Core Viewpoint - The company, Guangdong Electric Power A (粤电力A), is experiencing a significant increase in renewable energy generation and has entered a "production explosion period" with multiple projects coming online, enhancing its market competitiveness and operational capacity [1][2][3]. Group 1: Project Developments - The Maoming Boge Power Plant's 4th unit, part of a 2×1000MW project, has officially commenced commercial operations, completing the construction of two supercritical coal-fired units [1][2]. - The total investment for the Maoming Boge Power Plant project is 7.484 billion yuan, with an expected annual generation capacity of 8.6 billion kilowatt-hours [2]. - The company has also recently completed the expansion of the Huilai Power Plant, with its 5th unit successfully entering commercial operation [3]. Group 2: Renewable Energy Growth - In 2025, the company's renewable energy generation (including wind, hydro, solar, and biomass) reached 10.946 billion kilowatt-hours, a year-on-year increase of approximately 24% from 8.823 billion kilowatt-hours [7]. - The company reported a total generation of 1277.82 billion kilowatt-hours in 2025, reflecting a 1.54% increase year-on-year [6][7]. Group 3: Capacity and Performance Metrics - As of the end of 2025, the company has a controllable installed capacity of 46.6831 million kilowatts, with coal power accounting for 52.34% of this capacity [7]. - The company plans to add 3 million kilowatts of coal power and 993.6 thousand kilowatts of solar power through self-construction and acquisitions in 2025 [8]. Group 4: Financial Performance - The company anticipates a net profit attributable to shareholders of between 577 million and 757 million yuan for 2025, representing a year-on-year decline of 21.45% to 40.12% [8]. - The decline in profit is attributed to intensified market competition and a significant drop in on-grid electricity prices, despite a decrease in fuel costs [8].

晨会纪要（R3） 晨会纪要 2026 年 02 月 04 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 4067.74 | 1.29 | | 深证成指 | 14127.11 | 2.19 | | 创业板指 | 3324.89 | 1.86 | | 科创 50 | 1471.07 | 1.39 | | 北证 50 | 1549.51 | 3.27 | | 沪深 300 | 4660.11 | 1.18 | 上证指数-沪深 300 走势图 -6% 4% 14% 24% 34% 2025-01 2025-04 2025-07 2025-10 2026-01 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 周舒鹏 | 研究助理 | zhoushupeng@hnchasing.com 晨会聚焦 一、财信研究观点 【债券研究】债券市场综述 三、行业及公司动态 【行业动态】2025 年中国 ...

Core Insights - The global AI industry is experiencing rapid growth, leading to an explosive increase in computing power demand, which is straining electricity supply and grid stability in key regions like North America and Europe [1][2] - China's new energy system construction is advancing, with significant investments in grid upgrades, energy storage, and digitalization, positioning the electricity sector as a crucial investment focus under the dual guidance of stable growth and energy transition [1] Group 1: AI Power Demand Surge - The expansion of AI computing power in North America and Europe is causing regional electricity shortages, impacting the construction progress of large data center projects [2] - This issue is not a short-term bottleneck but a long-term structural contradiction, as AI data centers exhibit exponential energy consumption while the backup capacity of European and American grids is nearing exhaustion [2] - The geographical layout of the industry is shifting towards regions with more abundant electricity resources, and companies are transitioning to integrated models of self-built green power generation and storage to ensure stable power supply [2] Group 2: China's Advantages in Power Supply - China possesses significant advantages in electricity supply stability, scale, green power allocation capabilities, and infrastructure construction efficiency [3] - The "East Data West Computing" national strategy effectively connects the computing demand in the east with renewable energy-rich areas in the west [3] - Global electricity tension is driving the restructuring of the energy infrastructure industry chain, with a shift from reliance on traditional grids to "green power direct supply + local storage" [3] Group 3: New Power System Development - The construction of a new power system in China is entering a critical phase, with the main systemic bottleneck being insufficient "carrying capacity" and "flexibility" of the power system [4] - The inherent randomness and volatility of renewable energy generation create significant challenges for grid stability, leading to structural issues such as "abandoned wind and solar" alongside "electricity shortages" [4] - Future focus areas include the development of "active distribution networks" capable of massive resource integration and intelligent control, as well as the promotion of flexible DC transmission technologies [4] Group 4: Transformative Role of Energy Storage - Energy storage has transitioned from an optional component to a necessary element of the new power system, crucial for solving renewable energy consumption and ensuring grid safety [5] - The commercial model for energy storage in China is evolving from a single supporting model to a diversified revenue system comprising market revenue, capacity compensation, auxiliary service revenue, and special subsidies [5] Group 5: International Opportunities for Chinese Energy Technology - China's energy technology and solutions are gaining broad opportunities on the international stage, particularly in addressing global energy transition and electricity tension [6] - The country can enhance cooperation with regions like Europe, Southeast Asia, and the Middle East through equipment technology exports, capacity cooperation, and integrated investment, construction, and operation [6] Group 6: Investment Opportunities in the Energy Sector - Under the dual policy guidance of "stabilizing growth" and "energy transition," the investment focus in the electricity and new energy sector is becoming clearer [6][7] - In the short to medium term, opportunities exist in the export of grid equipment, domestic ultra-high voltage projects, and the storage sector, with global grid investment entering a high prosperity cycle [7] - Long-term prospects remain strong in wind power, AI data center energy infrastructure, energy digitalization, and advanced fields like space photovoltaics [7] Group 7: Focus on Leading Companies - Investment strategies should prioritize leading companies in various sub-sectors, as they possess comprehensive advantages in technology development, brand strength, cost control, and overseas capabilities [7] - The advantages of leading companies are expected to strengthen further in the context of the industry's pursuit of high-quality development and "anti-involution" [7]

公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获得中国证券监督管理委员会 （以下简称"中国证监会"）做出同意注册的决定后方可实施，最终能否通过上交所审核，并获得中国证 监会同意注册的决定及其时间存在不确定性。公司将根据该事项的进展情况，按照有关法律法规的规定 和要求及时履行信息披露义务。敬请广大投资者注意投资风险，理性投资。 特此公告。 申能股份有限公司董事会 2026年2月4日 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 申能股份有限公司（以下简称"公司"）于2025年10月24日收到上海证券交易所（以下简称"上交所"）出 具的《关于申能股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证上审 （再融资）〔2025〕314号）（以下简称"《问询函》"）。公司收到《问询函》后，按照要求会同相关 中介机构就《问询函》所列问题进行了逐项说明和回复，同时对募集说明书等申请文件进行了补充和更 新，具体内容详见公司于2026年1月9日在上交所网 ...

● 本报记者 刘英杰 新型电力系统建设纵深推进 随着风电、光伏等新能源装机占比持续快速提升，我国新型电力系统建设已进入纵深攻坚阶段。曾韬表 示，当前我国面对的最大系统性瓶颈在于电力系统的"承载力"与"灵活性"不足。新能源发电固有的随机 性、波动性与用电负荷的相对稳定性之间存在显著矛盾，导致电网调峰调频压力剧增，部分地区甚至出 现"弃风弃光"与"用电紧张"并存的结构性问题。 破解这一难题，离不开电网的智能化与柔性化改造。曾韬表示，未来重点关注的方向包括建设具备海量 接入能力并能智能控制分布式资源的"有源配电网"，推广应用柔性直流输电等技术，以及大力发展可聚 合分布式电源、储能和可调负荷的"虚拟电厂"。当下，以云计算、大数据、人工智能和物联网技术为代 表的数字化技术正广泛应用于电网状态监测、故障预警、负荷预测与调度优化。 在此背景下，储能的作用已发生根本性转变。"储能已从'可选项'转变为新型电力系统的'必选项'，是解 决新能源消纳、保障电网安全、提升能效的关键。"曾韬表示，国内储能的商业模式正从早期单一的配 套模式，转向由电能量市场收益、容量补偿、辅助服务收益和专项补贴等构成的多元化市场收益体系。 在政策方面，国 ...

□ 本报记者 李嘉豪 2月3日，江苏省十四届人大五次会议在南京开幕。开幕会前，9位省人大代表走上"代表通道"接受记者 采访，分享各自履职路上的实干故事，娓娓道来江苏各行各业乘风破浪的奋进历程。相较去年首次开展 的采访活动，今年亮相代表人数更多，关注话题与履职实践覆盖科技自立自强、民营经济高质量发展、 构建良好教育生态、创新优化文化产品供给、激发共建共治共享活力、全面推进乡村振兴等重点领域。 一个个乘风破浪的故事，勾勒出高质量发展的生动图景和铿锵印迹。 省人大代表、南京南瑞继保电气有限公司总经理李九虎作为首位接受采访代表，分享了电力核心技术攻 关的筚路蓝缕。"电力行业有两项牵一发而动全身的关键技术，一个是继电保护，产品曾高度依赖进 口，另一个是特高压输电，是持续攻关的难题。"他介绍，如今我国新建工程继电保护国产化率已达 100%，国际公认最好的继电保护在中国。特高压技术创造12项世界第一，支撑"西电东送"工程满足中 东部地区1/5的用电。"人工智能时代，能源是底层基石，我们将鼓足干劲，为建设能源强省、能源强国 作出更大贡献！" 针对"送文化下乡"节目"不合群众胃口"的问题，省人大代表、沛县文化馆馆长王宝红走访全 ...

（来源：内蒙古日报） 入冬以来，国网内蒙古东部电力公司强化特高压换流站及输电线路运行维护管控，对关键设备开展多轮 次巡视检测，持续排查隐患，确保设备在低温严寒环境下安全稳定运行；优化电力调度运行，统筹煤 电、风电、光伏等电源，月外送清洁电能占比达32.02%，同比提高1.23个百分点。 转自：内蒙古日报 当前，京津冀和山东等受电区域正处于采暖用电关键阶段，蒙电外送有效弥补了这些受电区域的电力需 求缺口，为工业生产和民生采暖用电提供了重要保障，也进一步推动了内蒙古能源资源优势向经济优势 转化。随着总投资172亿元、额定容量800万千瓦的蒙西-京津冀±800千伏特高压输电线路工程建设加快 推进，预计2027年建成投运后，每年可新增外送清洁电能180亿度，可进一步提升内蒙古新能源外送能 力，还将为实现"双碳"目标和保障国家能源安全作出新的更大贡献。 本报2月3日讯 （记者 杨威）记者从国网内蒙古东部电力公司获悉，截至1月31日24时，内蒙古特高压电 网2026年首月外送电量达192.28亿度，较去年同期增长22.37%，创历史同期最高纪录，且外送电量位居 全国第一。 据了解，依托8条特高压输电通道，内蒙古目前已构建 ...

Core Insights - The global AI industry is experiencing rapid growth, leading to an explosive increase in computing power demand, which is straining electricity supply in key regions like North America and Europe [1][2] - The construction of a new power system in China, focusing on renewable energy, is advancing, with significant investments in grid upgrades, energy storage, and digitalization [1][3] Group 1: AI Power Demand Surge - The expansion of AI computing power is causing regional electricity shortages in North America and Europe, impacting the construction progress of large data center projects [1] - This issue is seen as a long-term structural contradiction, with AI data centers exhibiting exponential energy consumption while the backup capacity of European and American grids is nearing exhaustion [1][2] Group 2: Global AI Industry Chain Impact - The electricity supply challenges are prompting a geographical shift in the industry, with data center operations moving to regions with more abundant power resources, such as the Midwest of the U.S., Canada, and Southeast Asia [2] - Companies are transitioning from relying solely on public power grids to integrated models of self-built green power generation and storage to ensure stable electricity supply [2] - Technological advancements are accelerating, with a rise in the adoption of 800V high-voltage direct current power supply systems and liquid cooling technologies for high-density computing [2] Group 3: China's Advantages in Power Supply - China possesses significant advantages in electricity supply stability, scale, green energy allocation capabilities, and infrastructure construction efficiency [2] - The country has the world's largest unified power grid, ensuring ample electricity supply, and the "East Data West Computing" strategy effectively connects eastern computing demand with western renewable energy resources [2] Group 4: Energy Infrastructure Restructuring - Global electricity shortages are driving a restructuring of the energy infrastructure industry, shifting from traditional grid reliance to "green electricity direct supply + local storage" models [3] - The evolution of electricity technology is moving towards higher voltage, efficiency, and intelligence, with regionalization trends in supply chains due to local policy pushes [3] Group 5: New Power System Development - The construction of a new power system in China is entering a critical phase, with challenges in the system's capacity and flexibility due to the inherent randomness and volatility of renewable energy generation [4] - Intelligent and flexible upgrades to the grid are essential, focusing on developing active distribution networks and promoting flexible direct current transmission technologies [4] Group 6: Storage's Evolving Role - Energy storage has transitioned from an optional component to a necessity in the new power system, crucial for addressing renewable energy consumption and ensuring grid safety [4] - The commercial model for storage is evolving from a single support model to a diversified revenue system, incorporating market earnings, capacity compensation, and auxiliary service revenues [4] Group 7: International Opportunities for Chinese Energy Technology - China's energy technology and solutions are gaining significant international opportunities, particularly in addressing global energy transitions and electricity shortages [5] - The country can enhance cooperation with regions like Europe, Southeast Asia, and the Middle East through technology exports, capacity collaboration, and integrated investment, construction, and operation [5] Group 8: Investment Opportunities in High-Growth Sectors - Under the dual policy guidance of "stabilizing growth" and "energy transition," the investment focus in the power and renewable energy sector is becoming clearer [6] - In the short to medium term, opportunities exist in the export of grid equipment, domestic ultra-high voltage projects, and the storage sector, with a global increase in demand for energy storage [6] Group 9: Long-Term Growth Areas - Long-term growth areas include wind power, energy infrastructure for AI data centers, energy digitalization, and advanced technologies like space photovoltaics [6] - The demand for energy infrastructure driven by AI computing is currently seen as highly valuable for investment, with rapid updates in technologies like 800V high-voltage direct current and liquid cooling [6] Group 10: Investment Strategy Focus - The current investment strategy should prioritize leading companies in various segments, as they possess comprehensive advantages in technology development, brand strength, cost control, and international expansion capabilities [7] - Companies achieving breakthroughs in disruptive technologies are also worthy of attention and continuous tracking [7]

转自：贵州日报 寒冬腊月，在贵州久安古茶树茶业有限公司的车间内，茶叶生产线快速运转。"去年刚投产的抹茶生产 线，每小时可处理400公斤鲜叶，产品出口到多个国家及地区。"公司相关负责人说。 久安古茶树茶业有限公司的快速发展，正是贵州省贵阳市花溪区久安乡从"黑色经济"成功转向"绿色经 济"的生动缩影。 花溪区久安乡，一个曾经以煤炭闻名的小乡镇，鼎盛时期有400多家煤矿，几乎每平方公里就有10家， 生态一度恶化。然而，久安也有着另一面，不仅山川秀丽、气候宜人，还拥有大量的灌木型古茶树群， 享有"中国高原古茶树之乡"的美誉。 2007年，久安乡开始探索产业绿色转型，至2011年400多家煤矿被全部关停。随后，久安乡引进贵州贵 茶（集团）有限公司，瞄准辖区生态和古茶树资源，深挖文化富矿，走"茶文旅"一体化发展之路。 目前，久安乡的茶园面积超过2万亩，直接带动全乡3700多人参与到茶产业发展中来，间接带动茶文旅 就业4000余人。 产业转型，能源也需要转型。过去，这里制茶主要依赖煤炭，不仅温度难以精准掌握，而且还存在一定 污染。 如今，全乡大大小小88户制茶户已全部升级为电炒茶。 黑色变绿色、矿工变茶农、煤山变茶山……随 ...

证券代码：600452 证券简称：涪陵电力 编号：2026一005 重庆涪陵电力实业股份有限公司 关于第九届四次董事会决议的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 重庆涪陵电力实业股份有限公司（以下简称"公司"）于2026年2月3日以通讯方式召开了第九届四次董事 会会议，本次董事会会议发出董事表决票9份，实际收回董事表决票9份。会议的召集、召开符合《公司 法》《重庆涪陵电力实业股份有限公司章程》《重庆涪陵电力实业股份有限公司董事会议事规则》有关 规定。 本次董事会会议审议并通过了《关于聘任公司高级管理人员的议案》。 公司原副总经理常涛先生因工作变动，已离任。按照《公司法》《重庆涪陵电力实业股份有限公司章 程》《重庆涪陵电力实业股份有限公司董事会提名委员会议事规则》的有关规定，经公司总经理提名、 董事会提名委员会审议通过，同意聘任刘会灯先生担任公司副总经理，任期至第九届董事会届满为止。 （个人简历附后） 曾任国网重庆市区供电公司办公室行政秘书，运检部变电运检室二次班班组工程师，渝中营配协同工作 组主任助理、副主任；国网重庆市电力公司市区 ...