根据国资委披露，目前，由国资委履行出资人职责、直接监管的实业类央企共100家。其中，电力央企 为：两核（中核、中广核），两网（国家电网、南方电网），六大发电（华能、大唐、华电、国家电 投、三峡、国家能源集团）+中煤（2024年重要电力生产单位的身份被认可）+雅江（2025年成立）， 三装备（东气、哈气、电气），三建设（能建、电建、安能），小豪门（国投电力、华润电力等）。 电力君梳理了最新央企名录和电力央企情况，供大家参考收藏！ 100家央企名录 1. 中国核工业集团有限公司 26. 中国移动通信集团有限公司 27. 中国卫星网络集团有限公司 28. 中国电子信息产业集团有限公司 29. 中国第一汽车集团有限公司 30. 东风汽车集团有限公司 31. 中国一重集团有限公司 32. 中国机械工业集团有限公司 33. 哈尔滨电气集团有限公司 34. 中国东方电气集团有限公司 35. 鞍钢集团有限公司 36. 中国宝武钢铁集团有限公司 37. 中国矿产资源集团有限公司 38. 中国铝业集团有限公司 39. 中国远洋海运集团有限公司 40. 中国航空集团有限公司 41. 中国东方航空集团有限公司 42. 中国南方航空集 ...

行业研究丨深度报告丨公用事业 [Table_Title] 内卷这道题该怎么解？——美国电力的经验 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SFC：BQT627 刘亚辉 张子淳 SAC：S0490523080003 请阅读最后评级说明和重要声明 2 / 28 [Table_Summary] 美国 PJM 市场近年来恰好经历反内卷的脱困，其脱困原因不仅仅是 AI 带来的需求修复，供给 改革同样重要，其修改容量市场供给曲线来实现容量电价的数倍上涨，最终实现内反内卷的成 功。我们认为国内可靠容量机制推广具有类似的结果，而且火电走出内卷困境的方式无疑也可 以作为我国众多过剩产业脱困的关键思路：政策发力强制产能退出才能有效、直接解决供求过 剩的矛盾，强制退出的重要手牌中，"低碳"、"环保"往往是最优先考虑的选项，同时核定产能 规则调整所带来的变化对供给侧的影响最为有效，也更容易被大多数市场主体所接受。如果能 够 ...

人民日报记者 胡婧怡 宋朝军 窦皓 钢坯火红，映照传统产业提质升级的进程；绿电聚合，显现新兴产业成长壮大的澎湃动能；人形机 器人身姿灵动，是未来产业加速培育的生动写照……"十五五"开局之年，春天里，让我们透过3个镜 头，观察现代化产业体系建设的稳健步伐，感受劳动者的奋斗热情。 ——编者 辽宁本钢板材 镜头一：非常规钢生产不断突破设计产能 2月22日一早，不到7点半，辽宁本溪本钢板材热连轧厂2300生产作业区作业长耿明璐已在工作岗 位。 参加班组班前会、查看轧制计划、明确重点品种生产要点……春节假期值班，工作一如往常。"热 轧工序上游连着炼钢，下游连着冷轧，必须保持稳定生产。"耿明璐说。 隆隆声中，烧得通红的钢坯从加热炉中送出，经过粗轧、精轧、冷却、卷取等流程，变成用于生产 管线钢、汽车板、高强钢等产品的钢卷。 作业区温度有30多摄氏度，一圈走下来，耿明璐的额头渗出细密的汗珠。"生产主要通过机房远程 操控，但现场跟踪仍必不可少。"耿明璐解释，"遇到信号波动、带钢轧破甩尾等不稳定情况时，现场人 员可以第一时间发现情况、降低损失。" 2025年，耿明璐带领班组成功突破28毫米超厚规格钢和2190毫米超宽规格钢的轧制 ...

2月24日，电网ETF（561380）盘中涨幅超过4%，市场交易活跃度明显提升。 就盘面结构而言，本轮上涨并非单纯的短线情绪拉动，更像是"宏观风险溢价抬升—政策顶层设计落地 —产业投资强度兑现预期"三条链路叠加后的集中反映：一方面，地缘冲突推升油价并改变市场对能源 安全与通胀粘性的定价；另一方面，全国统一电力市场顶层设计明确了中长期制度框架，电力资产的收 益结构、调节价值与容量价值获得"可定价"的制度基础；再叠加新能源装机结构发生历史性跨越，电网 与电力系统的扩容、升级、数字化改造需求从"可选投资"转为"刚性投入"，电网产业链迎来更可持续、 可验证的景气逻辑。 地缘风险抬升油价与能源安全溢价，电力系统"稳态价值"被重新定价 油价上行是当前宏观层面的重要扰动变量。截至2月20日，布伦特原油结算价约71.76美元/桶、周涨约 5.92%，WTI约66.48美元/桶、周涨约5.71%。更值得关注的是期限结构的变化：一年期与半年期价差均 呈现更明显的现货溢价格局，说明市场对"短期供给偏紧"的判断正在强化，同时期权偏度更倾向看涨， 也反映出风险对冲需求与上涨预期同步升温。 驱动上，地缘政治风险是核心变量之一：谈判期限压 ...

国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模86.4亿。今年以来收益11.4%，同类排 名663/5580；近一年收益14.04%，同类排名3429/4297；成立以来收益167.58%。 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间4年29天，现任基金资产总规模240.55亿元，任职期间最佳基金回报 110.52%， 任职期间最差基金回报-17.57%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月24日，华电能源涨5.24%，截至发稿，报2.61元/股，成交9646.89万元，换手率0.50%，总市值206.38 亿元。 资料显示，华电能源股份有限公司位于黑龙江省哈尔滨市南岗区大成街209号，成立日期1996年10月28 日，上市日期1996年7月1日，公司主营业务涉及向本公司发电资产所在的区域销售电力产品和热力产 品。主营业务收入构成 ...

%% %% research.95579.com 1 丨证券研究报告丨 联合研究丨行业深度 [Table_Title] 电裕求新变，煤紧风正帆 %% %% 分析师及联系人 [Table_Author] 张韦华 肖勇 赵超 SAC：S0490517080003 SAC：S0490516080003 SAC：S0490519030001 SFC：BQT627 SFC：BUT918 SFC：BUY139 叶如祯 司旗 宋尚骞 SAC：S0490517070008 SAC：S0490520120001 SAC：S0490520110001 庄越 刘亚辉 韦思宇 SAC：S0490522090003 SAC：S0490523080003 SAC：S0490524120007 请阅读最后评级说明和重要声明 2 / 25 报告要点 [Table_Summary] 2025 年用电需求增速放缓，火电电量近 10 年首次负增长，风电、光伏、火电新增装机创新高 的同时利用小时加速恶化。展望 2026 年，虽然绿电建设降速，但电量过剩问题依然较为严峻， 火电利用小时压力较大，看好价格机制改革的推进落实。结合电力供需平衡表对煤电的预 ...

Core Viewpoint - Longyuan Power's stock experienced a decline of 1.02% on February 13, with a trading volume of 72.44 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On February 13, Longyuan Power had a financing buy amount of 6.13 million yuan and a financing repayment of 9.74 million yuan, resulting in a net financing outflow of 3.62 million yuan [1]. - As of February 13, the total financing and securities lending balance for Longyuan Power was 88.46 million yuan, with the financing balance at 88.44 million yuan, accounting for 0.11% of the circulating market value, which is above the 60th percentile over the past year, indicating a relatively high level [1]. - In terms of securities lending, there were no shares repaid or sold on February 13, with a remaining securities lending volume of 1,400 shares and a balance of 21,800 yuan, which is below the 10th percentile over the past year, indicating a low level [1]. Company Overview - Longyuan Power Group Co., Ltd. was established on January 27, 1993, and listed on January 24, 2022. The company is primarily engaged in the technical transformation, service, and maintenance of power systems and electrical equipment, as well as the development and production of new technologies, equipment, materials, and processes related to electricity [2]. - The company's main business revenue composition is 99.22% from power products and 0.78% from other sources [2]. - As of September 30, the number of shareholders for Longyuan Power was 34,200, a decrease of 16.42% from the previous period, with an average of 0 circulating shares per person, unchanged from the previous period [2]. Financial Performance - For the period from January to September 2025, Longyuan Power reported an operating income of 22.22 billion yuan, a year-on-year decrease of 15.67%, and a net profit attributable to shareholders of 4.39 billion yuan, a year-on-year decrease of 19.76% [2]. Dividend Information - Since its A-share listing, Longyuan Power has distributed a total of 6.81 billion yuan in dividends, with 5.58 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders of Longyuan Power, Hong Kong Central Clearing Limited held 3.05 million shares, a decrease of 819,900 shares from the previous period [3]. - Other notable institutional shareholders include Huatai-PB CSI 300 ETF, which held 2.69 million shares unchanged, and E Fund CSI 300 ETF, which held 1.86 million shares, a decrease of 78,200 shares from the previous period [3].

Core Viewpoint - The article emphasizes the need for deepening reforms in the energy sector to adapt to a new energy system, focusing on high-quality development, safety, and low-carbon transition amidst complex international energy dynamics [1][5]. Group 1: Achievements in Energy Reform - The "14th Five-Year Plan" period has seen significant progress in energy system reforms, enhancing development momentum and optimizing resource allocation through policy measures [2]. - The energy market structure has improved, with nearly 80% of electricity prices determined by market competition and over 970,000 registered electricity market entities [2]. - The establishment of a unified national energy market is underway, with a preliminary national electricity market and a developing oil and gas market structure [3]. Group 2: Future Directions for Energy Reform - The "15th Five-Year Plan" aims to address systemic barriers in energy supply, consumption, and market mechanisms to achieve carbon peak and build a new energy system by 2030 [5][6]. - There is a need to accelerate the establishment of mechanisms for green transformation in energy supply, focusing on increasing renewable energy capacity and improving the flexibility of energy systems [6]. - Enhancing the resilience and safety of energy systems is crucial, requiring a shift from traditional energy balance methods to more flexible and collaborative approaches [8]. Group 3: Proposed Measures for Energy Reform - A resilient energy supply mechanism should be developed, integrating renewable and fossil energy sources while enhancing the capacity for resource optimization [9]. - A green consumption guidance mechanism is necessary to promote sustainable energy use, including the establishment of a green energy consumption incentive system [10]. - The market and pricing mechanisms must adapt to the new energy system, ensuring that prices reflect supply and demand dynamics and facilitating efficient resource allocation [11].

Core Viewpoint - The article highlights the ongoing production activities across various industries in China during the Spring Festival, emphasizing the commitment of companies to maintain supply and meet market demands despite the holiday season [1][2][3][4][5]. Group 1: Production Continuity - Over 260 companies in Ningbo and more than 280 industrial enterprises in Luoyang continued production during the Spring Festival, with Luoyang seeing an increase of approximately 30 companies compared to 2025 [1]. - In Tianjin, around 90 key industrial enterprises maintained continuous production, with an expected overall resumption rate of 86.3% by February 24 [1]. - Sichuan Zhou Hei Ya Food Co., Ltd. implemented a shift system to ensure uninterrupted production of over 50,000 boxes of "modified atmosphere packaging" products daily [2]. Group 2: Market Opportunities - Zhejiang Hengcheng Hard Alloy Co., Ltd. reported a 230% year-on-year increase in production value in January, with over 100 employees working during the holiday to meet tight delivery schedules [3]. - Nanjing Huaxin Fiber Optic Co., Ltd. experienced a surge in demand for high-performance optical fibers, with orders extending into the second half of the year [3]. Group 3: Safety Measures - Companies like Guangxi Sun Paper Industry Co., Ltd. implemented rigorous safety protocols during the holiday, including frequent inspections and strict approval processes for hazardous operations [4]. - The State Council's Work Safety Committee emphasized the importance of safety production during the holiday, focusing on risk prevention in industries such as fireworks and hazardous chemicals [4]. Group 4: Service Support - In Gansu, the Lanzhou New Area Project Construction Center coordinated with various departments to ensure 24-hour service support for production needs, addressing issues related to raw material transportation and workforce during the holiday [5]. - Local governments established comprehensive support networks to facilitate continuous production, including special hotlines and logistical assistance [5].

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]