruid's expected bid for a Southern Power Grid project is valued at 170 million yuan [1] - Tongda Co., Ltd. is expected to win a bid for a Southern Power Grid project worth 120 million yuan [1] - Hongsheng Huayuan is expected to win a bid for approximately 621 million yuan for a Southern Power Grid project [1] - Roman Co., Ltd. is part of a consortium that won a bid for a 50MW distributed wind power project [1] Performance Reports - Jingchen Co., Ltd. reported a net profit of 871 million yuan for 2025 [1] - Daotong Technology reported a net profit of 935 million yuan for 2025, a year-on-year increase of 45.89% [1] - State Grid Information Communication's net profit for 2025 is projected to be 678 million yuan, a year-on-year decrease of 16.91% [1] Equity Transfers - Huibo Yuntong plans to transfer 25.5% of its stake in Huibo Yuannian to its controlling shareholder [2] - Dongwang Times intends to acquire 51% of Zhejiang Keguan Polymer Co., Ltd. for 194 million yuan [3] - Xinxin Co., Ltd. plans to use no more than 700 million yuan to acquire 70% of Huilian Electronics [3] Share Buybacks - Quzhou Dongfeng plans to repurchase shares worth between 50 million to 100 million yuan [1] - Other companies are also engaging in share buybacks, including Huibo Yuntong and Jieshun Technology [3] Other Fundraising Activities - Guangji Pharmaceutical plans to raise no more than 600 million yuan through a private placement [3] - Pingzhi Information intends to raise no more than 1 billion yuan for the construction of a domestic intelligent computing center [3] - Jiangtong Equipment plans to raise no more than 1.882 billion yuan for the acquisition of Jiangying Company [3] - Longci Technology plans to raise no more than 760 million yuan for a chip inductor manufacturing project [3] - Unisplendour plans to raise no more than 5.57 billion yuan for the acquisition of a 6.98% stake in Xinhua San [3]

Group 1: Major Announcements - Unisplendour plans to raise no more than 5.57 billion yuan through a private placement to acquire a 6.98% stake in New H3C and for other projects [2] - Zhongwei Semiconductor intends to establish an IPM production line project in Ziyang, Sichuan, using 1.21 billion yuan of leftover IPO funds [2] - Kaiying Network has signed a settlement agreement with Legend IP, which is expected to positively impact the company's profit by approximately 200 million yuan [2] Group 2: Project Developments - Blue Ocean Huaten plans to invest 8 million yuan in Wanren Technology to support its daily operations and AI project development [4] - Yuedian Power A has successfully put into operation the expansion project of the Huizhou Power Plant, which includes two 1000MW units [7] - Longmag Technology intends to raise up to 760 million yuan for its second phase project in Vietnam and chip inductor manufacturing [8] Group 3: Financial Performance - Top Group expects a net profit of 2.6 billion to 2.9 billion yuan for 2025, a decrease of 3.35% to 13.35% year-on-year due to rising raw material costs and increased market competition [20] - Jingchen Technology reported a net profit of 871 million yuan for 2025, a 6% increase year-on-year, with record high sales of over 174 million chips [21] - Guodian Xintong's net profit for 2025 is projected at 678 million yuan, a decline of 16.91% year-on-year, primarily due to increased credit impairment losses and tax expenses [22] Group 4: Shareholder Actions - Jieshun Technology's actual controller plans to reduce holdings by up to 2.8% of the company's shares [27] - Lihexing's controlling shareholder and concerted actors plan to collectively reduce their holdings by up to 1% [27] - Kory Technology's shareholders plan to reduce their holdings by a total of up to 3.13% [29] Group 5: Stock Buybacks - Quzhou Dongfeng plans to repurchase shares worth between 50 million and 100 million yuan, with a maximum price of 6.48 yuan per share [30]

Core Viewpoint - The emergence of negative electricity prices is a natural outcome of the deepening market reforms in the electricity sector and the transition to a cleaner energy structure, reflecting effective price mechanism adjustments rather than market failure [2][11]. Group 1: Negative Electricity Prices - Negative electricity prices are not unique to the power industry and can occur in various sectors due to short-term supply-demand imbalances, indicating a precise reflection of market conditions [3][4]. - The occurrence of negative prices is a typical manifestation of the market's self-regulating ability, as seen in other industries like energy and logistics [4]. - Negative electricity prices are expected to become a regular feature in the new power system, driven by the increasing share of renewable energy installations and the need for effective supply-demand adjustments [8]. Group 2: Impact on Power Generation Companies - Concerns about negative prices leading to widespread losses for power generation companies are unfounded, as a multi-faceted revenue system has been established to mitigate these risks [5][6]. - The long-term contracts and market mechanisms in place allow power generation companies to lock in revenue, ensuring stability even in the face of negative prices [6]. - The growth of green certificate trading has become a significant revenue source for distributed photovoltaic stations, helping to offset the impacts of market price fluctuations [6]. Group 3: Benefits to Users - Negative electricity prices can provide economic benefits to industrial and commercial users by linking retail electricity prices to real-time market prices, allowing them to share in the cost savings [10]. - The adjustment value of negative prices extends beyond immediate economic benefits, contributing to a more efficient allocation of resources and minimizing social costs [10]. - The transition to a dual-sided interaction model in the electricity market allows users to participate in the benefits of renewable energy development, enhancing overall system value [9][10]. Group 4: Conclusion - Understanding negative electricity prices is crucial for the high-quality development of the electricity market, as they signify effective market adjustments and resource optimization rather than failures [11]. - The ongoing improvement of market mechanisms and the cultivation of diverse adjustment resources will enhance the role of negative prices in supporting renewable energy integration and ensuring system stability [11].

Group 1 - The company is currently engaged in the construction and application of virtual power plants, with plans to accelerate platform development and expansion in the future [2] - By 2025, the company will participate in demand response initiatives in the Shanghai region, indicating a strategic focus on enhancing its virtual power plant capabilities [2]

Core Viewpoint - Shanghai Electric (600021) is actively participating in demand response initiatives in the Shanghai region and plans to accelerate the construction and upgrade of its virtual power plant platform to expand its scale in the future [1] Group 1 - The company will participate in demand response in the Shanghai area by 2025 [1] - The company aims to enhance the construction and upgrade of its virtual power plant platform [1] - The expansion of the virtual power plant platform scale is a key focus for the company [1]

Core Viewpoint - The State Council of China has released the "Implementation Opinions on Improving the National Unified Electricity Market System," marking a significant shift in electricity market reform from departmental promotion to national strategic deployment, with clear goals set for 2030 and 2035 [1][4]. Group 1: Key Strategic Goals - By 2030, the national unified electricity market system is expected to be basically established, with market transactions accounting for approximately 70% of total electricity consumption, and by 2035, the system will be fully established with further improvements in market functions [1][4]. - The document outlines key strategic nodes for the next decade, emphasizing the need for systematic reforms to eliminate market barriers and promote diverse participation in the electricity market [4][5]. Group 2: Systematic Reform Measures - The implementation opinions propose breaking down market barriers to optimize electricity resource allocation nationwide, facilitating a more integrated market [5]. - It emphasizes equal and broad participation of various market entities, including traditional and new energy sources, to create a competitive market landscape [5][6]. - The document highlights the need for continuous improvement of market mechanisms, including the establishment of effective capacity pricing mechanisms and the exploration of capacity markets [6][7]. Group 3: Market Function Development - The implementation opinions clarify the functions of six major markets: spot, medium-to-long-term, ancillary services, green electricity, capacity, and retail markets, aiming to enhance price discovery and supply-demand adjustment [6][7]. - The new pricing system is seen as a milestone in China's electricity market construction, shifting from a single pricing model to a multi-dimensional value quantification approach, which supports the transition to a new energy system [6][7]. Group 4: Green Energy and International Standards - The document stresses the importance of strengthening the traceability of green electricity consumption and exploring the integration of green certificates into carbon accounting [7][8]. - It calls for active engagement in international standard-setting processes to align China's green electricity certification with global standards, facilitating participation in global green governance [8].