筑牢电力安全基石 赋能能源强国建设 中国工程院院士、电网运行风险防御技术与装备全国重点实验室主任 郑玉平 2026年是"十五五"规划开局之年，也是加快建设新型能源体系的关键之年。2026年全国能源工作会议精 准锚定发展方向，系统部署重点任务，明确提出统筹发展和安全、加快构建新型能源体系、提升能源安 全保障能力的核心要求，为推进能源强国建设夯实了基础。新型电力系统作为新型能源体系的核心枢 纽，其安全稳定运行事关经济社会发展全局，是能源强国建设的关键支撑和基础保障。深入贯彻落实会 议精神，进一步筑牢电力安全防线，对夯实能源安全基础、支撑能源强国建设具有重大战略意义。 一、深刻认识：电力安全是能源强国建设的核心基石 加快建设新型能源体系是深入推进能源革命、建设能源强国的必然要求。清洁低碳、安全充裕、经济高 效、供需协同、灵活智能的新型电力系统，是新型能源体系的核心组成部分，是实现新能源高效可靠消 纳的关键载体，其安全运行具有基础性、战略性地位，同时也是优化资源配置、促进清洁消纳、降低用 能成本、支撑战略性新兴产业发展的关键，更是经济社会高质量发展的坚实底座。 二、总体思路：坚持系统观念构建电力安全新格局 贯彻落实全 ...

针对部分地区存在的低价竞争、省间规则不统一、新能源大发时段价格倒挂等问题，中国电力企业 联合会规划发展部副主任韩放建议，一方面，完善新能源价格与结算机制，细化差价结算规则、配套容 量电价、拉大分时价差，同时健全多层次电力市场体系，统一省间规则、推进现货常态化运行、优化跨 省跨区交易定价；另一方面，进一步体现新能源的绿色价值，强化绿证与碳市场衔接、扩大辅助服务市 场规模、丰富价格风险对冲工具，同时做好新老项目政策平稳过渡，实施区域差异化政策并建立市场监 测评估机制，切实防范市场风险。 输电网络是保障新能源利用水平的重要基础设施。2025年，全国电网工程建设完成投资6395亿元， 同比增长5.1%。近年来，风光大基地建设推动特高压直流输电通道工程投资快速增长，2025年，直流 工程投资同比增长25.7%；交流工程投资同比增长4.7%；全国新增220千伏及以上输电线路长度47529千 米，同比多投产13814千米。交直流输电通道的建设打通区域电力输送动脉，资源配置能力进一步提 高。 为应对新能源规模化发展的现实挑战，过去一年，新能源上网电价全面市场化改革落地，可持续发 展价格结算机制出台，全国27个省份已公布机制电 ...

Core Viewpoint - China Shenhua's major asset restructuring project has set a new benchmark for efficiency in the A-share market, with the application submitted for registration just five working days after acceptance [2][3]. Group 1: Restructuring Details - The core objective of the restructuring is to acquire equity stakes in 12 core enterprises under the controlling shareholder, China Energy Investment Group, with a transaction value of 133.598 billion yuan [2]. - This transaction aims to resolve long-standing issues of competition between China Shenhua and its controlling shareholder, enhancing the quality of the listed company [2]. - Post-restructuring, China Shenhua will establish a complete industrial chain from coal mining to logistics, significantly improving its synergy and resilience against risks [2]. Group 2: Regulatory Framework - The restructuring application was officially accepted by the Shanghai Stock Exchange on January 30, 2026, under a simplified review process introduced in May 2025 [2][3]. - The simplified review process allows for a more efficient audit, with decisions made within two working days and opinions issued within five working days, without multiple rounds of inquiries [2]. - The introduction of this process marks a significant shift towards "precise regulation" in China's capital market, focusing regulatory resources on higher-risk or complex restructuring projects [3]. Group 3: Market Implications - China Shenhua's successful application under the simplified review process sends a positive signal to the market, indicating a more efficient regulatory environment for well-governed companies [3]. - The criteria for the simplified review include a market capitalization exceeding 10 billion yuan and an A-grade for information disclosure quality over the past two years, which China Shenhua meets as a leading enterprise in the energy sector [3].

Group 1 - The Algerian National Electricity Company has secured power supply for the construction of the Gara Djebilet iron ore mine, preparing for a 200 MW solar power plant with 25% of its capacity allocated for energy storage, expected to be operational by the end of this year [1] - The planning includes not only power supply for the mining area but also for future facilities and potential residential areas, aligning with the government's strategy for energy transition, energy sovereignty, and sustainable development, aiming for 15,000 MW of renewable energy by 2035, with an expected 3,200 MW installed by the end of this year [1] - Algeria is preparing to export electricity to Italy and Spain via undersea cables, and plans to interconnect northern and southern regions to facilitate future power supply to African countries [1] Group 2 - The National Electricity Company is implementing a nationwide forward-looking plan for grid maintenance to ensure continuous power supply against weather fluctuations, natural disasters, and illegal disruptions [2] - A new national grid control center is expected to enhance monitoring and maintenance capabilities, allowing for repairs and management using the latest global technologies without power outages [2]

Industry Investment Rating - Not provided in the given content Core Viewpoints - Upstream prices are falling, and the downstream real estate market is sluggish [1][3] - The implementation of relevant policies in the production and service industries will have an impact on the industry [1] Summary by Directory 1. Mid - level Event Overview Production Industry - The eight - department plan aims to form a coordinated development system for the entire Chinese medicine industry chain by 2030, enhance the stable supply capacity of key Chinese medicine raw materials, improve digital and green levels, achieve breakthroughs in key technologies, and cultivate 60 high - standard Chinese medicine raw material production bases [1] Service Industry - The 11 - department "Implementation Opinion" aims to improve the digital service convenience for overseas personnel entering China, establish a digital service system, and create a more international and convenient digital service environment [1] 2. Industry Data Upstream - Energy: International oil and natural gas prices have a slight correction [3] - Agriculture: Egg prices have fallen [3] - Non - ferrous metals: Nickel and aluminum prices have declined [3] Mid - stream - Chemical industry: The operating rates of PX and urea have slightly decreased [3] - Energy: The coal consumption of power plants has decreased [3] - Agriculture: The operating rate of pig products is at a high level [3] Downstream - Real estate: The sales of commercial housing in first - and second - tier cities continue to decline [3] - Service: The number of domestic flights is at a high level [3] 3. Key Industry Price Index Tracking - Various industries' price indicators show different trends, with some prices rising and some falling. For example, the price of WTI crude oil has increased by 3.05%, while the price of eggs has decreased by 12.28% [36]

Core Insights - The event "China-France Enterprises Entering Shenzhen Innovation Exchange Conference" gathered over 130 entrepreneurs from both countries to discuss future cooperation [1] - The 12th China-France Committee Innovation Award has officially opened its application channel, aiming to recognize outstanding Sino-French collaborative innovations [3] Group 1: Event Overview - The conference was supported by the China Bank and the Global Service Center, featuring prominent French companies like Veolia, EDF, and BNP Paribas, alongside local leaders in AI and renewable energy [4] - The agenda focused on how AI can innovate business operations from structural to commercial levels, emphasizing the importance of deepening Sino-French innovation dialogue amid changing circumstances [4][6] Group 2: Innovation Award - The Innovation Award, established in 2014, aims to discover and reward exceptional innovations developed by Sino-French teams, covering three categories: R&D Award, Innovative Product Award, and Originality Award [15] - The award has received official support from various French ministries and has a strong partnership network across both countries, ensuring a high standard and credibility in the evaluation process [15] Group 3: Strategic Importance of Shenzhen - Shenzhen was chosen for its unique combination of French "process thinking" and Chinese "pragmatic thinking," allowing for rapid transformation of ideas into products [15] - The Global Service Center, established about ten months ago, has quickly integrated over 330 professional service institutions and aims to connect Chinese and global enterprises [16] Group 4: Future Cooperation - The timing of the event aligns with a period of active international cooperation with China, focusing on green energy and digital economy [17] - Recommendations for French startups entering the Chinese market include embracing rapid development, not fearing risks, and building long-term partnerships with Chinese counterparts [19]

Core Viewpoint - The establishment of a comprehensive capacity pricing mechanism for power generation in China marks a significant evolution in the country's electricity pricing system, transitioning from investment protection to system reliability assurance [6][8]. Group 1: Origin and Evolution - In the 1980s, China faced severe electricity shortages, prompting the introduction of the "take-or-pay" contract model to attract foreign investment in independent power plants, providing stable cash flow expectations for investors [2]. - The first successful implementation of this model was seen in the Shenzhen Shajiao B power plant in 1987, which set a precedent for future projects [2]. Group 2: Exploration Phase - The early 2000s saw a shift towards systematic exploration of capacity pricing, with the 2004 notice from the National Development and Reform Commission (NDRC) establishing a two-part tariff for pumped storage power stations [3]. - In 2015, the central government called for the establishment of a market-oriented capacity compensation mechanism, laying the groundwork for future developments [3]. Group 3: Breakthroughs in Mechanism - From 2020 to 2022, local pilot programs and national-level designs advanced the capacity pricing mechanism, with Shandong province launching the first provincial-level capacity compensation mechanism under a power spot market [4]. - The 2023 notice from the NDRC and the National Energy Administration established a unified capacity pricing mechanism for coal power, with fixed cost recovery rates set to increase from 30% in 2024-2025 to no less than 50% in 2026 [4][6]. Group 4: New Regulations and Framework - The 2026 regulations expand the compensation scope to include independent new energy storage and allow provincial authorities to establish capacity pricing for gas power generation [6]. - The new market-oriented approach aims to ensure fair compensation for different power sources based on their peak capacity contributions, moving from government-set prices to market-driven pricing [6][7]. Group 5: Strategic Shift - The evolution of the capacity pricing mechanism reflects a strategic shift in the electricity sector from addressing investment shortages to ensuring system reliability, particularly in the context of increasing renewable energy integration [8]. - The modern capacity pricing mechanism emphasizes the importance of compensating for the availability of power generation assets, ensuring that traditional power sources can support the energy transition effectively [8].

Core Insights - Huaneng Lancang River (Changdu) Hydropower Co., Ltd. has been established with a registered capital of 4.8 billion RMB [1][2] - The company is involved in various sectors including solar power, wind power, energy storage, and electric vehicle charging infrastructure [1][2] Company Information - The legal representative of the company is Li Ran, and it is registered in Changdu, Tibet Autonomous Region [1][2] - The company is classified under the electricity and heat production and supply industry [2] - The business scope includes hydropower generation, power supply, installation, maintenance, and testing of power facilities, as well as emerging energy technology research and development [2][3] Shareholding Structure - The company is primarily owned by Huaneng Lancang River Upper Hydropower Co., Ltd. with an 89% stake, while Contemporary Amperex Technology Co., Limited (CATL) holds an 11% stake [3]

Group 1 - The core viewpoint of the news highlights the positive performance of the thermal power and electric grid sectors, with the National Green Power Index rising by 0.20% as of February 6, 2026, and several key stocks showing significant gains [1] - The completion of the China-Laos 500 kV interconnection project marks a significant milestone, enabling a mutual electricity supply capacity of 1.5 million kilowatts and an annual transmission of 3 billion kilowatt-hours of clean electricity [1] - By 2025, the national electricity market transaction volume is expected to reach 6.6 trillion kilowatt-hours, with spot trading accounting for 4%, and renewable energy hydrogen production capacity exceeding 250,000 tons, doubling year-on-year [1] Group 2 - The strategic importance of green electricity is increasingly recognized as the energy transition progresses, shifting from mere capacity expansion to high-quality development characterized by supply-demand coordination and integrated energy systems [2] - As of January 30, 2026, the top ten weighted stocks in the National Green Power Index account for 52.75% of the index, including major players like China Nuclear Power and Yangtze Power [2] - The Jiashi Green Power ETF (159625) closely tracks the National Green Power Index, providing a convenient tool for investors to gain exposure to the overall performance of green power-related listed companies [2]

Core Viewpoint - Tokyo Electric Power Company (TEPCO) plans to restart one reactor at Japan's largest nuclear power plant next week after a setback last month halted the process [1] Group 1: Company Developments - TEPCO initially restarted the No. 6 reactor at the Kashiwazaki-Kariwa nuclear power plant on January 21, but was forced to stop the process the next day due to power issues [1] - The Kashiwazaki-Kariwa plant is the last operational nuclear facility for TEPCO, and its restart is seen as a milestone following the Fukushima nuclear disaster in 2011, as seven reactors at the plant have been idle for over a decade [1] Group 2: Industry Context - TEPCO faces intense public scrutiny regarding the safe resumption of operations at the Kashiwazaki-Kariwa nuclear power plant, given its role as the operator of the damaged Fukushima facility [1] - The Japanese government is seeking to embrace nuclear energy again to curb carbon emissions, reduce expensive fossil fuel imports, and ensure a stable power supply to meet the growing electricity demand [1]