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]

来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，山东京博新能源控股发展有限公司取得一项名为"一种汽油高效复合添加剂 及其制备方法"的专利，授权公告号CN117143644B，申请日期为2023年7月。 天眼查资料显示，山东京博新能源控股发展有限公司，成立于2008年，位于滨州市，是一家以从事电 力、热力生产和供应业为主的企业。企业注册资本6000万人民币。通过天眼查大数据分析，山东京博新 能源控股发展有限公司共对外投资了16家企业，参与招投标项目1389次，财产线索方面有商标信息27 条，专利信息66条，此外企业还拥有行政许可102个。 ...

耿明璐正在对生产线进行点检巡视。 李 娜摄（人民视觉） 于哲仑在监控室内监测数据。 张子墨摄（人民视觉） 宇树科技机器人在进行训练。 宇树科技供图 精益求精的辛劳，换来产品下线时的成就感。"这条产线生产的产品，90%以上是非常规钢种，用在重 大工程建设、新能源汽车产业等领域。"耿明璐语带自豪。 通过技术创新、流程优化，2300生产作业区不断突破设计产能。2025年，作业区年产突破600万吨。新 的一年，耿明璐充满期待："我们正在着手智慧工厂建设，未来将实现整条产线的集中控制，产品产量 和质量有望再提升。" 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， ...

国盛证券还提到，2026年预计新增光伏装机180 GW 至240GW，"十五五"期间年均新增238 GW至287GW，光伏行业需 从"比规模、拼价格"转向"价值竞争"，拓展融合化实践空间，光伏与商业航天、算力等多场景融合，与制氢氨醇等绿 色行业结合；深度参与电力市场、完善市场交易机制，探索"光储"一体化开发模式，加强电网光伏友好型能力建设。 【环球网财经综合报道】国家能源局规划司司长任育之日前表示，将发布实施新型能源体系和一系列分领域能源规 划。 任育之具体提到，一方面，扎实推进战略性标志性重大工程建设，安全有序推进雅下水电工程建设，布局建设"三 北"风电光伏基地、西南水风光一体化基地、沿海核电基地、海上风电基地，优化建设电力、油气等骨干通道；另一 方面，加快建设一批"小而美"项目，实施电动汽车充电网络提升工程，布局建设若干个风光氢氨醇一体化基地，建设 一批光热发电工程。 国盛证券近日发布研报认为，2月11日，国务院办公厅正式印发《关于完善全国统一电力市场体系的实施意见》，首 次以国办名义、从国家统一大市场高度、对电力市场体系进行的顶层设计，提出分品种有节奏推进气电、水电、核电 等电源进入电力市场。 对于资本 ...

天眼查资料显示，嘉兴阿特斯技术研究院有限公司，成立于2020年，位于嘉兴市，是一家以从事电力、 热力生产和供应业为主的企业。企业注册资本31000万人民币。通过天眼查大数据分析，嘉兴阿特斯技 术研究院有限公司参与招投标项目153次，专利信息283条，此外企业还拥有行政许可8个。 索比光伏网 https://news.solarbe.com/202602/24/50018553.html 国家知识产权局信息显示，嘉兴阿特斯技术研究院有限公司取得一项名为"异质结电池的制备方法及镀 膜设备"的专利，授权公告号CN116031335B，申请日期为2021年10月。 ...

【跑好"第一棒" 力促"开门红"】 甘肃虚拟电厂交易结算实现开门红 为推动这一新生事物在甘肃落地落实，去年以来，我省修订印发《甘肃省虚拟电厂建设与运营管理实施 方案》，依托新型电力负荷管理系统，建成集接入测试、运营监测、效果评估、交易全流程管控于一体 的虚拟电厂运营管控平台。同时，完成可调节资源统一编码入库，实现负荷资源池"统一管理、统一调 控、统一服务"；打通虚拟电厂参与电能量市场的全流程链路，推动两家虚拟电厂稳定接入系统、常态 化连续交易，实现市场化闭环运行。目前已形成集政策构建、体系建设、平台支撑、资源规范、市场导 向于一体的服务体系，全链条赋能虚拟电厂建设运营。 责任编辑：杨晨雨 每日甘肃网兰州讯（新甘肃·甘肃日报记者 王占东）今年1月起，甘肃省内虚拟电厂正式开启连续不间断 参与市场交易模式。国家电网甘肃省电力公司落实"日清月结、结算到户"政策，服务省内两家虚拟电厂 及聚合用户，1月累计结算电量达3491.16万千瓦时，顺利实现交易结算开门红。 不占一分地、不烧一克煤的虚拟电厂，通过信息通信等技术，聚合分布式电源、可调负荷、储能等各类 分散资源，作为新型经营主体参与电力系统优化和交易，对电力保供、新能 ...

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 and geopolitical conflicts [2]. Group 1: Achievements in Energy Reform - The "14th Five-Year Plan" period has seen significant progress in energy system reforms, enhancing development momentum and achieving high-quality energy development through a combination of policies [4]. - The energy market structure has been improved, with nearly 80% of electricity prices determined by market competition and over 970,000 registered electricity market entities [4]. - The establishment of a unified national energy market system is underway, with a preliminary national electricity market and a developing oil and gas market structure [5]. Group 2: Challenges Ahead - The next five years are critical for achieving carbon peak goals and accelerating the construction of a new energy system, requiring the resolution of four key systemic obstacles [8]. - The need for a green transition in energy supply mechanisms is urgent, with a target of 3.6 billion kilowatts of new energy capacity by 2035, necessitating a shift towards renewable energy while managing fossil fuel phase-out [9]. - The energy consumption side requires enhanced mechanisms to stimulate flexibility and innovation, as new business models and green energy consumption patterns emerge [10]. Group 3: Strategic Measures for Reform - The article outlines strategic measures to strengthen energy supply resilience, emphasizing the importance of integrating renewable and fossil energy sources and enhancing the operational capacity of energy systems [13]. - A green consumption guidance mechanism is proposed to promote sustainable energy use, including the establishment of a green energy consumption incentive system and the expansion of green certificate markets [14]. - The development of market and pricing mechanisms that reflect supply and demand dynamics is crucial, alongside the establishment of a modern energy governance system to ensure regulatory effectiveness and international cooperation [15].

Investment Rating - The industry investment rating is not explicitly stated in the provided documents, but it can be inferred that there is a positive outlook for coal and power generation sectors based on the analysis of demand elasticity and market conditions [5]. Core Insights - The electricity reform has entered a new phase, emphasizing the establishment of a unified national electricity market, with a target for market-based trading to account for approximately 70% of total electricity consumption by 2030 [2]. - There is a focus on the demand elasticity of coal in the first half of the year, with expectations of high growth in electricity consumption due to a low base effect, particularly in energy-intensive manufacturing sectors [3]. - The report highlights the potential for coal power generation to benefit from a low base in the first half of the year, with a projected increase in coal power generation despite competition from renewable sources [3]. - The report suggests that the demand for coal may exceed expectations due to the growth of overseas data centers and industrialization, which could lead to tighter import coal supplies [3]. - There is an emphasis on the importance of value management for state-owned enterprises, particularly those with market capitalization around 60 billion, indicating a focus on capital operations and market positioning [4]. Summary by Sections Electricity Market Reform - The government aims to complete the national unified electricity market system by 2030, with a phased approach transitioning from government pricing to market-based trading [2]. - Key aspects include optimizing resource allocation, encouraging participation from all types of power sources, and improving governance to prevent market manipulation [2]. Coal and Power Generation - The first half of the year is expected to show high growth in coal power generation due to a low base from the previous year, with a significant decline in coal power generation in early 2025 [3]. - The report identifies specific companies such as Yanzhou Coal Mining Company, China Shenhua Energy, and Shaanxi Coal and Chemical Industry as key players to watch in the coal sector [3]. State-Owned Enterprises - There is a focus on enhancing the market value management of large state-owned enterprises, with specific attention to companies like Guizhou Power and Huadian International [4]. - The report suggests monitoring hydropower performance during the flood season and the impact of market fluctuations on investment strategies [4].

分析师：张刚 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -8% -2% 5% 12% 18% 25% 31% 2025.02 2025.06 2025.10 2026.02 上证指数 深证成指 登记编码：S0730511010001 证券研究报告-晨会聚焦 发布日期：2026 年 02 月 24 日 【财经要闻】 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 4,082.07 | -1.26 | | 深证成指 | | 14,100.19 | -1.28 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,660.41 | -1.25 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,556.33 | -1.38 | ...