加速用户用电"三化"提升 ——《电力中长期市场基本规则》解读 四川宜宾天原集团股份有限公司董事长 邓敏 相关阅读 两部门发布《电力中长期市场基本规则》 不再人为规定分时电价水平和时段！ 国家发展改革委、国家能源局近日印发的《电力中长期市场基本规则》（以下简称《基本规则》）作为 我国电力市场化改革的顶层设计文件，在电力体制改革关键的10周年之际，强化了电力市场四大维度核 心价值，分别通过市场化机制重构、新型主体融合、跨区域协同、风险防控等几个方面推动电力用户 从"被动用电"向"主动参与"转型，推动电力市场向更高效、更稳定、更包容、更可持续的方向发展，为 构建全国统一电力市场和新型电力系统提供制度基石。 一、强化稳定作用，用户吃上"定心丸" 新型电力系统下的电力中长期市场"定心丸" 四、健全风险防控体系，保障市场稳健运行 电力市场涉及"发－输－配－用"全链条，风险防控是核心底线。《基本规则》通过"分类分级防控""事 前预警－事中防范－事后处置"三防体系，实现对风险的全流程管理，采取"安全校核、偏差考核、信用 风险防控"等三重机制，保障用户用电稳定。电力终端用户对电力系统的信息及专业掌握不够，在风险 判断中存在不足 ...

筑统一市场之基，行绿色发展之实 ——《电力中长期市场基本规则》解读 山西风行测控股份有限公司董事长 梁耀军 相关阅读 两部门发布《电力中长期市场基本规则》 不再人为规定分时电价水平和时段！ 一、前言：新阶段、新规则、新格局 为深入贯彻落实党中央、国务院关于加快建设全国统一电力市场体系的决策部署，国家发展改革委、国 家能源局于近期正式印发《电力中长期市场基本规则》（以下简称"新规则"），自2026年3月1日起施 行，有效期5年。新规则全面替代了2020年发布的《电力中长期交易基本规则》及2024年发布的《绿色 电力交易专章》，是我国电力市场体系建设进入全面深化、提质增效新阶段的标志性文件。新规则不仅 是对原有规则的简单修订，更是站在构建新型电力系统、服务"双碳"目标的战略高度，对电力中长期市 场进行的一次系统性、前瞻性的顶层设计，旨在为未来五年乃至更长时期电力市场中长期交易的健康、 有序、高效发展绘制清晰的蓝图。 二、核心突破与重大改进：对比旧规则与专章的全面升级 （一）体系性重构：从"交易"到"市场"的维度跃升 改进点：新规则的名称从《电力中长期交易基本规则》变为《电力中长期市场基本规则》，虽仅一词之 差，但 ...

丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 天津容量电价调整略超预期，各地代购电价表现 分化 张韦华 司旗 宋尚骞 刘亚辉 张子淳 报告要点 [Table_Summary] 1 月 5 日，天津市发改委发布《关于调整煤电容量电价有关事项的通知》，明确自 2026 年 1 月 1 日起，天津市煤电容量电价将从每年每千瓦 100 元调整为 231 元，即通过容量电价回收煤电 固定成本的比例提升至 70%，超出此前政策规划的 50%的最低水平。从 2026 年 1 月份代理购 电数据看，受 2025 年以来煤价中枢下行、供需形势偏宽松等影响，多数省份电价同环比均有 所下行。但各地电价表现明显分化，北方内陆多数地区电价更具韧性，而沿海地区普遍面临较 大压力，如广东、江苏、浙江、安徽等地 1 月代购电价同比降幅均超过 5 分/千瓦时。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

机构认为，短期市场波动或有所加大。 芯片股继续成为市场主线。费城半导体指数上涨2.7%，创纪录新高。存储与设备类个股表现尤为突出，泛林集团（Lam Research）大涨8.7%，至218.36美 元。英特尔股价上涨近11%，此前美国总统特朗普表示，他与英特尔首席执行官陈立武进行了一次"很棒的会面"。 【财经日历】 二十届中央纪委五次全会召开(1/12-1/14) 上海迪士尼乐园正式实行阶梯式退票 七国集团财长在华盛顿举行会议 交易提示：日股休市 新股申购：爱舍伦 当地时间上周五，美股全线上涨，截至收盘，标普500指数涨0.65%，创历史最高收盘价；纳指涨0.81%，道指涨0.48%，同样刷新收盘纪录。 科技巨头中，博通上涨3.76%，特斯拉涨2.11%。Alphabet股价走高，A类股和C类股均上涨0.96%。Meta Platforms上涨1.08%，微软上涨0.24%，亚马逊上涨 0.44%，苹果小幅上涨0.13%，英伟达微跌0.08%。此外，电力公用事业公司维斯特拉能源（Vistra）大涨10.5%，此前Meta Platforms同意购买其核电站电力。 热门中概股涨跌不一，纳斯达克中国金龙指数跌1. ...

北京电力交易中心统计数据显示：国家电网经营区2025年省间交易电量完成1.67万亿千瓦时、同比增长 10%，首次突破1.6万亿千瓦时，创历史新高。 2025年，国家电网公司持续强化省间电力市场建设运营，提升省间交易灵活性，优化统筹省间通道利 用，有效促进资源大范围优化配置和余缺互济。积极响应四川、甘肃、青海、宁夏、新疆等能源富集地 区电力外送需求，实现外送电量5369亿千瓦时，省间新能源交易电量完成3177亿千瓦时、同比增长 41%。（记者丁怡婷） 来源：人民日报 ...

Core Viewpoint - The green transformation of traditional manufacturing has entered a critical phase, driven by technological innovation and the necessity for systemic restructuring in response to carbon emission controls and market demands [1][4]. Group 1: Green Production and Technological Innovation - Traditional manufacturing is undergoing a significant transformation, with companies like Beixin Building Materials showcasing a green production model that eliminates pollution and enhances resource recycling [2][3]. - Beixin Building Materials has established a comprehensive management system focusing on energy, quality, environment, and safety, leading to reduced production costs and energy consumption [3]. - The company has achieved a 5.5% reduction in mineral wool board density, saving 814,300 cubic meters of natural gas annually and reducing CO2 emissions by 1,780 tons [3]. Group 2: Market Dynamics and Competitive Advantage - The green transformation is now a mandatory requirement for businesses, as highlighted by the introduction of new standards and policies that compel companies to adopt sustainable practices [4][6]. - Danfoss has successfully transformed its green initiatives from a cost center to a value engine, achieving over a 90% reduction in carbon emissions in China since 2019 [6]. - The company's green transformation efforts have become a competitive advantage, with carbon footprint reports serving as significant factors in bidding processes [6]. Group 3: Ecological and Economic Synergy - Longyuan Power's project in the Tengger Desert exemplifies the integration of ecological restoration with economic development, utilizing a "power generation and planting" model to enhance land use efficiency [7][8]. - The project has improved vegetation coverage and reduced sand erosion, demonstrating the dual benefits of ecological and economic gains [8]. - Longyuan Power's capacity for renewable energy has significantly increased, with a net addition of 2,274.19 MW in 2025, reflecting the company's growth in the green energy sector [8]. Group 4: Strategic Implications for the Industry - The ability to transition to green practices is becoming a critical factor for long-term resilience in the face of resource constraints and regulatory pressures [9]. - The collective efforts of companies like Beixin, Danfoss, and Longyuan illustrate a comprehensive approach to green transformation, emphasizing the need for innovation and strategic investment [9][10]. - This transformation is expected to convert development pressures into innovative opportunities, enhancing competitiveness and contributing to high-quality economic growth in China [10].

百亿千瓦时"疆电"的平稳消纳，有效破解了重庆"贫煤少水无油"的能源禀赋困境。2025年夏季用电高峰 期间，外电入渝首次突破1000万千瓦，其中"疆电"成为关键支撑。 本报讯 （记者李国 通讯员王鹏）记者日前从国网重庆市电力公司获悉，自哈密-重庆±800千伏特高压直 流输电工程投运以来，重庆累计消纳"疆电"突破100亿千瓦时大关。这一里程碑式数据，标志着我国西 北与西南跨区域能源合作迈入深度融合新阶段，为成渝地区双城经济圈建设注入了持续稳定的绿色动 能。 （来源：工人日报） ...

董秘： 您好！公司作为央企控股的上市公司平台，自2000年上市以来，公司始终秉持可持续健康发展 理念，借助资本市场提升公司核心竞争力和支持国家能源建设，并通过持续发展积极回报股东。未来， 公司将主动融入新型能源体系及新型电力系统构建，发力传统产业转型升级和战新产业规模质量发展， 合理实施煤电机组改造升级，优先发展风电，择优开发光伏，探索发展新型储能，巩固拓展综合能源服 务，提升核心竞争力，推动公司健康可持续高质量发展。同时，公司将积极响应证监会和国资委关于市 值管理的工作部署，并将着力从提升经营业绩、提升分红比例、提升信息披露质量、提升ESG工作能 力、提升投资者关系管理水平、提升公司治理能力等多方面推进市值管理工作，维护投资者及股东权 益。感谢您的关注！ 当日关注点 来自交易信息汇总：1月9日主力资金净流出1696.16万元，散户资金净流入1269.44万元。 截至2026年1月9日收盘，长源电力(000966)报收于4.33元，上涨0.23%，换手率0.55%，成交量17.88万 手，成交额7741.75万元。 交易信息汇总资金流向 董秘最新回复 1月9日主力资金净流出1696.16万元；游资资金净流入4 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the environmental and public utility sector [7] Core Insights - The report highlights significant price increases for second and third-generation biodiesel (HVO and SAF) in 2025, with HVO reaching a peak of $2853.38 per ton and SAF at $2900.95 per ton, reflecting increases of 69.2% and 69.1% from their lowest points respectively [1][17] - The demand for SAF is driven by the EU's ReFuelEU Aviation Regulation, which mandates a gradual increase in SAF content in aviation fuel, leading to an estimated demand increase of approximately 1.4 million tons in 2025 [1][19] - The report emphasizes the scarcity of used cooking oil (UCO) as a raw material for HVO and SAF, suggesting that companies with waste oil resources and production capacity should be closely monitored [3][39] Summary by Sections 1. Special Research - The report discusses the upward trend in biodiesel prices due to downstream demand, particularly for SAF and HVO, with significant price increases observed in 2025 [1][17] - It notes that multiple countries are implementing policies to increase biodiesel blending ratios, with global biodiesel consumption expected to exceed 75.77 million tons by 2030 [2][25] - UCO is identified as a critical raw material with limited supply, highlighting the need to focus on companies that can efficiently utilize waste oil resources [3][39] 2. Market Review - The report provides a market performance overview, indicating that the Shanghai Composite Index rose by 4.06% from December 26 to January 9, with various sector performances detailed [4][42] 3. Industry Dynamics - The report outlines recent legislative progress in the EU regarding renewable energy, particularly the RED III directive, which aims to increase the share of renewable energy in the EU's energy consumption to 42.5% by 2030 [19][20] - It highlights the growing demand for advanced biofuels and the expected increase in biodiesel consumption in developing countries, which may take over as the main growth area for biofuels [2][23] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong capabilities in waste oil production and technology, such as Shanhigh Environmental, Longkun Technology, and Zhuoyue New Energy, due to the anticipated growth in SAF and HVO demand [3][39]

Core Viewpoint - The report highlights the ongoing challenges and strategies related to debt management in Guizhou Province, emphasizing the need for effective measures to address the rising debt levels while leveraging local economic strengths for long-term sustainability [4][5][6][7][9]. Debt Characteristics - Guizhou Province's local debt is characterized by continuous growth, with significant regional disparities in debt burdens, particularly in cities like Guiyang and Zunyi, where liquidity pressures are notable [5]. - The province faces concentrated repayment pressures on urban investment bonds, alongside persistent negative public sentiment regarding debt management [5]. Debt Resources - Guizhou's fiscal resources provide a moderate level of support for government debt interest payments, ranking in the upper-middle tier nationally [5]. - Financial institutions in the province show a strong lending capacity, but the reliance on credit financing remains high, indicating a need for diversified funding sources [5]. - The market value of state-owned enterprises provides some coverage for urban investment bond debts, although constraints exist due to the reduction of stakes in key companies like Kweichow Moutai [5]. Debt Management Measures - The province employs various debt management strategies, including debt restructuring, discounted repayments, centralized borrowing and repayment, and the issuance of special refinancing bonds [6]. - Additional measures include establishing emergency funds, allocating various fiscal resources, and utilizing revenues from state-owned asset sales [6]. Debt Performance - Guizhou's debt management has led to a reduction in the scale of urban investment enterprise debts and an improvement in financing structures, although short-term liquidity pressures remain significant [7]. Future Outlook - In the short term, Guizhou is expected to benefit from ongoing debt management policies, with liquidity risks remaining manageable under current protective measures [9]. - Long-term prospects are positive, driven by the province's strengths in industries such as liquor, mineral processing, digital economy, renewable energy, and tourism, which may help mitigate debt issues over time [9]. Market Activity - The central bank conducted a total of 1,022 billion yuan in reverse repos and 11 trillion yuan in term reverse repos, resulting in a net withdrawal of 1,281.4 billion yuan for the week, indicating a generally adequate liquidity in the banking system [9]. - The bond market saw a total of 417 credit bond issuances this week, an increase of 263 from the previous week, with an average interest rate of 2.33%, down 20 basis points year-on-year [9]. - The issuance of onshore dollar bonds reached 1.14 billion USD this week, marking a significant increase from the previous week, with the financial sector contributing 400 million USD and the real estate sector 500 million USD [9][11].