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].

本网讯（雷海超）1月30日，三峡集团董事长、党组书记刘伟平在北京与华北电力大学党委书记汪庆华，校长、党委副书记毕天姝座谈。双方就贯彻落实党 的二十届四中全会精神，深化在科技创新、人才培养等方面合作进行深入交流。三峡集团副总经理、党组成员王昕伟，华北电力大学党委常委、副校长刘威 出席。 刘伟平对汪庆华、毕天姝一行来访表示欢迎，对华北电力大学长期以来给予三峡集团的支持和帮助表示衷心感谢。刘伟平表示，华北电力大学是能源电力领 域享有盛誉的全国知名高校，双方在科技攻关、平台建设、人才培养等方面开展长期务实合作，建立了紧密的校企合作关系。希望双方继续发挥各自优势， 聚焦水利水电、清洁能源，围绕"沙戈荒"大基地、海上风电、新型储能等领域持续深化合作，加快推进科技创新和科研平台共建，强化人才支撑、培养和交 流，更好服务能源强国、科技强国和人才强国建设。 汪庆华、毕天姝对三峡集团长期以来给予华北电力大学的大力支持表示感谢。汪庆华、毕天姝表示，双方合作紧密且富有成效，具有坚实合作基础和广阔合 作前景。华北电力大学将聚焦三峡集团高质量发展所需，依托能源电力科学与工程学科群特色优势，携手推进原始创新和关键核心技术攻关，加强科技创新 ...

证券日报网讯1月29日，三峡能源（600905）在互动平台回答投资者提问时表示，公司直接持有金风科 技（002202）股票，金风科技所持有资产与公司不存在股权关系。 ...

证券日报网讯1月29日，三峡能源（600905）在互动平台回答投资者提问时表示，公司控股股东基于对 公司未来发展的信心，计划自2025年4月9日起12个月内通过二级市场增持公司股份，本次增持不设置固 定价格区间，结合资本市场行情择机开展股票增持，公司依法履行披露义务，及时公告增持进展。股价 波动受宏观经济、市场环境、投资者情绪等多种因素影响。 ...

Investment Rating - The industry investment rating is "Overweight" for both Utilities and Environmental sectors [8]. Core Insights - The carbon pricing market is undergoing a value reconstruction driven by both policy and market forces, with carbon prices expected to stabilize at 150-200 RMB/ton by 2030 [3][7]. - The green certificate market is currently underperforming, with prices at only 8% of the carbon price, indicating significant potential for value release [5][7]. - The upward pressure on electricity prices is anticipated from both carbon costs and green certificate revenues, with wholesale electricity prices projected to increase by 10% to 385 RMB/MWh [6]. Summary by Sections Carbon Price Trends - Carbon prices peaked at 98 RMB/ton by the end of 2024 but fell to a low of 38 RMB/ton in 2025 due to declining energy prices and increased renewable energy capacity [4]. - As of January 2026, carbon prices have stabilized at an average of 73 RMB/ton, supported by compliance demand from the power sector and the expansion of carbon markets in heavy industries [4]. Green Certificate Market - The average price of green certificates was 4.2 RMB per certificate in 2025 and increased to 5.5 RMB in 2026, still significantly lower than carbon prices [5]. - The low price of green certificates is attributed to the incomplete integration with the carbon market and insufficient market demand for green electricity [5]. Electricity Price Dynamics - Current carbon and green certificate prices are expected to push wholesale electricity prices from 350 RMB/MWh to 385 RMB/MWh, with further increases anticipated if carbon prices rise to 150-200 RMB/ton [6]. - If green certificate prices align with carbon prices, wholesale electricity prices could increase by 24-31% [6]. Future Outlook - The carbon market is expected to transition from "soft constraints" to "hard constraints" by 2027, with a gradual tightening of quotas and an increase in the proportion of paid allowances [7]. - Policies are being established to link the environmental value of green certificates with carbon reduction values, which may enhance the economic viability of green electricity [7].

华宝贵金 马斯克:中国AI的优势在于电力! 数据中心驱动电力需求增长 | 代码 | 证券简称 细分领域 市值(亿元) 权重(%) | | | | --- | --- | --- | --- | | 600900 长江电力 | 水电 | 6,652.91 10.02 | | | 601985 中国核电 | 核电 | 1,779.13 | 8.36 | | 600905 三峡能源 | 风电 | 1,169.23 | 6.87 | | 600795 国电电力 | 火电 | 898.92 | 5.28 | | 600157 永泰能源 | 火电 | 342.54 | 4.02 | | 600011 华能国际 | 火电 | 1,171.08 | 3.85 | | 600886 国投电力 | 水电 | 1.050.19 | 3.70 | °市场热点 ●Al算力的尽头是电力? 2026年1月23日,财联社报道 称,马斯克在世界经济论坛上表示,中国在AI竞赛中的 决定性优势在于其大规模供应电力的能力。 ● Al技术的快速发展带动数据中心建设爆发式增长. 数据中心耗电量巨大,成为电力需求的核心增长引擎。 数据中心成为电力缺口的主 ...

Core Insights - China has achieved significant advancements in wind power technology, including the development of a 26 MW offshore wind turbine, the highest elevation wind project at 5,370 meters, and the furthest offshore wind project at a distance of 85.5 kilometers [1][2] Group 1: Technological Achievements - The 26 MW offshore wind turbine has a hub height equivalent to over 50 stories and a swept area larger than 10.5 standard football fields [1] - The highest elevation wind project, located in Tibet, utilizes a single blade hoisting technology for the first time above 5,000 meters [1] - The Jiangsu Dafeng 800 MW offshore wind project marks a breakthrough in deep-sea wind power development, with its farthest point located 85.5 kilometers offshore [1] Group 2: Industry Growth and Projections - By 2025, the wind power generation capacity in China is expected to exceed 1 trillion kilowatt-hours, accounting for 10.8% of the national industrial power generation [1] - The installed wind power capacity in China is projected to reach 640 million kilowatts by the end of 2025, representing over 16% of the total power generation capacity [1] - The wind power industry has transitioned from "catching up" to "leading" in global terms, with approximately half of the world's wind power capacity now located in China [1] Group 3: Economic Impact - China's wind power equipment exports account for 70% of the global market, with products reaching over 60 countries and regions [2] - The annual output value of China's wind power industry is approximately 1.2 trillion yuan, supporting over 2 million direct and indirect jobs [2] - The "14th Five-Year Plan" aims to accelerate the construction of integrated renewable energy bases, with an expected addition of over 200 million kilowatts of wind and solar power capacity by 2026 [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

证券日报网讯 1月23日，三峡能源在互动平台回答投资者提问时表示，公司2025年1月-9月累计实现利 润总额5528985128.56元，详见《2025年第三季度报告》。 （文章来源：证券日报） ...

证券日报网讯 1月23日，三峡能源在互动平台回答投资者提问时表示，公司坚持把好投资入口关，有所 为有所不为，保障项目满足投资收益要求；始终重视融资成本管控，坚持金融机构竞争性比选，把融资 成本作为主要选择依据；抓住债券市场窗口期，2025年公开发行80亿元低利率中期票据；2025年以来持 续开展提质增效专项行动，把成本管理融入日常工作中、落实到具体举措上；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，努力提升核心竞争力，夯实价值创造 基础。 （编辑 丛可心） ...