半年报落幕，A股中期分红规模再创历史新高。 上半年，可再生能源市场化电价政策实施导致电量、电价双降，火电企业营收大面积下行。不过，国内 动力煤市场持续偏弱，秦皇岛港5500大卡动力煤成交均价同比下滑约22.2%，以煤炭为主的燃料成本下 降对冲电量、电价下行，火电企业盈利普遍增长。 以华电国际为例。1~6月，该公司累计完成发电量1206.21亿千瓦时，同比下降6.41%；上网电量1132.89 亿千瓦时，同比下降6.46%；上网电价516.80元/兆瓦时，同比下降1.44%。但得益于煤价走低，报告期 内燃料成本降幅更大，入炉标准煤单价850.74元/吨，同比下降12.98%，对盈利形成拉动作用。 截至6月末，华电国际营业收入总计599.53亿元，同比减少8.98%；归母净利润实现39.04亿元，同比增 加13.15%，连续3年上涨。除华电国际外，五大发电集团上市公司中煤电装机容量占比相对较高的华能 国际、大唐电力也都实现了利润增长，分别同比上行24.26%、47.35%，实现归母净利润92.62亿元、 45.79亿元。 利多星投资首席分析师林毅认为，电力行业属于公用事业，资产能够产生稳定的现金流，在低利率资产 ...

通信光缆是电力系统信息传输的"主动脉"，其稳定运行直接关乎电网安全。此前，受外部施工破坏引起 光缆故障以及光缆自身老化等因素影响，2024年该公司通信光缆运行正常率偏低。针对这种情况，通信 运检二班QC小组聚焦通信光缆运维难题，通过数据分析锁定核心症结，有针对性地采取措施提升通信 光缆正常运行率。 8月29日，国网福建厦门供电公司通信运检二班QC小组对1至8月通信光缆运维工作进行复盘，加快推进 通信运维由传统向智能转变。 据悉，QC小组主要从三个方面精准施策：在光缆标识优化上，采用实物标识方案，实现光缆标识100% 全覆盖，让光缆"身份"清晰可辨；在光缆巡视升级上，引入基于AI的城市管道智能感知系统，结合I国 网平台构建"智能监测+高效上报"机制，推动电力通信运维由传统方式向智能化的转变；在光缆迁改协 同上，联合市政部门搭建多维度沟通平台，从源头上减少施工破坏风险。同时，为了巩固提升成果，厦 门供电编制出台《通信光缆标识管理制度》等规范制度，有力确保提升措施的有效性和长效性。 ...

烟威1000千伏特高压交流输变电工程新建1000千伏海阳西变电站，扩建昌乐、高乡两座1000千伏变电 站，新建线路总长567.3千米，其中昌乐段全长8千米，共建设18基铁塔，全部位于红河镇辖区内。 8月31日，随着01S144号铁塔基地区域地上附着物清理工作正式启动，烟威1000千伏特高压交流输变电 工程（昌乐段）全线贯通，为工程建设整体提速奠定坚实基础。 该工程立项以来，国网山东昌乐县供电公司全力推进工程建设各项工作。昌乐供电推动成立昌乐县电网 （特高压）工程建设工作专班，建立县自然资源和规划、住房和城乡建设、交通运输等部门的沟通联动 机制，开辟电网（特高压）工程建设"绿色通道"，为高效解决电网建设中遇到的难点、堵点问题提供坚 实组织保障；提升手续办理效率，主动与规划主管部门沟通对接，最大限度精简各类审批环节，推行容 缺受理、并联办理，提前完成项目公示工作，在全省范围内率先完成线路建设工程规划许可证办理，确 保项目依法合规推进；破解民事协调难题，专门成立民事协调工作专班，实行领导包靠责任制，层层压 实管理责任，严格开展协调进度考核，保障民事协调计划高效落实，为工程全线贯通筑牢根基。 ...

Core Viewpoint - The coal industry has made significant strides in high-quality development since the "14th Five-Year Plan," focusing on energy security, green low-carbon transformation, and enhancing industrial competitiveness. Group 1: Supply and Production Capacity - The coal supply capacity has significantly improved, with national coal reserves increasing to 2,186 billion tons by the end of 2023, and coal production capacity continuing to enhance with modernized and intelligent coal mines [2] - National coal production is projected to reach 4.78 billion tons in 2024, an increase of 880 million tons compared to 2020, with cumulative production over four years amounting to 18.18 billion tons, accounting for 66.6% of the total primary energy production [2] - The coal transportation network has expanded, with coal railway shipments increasing from 2.36 billion tons to 2.82 billion tons, enhancing the national coal resource allocation capacity [2] Group 2: Production Distribution and Optimization - The focus of coal production has shifted towards the central and western regions, with raw coal production in the western region increasing from 2.32 billion tons to 3.04 billion tons, raising its national share by 4.2 percentage points [2] - In 2024, eight provinces with over one billion tons of raw coal production are expected to produce 4.36 billion tons, representing 91.3% of the national total, an increase of 860 million tons since 2020 [2] Group 3: Industry Structure and Modernization - The coal industry has optimized its structure, reducing the number of coal mines to under 4,300, with an average production capacity of around 1.7 million tons per mine [3] - The number of large modern coal mines with an annual output of over 1.2 million tons has increased, contributing to a total capacity of 1.36 billion tons per year, up by 540 million tons since 2020 [3] Group 4: Clean and Efficient Utilization - The coal industry has made progress in green low-carbon development, with comprehensive utilization rates for coal gangue and mine water reaching 74.1% and 74.2%, respectively [4] - The comprehensive energy consumption for coal production has decreased to 7.9 kg of standard coal per ton, and the comprehensive electricity consumption has dropped to 23.7 kWh per ton [4] Group 5: Technological Innovation and Development - The coal industry has accelerated technological innovation, with intelligent coal mines accounting for over 55% of total coal production capacity [6] - The industry has seen a significant increase in R&D investment and patent applications, with major technological advancements in deep coal resource extraction and clean conversion technologies [6] Group 6: Industry Reform and Safety - The coal industry is undergoing significant reforms, enhancing market competitiveness and stability, with 26 coal companies listed in the top 500 Chinese enterprises and 6 in the Fortune Global 500 [7] - Safety production capabilities have improved, with a focus on modernizing safety management systems and enhancing disaster prevention measures [8] Group 7: Future Outlook - The coal industry is expected to reach a peak demand plateau during the "15th Five-Year Plan," emphasizing the need for further green low-carbon transformation and ensuring energy security [9]

Group 1 - The total installed capacity of Guizhou's power grid has surpassed 80 million kilowatts, reaching 81.707 million kilowatts, marking a significant milestone in the development of the energy sector in Guizhou [1] - The installed capacity breakdown includes 38.5% from thermal power, 21.6% from hydropower, and 39.9% from renewable energy sources, indicating a shift towards a more diversified energy mix [1] - Guizhou has made substantial progress in upgrading and transforming its energy industry, transitioning from a traditional "water-fire mutual assistance" model to a multi-energy complementary model including wind and solar [1] Group 2 - As of August 27, the coal stock for thermal power in Guizhou reached 13.41 million tons, a year-on-year increase of 46.3%, with an available supply duration of 82.6 days, setting a historical record [2] - The addition of 660,000 kilowatts of new thermal power units has brought the total installed capacity of thermal power to 31.44 million kilowatts [2] - The "coal-for-water" strategy has been effectively implemented to ensure sufficient coal supply and maintain high operational levels of thermal power units, preparing for peak winter demand [2]

Core Viewpoint - The development of charging infrastructure during the "14th Five-Year Plan" period has significantly supported the rapid growth of the new energy vehicle industry in China, establishing a comprehensive charging network and enhancing the overall market competitiveness [1][2]. Group 1: Achievements in Charging Infrastructure Development - The "14th Five-Year Plan" has marked a critical period for the large-scale development of charging infrastructure, with the number of charging facilities reaching 16.1 million by June 2025, which is 9.5 times that of the end of the "13th Five-Year Plan" [4]. - The total charging volume for new energy vehicles reached 54.923 billion kWh in the first half of 2025, with an increase of 870% compared to the 2020 baseline [4]. - A wide-ranging charging network has been established, with 97% of county towns and 80% of rural towns equipped with public charging facilities, significantly alleviating "charging anxiety" for users [4]. Group 2: Policy Framework and Support - A series of policies have been introduced to guide the development of the charging industry, including the inclusion of charging stations in national long-term bond funding support [3]. - The establishment of a three-tier monitoring platform for charging facilities at the national, provincial, and municipal levels has been accelerated, enhancing data statistics and operational analysis [3]. Group 3: Industry Ecosystem and Market Dynamics - The charging industry has seen active participation from various sectors, including traditional power, telecommunications, and new entrants from automotive, oil, and logistics industries, with over 600,000 existing charging enterprises [6]. - The market environment has become increasingly open, with private enterprises accounting for over 80% of the market, fostering a diverse industrial structure [6]. Group 4: Technological Advancements and Standards - The average power of newly added direct current charging guns increased from 73.90 kW at the end of 2021 to 98.51 kW by June 2025, indicating a trend towards higher power charging facilities [7]. - A total of 67 national, industry, and group standards have been released over the past five years, including the ChaoJi standard, which promotes the progress of high-power charging in China [7]. Group 5: Future Development Goals - By the end of the "15th Five-Year Plan," it is expected that the number of new energy vehicles in China will exceed 100 million, with charging facilities reaching over 50 million [12]. - The focus will be on enhancing the quality and coverage of the charging network, particularly in urban and rural areas, to meet the growing demand for electric vehicle charging [12].

Core Viewpoint - The construction of zero-carbon parks is transitioning from conceptual exploration to standardized development, driven by intensified climate change and the implementation of dual carbon strategies [1] Policy Framework - A multi-level policy system has been established, with national, provincial, and local policies providing clear guidance for zero-carbon transformation [2] - The national notice on zero-carbon park construction marks the entry into a standardized phase, focusing on funding mechanisms, technical support, and evaluation systems [2] Provincial Initiatives - Provinces are developing localized zero-carbon park policies based on their resource endowments and industrial foundations, with Jiangsu and Zhejiang setting specific quantitative targets for energy consumption and resource utilization [3] Local Implementation - Cities are focusing on actionable policies with quantifiable goals, such as Wuxi's three-year action plan aiming to establish multiple zero-carbon parks and factories by 2027 [4] - Hangzhou's implementation opinions emphasize a combined approach of policy, market, and technology to support carbon neutrality [4] Case Studies - Suzhou Industrial Park aims for over 30% renewable energy by 2025 and a 50% reduction in carbon intensity compared to 2020 [5] - Shanghai's Taopu Smart City plans to achieve 100% renewable energy supply by 2030, targeting an 80% reduction in carbon emissions [5] Impact on Power Grid Operations - Zero-carbon parks enhance renewable energy consumption, improve grid flexibility, and increase resilience against disasters through microgrid capabilities [7] - The integration of distributed energy resources optimizes load characteristics and enhances the economic and stable operation of the grid [7] Recommendations for Development - Emphasizing the role of power companies in technological innovation and demonstration projects to support zero-carbon park construction [8] - Advocating for policy support and financial incentives to lower operational costs and encourage enterprise participation [8] - Strengthening service optimization and capacity building through comprehensive support and training programs [9]

Core Insights - Gansu Province's cumulative renewable energy generation reached 651.13 billion kilowatt-hours (kWh) from January to August, accounting for 39.62% of total power generation, with an expectation to exceed 1,000 billion kWh by 2025 [1] - In August, Gansu's renewable energy generation hit 81 billion kWh, marking the sixth consecutive month above 80 billion kWh, with July's output reaching a record high of 95.99 billion kWh [1] - Gansu Electric Power Company has implemented various measures to support large-scale and high-quality integration of renewable energy, including enhancing peak regulation capabilities and developing a robust inter-regional transmission network [1] Renewable Energy Development - The province's peak regulation capacity has improved, with 4 units of 300,000 kW thermal power decoupled for peak shaving, achieving a peak regulation depth of 33% [1] - The cascade hydropower peak regulation capacity increased by 20% to 4.09 million kW [1] - A "UHV DC + AC interconnection" framework has been established for power transmission, with the "Long Electric into Shandong" project delivering 81.77 billion kWh in its first four months of operation [1] Market Innovations - Gansu has introduced a market-oriented model combining energy storage, frequency regulation, and peak shaving, achieving 2.3 million kW of peak shaving through bilateral trading [1] - The province has also engaged in high-frequency inter-provincial trading, with midday export volumes reaching three times that of evening peak loads [1] External Trade Performance - In the first three quarters, Gansu organized external electricity trading totaling 209.2 billion kWh, reflecting an 18.1% year-on-year increase and a 43.2% quarter-on-quarter increase [2] - The province has developed a multi-decision model for source-storage coordination, implementing intelligent scheduling to enhance the efficiency of renewable energy and storage control [2]

Group 1 - The core focus of the meetings was on deepening cooperation in energy sectors, including nuclear energy, renewable energy, and oil and gas processing between Kazakhstan and Chinese companies [1][2] - Kazakhstan President Tokayev expressed confidence in the successful advancement of joint projects, particularly in the nuclear sector, including the construction of a second nuclear power plant in Kazakhstan [2] - Specific cooperation agreements were reached, including a 300 MW solar project in Turkestan, a 160 MW steam turbine project in Aqtau, and a urea project in Aktobe [3] Group 2 - The meetings resulted in over 70 commercial agreements signed during the 8th China-Kazakhstan Entrepreneurs Committee meeting, with a total value exceeding $15 billion, covering key areas such as energy, infrastructure, high technology, and agriculture [3] - The discussions highlighted a new energy cooperation framework based on mutual trust and strategic vision, with Chinese partners showing a clear willingness to invest in Kazakhstan's energy security projects [3] - The modernization of the Chimkent refinery, with an annual processing capacity of 12 million tons, was emphasized as a significant project during the discussions with China National Petroleum Corporation [2]

| | | | 五大电力上市公司2025年半年度业绩 | | | | --- | --- | --- | --- | --- | --- | | 序号 | 公司名称 | 营收(亿元) | 增幅 | 净利润(亿元) | 增幅 | | 1 | 华能国际 | 1120. 32 | -5. 70% | 92. 62 | 24. 26% | | N | 国电电力 | 776. 55 | -9. 52% | 36. 87 | -45.11% | | 3 | 华电国际 | 599. 53 | -8. 98% | 39. 04 | 13. 15% | | 4 | 大唐发电 | 571. 93 | -1. 93% | 45. 79 | 47. 35% | | 5 | 中国电力 | 238. 58 | -9. 87% | 28. 35 | Co . 16% - 15 | 按降序排列，华能国际、国电电力、华电国际、大唐发电、中国电力等5家公司上半年营业收入依次为 1120.32亿元、776.55亿元、599.53亿元、571.93亿元、238.58亿元。5家公司上半年营业收入增幅均同比 下降，最大降幅为中国电力，同比下降9.87% ...