什梅加尔说，乌国家电力公司正努力恢复电力供应，有望在未来数小时恢复供电。 来源：@新华国际 什梅加尔说，受电网停运影响，乌多座核电站已降低工作负荷，基辅市、基辅州、日托米尔州、哈尔科 夫州等多地实施紧急停电措施。 乌克兰第一副总理兼能源部长什梅加尔1月31日在社交媒体发文说，由于技术故障，连接罗马尼亚和摩 尔多瓦的400千伏输电线和连接乌中部和西部的750千伏输电线当天上午同时停止运行，导致乌电网停运 并自动触发乌配电站保护系统。 ...

中新网北京1月31日电 位于北京市丰台区丽泽金融商务区的一处施工现场，一台绿色的打桩机启动作 业，高耸的桩锤重重落下，一根桩基被稳稳打入，标志着北京丰台500千伏输变电工程正式开工建设。 北京市丰台区相关负责人介绍，该工程也是北京市"十五五"时期首个新建的500千伏电网工程，将显著 提升北京南部电网韧性水平和受电能力，对北京市持续优化投资结构、大力发展高精尖产业等提供可靠 电力支撑。 北京丰台500千伏输变电工程是北京市"十五五"电网重点项目，也是北京市2026年"3个100"重点工程之 一。工程于2026年1月开工建设，计划于"十五五"期间投产。北京丰台供图 增强北京电网韧性 引入张北清洁能源 北京丰台500千伏输变电工程是北京市"十五五"电网重点项目，也是北京市2026年"3个100"重点工程之 一，由国网北京市电力公司建设管理。工程于2026年1月正式开工建设，是北京首座全户内500千伏独栋 钢结构变电站，将新建2台1200兆伏安变压器，新建隧道8.7千米，新敷设电缆路径总长度约35.25千米， 新增变电容量2400兆伏安，相当于丰台区现有110千伏变电容量的一半。工程计划于"十五五"期间投 产。 北京 ...

乌克兰、罗马尼亚和摩尔多瓦电力系统发生故障导致大规模停电， 乌克兰第一副总理兼 能源部长什梅加尔称 电力将在未来几个小时内恢复 。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 编辑丨赵方婷 乌克兰总统泽连斯基当地时间1月31日表示，他听取了乌总理斯维里登科和能源部长什梅 加尔有关乌电网情况的汇报。 乌克兰第一副总理兼能源部长什梅加尔31日在其官方社交平台上通报称，当天上午10时 4 2 分 ， 罗马 尼 亚和 摩 尔 多 瓦 电力系 统之间 的 400千 伏 线 路以 及 乌 克 兰 西 部 和 中 部 之间 的 7 5 0千伏线路同时发生技术故障，这导致乌克兰电网连锁停电，变电站的自动保护装置启 动。核电站机组已减少负荷。 什梅加尔称，基辅市、基辅州、日托米尔州和哈尔科夫州已实施紧急停电计划。他同时强 调，乌克兰国家电力公司的工作人员正在努力恢复供电，电力将在未来几个小时内恢复。 南乌克兰核电站的一台发电机组已紧急停机。 来源：央视新闻客户端 ...

转自：环球时报 #中国发电容量4年增出一个美国##中国发电量遥遥领先#【环环相call：外媒惊叹：这方面，中国4年"增 出一个美国"！】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。 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。 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 ...

证券研究报告·固定收益·固收点评 固收点评 20260131 绿色债券周度数据跟踪 （20260126-20260130） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260126-20260130）银行间市场及交易所市场共新发行绿色债券 11 只，合计发行规模约 115.53 亿元，较上周增加 31.53 亿元。发行年限 多为 3 年、5 年；发行人性质为央企子公司、地方国有企业、大型民企、 中央国有企业；主体评级多为 AAA、AA+级；发行人地域为安徽省、北 京市、广东省、江苏省、江西省、浙江省；发行债券种类为超短期融资 券、其他金融机构债、企业 ABS、私募公司债、一般公司债、中期票据。 ◼ 二级市场成交情况： 本周（20260126-20260130）绿色债券周成交额合计 671 亿元，较上周增 加 36 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 328 亿元、257 亿元和 57 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 81.71%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金 ...

股票研究 /[Table_Date] 2026.01.31 容量补偿完善，更看好北方电厂 [Table_Industry] 公用事业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 吴杰(分析师) | 021-23183818 | wujie3@gtht.com | S0880525040109 | | 阎石(分析师) | 021-23185741 | yanshi@gtht.com | S0880525070005 | 本报告导读： 年度长协下移，容量电价托底；继续看好北方煤电盈利的长期趋势。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Invest] 评级： 增持 [Table_Report] 相关报告 公用事业《12 月低基数用电仍偏低，待 26 年政 策发力》2026.01.26 公用事业《国泰海通公用事业月度电力数据库 _20260123》2026.01.23 公用事业《公用事业数据周报_20260119》 2026.01.19 公用事业《跨境碳定价，绿电价值或提升》 2026.01.18 公用事业 ...

Report Industry Investment Rating There is no information about the report industry investment rating in the given content. Core Viewpoints - Credit bond issuance volume increased overall on a week - on - week basis, and credit spreads of various industries showed mixed trends [1] - The trading volume of credit bonds decreased on a week - on - week basis [4] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From January 26 to January 30, 2026, a total of 445 credit bonds were issued, with a total issuance scale of 470.374 billion yuan, a week - on - week increase of 21.90% [11] - In terms of issuance scale, 197 industrial bonds were issued, with a scale of 240.177 billion yuan, a week - on - week increase of 17.79%, accounting for 51.06% of the total credit bond issuance scale; 202 urban investment bonds were issued, with a scale of 118.297 billion yuan, a week - on - week increase of 28.38%, accounting for 25.15%; 46 financial bonds were issued, with a scale of 111.9 billion yuan, a week - on - week increase of 24.58%, accounting for 23.79% [11] - In terms of issuance term, the average issuance term of credit bonds was 2.63 years. The average issuance term of industrial bonds was 2.28 years, urban investment bonds was 3.25 years, and financial bonds was 1.80 years [14] - The average issuance coupon rate of credit bonds was 2.09%. The average issuance coupon rate of industrial bonds was 2.01%, urban investment bonds was 2.23%, and financial bonds was 1.83% [2] 1.2 Cancellation of Issuance Statistics - One credit bond's issuance was cancelled this week [23] 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed trends. Among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spreads was in the automobile industry (3.6BP), and the largest decrease was in the light industry manufacturing (9.7BP); for AA + - rated industries, the largest increase was in the building materials industry (2.9BP), and the largest decrease was in the food and beverage industry (5.7BP); for AA - rated industries, the largest increase was in the media industry (20.8BP), and the largest decrease was in the agriculture, forestry, animal husbandry and fishery industry (5.6BP) [3] - Coal and steel credit spreads showed mixed trends. For coal, the credit spreads of AAA, AA + and AA levels decreased by 0.4BP, 2.5BP and increased by 1.6BP respectively. For steel, the credit spreads of AAA and AA + levels increased by 2.4BP and decreased by 4.3BP respectively [25] - Credit spreads of urban investment bonds at all levels showed mixed trends, while non - urban investment credit spreads decreased overall. The credit spreads of urban investment bonds at three levels increased by 0.3BP, decreased by 0.8BP and 1.3BP respectively; the credit spreads of non - urban investment bonds at three levels decreased by 0.1BP, 0.3BP and 1BP respectively [25] - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The credit spreads of central state - owned enterprises at three levels increased by 1.2BP, decreased by 0.7BP and 2.1BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 0.4BP, decreased by 0.2BP and 1BP respectively; the credit spreads of private enterprises at AAA and AA + levels decreased by 4.2BP and 2.1BP respectively [25] - Regional urban investment credit spreads showed mixed trends. The regions with the highest AAA - rated credit spreads were Yunnan, Liaoning and Shaanxi, with credit spreads of 90, 85 and 79BPs respectively; the regions with the highest AA + - rated credit spreads were Qinghai, Gansu and Yunnan, with credit spreads of 122, 118 and 115BPs respectively; the regions with the highest AA - rated credit spreads were Sichuan, Guangxi and Yunnan, with credit spreads of 133, 124 and 121BPs respectively. In terms of week - on - week changes, the region with the largest increase in AAA - rated credit spreads was Guangdong (2.8BP), and the largest decrease was Yunnan (7.9BP); the region with the largest increase in AA + - rated credit spreads was Gansu (1.6BP), and the largest decrease was Shaanxi (6.7BP); the region with the largest increase in AA - rated credit spreads was Shanghai (1.3BP), and the largest decrease was Shandong (3.9BP) [27] 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1601.302 billion yuan, a week - on - week decrease of 5.09%. Among various credit bonds, the top three in terms of trading volume were commercial bank bonds, corporate bonds and medium - term notes. Specifically, the trading volume of commercial bank bonds was 545.925 billion yuan, a week - on - week decrease of 5.96%, accounting for 34.09% of the total credit bond trading volume; the trading volume of corporate bonds was 455.439 billion yuan, a week - on - week increase of 2.46%, accounting for 28.44%; the trading volume of medium - term notes was 338.276 billion yuan, a week - on - week decrease of 6.63%, accounting for 21.13% [28] 2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds and financial bonds in terms of trading volume this week are provided for investors' reference [30]

宁夏腾格里"沙戈荒"能源大基地暨"宁湘直流"配套电源基地是我国首个由国家发改委和国家能源局"双 批复"的沙戈荒能源大基地，依托宁夏至湖南±800千伏特高压直流工程，配套建设1300万千瓦新能源项 目，其中风电400万千瓦、光伏900万千瓦，调峰煤电464万千瓦。 1月29日00时26分，宁夏腾格里(宁夏电力)中卫电厂4号机组顺利通过168小时满负荷试运行，机组各项 参数稳定、性能指标优良，标志着全国首批首座首台"沙戈荒"能源大基地配套调峰电源4×660兆瓦扩建 工程首台机组正式转入商运。 作为大基地重要调峰电源，中卫电厂4台660兆瓦机组设计年发电量达110亿千瓦时，兼具深度调峰与近 零排放优势，全容量投产后将为腾格里"沙戈荒"大基地绿电外送提供稳定支撑，更是落实国家"双碳"目 标的典型实践，对深化东中西部跨区域能源协作、促进区域能源供需平衡意义深远。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry [5]. Core Insights - The report highlights a record high in new energy installations, with total installed wind power reaching 640.0 GW, a year-on-year increase of 22.9%, and solar power installations at 1201.7 GW, up 35.5% year-on-year [4]. - Total electricity consumption in 2025 was 10,368.2 billion kWh, reflecting a growth of 5.0% compared to the previous year [4]. - The report anticipates that the growth rate of new energy installations will return to rational levels during the 14th Five-Year Plan period, with an expected addition of over 200 GW in 2026 [4]. Summary by Sections New Energy Installations - In 2025, new installations of wind and solar power reached 434 GW, marking a historical high, with year-on-year growth rates of 50.4% and 13.7%, respectively [4]. - The report notes that the growth rate of wind and solar installations is diverging due to the impact of policy changes on electricity pricing and output characteristics [4]. Electricity Consumption Trends - The report indicates that traditional industrial electricity consumption is slowing down, while new infrastructure and emerging industries are showing significant growth [4]. - In 2025, the share of secondary industry in total electricity consumption was 64.0%, a decrease of 0.8 percentage points, while the tertiary industry's share increased to 19.2%, up 0.6 percentage points [4]. Company Recommendations - For thermal power, the report recommends companies with diversified regional layouts and those with relatively small expected price declines in 2026, such as Huaneng International and Datang Power [4]. - For hydropower, it suggests focusing on companies with high dividend yields like Yangtze Power and those with stable pricing mechanisms like Guizhou Power [4]. - In the nuclear power sector, it highlights the growth potential of China General Nuclear Power and China National Nuclear Power despite short-term pricing pressures [4]. - For new energy, it recommends companies like Longyuan Power and Jilin Electric Power, which are positioned to benefit from supportive pricing and consumption trends [4].

Core Viewpoint - Huabei Mining is a leading coal enterprise in East China, focusing on a development strategy that relies on coal while diversifying its operations, forming a comprehensive coal utilization industry chain from mining to processing and power generation [1] Coal Business - The coal business remains the main source of gross profit for the company, accounting for approximately 60% of gross profit as of June 2025, while the coal chemical business has seen a recovery, contributing about 26% [1] - Production growth is expected from the resumption of operations at the Xinh Lake Mine and the commissioning of the Tao Hutou Mine, with the Xinh Lake Mine expected to contribute significantly to coal output [2][3] Coal Chemical Business - The company’s coal chemical segment is projected to see growth from the ramp-up of a 60,000-ton/year anhydrous ethanol project, which utilizes approximately 450,000 tons of methanol annually [3] - The project is expected to achieve a capacity utilization rate of around 91% by 2025, contributing to sustained profit growth in the coal chemical sector [3] Power Generation - The company is investing in a 2×660MW supercritical coal-fired power generation project, expected to be operational by 2026, which will utilize advanced reheat technology [3] - This project is anticipated to contribute net profits of 1.17/1.76/2.34 billion yuan from 2026 to 2028 under neutral pricing assumptions [3] Sand and Gravel Aggregate Business - The company has a certified production capacity of 27.4 million tons/year in the sand and gravel aggregate sector, with plans to increase this to 40.9 million tons/year following the commissioning of new mines [4] - The sand and gravel business is expected to contribute net profits of 2.12/2.62/3.11 billion yuan from 2026 to 2028 [4] Capital Expenditure and Shareholder Returns - Capital expenditure is expected to decrease as major projects transition from construction to operational phases, enhancing the company's ability to return value to shareholders [5] - The company has committed to distributing at least 35% of its net profit to shareholders in cash annually from 2025 to 2027, reinforcing its strong dividend profile [5] - The company is actively managing its market value and enhancing investor returns through various initiatives [5] Financial Forecast - Revenue projections for Huabei Mining from 2025 to 2027 are 429.81/477.28/508.09 billion yuan, with corresponding net profits of 14.95/26.24/41.02 billion yuan [6][7] - The company’s coal business shows strong growth potential, with ongoing expansion in power and non-coal mining sectors, indicating a diversified growth strategy [7]