（编辑 丛可心） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，公司股权激励严格按照中央企业 控股上市公司实施股权激励工作指引等规定执行；公司高管的考核及薪酬严格按照公司经理层成员经营 业绩考核管理办法及薪酬管理办法等规定执行。控股股东按计划进行增持，公司依法履行披露义务，及 时公告增持进展。 ...

（编辑 丛可心） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，公司2025年前三季度累计发电量 较上年同期增长7.89%，归属于上市公司股东的净利润下降15.31%，随着并网项目陆续投产，折旧及运 营成本随着在建工程转固同比增加，营业成本同比增长17%。"近十年来，公司风电、光伏成本均大幅 下降，与行业成本下降趋势趋于一致"中的成本是指风电、光伏的开发建设成本，并非营业成本。 ...

（编辑 丛可心） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，公司持续完善市值管理体系，制 定市值管理制度、具体工作方案，强化长效机制保障。股价波动受多种因素综合影响。公司将持续多措 并举，着力推动上市公司市场价值与内在价值相匹配，提升公司投资价值和股东回报能力。 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

（文章来源：证券日报） 证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，股价波动受多种因素综合影响， 公司将持续多措并举，着力推动上市公司市场价值与内在价值相匹配，提升公司投资价值和股东回报能 力。 ...

证券日报网讯 2月2日，三峡能源在互动平台回答投资者提问时表示，公司坚定"陆上大基地、海上风电 引领者"战略，"十四五"期间装机规模、发电量及盈利能力稳步提升，并将持续多措并举推动市场价值 与内在价值相匹配，提升投资价值和股东回报能力。 （文章来源：证券日报） ...

证券日报网讯 2月2日，三峡能源（600905）在互动平台回答投资者提问时表示，公司积极落实证监 会、国资委关于市值管理工作要求，制定《市值管理制度》和具体工作方案，努力做好各项生产经营工 作，提升核心竞争力，完善投资者关系管理，维护广大投资者利益。自上市以来公司保持现金分红的连 续性和稳定性，每年坚持现金分红，累计分配现金股利达80.13亿元，每年分红占当年可分配利润均不 低于30%。公司将持续多措并举，着力推动上市公司市场价值与内在价值相匹配，不断提升公司投资价 值和股东回报能力。股价波动受多种因素综合影响。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

Core Viewpoint - The Three Gorges Group emphasizes the implementation of a new energy security strategy to build a more strategically supportive clean energy group, aiming to provide robust energy security for China's modernization efforts [1] Group 1: New Energy Development - In 2025, the Three Gorges Group added over 8.39 million kilowatts of new energy grid capacity, bringing the total installed capacity to over 72 million kilowatts, a growth of over 3.2 times compared to the end of the 13th Five-Year Plan [5] - The annual power generation exceeded 100 billion kilowatt-hours for the first time, with equipment utilization rates consistently above 99% [5] - The company is focusing on enhancing management efficiency and core competitiveness through improved project management and risk control in investment and construction [5] Group 2: Technological Innovation - The Three Gorges Group is accelerating the transition from factor-driven growth to technology-driven growth, emphasizing the importance of innovation in driving new productive forces [6] - The New Energy Division is actively promoting digital transformation, developing a centralized monitoring platform, and implementing intelligent upgrades across multiple sites [8] - The company is advancing projects such as the 20-megawatt offshore wind turbine and 16-megawatt floating wind turbine, while also exploring emerging technologies like thermal energy storage and hydrogen energy [8] Group 3: Strategic Initiatives - The New Energy Division aims to implement a strategy to lead offshore wind energy development, focusing on major scientific research projects that align with national strategies and future development needs [9] - The company plans to enhance operational efficiency, strengthen economic and technical management, and contribute significantly to green and low-carbon development [9] - The establishment of an offshore wind power industry chain alliance and the release of a technology challenge list are part of the efforts to foster collaborative development across the industry [8]

Investment Rating - The report assigns a "Buy" rating to several companies in the power generation sector, including Guodian Power, Huaneng International, and China Power Investment, indicating a positive outlook for these stocks [2]. Core Insights - The report discusses the recent notification from the National Development and Reform Commission and the National Energy Administration regarding the improvement of the capacity price mechanism for power generation, aimed at addressing the challenges of the new energy transition and ensuring the development of regulating power sources [1]. - The notification highlights the need for a balanced approach to "new energy consumption, power security, and regulating power source profitability," which is crucial for the construction of a new power system [1]. - The report emphasizes the differentiated optimization of capacity pricing for four types of regulating power sources, including independent new energy storage and pumped storage, to ensure fair competition and adequate compensation for capacity [1]. Summary by Sections Capacity Price Mechanism - The notification introduces a differentiated capacity pricing mechanism for various regulating power sources, allowing local authorities to set prices based on factors such as coal power capacity standards and peak contribution [1]. - The policy aims to ensure that the capacity value of regulating power sources is adequately recognized and compensated, addressing previous issues of insufficient cost coverage [1]. Unified Compensation Mechanism - A key breakthrough in the notification is the establishment of a reliable capacity compensation mechanism that standardizes compensation across different types of power generation units, promoting rational investment and resource allocation [1]. - This mechanism aims to avoid inefficient resource allocation by linking compensation to the actual contribution of each unit to the power system [1]. Investment Recommendations - The report recommends specific companies for investment based on their integrated operations and stable profit potential, including Guodian Power, Inner Mongolia Huadian, and China Huaneng [1]. - It also highlights the potential for hydropower companies to benefit from increased output and stable dividends, recommending companies like Yangtze Power and State Power Investment [1].