建投能源 20260226 摘要 2022-2024 年火电强势标的分化，从国电电力的成本端阿尔法到长三 角区域二线火电公司受益于沿海煤价下滑和供需优势，2025 年大唐发 电、建投能源表现亮眼，北方区域标的开始向上。 建投能源作为省属能源平台电力公司，通过收购集团资产解决同业竞争 并扩张装机规模，截至 2025 年末控股装机 12.5GW，火电为核心收入 来源，参股项目补充业绩，受益于煤价下滑成本弹性较高。 建投能源 2023 年底发布股权激励方案，2024 年未达成因经营利润表 现一般，但 2025 年达成概率较高，新增项目投产有望支撑后续行权条 件，提升经营积极性。 河北区域供需相对较好，火电与核电有效装机增速低，火电利用小时数 上涨，电价降幅克制，建投能源 2025 年上半年电价稳定并小幅上涨， 成本端标煤单价大幅下滑带来利润弹性。 预计河北供需仍偏紧，火电规划规模大但净新增受限，需求侧受益于战 略新兴产业和数字经济发展，省内电力集中度高，竞争压力可控。 Q&A 近期复盘火电板块在不同年份的相对强势标的后，火电投资主线在 2022— 2025 年发生了哪些结构性变化，建投能源在 2025 年相对涨幅靠 ...

| EE 疯皮 | 2.26 | | | --- | --- | --- | | | | 截至收盘斩获连板个股 | | 股票名称 | 连板天数 | 所属概念 | | *ST万方 | 7 | 消费 | | 21 ------- | 7 | 天然气 | | ST京蓝 | 6 | 环保 | | 豫能控股 | 6 | 火电 | | 法尔胜 | 4 | 光纤 | | 金正大 | 3 | 化工 | | 澄星股份 | 3 | 化工 | | *ST海钦 | 3 | 贸易 | | ST中通 | 2 | 房地产 | | 启迪环境 | 2 | 环境治理 | | 赣能股份 | 2 | 火电 | | 洪兴股份 | 2 | 跨境电商 | | 章源钨业 | 2 | 有色金属 | | 云南省业 | 2 | 商业航天 | | *ST绿康 | 2 | 医药生物 | | *CL建花 | 2 | 机械 | | *ST精伦 | 2 | 机器人 | | *ST岩石 | 2 | 白酒 | | *ST松发 | 2 | 机械 | | --- | --- | --- | | ST起光 | 2 | 纺织服装 | | *ST艾艾 | 2 | 机械 | | | 第二 ...

每经AI快讯，2月24日，火电指数盘中强势上涨3%，成分股表现活跃。其中，豫能控股涨停，晋控电力 上涨7.69%，电投绿能上涨7.02%，新能泰山上涨5.99%，东方电气上涨5.84%。 （文章来源：每日经济新闻） ...

开源证券近日发布电力行业2026年度投资策略：2025年，A股红利风格板块整体表现不佳。2025年，电 力需求维持平稳增长，我国全社会用电10.37万亿千瓦时，同比增长5.0%。预计十五五期间我国将呈 现"宽电量、紧电力"的电力供需格局，综合电价有望企稳。 以下为研究报告摘要： 1.行业回顾：红利风格表现不佳，电力需求平稳增长 2025年，A股红利风格板块整体表现不佳。2025年，电力需求维持平稳增长，我国全社会用电10.37万亿 千瓦时，同比增长5.0%。预计十五五期间我国将呈现"宽电量、紧电力"的电力供需格局，综合电价有望 企稳。 2.电力：电价下探、补贴退坡，电力体制改革步入深水区 （1）火电：电价承压、煤价趋稳，容量电价重塑火电商业模式。2025年北方火电单位盈利整体同比向 好，东南沿海火电单位盈利承压。2026年江苏、浙江年度长协电价同比下降68.26、67.54元/兆瓦时。容 量电价基本能够覆盖煤电固定成本，折旧到期后有望贡献稳定盈利，红利属性有望强化。 （2）水电：经营稳健，低利率环境下具备长期配置价值。2025年，主要水电上市公司经营稳健。 2024H2起，水电股息率与国债收益率的息差走阔；2 ...

8时，运行管理部副主任李亮亮提前抵达岗位，蓝色工装整洁笔挺，十几分钟内，翻阅生产日志、查看机组运行指标、排查设备缺陷、了解值班人员状态， 一系列操作行云流水。"设备运行容不得半点马虎，每一个参数都要盯紧。"他俯身翻开生产日志，指尖划过密密麻麻的手写记录，目光紧盯DCS分散式控制 系统的屏幕上——锅炉负荷、汽机转速、烟气排放指标、供水压力，一个个跳动的数字，是现代化火电运行的"大脑"。 工作人员日常巡检。 工作人员日常巡检。本报记者 王菲菲 摄 本报记者 王菲菲 冬日高原的清晨，寒风裹着刺骨的凉意。2月6日，记者走进西宁市大通回族土族自治县的青海省投3×660MW"上大压小"火电机组项目现场，感受那抹在寒 冬里守护光明的温暖。 作为青海新能源发展的"压舱石"，更以满满的"科技范"与"绿色范"，成为高原火电的新标杆。在这里，烟尘、二氧化硫、氮氧化物排放值均低于国家超低排 放标准，实现了"无氢、无燃油、无液氨"的安全环保运行模式；在这里，中水全替代+废水零排放成为常态，年消纳城市中水约400万吨，水资源循环利用 让"绿色火电"落地生根；在这里，全国首根国产化超超临界机组中压转子成功应用，核心装备100%国产化，为我 ...

Strategic Development - The company officially changed its name to "Guodian Investment Green Energy Co., Ltd." on February 4, 2026, to highlight its focus on the dual tracks of renewable energy and green hydrogen-based energy [1] Performance and Operating Conditions - The company's estimated net profit attributable to shareholders for 2025 is projected to be between 440 million to 540 million yuan, representing a year-on-year decline of 50.88% to 59.97%, primarily due to increased curtailment rates in the renewable energy sector, declining electricity prices, and reduced auxiliary service revenues from thermal power [2] - However, the acceleration of renewable energy subsidy payments has been noted, with 1.271 billion yuan received by August 31, 2025, marking a year-on-year increase of 154.2%, which is expected to improve cash flow for the year [2] Project Progress - The Daan Wind-Solar Green Hydrogen Synthesis Ammonia Integration Project commenced production in July 2025 and has signed cooperation agreements with companies such as Korea Electric Power Corporation and Electricité de France [3] - The EPC contract for the Lishu Green Methanol Project was signed in January 2026, with an expected production start in 2028, indicating strong medium to long-term revenue certainty [3] Industry Policies and Environment - In 2026, the coal-fired power capacity price in Jilin is set to increase to 330 yuan/kW/year (up from 100 yuan/kW/year for 2024-2025), which is expected to stabilize the profitability of thermal power [4] - Additionally, the trial operation of the electricity spot market and other policies may still impact short-term performance [4] Recent Stock Performance - As of February 11, 2026, the stock price was reported at 6.56 yuan per share, with a daily decline of 2.09% and a net outflow of 84.5922 million yuan in principal funds; the stock has experienced significant volatility since the beginning of 2026, necessitating attention to fund flows and market sentiment [5]

上市公司中南文化（SZ002445，股价2.78元，市值66.07亿元）打算跨界。 2月13日（周五）开市起，中南文化将正式停牌。根据12日晚间披露的公告，中南文化拟通过发行股份 及支付现金的方式，购买江阴苏龙热电有限公司（以下简称苏龙热电）的控股权——该公司背靠江阴国 资，手握56亿元投资的扩建项目。 《每日经济新闻》记者注意到，中南文化曾高调布局文化传媒板块，而如今相关营收占比已跌至1%附 近。 当时，公司表示会严格按照相关要求披露信息，若达到披露标准，将及时履行信息披露义务。仅仅三个 月后，这一纸停牌公告，算是给了投资者一个迟到但确定的答案。 构成关联交易 在此次停牌公告发布之前，市场对于中南文化的转型已有诸多猜测，但标的资产的体量仍超预期。 根据中南文化发布的《关于筹划重大资产重组事项的停牌公告》，公司正在筹划购买苏龙热电的控股 权。公告显示，初步确定的交易对方为江阴电力投资有限公司。而天眼查的穿透信息显示，该公司的法 定代表人正是中南文化现任董事长薛健。 苏龙热电成色几何？公开资料显示，苏龙热电成立于1993年，是由江阴市新国联集团、中国华电集团等 单位共同投资的火电企业。作为江阴市主要的电源点和热 ...

Group 1: Key Insights on the Robotics Industry - Quadruped robots, known as "machine dogs," have strong environmental adaptability and have entered the commercialization phase, excelling in tasks where wheeled or tracked robots struggle [10] - The market for machine dogs is expected to grow significantly due to diverse application scenarios, including defense, industrial use, emergency rescue, and consumer household applications [10] - The machine dog industry is experiencing global competition, with domestic brands currently holding a dominant position, and over 50 domestic companies are now involved in the market [10] Group 2: Key Insights on the Utilities Sector - In the thermal power sector, both coal and electricity prices are declining, which is expected to stabilize revenue through capacity pricing, while coal prices are projected to average 697 RMB/ton in 2025, a decrease of 18.47% year-on-year [10] - Hydropower utilization hours are expected to increase in 2025, with a projected annual utilization of 3367 hours, benefiting from improved water conditions and reduced financial costs due to interest rate cuts [10] - Nuclear power is anticipated to maintain high utilization hours, with a projected 7809 hours in 2025, although performance may be impacted by declining market electricity prices [10] Group 3: Investment Recommendations - For thermal power, recommended companies include Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable profitability [10] - In the hydropower sector, companies like Yangtze Power and State Power Investment are recommended due to their expected stable growth in generation capacity [10] - In the natural gas sector, long-term prospects are positive for companies like Kunlun Energy and New Hope Energy, as cost reductions and demand recovery are anticipated [10]

Group 1 - The rapid development of AI has led to a surge in electricity demand, resulting in a strong performance in the power grid equipment sector since the beginning of 2026, with a cumulative increase of nearly 21% [1] - The power equipment theme index rose nearly 3% on February 9, 2026, with significant gains in electrical equipment, thermal power, and wind power indices [1] - The surge is attributed to a combination of the State Grid's 4 trillion yuan fixed asset investment plan during the 14th Five-Year Plan, global "electricity anxiety" driven by AI computing power, and urgent needs for grid upgrades in Europe and the US [1][2] Group 2 - In the AI investment chain, electricity is identified as the highest certainty factor, with constraints on funding and energy being critical issues [2] - The International Energy Agency (IEA) projects that global data center electricity consumption will double to 945 terawatt-hours by 2030, driven by data center expansion and AI technology development [2] - The State Grid's announcement of a 4 trillion yuan investment plan for the 14th Five-Year Plan, a 40% increase from the previous plan, has directly stimulated the power equipment sector [2] Group 3 - Domestic gas turbine technology has made significant breakthroughs and is beginning to export to markets like the Middle East, positioning China's capacity as a potential supplement to the US's electricity shortfall [3] - China holds a dominant position in the global power equipment sector, making power equipment and technology a highly certain investment direction amid the AI wave [3] Group 4 - Despite electricity becoming a new hard constraint, the long-cycle trend of the AI computing power industry chain is expected to continue [4] - The investment logic is shifting as the industry evolves, with a strong capital expenditure forecast for AI-related sectors from 2026 to 2030, particularly in areas facing capacity constraints [4] - Concerns about an "AI bubble" are considered premature, as the technology continues to advance and leading global tech companies remain at reasonable valuation levels [4] Group 5 - The long-term value of the computing power sector is viewed positively, as the AI industry transitions from technological penetration to large-scale performance realization [5] - The rapid iteration of industry chain technology and the narrowing supply chain mean that only a limited number of companies can enter the global core customer system, enhancing the competitive advantage of leading firms [5]

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].