很多人看中国经济，只看GDP、外贸和股市，却忽略了最真实的指标——用电量。 电力是经济的"晴雨表"，工业、科技、民生的冷暖，全藏在用电数据里。 从前闹电荒，到现在成为全球第一用电大国，2025年中国用电量突破10.4万亿千瓦时，是美国的两倍多，比欧盟、印度、俄罗斯、日本加起来还多。 法国专家：中国电力已经让世界畏惧！为何中国人自己却浑然不知？ 如果你只看中国的GDP数据，可能无法完全理解中国电力消费的巨大变化。 然而，当你看到中国的用电量从20年前的电荒，到如今突破10.4万亿千瓦时，你会惊讶于这个数字的背后隐藏着中国经济腾飞的力量。 中国如今的用电量已经超过了美国的两倍，甚至超过了欧盟、印度、俄罗斯和日本的总和。 很多人一开始可能会觉得很难理解，毕竟在我们印象中，欧美这些发达国家的工业和经济远比中国要成熟。 但是，从中国庞大的产业体系来看，这个用电量的飞跃是必然的。 中国的产业结构有着与众不同的特点。 从原材料的开采，到零部件的制造，再到整机的生产与系统集成，几乎所有工业领域都可以在国内完成。 这意味着中国在工业生产的每一个环节都会消耗大量的电力。尤其是中国的制造业，一直是全球最庞大、最全面的生产体系之一。 ...

报告共计：46页 《2025年中国传统发电上市公司低碳转型绩效评价报告》由自然资源保护协会与中国能源报联合发布，选取33家 火电上市公司为样本，其装机占全国总装机近28%、火电装机占全国近44%，通过构建"保供-低碳-盈利"三位一 体的评估框架，分析2021-2024年企业低碳转型基础绩效与变化绩效，梳理行业转型特征、趋势并提出发展建 议。 报告显示，样本企业电源结构呈"火电基数大、非化石增量大"特征，但转型进度滞后于全国水平，且央地差异显 著，中央控股企业在清洁能源装机比例、度电碳排放等核心指标上表现更优，地方企业则在研发投入强度、信息 披露率等辅助指标上具备优势。盈利层面，火电板块依托煤价回落与政策托底实现盈利反弹，但营收下滑显露出 短期盈利模式的不可持续性；新能源板块迎来装机爆发，却因消纳压力、成本上涨等出现"增量不增利"问题。企 业应对煤价波动的差异化策略直接影响盈利状况，未布局新能源的企业转型陷入被动。 绩效评价结果显示，国投电力、中国电力等企业连续四年获评低碳转型基础绩效五星级，华润电力、吉电股份等 则在2024较2021年的变化绩效中表现突出。基于绩效表现，报告将样本企业划分为综合能源多元化服务 ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

天眼查工商信息显示，近日，中国电力国际发展有限公司出资6300万元成立中电（孝感）能源有限公 司，持股100%，所属行业为电力、热力生产和供应业。 资料显示，中电（孝感）能源有限公司成立于2026年2月13日，法定代表人为尹以清，注册资本6300万 人民币，公司位于孝感市，许可项目：发电业务、输电业务、供（配）电业务。（依法须经批准的项 目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）风力发 电技术服务,太阳能发电技术服务,太阳能热发电产品销售,新能源汽车换电设施销售,储能技术服务,集中 式快速充电站,电动汽车充电基础设施运营,停车场服务。（除许可业务外，可自主依法经营法律法规非 禁止或限制的项目）。 本文源自：市场资讯 作者：情报员 ...

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

中国电力(02380)发布公告，2026年2月13日，潍坊新能源(本公司一家间接非全资拥有的附属公司)分别 与国核院及山东院订立三份独立的总承包合同。根据该等合同，承包商将为开发鲁北一期项目提供总承 包服务，建设光伏及风力发电设施、一座升压站及连接送出线路，合并代价人民币7.68亿元(约相等于 8.63亿港元)。 预计该项目竣工后，将通过强化当地能源结构，推动国家"黄河下游绿色能源带"建设目标的实现，助力 该区域向高科技化工产业转型。该项目投资符合本公司绿色可持续发展的战略目标，预期将提升本集团 长远的盈利能力。 本集团通过中国的采购与招标平台及网络(包括中国招标投标公共服务平台、中国电力设备信息网及国 家电投电子商务平台)，遵循严谨竞争的公开市场招标过程才授予承包商每份总承包合同。三份工程总 承包合同各自应付的代价与其他公司就市场可比较项目所收取的现行价格相符。董事认为，工程总承包 合同的代价及其相关条款均不逊于独立第三方提供予本集团的代价及条款。 位于中国山东省潍坊市鲁北盐硷滩涂地的风光储输一体化基地，鲁北项目采用"光伏与盐田"互补模式实 现协同发展。透过在盐田上方设置发电设备发展光伏与风力发电，该项目相 ...

格隆汇2月13日丨中国电力(02380.HK)公告，2026年2月13日，潍坊新能源(公司一家间接非全资拥有的 附属公司)分别与国核院及山东院订立三份独立的总承包合同。根据该等合同，承包商将为开发鲁北一 期项目提供总承包服务，建设(i)光伏及风力发电设施、(ii)一座升压站及(iii)连接送出线路，合并代价人 民币767,935,300元(约相等于862,848,700港元)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 的任何損失承擔任何責任。 中 國 電 力 國 際 發 展 有 限 公 司 China Power International Development Limited （在香港註冊成立的有限責任公司） （股份代號：2380） 關連交易 風光儲輸一體化項目相關的工程總承包合同 二零二六年二 月十三日， 濰坊新能源（本公司一家間接 非全資擁有的附屬公 司） 分別與國核院及山東院訂立三份獨立的總承包合同 。根據該等合同，承 包商將為開發魯北一期項目提供總承包服務，建設(i) 光伏及風力發電設施、 (ii) 一座升壓站及 (iii) 連接送出線路，合併代價人民幣 767,93 5, 3 0 0 元（約 相等於 862,848,700 港元）。 於本公告日期，國家電投擁有本公司已發行股本約 65.61%。由於國家電投為 本公司的最終控股股東，根據上市規則定義，國家電投、其附屬公司及聯繫 人均為本公司的關連人士。 國核院及山東院均為國家電投間 ...

Flash | PRC Spot Coal Price Steady; New Government Policy Stimulates PRC Power Grid & Plant Investments CITI'S TAKE 12 Feb 2026 09:22:49 ET │ 11 pages China Electric Utilities PRC Sxcoal spot coal price (5,500kcal/kg) at Qinhuangdao was relatively steady +1.8% wow, +1.2% mom, and -0.2% yoy to Rmb711/tonne on 11 February. The weekly spot coal price rise was driven by Indonesia's coal export stoppage. Meanwhile, General Office of State Council issued policy paper called 'Implementation Opinions on Improving t ...

平时不起眼的变压器成了稀缺资源。当前人工智能快速迭代、数据中心大规模建设，引发巨量电力需 求。受此影响，2025年以来，全球掀起中国变压器抢购潮，我国大量变压器工厂已经处于满产状态，其 中部分面向数据中心的业务订单排到2027年。当算力竞争进入深水区，中国电力装备正以不可替代的优 势，成为托举全球AI发展的"电力心脏"。 中国变压器产业崛起背后，有三大核心优势。 全产业链自主可控是根本底气。从最上游的铜和硅钢冶炼，到变压器的电磁线加工、铁芯制造与绝缘纸 板生产，中国已构建起全球最完整、最高效的变压器产业链。智能制造升级则让生产效率与品控水平跻 身国际前列，有效抵御全球供应链波动风险。 技术迭代与场景适配能力是核心竞争力。中国企业针对AI数据中心定制开发高功率、低损耗变压器， 探索研发固态变压器等转换效率极高的新型产品，同时还可适配风电、光伏等绿色能源的波动性，实 现"算力+绿电"深度融合，满足多元场景需求。 全球化布局则让中国变压器走向世界。不同国家和地区变压器型号不同，企业要想打开海外市场，需要 获取各个国家的资质，具备海外产能的公司更容易占领市场。中国头部变压器企业在海外布局生产基地 与运维中心，从产品出 ...