格隆汇2月13日｜A股市场电力股普遍下跌，其中，丰盛控股跌8%，晋控电力跌6%，拓日新能跌5%， 建投能源、南网能源跌超4%，金开新能、大唐发电、赣能股份、百通能源跌超3%。 ...

《意见》有何亮点？ 贝壳财经记者关注到，《意见》提出探索建立容量市场。煤电、抽水蓄能、新型储能等支撑性、调节性 资源在促进高比例新能源消纳、构建新型电力系统过程中发挥重要作用。为切实保障其收益，意见提出 有序建立可靠容量补偿机制，支持有条件的地区探索容量市场，用市场化手段引导支撑性调节电源有序 发展，保障系统可靠容量长期充裕，提升兜底保供能力。 此前于1月30日，国家发展改革委、国家能源局联合印发《关于完善发电侧容量电价机制的通知》，分 类完善煤电、天然气发电、抽水蓄能、新型储能容量电价机制，还明确提出有序建立发电侧可靠容量补 偿机制，对机组可靠容量根据顶峰能力按统一原则进行补偿。该文件系首次将天然气发电和电网侧独立 新型储能纳入全国统一的容量电价机制框架。 新京报贝壳财经讯伴随全国统一电力市场建设迎来量化目标，2月12日，电力板块多股迎来上涨。 豫能控股（001896）(001896.SZ)实现两连板，南网能源（003035）(003035.SZ)、闽东电力（000993） (000993.SZ)等个股跟涨。 消息面上，2月11日，国务院办公厅发布《关于完善全国统一电力市场体系的实施意见》("《意 见》") ...

Core Viewpoint - The A-share market opened higher on February 12, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, and the ChiNext Index up 0.30% [1] Group 1: Sector Performance - The power sector opened strong, with notable stocks such as Yunnan Energy Holdings and Jin Kong Power both experiencing significant gains [2][3] - The computing power leasing concept continued its strong performance, with Dawei Technology achieving a four-day consecutive rise and Youke De increasing by over 10% [4][5] Group 2: Market Sentiment and Outlook - Dongguan Securities noted that as the Spring Festival approaches, investor sentiment is becoming more cautious, leading to a potential reduction in trading volume and a phase of consolidation in the A-share market [6] - Caixin Securities indicated that despite a decrease in market activity, there are still structural opportunities available, particularly in sectors with concentrated favorable events [7] - CITIC Securities projected that commodities will remain a preferred investment direction in 2026, driven by factors such as risk aversion and fundamental improvements [8]

Group 1 - The core viewpoint of the news is that Nanfang Energy's stock has experienced a decline of 3.64% on February 11, with a cumulative drop of 8.04% over three consecutive days [1] - Nanfang Energy, established on December 29, 2010, and listed on January 19, 2021, is primarily engaged in energy-saving services, providing comprehensive energy-saving solutions including diagnosis, design, renovation, investment, and operation maintenance [1] - The company's main business revenue composition includes: industrial energy-saving business 54.92%, building energy-saving business 26.92%, comprehensive resource utilization business 14.70%, urban lighting energy-saving business 2.95%, energy-saving consulting services 0.38%, energy-saving renovation projects 0.11%, and other businesses 0.03% [1] Group 2 - From the perspective of major circulating shareholders, Huatai Bairui Fund has a fund that ranks among the top shareholders of Nanfang Energy, with the Guangfu ETF (515790) reducing its holdings by 30.98 million shares [2] - The Guangfu ETF (515790) has a current scale of 11.253 billion, with a year-to-date return of 16.79% and a one-year return of 49.88% [2] - The fund managers of Guangfu ETF are Li Qian and Li Mu Yang, with Li Qian having a tenure of 6 years and Li Mu Yang having a tenure of 5 years [2]

深 度 研 究 电力设备及新能源行业 超配（维持） 电力设备及新能源行业之虚拟电厂专题报告 虚厂无形控千机，光涌川流绘智网 2026 年 2 月 10 日 投资要点： 行业指数走势 证 券 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 虚拟电厂作为新型智能电网控制技术，正迈向市场化发展阶段。虚 拟电厂是基于电力系统架构，运用现代信息通信、系统集成控制等 技术，聚合分布式电源、可调节负荷、储能等各类分散资源，作为 新型经营主体协同参与电力系统优化和电力市场交易的电力运行组 织模式。2025年3月，国家发展改革委和国家能源局联合印发《关于 加快推进虚拟电厂发展的指导意见》，文件明确，要推动虚拟电厂 立足核心功能，公平参与各类电力市场或需求响应，获取相应收益。 鼓励虚拟电厂开展业务创新，提供节能服务、能源数据分析、能源 解决方案设计、碳交易相关服务等综合能源服务，拓宽收益渠道。 随着虚拟电厂的商业模式持续丰富，未来有望向市场化交易的发展 阶段迈进。 行 业 研 究 本报告的风险等级为中风险。 本报告的信息均 ...

Investment Rating - The report maintains an "Accumulate" rating for the utility sector [1] Core Insights - The Jilin Green Power Direct Connection Project is under public consultation, aiming for a minimum of 30% self-consumed electricity by 2030, increasing to 35% for new projects [4][6] - The State Grid has announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green energy transition [4][6] - The average electricity purchase price in January 2026 decreased by 8% year-on-year [4][38] - The price of thermal coal at Qinhuangdao port was 695 yuan per ton as of February 6, 2026, a year-on-year decrease of 7.70% [4][46] - The inflow to the Three Gorges Reservoir increased by 65.3% year-on-year, while the outflow decreased by 5.3% [4][54] Industry Data Tracking Electricity Consumption - Total electricity consumption in 2025 was 10.37 trillion kWh, a year-on-year increase of 5.0% [4][13] - The growth rates for different sectors were: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residential +6.3% [4][13] Power Generation - Total power generation in 2025 was 9.72 trillion kWh, a year-on-year increase of 2.2% [4][20] - The growth rates for different power sources were: thermal power -1.0%, hydropower +2.8%, nuclear power +7.7%, wind power +9.7%, and solar power +24.4% [4][20] Installed Capacity - New installed capacity in 2025 included: thermal power +94.5 million kW (up 63.8%), hydropower +12.15 million kW (down 11.9%), nuclear power +1.53 million kW, wind power +120.48 million kW (up 50.9%), and solar power +317.51 million kW (up 14.2%) [4][58] Investment Recommendations - For green power, focus on companies like Longyuan Power, Zhongmin Energy, and Three Gorges Energy, with a strong recommendation for Longjing Environmental Protection [4] - For thermal power, consider Huaneng International and Huadian International [4] - For hydropower, Longjiang Power is highlighted due to its low cost and strong cash flow [4] - For nuclear power, China National Nuclear Power and China General Nuclear Power are recommended due to their growth potential [4] - For solar assets and charging pile assets, companies like Southern Power Grid Energy and Longxin Technology are suggested [4]

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]

Group 1 - The report emphasizes that the bull market is still ongoing, encouraging confidence while suggesting a reduction in the slope expectation of the market, indicating that the lower limit of the market is continuously rising [2][12] - The report highlights that over 20% of companies in six industries, including utilities, non-ferrous metals, and automotive, are expected to see strong profit growth, indicating a positive outlook for these sectors [3][21] - The report identifies three categories of companies to focus on: those with accelerating profit growth, those experiencing a turnaround from negative to positive profits, and those with profit growth transitioning from negative to positive [4][26] Group 2 - The report outlines a "net profit gap" strategy that has significantly outperformed the market since 2025, with two portfolios achieving returns over 100%, particularly in the coal and non-ferrous metals sectors [5][29] - The top five industries with the highest proportion of stocks showing net profit gaps include coal (8.1%), non-ferrous metals (5.1%), and communications (4.8%), indicating strong performance potential in these areas [5][32] - The report suggests that the A-share market is currently in a relatively safe environment, with room for expansion in the securities ratio, particularly in the TMT sector, which is expected to maintain its profitability advantage [6][34] Group 3 - The report recommends focusing on industries that are benefiting from PPI improvements and broad anti-involution trends, such as non-ferrous metals, chemicals, and power generation [6][35] - It also suggests a dual focus on technology and cyclical sectors, highlighting opportunities in AI applications, military industry, and core AI hardware [6][35] - The report indicates that the overall annual profit forecast for A-share companies shows a continuous improvement, with 52.3% of companies expected to report profit growth [17][18]

Core Viewpoint - Nanfang Energy (003035) focuses on energy-saving services and aims to lead a new ecosystem in the comprehensive energy industry, providing one-stop comprehensive energy-saving services for clients, including diagnosis, design, renovation, investment, and operation maintenance of energy projects [1] Company Overview - Nanfang Energy is primarily engaged in energy-saving services [1] - The company's vision is to lead a new ecosystem in the comprehensive energy industry [1] Services Offered - Nanfang Energy provides a range of services including diagnosis, design, renovation, and comprehensive energy project investment and operation maintenance [1]

Group 1 - The photovoltaic sector showed strong performance with the photovoltaic ETF (159857) rising over 2% during trading, with a transaction volume of 268 million yuan [1] - The ETF has seen a net inflow of 260 million yuan over the last ten trading days, with a current fund size of 2.322 billion yuan, making it the largest in its category in the Shenzhen market [1] - The ETF closely tracks the photovoltaic industry index, with major allocations in photovoltaic equipment (61.53%), grid equipment (13.3%), and electricity (8.57%) [1] Group 2 - Recent discussions by the Ministry of Industry and Information Technology emphasized guiding the photovoltaic industry towards healthy competition and avoiding "involution" [1] - The Ministry of Finance announced that it will phase out the export tax rebate for photovoltaic products starting April 1, 2026 [1] - The space photovoltaic concept is gaining attention, with Elon Musk's space energy plan bringing new momentum to the industry [1] Group 3 - High silver prices are pushing the photovoltaic metallization sector towards a technological revolution, with copper alternatives like silver-coated copper and electroplated copper becoming key cost-reduction strategies [2] - Successful large-scale application of these alternatives could significantly enhance the performance of related materials and equipment companies [2]