国六货车拉煤来到河南江河纸业公司门外，齐刷刷排队等候换上电动车头，才能进厂卸货。 2025年10月以来，该纸业公司实行的"只许新能源电动车入厂"规定，让河南焦作某运输公司的老板王佳利无可奈何。 新京报记者赴河南多地调查发现，河南武陟县、新乡县、巩义市、伊川县、济源市等地一些造纸、火电企业，只允许新能源电动货车入 厂。由此，也催生了货车"换头"的生意，有人专门在厂区外租赁新能源电动车头，根据使用时长，每次"换头"收费200元至400元不等，也 有货车因等待卸货耗时长，被收费六七百元。 多家企业称，运输货车更换新能源电动车头才能入厂，是为了响应环保部门对于大气污染防治的要求。 新京报记者查询发现，2023年7月，河南省政府办公厅印发《河南省推动生态环境质量稳定向好三年行动计划（2023—2025年）》，明确 提出交通运输清洁方面目标：到2025年，火电、钢铁、石化、化工、煤炭、焦化、有色等行业大宗货物清洁运输比例达到80%以上。 ▲1月16日，河南省焦作市武陟县创业路上，满载煤炭的挂车正换上一辆"沪A"牌照的红色电动车头。新京报记者李英强摄 货车被拦厂外：只允许新能源电动车入内 王佳利经营的几十辆货车常年固定从陕 ...

Core Viewpoint - The financial system is becoming a key support for energy resource security, with China Galaxy Securities innovating financial tools and optimizing capital allocation to enhance financial services for energy and resource sectors [1] Group 1: Energy Security and Financial Support - China Galaxy Securities has established a comprehensive financial service system covering the entire energy and resource industry chain, supporting energy supply and resource security [1] - The company played a crucial role in the restructuring project of Huadian International, which is the largest restructuring project in the thermal power industry for 2025, involving over 16 million kilowatts of operational capacity [2] - The restructuring project aims to stabilize the power grid by enhancing the peak-shaving capabilities of thermal power, thus ensuring national electricity security [2] Group 2: Financing and Investment Activities - In 2025, China Galaxy Securities assisted multiple energy companies in direct financing to strengthen national energy security, including helping Jiadeng Co. complete over 1.1 billion yuan in refinancing [3] - The company also supported State Grid New Energy in completing a 36.5 billion yuan capital increase project, which is significant for the pumped storage sector [3] - China Galaxy Securities customized financing solutions for these projects, achieving record cash fundraising in state asset transactions [3] Group 3: Resource Development and International Cooperation - China Galaxy Securities acted as the lead underwriter for Jinchengxin's convertible bond issuance, raising 2 billion yuan to enhance copper mining efficiency in Zambia [4] - The project aligns with China's status as the largest refined copper producer and consumer, aiming to deepen economic and resource cooperation with Belt and Road Initiative countries [4] - The company also supported the listing of leading tungsten mining company Jiaxin International in Hong Kong and facilitated the issuance of a pioneering bond for Xibu Mining [5] Group 4: Global Expansion and Market Integration - As Chinese energy companies expand internationally, China Galaxy Securities has been instrumental in facilitating overseas financing, including a significant share placement for Ruipu Lanjun in Hong Kong [6] - The company successfully led the underwriting of a panda bond for Shandong-based Water Development Energy, marking a significant entry into the interbank bond market [6] - Overall, China Galaxy Securities has developed a comprehensive service capability across private equity, A-shares, H-shares, and bond markets, demonstrating its role in supporting the national energy resource security system [6]

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]

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 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 本周行情回顾： 本周SW公用事业一级板块上涨2.27%，在31个SW一级板块中排名第15；沪深300下跌0.62%，上证综指上 涨0.84%，深证成指上涨1.11%，创业板指下跌0.34%。细分子板块中，火电上涨2.71%，水电下跌0.89%， 光伏发电上涨7.21%，风力发电上涨2.82%，电能综合服务上涨4.56%，燃气上涨7.21%。 复。26年电力供需预期延续25年偏宽松态势，板块电价继续承压，但在绿电装机增长加持下，基荷电源火 电仍具备装机需求；因此我们认为火电、绿电投资回报应匹配社会的综合投资回报水平，进而满足两者可 融资性；若年度长协电价签署不及预期，依然有望提供其他措施（容量补贴提升、度电成本下行等）满足 板 ...

Core Viewpoint - The report from GF Securities indicates that the increase in capacity electricity prices in 2026 is expected to accelerate the utility transformation of thermal power companies [1] Group 1: Market Performance - In 2025, the stock performance of thermal power companies showed significant divergence, with northern companies generally outperforming due to high earnings growth [1] - The long-term contract electricity prices for 2026 are approaching their lower limits across various provinces, suggesting limited future declines [1] Group 2: Financial Implications - The increase in coal-fired capacity electricity prices in 2026 could lead to an increase of nearly 0.02 yuan per kilowatt-hour in revenue [1] - Thermal power companies are expected to enhance their revenue through market-based trading methods, indicating a potential for improved profitability stability [1] Group 3: Governance and Cash Flow - The market value management of thermal power companies is a key driver, with financial cost savings in Q1-Q3 of 2025 accounting for 3.2% of total profits [1] - There is a notable improvement in free cash flow for thermal power companies, suggesting significant potential for increased dividend payout ratios [1] - The transformation towards a "utility-like" model for thermal power may already be underway [1]

（编辑 任世碧） 证券日报网讯 1月22日，电投能源在互动平台回答投资者提问时表示，公司现有火电业务主要由全资子 公司通辽霍林河坑口发电有限责任公司开展，其拥有2×600MW煤电机组。白音华煤电公司详细信息请 详见公司近期通过法定平台发布的相关公告。 ...

NDACC技术是双良历时5年自主研发的重大科研成果，融合直接空冷与间接空冷双重优势，开创"零风 机功耗+一次换热高效"的全新空冷范式。此次是该技术首次在极寒、极大风环境下规模化应用。针对 高寒、高风压严苛工况迭代升级的2.0版方案，集成动态分区抽真空、超低背压、独立过冷、均衡冷 凝、防偏风、全流程智控六大核心创新技术，既实现-40℃极寒环境安全经济运行，又显著提升大风工 况下的机组运行稳定性。 此次技术突破不仅填补了NDACC技术在极端环境的应用空白，更树立了火电行业极端环境空冷技术应 用的新标杆，进一步拓展了火电空冷技术的创新边界与应用场景。双良将持续深化核心技术研发，吸纳 本次评审会的宝贵建议，优化完善技术方案与工程设计，推动NDACC技术在更多场景拓展应用，以中 国智造助力火电行业绿色低碳转型。 1月20至21日，国家电投2×66万千瓦煤电一体化项目NDACC系统初步设计评审会暨第二次设计联络会 在江阴顺利召开，本次评审会由电规总院主持。经电规总院评审专家、业主及设计院联合审议，一致认 为双良提交的初步设计资料内容完整详实、技术深度贴合工程实际，六大核心创新技术亮点突出且具备 极强的工程落地可行性，标志 ...

Group 1 - The fundamentals and industry landscape of waste-to-energy are steadily improving, while nuclear power is entering a period of intensive production, contributing stable profit increments annually [1] - The waste-to-energy sector is effectively transforming its operations, focusing on enhancing existing assets and improving cash flow, which boosts dividend capacity and willingness [1] - Nuclear power assets in South China are expected to stabilize in profitability, with the sector entering a phase of consistent production during the "14th Five-Year Plan" [1] Group 2 - There remains a strong demand for high dividend-paying investments, particularly in thermal power and Hong Kong utilities, as long-term funds seek high-yield options [2] - Compared to previously favored hydropower, thermal and waste-to-energy sectors are seen as having greater potential for dividend increases due to reduced capital expenditures and strong cash flows [2] - Hong Kong utilities are characterized by predictable profits and high historical dividend certainty, making them attractive investment options [2] Group 3 - The transition to a new energy system is ongoing, with the "14th Five-Year Plan" focusing on green energy consumption, application, and accelerated grid construction [3] - The green energy sector is expected to recover from its fundamental low, aided by various measures including reduced investment on the supply side and enhanced responsibilities on the demand side [3] - There are opportunities for improved cash flow in green energy operations due to accelerated subsidy disbursements, particularly for leading companies with high wind energy ratios and operational capabilities [3]

Market Overview - The Shanghai and Shenzhen stock markets opened higher on January 22, with the Shanghai Composite Index experiencing slight fluctuations before closing at 4110.86 points, down 0.15% with a trading volume of approximately 798.7 billion yuan [1] - The Shenzhen Component Index closed at 14230.97 points, down 0.17%, with a trading volume of about 974.9 billion yuan [1] - The ChiNext Index closed at 3282.48 points, down 0.40%, with a trading volume of around 441.3 billion yuan [1] - The North Star 50 Index increased by 0.43% to 1526.30 points, with a trading volume of approximately 16.22 billion yuan [1] Sector Performance - Semiconductor, memory chip, and IT equipment sectors opened significantly higher, while oil and gas extraction, shipbuilding, aerospace, Kimi concept, satellite internet, and controllable nuclear fusion sectors also showed strong initial gains [1] - By midday, aerospace, oil and gas extraction, and shipbuilding sectors were among the top gainers, while precious metals, high-bandwidth memory, and electronic chemicals faced the largest declines [1] Investment Insights - CITIC Securities highlighted the acceleration of surgical robot promotion in China due to new pricing guidelines from the National Healthcare Security Administration, suggesting a focus on the surgical robot industry and its supply chain [2] - GF Securities noted a shift in electricity consumption from secondary to tertiary industries and urban-rural residents, with wind and solar power contributing significantly to electricity generation growth [2] - Huatai Securities pointed out key changes in the automotive industry, including rising costs due to price increases in storage chips and metals, and opportunities for Chinese automakers in the North American market following tariff reductions [2] Government Initiatives - The National Development and Reform Commission announced the allocation of 93.6 billion yuan in special bonds to support equipment upgrades across various sectors, with total investments expected to exceed 460 billion yuan [3] - The Ministry of Agriculture and Rural Affairs reported that by 2025, the contribution rate of agricultural technology progress is expected to exceed 64%, with significant advancements in high-standard farmland construction and smart agriculture applications [4]