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].

长江电力（600900）(600900.SH)公告，2025年，公司境内所属六座梯级电站总发电量约3071.94亿千瓦 时，较上年同期增长3.82%。其中，第四季度公司境内所属六座梯级电站总发电量约720.68亿千瓦时， 较上年同期增长19.93%。 ...

智通财经APP讯，长江电力(600900.SH)公告，2025年，公司境内所属六座梯级电站总发电量约3071.94 亿千瓦时，较上年同期增长3.82%。其中，第四季度公司境内所属六座梯级电站总发电量约720.68亿千 瓦时，较上年同期增长19.93%。 ...

"我们正加快规划建设苏通GIL直流工程、扬镇交直流改造工程等一批项目建设，将江苏沿海的绿电送 至苏南发达地区。"张文嘉说。 绿电发得出，更要有人用、用得好。电力交易大厅屏幕上，绿电交易数据实时跳动。刚刚过去的2025 年，江苏绿电交易量超210亿千瓦时；自2021年全国绿电交易启动以来，江苏绿电交易量年均增长率达 96%。 交汇点讯 刚刚过去的12月，各项重点项目顺利收官：我国离岸最远海上风电项目在江苏全容量并网， 年发电可超28亿千瓦时；29日，江苏国信大丰85万千瓦海上风电项目全部风机实现并网，标志着江苏海 上风电规模化开发迈上新台阶，进一步巩固江苏在全国海上风电装机容量的领先地位。 经济大省挑大梁，江苏正将滔滔海风转化为澎湃绿电—— 截至2025年底，全省海上风电装机已突破1200万千瓦，绿电交易量年均增长96%、接近翻倍，更通 过"绿电专线"直供园区、赋能企业"出海"。迈步行进在"双碳"赛道上，江苏正把丰富的"海风"资源，转 化为高质量发展的绿色动能。 能源转型的大背景下，风电近年已成为绿色低碳发展的核心赛道，肩负着优化能源结构的重要使命。 从2004年中国第一个风力发电特许权项目——如东一期10万千 ...

Core Viewpoint - The company, Shenzhen ShenNan Electric A, has been awarded a contract for the operation and maintenance services of a gas turbine combined cycle power plant in Cambodia, with a project value of approximately $208 million [1] Group 1 - The company's wholly-owned subsidiary, Shenzhen ShenNan Electric Gas Turbine Engineering Technology Co., Ltd., received a bid acceptance letter from Botum Sakor Energy Company Limited, a subsidiary of the Royal Group of Cambodia [1] - The project involves a 2×450MW gas turbine combined cycle power plant located in the Kampong Speu Province of Cambodia [1] - The contract award date is set for January 4, 2026, indicating a future operational timeline for the project [1]

Core Viewpoint - The Northwest Power Grid is set to achieve a cross-regional electricity delivery volume of 4,110 billion kilowatt-hours by 2025, marking a significant increase and establishing its position as the largest regional power grid in China [1][3]. Group 1: Electricity Delivery Volume - The cross-regional electricity delivery volume for 2025 is projected to exceed 4,000 billion kilowatt-hours for the first time, representing a 16.4% increase from 2024 and a 71% increase from the end of the 13th Five-Year Plan [1]. - The Northwest Power Grid will deliver 1,402.3 billion kilowatt-hours of renewable energy in 2025, a 38.5% increase from 2024, accounting for 34.1% of the total delivery volume [3]. Group 2: Regional Contributions - All provinces in the Northwest, including Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang, are expected to achieve record-high cross-regional electricity delivery volumes in 2025, contributing to the national energy structure transformation and supporting economic development in central and southwestern China [3][5]. - The Northwest Power Grid has established a robust electricity delivery framework through 14 cross-regional direct current channels, supplying power to 24 provinces and municipalities across North China, East China, Central China, and Southwest China [5]. Group 3: Strategic Initiatives - The Northwest Power Grid will leverage its role as a major electricity delivery hub to optimize resource allocation, with nearly half of the total electricity delivery volume from the State Grid system coming from this region in 2025 [7]. - The implementation of the "Shagehuang" large base market mechanism aims to enhance the high proportion of renewable energy delivery and ensure stable direct current transmission, thereby driving economic and social development in the five provinces [7].

（文章来源：每日经济新闻） 南网数字（301638.SZ）1月5日在投资者互动平台表示，您好，感谢您的关注。"大瓦特"是公司推出的 电力人工智能产品品牌，包含电力行业人工智能平台和系列模型，公司不涉及机器人本体产品，相关产 品情况详见招股书。"大瓦特"模型目前主要以生产应用类模型为主，以用户实际应用需求为驱动，构建 相应的智能体落地应用。公司相关产品进展请以公告披露信息为准。 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，感谢您的回复，大瓦特＂电力具身智能机 器人是贵公司的产品吗？这款机器人已经落地布局在日常工作中了吗？ ...

Core Viewpoint - ShenNan Electric A's wholly-owned subsidiary, ShenNan Electric Gas Turbine Engineering Co., Ltd., has won a bid for the operation and maintenance service project of a 2×450MW gas turbine combined cycle power plant in Cambodia, with a contract value of $208,113,545 [1] Group 1 - The project is expected to expand ShenNan Electric's business scale in the gas turbine operation and maintenance sector [1] - It will enhance the company's service capabilities in the international market [1] - The project supports the implementation of the company's integrated service system of "investment, construction, operation, and maintenance" [1] Group 2 - The formal contract related to the project has not yet been signed, indicating a level of uncertainty [1]

每经AI快讯，深南电A1月5日晚间发布公告称，深圳南山热电股份有限公司全资子公司深圳深南电燃机 工程技术有限公司于2026年1月4日收到招标单位柬埔寨皇家集团旗下的Botum Sakor Energy Company Limited发来的《Letter of Award》（中标函），根据《中标函》，深南电工程公司被确定为柬埔寨国公 省2×450MW燃机联合循环电站运维服务项目的中标单位。中标金额约2.08亿美元。 每经头条（nbdtoutiao）——秒光！1499元飞天茅台上线即空，i茅台App冲上苹果购物榜第一，10万用 户已下单！经销商同价做回馈，1000箱很快卖完 （记者 曾健辉） ...

2025年，公司境内所属六座梯级电站总发电量约3071.94亿千瓦时，较上年同期增长3.82%。其中，第四 季度公司境内所属六座梯级电站总发电量约720.68亿千瓦时，较上年同期增长19.93%。 格隆汇1月5日丨长江电力(600900.SH)公布，根据公司初步统计，2025年，乌东德水库来水总量约 1051.35亿立方米，较上年同期偏枯6.44%；三峡水库来水总量约3962.68亿立方米，较上年同期偏丰 5.93%。 ...