Investment Rating - The report maintains an "Outperform" rating for the public utilities and environmental protection sectors [5][7]. Core Views - The "14th Five-Year Plan" emphasizes the construction of an "Energy Powerhouse," focusing on the development of hydrogen and fusion energy industries [3][18]. - The central economic work conference highlighted the need for a comprehensive green transition and the establishment of a new energy system [2][16]. - The report suggests that the energy system in China is transitioning from an "energy power" to an "energy powerhouse," with increased demands for supply security, ecological sustainability, technological innovation, and modern governance [3][19][21]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.08%, while the public utilities index decreased by 0.09% and the environmental index dropped by 0.61% [1][15]. - In the electricity sector, thermal power increased by 0.22%, while hydropower decreased by 0.26%, and renewable energy generation rose by 0.93% [1][15]. Important Events - The central economic work conference took place on December 10-11, focusing on energy security and the establishment of a carbon trading market [2][16]. - Yunnan province announced an increase in coal power capacity pricing to 330 RMB per kilowatt per year starting in 2026 [17]. 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][25]. - The report also highlights opportunities in the water and waste incineration sectors, suggesting investments in companies like China Everbright Environment and Zhongshan Public Utilities [26]. Key Company Earnings Forecasts - The report provides earnings forecasts for various companies, indicating a stable outlook for nuclear power operators like China Nuclear Power and China General Nuclear Power [4][25]. - It also emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending companies like Yangtze Power [4][25]. Industry Key Data Overview - In October, the industrial electricity production increased by 7.9% year-on-year, with total electricity consumption reaching 774.2 billion kilowatt-hours, a 4.3% increase [49][55]. - The cumulative installed power generation capacity reached 3.75 billion kilowatts, with solar power capacity growing by 43.8% year-on-year [73].

三峡集团江苏分公司执行总经理李涛称："三峡大丰项目离岸最远的地方有80多公里，海域面积比较大，总体施工难度比较大。为此，我 们自主研发了气象预警平台，尽可能精准地预测和利用好每一个施工窗口期，为将来到更深、更远的海洋开发能源资源积累了宝贵经验。" 央视网消息：12月15日，随着最后一台风机成功启动，我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并 网，标志着我国海上风电向深远海迈进取得了又一重大突破。 三峡江苏大丰800兆瓦海上风电项目位于盐城市大丰区东北方向海域，由四个场址组成，最远点离岸距离85.5千米，是我国当前已并网离 岸距离最远的海上风电项目。项目共安装98台风电机组，配套建设3座海上升压站和一座海上救援平台。 据了解，项目预计年均发电量超28亿千瓦时，可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳排放约237万 吨，为长三角地区的能源保供和绿色低碳发展注入源源不断的清洁动能。 ...

三峡集团江苏分公司执行总经理 李涛：三峡大丰项目离岸最远的地方有80多公里，海域面积比较大，总体施工难度比较大。为此，我们自主研发了气象预 警平台，尽可能精准地预测和利用好每一个施工窗口期，为将来到更深、更远的海洋开发能源资源积累了宝贵经验。 今天（15日），随着最后一台风机成功启动，我国离岸最远海上风电项目——三峡江苏大丰800兆瓦海上风电项目实现全容量并网，标志着我国海上风电向 深远海迈进取得了又一重大突破。 0:00 三峡江苏大丰800兆瓦海上风电项目位于盐城市大丰区东北方向海域，由四个场址组成，最远点离岸距离85.5千米，是我国当前已并网离岸距离最远的海上 风电项目。项目共安装98台风电机组，配套建设3座海上升压站和一座海上救援平台。 据了解，项目预计年均发电量超28亿千瓦时，可满足140万户家庭日常用电需求，相当于节约标准煤约86万吨，减少二氧化碳排放约237万吨，为长三角地区 的能源保供和绿色低碳发展注入源源不断的清洁动能。 责编：张青津、卢思宇 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][4][8]. Core Views - The report highlights the ongoing development of the Guangdong electricity market for 2026, with a total market scale of approximately 680 billion kilowatt-hours and an annual trading cap of 420 billion kilowatt-hours [2][15]. - The report discusses the approval of a significant asset swap by Electric Power Investment Corporation, which involves the acquisition of 100% equity in Electric Power Nuclear and the issuance of shares to raise funds for nuclear power projects [3][21][22]. - The report emphasizes the importance of carbon neutrality, recommending investments in the new energy industry chain and integrated energy management [24]. Summary by Sections Market Review - The Shanghai Composite Index rose by 1.28%, while the public utility index increased by 0.12%, and the environmental index fell by 0.15% [1][14]. - Within the electricity sector, thermal power decreased by 0.20%, hydropower increased by 0.66%, and new energy generation rose by 1.09% [1][27]. Important Events - The Guangdong electricity market for 2026 is set to have a trading scale of about 680 billion kilowatt-hours, with specific allocations for nuclear power units [2][15]. - The asset swap by Electric Power Investment Corporation has been approved, with a transaction value of 55.39 billion yuan for the acquisition of Electric Power Nuclear [3][21]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional power companies with stable pricing like Shanghai Electric [4][24]. - The report suggests investing in leading new energy companies such as Longyuan Power and Three Gorges Energy, as well as high-dividend hydropower stocks like Yangtze Power [4][24]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 yuan for 2024 and 0.62 yuan for 2025 [8]. - Electric Power Investment Corporation is also rated "Outperform," with an expected EPS of 0.19 yuan for 2024 and 0.26 yuan for 2025 [8]. Environmental Sector Insights - The report notes that the waste incineration industry is maturing, with improved free cash flow, and suggests focusing on "utility-like investment opportunities" in the environmental sector [25]. - Recommendations include companies like China Science Instruments and Shandong High Energy Resources, which are expected to benefit from upcoming EU policies [25].

中国三峡新能源（集团）股份有限公司，成立于1985年，位于北京市，是一家以从事电力、热力生产和 供应业为主的企业。企业注册资本2862521.92万人民币。通过天眼查大数据分析，中国三峡新能源（集 团）股份有限公司共对外投资了525家企业，参与招投标项目4887次，专利信息938条，此外企业还拥有 行政许可9个。 长江三峡投资管理有限公司，成立于2020年，位于上海市，是一家以从事水利管理业为主的企业。企业 注册资本5000000万人民币。通过天眼查大数据分析，长江三峡投资管理有限公司共对外投资了20家企 业，参与招投标项目79次，专利信息22条，此外企业还拥有行政许可4个。 中国能源建设集团广东省电力设计研究院有限公司，成立于2001年，位于广州市，是一家以从事专业技 术服务业为主的企业。企业注册资本105330万人民币。通过天眼查大数据分析，中国能源建设集团广东 省电力设计研究院有限公司共对外投资了29家企业，参与招投标项目5000次，财产线索方面有商标信息 15条，专利信息2564条，此外企业还拥有行政许可170个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建 ...

Core Viewpoint - The first integrated demonstration project for green hydrogen "production, storage, transportation, and refueling" by the Three Gorges Group has successfully completed debugging at the Inner Mongolia Sanxia Ulanqab source network load storage technology research and testing base, aiming to create a full-process closed loop for green hydrogen production and application [1][2]. Group 1: Project Overview - The project focuses on four core areas: hydrogen production, storage, transportation, and refueling, covering key processes such as water electrolysis for hydrogen production, multi-modal storage and transportation, hydrogen fuel cell power generation, and hydrogen refueling [1]. - The project aims to build a "hydrogen-electric coupling" new model by integrating the green hydrogen industry chain with solutions for renewable energy consumption challenges [1]. Group 2: Technological Innovations - In the hydrogen production phase, the project employs proton exchange membrane electrolysis technology to match the volatility of wind and solar resources, featuring a system designed for operational demonstration with second-level response capabilities [2]. - For storage and transportation, the project addresses industry pain points by implementing a multi-pressure level hydrogen storage system and developing related expansion machines, alongside constructing low-temperature liquid hydrogen tanks to meet seven-day storage needs [2]. - In the refueling and application phase, the project has established a hydrogen refueling testing platform that operates reliably in extreme cold conditions, achieving automated control throughout the entire process and supporting testing needs for two mainstream pressure levels of hydrogen refueling stations [2].

每经AI快讯，有投资者在投资者互动平台提问：贵公司有新能源电池公司吗？ 三峡能源（600905.SH）12月8日在投资者互动平台表示，尊敬的投资者，您好。2022年1月，公司控股 子公司与北京中科海钠科技有限责任公司成立合资公司阜阳海钠科技有限责任公司，建成投产1GWh级 钠离子电池生产线，目前产线达到设计生产能力。 （文章来源：每日经济新闻） ...

证券日报网讯12月8日，三峡能源（600905）在互动平台回答投资者提问时表示，截至今年9月末，公司 持有金风科技（002202）股份有限公司38690.97万股股份，占比9.16%，是金风科技第三大股东。 ...

证券日报网讯 12月8日，三峡能源在互动平台回答投资者提问时表示，公司通过控股子公司投资株洲中 车时代半导体股份有限公司，目前持股比例为0.88%。 （文章来源：证券日报） ...

证券日报网讯 12月8日，三峡能源在互动平台回答投资者提问时表示，2022年1月，公司控股子公司与 北京中科海钠科技有限责任公司成立合资公司阜阳海钠科技有限责任公司，建成投产1GWh级钠离子电 池生产线，目前产线达到设计生产能力。 （文章来源：证券日报） ...