Core Viewpoint - The article highlights the achievements of three prominent craftsmen in the ultra-high voltage (UHV) sector of the State Grid Shandong Electric Power Company, showcasing the synergy between UHV technology development and the cultivation of skilled workers in China [1][2]. Group 1: Achievements of Craftsmen - Wang Jin, the world's first person to perform live-line work on ±660 kV direct current, initiated a legacy of excellence in the UHV field by receiving the "National Craftsman of the Year" award in 2018 [1][3]. - Feng Xinyan, an authority on UHV transformer diagnostics, followed Wang in receiving the same honor in 2022, demonstrating the high standards and rigorous demands of UHV technology [1][4]. - Li Min, a pioneer in UHV drone inspection technology, represents the new generation of craftsmen, furthering the legacy of innovation and skill in the industry [1][5]. Group 2: Technical Challenges and Innovations - The UHV engineering sector is critical to China's energy strategy, with stringent standards that require precision to the millimeter level, particularly in transformer diagnostics [2][4]. - Wang Jin's successful emergency repair of a critical component on the world's first ±660 kV line exemplifies the high-stakes environment in which these craftsmen operate [2][3]. - Feng Xinyan improved the accuracy of UHV live detection from below 50% to nearly 100%, preventing potential losses exceeding 1 billion yuan through his innovative diagnostic methods [4][6]. Group 3: Training and Knowledge Transfer - The tradition of "master-apprentice" relationships in the State Grid Shandong Electric Power Company has fostered a culture of skill transfer, with Wang Jin mentoring Li Min and others [8][9]. - The company has established a robust ecosystem for talent development, integrating training platforms, innovation initiatives, and a supportive environment for skill enhancement [11][12]. - The "进·新" innovation team, led by Wang Jin and Feng Xinyan, has successfully implemented advanced technologies and methodologies, including drone inspections and GIS fault simulation, to enhance operational efficiency [12][13]. Group 4: Future Prospects - The ongoing development of UHV technology and the cultivation of skilled craftsmen are expected to continue, with the company aiming to produce more skilled workers in the coming years [12][13]. - The integration of innovative training programs and the establishment of a culture that encourages experimentation and learning from failures are key to sustaining growth in the UHV sector [12][13].

Core Viewpoint - Leshan Electric Power (600644.SH) reported a total operating revenue of 3.395 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 6.24%. The net profit attributable to shareholders was 23.4023 million yuan, an increase of 3.68% year-on-year [1] Financial Performance - The net profit attributable to shareholders, after deducting non-recurring gains and losses, decreased by 3.31 million yuan, representing a decline of 48.52% year-on-year [1] - The previous year's comparison base was relatively low at 6.8212 million yuan [1] - The increase in gas purchase costs due to adjustments in pricing structures by upstream supplier PetroChina and the implementation of low valley electricity prices for residential use by local power grids contributed to a reduction in electricity gross profit [1] Operational Measures - The company implemented measures such as increasing supply and expanding sales externally, as well as enhancing internal efficiency through cost reduction and loss mitigation to counteract adverse impacts [1] - Despite these efforts, operational profits still showed a decrease compared to the same period last year [1] Asset Management - The company strengthened the management of receivables, recovering amounts subject to individual impairment testing, and increased the disposal of non-current assets, which contributed to the year-on-year increase in net profit attributable to shareholders [1]

当地时间1月29日，日本东京电力公司公布了关于柏崎刈羽核电站6号机重启后发生控制棒相关警报 故障一事调查进展，初步推断事故起因在于变频器与控制棒驱动装置之间的组合设定存在问题。 日本最大核电站柏崎刈羽核电站由东京电力公司运营，2011年"3·11"东日本大地震后一直处于停运 状态。21日，日本东京电力公司重启柏崎刈羽核电站6号机组。22日，刚重启不到一天的6号机组在控制 棒拔出作业中响起警报，拔出作业停止。随后，东京电力公司称，因需要调查故障原因，该机组已暂停 运行。 针对柏崎刈羽核电站6号机组向商业运行过渡的日期等后续运行安排，站长稻垣武之表示，将在此 次故障调查结果出炉之后，再根据当时的情况进行重新审视和调整。 ...

同时，报告期内，公司加强应收款项管理收回单独减值测试的应收款项,以及处置非流动资产同比增加 等因素，使得归属于上市公司股东的净利润同比有所增加。 报告期内，归属于上市公司股东的扣除非经常性损益的净利润同比减少331万元，下降48.52%，主要是: (1)上年比较基数较小，为682.12万元;(2)报告期内，上游中石油调整购气结构计价结算规则使得购气成 本增加，以及地方电网居民生活用电执行低谷电价政策使得电力毛利同比减少;公司通过对外增供扩 销、对内深挖潜力降损降本增效等措施，对冲以上不利影响，但经营性利润仍较上年同期有所减少。 智通财经APP讯，乐山电力(600644.SH)发布2025年度业绩快报，报告期内,公司实现营业总收入33.95亿 元，同比增长6.24%;归属于上市公司股东的净利润2340.23万元，同比增长3.68%。 ...

Capital Market News - In 2025, China's non-financial direct investment abroad reached $145.66 billion, a growth of 1.3% compared to the previous year[6] - The total revenue from foreign contracted projects was $178.82 billion, increasing by 7.7%, with new contracts signed amounting to $289.22 billion, up by 8.2%[6] - Labor exports increased by 4.6%, with 428,000 workers sent abroad, contributing to a total of 603,000 workers overseas by the end of 2025[6] Industry News - The National Energy Administration reported that hydrogen energy has become a key focus for the 14th Five-Year Plan, with renewable hydrogen production capacity exceeding 250,000 tons/year by the end of 2025, doubling from the previous year[10] - The government aims to enhance the pricing mechanism for power generation capacity, including coal, gas, and new energy storage systems, to adapt to the new power system[8][9] Market Performance - On January 30, 2026, the North Exchange 50 index fell by 0.29%, while the ChiNext index rose by 1.27%[11] - The average market capitalization of the 292 constituent stocks in the North Exchange was $3.193 billion, with a trading volume of $27.211 billion, down by $2.492 billion from the previous trading day[11] New Stocks - Medela (920119.BJ) issued 16 million shares at an IPO price of ¥41.88, raising ¥670 million, with a closing price of ¥109.50 on the first day, reflecting a 161.46% increase[25][26] Risk Warning - Potential risks include individual stock earnings falling short of expectations, intensified industry competition, increased trade frictions, and unfavorable policy changes[27]

分析师 陶贻功 ☎：010-80927673 行业点评报告 · 公用事业行业 源装机创新高,用电量结构优化 -- 2025年全年电力数据点评 2026年1月 30 日 公用事亦 推荐 维持评级 网: taoyigong_yj@chinastock.com.cn 分析师登记编码：S0130522030001 梁悠南 ☎：010-80927656 网: liangyounan_yj@chinastock.com.cn 分析师登记编码：s0130523070002 研究助理:马敏 z: mamin_yj @chinastock.com.cn 相对沪深 300 表现图 2026-1-30 资料来源:中国银河证券研究院 资料来源:中国银河证券研究院 相关研究 【银河环保公用】行业点评_风光装机增速分化,用 电量增速放缓 【银河环保公用】行业点评_水电电量降幅扩大，用 电量增速放缓 【银河环保公用】行业点评_风光新增装机下滑，用 电量增速加快 【银河环保公用】行业点评_太阳能单月装机创新高, 火电发电量由降转增 【银河环保公用】行业点评_太阳能装机持续高增长, 水核发电量增速下降 www.chinastock.com.c ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the introduction of a capacity pricing mechanism reform policy aimed at supporting the construction of a new energy system and promoting green and low-carbon energy transition [5] - It is projected that China's apparent natural gas consumption will reach 426.55 billion cubic meters in 2025, reflecting a year-on-year growth of 0.1% [5] - The report indicates that the electricity sector is expected to see profit improvement and value reassessment following several rounds of supply-demand tensions [5] Market Performance - As of January 30, the utility sector declined by 1.7%, underperforming the broader market, with the electricity sector down by 1.48% and the gas sector down by 3.20% [4][12] - The report notes that the coal price at Qinhuangdao Port (Q5500) increased by 5 RMB/ton week-on-week, reaching 691 RMB/ton [4][20] - The report tracks coal inventory and daily consumption, indicating a decrease in coal inventory at Qinhuangdao Port to 5.75 million tons, down by 50,000 tons week-on-week [29] Electricity Sector Data Tracking - The average price in the Guangdong electricity market for the day-ahead market was 325.42 RMB/MWh, up 2.76% week-on-week [49] - The report provides insights into the water inflow situation at the Three Gorges Reservoir, with an outflow of 9,230 cubic meters per second, up 12.01% year-on-year [42] Natural Gas Sector Data Tracking - Domestic LNG prices increased week-on-week, with the national index at 4,045 RMB/ton, reflecting a 1.33% increase [55] - The report notes that the European TTF spot price rose by 7.0% week-on-week, while the US HH spot price surged by 19.4% [59] Investment Recommendations - For the electricity sector, the report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Market Overview - The credit bond market has transitioned from a "continuous recovery" phase to a "consolidation" phase, with marginal momentum weakening[7] - The overall yield of credit bonds has shown fluctuations, supported by configuration demand, leading to a flattening of the credit bond curve[7] - The net financing for major credit bond varieties was 1,497.8 billion CNY, remaining stable compared to the previous week[11] Investment Strategy - The investment strategy suggests a return to a focus on coupon income, emphasizing 2-3 year maturity products while ensuring manageable credit quality[8] - For long-term funds with excess allocation needs, attention should be given to 5-year and longer maturities during market fluctuations[8] Market Dynamics - In the secondary market, total transactions decreased to 8,813.3 billion CNY, down 498.47 billion CNY from the previous week[14] - The 3-year AAA medium-term note yield decreased by 0.05 basis points to 1.85%, while the 3-year AA+ and AA medium-term note yields fell by 2.05 and 4.05 basis points, respectively[14] Credit Rating Adjustments - Seven issuers had their ratings upgraded, including Shaoxing City Shangyu Water Group and Wuxi Huaguang Environmental Energy Group[21] - No new defaults were reported, but one bond, H20 Yuzhou 1, was extended, with a balance of 846 million CNY[23] Risk Factors - Potential risks include unexpected changes in fundamentals, monetary policy not meeting expectations, and possible data inaccuracies[23]

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, establishing a new independent capacity pricing mechanism for grid-side energy storage at the national level [1] Group 1: Capacity Pricing Mechanism Improvements - The notice allows local governments to raise coal power capacity pricing standards and to establish gas power capacity pricing mechanisms based on coal power standards [2] - For newly constructed pumped storage power stations, a unified capacity pricing based on average cost recovery will be established [2] - A new capacity pricing mechanism for grid-side energy storage will be developed, taking into account discharge duration and peak contribution [2] Group 2: Market and Competition - The notice aims to establish a reliable capacity compensation mechanism for power generation, compensating units based on peak capacity to reflect their contributions to the power system [2] - This will promote fair competition among different technology types and drive high-quality development in the industry, aligning with practices in mature electricity markets [2] Group 3: Impact on Users - The policy will not affect electricity prices for residential and agricultural users, who will continue to follow existing pricing policies [2] - For industrial users, the adjustments in capacity pricing will lead to a decrease in costs recovered through energy markets and an increase in costs through capacity pricing, resulting in a neutral impact on their electricity purchasing costs [2]

Group 1: Annual Reports - Chipway Technology will disclose its 2025 annual report on February 3, becoming the first listed company in the Shanghai market to do so [2] - ST Huawang is set to release its annual report on February 13, while Sanwei Co. will follow on February 14 [2] Group 2: Oil Price Adjustment - The next price adjustment window for refined oil is scheduled for February 3 at 24:00, based on the "ten working days" principle [3] - As of January 30, the average price of reference crude oil was $64.09 per barrel, with a change rate of 4.68%, leading to an expected increase of 190 yuan per ton in domestic gasoline and diesel prices [3] Group 3: Industry Conferences - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast trends for 2026 [4] - A Brain-Computer Interface Developers Conference will take place in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [4] - The AWE Asia 2026, an Asian Virtual Reality XR Industry Exhibition, will be held in Singapore from February 2 to 4 [4] Group 4: Stock Unlocking - A total of 42 companies will have their restricted shares unlocked from February 2 to February 6, amounting to 4.657 billion shares and a total market value of 103.669 billion yuan based on the closing price on January 30 [5] - February 2 is the peak unlocking day, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlocking scale for the week [5] - The top three companies by unlocking market value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Electric Power (12.151 billion yuan) [5] Group 5: New Stock Opportunities - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [8] - Aide Technology has an issue price of 7.67 yuan, while Yisiwei is priced at 55.95 yuan [9]