南方电网"西电东送"年送电量创新高 央视网消息：回顾过去的一年，我国交通、能源等方面的多个重大项目加速推进，取得亮眼成绩。 截至2025年底：全国铁路营业里程达16.5万公里 记者1月4日从国铁集团获悉，截至2025年底，全国铁路营业里程达16.5万公里，其中高铁超5万公里，我国建成世界规模最大、先进发达 的高速铁路网。"十四五"期间，全国铁路营业里程由14.63万公里增至16.5万公里，增长12.8%，高铁由3.79万公里增至5.04万公里，增长 32.98%。 与此同时，第二采油厂积极助力区域产业结构优化，开发建设以来，庆阳气田累计生产天然气20亿立方米，日产气量达到200万立方米， 有效保障了260万庆阳老区人民用气需求。 记者1月4日从南方电网了解到，2025年，南方电网西电东送年送电量达2616亿度，同比增长9.8%，创历史新高。在粤港澳大湾区，数字 经济、先进制造等产业蓬勃发展，用电需求刚性增长，带动广东成为全国首个用电负荷突破1.6亿千瓦的省份。 甘肃庆阳：长庆油田第二采油厂油气产量创新高 2025年，甘肃庆阳长庆油田第二采油厂油气产量突破400万吨，创历史新高。长庆油田勘探开发属于典型的低渗、 ...

Core Insights - Jiangsu Province has achieved a record increase in thermal power generation capacity, adding 10.4 million kilowatts in 2025, the highest in nearly 20 years [2] - The energy structure in Jiangsu is continuously optimizing, with renewable energy capacity reaching 11.193 million kilowatts, making it the largest power source in the province [2] - Thermal power is transitioning from a "main power source" to a "supportive and regulatory power source," playing an essential role in ensuring power supply security and facilitating renewable energy consumption [2] Group 1 - As of December 30, 2025, the commissioning of two new thermal power units has contributed to a total thermal power capacity increase of 10.4 million kilowatts in Jiangsu [2] - On August 23, 2025, Jiangsu's power grid demonstrated its capability to balance supply and demand, with coal-fired units providing 85% of the total output during peak hours [2] - The province has initiated two batches of coal power projects since 2022, totaling 23.94 million kilowatts, to enhance power supply reliability [3] Group 2 - The new thermal power units being commissioned are characterized by advanced ultra-supercritical reheat technology, achieving a coal consumption rate of below 260 grams of standard coal per kilowatt-hour [3] - By the end of 2025, the cumulative deep peak regulation electricity from coal-fired units reached 9.23 billion kilowatt-hours, equivalent to the annual electricity consumption of 2.3 million households being replaced by clean energy [4] - The design of new coal-fired units since 2022 allows for a minimum output of 20%, significantly enhancing grid flexibility and supporting efficient renewable energy consumption [4]

Summary of Key Points from Conference Call Industry Overview - **A-Share Market Performance**: The Shanghai Composite Index rose by 18.41% in 2025, indicating a positive market outlook for 2026, driven by expectations of U.S. interest rate cuts and increased liquidity in overseas markets [2][3]. - **Chemical Industry**: The chemical sector showed strong performance in 2025, with expectations of continued growth into 2026, as supply pressures ease and some products see price increases [10][11]. - **Aviation Industry**: The aviation sector experienced a 13% increase in passenger traffic during the New Year period, with ticket prices rising over 10% year-on-year. Future growth is anticipated due to low supply growth and recovering demand [6]. - **Oil Shipping Industry**: The oil shipping sector is at a four-year high, driven by increased oil production. The next five years are expected to see continued demand growth [8][9]. Core Insights and Arguments - **Market Trends**: The A-share market is expected to benefit from several factors, including anticipated U.S. interest rate cuts, a stable and appreciating RMB, and supportive policies for investment and real estate [2][3]. - **Price Increase Logic**: Price increases are emerging in sectors like chemicals and new energy materials due to improved demand and constrained supply. The TMT supply chain is also experiencing price hikes due to demand expansion [4]. - **Investment Recommendations**: - **Technology Growth**: Positive outlook for technology sectors, including internet, electronics, and power equipment [5]. - **Non-Banking Financials**: Favorable conditions for insurance and brokerage firms [5]. - **Cyclical Sectors**: Sectors benefiting from domestic demand and stable real estate policies, such as tourism and consumer goods, are recommended [5]. Additional Important Insights - **Industrial Metals**: The industrial metals market is optimistic for 2026, with supply disruptions and increased demand from AI and traditional sectors driving growth [15]. - **Chemical Sector Recommendations**: Key companies to watch include Hualu Hengsheng in coal chemicals and leading firms in the refrigerant and new materials sectors [11]. - **Coal Market Outlook**: The coal market is expected to stabilize, with prices projected to rise in the latter half of 2026 after a period of decline [22][24]. - **Real Estate Sector**: The real estate sector is receiving renewed attention from policymakers, indicating potential recovery and investment opportunities in leading companies [25]. This summary encapsulates the key points discussed in the conference call, highlighting the performance and outlook of various industries, along with strategic investment recommendations.

中新网广州1月4日电(王华蓝旺)中国南方电网公司4日消息，2025年南方电网西电东送电量创历史新 高，达2616亿千瓦时。 "作为西电东送直流通道的运维主体，我们以电力保供定生产计划，以停电窗口定检修项目，今年度夏 期间通道可用率创历史新高，等效停电时间降至5小时，同比下降80%。"南方电网超高压公司生技部总 经理冯鸫表示，2025年，南网超高压公司累计开展26次直流在线检修和153次带电作业，减少通电停电 时间超350小时。 2025年迎峰度夏期间，南方电网西电东送超过1/3的直流输电通道保持全天满负荷送电，单日送电量最 高超过11.5亿千瓦时。 据了解，2025年，南方电网西电东送通道累计输送跨经营区电力互济电量超64亿千瓦时，下半年通过现 货市场增送电量达251亿千瓦时；南方电网经营区域(五省区)清洁能源发电量9503亿千瓦时，占比达到 58%，同比增加4个百分点。(完) （文章来源：中国新闻网） 据介绍，在没有新增外送通道的情况下，南方电网西电东送电量创新高主要动能是：电量创新高源于供 需两端协同发力、数字技术和精细化运维挖掘送电潜力、大市场促进清洁能源跨省跨区消纳。 其中，在供给侧，2025年中国西 ...

该项目采用新一代高效超超临界二次再热技术，主要技术指标先进可靠。汉川四期项目7号机组成功转 商业运营，将进一步增加公司大容量高参数煤电装机比重，增强公司煤电机组市场竞争力。 此外，项目配套储能电站与项目同址建设，共用送出线路，具有一定的上网电量调节优势，市场竞争力 和抗风险能力较强。 长源电力认为，该项目的建设有利于提高公司清洁能源比重，优化公司电源结构，投产后可增加公司营 业收入和利润。 在2025年半年报中，长源电力曾透露，公司积极应对电力改革新形势，坚持市场导向，优先发展风电， 择优开发光伏，持续加快绿色低碳转型。报告期内取得50万千瓦风电资源开发权，获配新能源建设指标 15万千瓦，其中风电7万千瓦、光伏8万千瓦。报告期内，公司新能源项目新开工2.0955万千瓦，投产 19.6955万千瓦。预计2025年全年，公司新能源项目发展计划为新开工20万千瓦、投产30万千瓦。 2025年12月17日，长源电力公告称，全资子公司国能长源汉川发电有限公司所属国能长源汉川四期 2×100万千瓦扩建项目7号机组（100万千瓦）顺利通过168小时满负荷试运行，正式投入商业运营。 （原标题：长源电力拟投建松滋100MW风电 ...

Group 1: Cross-Border Trade and Logistics - The State Council meeting emphasized the importance of cross-border trade facilitation in creating a top-tier business environment, focusing on efficient cross-border logistics and the integration of various transportation modes [1] - The meeting called for the promotion of green trade and the development of new business models such as cross-border e-commerce, while optimizing the regulation of special goods [1] - There is a push to enhance smart regulatory services, including the construction of smart customs and ports, and to advance the international trade "single window" for cross-border connectivity [1] Group 2: Hong Kong Stock Market Outlook - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index increasing by 2.76% and the Hang Seng Tech Index by 4.00% as of January 2, 2026 [2] - A report from CITIC Securities indicates that a continued easing of global liquidity and supportive domestic financial policies are expected to drive market growth, with increased participation from individual investors [2] - The core logic supporting the bull market is anticipated to persist and even strengthen [2] Group 3: Public Fund Fee Reform - The China Securities Regulatory Commission announced the implementation of new regulations on public fund sales fees, effective January 1, 2026, marking the completion of a three-phase fee reform [3] - The reform is expected to save investors approximately 51 billion yuan annually, with an overall reduction in public fund fee levels by about 20% [3] Group 4: High-Quality Development of Power Grid - The National Development and Reform Commission and the National Energy Administration released guidelines for promoting high-quality development of the power grid, aiming for a new grid platform by 2030 [4] - Key targets include enhancing the capacity for resource optimization, with the "West-to-East Power Transmission" expected to exceed 420 million kilowatts and new inter-provincial power support capabilities of around 40 million kilowatts [4] - The guidelines also aim for renewable energy generation to account for approximately 30% of total power generation and to support over 40 million charging facilities [4] Group 5: Offshore RMB Exchange Rate - As of January 2, 2026, the offshore RMB rose above 6.97 against the US dollar, reaching a high of 6.9664, the highest since May 2023 [5] - In December 2025, the offshore RMB appreciated by 974 basis points, a 1.38% increase, with a total appreciation of 3,626 basis points or 4.94% for the year [5] Group 6: Warren Buffett's Retirement - Warren Buffett officially retired from his position as CEO of Berkshire Hathaway on December 31, 2025, while continuing to serve as chairman of the board and retaining a significant stake in the company [6] Group 7: U.S. Military Action in Venezuela - The U.S. military conducted a raid in Venezuela, capturing President Maduro and his wife, with plans to "manage" the country until a "safe" transition can be implemented [7]

1月4日，长源电力（000966）公告称，公司拟在湖北省松滋市新设项目公司，并由新设公司为主体投资 建设国能长源松滋市八宝镇100MW风电场项目，项目规划装机容量10万千瓦，静态总投资5.62亿元(含 配套储能、送出工程)，动态总投资5.72亿元(含配套储能、送出工程)，预计资本金内部收益率7.33%。 长源电力认为，该项目的建设有利于提高公司清洁能源比重，优化公司电源结构，投产后可增加公司营 业收入和利润。 在2025年半年报中，长源电力曾透露，公司积极应对电力改革新形势，坚持市场导向，优先发展风电， 择优开发光伏，持续加快绿色低碳转型。报告期内取得50万千瓦风电资源开发权，获配新能源建设指标 15万千瓦，其中风电7万千瓦、光伏8万千瓦。报告期内，公司新能源项目新开工2.0955万千瓦，投产 19.6955万千瓦。预计2025年全年，公司新能源项目发展计划为新开工20万千瓦、投产30万千瓦。 2025年12月17日，长源电力公告称，全资子公司国能长源汉川发电有限公司所属国能长源汉川四期 2×100万千瓦扩建项目7号机组(100万千瓦)顺利通过168小时满负荷试运行，正式投入商业运营。 该项目采用新一代高效超 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The annual long-term contract electricity prices are reaching a bottom, with a focus on the dividend value of the sector. The electricity price in Guangdong is 0.372 CNY/kWh, down 0.02 CNY/kWh year-on-year, reflecting a 20% decrease from the benchmark. In Jiangsu, the price is 0.344 CNY/kWh, down 0.07 CNY/kWh year-on-year, a 12% drop from the benchmark. The market has reacted negatively to these price drops, but the long-term outlook suggests limited further declines as supply and demand improve [6][17][24]. Summary by Sections 1. Annual Long-term Contract Electricity Results - The annual electricity trading results for 2026 show significant price reductions in Guangdong and Jiangsu, with declines of 20% and 12% respectively. The transition from annual to monthly contracts is noted, with a high proportion of medium to long-term market electricity remaining stable [17][24]. 2. Weekly Review - The report highlights the recent implementation of local electricity pricing mechanisms, with a focus on the impact of coal prices and the stability of natural gas prices compared to previous years [10][18]. 3. Industry High-frequency Data Tracking - The report tracks the rapid decline in spot coal prices and the decrease in coal inventories at northern ports. The domestic natural gas prices are lower than the previous year, while overseas prices are fluctuating upwards [10][18]. 4. Key Company Announcements and Sector Performance Tracking - The report emphasizes the acquisition by Guiguan Electric Power of assets from its parent group, which is expected to enhance its growth potential. The company plans to lead the development of hydropower and new energy in Tibet, which could significantly boost profits in the coming quarters [6][10][18]. 5. Focus on Investment Opportunities - The report identifies several companies with strong dividend yields and market management strategies, including Huaneng International, Huadian International, and Guiguan Electric Power. The focus is on high dividend stocks and companies with robust market management practices, which are expected to enhance their valuation [6][10][18]. 6. Valuation and Financial Analysis of Key Companies - The report provides a detailed valuation analysis of key companies in the sector, indicating potential upside in their stock prices based on projected earnings and dividend increases. For instance, Guiguan Electric Power's acquisition is valued at 2.025 billion CNY, with a price-to-book ratio of 1.06 [7][10]. 7. Market Positioning and Future Outlook - The report concludes with a positive outlook for the public utility sector, suggesting that the current valuation levels are attractive for new investments, especially as the market begins to stabilize and recover from recent price declines [6][10][18].

Group 1 - The report indicates that the "spring market excitement" has begun early, characterized by a clear "structural lead and opportunity rotation" feature, with technology remaining dominant [2][3][16] - The current market adjustment was primarily driven by three factors: overseas liquidity disturbances, concerns over AI bubble risks during the US earnings window, and relatively mild economic data, all of which are now diminishing [14][15][16] - The A-share market is entering a pre-heating and layout window for the "spring market excitement" of 2026, with structural opportunities emerging in sectors such as commercial aerospace, robotics, petrochemicals, and non-ferrous metals [3][16] Group 2 - The report highlights that the rise in non-ferrous metals is driven by multiple factors, including macroeconomic conditions, industry fundamentals, capital allocation, and geopolitical issues, rather than a single cause [4][29] - The report notes that the current Chinese consumer market shows a clear characteristic of "total pressure but structural recovery," with structural highlights in both traditional and emerging consumption sectors [5][31][32] - The investment strategy suggests a dual focus on technology and cyclical sectors, emphasizing the importance of PPI improvements and the benefits of "anti-involution" policies in sectors like non-ferrous metals, photovoltaics, chemicals, steel, and machinery [6][34][35]

Carbon Neutrality Policy - The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) issued guidelines for the establishment of a new type of power grid platform by 2030, which will enhance the optimization of power resources and support a renewable energy generation share of around 30% [2][3] - The guidelines emphasize the role of the new power grid as a hub platform, focusing on multi-level collaborative planning and operation of the main grid, distribution grid, and smart microgrids [3] Zero Carbon Parks - The NDRC announced the characteristics of the first batch of 52 national-level zero carbon parks, highlighting balanced regional distribution, strong local renewable energy consumption capabilities, and a target for green electricity supply to account for at least 50% of the parks' electricity consumption [4][6] - The expected carbon emissions per unit of energy consumption in these parks will be approximately 0.25 tons per ton of standard coal, significantly lower than the national average [4] Ecological Environment Initiatives - A joint action plan for the Beijing-Tianjin-Hebei region was released, aiming for a green and low-carbon energy structure, with coal consumption to decline and renewable energy consumption to increase by about 10 percentage points by 2027 [7] EU Carbon Border Adjustment Mechanism (CBAM) - Starting January 1, 2026, the EU's CBAM will enter a charging phase, initially covering six product categories, with plans to expand to around 180 downstream products by 2028 [8][9] - The expansion of CBAM indicates that Chinese export enterprises will face carbon cost constraints extending from raw materials to finished products, necessitating the establishment of accurate carbon footprint accounting capabilities [9] Local Developments - Shandong Province approved its first "green electricity direct connection" project, which integrates power generation, networking, energy consumption, and storage within a single park, providing a traceable green certification for products [10][11] Corporate Practices - The world's first 10,000-ton offshore new energy bulk carrier, "Weiqiao Green Movement 1," was launched, showcasing advancements in electric shipping technology and the potential for zero-carbon operations [11][12] - The vessel employs a dual-engine mode of "lithium battery + fuel," capable of reducing carbon emissions by nearly 10,000 tons annually, and features advanced technologies for autonomous operation and power stability [12]