格隆汇12月1日丨通宝能源(600780.SH)在投资者互动平台表示，目前公司所属火电企业为全资控股山西 阳光发电有限责任公司，没有投资其他火电企业。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Views - The report highlights a 7.9% year-on-year increase in national electricity market trading volume from January to October 2025, with significant growth in green electricity trading [2][15]. - The controlled nuclear fusion industry is experiencing accelerated capital expenditure, with a notable increase in project bidding activity [3][17]. - The report emphasizes the importance of policies supporting renewable energy development, predicting stable profitability for new energy generation [4][22]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.64%, while the public utility and environmental indices increased by 0.89% and 1.59%, respectively [1][14]. - Within the electricity sector, thermal power increased by 1.60%, while hydropower and new energy generation saw smaller gains [1][24]. Important Events - In October 2025, the national electricity market trading volume reached 563.8 billion kWh, marking a 15.6% increase year-on-year [2][15]. - The cumulative trading volume for the first ten months of 2025 was 5,492 billion kWh, accounting for 63.7% of total electricity consumption, up 1.5 percentage points from the previous year [2][15]. Specialized Research - The report details 35 public bidding projects in the controlled nuclear fusion sector from October to November 2025, with a total estimated contract value of 2.6 billion yuan [3][17]. - The bidding activity has significantly accelerated compared to previous months, indicating a growing interest and investment in this area [3][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [4][22]. - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [4][22]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for various companies, all maintaining an "Outperform" rating, including Huadian International, Longyuan Power, and China Nuclear Power [8][22].

Core Viewpoint - The report from CITIC Securities emphasizes the importance of focusing on opportunities in resource and traditional manufacturing industries, highlighting the advantages of leading companies in sectors where China has a global market share [1] Group 1: Market Characteristics - The market is characterized by low volatility and a slow bull trend, with a notable decrease in the volatility of major broad-based indices [1] - The maximum drawdown of the Shanghai Composite Index this year is -9.7%, which is significantly lower than previous years, indicating a relatively stable market environment [1] - The Sharpe ratios for major indices have improved, with the Shanghai Composite Index and Shenzhen Component Index exceeding 1, indicating favorable risk-adjusted returns [1] Group 2: Performance of Investment Strategies - Subjective long-only products have slightly outperformed the Wind All A index but continue to lag behind quantitative strategies, with average returns of 23.3% compared to 26.4% for Wind All A and 35.2% for quantitative products [2] - The gap between private and public subjective long strategies has reached a peak, with private strategies underperforming public ones by 7.6 percentage points [3] - The performance of balanced market selection products remains mediocre, indicating limited excess returns from stock selection despite significant index gains [2][3] Group 3: Capital Flow and Investment Behavior - There is a notable increase in allocation-type capital and quantitative pricing power, while the growth of active stock-picking funds is limited [4] - The influx of capital from insurance funds and "fixed income plus" products has contributed to market stability, but these funds are less sensitive to individual stock fundamentals [4] - The main source of active capital driving rapid increases in high-growth sectors has been margin financing, which has seen a net increase of approximately 700 billion yuan over two months [5] Group 4: Market Strategy and Outlook - The prevailing strategy among subjective long investors has become cautious, characterized by a "squat, hit, and withdraw" approach due to the lack of pricing power in individual stocks [6] - The report suggests that breaking the current market deadlock will require significant positive changes in fundamentals, particularly in domestic demand [7] - Without unexpected changes in fundamentals, the anticipated market movements may only reflect existing structural logic, limiting potential upside [7]

Group 1 - The core viewpoint of the article highlights a decline in China's thermal power generation, with a reported production of 517.5 billion kilowatt-hours in September 2025, representing a year-on-year decrease of 5.4% [1] - Cumulative thermal power generation from January to September 2025 reached 4,696.9 billion kilowatt-hours, showing a slight decline of 1.2% compared to the previous year [1] Group 2 - The article references several listed companies in the thermal power sector, including Huaneng International, Datang Power, Guodian Power, and others, indicating a focus on the performance of these entities within the declining market [1] - The report by Zhiyan Consulting titled "2026-2032 China Thermal Power Industry Market Panorama Survey and Investment Potential Research Report" is mentioned, suggesting a comprehensive analysis of the industry's future prospects [1]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation [22]. - The report emphasizes the importance of the new retail pricing mechanism in Sichuan's electricity market, which is expected to enhance the integration of commercial storage resources by virtual power plants [18][20]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, while the public utility index dropped by 4.33% and the environmental index decreased by 6.02% [15][25]. - Within the electricity sector, thermal power declined by 4.68%, hydropower by 1.44%, and renewable energy generation by 5.67% [15][26]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16][17]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - The report suggests focusing on water and waste incineration sectors, which are entering maturity with improved free cash flow, and highlights investment opportunities in companies like China Everbright Environment and Zhongshan Public Utilities [23]. - The report also points out the potential in the domestic waste oil recycling industry due to the EU's SAF blending policy, recommending companies like Shangaohuaneng [23]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for those in the public utility and environmental sectors [8].

人民财讯11月28日电，11月28日，国金资管-新疆国信持有型不动产资产支持专项计划发行成功。发行 规模54.6亿元，原始权益人为太仓港协鑫发电有限公司，计划管理人为国金资管，该项目是新疆首单持 有型不动产ABS产品，也是全国首单火电持有型不动产ABS产品。该产品采用平层结构设计，现金流 100%来源于准东火电厂运营收入。所谓平层结构，即所有证券持有人处于同一偿付顺序层级。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Market Overview - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 0.1% and 0.04% respectively, while the Hang Seng Tech Index also increased by 0.1%[1] - Market sentiment has improved recently, but trading remains cautious with a decrease in main board turnover by approximately 10%[1] - U.S. stock indices rose by 0.7% to 0.8%, with expectations of a potential interest rate cut by the Federal Reserve in December rising to 83%[1] Company Performance - Chow Tai Fook (1929 HK) reported half-year results below Bloomberg forecasts, leading to a 6.1% drop in stock price[1] - NIO (9866 HK) narrowed its third-quarter net loss to 3.66 billion yuan, but management's slightly conservative outlook for Q4 caused a 6.2% decline in stock price[3] - Meituan (3690 HK) saw a stock price increase of 5.7% due to favorable market conditions anticipated from Alibaba's expected reduction in flash sales investment[1] Sector Insights - In the automotive sector, NIO's total revenue increased by 16.7% year-on-year and 14.7% quarter-on-quarter, with a gross margin of 13.9%[3] - In the energy sector, coal prices are showing a cautious trend, with power generation stocks rising by 0.5% to 1.3%[3] - In the pharmaceutical sector, Heng Rui Medicine (1276 HK) rose by 4.6% after its new drug application was accepted, leading the innovation drug sector's increase[4]

电力行业 2026 年度投资策略 证 券 研 究 报 告 推荐（维持） 看好海风成长潜力，火水核价值回归可期 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：吴晨玥 行业研究 电力及公用事业 2025 年 11 月 26 日 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 226 | 0.03 | | 总市值( ...