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]

近期，国际目光纷纷聚焦中国电力事业发展。有外媒称：中国已成为人类历史上"第一个重要的'电力国 家'"。电力是能源清洁低碳转型的关键领域，有专业人士直言，未来的货币本质上将是"瓦特"。中国坚 持以科学规划引领电力事业科学发展，不仅充盈了自身的发展潜力，也为全球能源转型注入新动力。 "电力国家"，这个全球能源与气候政策领域的新热词，被用于衡量电能在国家能源体系中的份额。最新 公布的数据显示，截至2025年底，中国风电光伏累计并网装机首次超过18亿千瓦，相当于约82个三峡电 站的总装机。在使用端，2025年中国全社会用电量首次突破10万亿千瓦时，创下全球单一国家年度用电 量纪录。 世界上一些国家虽然经济发展水平不低，但"电荒""电网碎片化""电费高企"等问题却始终难以解决。从 2015年约5.5万亿千瓦时，到2025年突破10万亿千瓦时，中国用电量在10年间近乎翻倍增长，目前规模 已是美国的两倍多，高于欧盟、俄罗斯、印度、日本总和。被外媒称为世界首个重要"电力国家"，中国 实至名归，背后是"中国规划"的科学指引，是能源领域高质量发展的稳步推进。从46条特高压工程架 起"西电东送""北电南供"通道，到加快构建全国统一 ...

国家发展改革委、国家能源局有关负责同志表示，我国新能源大规模发展，已成为第一大装机电源类 型。但新能源随机性、波动性强，必须配套建设一定规模的调节性电源。"十四五"时期，国家陆续建立 煤电、抽水蓄能容量电价机制，部分省份探索建立了气电、新型储能容量电价机制。通过制度性安排， 推动相关电源顶峰时发电保供、平时为新能源让路，保障电力系统安全平稳运行，促进新能源消纳利 用。 随着新型电力系统建设发展，现行容量电价机制遇到一些新情况新问题：一是部分地区煤电发电小时数 快速下降，现行容量电价水平保障力度出现不足苗头；二是现行抽水蓄能容量电价机制对企业成本约束 不足，不利于抽水蓄能项目科学合理布局、降本增效、有序发展；三是各地气电、新型储能容量电价机 制原则不统一，不利于营造公平竞争的市场环境。 对此，通知提出，各地结合实际提高煤电容量电价标准，可参照煤电建立气电容量电价机制；对近年新 开工的抽水蓄能电站，按照弥补平均成本的原则制定当地统一的容量电价；建立电网侧独立新型储能容 量电价机制，结合放电时长和顶峰时贡献等因素确定容量电价标准。 通知明确，各地电力现货市场连续运行后，有序建立发电侧可靠容量补偿机制，对机组可靠容量 ...

他表示，此次受影响最严重的地区包括基辅市、文尼察州以及切尔尼戈夫州、哈尔科夫州和苏梅州。经 过一天的努力，电力供应已基本恢复至故障前水平，目前正在稳步推进恢复工作，确保民众正常供电。 在视频讲话中，泽连斯基还称，乌方一直与美方保持沟通，期待美方能提供关于未来会议的具体安排。 乌克兰准备以各种工作形式开展合作，乌方期待下周的会议，并正在为此做准备。 由俄罗斯、美国、乌克兰三国代表组成的安全问题工作组首次三方会谈1月23日至24日在阿联酋首都阿 布扎比举行。根据相关方发布的消息，新一轮三方会谈计划于2月1日在阿布扎比举行。 经济观察网据央视新闻客户端消息，当地时间1月31日，乌克兰总统泽连斯基在晚间例行视频讲话中表 示，31日上午乌电网发生技术故障后，乌克兰电力供应形势目前已趋于稳定，相关恢复和稳定工作仍在 进行中。 泽连斯基表示，当天早上电网发生技术故障，罗马尼亚和摩尔多瓦之间以及乌克兰境内的两条电力线路 停止运行。目前正在对事故原因展开深入调查，尚无证据表明存在外部干预或网络攻击。更多信息显 示，此次故障是由于电力线路结冰导致。 ...

业绩披露要点 郴电国际发布业绩预告，预计2025年全年归属净利润盈利6,000万元至9,000万元，较上年同期-3,627.35 万元实现扭亏为盈；扣非后净利润预计为3,600万元至5,400万元。业绩增长主要得益于降本增效、降低 利息支出与供电线损率，以及新能源和小水电项目并网发电。上年同期亏损主因为计提农网还贷资金坏 账准备11,527.65万元。本次预告未经审计。 截至2026年1月30日收盘，郴电国际（600969）报收于11.81元，较上周的12.06元下跌2.07%。本周，郴 电国际1月26日盘中最高价报12.3元。1月27日盘中最低价报11.77元。郴电国际当前最新总市值43.7亿 元，在电力板块市值排名91/102，在两市A股市值排名3859/5184。 本周关注点 公司公告汇总 郴电国际收到郴州市财政局下达的农网还贷资金14,357.62万元，所属期为2024年12月至2025年8月。该 资金将改善公司现金流，支持电网建设，提升供电稳定性和可靠性。公司将依法依规确保资金使用安 全、规范、有效。 郴电国际预计2025年度归母净利润为6,000万元至9,000万元，较上年同期亏损状态实现扭亏为盈 ...

最近中国发布的2025年用电量规模，引起许多外媒关注。中国全年突破10万亿千瓦时的用电量，已经达 到了美国的两倍多，更比欧盟、俄罗斯、印度、日本全年用电量的总和还要多。 美国彭博社注意到，中国截至2025年底达到了38.9亿千瓦的全国累计发电装机容量，而2025年一年新增 的发电装机容量达5.43亿千瓦。 什么概念？中国一年新增的5.43亿千瓦装机容量，不仅比印度截至2024年底全国累计的装机容量还要 多，而且也远超德国、日本等经济体截至同期的累计装机容量。 彭博社还把中国2022年到2025年这4年新增的发电装机容量，也作为一个指标列了出来——这4年中国新 增装机容量高达15.15亿千瓦，超过了美国截至2024年底的全国累计装机容量。而且，近些年中国新增 的装机容量中，光伏太阳能和风能等绿色能源占了绝对大头。 有人说"人工智能的尽头是算力，算力的尽头是电力"，从中国电力的迅猛发展中，我们看到了中国坚实 向前的底气与动力。 01:18 这还没完，国家能源局1月28日公布的中国2025年新增发电装机容量，以及全国累计发电装机容量，又 再一次让美国媒体发出了惊叹。 ...

Core Viewpoint - The market is set to experience a significant wave of stock unlocks next week, with a total unlock market value of 1,034.19 billion yuan across 42 stocks [2]. Group 1: Major Unlocks - Three stocks will have unlock values exceeding 10 billion yuan: Xinda Securities (448.79 billion yuan), Zhongwei Semiconductor (133.81 billion yuan), and Yangtze Power (121.51 billion yuan) [5][7][9]. - Xinda Securities has the highest unlock value, with 25.51 billion shares released, accounting for 78.67% of its total share capital. The company reported a revenue of 30.19 billion yuan, a year-on-year increase of 28.46%, and a net profit of 13.54 billion yuan, up 52.89% [5][6]. - Zhongwei Semiconductor's unlock value is 133.81 billion yuan, with 2.31 billion shares released, representing 57.77% of its total share capital. The company has seen a stock price increase of 79.94% year-to-date [7][8]. - Yangtze Power's unlock involves 4.61 billion shares, accounting for 1.88% of its total share capital, with a reported revenue of 858.8 billion yuan, a year-on-year increase of 1.65% [9]. Group 2: Other Notable Unlocks - Other stocks with significant unlock values include Yipuli (76.18 billion yuan), Guobang Pharmaceutical (70.60 billion yuan), and Xinghuan Technology-U (57.03 billion yuan) [10]. - Xinghuan Technology-U has seen a year-to-date stock price increase of over 94%, with an unlock of 27.16 million shares, representing 22.42% of its total share capital [11][16]. - Guobang Pharmaceutical's unlock ratio is 46.01%, primarily involving additional commitment restricted shares [14]. Group 3: Unlock Ratios - Eleven stocks have an unlock quantity that exceeds 10% of their total share capital, with Xinda Securities, Guobang Pharmaceutical, and Nuo Si Ge leading with unlock ratios of 78.67%, 46.01%, and 40.66% respectively [12]. - Honghai Technology has an unlock ratio close to 80%, with 1.368 billion shares released [13].

Group 1 - The government work report emphasizes the importance of safeguarding arable land and ensuring food security, with a focus on enhancing grain production capacity [1] - The representatives from Guizhou are committed to implementing the conference's spirit in their respective fields to contribute to the province's high-quality economic and social development [1] Group 2 - The "Village BA" initiative in Taijiang has gained significant exposure, with over 120 billion views and 11.84 million visitors, becoming a leading rural cultural tourism brand [3] - The focus for the "Village BA" initiative is on transforming online traffic into economic growth through innovative event activities that enhance visitor interaction [3] Group 3 - Increased investment in R&D funding is seen as beneficial for pharmaceutical companies, with specific developments in Guizhou, including the construction of R&D headquarters and production lines [7] - Collaboration among local pharmaceutical companies is aimed at secondary innovation and development of new drugs [7] Group 4 - Guizhou's new energy system has seen significant progress, with installed power capacity exceeding 100 million kilowatts and renewable energy sources accounting for 43.3% of electricity generation [8] - There is a focus on cultivating skilled workers to support the construction of a new comprehensive energy base [8]

联盟将围绕学科建设、学术研究、人才培养与产学研合作等方向深化交流合作，持续推进"碳经济"学科 自主知识体系建设，积极提升我国在全球气候治理与绿色低碳发展议题上的学术影响力和话语权。 记者从中国人民大学获悉，近日，"碳经济"学科自主知识体系联盟成立大会在中国人民大学举行，首批 24所相关院校参加联盟。 国家气候变化专家委员会、南方电网能源发展研究院等专业领域代表，全国高校部分"碳经济"学科校 （院）长、学术带头人与中青年学者参加会议。会议围绕构建"碳经济"自主知识体系、"碳经济"拔尖创 新人才自主培养体系、"碳经济"未来学科发展及"碳经济"学科自主知识体系联盟建设等问题展开讨论。 会上，"碳经济"学科自主知识体系联盟正式成立。 据主办方介绍，该联盟由中国人民大学应用经济学院牵头发起，全国首批24所相关院校共同组成，旨在 面向"双碳"目标引领的系统性经济社会转型需求，凝练"碳经济"学科核心范畴与研究范式，推动理论创 新与实践转化协同发力，为建设中国自主的"碳经济"学科贡献智慧和力量。 来源：光明日报 在"'碳经济'学科未来发展及联盟建设研讨"院长论坛上，来自中国人民大学、复旦大学、中央财经大 学、对外经济贸易大学 ...