1月5日，记者从国网苏州供电公司获悉，长三角重要能源枢纽变电站——江苏苏州500千伏车坊变电站 超规模扩建工程顺利送电。该变电站是连接无锡、上海的重要输电联络点，承接着±800千伏锦屏—苏 南特高压直流输电工程汇入江苏电网的清洁水电。变电站的改造投运可进一步提升苏州电网对西部清洁 水电的消纳能力。 工程选址于车坊变电站老区西南侧，此次扩建新建100万千伏安主变压器1组，500千伏出线6回，220千 伏出线9回。"工程完成增容后，新增变电容量100万千伏安，苏州地区年提升供电能力87.6亿千瓦时， 相当于近300万户家庭1年的用电量。"国网苏州供电公司500千伏变电运检中心副主任苏俊霖介绍。 "工程对优化长三角能源结构、服务'双碳'目标落地、推动区域绿色低碳发展具有重要战略意义，也为 长三角一体化高质量发展注入了强劲能源动力。"国网苏州供电公司建设部副主任高琦说。 据悉，2025年江苏共有10项主干网、1007项配电网迎峰度冬重点工程建设。除500千伏车坊变电站超规 模扩建工程外，一批主网工程正加快建设。这些工程投运后将进一步优化江苏电网新能源消纳和整体供 电能力，全面支撑冬季电力安全供应。 500千伏车坊变电 ...

政策上，相关部门发布《关于促进新能源消纳和调控的指导意见》，明确到2030年每年要实现2亿千瓦 新能源的合理消纳，既明确了"十五五"新能源坚持规模化开发目标，又作为纲领性政策重构新能源消纳 与调控重点。 （文章来源：每日经济新闻） 华泰证券指出，全国统一电力市场建设加速推进，预计"十五五"期间电网投资有望达到4万亿元以上， 相比于"十四五"期间电网投资2.8万亿元显著提升。其中，主网建设助力全国电网网架实现互联互通， 是全国统一电力大市场搭建的重要支撑，仍将是重点建设方向。 1月7日午后，A股三大指数集体回调，电力板块表现坚挺。截至14:30，绿电ETF（562550）涨幅 0.36%，电网设备ETF（159326）涨幅1.78%。相关电力股集体上涨，上海电力涨超4%，内蒙华电、桂 冠电力、京能电力、中国核电等股跟涨。 需求端，AI驱动的算力爆发不仅重塑数据中心产业，也正成为全球能源消费格局演进的关键变量，对 电力基础设施的承载力、绿色化与智能化提出了前所未有的系统性挑战与创新机遇。 ...

Group 1 - The core objective of the theoretical learning center group at Baotou Donghua Thermal Power Co., Ltd. is to enhance theoretical knowledge and apply the Party's innovative theories to address new situations and problems in a systematic manner [1][2] - The company emphasizes the integration of theoretical learning with practical applications in safety production, reform, and development, aiming to empower energy supply through effective learning practices [1][4] - The learning approach includes a combination of individual study, collective discussions, and specialized lectures to ensure that learning is targeted and effective, addressing the specific needs of party members and leaders [3][4] Group 2 - The company prioritizes political construction and aims to deeply understand and implement the Party's innovative theories, ensuring that learning outcomes are translated into actionable strategies for high-quality development [2][4] - The leadership actively engages in research and field studies to address key operational challenges, such as the development of new energy storage and smart heating networks, thereby enhancing the company's operational efficiency [4][5] - Baotou Donghua Thermal Power Co., Ltd. is committed to continuous theoretical reinforcement and innovative learning methods to lead high-quality development while fulfilling its responsibilities in energy security and green transformation [5]

Core Viewpoint - The release of the "Basic Rules for the Electric Power Medium and Long-term Market" marks a significant step in the development of China's electric power market, aiming to enhance energy security, promote green transformation, and stabilize market operations [1] Group 1: One Goal - The "Basic Rules" focus on three core objectives: ensuring supply, promoting transformation, and stabilizing prices [2] - To ensure supply, the rules strengthen the medium and long-term market's foundational role in stabilizing electricity supply and demand, encouraging long-term contracts to provide clear market expectations for power investment and grid planning [2] - For promoting transformation, the rules establish a green electricity trading mechanism, allowing for independent accounting of green electricity's environmental value and encouraging participation in long-term green electricity trading [2] - The rules also incorporate new market participants like virtual power plants and distributed energy sources to support energy structure transformation [2] Group 2: Two Connections - The "Basic Rules" emphasize the need for dynamic connections between inter-provincial and intra-provincial markets, as well as between medium-long-term and spot markets, to create a multi-level collaborative operating system [4] - The rules promote coupling between inter-provincial and intra-provincial trading, encouraging innovative mechanisms for cross-regional electricity trading [4] - They also clarify the timing and settlement mechanisms for medium-long-term and spot markets, enhancing market flexibility and stability [4] Group 3: Three Coverages - The "Basic Rules" aim to establish a comprehensive medium and long-term electricity market system that covers spatial, temporal, and varietal dimensions [5] - Spatially, the rules create a three-tier trading organization system across grid operating areas, provinces, and regions, ensuring nationwide electricity trading coverage [6] - Temporally, the rules establish a full-cycle trading system covering multiple time frames, from several years to monthly and daily transactions [6] - In terms of variety, the rules define various trading methods, including bilateral negotiation, centralized bidding, and listing, to meet diverse trading needs [6] Group 4: Outlook - By 2025, Shandong aims to implement the national unified electricity market construction requirements, achieving significant results and establishing itself as a provincial model for the national unified electricity market [7] - The introduction of the "Basic Rules" provides guidance for Shandong to better integrate into the national market system, enhancing its medium and long-term trading mechanisms and promoting green electricity trading [7]

锚定电力市场改革方向 夯实电力中长期市场根基 ——《电力中长期市场基本规则》解读 《基本规则》聚焦各类市场品种衔接，明确跨电网经营区中长期交易、跨省跨区中长期交易、省内中长 期交易的组织主体、组织原则、价格机制等内容，明确跨省跨区绿电交易、省内绿电交易的参与对象、 组织方式、结算原则等内容，强调中长期市场和现货市场在组织时序、价格限值、结算流程等方面的有 序衔接。 《基本规则》以"统一框架定方向、灵活机制提效能、多元主体激活力、各方协同守底线"为核心脉络， 强化了与电力市场"1+6"基本规则体系的系统性衔接，明确按照统一标准开展市场注册、交易组织、交 易结算、信息披露等工作，技术支持系统应实现统一平台架构、统一技术标准、统一核心功能、统一交 互规范。 二、筑牢电力市场平稳运行的"新机制" 电力中长期交易是电力市场的核心组成部分，承担着保障电力安全稳定供应、锁定市场主体预期的基础 功能。规则构建"多年、年度、月度、月内"全周期交易体系，明确数年、年度交易定期开市并探索连续 开市，月内交易原则按日开市；推广分时段交易、带电力曲线签约，要求现货运行地区时段不少于24 个，新机制实现了"长周期稳预期"与"短周期调偏差 ...

港股通数据统计周报 2025.12.29-2026.01.04 港股通前十大净买入/卖出公司 | 分析师： | 蒋开来 | | --- | --- | | 中央编号： | BWL381 | | 联系电话： | 852-6430 1060 | | 邮箱： | jiangkl@cnzsqh.hk | 1 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 3 港股通本周前十大净买入公司（2025.12.29-2026.01.04） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 1288.HK | 农业银行 | 金融 | 181815021 | 10.51 | | 2 | 1398.HK | 工商银行 | 金融 | 103355393 | 6.50 | | 3 | 0386.HK | 中国石油化工股份 | 能源 | 74759971 | 3.49 | | 4 | 1117.HK | 现代牧业 | 日常消 ...

（文章来源：中国新闻网） 2025年，宁夏聚焦特色优势产业绿电园区建设，创新推行绿电双边交易模式，将低压办电"零投资"政策 覆盖至160千瓦及以下民营经济组织，累计为9.85万个低压用户节约办电成本，精准赋能小微企业发 展。在重点项目服务方面，国网宁夏电力开辟用电绿色通道，超前对接服务中金数据中心等54个重点项 目，完成386.59万千伏安用电报装，保障2700余个高压用电用户按期送电，新增报装容量达216.2万千伏 安。 新能源消纳与外送成效显著是宁夏电力发展的亮点。2025年，宁夏新增新能源并网容量1815万千瓦，通 过"一企一策"引导自备电厂在新能源大发时段降低出力、参与电力市场交易，推动绿电替代与增绿降 碳。当年，宁夏新能源外送电量超280亿千瓦时，占总外送规模的28%，通过宁夏—湖南±800千伏特高 压直流输电工程等通道，将清洁电力稳定送往中东部地区，为全国能源结构转型贡献宁夏力量。(完) 中新网银川1月7日电 (记者李佩珊)记者7日从国网宁夏电力有限公司获悉，2025年宁夏电网实现里程碑 式突破，全年售电量达1044.84亿千瓦时，同比增长6.92%，增速位居中国国家电网系统前列，外送电量 亦同步 ...

Core Insights - The continuous increase in electricity load in Guizhou marks a significant improvement in the province's power supply capacity, supporting high-quality economic and social development [1][4] Group 1: Load Growth Drivers - The rise in load is driven by dual factors: industrial development and improvements in people's livelihoods, particularly since the implementation of the "Four New" and "Four Modernizations" strategies [1] - Key emerging industries such as big data, new energy batteries, and modern chemicals have become important engines for electricity consumption growth [1] Group 2: Measures to Ensure Power Supply - Guizhou Electric Power Company has implemented a series of measures to ensure reliable power supply, including establishing a government-enterprise linkage mechanism and optimizing coal and hydropower dispatch [2][3] - The company has maintained coal power peak capacity above 90% and has effectively utilized rainfall resources through scientific adjustments in power generation [2] Group 3: Response to High Load Peaks - The company has proactively deployed measures to ensure stable operation of the power grid, including optimizing power generation plans and enhancing equipment maintenance through advanced technologies [3] - Real-time monitoring of distribution equipment and load management plans have been established to improve response capabilities to extreme weather and emergencies [3] Group 4: Economic Implications - The record-high electricity load reflects the vitality and resilience of Guizhou's economic development, serving as a barometer for economic activity and growth potential [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company is expected to achieve a power generation volume of approximately 307.19 billion kWh in 2025, representing a year-on-year growth of 3.82%. The fourth quarter alone is projected to see a significant increase of 19.93% in power generation [2][6] - The anticipated dividend yield of the company is at a high level, with a difference from the ten-year government bond yield reaching the 97th percentile since 2023. The expected average dividend yield for 2026-2027 is projected to be 3.73%, indicating strong long-term investment value as a stable dividend stock [2][12] Summary by Sections Event Description - The company reported that its total power generation from six domestic hydropower stations is expected to be around 307.19 billion kWh in 2025, which exceeds the initial target of 300 billion kWh by 2.40%. The fourth quarter's generation is expected to be about 72.07 billion kWh, showing a year-on-year increase of 19.93% [6] Event Commentary - The fourth quarter has seen abundant water supply, leading to a robust performance in power generation. The company’s investment income is also expected to contribute positively to its overall performance. The company is projected to maintain steady growth in its annual performance [12] - The company has committed to a high dividend payout ratio of at least 70% of the net profit attributable to shareholders from 2026 to 2030, reflecting its commitment to shareholder returns [12] - The company’s earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.41, 1.44, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19.33, 18.95, and 18.58 [12]

《赞比亚每日邮报》1月6日报道，截至目前，赞比亚已完成125兆瓦的太 阳能发电，包括奇桑巴100兆瓦项目和迈洛-塞伦杰25兆瓦项目。赞比亚国家电 网预计到7月将实现500兆瓦的太阳能发电。目前在建的项目有阿普拉省50兆瓦 项目，南方省西亚翁加区100兆瓦项目、卡富埃峡谷100兆瓦项目、奇桑巴二期 100兆瓦项目和乔马35兆瓦项目。 （原标题：赞国家电网预计今年7月实现500兆瓦太阳能发电） ...