Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

Core Insights - The report evaluates the low-carbon transition performance of 33 traditional power generation listed companies in China, which account for nearly 28% of the national total installed capacity and about 44% of thermal power capacity [10][24][27] - The assessment framework focuses on the integration of supply security, low-carbon initiatives, and profitability, analyzing the basic and changing performance from 2021 to 2024 [10][12][14] - The findings indicate that while the sample companies have a significant thermal power base and a growing share of non-fossil energy, their transition progress lags behind national levels, with notable differences between central and local enterprises [18][19] Performance Evaluation - The report categorizes companies based on their low-carbon transition performance, with top performers like Guotou Power and China Power receiving five-star ratings for four consecutive years [2][17] - The transition paths of companies vary, with some focusing on diversified energy services while others emphasize the synergy between thermal and clean energy [2][19] - The report identifies five key trends for the thermal power industry over the next five years, including a shift from passive to proactive transformation and the integration of renewable energy into the market [19][20] Industry Characteristics - The sample companies exhibit a significant reliance on thermal power, with an average installed capacity of 92,494 MW, of which 63,159 MW is thermal power, representing 43.8% of the national thermal power capacity [27][34] - The transition to non-fossil energy sources has been slow, with the average share of non-fossil energy increasing from 19.8% in 2021 to 31.8% in 2024, indicating a need for improved responsiveness to policy changes [43][44] - The profitability of the thermal power sector has fluctuated, with a recovery in net profits due to falling coal prices, but overall revenue has declined, highlighting the unsustainability of relying solely on coal price reductions for profit [18][41] Recommendations for Transition - The report suggests that the government should clarify the long-term development direction of coal power and enhance market mechanisms and green finance regulations [20][21] - The industry is encouraged to focus on cost reduction and efficiency improvements, integrate green branding into evaluations, and enhance information disclosure [20][21] - Companies are advised to pursue technological innovation, diversify their business models, and optimize asset structures to adapt to changes in the renewable energy market [21][22]

Strategic Development - The company officially changed its name to "Guodian Investment Green Energy Co., Ltd." on February 4, 2026, to highlight its focus on the dual tracks of renewable energy and green hydrogen-based energy [1] Performance and Operating Conditions - The company's estimated net profit attributable to shareholders for 2025 is projected to be between 440 million to 540 million yuan, representing a year-on-year decline of 50.88% to 59.97%, primarily due to increased curtailment rates in the renewable energy sector, declining electricity prices, and reduced auxiliary service revenues from thermal power [2] - However, the acceleration of renewable energy subsidy payments has been noted, with 1.271 billion yuan received by August 31, 2025, marking a year-on-year increase of 154.2%, which is expected to improve cash flow for the year [2] Project Progress - The Daan Wind-Solar Green Hydrogen Synthesis Ammonia Integration Project commenced production in July 2025 and has signed cooperation agreements with companies such as Korea Electric Power Corporation and Electricité de France [3] - The EPC contract for the Lishu Green Methanol Project was signed in January 2026, with an expected production start in 2028, indicating strong medium to long-term revenue certainty [3] Industry Policies and Environment - In 2026, the coal-fired power capacity price in Jilin is set to increase to 330 yuan/kW/year (up from 100 yuan/kW/year for 2024-2025), which is expected to stabilize the profitability of thermal power [4] - Additionally, the trial operation of the electricity spot market and other policies may still impact short-term performance [4] Recent Stock Performance - As of February 11, 2026, the stock price was reported at 6.56 yuan per share, with a daily decline of 2.09% and a net outflow of 84.5922 million yuan in principal funds; the stock has experienced significant volatility since the beginning of 2026, necessitating attention to fund flows and market sentiment [5]

Group 1 - The core point of the article is the resolutions passed during the seventh meeting of the tenth board of directors of Guodian Power Investment Green Energy Co., Ltd, which includes various financial and operational agreements [1][3][4] - The board meeting was held on February 11, 2026, with 8 out of 9 directors present, and was conducted both in-person and via video conference [1][2] - The meeting's resolutions included agreements for financial transactions with related parties, such as a maximum deposit balance of 5 billion RMB and a loan limit of 9 billion RMB with Guodian Power Investment Group Financial Co., Ltd [3][16] Group 2 - The company approved a supply chain financial business agreement with Guodian Power Cloud Chain Technology (Beijing) Co., Ltd, with a projected financing amount not exceeding 1 billion RMB for 2026 [4][29] - The board also discussed various procurement agreements for coal and materials from related companies, with total expected transaction amounts for 2026 reaching approximately 4.71 billion RMB [5][41] - The company plans to hold its first extraordinary shareholders' meeting of 2026 to approve these transactions, with related parties abstaining from voting [11][43] Group 3 - The company reported that the total amount of expected daily related transactions for 2026 is projected to be no more than 4.71 billion RMB, compared to 2.25 billion RMB in 2025 [41] - The board's resolutions included multiple procurement agreements, such as purchasing coal from Inner Mongolia Electric Power Energy Co., Ltd, with an estimated transaction limit of 2.43 billion RMB [5][41] - The company has established a framework for managing related transactions to ensure compliance with regulations and protect shareholder interests [22][24]

中新网长春2月11日电 (金乔)国电投绿色能源股份有限公司(下称"电投绿能")党委书记、董事长杨玉峰11 日在长春接受采访表示，"十五五"期间，电投绿能统筹国家电投在吉林企业，累计投资预计近1000亿 元。到2030年，全面建成吉林西部风光火储千万千瓦清洁能源基地和百万吨级绿色氢基能源基地。 20多年来，电投绿能作为国家电投集团实际控制的上市公司和全球绿色氢基能源产业平台，在吉林省形 成风、光、火、氢、储等多产业协同发展格局，是吉林省发电领军企业和绿色转型标杆。 截至2025年9月末，该公司管理资产总额超1000亿元，管理装机容量1780万千瓦，清洁能源占比近 80%，绿色转型态势强劲、成效明显。其中，吉林省内装机788万千瓦，其中煤电450万千瓦(含管理装 机120万千瓦)，清洁能源338万千瓦，占比43%，承担全省9600万平方米的供热任务。 图为吉西基地鲁固直流风光热外送项目。电投绿能供图 据了解，电投绿能将加快打造吉林省千万千瓦清洁能源基地，风光火储融合协同，积极探索清洁供暖替 代，推动非电利用，提升绿电消纳比例。以吉林西部一体化大基地开发为支点，巩固发展基础，在沿海 区域、重点内陆区域复制推广成熟的 ...

（记者 王晓波） 每经头条（nbdtoutiao）——男子街头逃亡、剑客山间打斗……电影级中国视频大模型被称"地表最 强"，几十个提示字生成15秒视频可商业交付，影视股大涨！记者亲测 每经AI快讯，电投绿能2月11日晚间发布公告称，公司第十届第七次董事会会议于2026年2月11日在公司 三楼会议室以现场与视频会议相结合的方式召开。会议审议了《关于公司所属企业拟与吉电未来智维能 源科技（吉林）有限公司发生2026年度风电光伏场站委托维护服务暨关联交易的议案》等文件。 ...

国电投绿色能源股份有限公司 关于公司与国电投云链科技（北京）有限公 司办理供应链金融业务暨关联交易的公告 本公司及董事会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。 一、关联交易概述 证券代码：000875 证券简称：电投绿能 公告编号：2026-009 1.国电投绿色能源股份有限公司（以下简称"电投绿能"或"公 司"）及所属单位与国电投云链科技（北京）有限公司（简称"电投 云链公司"）办理供应链金融账单融资变现业务，预计 2026 年内累 计融资金额不超过 10 亿元，期限不超过 1 年。 2.公司与电投云链公司同受国家电力投资集团有限公司（以下简 称"国家电投集团"）控制，按照《深圳证券交易所股票上市规则》 的有关规定，本次交易构成关联交易。 3.公司第十届董事会第七次会议审议通过了《关于公司与国电投 云链科技（北京）有限公司办理供应链金融业务暨关联交易的议案》， 关联董事胡建东先生、吕必波先生回避了本次表决，参与表决的7名 非关联董事一致同意该项议案。该项关联交易已经独立董事专门会议 审议通过并发表审查意见。 根据《深圳证券交易所股票上市规则》和公司《章程》的规定， 本 ...

一、日常关联交易概述 证券代码：000875 证券简称：电投绿能 公告编号：2026-010 国电投绿色能源股份有限公司 2026 年度日常关联交易预计公告 本公司及董事会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。 （一）日常关联交易概述 1.2026 年 2 月 11 日，公司第十届董事会第七次会议审议通过了 《关于公司 2026 年度预计日常关联交易事项的议案》。公司 2026 年 拟发生日常关联交易，预计总金额不超过 471,485.59 万元，2025 年 度公司日常关联交易实际发生总金额 224,566.94 万元（未经审计）。 2.关联董事胡建东先生和吕必波先生进行了回避，7 名非关联董 事审议并一致通过了《关于采购内蒙古电投能源股份有限公司及其所 属公司煤炭的议案》《关于采购内蒙古白音华蒙东露天煤业有限公司 煤炭的议案》《关于采购国家电力投资集团有限公司物资装备分公司 总包配送大宗物资关联交易的议案》《关于采购电能易购（北京）科 技有限公司电商化通用物资关联交易的议案》《关于采购国家电投集 团数字科技有限公司统建数字化系统建设和运维服务关联交易的议 案》；关联 ...

2.公司与财务公司同受国家电力投资集团有限公司（以下简称 "国家电投集团"）控制，按照《深圳证券交易所股票上市规则》的 规定，本次交易构成关联交易。 3.公司第十届董事会第七次会议审议通过了《关于公司与国家电 投集团财务有限公司办理存款、贷款业务的议案》，关联董事胡建东 先生、吕必波先生回避了本次表决，参与表决的7名非关联董事审议 并一致通过该项议案。该项关联交易已经独立董事专门会议审议通过 并发表审查意见。 根据《深圳证券交易所股票上市规则》和公司《章程》的规定， 证券代码：000875 证券简称：电投绿能 公告编号：2026-008 国电投绿色能源股份有限公司 关于公司与国家电投集团财务有限公司 办理存款、贷款业务的关联交易公告 本公司及董事会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。 一、关联交易概述 1.国电投绿色能源股份有限公司（以下简称"公司"）与国家电 投集团财务有限公司（以下简称"财务公司"）办理存款、贷款业务， 预计 2026 年度公司在财务公司结算户上的日最高存款余额不超过 50 亿元人民币，贷款额度不超过 90 亿元人民币，授信总额不超过 100 亿元 ...

证券代码：000875 证券简称：电投绿能 公告编号：2026-011 国电投绿色能源股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1.股东会届次：2026 年第一次临时股东会 2.股东会的召集人：董事会 2026 年 2 月 11 日，公司第十届董事会第七次会议审议通过了《关 于召开公司 2026 年第一次临时股东会的议案》。 3.本次会议的召集、召开符合《中华人民共和国公司法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及公司《章程》的有关规定。 4.会议时间： （1）现场会议时间：2026 年 2 月 27 日 14:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的 具体时间为 2026 年 2 月 27 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 2 月 27 日 ...