Core Viewpoint - The company plans to utilize idle self-owned funds for cash management, with a total limit of up to 600 million yuan, to be executed within a 12-month period starting from March 14, 2026 [1] Group 1 - The company will hold the 13th temporary meeting of the 10th board of directors on February 2, 2026, to review the cash management proposal [1] - The cash management will primarily involve structured deposits and low-risk fixed-income financial products, with individual transactions having a maximum duration of 12 months [1] - The funds will be used in a rolling manner within the authorized limit and timeframe, ensuring that daily operational liquidity and normal production operations are not affected [1]

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 完善发电侧容量电价机制，2025 年新增光伏 /风电装机 315/119GW 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 02 月 02 日 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《寒潮退潮，美气价格高位回落；欧 洲&国内气价相对平稳》 2026-02-02 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 证券分析师 袁理 2026-01-27 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 东吴证券研究所 1 / 20 请务必阅读正文之后的免责声明部分 ◼ 本周核心观点：1）《关于完善发电侧容量电价机制的通知》发布。国 家发展改革 ...

南财智讯2月2日电，三峡水利发布2025年前三季度权益分派实施公告，每股派0.05元，股权登记日为2 月6日。 ...

Core Viewpoint - Guangdong Electric Power A (000539.SZ) has successfully put into commercial operation the Maoming Boge Power Plant's two 1000MW units, enhancing its capacity and competitiveness in the energy market [1] Group 1: Project Details - The Maoming Boge Power Plant project includes the construction of two 1000MW ultra-supercritical reheat coal-fired generating units [1] - The total investment for the project is 7.484 billion yuan, with an expected annual electricity generation of 8.6 billion kilowatt-hours [1] - The project is located in the Maoming City Binhai New District and has achieved advanced energy consumption levels domestically [1] Group 2: Economic Impact - The commissioning of the power plant will provide stable and sufficient electricity supply for Guangdong Province, supporting high-quality economic development in the Maoming Binhai New District and the western Guangdong region [1] - The project will help the company expand its installed power generation capacity and enhance its overall market competitiveness [1] - It plays a significant role in optimizing the company's power source structure and future sustainable development [1]

证券研究报告·行业点评报告·公用事业 公用事业行业点评报告 发电侧容量电价机制完善，容量机制扩围提 比，调节性资产价值重塑 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026 年 02 月 02 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 25% 2025/2/5 2025/6/4 2025/10/1 2026/1/28 公用事业 沪深300 相关研究 《关注火箭可回收路径中稀缺耗材， 九丰能源推进剂特气份额&价值量提 升，全国冬季用电负荷首破 14 亿千 瓦》 2026-01-27 《供暖需求+供应中断担忧，全球气价 上涨；关注商业航天可回收路径中稀 缺耗材，九丰能源推进剂特气份额& 价值量提升》 2026-01-25 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声明部分 ◼ 事件：国家发展改革委、国家能源 ...

证券之星消息，2月2日电力板块较上一交易日下跌0.98%，百通能源领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。电力板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002218 拓日新能 | | 1.66亿 | 8.54% | -8723.64万 | -4.49% | -7875.27万 | -4.05% | | 000767 | 晋控电力 | 9409.88万 | 13.35% | -2709.54万 | -3.85% | -6700.34万 | -9.51% | | 000591 | 太阳能 | 9039.24万 | 8.99% | -2831.73万 | -2.82% | -6207.51万 | -6.18% | | 600452 涪陵电力 | | 4058.12万 | 5.40% | 2178.56万 | 2.90% | -623 ...

中国电力企业联合会今天发布数据显示，2025年，全国新增发电装机容量5.5亿千瓦，其中，风电和太 阳能发电全年合计新增装机4.4亿千瓦，占新增发电装机总容量的比重达到80.2%。据统计，目前风、 光、生物质新增发电量占全社会新增用电量的97.1%，已成为新增用电量的主体，我国绿电供应能力持 续增强，能源电力绿色低碳转型步伐不断加快。（央视新闻） ...

绿色低碳转型步伐加快。全年风电光伏新增装机超过4.3亿千瓦、累计装机规模突破18亿千瓦，可再生 能源发电装机占比超过六成。可再生能源发电量达到约4.0万亿千瓦时，超过欧盟27国用电量之和。 中国国家能源局发展规划司副司长邢翼腾1月30日在北京表示，2025年中国可再生能源发电量达到约4.0 万亿千瓦时，超过欧盟27国用电量之和(约3.8万亿千瓦时)。 当天，国家能源局召开例行新闻发布会。邢翼腾指出，2025年，中国能源供应保障能力有效提升，供需 总体宽松，多项重要政策举措密集出台，行业健康有序发展，新型能源体系建设基础持续夯实。 能源安全保障有力有效。2025年是"十四五"以来能源保供成效最好的一年。原煤生产保持稳定，规上工 业原煤产量同比增长1.2%。油、气产量双创历史新高，规上工业原油产量同比增长1.5%，规上工业天 然气产量同比增长6.2%。电力供应平稳有序，一批特高压直流输电工程投产送电，电力系统互补互济 水平持续提升。 资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客 ...

2月2日，中国电力企业联合会发布《2025—2026年度全国电力供需形势分析预测报告》（以下简称《报 告》）。 侯文捷向21世纪经济报道记者表示，在国家"双碳"目标下，新能源继续保持较大投产规模，预计2026年 全年新增发电装机有望超过4亿千瓦，其中，新增新能源发电装机有望超过3亿千瓦；新增有效发电能力 1亿千瓦左右，与最大负荷增量基本持平。 风、光装机合计占比有望达到总装机的一半左右，其中太阳能发电装机规模预计将首次超过煤电装机规 模。预计2026年底，全国发电装机容量达到43亿千瓦左右，其中，非化石能源发电装机27亿千瓦，占总 装机的比重在63%左右；煤电装机占总装机比重降至31%左右。 在电力供需方面，《报告》预计， 2026 年全国电力供需总体平衡。 在电力消费方面，《报告》预计，2026年全社会用电量同比增长5%—6%。 中国电力企业联合会统计与数智部主任侯文捷向21世纪经济报道记者表示，综合考虑我国目前阶段经济 增长潜力、国民经济和社会发展第十五个五年规划建议、国家宏观调控政策措施，预计2026年我国宏观 经济将继续保持平稳增长，拉动电力消费需求平稳较快增长。 按照2026年我国GDP预计增长5% ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The report highlights the release of a notification regarding the improvement of the capacity price mechanism for power generation, increasing the coal power recovery ratio to 50%, enhancing revenue certainty [4] - It forecasts an addition of 315 GW of solar and 119 GW of wind power capacity in 2025, with a total installed capacity of 3.89 billion kW by the end of 2025, representing a year-on-year growth of 16.1% [4] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4] - The report emphasizes the need for investment in green energy, coal power, hydropower, nuclear power, and solar assets, recommending specific companies for investment [4] Summary by Sections Industry Trends - The report notes a stable growth in electricity consumption, with a total of 9.46 trillion kWh from January to November 2025, reflecting a year-on-year increase of 5.2% [13] - Cumulative power generation in 2025 reached 9.72 trillion kWh, with a year-on-year growth of 2.2% [23] - The report tracks the average electricity purchase price, which was 374 RMB/MWh in January 2026, down 8% from the previous year [38] Power Generation - The report indicates that coal prices at Qinhuangdao port were 692 RMB/ton as of January 30, 2026, showing a year-on-year decrease of 8.1% [44] - The inflow and outflow rates at the Three Gorges Reservoir were 7460 m³/s and 9230 m³/s respectively, with year-on-year increases of 65.8% and 11.7% [51] - The report highlights the significant growth in renewable energy, with solar and wind power installations increasing by 315 GW and 119 GW respectively in 2025 [4] Investment Recommendations - The report suggests focusing on green energy investments, with specific recommendations for companies such as Longyuan Power, China Nuclear Power, and others in the renewable sector [4] - It also emphasizes the transformation potential in coal power and the benefits of hydropower due to low costs and strong cash flow [4]