Group 1 - The core viewpoint of the article is the leadership adjustment at Huaneng International, with the appointment of Mr. Lu Xin as the Deputy General Manager and Mr. Wen Minggang as the Secretary of the Board, following the resignation of Mr. Huang Zhaoqian due to age reasons [1][2]. Group 2 - Mr. Lu Xin, born in February 1975, has held various positions within Huaneng International and China Huaneng Group, including Director of the Finance Department and Chief Accountant, and holds a Master's degree in Political Economics from Shandong University [3]. - Mr. Wen Minggang, born in January 1970, is currently the Chief Accountant of Huaneng International and has extensive experience in financial roles within the Huaneng Group, holding a Master's degree in Accounting from Nankai University [4].

Group 1 - The core viewpoint of the news highlights the positive performance of the green power sector, with the National Green Power Index rising by 0.62% and several key stocks experiencing significant gains, such as Jinkai New Energy reaching a 10% limit up [1] - The State Council has issued an implementation opinion to establish a unified national electricity market system by 2035, with a steady increase in the proportion of market-based electricity transactions [1] - The development of virtual power plants is accelerating towards a scale and market-oriented phase, with a target of achieving over 20 million kilowatts of adjustment capacity by 2027 and 50 million kilowatts by 2030 [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the National Green Power Index account for 52.75% of the index, including major companies like China Nuclear Power and Yangtze Power [2] - The green power ETF managed by Harvest (159625) closely tracks the National Green Power Index, providing a convenient tool for investors to gain exposure to the overall performance of green power-related listed companies [2] - Investors can also access investment opportunities through the corresponding green power ETF linked fund (017057) [3]

今日早参 2026 年 2 月 12 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：核心通胀回升渐入佳境 2026 年 1 月中国 CPI 同比 0.2%（前值 0.8%，彭博一致预期 0.4%），环比 增速持平于 12 月的 0.2%；PPI 同比-1.4%（前值-1.9%），略高于彭博一致 预期的-1.5%，环比较 12 月的 0.2%上行至 0.4%。 风险提示：反内卷政策推进程度不及预期，内需超预期走弱。 研报发布日期：2026-02-11 研究员 吴宛忆 SAC:S0570524090005 SFC:BVN199 易峘 SAC:S0570520100005 SFC:AMH263 王洺硕 SAC:S0570525070003 SFC:BUP051 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 今日早参 | 2026 年 2 月 12 日 宏观：1 月新增非农反弹但持续性待观察 概览：2026 年 1 月美国新增非农就业 13 万，高于彭博一致预期的 6.5 万， 11-12 月累计下修 1 ...

以上内容基于公开资料整理，不构成投资建议。 经济观察网 华电国际（600027）（600027.SH）在2026年初的业务拓展和行业环境变化值得关注，主要 涉及储能项目推进、发电量公布、行业政策变化及公司治理结构更新。 公司项目推进 2026年2月10日，华电国际在投资者互动平台表示，公司正建设山东潍坊氢储能项目及江苏仪征新型储 能电站，并计划根据资源条件持续发展新型储能等战略性新兴产业项目。这一动向反映了公司在能源转 型中的布局，可能影响未来业务结构。 业绩经营情况 2026年1月23日，华电国际公告2025年全年累计发电量达2622.70亿千瓦时，同比增长17.81%（较追溯调 整后数据下降6.99%），平均上网电价微涨0.27%至513.29元/兆瓦时。同时，一台49.46万千瓦燃气机组 投入商业运营，新增装机可能提升运营灵活性。 行业政策与环境 近期电力行业政策持续优化，如2026年多地电力市场交易启动及特高压工程核准，可能对华电国际等火 电企业形成长期驱动。此外，动力煤价格波动和电价机制改革仍是影响公司成本与收入的关键变量。 公司结构与治理 2025年11月18日，华电国际股东大会通过章程修订，取消 ...

Core Viewpoint - China's electricity production organization has transitioned from a planned system to a market-oriented approach over the past decade, achieving significant progress in establishing a nationwide unified electricity market system [1] Group 1: Market Participation - A preliminary market structure has formed with orderly participation from various entities, with over 1.09 million registered market participants by the end of 2025, which is 22 times the number in 2015 [3] - By the end of 2025, all commercial and industrial users, all coal power, nearly 60% of new energy, 40% of hydropower, and nearly half of gas and nuclear power will have entered the electricity market [3] Group 2: Market Transactions - The volume of market-based electricity transactions is expected to reach 6.6 trillion kilowatt-hours by the end of 2025, a sevenfold increase from 2015, accounting for 64% of total electricity consumption, excluding guaranteed and self-consumed electricity [4] - The scale of inter-provincial and inter-regional electricity trading has grown from less than 0.1 trillion kilowatt-hours in 2015 to approximately 1.6 trillion kilowatt-hours by 2025 [6] Group 3: Pricing Mechanism - A comprehensive coverage of electricity trading across all categories has been largely achieved, and a market-based pricing mechanism that allows for price fluctuations has been initially established [6]

Group 1 - The core point of the article is that Jinkong Electric (sz000767) experienced a significant stock price increase due to expected substantial profit growth, cost optimization, and asset restructuring [1] Group 2 - The company anticipates a substantial increase in net profit for 2025, estimated between 155 million to 195 million yuan, representing a year-on-year growth of 383% to 508%, primarily benefiting from the decline in coal prices which has improved cost conditions [1] - Jinkong Electric is actively pursuing multiple asset restructuring and business adjustments, including the transfer of 51% equity in a coal-fired power project under construction, which alleviates capital expenditure pressure and generates 266 million yuan in cash, thereby optimizing its asset structure [1] - The electric power sector has recently gained market attention, with the decline in coal prices benefiting thermal power companies by reducing costs and enhancing profitability [1] - On February 12, there was a notable inflow of funds into the electric power sector, with multiple electric stocks performing actively, creating a sector-wide linkage effect [1] - Technically, the stock's MACD indicator may form a golden cross recently, with the stock price breaking through short-term moving average resistance, attracting more investor interest [1]

| 申万期货品种策略日报——股指 | 2026/2/12 | 星期四 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 4728.20 | 4724.00 | 4690.20 | 4636.80 | 前日收盘价 | 4716.20 | 4714.80 | 4680.00 | 4625.80 | | | 涨跌 | -7.80 | -5.80 | -8.00 | -10.00 | 沪深300 | 涨跌幅 | -0. ...

经济观察网四川能投发展(01713.HK)近期取得一项配电网状态参数估计方法的专利，同时受益于四川省 政府工作报告中关于加快新型能源体系建设的政策表述，可能带来长期业务机会。近期股价表现平稳但 交易清淡，技术指标显示短期动能偏弱。 近期事件 近7天内，四川能投发展(01713.HK)的主要热点包括技术突破和政策利好。2026年2月6日，公司取得一 项配电网状态参数估计方法的专利，授权公告号为CN120566577B，该专利旨在提升配电网状态监测精 度。此外，2026年2月10日发布的四川省政府工作报告提出，将推动"三江"流域水风光一体化清洁能源 基地纳入国家规划，强调加快新型能源体系建设，这可能为四川能投发展等本地电力企业带来长期业务 机会。 股票近期走势 近期股价表现平稳但交易清淡。截至2026年2月11日，收盘价维持在2.43港元，近5日涨跌幅为-0.41%， 区间振幅仅1.23%；成交量和成交额较低，2月6日至11日累计成交额约10.21万港元，反映市场关注度有 限。技术面上，股价处于布林带中轨附近(2.447港元)，MACD指标显示短期动能偏弱。同期恒生指数下 跌0.69%，公司股价走势与大盘基本一致 ...

Core Viewpoint - The article emphasizes the proactive role of disciplinary inspection and supervision agencies in ensuring a safe and harmonious Spring Festival for the public by overseeing various sectors such as transportation, energy, market regulation, and cultural tourism [5][19][21] Group 1: Transportation Supervision - The Spring Festival travel period is expected to see a record high of 9.5 billion trips, with the transportation sector under significant pressure to ensure safety and efficiency [6][7] - The Central Commission for Discipline Inspection has established working groups to monitor transportation safety and service quality across key regions [6][7] - Local agencies are focusing on risk points and enhancing coordination among transportation departments to ensure smooth operations during the travel peak [7] Group 2: Energy Supply Assurance - Disciplinary agencies are closely monitoring energy supply chains to ensure stable and sufficient energy for the public during the winter [11][12] - Specific measures include increasing coal reserves and improving heating management to prevent supply disruptions [12] - Local agencies are conducting inspections to ensure the safety and reliability of power and gas supply systems [12] Group 3: Market Regulation and Price Stability - Agencies are actively supervising the supply and pricing of essential goods to ensure a stable market during the festive season [10][12] - Local governments are implementing measures to monitor market prices and prevent price gouging, ensuring that essential goods remain affordable [10][13] - The focus is on maintaining a balanced supply of food and other necessities, with agencies taking steps to address consumer complaints and market irregularities [10][13] Group 4: Cultural and Tourism Sector Oversight - The cultural and tourism market is being closely monitored to ensure a safe and enjoyable experience for travelers during the Spring Festival [14][16] - Various promotional activities and consumer incentives are being organized to stimulate tourism, with oversight to ensure compliance with safety and service standards [14][17] - Agencies are addressing potential consumer rights violations in tourist areas to maintain a fair and trustworthy market environment [16] Group 5: Overall Community Well-being - The article highlights the importance of community well-being during the Spring Festival, with agencies working to address public concerns and enhance service quality [19][21] - The proactive approach of inspection agencies reflects a commitment to serving the public and ensuring a joyful holiday experience [19][21] - The emphasis is on creating a harmonious environment where families can celebrate together, showcasing the government's dedication to public welfare [21]

Core Viewpoint - The State Council of China has officially released the "Implementation Opinions on Improving the National Unified Electricity Market System," outlining a clear timeline and roadmap for electricity market reform over the next decade, aiming for a 70% market transaction volume by 2030 and a fully established market by 2035 [1][3]. Group 1: Strategic Goals - The implementation opinions set a two-step strategic goal for the establishment of a unified electricity market, with key milestones in 2030 and 2035 [3]. - The document addresses current issues such as market barriers and insufficient participation, proposing systematic reforms to optimize electricity resource allocation nationwide [3]. Group 2: Market Functions and Pricing Logic - The implementation opinions define six major market functions: spot, medium- and long-term, ancillary services, green electricity, capacity, and retail markets, marking a significant breakthrough in pricing systems [4]. - The establishment of a multi-value market indicates that price signals will guide future investment directions and transformation paths, moving beyond traditional energy quantity pricing [4]. Group 3: Green Electricity and International Integration - The construction of a green electricity market is emphasized, with plans to strengthen the traceability of green electricity consumption and explore the integration of green certificates into carbon accounting [5]. - Analysts highlight the importance of aligning China's green electricity standards with international standards to enhance the marketability of renewable energy sources like wind and solar [5].