Market Overview - The Hong Kong stock index opened slightly higher on January 27, with the Hang Seng Index rising by 0.36% to 26,863.15 points, the Hang Seng Tech Index increasing by 0.16% to 5,734.9 points, and the National Enterprises Index up by 0.28% to 9,173.2 points [1] - Major tech stocks mostly rose, with Alibaba up by 0.97%, Tencent Holdings up by 0.08%, and JD.com down by 0.17% [1] - Automotive stocks were active, with BYD rising by over 1%, while gold stocks saw some increases, with Zijin Mining up by over 4% [1] Company News - China Power (02380.HK) reported a total consolidated electricity sales volume of 10.73105 million MWh for December 2025, a decrease of 2.31% year-on-year, with an annual cumulative total of approximately 126 million MWh, down by 1.27% year-on-year [2] - Harbin Electric (01133.HK) expects a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year [2] - Singularity National Peak (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [3] - East Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for an AI-driven drug research and development platform [4] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [5] - Kexin Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [6] - Zhenghong Pharmaceutical (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [7] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [8] - Aobo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Trading Co., Ltd. [9] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [10] - Haowei Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuan Zhi's initial public offering [11] Institutional Insights - Huatai Securities noted that foreign and southbound capital continues to flow in, with public fund positions in Hong Kong stocks dropping to 23% in Q4, significantly reducing potential selling pressure [12] - Goldman Sachs has raised its year-end gold price forecast from USD 4,900 to USD 5,400 per ounce due to increasing demand from private investors and central banks [12] - CITIC Securities recommends focusing on cloud computing service providers and continuing to recommend AI computing power sectors and AI applications, highlighting the ongoing AI industrial revolution [12]

1月20日，一家名为"中核（象山）核能有限公司"（下称"象山核能"）的公司低调完成工商注册，公司注册资本2.5亿。 但是，眼尖的媒体很快发现，阿里巴巴系成员公司——上海毅旗网络科技有限公司（下称"毅旗网络"）位列股东名册。华夏能 源网注意到，毅旗网络注册资本1000万元，由阿里巴巴旗下阿里云100%持股。 很快，阿里巴巴入局核电的消息就铺天盖地散播开来。媒体解读，阿里巴巴与中国核电成立核能合资公司的目的，是为了将来 为人工智能数据中心提供强有力的供电保障。 | 序号 | | 股东名称 | 持股比例 ÷ | 认缴出资额(万元) ÷ | 认缴出资目期÷ | 关联产品/机构 | | --- | --- | --- | --- | --- | --- | --- | | 1 | | 中核沥能能源有限公司 品 | 61.69% | 15422.5 | 2026-06-30 | | | | | 控股股东 | | | | | | 2 | 中核 | 中核核能开发（北京）有限公司 品 | 19.54% | 4885 | 2026-06-30 | 中国核电 | | | | 国有控股 | | | | | | 3 | 雅戈 尔集 | ...

Group 1 - The market is shifting towards growth styles and thematic investment opportunities as it approaches 2026, with public utility sector attention declining due to weak fundamentals [1] - Long-term funds still have a high demand for dividend yields, and there are trading opportunities in regional stocks despite the overall market trend [1] Group 2 - The garbage power generation industry is successfully transforming its operations, focusing on improving existing assets and enhancing cash flow, which boosts dividend capabilities [2] - Nuclear power assets in South China are expected to stabilize in profitability, with a significant production phase expected during the "14th Five-Year Plan" [2] - There is a continued high demand for dividend yields, particularly in thermal power and Hong Kong utilities, as long-term funds seek high-dividend investment opportunities [2] Group 3 - The new energy system is evolving, with a focus on green electricity consumption and application, accelerating grid construction, which promotes high-quality industry development [3] - The green electricity sector is expected to recover from its low point, with improved cash flow opportunities for leading companies in wind power and operational capabilities [3] - Supportive policies for regulatory power sources are being implemented, marking a critical development period for pumped storage and electrochemical energy storage [3]

Core Insights - The "Hualong One" nuclear reactor, specifically the Fuqing Nuclear Power Unit 5 operated by China National Nuclear Corporation (CNNC), commenced commercial operation on January 30, 2021, marking China's entry into the ranks of countries mastering third-generation nuclear technology [1] - "Hualong One" has become the most widely operated and approved third-generation nuclear technology globally, supporting nearly 6,000 upstream and downstream enterprises to form a complete industrial supply chain [1] - The successful operation of "Hualong One" is a significant achievement in clean energy and a testament to China's technological capabilities in the nuclear power sector [1] Industry and Company Summary - Nuclear energy is recognized as a future-oriented clean energy source and a benchmark for measuring technological industrial strength [1] - The operational success of "Hualong One" reflects China's transition from following to keeping pace with global nuclear technology standards, showcasing the reliability of its technology through over 1,250 days of continuous safe operation [1] - The reactor achieved a perfect score on the World Association of Nuclear Operators (WANO) comprehensive index, further validating its operational reliability [1]

中金研究 进入2026年，市场聚焦成长风格，主题性投资机会涌现，公用事业板块在风格切换和基本面弱势下市场关注度走弱，延续2H25趋势。但我们认为长线 资金仍有高息配置需求，同时区域个股存在交易性机会。 点击小程序查看报告原文 Abstract 摘要 主线1：赛道盈利、现金流逐步释放，格局稳中向好。1） 垃圾发电 行业运营转型卓有成效，企业聚焦存量资产提质增效，通过向优对标核心运营数据， 推动基本面和行业格局稳中向好。此外，资本开支下滑、应收改善趋势下，行业自由现金流改善，带动分红能力和意愿提升。同时，企业积极探索绿电直 连等新场景匹配稳定用电需求，并谨慎寻求出海机会，拓展增长空间。 2） 核电 ：华南电价风险释放较为充分，我们预计区域内核电资产盈利有望企 稳。进入"十五五"，核电进入密集投产期，每年稳定贡献盈利增量。 主线2：仍有高股息配置需求，关注强支付能力的火电、香港公用事业。 海外降息及国内低利率环境持续，长线资金仍有高股息投资需求，比起以往市场 偏好的水电板块，我们认为资本开支放缓、现金流充沛的火电、垃圾发电具备提升派息空间，有望成为新的高分红备选标的。此外，香港公用事业利润可 预期性强，历史分红确定 ...

Core Viewpoint - The meeting between the leaders of State Power Investment Corporation and China General Nuclear Power Group focuses on deepening cooperation in the energy sector, particularly in nuclear power and new energy project development [1] Group 1 - The discussion was held on January 26, with key figures including Liu Mingsheng, Chairman of State Power Investment Corporation, and Yang Changli, Chairman of China General Nuclear Power Group [1] - Both parties expressed intentions to enhance practical cooperation in the development and construction of nuclear power and new energy projects [1]

Group 1 - The core viewpoint of the article emphasizes the importance of standardizing tax policies and promoting fair competition through the adjustment of tax incentives, particularly focusing on the removal of outdated tax benefits in mature industries [1][2][3] - The recent tax policy adjustments include the cancellation of export tax rebates for solar products and a phased removal of battery product export tax rebates, reflecting a shift towards optimizing policies to avoid "involution" competition [1][2] - The adjustments aim to maintain support for public welfare and essential sectors while restructuring the relationship between central and local finances, thereby reshaping local government behavior [1][7] Group 2 - The recent tax policy changes have involved the elimination of certain tax incentives deemed outdated, such as the VAT "immediate refund" policy for wind and nuclear power, and a reduction in the vehicle purchase tax for new energy vehicles from full exemption to half [2][3] - The continuation of tax incentives for sectors like real estate and community family services indicates a focus on stabilizing market expectations and reducing transaction costs for residents [4][6] - The retained tax incentives are characterized by their strong public attributes and alignment with national strategic goals, making them easier to verify and regulate across the country [6][7] Group 3 - The adjustments in tax policies are not uniform but rather differentiated based on industry type and maturity, with clear timelines for phasing out certain benefits while extending support for others [5][6] - Future tax incentives are expected to focus on high-tech enterprises, small and medium-sized technology firms, advanced manufacturing, and green industries, with a preference for income tax support over indirect taxes [7]

2026.01. 26 本文字数：1566，阅读时长大约3分钟 作者 | 第一财经 郭霁莹 近日，两大电网、五大发电集团、两大核电集团等多家能源央企密集召开年度工作会议，部署2026年重点 任务。 当前，国内能源转型与安全保障的双重需求突出。据国家统计局数据，2025年全社会能源消费总量初步统 计比上年增长3.5%。其中，全社会用电量历史性增至10.4万亿千瓦时，同比增长5%，相当于美国全年用 电量的两倍多，超过欧盟、俄罗斯、印度、日本四个经济体的年用电量总和。而且在"双碳"目标下，国内 2025年非化石能源占能源消费总量比重较上年提高约2个百分点，超过石油成为第二大能源类型，成为能源 增量主体。 第一财经记者梳理发现，挖掘潜力扩大有效投资、靠前谋划一批重大项目和标志性工程，保障能源电力安全 可靠供应，以及加快产业数智化转型、推动科技创新与产业创新深度融合，是能源央企在2026年工作规划 中谈及最多的三大任务。 扩大有效投资是上述企业"十五五"开局工作的核心抓手。电网与核电领域的标志性工程率先落地。1月中 旬，国家电网以"十五五"期间4万亿元创纪录的固定资产投资计划拉开序幕，南方电网紧随其后披露了 2026年 ...

Group 1 - The core focus of energy state-owned enterprises for 2026 includes expanding effective investment, planning major projects, ensuring reliable energy supply, and accelerating digital transformation and technological innovation [1][2][3] - The investment plan for the "14th Five-Year Plan" includes a record 4 trillion yuan from the State Grid and 180 billion yuan from the Southern Grid, targeting ultra-high voltage transmission, distribution network upgrades, and digital transformation [1] - The nuclear power sector is highlighted with the launch of the Jiangsu Xuwei nuclear heating power plant, which will supply 32.5 million tons of industrial steam annually and reduce carbon emissions by 19.6 million tons [2] Group 2 - The demand for energy transition and security is increasing, with a projected 3.5% growth in total energy consumption by 2025, and electricity consumption reaching 10.4 trillion kilowatt-hours, more than double that of the US [3] - Energy state-owned enterprises are prioritizing technological innovation and digital transformation as key drivers for high-quality development in 2026, with significant investments planned in these areas [3][4] - Policies from the National Development and Reform Commission and the National Energy Administration aim to integrate artificial intelligence with the energy sector, targeting the establishment of an innovation system by 2027 [4]

Core Viewpoint - The company believes that the nuclear power sector has a promising future, and the localization of spent fuel transport containers is a trend that aligns with national nuclear safety strategies, emphasizing both market potential and strategic significance [1] Group 1: Company Initiatives - The company is steadily advancing its technological reserves in the nuclear power field and is actively engaging with clients in this sector [1] - The company places high importance on the research and development of related devices for the spent fuel reprocessing industry [1] Group 2: Regulatory Compliance - The company commits to timely information disclosure in accordance with legal standards regarding any significant developments in its nuclear power business [1]