1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 公用事业 证券研究报告 2025年09月08日 行业报告： 行业深度研究 AI带动数据中心景气向上，电力需求有多少？ 作者： 分析师 郭丽丽 SAC执业证书编号：S1110520030001 分析师 裴振华 SAC执业证书编号：S1110524050003 摘要 数据经济时代，算力成为数据中心核心需求 中国数据中心历经网络中心、IT中心、云中心阶段，2020年后随着数字经济时代到来，数据、算力成为新的生产资料和生产力，智 算需求成为驱动数据中心增长的核心发展引擎，预计2024年中国内地数据中心行业市场规模预计将达到3048亿元、标准机架规模 将突破1000万架，双双同比实现超过20%的高速增长。中国数据中心在全国范围布局"八大枢纽十大集群"，且签约情况呈现显 著的"东热西冷"的分布特征。 借鉴海外经验，Deepseek或将带动中国数据中心景气度上扬 2022年ChatGPT横空出世，大模型的参数规模与对算力的消耗成正比，参数规模越大，对算力的需求越大，2023年底全球多数成 熟市场的数据中心空置率已跌破1 ...

据了解，该项目采用国际领先的超超临界二次再热技术，同步建设高效除尘、脱硫、脱硝设施，设计发电标准煤 耗较传统一次再热机组低20克/千瓦时，年均可减少二氧化碳排放近22万吨。项目全面投产后年发电量可达90亿千 瓦时，将显著提升电网调节能力，促进鄂东南新能源消纳，为长江经济带提供稳定基荷电源，助力湖北省构建"清 洁、低碳、安全、高效"的现代能源体系。（吴纯新 王春林 钟齐祥） 责任编辑：江蓬新 自2023年5月31日项目主厂房首罐混凝土浇筑以来，项目建设团队聚力攻坚，克服极端天气频发、设备供应紧张等 挑战，高质量完成锅炉水压试验、汽轮机冲转等关键节点，实现建设过程中全部节点一次成功。 9月3日18时18分，华润电力蒲圻三期项目5号机组成功通过168小时满负荷试运行，正式转入商业运营。 作为湖北省"十四五"能源规划重点工程，华润电力蒲圻三期项目肩负着优化区域能源结构、筑牢电力保供防线的 战略使命。 ...

美银证券发布研报称，中资电力股上半年业绩大致符合该行预期。国盛证券发布研报称，2025年电力行 业中报出炉，火电降收增利，水电稳中有升，绿电承压，电力板块整体业绩表现符合预期。展望后市， 当下电价有望见底反弹，电量后市随需求修复，燃料成本持续下跌，区域分化将进一步凸显。 消息面上，8月21日，国家能源局公布，7月份全社会用电量达到1.02万亿千瓦时，月度全社会用电量规 模首次突破万亿千瓦时。东莞证券发布研报称，半年报显示，我国新能源快速发展挤占了火电的发电空 间，多家火电公司营收同比下滑。在燃料价格下行背景下，火电公司积极降低燃料成本，华能国际、华 电国际（600027）等实现归母净利润同比增长。今年动力煤平均价格同比下行，有助于火电公司盈利提 升。 电力股全线走高，截至发稿，龙源电力（001289）(00916)涨6%，报7.42港元；中国电力(02380)涨 3.65%，报3.41港元；华能国际（600011）(00902)涨2.79%，报5.89港元；华润电力(00836)涨2.51%，报 18.78港元。 ...

消息面上，8月21日，国家能源局公布，7月份全社会用电量达到1.02万亿千瓦时，月度全社会用电量规 模首次突破万亿千瓦时。东莞证券发布研报称，半年报显示，我国新能源快速发展挤占了火电的发电空 间，多家火电公司营收同比下滑。在燃料价格下行背景下，火电公司积极降低燃料成本，华能国际、华 电国际等实现归母净利润同比增长。今年动力煤平均价格同比下行，有助于火电公司盈利提升。 美银证券发布研报称，中资电力股上半年业绩大致符合该行预期。国盛证券发布研报称，2025年电力行 业中报出炉，火电降收增利，水电稳中有升，绿电承压，电力板块整体业绩表现符合预期。展望后市， 当下电价有望见底反弹，电量后市随需求修复，燃料成本持续下跌，区域分化将进一步凸显。 智通财经APP获悉，电力股全线走高，截至发稿，龙源电力(00916)涨6%，报7.42港元；中国电力 (02380)涨3.65%，报3.41港元；华能国际(00902)涨2.79%，报5.89港元；华润电力(00836)涨2.51%，报 18.78港元。 ...

美银证券对光大环境(00257)亦予"买入"评级，其上半年税前利润同比升23%，好过预期，自由现金流翻 倍，资本开支指引清晰;目标价5.3港元。另外，该行予龙源电力（001289）(00916)"跑输大市"评级，目 标价6港元，认为其上半年盈利下跌符合预期，会继续留意补贴征收情况和即将进行的省级电力招标。 该行提及，燃煤及可再生能源收入下降打击华润电力(00836)，评级"中性"，目标价由20.2港元降至19.8 港元。该行并降华电国际（600027）电力股份(01071)评级由"买入"下调至"中性"，H股目标价由4.9港元 降至4.6港元，因忧虑电价下滑，行业进入季节性弱势，并或在供需关系转弱及风/光电价走低下加剧。 不过，煤价趋稳及反内卷或带来一些支持。 美银证券发布研报称，中资电力股上半年业绩大致符合该行预期，其中热能发电、风电供应链及环境业 务的盈利与自由现金流表现强劲;不过，燃气、风电和太阳能独立发电商及太阳能供应链表现相对平 淡。 该行对热能发电转持中性看法，因市场担忧电价下调压力将于9至12月浮现;现予华能国际（600011）电 力股份(00902)"买入"评级，基于其自由现金流收益率达8%;H ...

每经AI快讯，"清廉龙港"官网近日披露，华润电力(浙江)有限公司发展总监张杨涉嫌严重违纪违法，目 前正接受华润电力控股有限公司纪委纪律审查和龙港市监委监察调查。 （文章来源：每日经济新闻） ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 華潤電力控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00836 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,177,057,740 | | 0 | | 5,177,057,740 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | ...

Group 1 - The core point of the article is that Run Electric Fuel (Shenzhen) Co., Ltd. has increased its registered capital from 100 million RMB to 500 million RMB, representing a 400% increase [1] - The company was established in 2023 and is fully owned by China Resources Power Investment Co., Ltd. [1] - The business scope of the company includes the sale of coal and related products [1]

Core Viewpoint - The Guangdong Marine Energy Industry Technology Innovation High-Quality Development Seminar highlighted Guangdong's achievements in marine energy development and its commitment to exploring new technologies, models, and business formats for high-quality growth in the marine economy [1][2]. Group 1: Marine Economic Development - Guangdong aims to transform its marine resource advantages into developmental strengths, contributing to the creation of a "new maritime Guangdong" and promoting high-quality economic and social development [1]. - The provincial government has set a target for the marine production value to exceed 2 trillion yuan by 2024, with traditional marine industries expected to grow by 7.5% and emerging marine industries by 8.3% [2]. - The offshore wind power sector has seen significant growth, with installed capacity reaching 12.51 million kilowatts, a tenfold increase since the end of the 13th Five-Year Plan, making Guangdong a national leader in this field [2]. Group 2: Technological Innovation - Guangdong is implementing an innovation-driven development strategy, establishing national-level energy research and innovation platforms to enhance collaborative development between industry, academia, and research [3]. - Notable technological advancements in offshore wind power include the establishment of the Yangjiang 500 kV offshore wind power reactive power compensation station and the world's first ultra-deepwater drilling vessel, "Dream," which signifies a breakthrough in deep-sea resource development [3][4]. - The province is also pioneering in deep-sea oil and gas development with the first fully green-designed offshore oil field and the first offshore CCUS project, promoting a new model of marine energy recycling [3]. Group 3: Energy Integration Models - Guangdong is exploring new paths for the integrated development of marine energy, focusing on a "green energy + blue granary" model that reshapes the marine economy [6]. - The province has developed a series of innovative projects, including the world's largest anti-typhoon wind-fish integration platform and the first semi-submersible wave energy farming platform, which contribute to a new industrial chain that integrates wind, fishery, and tourism [6]. - China General Nuclear Power Group is actively involved in exploring "energy +" integration models, including wind-fish integration and comprehensive energy islands, providing new solutions for marine economic development [6]. Group 4: Strategic Collaborations - The seminar featured several strategic collaborations, including projects focused on green ship fuel production and supply, offshore wind power-driven hydrogen production, and anti-typhoon floating photovoltaic demonstration projects [7]. - These collaborations reflect Guangdong's leading role in energy technology innovation and industrial synergy, contributing to China's modernization efforts [7]. - The event also included thematic reports and project presentations aimed at advancing Guangdong's marine energy industry to new heights [7].

Core Viewpoint - The company reported a decline in profit for the first half of 2025, primarily due to one-time non-cash losses and the impact of coal business, but core business performance remains resilient [1][3]. Financial Performance - In H1 2025, the company achieved revenue of HKD 50.267 billion, a year-on-year decrease of 1.67% [1]. - Shareholder profit was HKD 7.872 billion, down 15.92% year-on-year, while core profit attributable to shareholders was HKD 8.278 billion, a slight increase of 0.1% [1]. - The basic earnings per share were HKD 1.52, a decrease of 22.05% year-on-year [1]. - The return on equity (ROE) was 7.46%, down 2.89 percentage points year-on-year [1]. - The company declared a dividend of HKD 0.356 per share, with a cash dividend payout ratio of 23.42% [1]. Business Segments Coal Power Business - In H1 2025, coal power sales volume decreased by 1.4% due to a temporary slowdown in electricity demand and competition from new energy installations [3]. - The average coal price for the company's coal-fired power plants decreased by 11.8% to HKD 823.8 per ton, leading to a significant recovery in profitability [3]. - Core profit from pure coal power business increased by over 20% year-on-year, indicating a notable recovery [3]. Renewable Energy Business - In H1 2025, sales volume for wind and solar power increased by 15.5% and 31.3% respectively, contributing to a core profit of HKD 5.637 billion, up 1.5% year-on-year [4]. - The average selling price for wind and solar power decreased by 11.0% and 6.1% respectively, primarily due to the commissioning of grid parity projects [4]. - The company expects stable growth in renewable energy business driven by continuous installation and stable utilization hours [4]. Capacity and Projects - As of June 2025, the company's installed capacity reached 78,094 MW, with coal power accounting for 50.1% and renewable energy accounting for 49.9% [2]. - The company plans to add 10,000 MW of wind and solar capacity in 2025, with a capital expenditure of HKD 56.8 billion allocated for project development [2]. - The company has a robust pipeline of projects, with significant capacity under construction and approved for wind and solar energy [2]. Future Outlook - The company forecasts revenue growth of 1.68%, 6.17%, and 3.91% for 2025-2027, with net profit expected to fluctuate [5]. - The company maintains a balanced approach to shareholder returns and development, emphasizing a steady dividend policy [4].