Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The commercial operation of the Zhangzhou Nuclear Power Unit 2 commenced on January 1, 2026, completing the first phase of the Zhangzhou Nuclear Power project, which is expected to provide approximately 60 billion kWh of clean electricity annually [4] - The first green electricity direct connection project in Shandong and Hubei has been approved, with a total scale of 345 MW of new energy facilities, including 75 MW of wind power and 270 MW of photovoltaic power [4] - The average national grid purchase price of electricity in January 2026 decreased by 8% year-on-year [4] - The price of thermal coal at Qinhuangdao port increased by 17 RMB per ton week-on-week, reaching 699 RMB per ton as of January 9, 2026, a year-on-year decrease of 8.98% [4][43] - The inflow and outflow of the Three Gorges Reservoir showed a decrease in inflow by 6.3% and an increase in outflow by 7.2% as of January 9, 2026 [4][50] Industry Data Tracking - Electricity Consumption: In the first eleven months of 2025, total electricity consumption reached 9.46 trillion kWh, a year-on-year increase of 5.2% [12] - Power Generation: Cumulative power generation in the first eleven months of 2025 was 8.86 trillion kWh, with a year-on-year increase of 2.4% [22] - Installed Capacity: As of November 30, 2025, the cumulative installed capacity of thermal power reached 1.52 billion kW, with a year-on-year increase of 5.9% [44] - Hydropower: The cumulative installed capacity of hydropower reached 440 million kW, with a year-on-year increase of 3.0% [54]

（文章来源：证券日报） 证券日报网讯 1月12日，福能股份在互动平台回答投资者提问时表示，福建省已完成2026年度电力市场 化签约工作，具体签约情况可关注福建电力交易中心官网。 ...

证券日报网讯1月12日，江苏国信（002608）在互动平台回答投资者提问时表示，公司所属江苏国信能 源销售有限公司从事售电业务。国信能销公司深耕江苏省内电力市场多年，积累了较为稳定优质的用户 资源，此外结合本公司的火电资源及控股股东旗下风光水电等多元资源优势，拥有较为稳固的市场基本 盘，使其在面临电力市场激烈竞争时可发挥独特优势，拥有更高抗风险能力和提升效益的手段。 ...

证券日报网讯1月12日，黔源电力（002039）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东人数为15810户。 ...

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

证券日报网讯1月12日，长源电力（000966）在互动平台回答投资者提问时表示，截至2026年1月9日， 公司股东总人数为99284户。 ...

2025年，浙能集团全年累计发电量2115亿千瓦时、供煤量7523万吨、供气量149亿立方米、供热量13816 万吉焦，均分别同比增长，发电量等再创历史新高，实现高质量能源保供。 ▲浙能集团旗下嘉兴发电厂全 景。王侃 摄 过去一年，浙能集团聚焦打赢重大项目建设攻坚战奋力冲刺，提前完成省"千项万亿"工程年度投运目 标，全年新增装机规模近500万千瓦。该集团相继投产了台二电二期扩建工程项目3号机组、嘉兴电厂四 期扩建项目9号机组、镇海天然气发电燃机搬迁改造项目4号机组、浙能绍兴滨海热电四期扩建工程9号 机组等。新机组设计发电煤耗均处于国内领先水平，同步建设高效除尘、脱硫、脱硝等超低排放环保设 施。从浙北到浙南，一个个重大项目的建成落地进一步提升了能源供应的稳定性和安全性，为推动地方 经济社会高质量发展提供有力支撑。 ▲迎峰度夏期间，浙能长电检修人员鏖战 高温消除缺陷保运行。郑慧瑗 摄 去年迎峰度夏期间，浙江省用电负荷4创新高，浙能集团发电机组在关键时刻充分发挥了顶峰兜底作 用。旗下浙能电力等企业把握提升设备可靠性、增强机组带负荷能力"两大关键"，抓实可靠性、出力受 阻"两张清单"管理，深化降非停、整治出力受阻，推 ...

火力发电第四季度(10月-12月份)完成发电量222.18亿千瓦时，同比降幅5.67%;完成上网电量204.87亿千 瓦时，同比降幅5.76%。新能源第四季度(10月-12月份)完成发电量12.95亿千瓦时，同比增幅69.93%;完 成上网电量12.70亿千瓦时，同比增幅69.13%。 智通财经APP讯，京能电力(600578.SH)发布公告，根据公司统计，公司下属控股各运行发电企业2025 年全年累计完成发电量951.88亿千瓦时，同比降幅3.09%，其中火力发电累计完成发电量907.88亿千瓦 时，同比降幅5.91%;新能源累计完成发电量44.01亿千瓦时，同比增幅154.01%。2025年全年累计完成上 网电量882.26亿千瓦时，同比降幅2.99%，其中火力发电累计完成上网电量839.08亿千瓦时，同比降幅 5.98%;新能源累计完成上网电量43.18亿千瓦时，同比增幅153.29%。 ...

3、钧达股份：控股股东锦迪科技拟减持不超3%公司股份 钧达股份公告称，控股股东锦迪科技计划自公告披露之日起15个交易日后的3个月内，以集中竞价或大 宗交易方式合计减持不超过872.54万股，占公司剔除回购专用账户股份后总股本的3%。 登录新浪财经APP 搜索【信披】查看更多考评等级 今日聚焦 1、药明康德：预计2025年净利润为191.51亿元，同比增长约103% 药明康德发布2025年度业绩预告，预计归属于上市公司股东的净利润为191.51亿元，同比增长约 103%，其中包含了出售联营公司部分股权以及剥离部分业务所获得的投资收益；本期基本每股收益预 计约人民币6.70元/股，同比增长约104.27%。公司持续聚焦独特的"一体化、端到端"CRDMO(合同研 究、开发与生产)业务模式，紧抓客户对赋能需求的确定性，不断拓展新能力、建设新产能，持续优化 生产工艺和提高经营效率，推动业务持续稳健增长。 2、东方财富：子公司东方财富证券获准公开发行不超过200亿元次级公司债券 东方财富公告称，子公司东方财富证券收到证监会批复，同意其向专业投资者公开发行面值总额不超过 200亿元次级公司债券。该批复自同意注册之日起24个 ...

Core Viewpoint - The company, Jingneng Power (600578.SH), reported a decrease in total power generation for the year 2025, with a notable increase in renewable energy generation despite a decline in thermal power generation [1] Group 1: Overall Power Generation - The total power generation for 2025 reached 95.188 billion kWh, representing a year-on-year decrease of 3.09% [1] - Thermal power generation accounted for 90.788 billion kWh, with a year-on-year decline of 5.91% [1] - Renewable energy generation totaled 4.401 billion kWh, showing a significant year-on-year increase of 154.01% [1] Group 2: Power Supply to the Grid - The total power supply to the grid for 2025 was 88.226 billion kWh, reflecting a year-on-year decrease of 2.99% [1] - Thermal power contributed 83.908 billion kWh to the grid, with a year-on-year decline of 5.98% [1] - Renewable energy supplied 4.318 billion kWh to the grid, marking a year-on-year increase of 153.29% [1] Group 3: Fourth Quarter Performance - In the fourth quarter (October-December), thermal power generation was 22.218 billion kWh, down 5.67% year-on-year [1] - The thermal power supply to the grid in the fourth quarter was 20.487 billion kWh, with a year-on-year decline of 5.76% [1] - Renewable energy generation in the fourth quarter reached 1.295 billion kWh, up 69.93% year-on-year, while the supply to the grid was 1.270 billion kWh, reflecting a year-on-year increase of 69.13% [1]