Core Viewpoint - The recent announcements from Kelun Pharmaceutical indicate significant changes in institutional holdings, with notable fund managers adjusting their positions, reflecting a mixed sentiment in the market towards the company's future prospects [1] Group 1: Institutional Holdings Changes - Guo Lan, a well-known fund manager from China Europe Fund, reduced holdings in Kelun Pharmaceutical by 1.867 million shares in Q4 2025, following a previous reduction of 2.5371 million shares in Q3 2025 [1] - The Guangfa Multi-Factor Mixed Fund, managed by Tang Xiaobin, also exited the top ten shareholders of Kelun Pharmaceutical by reducing over 10 million shares in Q4 2025 [1] - In contrast, Zhao Bei from ICBC Credit Suisse increased holdings in Kelun Pharmaceutical by 2 million shares in Q4 2025, while the National Social Security Fund's 416 portfolio became a new top ten shareholder with 13.9445 million shares [1] Group 2: Market Sentiment and Future Outlook - Fund managers express optimism about the market, actively seeking investment opportunities, with a focus on sectors like automotive, semiconductors, and specialized equipment [1] - Liu Ankun from Rongtong Fund noted a "short-term active, long-term positive" market characteristic, supported by continuous inflow of incremental funds and strong sectoral performance in AI and non-ferrous metals [1] - The market is expected to continue its upward trend, driven by funding factors and potential catalysts in industries such as semiconductors and commercial aerospace, with a belief that the spring market rally may have already begun [1]

证券日报网讯 1月7日，三峡能源在互动平台回答投资者提问时表示，公司于2025年7月10日披露了《关 于2021年限制性股票激励计划激励对象限制性股票回购注销实施公告》，公司对248名激励对象已获授 但尚未解除限售的3098.0652万股限制性股票进行回购注销。 （文章来源：证券日报） ...

Core Viewpoint - The company plans to implement a special cash dividend distribution to its shareholders, reflecting a commitment to return value to investors [1] Group 1: Dividend Announcement - As of the end of 2025, the company's total share capital will be 41.714 billion shares [1] - The company intends to distribute a cash dividend of 0.30 yuan (including tax) for every 10 shares held, amounting to a total cash dividend of 1.251 billion yuan (including tax) [1] - The dividend plan has been approved by the board of directors and is pending approval from the shareholders' meeting for implementation [1] Group 2: Conditions of Dividend Distribution - If there are changes in the company's total share capital before the dividend record date, the dividend standard will remain unchanged, but the total distribution amount will be adjusted accordingly [1]

证券日报网讯 1月7日，三峡能源在互动平台回答投资者提问时表示，公司综合考虑战略规划、业务发 展需求、投资必要性和可行性等因素开展投资。 （文章来源：证券日报） ...

证券日报网讯1月7日，三峡能源（600905）在互动平台回答投资者提问时表示，股价波动受宏观经济、 市场环境、投资者情绪等多种因素影响。公司积极落实证监会、国资委关于市值管理工作的要求，开展 了以下工作：一是提升核心竞争力，夯实价值创造基础。二是建立稳定分红政策，增强投资者获得感。 三是控股股东加大增持力度，彰显长期发展信心。四是提升公司治理效能，护航规范运作。五是搭建立 体多元投资者沟通渠道，积极传递公司价值。六是完善市值管理体系，强化长效机制保障。未来公司将 围绕提升公司发展质量和效益、稳定投资者回报、加强投资者交流等方面，扎实推进市值管理工作，引 导公司价值合理回归，以实际行动增强投资者获得感，与投资者共享公司高质量发展成果。 ...

格隆汇1月7日丨绿发电力(000537.SZ)在投资者互动平台表示，目前公司的渔光互补项目包括高州渔光 互补项目及福建漳州白水渔光互补项目。 ...

格隆汇1月7日丨中国核电(601985.SH)公布，截至2025年12月31日，公司控股核电在运机组26台，装机 容量2,500.00万千瓦；控股核电在建及核准待建机组19台，装机容量2,185.90万千瓦。2026年1月1日，公 司控股投资的中核国电漳州能源有限公司福建漳州核电站2号机组投入商运（详见公司2026-002号公 告），公司控股核电在运机组增至27台，装机容量增至2,621.20万千瓦；控股核电在建及核准待建机组 变为18台，装机容量相应变为2,064.7万千瓦。 截至2025年12月31日，公司2025年全年度累计商运发电量为2,444.30亿千瓦时，同比增长12.98%；上网 电量为2,307.47亿千瓦时，同比增长13.15%。 截至2025年12月31日，公司控股新能源在运装机容量3,364.10万千瓦，包括风电1,062.68万千瓦、光伏 2,301.42万千瓦，另控股独立储能电站165.10万千瓦；控股新能源在建装机容量793.17万千瓦，包括风电 260.74万千瓦，光伏532.43万千瓦。 2026年，公司全年发电量目标为2,592亿千瓦时，其中核电计划发电量为2,100亿千瓦时 ...

Group 1 - The core viewpoint of the articles highlights the operational and construction status of China Nuclear Power, detailing its capacity and future plans for nuclear and renewable energy generation [1][2] Group 2 - As of December 31, 2025, the company will have 26 operational nuclear power units with a total installed capacity of 25,000 MW, and 19 units under construction or approved with a capacity of 21,859 MW [1] - By January 1, 2026, the operational nuclear units will increase to 27, with a total capacity of 26,212 MW, while the number of units under construction will decrease to 18, with a capacity of 20,647 MW [1] - The company’s renewable energy capacity will reach 33,641 MW by December 31, 2025, including 10,627 MW from wind and 23,014 MW from solar, with an additional 1,651 MW from independent energy storage [1] - The total electricity generation for the year 2025 is projected to be 244.43 billion kWh, representing a year-on-year increase of 12.98%, while the grid-connected electricity is expected to be 230.75 billion kWh, up 13.15% year-on-year [1] Group 3 - For 2026, the company targets an annual electricity generation of 259.2 billion kWh, with nuclear power contributing 210 billion kWh and renewable energy contributing 49.2 billion kWh [2] - The company plans to conduct 15 major maintenance operations on its operational nuclear units throughout the year, including 3 ten-year overhauls, 2 five-year overhauls, and 10 routine maintenance operations [2] - Key risks to achieving the generation targets include unplanned power reductions or outages, participation in grid peak regulation affecting expected generation, and defects in renewable energy equipment leading to reduced output [2]

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]

Group 1 - The core viewpoint of the news is that Huadian New Energy's stock performance and financial metrics indicate a stable growth trajectory, with a slight decline in net buying from margin trading on January 6 [1] - On January 6, Huadian New Energy's stock rose by 0.32%, with a trading volume of 404 million yuan, and a net margin buying of -800.11 million yuan [1] - As of January 6, the total margin trading balance for Huadian New Energy was 636 million yuan, with a financing balance of 634 million yuan, accounting for 3.98% of the circulating market value [1] Group 2 - As of September 30, the number of shareholders for Huadian New Energy was 479,700, a decrease of 80.89% compared to the previous period, while the average circulating shares per person increased by 423.32% [2] - For the period from January to September 2025, Huadian New Energy achieved an operating income of 29.479 billion yuan, representing a year-on-year growth of 18.21%, and a net profit attributable to shareholders of 7.705 billion yuan, with a slight increase of 0.17% year-on-year [2] - The company's main business revenue composition includes 98.99% from electricity sales, 0.65% from other sources, and 0.37% from leasing [1]