公用事业行业 行业研究 | 行业周报 新建新型储能容量电价，多元电价体系逐 步完善 公用事业行业周报（2026.01.26-2026.01.30） 核心观点 投资建议与投资标的 国家/地区 中国 行业 公用事业行业 报告发布日期 2026 年 02 月 01 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 | 火电电量降幅收窄，基金持仓底部提升： | 2026-01-25 | | --- | --- | | 公 用 事 业 行 业 周 报 （2026.01.19- | | | 2026.01.23） | | | 气温拖累单月电量，26 年有望平稳增长： | 2026-01-18 | | 公 用 事 业 行 业 周 报 （2026.01.12- | | | 2026.01.16） | | | 长协电价风险落地，结算电价有望好于预 | 2026-01-11 | | 期 ： 公 用 事 业 行 业 周 报 （2026.01.05- | | | 2026.01.09） | | 有关分析师的申明，见本报告最后部分。其他重要信息披露 ...

绿色技能已从细分领域技能逐渐成为基础性技能，并成为当今劳动力市场中的竞争优势。领英指出，2 021年以来，全球绿色技能人才 招聘速度持续跑赢人才培养速度，各行各业都在想方设法扩充绿色人才储备。 随着全球AI投资激增与转型进程加速，科技公司为保障算力所需的稳定能源供给，加速抢夺能源和电力人才 。 领英最新发布《2025全球绿色技能报告》（以下简称"报告"）指出，全球范围内，绿色岗位增速持续大幅超越绿色人才供给，两者差 距正加速扩大。绿色技能已从专业化能力加速渗透为各行各业的基础性竞争优势。非绿色岗位中具备绿色技能的劳动者，首次成为绿色 招聘的最大群体，显示出可持续发展理念正深度融入企业运营的各个环节。 人工智能（AI）爆发式发展，正在重塑劳动力市场格局。随着全球AI投资激增与转型进程加速，科技公司为保障算力所需的稳定能源 供给，加速抢夺能源和电力人才。由AI驱动的能源人才竞赛，不仅凸显科技行业对绿色技能的需求已超越传统边界，也预示着全球劳 动力市场将持续围绕"绿色"与"数字"双轨技能展开高度竞争。 岗位增速远超人才增速 全球范围内，对绿色技能的需求首次超过对"绿色职位"本身的需求。也就是说，绿色发展已不再只是某 ...

Market Overview - The A-share market is expected to experience a "spring rally," driven by central bank policy adjustments and significant economic data releases, with a potential upward trend in 2026[2] - The market showed a strong upward movement last week, indicating the possible start of the 2026 cross-year market rally[2] Investment Strategies - Analysts recommend focusing on growth and consumer sectors based on historical patterns and current market conditions[2] - The market's large-cap style outperformed, suggesting a transition from a liquidity-driven market to one driven by fundamentals[2] Fund Flows - A total of 28 new funds were established last week, with a combined issuance of 18.218 billion units[2] - Stock-type ETFs experienced slight outflows, primarily from TMT, financial real estate, and ChiNext theme ETFs, while broad-based ETFs saw significant inflows[2] Bond Market Insights - The total issuance of industrial bonds reached 163.31 billion yuan, a decrease of 12.44% week-on-week, accounting for 44.07% of the total credit bond issuance[2] - The REITs market saw a decline, with the weighted REITs index returning -2.74% last week, ranking lower than other major asset classes[2] Economic Data - November's economic indicators showed a further decline, with industrial production growth slowing down year-on-year, while fixed asset investment's cumulative year-on-year decline expanded[2] - The unemployment rate in the U.S. rose to 4.6% in November, attributed to government shutdown impacts, but is expected to decrease as the government reopens[2] Sector Recommendations - In the petrochemical sector, companies like CNOOC and China Oilfield Services are recommended due to their high growth potential in offshore oil and gas exploration[5] - The semiconductor materials industry is expected to expand due to increased demand for high-purity materials driven by AI computing and data center construction[5]

Investment Rating - The report maintains a "Positive" outlook for the utility sector [7] Core Insights - The report indicates that the decline in electricity consumption growth in August 2025 is primarily due to a high base effect from August 2024, rather than a weakening demand [7] - It is expected that electricity consumption will maintain rapid growth from September to December 2025 as the base effect dissipates [7] - The report highlights that the electricity consumption growth rate for August 2025 was +5.0%, a decrease of 3.6 percentage points from July 2025, with a two-year CAGR of +6.9% [7] - The report notes that the electricity consumption growth rates for different sectors in August 2025 were +9.7% for primary industry, +5.0% for secondary industry, +7.2% for tertiary industry, and +2.4% for residential use [7] - The report anticipates that the growth rate of hydropower generation will improve marginally in the future, despite a decline in August 2025 [7] Summary by Sections Electricity Consumption - Cumulative electricity consumption from January to August 2025 increased by +4.6% year-on-year [10] - The cumulative electricity consumption for the primary industry was +10.6%, secondary industry +3.1%, tertiary industry +7.7%, and residential use +6.6% [13][17] Power Generation - Cumulative power generation from January to August 2025 increased by +1.5% year-on-year [18] - Cumulative thermal power generation decreased by -0.8%, while hydropower generation decreased by -5.5% [20] - Cumulative nuclear power generation increased by +10.1%, wind power by +11.6%, and photovoltaic power by +23.4% [22] Investment Recommendations - The report suggests a positive outlook for the utility sector, emphasizing the attractiveness of dividend assets in the current low-interest-rate environment [7] - Specific recommendations include focusing on thermal power, hydropower, nuclear power, and wind/solar power sectors, with identified stocks for potential investment [7]

Group 1 - The core viewpoint of the articles indicates that despite recent market volatility due to geopolitical tensions, the overall market trend remains upward, with expectations for significant gains in the coming months [1][3][6] - The S&P 500 index is projected to reach a target range of 6050 to 6150 points, with a year-end target of 6650 points, suggesting a strong bullish sentiment [2][3] - The Nasdaq 100 index is expected to reach around 22000 points, with the QQQ ETF target price estimated at approximately 540 USD [2] Group 2 - The technology sector is anticipated to continue its upward trend, having been the strongest performing sector recently, with significant improvements in company earnings [6][10][14] - There is a notable rotation of funds back into the technology sector, while the healthcare sector is experiencing outflows due to regulatory pressures [13][14] - The overall sentiment in the market remains cautious, with many investors still skeptical about the sustainability of the current rally, despite a 20% rebound from recent lows [16] Group 3 - The U.S. dollar is expected to weaken further in the coming months, with projections indicating a potential drop to around 93 or 94 on the dollar index [8][9] - This dollar weakness is viewed as a strategic move to boost exports and may benefit emerging markets and commodities [9][12] - Precious metals, particularly gold, are forecasted to perform well, with a target price of 3800 USD for gold by October [10][12] Group 4 - The market is likely to experience a period of consolidation and minor corrections, particularly around August, which aligns with historical seasonal trends [4][6] - The overall market breadth and momentum indicators suggest that the market is not facing substantial challenges in the near term, maintaining a positive outlook [2][16] - The current economic environment, characterized by potential fiscal issues and expectations of interest rate cuts, is favorable for precious metals and industrial metals [12][10]

Group 1 - The core viewpoint of the news is that China Everbright Water has been recognized in the S&P Global Sustainability Yearbook (China Edition) for its outstanding performance in the 2024 Corporate Sustainability Assessment (CSA) [1][2] - The inclusion in the yearbook highlights the company's commitment to environmental, social, and governance (ESG) practices [1][2] - In the public utility sector, there were 11 candidate companies with a total market capitalization of approximately $23.8 billion, and China Everbright Water was one of the two companies selected [1] Group 2 - The CSA assessment evaluates companies based on three dimensions: environmental (45%), social (29%), and governance (26%), focusing on areas such as climate strategy, product management, waste and pollution, and human capital management [1][2] - The company aims to explore new opportunities in the "pan-water" sector and is committed to digital transformation to enhance efficiency and revenue [2] - The S&P Global CSA is one of the most influential corporate sustainability assessment systems globally, with over 1,600 companies evaluated across 60 industries, and only 164 companies ultimately selected for the yearbook [2]