摘要 内蒙华电作为北方火电公司，在股价回调后，预期收益率上升，提供二 次投资机会。公司是火电板块重点推荐标的，受益于市场对该类公司价 值的重估。 煤电一体化企业在煤价波动周期中表现出更强的盈利稳定性和竞争力， 尤其是在弱煤弱电或强煤弱电格局下，其 ROE 优于普通火电企业。内蒙 华电的煤电一体化程度较高，能有效应对市场波动。 2026 年容量电价阶梯式抬升，推动火电行业向公共事业转型，提升现 金流和分红可预测性。全国大部分地区容量电价将从 100 元/千瓦每年 提升至 165 元/千瓦每年，利好火电企业。 内蒙华电的投资价值体现在其高额分红和煤电一体化优势。魏家峁煤矿 一体化公司贡献上市公司超过 100%的净利润。公司承诺不低于当年合 并报表可分配利润 70%的分红，且每股派息不低于一毛钱。 内蒙华电自有煤炭产量接近整体采购量的 45%，降低了成本并平滑了煤 炭价格波动风险。11GW 煤电装机中，6GW 供给蒙西地区，5GW 供给 华北电网，华北地区电价相对稳定。 Q&A 市场对 2026 年全国电价下降的关注度较高，尤其是部分地区电价降幅超预期， 这对内蒙华电等北方火电公司的影响如何？ 最近市场对 2026 ...

（来源：江苏省可再生能源行业协会） L THE = 77 培育一批能源行业人工智能技术应用 研发创新平台 形成昌有江苏特色的 充分发挥我省现有规模化能源应用市场和 丰富实践案例优势,支持建设一批综合性、集 成式的人工智能与能源融合应用场景，促进能 源资源公平高效配置。 "十五五"期间 推动 > 个左右垂直领域专业大模型 在能源行业深度应用 培育塑造 100 个以上有竞争 力、可推广、易复制的实践案例和 典型应用场景 能源领域人工智能创新发展模式 02 主要任务 人工智能+电网 电网智能规划建设 电力设备智能运检 电网智能安全管控 电网智能调度运行 电网装备制造 电力用户智慧服务 电力市场智慧交易 人工智能+新能源 气象预报与新能源功率精准预测 偏远场站智能运维与密集区风机安全运维 新刊士休取△宗측ビ県由絹江ホ旦知 字字字本 以 人 2 月 1 人 1 1 1 1 2 2 1 2 1 2 1 2 2 2 1 2 1 2 新能源装备制造 人工智能+能源新业态 绿色燃料智慧生产 新型储能智能运行 虚拟电厂智能运营 运维 人工智能+火电 火电装备制造 火电智能运维 智慧燃煤管控 电厂智能认知决策 人工智能+煤炭 煤矿 ...

Core Viewpoint - In December, the CSI 300 index rose by 2.28%, while the public utility index fell by 2.46% and the environmental index decreased by 0.04%, with relative monthly returns of -4.74% and -2.32% respectively [2] Market Review - The public utility and environmental sectors ranked 27th and 19th among 31 primary industry categories in terms of growth [2] - Within the electricity sector, coal-fired power dropped by 5.17%, hydropower decreased by 3.08%, and new energy generation fell by 0.39% [2] - The water sector declined by 2.55%, and the gas sector saw a slight decrease of 0.18% [2] Important Events - The State Council issued the "Comprehensive Solid Waste Management Action Plan," aiming for significant improvements in solid waste management by 2030, including controlling historical waste stockpiles and increasing the annual comprehensive utilization of major solid waste to 4.5 billion tons [2] Investment Strategy - Public Utilities: - Coal and electricity prices are declining, maintaining reasonable profitability for coal-fired power; recommended companies include Huadian International and Shanghai Electric [4] - Continued government support for new energy development is expected to stabilize profitability; recommended companies include Longyuan Power and Three Gorges Energy [4] - Nuclear power companies are expected to maintain stable profitability; recommended companies include China National Nuclear Power and China General Nuclear Power [4] - High-dividend hydropower stocks are highlighted for their defensive attributes; recommended company is Yangtze Power [4] - Gas companies with capabilities in marine gas trade are recommended, such as Jiufeng Energy [4] - Companies advancing in clean energy equipment manufacturing, like Xizi Clean Energy, are also recommended [4] - Environmental Sector: - The water and waste incineration sectors are maturing, with improved free cash flow; recommended companies include China Everbright Environment and Shanghai Industrial Holdings [4] - The domestic scientific instrument market has significant potential for domestic substitution; recommended companies include Juguang Technology and Wanyi Technology [4] - The EU's SAF blending policy is expected to benefit the domestic waste oil recycling industry; recommended company is Shangaohuaneng [4] - The agricultural biomass power generation sector is seeing cost improvements due to falling straw prices; recommended company is Changqing Group [4]

Market Overview - The Hang Seng Index rose by 0.03% while the Hang Seng China Enterprises Index fell by 0.2%[1] - U.S. stock markets saw gains between 0.6% and 1.2% across major indices[1] - The night market futures for the Hang Seng Index closed at 26,562 points, up 188 points from the previous close of 26,347 points, indicating a potential short-term upward trend[1] Macroeconomic Indicators - The U.S. ISM Manufacturing PMI for December was reported at 47.9, below Bloomberg's forecast of 48.3 and the previous month's 48.2[2] Industry Dynamics - In the renewable energy and utilities sector, coal-fired power stocks rose by 0.7% to 5.0% due to declining coal prices, which lower fuel costs for power producers[3] - Uranium mining company CGN Mining surged by 7.4%, benefiting from rising uranium prices and lower geopolitical risks compared to the oil sector[3] Automotive Sector - Black Sesame Technologies' smart driving chip A2000 received approval for global sales, leading to an 11.2% increase in its stock price[4] - Other related stocks like Pony.ai and WeRide also saw gains of 5.8% and 3.9% respectively, while major automakers like BYD and Geely fell by 2% to 6%[4] - Xiaomi's chairman announced a target of 550,000 electric vehicle shipments for 2026, a year-on-year increase of 34%, but the stock fell by 2.3% due to perceived conservatism in the target[4] Pharmaceutical Sector - Major pharmaceutical stocks in Hong Kong mostly rose, driven by strong performance in the innovative drug and CXO sectors[5] - Nanjing Panda Electronics surged nearly 40% due to its involvement in brain-computer interface technology, reflecting growing interest in this transformative field[5]

本报讯(记者倪敏许愿)记者从能源部门获悉，随着2025年12月30日国信靖江发电有限公司4号机组、江 阴利港发电有限公司10号机组相继投产，我省当年新增火电装机规模达1040万千瓦，创下近20年来最高 纪录。 近年来，以风、光为主的新能源跃居省内第一大电源，火电虽不再是"主力电源"，但依然是重要的支撑 性、调节性电源。去年8月23日晚，江苏电网经历了一个典型时刻：新能源出力仅为219万千瓦，而省内 7960万千瓦主力燃煤机组中开机容量达7725万千瓦，运行机组平均负荷率超过96%，出力占比达到省内 主力电源总出力的85%，有力保障了夜间用电高峰时段的电力供需平衡。据悉，为提升供电可靠性，江 苏自2022年以来先后公布了两批次"先立后改"煤电项目和"十五五"中后期保障性调节性煤电项目，总规 模达2394万千瓦；加上此前已批准的国信射阳、国信滨海、华能通州湾等煤电项目和多台燃气机组，全 省计划新建火电总装机容量达3394万千瓦。截至目前，已有1380万千瓦容量建成投产，其中约七成位于 电力需求旺盛的苏南地区，显著缓解过江输电压力，为区域经济社会发展提供能源保障。 据国网江苏电力预测，迎峰度冬期间，煤电顶峰出力将达 ...

罗马尼亚能源类国企、最大的火电公司奥尔特尼亚遭勒索软件攻击，IT基础设施全部陷入瘫痪，公司 ERP、文档管理、电子邮箱、官方网站等系统均无法使用。 安全内参12月31日报道，圣诞节次日，欧盟国家罗马尼亚最大的燃煤能源生产商奥尔特尼亚能源综合体 （Complexul Energetic Oltenia）遭到勒索软件攻击，导致其IT基础设施陷入瘫痪。 这家拥有40年历史的罗马尼亚能源供应商雇佣了超过1.9万名员工，运营着4座发电厂，装机发电能力为 3900兆瓦时，提供了约占罗马尼亚全国30%的电力。 公司IT基础设施全部瘫痪 该公司表示："受此次攻击影响，部分文档和文件被加密，多款计算机应用程序暂时无法使用，其中包 括ERP系统、文档管理应用、公司的电子邮件服务以及网站。" 公司还表示："公司的业务活动受到了一定影响，但并未危及国家能源系统的运行。奥尔特尼亚能源综 合体正在与相关主管部门合作，并竭尽全力尽快全面恢复其IT系统。" 不过，官员表示，国家水务管理局的运营系统（OT）并未受到该事件影响，因为其业务是通过调度中 心，利用电话和无线电通信渠道来完成的。 这并非近年来针对罗马尼亚企业和机构发动的唯一一次重大勒 ...

中国火电企业为经济社会发展提供了可靠能源，助力中国成长为全球第二大经济体。同时，绿色低碳转 型成效显著，积极布局可再生能源、实施火电节能降碳改造，为全国碳达峰碳中和目标落地提供了重要 保障，也为全球电力绿色转型提供了可复制的中国经验，是中国引领全球能源转型、参与全球气候治理 积极行动的典型代表，彰显出中国的大国责任和担当。 "中国已明确新的NDC目标，要在2035年实现全经济范围温室气体净排放量比峰值下降7%—10%，火电 的低碳转型进程与NDC目标的实现节奏密切相关，是新型能源体系建设中亟需优先突破的关键环 节。"自然资源保护协会能源转型项目高级主管黄辉表示。 传统发电转型呈现五大趋势 《报告》重点评估了33家样本公司2024年的低碳转型绩效，对比分析了2021—2024年期间样本公司低碳 转型年度基础绩效和变化绩效情况。研究显示，2021年以来，33家样本公司电源结构整体呈现"火电基 数大、非化石增量大"的特征，但转型进度存在明显差异、非化石能源发展速度明显落后于同时期全国 平均水平。这从侧面印证了部分传统发电上市企业因体量大以及需承担保供职责，转型难度仍然较大， 需提前研判，主动应对。 中国大唐集团碳资 ...

Core Viewpoint - The company Shihang High-Tech, a leading player in the energy sector, has officially exited the A-share market after 12 years, resulting in significant losses for shareholders, while the Huang family behind the company managed to cash out 2.4 billion yuan before the collapse [1][28]. Group 1: Company History and Growth - The Huang family started with a small business selling plumbing parts and later expanded into hardware and electrical trading, eventually founding Shihang in 1997 [3]. - From 2001 to 2006, the family capitalized on the growth of the power industry, expanding into ventilation equipment and breaking foreign technology monopolies, achieving a market share of 22% at their peak [5][6]. - Shihang went public in 2012, raising 1 billion yuan and reaching a market valuation of over 25 billion yuan, marking a significant turnaround for the Huang family [8]. Group 2: Decline and Mismanagement - The company's fortunes declined after 2015 due to a shift towards clean energy, leading to a total loss of over 1.6 billion yuan from 2020 to 2023 and 1.264 billion yuan over its entire listing period [10][12]. - The Huang family attempted to pivot the business towards capital-intensive projects like solar thermal power and seawater desalination, which ultimately failed and drained financial resources [12][13]. - By 2024, the company's stock price fell below 1 yuan, triggering mandatory delisting procedures, culminating in its removal from the stock market in August [26]. Group 3: Financial Manipulation and Exit Strategy - The Huang family began cashing out shortly after the IPO, pledging over 90% of their shares for loans and later selling shares worth 1.06 billion yuan despite the company's declining performance [17][19]. - In 2019, as the company neared bankruptcy, the family sold 251 million shares to a rescue fund for 972 million yuan, effectively using the fund as a final exit strategy [19][30]. - The family maintained control over the company by modifying governance structures and increasing executive compensation, even during periods of significant losses [22][24]. Group 4: Consequences and Regulatory Response - The fallout from the company's collapse left 140,000 shareholders with substantial losses, while the rescue fund's investment became nearly worthless [28]. - The Huang family, having extracted 2.4 billion yuan, faced minimal penalties, with regulatory actions deemed insufficient compared to their financial gains [30][31]. - The case highlights the need for a fair and just market environment to protect investors and uphold ethical standards in capital markets [33].

作为该计划的管理方，国金资管相关负责人认为，该产品聚焦火电资产特性与资本市场需求，量身定制 市场化询价定价方案，摆脱了传统定价模式的路径依赖，为构建层次多元的REITs市场提供有力支撑。 这种创新运作既充分挖掘了底层资产的内在价值，又以透明化、规范化的流程提升了交易效率与市场认 可度，在严格遵循监管要求与行业标准的前提下，持续释放能源资产的绿色价值。 12月30日，由协鑫集团主导发起的"国金资管－新疆国信持有型不动产资产支持专项计划"在上交所挂牌 上市（代码：266682.SH）。作为全国首单具备火电机构间REITs属性的持有型不动产ABS，该项目发 行规模达54.6亿元，不仅成功填补国内火电基础设施资产证券化领域的空白，也为传统能源资产盘活与 绿色金融融合创立了新标杆。 据了解，协鑫集团在能源资产证券化领域的探索正持续推进。该集团相关负责人介绍，此次火电ABS的 成功挂牌，将资产证券化模式延伸至火电核心资产，标志着协鑫已构建起覆盖多能源品类的资本创新矩 阵。未来，协鑫将持续深化能源资产与金融工具的融合创新，致力于推动更多优质资产进入资本市场流 通，以市场化机制助力新型电力系统建设，为实体经济高质量发展注入可 ...

人民财讯12月30日电，12月30日，由协鑫集团主导发起的"国金资管-新疆国信持有型不动产资产支持专 项计划"在上交所挂牌上市(代码：266682.SH)。作为全国首单具备火电机构间REITs属性的持有型不动 产ABS，该项目发行规模达54.6亿元，不仅成功填补国内火电基础设施资产证券化领域的空白，也为传 统能源资产盘活与绿色金融融合创立了新标杆。 ...