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]

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。 大市场促进清洁能源跨省跨区消纳。"当前，西电东送呈现新格局，跨区域互济范围拓展，全国统一电 力市场联通机制全面达成。"南方电力调度控制中心副总经理谢一工介绍，2025年，南方区域电力现货 市场转入连续结算试运行，达成南网、国网首笔跨电网经营区现货交易，有力服务全国电力保供大局。 1月4日，记者从南方电网获悉，南方电网西电东送2025年全年送电量超过2600亿千瓦时，达2616亿千瓦 时，比2020年超出311亿千瓦时，创历史新高。"十四五"期间，南方电网通过"八交十一直"西电东送大 通道，累计送电1.14万亿千瓦时，相当于减少燃煤3.3亿吨、减排二氧化碳8.6亿吨，为我国绿色低碳发 展注入强劲动力。 "十四五"期间，在没有新增外送通道的情况下，南方电网西电东送电量为何屡创新高？ 电量创新高源于供需两端协同发力。供给侧，2025年西部地区来水丰沛，1—12月，云南水电发电量同 比增长约6%，新能源发电量同比增长约14%；需求侧，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 ...

Core Insights - Huangling Mining has achieved record coal production in 2025, with completion rates of 113% for tunneling, 112% for railway transport, and 102% for power generation [1][4]. Group 1: Operational Efficiency - The company has implemented four operational philosophies and engaged in extensive discussions to enhance consensus and action [4][12]. - Initiatives include shutting down high-energy-consuming units, which saved over 80 million yuan in power generation costs, and signing coal cooperation agreements worth 90 million yuan [4][12]. - The company has optimized coal procurement strategies, resulting in an increase of 120 million yuan from long-term coal quality adjustments and 520 million yuan from coking coal sales [4][12]. Group 2: Coal-Electricity Synergy - Huangling Mining has focused on coal and electricity integration, achieving a 20% increase in recoverable reserves and over 5% improvement in efficiency through the development of ultra-long and ultra-wide working faces [14]. - The company has signed long-term electricity contracts for 429 million kWh and expanded additional electricity supply by 1.52 billion kWh [14]. Group 3: Project Management and Cost Control - In 2025, the company implemented dynamic management for key projects, achieving significant cost savings of 11 million yuan on 16 completed projects [16]. - The Anse 300 MW solar project was completed under budget by 420 million yuan, and the company has made progress on several other key projects, enhancing its long-term growth potential [16].

碳中和周报关注"双碳"领域的最新前沿动态，包括碳中和政策、地方动态、企业实践等。我们将通过精 选每周碳中和领域的重大事件，并进行点评的方式，提供一个及时全面的碳中和信息平台。 一、碳中和政策 1、两部门发文：2030年新型电网平台初步建成 12月31日，国家发展改革委、国家能源局发布《关于促进电网高质量发展的指导意见》（以下简称《指 导意见》）。《指导意见》明确，到2030年，主干电网和配电网为重要基础、智能微电网为有益补充的 新型电网平台初步建成，主配微网形成界面清晰、功能完善、运行智能、互动高效的有机整体。电网资 源优化配置能力有效增强，"西电东送"规模超过4.2亿千瓦，新增省间电力互济能力4000万千瓦左右， 支撑新能源发电量占比达到30%左右，接纳分布式新能源能力达到9亿千瓦，支撑充电基础设施超过 4000万台，公共电网的基础作用充分发挥，智能微电网多元化发展，电力系统保持稳定运行，服务民生 用电更加有力。 《指导意见》提出了明确新型电网平台功能定位、加强各级电网统一规划建设等七方面任务举措。在明 确新型电网平台功能定位方面，本次《指导意见》提出，强化新型电力系统枢纽平台作用。主动适应新 能源高渗透率 ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

Group 1 - In 2025, private equity firms held over 3.34 billion shares of listed ETFs, with technology sector ETFs accounting for over 30% of the total holdings [2] - The top three private equity firms by ETF holdings were Zhufeng Asset with 280 million shares, followed by Zhongyi Asset and Shanghai Binghao Private Equity, each holding 176 million shares [2] - The National Silver LOF fund has issued a risk warning regarding its secondary market price, which has been trading at a significant premium over its net asset value [2] Group 2 - In 2026, two companies, Derun Electronics and Jintongling, were flagged for financial fraud, with Derun Electronics having fabricated over 500 million yuan in receivables [3] - Over 80 A-share companies were investigated for disclosure violations in 2025, with about 40% being ST companies [3] - The regulatory environment in China's capital markets has become stricter, reflecting the ongoing commitment to rigorous oversight since the introduction of the "New National Nine Articles" [3] Group 3 - Berkshire Hathaway's new CEO, Greg Abel, has been given full decision-making authority, with Warren Buffett expressing confidence in the company's future [4] - Following Buffett's retirement, Berkshire's stock price fell by 1.4%, raising concerns about the company's future performance under new leadership [4] - Buffett stated that he would continue to participate in company meetings but would no longer speak publicly, leaving his role to Abel [4] Group 4 - The National Supercomputing Internet platform has surpassed 1 million registered users, integrating over 30 national supercomputing and intelligent computing centers [5] - The platform has developed the largest computing power network in the country, offering 70 types of computing services for various applications [5] Group 5 - SAIC Motor Corporation reported sales of 4.507 million vehicles in 2025, a year-on-year increase of 12.3%, with electric vehicle sales reaching 1.643 million, up 33.1% [8] Group 6 - Century Huatong plans to repurchase shares worth between 300 million and 600 million yuan to implement employee stock ownership plans [16] - Nine Ding New Materials announced an investment of 246 million yuan to build a large-scale wind turbine blade production line, aligning with industry trends [19] - Baolong Oriental expects a net profit increase of 46.34% to 70.73% for 2025, driven by strong order volumes and improved production capacity [20]

Core Viewpoint - The article discusses the guidelines issued by the National Development and Reform Commission and the National Energy Administration aimed at promoting high-quality development of the power grid, with a target to establish a new type of power grid platform by 2030, integrating main grids, distribution networks, and smart microgrids [2]. Group 1 - By 2030, the capacity for resource optimization in the power grid is expected to be significantly enhanced, with the "West-to-East Power Transmission" scale exceeding 420 million kilowatts and an additional inter-provincial power exchange capacity of around 40 million kilowatts [2]. - The new power grid platform will support renewable energy generation to account for approximately 30% of the total, with the capacity to accommodate distributed renewable energy reaching 900 million kilowatts and supporting over 40 million charging infrastructure units [2]. - The current power grid in China is recognized as the world's strongest in terms of transmission capacity, highest operational voltage levels, and largest scale of renewable energy integration, with a "West-to-East Power Transmission" capacity of 340 million kilowatts, representing about 23% of the maximum national electricity load projected for 2025 [2]. Group 2 - The guidelines outline seven key tasks, including clarifying the functional positioning of the new power grid platform, strengthening unified planning and construction of various levels of the power grid, and enhancing the safety governance capabilities of the grid [2]. - The article emphasizes the importance of optimizing the collaborative development of main grids, distribution networks, and microgrids, and advancing the planning and construction of cross-provincial and cross-regional transmission channels [3]. - It highlights the need for increased investment in the power grid and the evolution of the grid structure from a unidirectional to a multidirectional mixed structure to support the scalable development of new power business models [3].

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。其中，单日送电量最高超过11.5亿度。 跨经营区电力交易常态化开展也进一步带动送电量增长。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64亿度。 央视网消息：记者1月4日从南方电网了解到，2025年南方电网西电东送全年送电量首次超过2600亿度，创历史新高。 2025年，南方电网经营区域内发电量和用电需求增长明显。其中，在云南，全年新能源发电量同比增长约14%。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。 ...