Core Viewpoint - The power sector experienced significant declines, particularly in thermal power stocks, due to downward pressure on long-term electricity prices for 2026, which fell short of market expectations [2][5]. Group 1: Stock Performance - Major thermal power stocks saw substantial declines, with Guodian Power down 7.96%, Anhui Energy down 6.46%, and Huaneng International down 5.07% [2][3]. - Other notable declines included Shanghai Electric and Inner Mongolia Huadian, both dropping over 5% [2]. Group 2: Electricity Price Trends - The long-term electricity price for Guangdong in 2026 was set at 372.14 cents/kWh, a decrease of 19.72 cents/kWh from the previous year, nearing the lower limit of the benchmark price [5]. - In Jiangsu, the average price for January 2026 was 324.71 yuan/MWh, down 19.9% year-on-year, reflecting significant downward pressure on electricity prices in economically developed regions [5]. Group 3: Market Analysis - Analysts suggest that the ongoing market reforms may lead to a gradual increase in electricity prices, with the introduction of capacity pricing mechanisms reinforcing the foundational role of coal power [4]. - Despite the current downward trend, some institutions believe that the electricity market may not be overly pessimistic for 2026, as the government is beginning to focus on stabilizing electricity prices [7]. Group 4: Competitive Landscape - The retail electricity market has seen irrational competition, with companies engaging in aggressive pricing strategies to capture market share, leading to a temporary failure in price discovery [6]. - The introduction of new policies may help mitigate the excessive price competition among retail electricity companies, potentially restoring order to the market [7]. Group 5: Future Outlook - The construction of a new power system under the "dual carbon" goals is expected to rely on enhanced system regulation and support from the government, which may improve the performance of power operators in the future [8].

Market Overview - The electricity sector experienced a decline of 1.61% on the previous trading day, with Hengsheng Energy leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the electricity sector included: - *ST Lingda (300125): Closed at 7.46, up 19.94% with a trading volume of 6412 lots [1] - Luxiao Technology (002617): Closed at 8.20, up 3.40% with a trading volume of 143.49 million [1] - Jiaze New Energy (619109): Closed at 4.66, up 2.64% with a trading volume of 88.00 million [1] - Major decliners included: - Hengsheng Energy (605580): Closed at 23.31, down 10.00% with a trading volume of 231,400 lots [2] - Guodian Power (600795): Closed at 5.32, down 7.96% with a trading volume of 3.1875 million [2] - Waneng Power (000543): Closed at 8.25, down 6.46% with a trading volume of 869,300 [2] Capital Flow - The electricity sector saw a net outflow of 2.016 billion yuan from main funds, while retail funds experienced a net inflow of 809 million yuan [2] - Key stocks with significant capital flow included: - Meiyuan Jixiang (600868): Main funds net inflow of 87.96 million yuan, retail net outflow of 86.09 million yuan [3] - Luxiao Technology (002617): Main funds net inflow of 82.38 million yuan, retail net outflow of 81.53 million yuan [3] - Xiexin Energy (002015): Main funds net inflow of 62.51 million yuan, retail net outflow of 47.88 million yuan [3]

Group 1 - Shanghai Electric experienced a decline of 5.08% on December 29, with a stock price of 20.75 yuan per share, a trading volume of 2.595 billion yuan, a turnover rate of 4.34%, and a total market capitalization of 58.54 billion yuan [1] - The company, established on June 4, 1998, and listed on October 29, 2003, is located at No. 1 Gaoke West Road, Pudong New District, Shanghai, and its main business includes power generation, heating, and electricity services [1] - The revenue composition of Shanghai Electric is primarily from electricity (92.90%), followed by heating (5.49%) and other services (1.61%) [1] Group 2 - Wan Jia Fund has one fund heavily invested in Shanghai Electric, specifically the Wan Jia CSI All Share Public Utilities ETF (560620), which held 138,300 shares in the third quarter, accounting for 3.45% of the fund's net value, making it the eighth largest holding [2] - The latest scale of the Wan Jia CSI All Share Public Utilities ETF is 84.72 million yuan, with a year-to-date return of 2.7%, ranking 3992 out of 4197 in its category, and a one-year return of 2.78%, ranking 3897 out of 4180 [2] - Since its inception, the fund has experienced a loss of 3.74% [2] Group 3 - The fund manager of Wan Jia CSI All Share Public Utilities ETF is Wu Yirong, who has been in the position for 91 days, with total fund assets of 1.083 billion yuan [3] - During Wu Yirong's tenure, the best fund return was 9.69%, while the worst return was -0.17% [3]

格隆汇12月29日｜A股市场电力股集体下跌，其中，国电电力、皖能电力跌超6%，上海电力、华能国 际跌超5%，圣元环保、内蒙华电跌超4%，兆新股份、大唐发电、京能电力、华电国际跌超3%。消息面 上，广东等地2026年长协电价陆续出炉。广东2026年度交易均价372.14厘/千瓦时，同比下降19.72厘/千 瓦时，接近基准价下浮下限；江苏2026年1月集中竞价均价324.71元/兆瓦时，较基准价下浮17%。 MACD金叉信号形成，这些股涨势不错！ | 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 600795 | 国电电力 | | -6.92 | 960亿 | 22.46 | | 000543 | 皖−九 | | -6.92 | 186亿 | 8.52 | | 600021 | 上海电力 | 1 | -5.26 | 584亿 | 133.00 | | 600011 | 华能国际 | | -5.07 | 1206亿 | 17.71 | | 300867 | 圣元环保 | 1 | -4.82 | 50.92亿 | ...

Group 1 - The core viewpoint of the article highlights Shanghai University of Electric Power's initiatives in integrating education with industry, showcasing its achievements as a demonstration base in the Lingang New Area [1][3] - The university plans to establish over 200 high-level industry-education integration bases in the next five years [1] - The implementation plan includes recruiting 100 industry experts as teaching faculty and introducing 100 practical courses from enterprises [1] - The goal is to ensure that 60% of undergraduate students participate in internships of over six months and that 100% of professional degree graduate students receive enterprise-based training [1] - The educational framework will focus on four key areas: clean power generation, smart grids, energy storage, and power artificial intelligence [1]

Core Viewpoint - The company Shanghai Electric has confirmed that its existing overseas assets are not subject to cross-border antitrust reviews in countries like Turkey and Brazil [1] Group 1 - Investors inquired about the status of cross-border antitrust reviews in Turkey and Brazil [1] - Shanghai Electric responded on the investor interaction platform regarding the status of its overseas assets [1]

（记者 张明双） 上海电力（600021.SH）12月26日在投资者互动平台表示，胡努特鲁电厂为上海电力子公司土耳其 EMBA发电有限公司所属电厂，纳入上海电力合并报表范围。 每经AI快讯，有投资者在投资者互动平台提问：董秘你好！2024–2025年多份研报与公告指出：胡努特 鲁电厂"由上海电力负责运营，并作为核心海外资产进行财务并表"，2025年上半年营收204亿元的数据 中，市场普遍认为已包含胡努特鲁的部分贡献（因其2023年已全容量投产，2024年起稳定运行）。但国 家电投集团仍是通过电投国际控股该项目，资产所有权目前是否已经过户至上海电力？ ...

格隆汇12月26日丨上海电力(600021.SH)在投资者互动平台表示，上海电力现有境外资产不涉及跨境反 垄断审查。 ...

Group 1 - The company confirmed that its business does not involve commercial aerospace [2]

证券之星消息，12月26日电力板块较上一交易日上涨0.35%，上海电力领涨。当日上证指数报收于 3963.68，上涨0.1%。深证成指报收于13603.89，上涨0.54%。电力板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600021 | 上海电力 | 21.86 | 10.02% | 185.88万 | | 39.29 亿 | | 001376 | 百通能源 | 18.18 | 9.98% | 30.39万 | | 5.33亿 | | 000155 | 川能动力 | 12.27 | 3.72% | 59.32万 | | 7.26亿 | | 600236 | 桂冠电力 | 7.30 | 3.55% | 14.56万 | | 1.05亿 | | 600719 | 大连热电 | 6.22 | 3.49% | 20.23万 | | 1.26亿 | | 600578 | 京能电力 | 5.38 | 3.26% | 73.28万 | | 3.89亿 | | 600 ...