格隆汇1月27日丨乐山电力(600644.SH)在投资者互动平台表示，根据2019年12月20日召开的公司第九届 董事会第五次临时会议审议通过的《关于公司组织机构变革的议案》，公司设立财务共享服务中心。目 前，财务共享服务中心运营平台已全面建成并有效运用。 ...

排查工作精准聚焦两大领域核心要点：电力领域重点把控电网运行、设备可靠性、危险性作业监护等关 键环节；输油气管道领域聚焦高后果区管理、第三方施工防控等六大维度。通过"四不两直"暗查暗访、 专家专业排查、企业全员上报等方式，构建全方位、无死角排查网络。 中国发展网讯近日，山东省聊城市茌平区电力安全生产专业委员会办公室与输油气管道安全生产专业委 员会办公室联合印发通知，聚焦能源生命线安全守护，正式启动全区电力和输油气管道领域"三零"专项 行动，行动将持续至年底。此次行动以"隐患排查'零死角'、重大隐患'零容忍'、安全生产'零事故'"为核 心目标，扎实落实安全生产治本攻坚三年行动部署要求，为区域经济社会高质量发展筑牢能源安全保 障。 行动坚持"人民至上、生命至上"根本遵循，秉持"监管引领、企业主责、政企联动、精准防控"工作思 路，精准破解行业安全治理突出问题，坚决杜绝一般及以上生产安全责任事故和影响重大的能源供应突 发事件。 行动严格遵循"边查边改、立行立改"原则，建立动态隐患清单与整改台账，严格落实月度信息报送机 制。下一步，茌平区将持续强化部门协同联动与常态化督导，推动各项举措落地落细，切实守护辖区能 源供应安全 ...

一、同意成立能源行业电力安全治理标准化技术委员会、能源行业电力温室气体排放管理标准化技 术委员会、能源行业二氧化碳捕集运输利用与封存标准化技术委员会、能源行业氢能基础与通用标 准化技术委员会、能源行业氢能制取标准化技术委员会、能源行业氢能储存与运输标准化技术委员 会、能源行业氢能应用标准化技术委员会，其编号、职责范围、秘书处承担单位、委员名单等详见 附件。 二、相关能源行业标准化管理机构要根据《能源行业标准化技术委员会管理实施细则》和《国家能 源局关于进一步完善能源行业标准化技术委员会管理的通知》（国能发科技〔2021〕9号）有关要 求，对新成立的标准化技术委员会加强指导和管理。要充分发挥秘书处承担单位的主动性，调动各 方面积极性，建设开放式的标准化工作平台。 三、能源行业标准化管理机构和各新设标准化技术委员会要按照《国家能源局 国家标准化管理委员 会关于加快能源领域新型标准体系建设的指导意见》（国能发科技〔2020〕54号）有关要求，扎 实推进标准体系建设，严格按照各类标准的属性定位开展相关标准制修订工作。要避免标准之间、 标准化技术委员会之间、能源行业标准化管理机构之间交叉重复，确保标准体系协调统一。 四 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's cumulative electricity sales volume for 2025 is expected to reach 226.79 billion kWh, representing a year-on-year increase of 7.00%. In the second half of 2025, the sales volume is projected to be 124.81 billion kWh, with a year-on-year growth of 9.77%. The growth rate of electricity sales in the second half of 2025 shows significant improvement compared to the first half, indicating a stable revenue growth outlook despite downward pressure on electricity prices [2][10] - The company is expected to face some pressure on its overall performance in 2025 due to weak coal production in the first half and a high base effect from the previous year. However, the decline in performance is anticipated to narrow [2][10] - The company has seen a steady increase in electricity sales across various sources: thermal power sales reached 157.79 billion kWh (up 1.3%), wind power sales reached 53.70 billion kWh (up 16.4%), solar power sales reached 13.20 billion kWh (up 55.5%), and hydropower sales reached 2.09 billion kWh (up 35.9%) [6][10] - The company has been expanding its renewable energy capacity, with a total of 4.839 million kW of new wind and solar installations added in the first half of 2025. As of June 30, 2025, the company has 8.679 million kW of wind and 6.515 million kW of solar capacity under construction, ensuring growth potential [10] Summary by Sections Sales Volume and Revenue Outlook - The company expects stable growth in electricity sales volume for 2025, with a total of 226.79 billion kWh, and a significant improvement in the growth rate in the second half of the year [2][10] - Revenue growth is expected to be steady, although it may lag behind the growth in electricity sales due to downward pressure on electricity prices [2][10] Cost Management and Performance - Fuel costs are expected to maintain a year-on-year decline, with the average price of coal at Qinhuangdao Port at 716.77 RMB/ton, down 118.97 RMB/ton year-on-year. This cost optimization is expected to support the company's thermal power operations [10] - Despite some challenges, the overall performance decline for 2025 is expected to narrow compared to the first half of the year [2][10] Growth and Dividend Policy - The company has a consistent dividend policy, with a mid-year dividend of 0.356 HKD per share, reflecting its commitment to shareholder returns [10] - The orderly expansion of renewable energy capacity is expected to provide growth opportunities for the company [10]

Core Viewpoint - The establishment of seven standardization technical committees in the energy sector aims to enhance the standardization framework in line with the Energy Law of the People's Republic of China, focusing on safety governance, greenhouse gas emissions management, carbon capture, hydrogen energy, and more [2][3]. Group 1: Establishment of Technical Committees - Seven standardization technical committees have been approved, including those for electricity safety governance, greenhouse gas emissions management, carbon capture, hydrogen energy basics, hydrogen production, hydrogen storage and transportation, and hydrogen applications [2][3]. - The committees will be responsible for developing and managing standards related to their respective fields, ensuring a coordinated and unified standard system [3]. Group 2: Management and Implementation - Energy industry standardization management organizations are required to guide and manage the newly established committees according to existing regulations, promoting an open standardization work platform [3]. - The committees are tasked with integrating efforts from enterprises, social organizations, educational institutions, and research institutions to advance technological innovation and standardization in their fields [3]. Group 3: Committee Composition - The first committee for electricity greenhouse gas emissions management consists of 46 members, with Wang Zhixuan as the chairperson and several vice chairpersons from various organizations [10][11]. - The carbon capture, utilization, and storage (CCUS) committee includes 50 members, with Yuan Shiyi as the chairperson, focusing on standards for carbon capture, transportation, and storage [15][19].

1656号文的落地实施，标志着分时电价正式从"政府核定"迈入"随行就市"的市场化阶段，一场覆盖发电、售 电、用电、交易全链条的深刻变革正加速推进。需要明确的是，此次取消的是政府核定的固定分时电价，并 非分时定价机制本身，市场化分时定价仍将延续，只是定价主体从政府转向市场。 第一财经记者根据官方资料梳理发现，上述9个已明确取消固定分时电价政策的省市分别是贵州、河北（主 要是河北南网）、湖北、陕西、吉林、云南、重庆、辽宁、河南，政策尚处于征求意见阶段则有江苏和山 西。 2026.01. 27 本文字数：1595，阅读时长大约3分钟 作者 | 第一财 经 林春挺 进入2026年，国内电力行业迎来一场意义深远的市场化变革，"取消固定分时电价"成为行业热点话题，多地 密集出台政策，对直接参与电力市场交易用户的固定分时电价机制作出调整。 第一财经记者梳理官方文件发现，截至目前全国已有11个省市发布相关通知，提及对入市用户不再执行政府 核定的固定分时电价，其中9地已明确落地取消政策，江苏、山西两省的调整方案仍处于征求意见阶段。 在国家政策层面，2025年12月17日，国家发改委、国家能源局印发《电力中长期市场基本规则》（发 ...

Group 1 - In 2025, China's industrial enterprises above designated size achieved a total profit of 73,982.0 billion RMB, marking a year-on-year increase of 0.6%, reversing a three-year decline trend [1] - The manufacturing sector saw a profit increase of 5.0% in 2025, a significant rebound of 8.9 percentage points compared to 2024 [1] - The electricity, heat, gas, and water production and supply industry experienced a profit growth of 9.4%, while the mining industry faced a decline of 26.2% [1] Group 2 - In December 2025, profits of industrial enterprises above designated size turned from a 13.1% year-on-year decline in November to a 5.3% increase, a recovery of 18.4 percentage points [1] - The equipment manufacturing sector's profits grew by 7.7% year-on-year, contributing 2.8 percentage points to the overall profit growth of industrial enterprises [1] - The share of equipment manufacturing profits in total industrial profits reached 39.8%, an increase of 2.6 percentage points from the previous year, indicating an optimization in profit structure [1] Group 3 - High-tech manufacturing profits increased by 13.3% year-on-year in 2025, surpassing the overall industrial average by 12.7 percentage points [2] - The semiconductor industry saw remarkable profit growth, with integrated circuit manufacturing up by 172.6%, semiconductor device manufacturing by 128.0%, and electronic components and electromechanical component manufacturing by 49.1% [2] - Profits of small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive in 2025, with year-on-year growth of 1.4% and 4.2%, respectively [2]

Core Viewpoint - The implementation of Document No. 1656 marks the transition of time-of-use electricity pricing from "government-approved" to a market-driven approach, indicating a significant market reform in the domestic electricity industry starting in 2026 [1][2]. Group 1: Policy Changes - As of now, 11 provinces and cities in China have issued notifications regarding the adjustment of fixed time-of-use electricity pricing for users participating in the electricity market, with 9 regions having clearly canceled the policy [1][2]. - The National Development and Reform Commission and the National Energy Administration issued the "Basic Rules for the Medium- and Long-Term Electricity Market" on December 17, 2025, which states that from March 1, 2026, market participants will no longer have fixed time-of-use electricity pricing levels and periods set by the government [1][2]. Group 2: Market Dynamics - The cancellation of fixed time-of-use pricing does not eliminate the time-of-use pricing mechanism itself; rather, it shifts the pricing authority from the government to the market, allowing for market-driven time-of-use pricing to continue [2][3]. - The adjustment of policies across various regions strictly adheres to national requirements but varies in implementation based on local conditions [2][3]. Group 3: Impact on Industry - The reform is expected to have profound effects across the entire electricity industry chain, with renewable energy companies focusing more on integrating energy storage to adapt to market price fluctuations [4]. - Companies will need to optimize their electricity usage strategies based on market time-of-use price signals to manage costs effectively [4]. - The value of flexible resources such as energy storage and virtual power plants will become more prominent, allowing them to participate in ancillary services and generate diverse revenue streams [4]. Group 4: Industry Sentiment - Industry insiders believe that the gradual elimination of fixed time-of-use pricing is a trend in electricity market reform, with the core aim being to transfer pricing power from the government to the market, thereby providing more accurate price signals that reflect real-time supply and demand [3][5].

近日，大规模冬季风暴席卷美国多地，带来大范围降雪和低温天气。 据美国媒体26日报道，23日以来席卷美国大部分地区的冬季风暴已造成至少30人死亡。 报道援引纽约市长办公室消息说，25日以来气温骤降，纽约至少有8人被发现死于户外。综合媒体报道，冬季风暴造成的其他死亡事件发生在得 克萨斯州、阿肯色州、马萨诸塞州、宾夕法尼亚州和堪萨斯州等地。 美国电力跟踪网站数据显示，截至美东时间26日15时30分，全美仍有近70万用户断电，其中大部分发生在南部地区。冻雨导致当地树木和电线断 裂，造成密西西比州北部和田纳西州部分地区严重断电。美国媒体报道称，密西西比州部分地区正遭受自1994年以来最严重的冰暴袭击。 美国航班跟踪网站数据显示，截至26日16时30分，已有5134架次美国境内和进出美国的航班被取消，5941架次航班延误。波士顿、纽约、达拉斯 的机场航班取消和延误最为严重。 美国国家气象局表示，虽然风暴系统26日正从东海岸向大西洋漂移，但一股来自加拿大的北极寒流紧随其后，将使零下气温持续数日。美国国家 气象局天气预报中心的气象学家艾莉森·桑托雷利表示："这场风暴现在正离开东海岸，但仍有一些零星降雪。最重要的是，极寒天气预 ...

Core Insights - In 2025, the total profit of industrial enterprises above designated size in China reached 73,982 billion yuan, marking a 0.6% increase from the previous year, reversing a three-year decline trend [1][2] Group 1: Profit Growth by Sector - The manufacturing sector saw a profit increase of 5.0%, rebounding significantly by 8.9 percentage points compared to 2024 [2] - The electricity, heat, gas, and water production and supply sector experienced a profit growth of 9.4% [2] - The mining sector, however, faced a decline of 26.2% in profits [2] Group 2: Profit Improvement Among Different Business Entities - In 2025, profits for small and medium-sized enterprises, as well as foreign and Hong Kong, Macao, and Taiwan-invested enterprises, turned positive, growing by 1.4% and 4.2% respectively, compared to declines of 1.9% and 1.7% in 2024 [4] - Profits for joint-stock enterprises and state-controlled enterprises showed significant improvement, with the decline narrowing by 3.5 percentage points and 0.7 percentage points respectively compared to the previous year [4] Group 3: Contribution of New Growth Drivers - The equipment manufacturing sector contributed significantly to profit growth, with a 7.7% increase in profits, driving an overall profit increase of 2.8 percentage points for all industrial enterprises [5] - The share of equipment manufacturing profits in total industrial profits rose to 39.8%, an increase of 2.6 percentage points from the previous year [5] - High-tech manufacturing profits surged by 13.3%, outperforming the overall industrial profit growth by 12.7 percentage points, with smart electronic products leading to a 48% profit increase in the smart consumer device manufacturing sector [5] Group 4: Traditional Industries Upgrading - Traditional industries showed significant improvements, with profits in the biochemical pesticide and microbial pesticide manufacturing sectors growing by 20.7% and 15.2% respectively, exceeding the average profit growth in the chemical industry by 28 percentage points and 22.5 percentage points [6]