Investment Rating - The report maintains a "Buy" rating for the public utility sector [6] Core Insights - The commercial model of the power sector is continuously transforming, with a reduced reliance on annual long-term contracts for electricity and prices. The sector is shifting towards mid-to-long-term markets, spot markets, and capacity markets, indicating a comprehensive push for marketization [19][3] - The capacity price mechanism is being refined, with the aim to optimize the electricity market and ensure fair compensation reflecting the contributions of different power plants to peak demand [15][3] - The report highlights the importance of capacity market development, with current subsidies in Gansu and Yunnan reaching 330 RMB/kW·year, which helps offset the decline in electricity prices [19][3] Summary by Sections Market Performance - The SW public utility sector index fell by 1.66% this week, ranking 16th among 31 SW sectors. In comparison, the CSI 300 index rose by 0.08%, while the Shanghai Composite Index and Shenzhen Component Index fell by 0.44% and 1.62%, respectively [33][33] - Within sub-sectors, thermal power decreased by 2.78%, hydropower increased by 0.3%, while solar and wind power fell by 4.53% and 2.49%, respectively [33][33] Price Updates - Domestic and imported thermal coal prices have rebounded slightly, with domestic Qinhuangdao port 5500 kcal thermal coal rising by 4 RMB/ton, remaining below 700 RMB/ton. Imported coal prices also saw a slight increase [12][12] - The average clearing price for electricity in Shanxi and Guangdong has significantly increased due to cold weather, while the monthly agent purchase electricity costs are trending upwards due to rising capacity prices and the entry of renewable energy into the settlement cycle [13][12] Key Events - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the capacity price mechanism for power generation, which includes optimizing compensation for coal and gas power generation [3][15] - Recent policy changes include relaxing the annual long-term contract signing ratio for coal-fired power companies and the cancellation of time-of-use electricity pricing in multiple regions [3][15] Recommendations - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable cash dividends. The profitability of thermal power is anticipated to gradually detach from coal cost dependency, shifting towards multiple influencing factors [19][3] - For long-term stable investment needs, the report recommends attention to companies like Yangtze Power, State Power Investment Corporation, and China National Nuclear Power [19][3]

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].

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 ...

今年明年一些重大项目将相继投产，明年海南核能占比将达到50%以上，这是继法国之后核能占比最高 的区域经济体，这必将为"十五五"乃至更长远海南实现全面低碳绿色高质量发展提供最坚强支撑。此外 后续一些重大项目也在快马加鞭地推进当中。 海南的清洁能源全国占比最高，中核海南产业合作示范区也承担了重任，实现了核能供汽供电，差异化 竞争优势凸显，一些项目正在加速落地。 省人大代表，中核集团（海南）市场开发部主任，海南核电有限公司党委书记、董事长魏智刚介绍，去 年中核集团与海南省签订了"全面深化战略合作协议"，双方合作进入全方位、高质量的新阶段。立志在 海南发挥"科技创新、产业控制、安全支撑"三个作用，争当"高水平科技自立自强、发展现代化产业体 系、发展新质生产力"三个排头兵。具体就是充分发挥中核集团全产业链的优势，投资千亿元，贡献"中 核力量"。 ...

1月27日，海南省第七届人民代表大会第五次会议"代表通道"集体采访活动在海口举行。图为海南 省人大代表、中核集团(海南)市场开发部主任、海南核电有限公司董事长魏智刚(右一)出席活动现场并 回答记者提问。中新网记者 骆云飞 摄 当日，海南省第七届人民代表大会第五次会议"代表通道"集体采访活动在海口举行。魏智刚在回答记者 提问时说，中核集团立志在海南发挥"科技创新、产业控制、安全支撑"三个作用，争当"高水平科技自 立自强、发展现代化产业体系、发展新质生产力"三个排头兵。 一是持续加码"向绿图强"。魏智刚说，今明两年，中核集团的一些重大项目将相继投产，明年海南核能 占比将达到50%以上，这必将为"十五五"乃至更长远时期海南实现全面低碳绿色高质量发展提供最坚强 支撑。"我们信心百倍，后续的一些重大项目也在快马加鞭地推进当中。" 二是高质量建成"玲龙一号"全球首堆。魏智刚说，"玲龙一号"被称为"超级核能充电宝"，中核集团正在 建设"玲龙一号"应用示范基地、科技创新基地和国际合作基地。"玲龙一号"必将成为海南自贸港工业史 上的桂冠。同时，"玲龙一号"通过海南自贸港向世界"充电"的目标越来越近了。 中核在琼投资"快马加鞭" ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

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].

Core Insights - The world's first commercial supercritical carbon dioxide power generation unit successfully commenced operation in Liupanshui, Guizhou by Shougang Water Steel Group by the end of 2025, marking a significant advancement in supercritical carbon dioxide waste heat power generation technology [1] - The "Super Carbon No. 1" demonstration project, developed by China National Nuclear Corporation (CNNC) and partners, boasts an efficiency improvement of over 85% in power generation compared to existing sintering waste heat steam generation technology, with a net power output increase of over 50% [1][2] Group 1 - The traditional steam power generation technology faces limitations in system complexity, efficiency, compactness, and response speed due to the use of water as a medium [1] - The supercritical state of carbon dioxide, achieved at a pressure of 7.38 MPa and a temperature of 31 degrees Celsius, offers a dual advantage of high density and low viscosity, making it suitable for power generation [1] - The development of supercritical carbon dioxide power generation technology has been a "from 0 to 1" process, with significant technical challenges overcome by the team since 2009 [2] Group 2 - In 2023, CNNC and JISCO constructed two 15 MW supercritical carbon dioxide waste heat power generation units, utilizing high-temperature sintering flue gas waste heat, achieving a 50% reduction in space requirements and an 85% increase in power generation efficiency compared to traditional methods [2] - The establishment of a comprehensive industrial chain for supercritical carbon dioxide power generation technology in China has been achieved, with conditions for full engineering application now in place [2] - A molten salt energy storage supercritical carbon dioxide power generation demonstration project is set to be initiated by CNNC in 2024, with construction expected to begin in 2026 [2]

Core Insights - A new company, China Nuclear (Xiangshan) Nuclear Energy Co., Ltd., was established on January 20, with a registered capital of 250 million RMB [1] Company Overview - The legal representative of the new company is Zhong Hua [1] - The business scope includes power generation, transmission, distribution, radiation monitoring, inspection and testing services, heat production and supply, business training, and investment activities using its own funds [1] Shareholder Information - The company is jointly held by China Nuclear Power (601985), Zhongke Zheneng Energy Co., Ltd., Hongrun Construction (002062), Youngor Group Co., Ltd. (600177), and Alibaba's Shanghai Yiqi Network Technology Co., Ltd. [1]

Summary of China Nuclear Power Conference Call Company Overview - **Company**: China Nuclear Power - **Industry**: Nuclear Energy and Renewable Energy Key Points 2025 Operational Performance - Planned electricity generation for 2025 was 1,954 billion kWh, but actual generation reached 2,444 billion kWh, a year-on-year increase of 12.98% [3] - Grid electricity volume was 2,307 billion kWh, up 13.15% year-on-year [3] - Nuclear power contributed 1,878 billion kWh, a 9.69% increase, while renewable energy contributed 490.29 billion kWh, a 31.34% increase [2][3] Future Generation Plans - For 2026, the planned total electricity generation is 2,592 billion kWh, with nuclear power at 2,100 billion kWh and renewable energy at 492 billion kWh [2][5] - The company plans to complete 15 nuclear unit overhauls in 2026, one less than in 2025 [5] Capacity and Construction - Total installed capacity is 46.887 million kW, with 27 operational units and 18 units under construction or awaiting startup [2][6] - By 2031, operational capacity is expected to increase by over 70% [2][6] Renewable Energy Strategy - The company is shifting its renewable energy strategy to focus on market-oriented operations, with internal return rates set at over 7% for self-built projects and 8% for acquisitions [2][8] - Emphasis is on offshore wind energy in Southeast China, with a halt on acquisition projects [2][8] Market Pricing and Policy Impact - Market-driven pricing policies in provinces like Zhejiang, Jiangsu, Fujian, and Hainan are exerting downward pressure on electricity prices [10][11] - The company is actively participating in industry associations to advocate for supportive policies [11] Tax Policy Changes - New VAT refund policies are expected to impact net profit by approximately 400 million yuan per unit over the operational lifespan of affected units [4][13] Industrial Gas Supply Business - The company is expanding its industrial gas supply business, with a total supply of 3.14 million tons in 2025 and plans for growth in 2026 [4][14] Dividend and Investment Plans - The company commits to a minimum annual dividend payout ratio of 30%, typically exceeding 35% [4][26] - Future investment spending is projected at 80 to 100 billion yuan annually, influenced by renewable project developments [26] Financial Performance and Accounts Receivable - In 2025, the renewable energy sector's national subsidy repayment was approximately 3 billion yuan, with accounts receivable around 15 billion yuan [27] Sales Expenses - Increased sales expenses are attributed to market demands and the establishment of multiple electricity sales companies [28] Aging Nuclear Units - Measures to enhance competitiveness of aging nuclear units include capacity expansion and lifespan extension, with no current retirement plans [28][29] Fourth Generation Nuclear Technology - Development of fourth-generation nuclear technology, including high-temperature gas-cooled reactors, is underway, with economic viability comparable to electricity generation [18] Collaboration with Alibaba - A partnership with Alibaba involves the investment in the Jinxingmen Phase II project, although the impact on the company is minimal [9] Conclusion - China Nuclear Power is positioned for growth in both nuclear and renewable energy sectors, with strategic adjustments to navigate market challenges and regulatory changes while maintaining a focus on profitability and operational efficiency.