邀请函 全球领先的多边经贸合作盛会——第15届阿联酋国际投资峰会，将于2026年4月13—15日在迪拜 世界贸易中心举行。本届峰会由阿联酋外贸部、迪拜商会、AIM 全球基金会联合主办，主题为 ——重塑全球繁荣：开启投资新路径，迈向可持续与包容的未来。 为进一步推动中国与阿联酋在能源领域，特别是油气、可再生能源、电力、能源转型等方面的投 资与合作，中国能源报、AIM全球基金会将于第15届阿联酋国际投资峰会期间，联合主办中阿能 源项目交流对接会，打造能源领域集政策沟通、项目合作、技术交流与资本对接的高端实效对话 合作平台。 第15届阿联酋国际投资峰会暨中阿能源项目交流对接会新闻发布会拟定于2026年1月27日下午， 在北京·人民日报社·新媒体大厦举行。 诚邀全球新能源企业500强、中国能源企业500强及国家/地方专精特新企业出席本次新闻发布会， 齐聚产业核心力量与创新活力，共谱中阿合作新篇章。 发布会流程 第15届阿联酋国际投资峰会暨中阿能源项目交流对接会新闻发布会 主题：技术赋能・资本聚力 新闻发布环节 15:15-15:35 第15届阿联酋国际投资峰会暨中阿能源项目交流对接会介绍 互动问答 15:35-15: ...

Investment Rating - The report maintains an "Accumulate" rating for the public utility sector [1] Core Insights - The report emphasizes the long-term value enhancement of special fuels and gases in commercial aerospace, recommending Jiufeng Energy as a key investment opportunity. The company has made significant progress in supplying special fuels and gases for the Hainan commercial aerospace launch site, with production starting in 2025 and multiple successful launches already supported [4] - The first batch of national-level zero-carbon park construction lists has been published, involving 52 parks, with guidelines for energy supply optimization and infrastructure planning to meet zero-carbon goals [4] Industry Data Tracking - **Electricity Price**: The average national grid purchase price in November 2025 decreased by 2% year-on-year but increased by 2.8% month-on-month [4][38] - **Coal Price**: As of December 31, 2025, the price of thermal coal at Qinhuangdao port was 678 RMB/ton, down 11.37% year-on-year and 0.44% week-on-week [4][46] - **Water Conditions**: The water level at the Three Gorges Reservoir was 170.59 meters as of December 31, 2025, with inflow and outflow rates showing a year-on-year decrease of 27% and 5.3%, respectively [4][53] - **Electricity Consumption**: Total electricity consumption from January to November 2025 was 9.46 trillion kWh, reflecting a year-on-year increase of 5.2% [4][13] - **Power Generation**: Cumulative power generation from January to November 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [4][23] - **Installed Capacity**: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [4][48] Investment Recommendations - **Green Power**: Focus on companies like Longyuan Power, Zhongmin Energy, and Sanxia Energy, with a strong recommendation for Longjing Environmental Protection [4] - **Thermal Power**: Explore the reliability and flexibility value of thermal power, with attention to Huaneng International and Huadian International [4] - **Hydropower**: Recommend Changjiang Power due to low costs and strong cash flow [4] - **Nuclear Power**: Highlight China Nuclear Power and China General Nuclear Power as key growth opportunities [4] - **Solar Assets and Charging Stations**: Suggest companies like Southern Power Grid Energy and Longxin Group for potential value reassessment [4]

Group 1 - Ugreen Technology expects a net profit of 653 million to 733 million yuan for 2025, representing a year-on-year growth of 41.26% to 58.56% [1] - SenTai Co. plans to invest no more than 140 million yuan to establish a production base in Vietnam [2] - Muyuan Foods reported a December 2025 sales revenue of 9.667 billion yuan from commodity pigs, a year-on-year decline of 36.06% [3] Group 2 - Pumen Technology has received a medical device registration certificate for a quality control product used in various cancer markers [4] - Heng Rui Medicine's subsidiary has received approval for clinical trials of two injection drugs targeting obesity [5] - Quartz Co. was fined 2.7 million yuan for commercial secret infringement by its subsidiary [6] Group 3 - Chifeng Gold expects a net profit of 3 billion to 3.2 billion yuan for 2025, an increase of approximately 70% to 81% year-on-year [7] - Fulong Technology has terminated the transfer of 82.0969 million shares [8] - Senba Sensor's actual controller has released the pledge of 16.48 million shares [9] Group 4 - Hanma Technology reported a cumulative truck sales increase of 58.45% for 2025 [12] - Guankang Clean won a bid for a special procurement project worth 157 million yuan [14] - Defu Technology signed a cooperation agreement for high-end copper foil supply with a leading CCL company [15] Group 5 - Tianchen Medical signed a strategic cooperation agreement with Inspur Digital Technology [16] - CanSino received approval for clinical trials of a 24-valent pneumococcal polysaccharide conjugate vaccine [17] - Yipin Hong's subsidiary received approval for a supplementary application for oseltamivir phosphate capsules [19] Group 6 - Taotao Vehicle expects a net profit of 800 million to 850 million yuan for 2025, a year-on-year increase of 85.50% to 97.10% [20] - Yutong Bus reported a cumulative sales increase of 5.54% for 2025 [21] - Kingoo Co. received a notification from VinFast to supply automotive wheel products [22] Group 7 - ST Renfu's subsidiary received approval for clinical trials of a new drug for late-stage solid tumors [23] - Nanxing Co. expects a net profit of 90 million to 120 million yuan for 2025, reversing a loss from the previous year [24] - Jinrui Mining's subsidiaries will undergo routine maintenance starting January 5, 2026 [25] Group 8 - Changjiang Power reported a 3.82% increase in total power generation for its six hydropower stations in 2025 [26] - David Medical's subsidiary received a medical device registration certificate for an electronic endoscope image processor [28] - Guiguan Power reported a 26.68% increase in cumulative power generation for 2025 [29] Group 9 - ShenNan Electric's subsidiary won a project worth 208 million USD for a power plant operation service [30] - ST Kaiyuan's major shareholder's shares will be auctioned [31] - Jiecheng Co.'s major shareholder's shares have been auctioned [32] Group 10 - Tongbao Energy's wind power project has begun generating electricity [33] - Xusheng Group received an order worth 7.8 billion yuan from a North American EV manufacturer [34] - Qianli Technology reported a 154.08% increase in December 2025 electric vehicle production [35] Group 11 - Chint Electric plans to issue H-shares and list on the Hong Kong Stock Exchange [36][37] - Whirlpool expects a net profit increase of approximately 150% for 2025 [38] - Yongjie New Materials signed a 2 billion yuan aluminum alloy procurement contract [39]

打击财务造假，提高规范运作水平 财务造假是资本市场的毒瘤，严重侵害投资者合法权益。近年来，辖区连续发生多起财务造假、违规担 保案件，给辖区资本市场生态造成负面冲击。大连证监局坚决落实监管"长牙带刺"，有棱有角的要求， 2025年3月对ST智云（300097）财务造假行为作出行政处罚，对造假行为组织者、纵容者、知情者全范 围处罚，合计罚款930万元。同时，压实资本市场看门人职责，同步启动对中介机构的追责。2025年9月 对*ST聆达（300125）资金占用、违规担保事项，对公司及时任董事长、副董事长合计罚款500万元， 以精准问责压实市场主体责任，持续传递严监严管信号。大连证监局在走访上市公司中，严促公司高管 提高合规意识，提升规范化运作水平，用案例警示企业，真正将《关于进一步做好资本市场财务造假综 合惩防工作的意见》落实到位。 化解上市公司风险，提高上市公司质量 大连证监局深入贯彻落实国务院关于走访上市公司、推动上市公司高质量发展的工作部署，联合地方政 府相关部门建立走访工作机制、细化走访流程、明确落实举措、开展政策宣导等，持续开展常态化走访 上市工作。在大连证监局推动下，大连市制定了有效运用资本市场支持企业 ...

证券之星消息，1月5日电力板块较上一交易日上涨0.6%，金房能源领涨。当日上证指数报收于4023.42， 上涨1.38%。深证成指报收于13828.63，上涨2.24%。电力板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001210 | 金房能源 | 18.84 | 9.98% | 11.77万 | 2.19亿 | | 000155 | 川能动力 | 12.18 | 4.55% | 53.88万 | 6.48亿 | | 601778 | 晶科科技 | 3.88 | 4.30% | 177.37万 | 6.83亿 | | 619109 | 嘉泽新能 | 4.63 | 4.28% | 98.84万 | 4.61亿 | | 600644 | 乐山电力 | 10.07 | 3.28% | 19.03万 | 1.89亿 | | 600475 | 华米环能 | 18.68 | 2.81% | 18.42万 | 3.41亿 | | 600578 | 京能电力 | 5.24 | 2.75 ...

Group 1 - The core issue is the increasing frequency of negative electricity prices in Europe due to a surge in renewable energy production, which is outpacing demand and grid capacity [1][4][6] - Germany recorded 573 hours of negative electricity prices in 2025, a 25% increase from the previous year, while Spain has seen its frequency of negative prices double since first experiencing them in 2024 [1][4] - The expansion of renewable energy capacity is expected to continue leading to negative pricing patterns through 2026, as the growth of grid infrastructure and energy storage lags behind new generation facilities [4][6][8] Group 2 - The increase in negative pricing is reshaping the European electricity market, squeezing revenues for renewable energy developers while creating new opportunities for trading firms to profit from price volatility [4][6] - The reliance on fossil fuels remains significant for backup support during periods of renewable energy output fluctuations, leading to potential price spikes when demand exceeds supply [6][8] - Efforts to develop more renewable energy face challenges from slow recovery in electricity demand and the increasing role of natural gas and coal in meeting additional load in certain markets [6]

Core Insights - The company, Changyuan Power (000966.SZ), reported a significant decrease in electricity generation for the year 2025, with a total output of 2.38 billion kilowatt-hours, representing a year-on-year decline of 40.54% [1] Group 1: Electricity Generation Breakdown - Thermal power generation decreased by 43.39% year-on-year [1] - Hydropower generation increased by 25.79% year-on-year [1] - New energy generation saw a slight decline of 4.22% year-on-year [1] Group 2: Cumulative Electricity Generation - For the full year of 2025, the cumulative electricity generation reached 34.44 billion kilowatt-hours, down 14.12% compared to the previous year [1] - Cumulative thermal power generation fell by 16.60% year-on-year [1] - Cumulative hydropower generation increased by 19.18% year-on-year [1] - Cumulative new energy generation experienced a modest growth of 0.77% year-on-year [1]

公司2025年1-12月累计完成发电量344.40亿千瓦时，同比降低14.12%。其中火电累计发电量同比降低 16.60%，水电累计发电量同比增长19.18%，新能源累计发电量同比增长0.77%。 智通财经APP讯，长源电力(000966.SZ)公告，2025年12月，公司完成发电量23.80亿千瓦时，同比降低 40.54%。其中火电发电量同比降低43.39%，水电发电量同比增长25.79%，新能源发电量同比降低 4.22%。 ...

格隆汇1月5日丨长源电力(000966.SZ)公布，2025年12月，公司完成发电量23.80亿千瓦时，同比降低 40.54%。其中火电发电量同比降低43.39%，水电发电量同比增长25.79%，新能源发电量同比降低 4.22%。公司2025年1-12月累计完成发电量344.40亿千瓦时，同比降低14.12%。其中火电累计发电量同 比降低16.60%，水电累计发电量同比增长19.18%，新能源累计发电量同比增长0.77%。 ...

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, including Guodian Power, Inner Mongolia Huadian, and China Nuclear Power [9][48]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, indicating a shift in the profitability model of the power industry towards a diversified income structure [6][9]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, driven by heating demand and improved industrial activity, suggesting a positive outlook for the gas sector [31][33]. - The report emphasizes the need for optimization of the electricity market mechanism and restructuring of the power supply to adapt to the changing landscape [6][9]. Summary by Sections 1. Electricity - The annual trading results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 RMB/MWh, down 16.55% from the previous year [5][7]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively, indicating widespread pressure on electricity prices in coastal provinces [5][7]. - The transition of thermal power from a primary energy source to a regulatory support role is highlighted, with a shift towards a revenue model that includes capacity and auxiliary service income [6][9]. 2. Natural Gas - In November 2025, the apparent consumption of natural gas reached 36.28 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 388 billion m³, a slight decline of 0.1% [31][33]. - The report notes that the increase in natural gas production and favorable pricing conditions are expected to enhance the profitability of city gas companies [33]. - Recommendations include focusing on integrated gas trading companies and city gas firms that are likely to benefit from lower costs and improved margins [33][34]. 3. Environmental Protection - The report mentions the implementation of water price adjustments in Zhongshan and the introduction of waste disposal fees in Foshan, which are expected to improve cash flow in the environmental sector [9]. - Companies such as Zhongshan Public Utilities and Longxin Technology are highlighted as beneficiaries of these regulatory changes [9].