在达钢。 寻了这车间又寻那车间， 没有寻到 □凸凹 寻人不遇 我老婆的三爸易顶成； 没有寻到 那位锅炉工——油画《父亲》作者 罗中立。 只寻到了无线的电， 只寻到了一抓一大把 穿过玻璃的阳光。 两手空空的手，怎么也想不明白 在空无一人的地方， 偏偏是 连空气也在为人类干活儿。 这里是群山环绕的 一个小小的川东坝子。 人是铁，饭是钢 在这里被升级成 水旱从人、不知饥馑的川西平原。 铁板钉钉的事 以前是，现在也是。 电的故事 小时候。 火电厂的烟尘，水电站的声音 成为我作文中最灿烂的加分项。 今天。 当我走进生长气电、锂电和钠电的地方 ——那些电的丛林， 才明白 什么叫万古如长夜的农耕时代， 上山砍柴，柴火码满土墙—— 我过着围炉取暖、吃吊锅饭的日子。 后来。 什么叫一日千里的电文明。 这个冬日。 我麻木了上千年的神经， 被电了一下——只一下，就醒了过来。 还乡记 小时候，大巴山，吃李—— 吃了李， 噗一声，吐了肉里的骨头。 现如今，大巴山，吃锂—— 吃了锂， 嫌不够，还吃了里面的硫黄。 吃什么 而身体。 每一次灵光乍现的顿悟 无不来自灵魂的过电。 都是为了给身体 充电。 差别在于： 不同的时代充不同的电， 不同 ...

证券研究报告 晨会 资料来源：聚源，华源证券研究所，截至2025年12月24日 华源晨会精粹 20251224 公用环保 算力革命与能源革命共振，美国缺电背景下的电力投资机遇：OpenAI 已 将其截至 2033 年算力投资规模上调至 250GW，2030 年美国最高用电负荷有望突破 1000GW（目前在 820GW 上下），需求大幅上调导致美国可能出现缺电问题。电源 侧可能通过建设气电、核电、储能、SOFC 等形式解决，同时电网建设也有望同步。 此外衍生的问题是：（1）如果美国算力投资继续上调或倾尽全力也无法满足算力需 求，行业发展将如何演化？（2）中美科技竞争背景下，算力投资对中国电力供需有 何影响。发电侧：气电、核电是主力电源，储能、SOFC 作为应急手段。我们测算 在 2030 年 1000GW 的最高预测下，考虑/不考虑既定机组退役时，美国电力缺口为 182/89GW。电网侧：电网投资上调，国内企业或迎出口机遇。电源设备：800VDC 是演化趋势，SST 或将是长期解决方案。国内篇：考虑中国 AIDC 投资与美国相当， 中性情景下 AIDC 和充电桩将拉动十五五用电量复合增长率约 1.1pct、乐观 ...

（文章来源：证券日报） 证券日报网讯 12月23日，粤电力A在互动平台回答投资者提问时表示，截至2025年三季度，公司拥有气 电控股装机容量1184.7万千瓦，其中234万千瓦气电机组容量电价为每年每千瓦165元，950.7万千瓦气电 机组容量电价为每年每千瓦264元。公司在建气电项目约294.2万千瓦，其中2026年预计投产约97万千 瓦，机组容量电价预计为每年每千瓦264元，但实际项目投产及容量电价获取情况仍需视项目投资建设 进度及相关规定而定，存在一定不确定性。 ...

（记者 王晓波） 粤电力Ａ（000539.SZ）12月23日在投资者互动平台表示，截至2025年三季度，公司拥有气电控股装机 容量1184.7万千瓦，根据广东省关于气电容量电价的有关规定，目前234万千瓦气电机组容量电价为每 年每千瓦165元，950.7万千瓦气电机组容量电价为每年每千瓦264元。公司在建气电项目约294.2万千 瓦，其中2026年预计投产约97万千瓦，机组容量电价预计为每年每千瓦264元，但实际项目投产及容量 电价获取情况仍需视项目投资建设进度及相关规定而定，存在一定不确定性。 每经AI快讯，有投资者在投资者互动平台提问：随着广东新能源装机容量的持续增加，电力调峰深度 将更加明显。公司现役机组类型中，气电占比很高，这部分气电机组调峰灵活性相比火电要好。请问公 司气电机组明年投产容量是多少？ 广东气电容量电价新规中，不同机型享受不同的容量电价（从165到 396分四个等级），请问公司能否告知截至目前，公司现役气电机组、享受不同等级容量电价对应的气 电机组容量分别有多少？明年投产的气电机组是否能享受"396"容量电价？ ...

人民财讯12月10日电，中共海南省委关于制定国民经济和社会发展第十五个五年规划的建议发布，其中 提出，加快建设新型能源体系。按照"适度超前、留有余地"原则，有序实施一批能源基础设施工程。加 快海上风电、分布式光伏等项目建设，构建源网荷储融合发展的新型电力系统，提升核电、气电等支撑 保障能力。积极融入全国电力统一大市场。建设海南至广东高压输电线路灵活互济工程。加快推进电网 改造提升，优化完善坚强主干电网，打造灵活可靠新型配网，建设韧性电网。科学布局抽水蓄能，大力 发展新型储能。深入推动工业、建筑、交通、农业等领域电能替代，提升终端用能电气化水平。加强油 气供应网络建设，有序推进城乡燃气基础设施建设。 ...

Core Insights - Global natural gas consumption is expected to reach a historical high in 2024, with a growth rate of 2.5%, accounting for 40% of the global increase in energy demand [2] - China's natural gas consumption is projected to grow by 7.3% year-on-year in 2024, significantly higher than the global growth rate, indicating substantial future growth potential [2] - The International Gas Union (IGU) emphasizes the importance of natural gas in achieving China's dual carbon goals and the development of a new energy system [2][10] Group 1: Global and Chinese Natural Gas Market - In 2024, natural gas will constitute approximately 23% of global primary energy consumption, while in China, it will only account for 8.8%, highlighting a significant growth opportunity [2] - The IGU anticipates that China's annual natural gas consumption could reach 1 trillion cubic meters, driven by strong demand and effective domestic production increases [2][15] - The global energy supply in 2024 is expected to hit historical highs across all energy types, with fossil fuels still making up about 80% of the energy mix [9] Group 2: Role of Natural Gas in Energy Transition - Natural gas is viewed as the "best partner" for renewable energy, essential for providing stability and support during the transition to a low-carbon energy system [10][14] - The energy transition is a lengthy process, and natural gas will continue to play a crucial role in the energy mix for the foreseeable future [10] - The global energy demand is projected to grow, with electricity demand expected to increase by 4% in 2024, indicating a rising need for flexible energy sources like natural gas [9] Group 3: Development of Gas Power in China - Gas power is essential for energy transition, with the potential to reduce carbon emissions by approximately 50% when replacing coal power [11] - Currently, gas power contributes only 3.2% to China's electricity generation, significantly lower than in the US and Europe, indicating room for growth [14] - The flexibility of gas turbines allows for better integration with renewable energy sources, providing necessary backup during periods of low renewable generation [12][13] Group 4: Future Prospects and Challenges - China's natural gas consumption is expected to reach between 600 billion to 650 billion cubic meters by 2040, driven by urban development and energy transition needs [16][17] - The country has made significant progress in increasing domestic natural gas production, with expectations of further increases through enhanced exploration and technology [17][20] - The development of gas power in China faces challenges related to resource availability and pricing mechanisms, which need to be addressed for sustainable growth [14][20]

Group 1: Financial Performance - In the first three quarters of 2025, the company's coal power business achieved a net profit of approximately 41,630 million yuan [3] - The gas power business reported a net profit of approximately 15,113 million yuan [3] - The renewable energy business incurred a net loss of approximately 3,202 million yuan [3] Group 2: Fuel Procurement and Cost Management - The procurement ratio of domestic and imported coal is approximately 50% each [3] - Fuel costs decreased by 13.38% year-on-year due to falling coal prices [3] Group 3: Project Development and Capacity Expansion - The company has 8 million kilowatts of coal power units under construction, with an expected 3 million kilowatts to be operational in 2025 [3] - There are also gas power units under construction totaling 300-500 million kilowatts, expected to be operational in 2026-2027 [3] - Solar and wind projects under construction total approximately 125 million kilowatts, with similar timelines for completion [3] Group 4: Pricing and Market Outlook - The average transaction price for Guangdong's bilateral negotiation in 2025 is 391.87 yuan per kilowatt-hour, a decrease of approximately 15.84% year-on-year [3] - The company anticipates uncertainties in next year's long-term electricity pricing due to various macroeconomic factors [3] Group 5: Asset Management and Financing - The board has approved the issuance of asset-backed special plans (REITs) with a scale not exceeding 38.01 billion yuan [3] - The company is also working on a series of REITs products with a total scale of up to 30 billion yuan to optimize capital structure and reduce interest expenses [3]

Core Viewpoint - Shanghai Electric is a global leader in providing industrial-grade green intelligent system solutions, focusing on serving national strategies and achieving high-quality development [1] Business Segments - The company operates in three main business segments: energy equipment, industrial equipment, and integrated services [1] - In the energy equipment sector, Shanghai Electric's offerings include coal power, nuclear power, wind power, gas power, solar power, energy storage, and transmission and distribution [1] - The industrial equipment segment encompasses elevators, industrial components, motors, and intelligent manufacturing equipment [1] - Integrated services cover power plant engineering and services, transmission and distribution engineering and services, and automation engineering and services [1]

Core Viewpoint - The company is actively expanding its coal and gas power generation capacity, with significant projects scheduled for completion between 2025 and 2027 [1] Group 1: Coal Power Generation - The company currently has 8 million kilowatts of coal power generation capacity under construction [1] - It is expected that approximately 3 to 5 million kilowatts will be put into operation by the end of 2025 [1] - The remaining coal power projects are anticipated to be completed and operational between 2026 and 2027 [1] Group 2: Gas Power Generation - The company has about 2.942 million kilowatts of gas power generation capacity under construction [1] - These gas power projects are also planned to be operational between 2026 and 2027 [1] - The actual commissioning dates will be adjusted based on the progress of project construction [1]

Core Viewpoint - Shunfa Hengneng (000631.SZ) is actively pursuing a transformation towards clean energy, aligning with national energy strategies and climate change initiatives [1] Group 1: Company Strategy - The company is steadily advancing its transformation by investing in various clean energy sectors, including photovoltaic, energy storage, wind power, gas power, electricity sales, and comprehensive energy services [1] - The board of directors has conducted a self-inspection and confirmed that the company's operations are normal and progressing as planned [1] Group 2: Market Environment - There have been no significant changes in the internal and external operating environment affecting the company [1]