Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6][8]. Core Insights - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30% [3][17]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the renewable energy supply chain and integrated energy management [20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [1][13]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76% and renewable energy generation rose by 1.61% [1][22]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with wind power at 35.27 billion kWh and solar power at 60.49 billion kWh [2][14]. - The bidding submission rate for both wind and solar power is set at 120% [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that nuclear power companies like China Nuclear Power and China General Nuclear Power will maintain stable profitability [4][20]. - It also highlights the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Changjiang Power [4][20]. Special Research - The report discusses the challenges in adjusting water prices due to regulatory processes, with many water supply companies facing profitability issues [3][17]. - It notes that the average annual cost increase for the water supply industry is about 3%, leading to a situation where some companies operate under a "low price + loss + government subsidy" model [3][17]. Company Profit Forecasts - The report provides profit forecasts and investment ratings for various companies, all rated as "Outperform," including Huadian International, Longyuan Power, and China Nuclear Power [8][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights the launch of the 2026 incremental renewable energy project pricing mechanism in Shanxi Province, with a bidding range of 0.2-0.32 CNY/kWh and a total bidding volume of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power [2][14]. - It notes that over 26 cities in China have raised water prices in 2025, with adjustments typically ranging from 10% to 30%, driven by rising operational costs and the need for sustainable pricing mechanisms [3][17][19]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.57%, while the public utility index increased by 0.06% and the environmental index by 0.27% [13][22]. - Within the electricity sector, thermal power increased by 0.35%, while hydropower decreased by 1.76%, and renewable energy generation rose by 1.61% [13][23]. Important Events - The Shanxi pricing mechanism for renewable energy projects has a total scale of 95.76 billion kWh, with a bidding upper limit of 0.32 CNY/kWh and a lower limit of 0.2 CNY/kWh, effective for 10 years [2][14]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][20]. - The report suggests that the nuclear power sector will maintain stable profitability, recommending companies like China Nuclear Power and China General Nuclear Power [4][20]. - In the environmental sector, it advises focusing on companies with strong cash flow in water and waste management, such as China Everbright Environment and Shanghai Industrial Holdings [21]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 10.1 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.75 CNY for 2024 and a PE ratio of 20.8 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 CNY for 2024 and a PE ratio of 20.9 [8].

证券简称：上海电力 证券代码：600021 编号：2026-005 上海电力股份有限公司 2025 年度发电量完成情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、2025 年度发电量完成情况 根据公司统计，2025 年 1-12 月，公司完成合并口径发电量 782.32 亿千瓦 时，同比上升 1.41%，其中煤电完成 510.06 亿千瓦时，同比下降 1.87%，气电完 成 78.04 亿千瓦时，同比下降 14.23%，风电完成 115.09 亿千瓦时，同比上升 19.06%，光伏发电完成 79.13 亿千瓦时，同比上升 23.58%；上网电量 749.79 亿 千瓦时，同比上升 1.49%；上网电价均价（含税）0.58 元/千瓦时。 2025 年 1-12 月，公司市场交易结算电量 577.92 亿千瓦时。 公司发电量上升的主要原因是：清洁能源发电装机规模和发电量实现增长。 | 公司所属主要发电项目 | | --- | | 2025 年度发电量数据如下： | | 类型 | 公司/项目名称 | 发电量 （亿千瓦时 ...

Core Viewpoint - Shanghai Electric (600021.SH) reported an increase in total power generation for the year 2025, driven primarily by growth in clean energy generation capacity and output [1] Group 1: Power Generation Data - The company achieved a total power generation of 78.232 billion kWh in 2025, representing a year-on-year increase of 1.41% [1] - Coal power generation was 51.006 billion kWh, down 1.87% year-on-year, while gas power generation fell by 14.23% to 7.804 billion kWh [1] - Wind power generation increased by 19.06% to 11.509 billion kWh, and solar power generation rose by 23.58% to 7.913 billion kWh [1] - The total on-grid electricity volume was 74.979 billion kWh, up 1.49% year-on-year, with an average on-grid electricity price (including tax) of 0.58 yuan per kWh [1] - Market transaction settlement electricity volume reached 57.792 billion kWh [1] Group 2: Installed Capacity and Clean Energy - As of December 31, 2025, the company's total installed capacity was 26.3213 million kW, with clean energy accounting for 62.59% of the total capacity [1] - The breakdown of installed capacity includes coal power at 9.848 million kW (37.41%), gas power at 3.8251 million kW (14.53%), wind power at 5.3981 million kW (20.51%), and solar power at 7.2501 million kW (27.55%) [1]

证券简称：上海电力 证券代码：600021 编号：临 2026-004 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 二〇二六年一月十六日 上海电力股份有限公司 2026 年度 第一期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海电力股份有限公司于2026年1月13日发行了2026年度第一期超短期融资券， 现将发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2026年 | 债务融资工具 | 26沪电力SCP001 | | --- | --- | --- | --- | | 具名称 | 度第一期超短期融资券 | 简称 | | | 代码 | 012680110 | 债务融资工具 期限 | 93日 | | 计息方式 | 付息固定利率 | 发行总额 | 25亿元/人民币 | | 起息日 | 2026年1月14日 | 兑付日 | 2026年4月17日 | | 发行价格 | 100元/百元 | 票 ...

上海电力公告称，公司于2026年1月13日发行2026年度第一期超短期融资券，简称"26沪电力SCP001"， 代码"012680110"，期限93日。发行总额25亿元，起息日为1月14日，兑付日为4月17日，发行价格100 元/百元，票面利率（年化）1.60%，承销商为招商银行。本期融资券通过簿记建档集中配售在全国银行 间债券市场公开发行，募资用于偿还到期债券。 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][8]. Core Insights - The report emphasizes the importance of the "environment + resource" investment logic, highlighting that many environmental companies possess resource attributes, which can lead to stable profit models through the extraction of valuable materials from waste [2][16][18]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with photovoltaic utilization at 94.8% and wind power at 94.3% for the year-to-date [1][14]. Summary by Sections Investment Strategy - Public Utilities: Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [3][22]. - Environmental Sector: Focus on mature sectors like water and waste incineration, with recommendations for companies like China Everbright Environment and Shanghai Industrial Holdings [3][23]. Market Performance - The report indicates that the Shanghai Composite Index rose by 2.79%, with the public utility index increasing by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, thermal power saw a 2.40% increase, while renewable energy generation rose by 3.74% [1][25]. Key Data Overview - In November, the national electricity generation reached 779.2 billion kWh, with a year-on-year growth of 2.7% [45]. - The report highlights that the total electricity consumption for the year-to-date is 9,460.2 billion kWh, reflecting a 5.2% increase year-on-year [58]. Company Profit Forecasts and Ratings - Specific companies are highlighted with their respective ratings and financial metrics, such as Huadian International with a PE ratio of 10.2 for 2024 and 8.1 for 2025 [8]. - Other recommended companies include Longyuan Power, Three Gorges Energy, and China Nuclear Power, all rated as "Outperform" [8][22]. Special Research - The report discusses the shift from viewing environmental companies as cost centers to recognizing their potential for value creation through resource recovery and recycling [2][16]. - It also outlines the significant price increases in metals due to geopolitical tensions and supply chain concerns, which could benefit resource-oriented environmental companies [2][21].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][8]. Core Insights - The report emphasizes the importance of the "environment + resource products" investment logic, highlighting that many environmental companies possess resource attributes and can extract valuable materials from waste [2][16]. - The report notes a decline in the utilization rates of photovoltaic and wind power generation in 2025, with a focus on the implications for investment strategies in the sector [1][14]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.79%, while the public utility index increased by 2.54% and the environmental index by 3.88% [1][24]. - In the power sector, coal and electricity prices are expected to decline, but profitability for thermal power is anticipated to remain reasonable [22]. Important Events - From January to November 2025, the national photovoltaic and wind power generation utilization rates were 94.8% and 94.3%, respectively, showing a year-on-year decline [1][14]. - The report discusses the implementation of the "Renewable Energy Green Power Certificate Management Implementation Rules," which will affect the issuance of green certificates for renewable energy [15]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [22]. - The report suggests focusing on environmental companies with stable cash flows and growth potential, such as China Everbright Environment and Shanghai Industrial Holdings [23]. Key Company Profit Forecasts and Investment Ratings - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 10.2 [8]. - Longyuan Power (001289.SZ) is also rated "Outperform," with an expected EPS of 0.75 for 2024 and a PE ratio of 20.4 [8]. - China Nuclear Power (601985.SH) is rated "Outperform" with an expected EPS of 0.46 for 2024 and a PE ratio of 21.2 [8].

Core Viewpoint - The A-share market experienced a collective pullback on January 7, but the power sector showed resilience, with significant gains in related stocks and ETFs [1]. Group 1: Market Performance - The green energy ETF (562550) rose by 0.36%, while the power grid equipment ETF (159326) increased by 1.78% [1]. - Notable power stocks such as Shanghai Electric surged over 4%, with Inner Mongolia Huadian, Guiguan Electric, Jingneng Electric, and China Nuclear Power also seeing gains [1]. Group 2: Policy Developments - Relevant authorities issued guidelines to promote the consumption and regulation of renewable energy, aiming for a reasonable consumption of 200 million kilowatts of renewable energy annually by 2030 [1]. - The guidelines reinforce the "14th Five-Year Plan" goals for large-scale development of renewable energy and serve as a foundational policy to reshape the focus on renewable energy consumption and regulation [1]. Group 3: Demand Dynamics - The explosion of AI-driven computing power is reshaping the data center industry and is becoming a critical variable in the evolution of global energy consumption patterns, presenting unprecedented challenges and innovative opportunities for power infrastructure [1]. Group 4: Investment Outlook - Huatai Securities noted that the construction of a national unified electricity market is accelerating, with expected grid investments during the "14th Five-Year Plan" period to exceed 4 trillion yuan, a significant increase from 2.8 trillion yuan during the "13th Five-Year Plan" [1]. - The construction of the main grid is essential for achieving interconnection of the national grid framework and remains a key focus area for development [1].

Market Overview - The electricity sector increased by 0.77% compared to the previous trading day, with Jin Fang Energy leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Top Gainers in the Electricity Sector - Jin Fang Energy (001210) closed at 20.72, rising by 9.98% with a trading volume of 89,400 shares and a transaction value of 181 million yuan [1] - Zhao Xin Co., Ltd. (002256) closed at 3.78, up by 7.69% with a trading volume of 2.4626 million shares [1] - Jinko Technology (601778) closed at 4.13, increasing by 6.44% with a trading volume of 3.0085 million shares and a transaction value of 1.229 billion yuan [1] Other Notable Performers - Bai Tong Energy (001376) closed at 17.95, up by 5.28% with a trading volume of 273,400 shares [1] - Jiaze New Energy (619109) closed at 4.87, increasing by 5.18% with a trading volume of 1.4617 million shares [1] - Shanghai Electric (600021) closed at 20.79, up by 3.48% with a trading volume of 1.165 million shares and a transaction value of 2.409 billion yuan [1] Market Capital Flow - The electricity sector saw a net inflow of 270 million yuan from institutional investors, while retail investors contributed a net inflow of 155 million yuan [2] - Speculative funds experienced a net outflow of 425 million yuan [2] Individual Stock Capital Flow - Zhao Xin Co., Ltd. (002256) had a net inflow of 15.2 million yuan from institutional investors, but a net outflow of 104 million yuan from retail investors [3] - Shanghai Electric (600021) experienced a net inflow of 93.44 million yuan from institutional investors, with a net outflow of 70.65 million yuan from retail investors [3] - Jinko Technology (601778) had a net inflow of 92.57 million yuan from institutional investors, while retail investors saw a net outflow of 53.54 million yuan [3]