福能股份公告称，2025年第四季度，公司各运行电厂按合并报表口径完成发电量64.36亿千瓦时，同比 降1.33%；上网电量61.32亿千瓦时，同比降1.29%；供热量294.53万吨，同比增1.35%。2025年全年，累 计完成发电量235.77亿千瓦时，同比降2.36%；上网电量224.25亿千瓦时，同比降2.37%；供热量1008.34 万吨，同比降2.15%。不同电源类别中，风电、火电部分指标有降有升，光伏电量完成值同比显著增 长。 ...

证券日报网讯1月22日，福能股份（600483）在互动平台回答投资者提问时表示，公司近两年仅子公司 福能南纺有部分无纺布产品销售至欧盟国家，福能南纺近三年营业收入占公司总营业收入不到5%，对 公司经营业绩不构成重大影响。销售方式以福能南纺作为境内主体直接向欧盟客户出口为主，目前公司 未在欧盟国家设立子公司，也未通过第三方贸易商、代理商转销至欧盟市场。 ...

国网常州供电公司天目湖供电所运维人员史家辉介绍说："我们针对大棚种植对温度敏感的特点， 协助农户对各类取暖、补光设备进行了细致排查，并指导他们做好防寒防冻措施，确保恶劣天气下大棚 正常供暖。" 目前，国网常州供电公司抢修人员24小时待命，以精细化服务筑牢农业生产供电防线，全力守护市 民的"菜篮子"。 同时，为应对寒潮天气，国网常州供电公司组织人员对辖区内易受恶劣天气影响的输电线路，特别 是近年有过覆冰、舞动记录的区段，展开专项特巡和隐患排查，全力保障电网安全稳定运行和电力可靠 供应。 近日，江苏常州迎来寒潮天气，同时迎来2026年首轮降雪。 这几天，江苏大部分地区持续雨雪低温冰冻，严寒天气对生产生活、交通出行等带来持续影响，也 给当地设施农业生产带来严峻考验。 在常州溧阳天目湖镇南钱村的天目湖草莓园，连片的温室大棚在皑皑白雪中蔚为壮观。作为常州及 长三角地区冬季草莓的重要供应基地，该园区种植面积达260余亩，年产优质"红颜""章姬"等品种草莓 达45万斤。为有效防范寒潮过程给果蔬生产带来的不利影响，基地已提前对草莓大棚进行了维修加固， 并全面开启保温增温设施。走进棚内，温暖如春，一垄垄草莓长势喜人，并未受到棚 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [6][8]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][20]. - Continuous government policies supporting the development of renewable energy are anticipated to lead to stable profitability in renewable power generation. Recommended companies include Longyuan Power, Three Gorges Energy, and regional offshore wind power companies [4][20]. - The report notes that the growth in installed capacity and power generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China Nuclear Power and China General Nuclear Power [4][20]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Jiangsu Yangtze Power as a stable and growth-oriented hydropower leader [4][20]. - The environmental sector is entering a mature phase, with significant improvements in free cash flow. The report suggests focusing on "utility-like investment opportunities" in the environmental sector, recommending companies such as China Everbright Environment and Shanghai Industrial Holdings [21]. 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%. The relative returns for public utilities and environmental sectors were 0.63% and 0.84%, respectively [13][22]. Important Events - Shanxi Province initiated a bidding process for the 2026 incremental renewable energy project mechanism, with a total bidding scale of 9.576 billion kWh, including 3.527 billion kWh from wind power and 6.049 billion kWh from solar power. The bidding price range is set between 0.2 and 0.32 yuan/kWh [2][14]. Special Research - The report outlines that over 26 cities in China have raised water prices in 2025, with adjustments primarily between 10% and 30%. The report emphasizes the necessity of price adjustments due to rising costs faced by water supply companies [3][17][19]. Investment Strategy - The report recommends various companies across different sectors, including thermal power, renewable energy, nuclear power, hydropower, and environmental services, based on their expected performance and market conditions [4][20][21].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].

Core Insights - As of January 15, a total of 123 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Funiu Co., Ltd. and Fenglong Co., Ltd., both having received net purchases for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun-W, Changshu Automotive Trim, Anhui Heli, Shanghai Airport, Xianglu Tungsten, Supor, Yong'an Forestry, and Suning Universal [1]

Group 1 - The company holds a 10% stake in Fujian Ningde Nuclear Power Co., Ltd. and recommends one director [1] - For the fiscal year 2024, the company confirms an investment income of 298 million yuan from Ningde Nuclear Power [1]

Group 1 - The company, Fuhua Co., stated that it will formulate development strategies and plans based on the provisions of its articles of association in response to investor inquiries on the interactive platform [2]

Core Viewpoint - The company's stock price may deviate from its intrinsic value due to multiple factors such as macroeconomic conditions and market preferences, but it maintains a stable operation and good fundamentals [2] Group 1: Company Performance - The company has a solid operational performance and good fundamentals, which have been disclosed in compliance with regulations [2] - The company plans to continue focusing on its core business and improving operational efficiency [2] Group 2: Investor Relations - The company emphasizes the importance of investor returns and aims to create long-term value for shareholders through solid performance [2]