的自愿性信息披露公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为进一步优化天津绿发电力集团股份有限公司（以下简称"公司"）投资布局 和投资结构，2025 年公司积极实施"两个转移"（由光伏向风电储能转移，由西北 向中东部转移），多措并举获取新能源项目建设指标。 一、指标获取情况 | 证券代码：000537 | 证券简称：绿发电力 | | | --- | --- | --- | | 债券代码：148562 | 债券简称：23 | 绿电 | | 债券代码：524531 | 债券简称：25 | 绿电 | | | | G1 G1 | | | | 公告编号：2026-007 | 天津绿发电力集团股份有限公司 关于2025年度新能源项目建设指标获取情况 1.上述数据为公司根据相关地方政府指标核发情况进行的内部统计，由于不同 地方政府对新能源指标的核发程序差异较大（包括核准、备案、公示等），同时公 司获取指标方式及后续投资模式也不尽相同（自主获取的项目由公司自主投资开发； 与股东方通过产业协同方式获取的项目，由公司与相关方合作开发），公司将以保 障项目投资收益为中心 ...

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].

证券日报网讯1月22日，绿发电力（000537）在互动平台回答投资者提问时表示，公司合资项目主要为 新疆一、二期大基地项目，及青海、江苏等区域部分项目。截至2025年底，公司在运装机规模中权益占 比约68%。公司与合资方按股权比例履行出资义务及获取投资收益。 ...

Group 1 - The company acknowledges the need to adapt its business model as selling electricity is becoming less profitable, similar to the real estate sector where property management is more lucrative than construction [1] - The company is exploring diversified business models under the "New Energy+" concept, focusing on integrating new energy with new energy storage and digital technology to enhance its core competitiveness [2] - The company aims to improve operational efficiency while aligning with the trends in new energy development and the requirements of new power system construction [2]

Core Viewpoint - The company, Green Power (000537.SZ), has confirmed its joint venture projects primarily in Xinjiang and other regions, with a focus on power generation capacity and revenue sharing based on equity stakes [1] Group 1: Joint Venture Projects - The company's joint venture projects mainly include the first and second phase of the large base project in Xinjiang, as well as several projects in Qinghai and Jiangsu [1] - The company is committed to fulfilling its funding obligations and obtaining investment returns in accordance with its equity ratio with joint venture partners [1] Group 2: Capacity and Equity Stake - By the end of 2025, the company's equity stake in its operational installed capacity is expected to be approximately 68% [1]

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].

Core Viewpoint - Green Power (000537) has announced its share repurchase plan, indicating a commitment to returning value to shareholders through stock buybacks and potential cancellation of treasury shares [1] Group 1: Share Repurchase Details - As of December 31, 2025, the company has repurchased a total of 6.6357 million shares, with a total transaction amount of 55.4115 million yuan [1] - The company plans to continue its share repurchase and treasury stock cancellation based on the conditions of the secondary market [1] Group 2: Future Plans and Disclosure - The company will strictly adhere to regulatory requirements for timely information disclosure if the controlling shareholder has any plans for share increases [1]

Group 1 - The core point of the article is that Green Power (000537) has announced that by the end of 2025, it will have cumulatively recovered renewable energy subsidy funds amounting to 2.282 billion yuan [1]

Core Viewpoint - The company, Green Power (000537), focuses on renewable energy investment, development, and operation, including wind power, solar power, thermal energy, and energy storage [1] Group 1: Business Operations - The main business areas of the company include wind power generation, solar power generation, thermal energy, and energy storage [1] - The company has not yet engaged in space satellite photovoltaic power generation but will disclose any future developments in this area [1]

Group 1 - The company, Green Power (000537.SZ), focuses on the investment, development, and operation of renewable energy, including wind power, solar power, thermal energy, and energy storage [1] - Currently, the company has not engaged in space satellite photovoltaic power generation business [1]