华润电力8月21日公告，上半年，集团录得公司拥有人应占利润78.72亿港元，同比减少15.9%，每股基 本盈利为1.52港元。董事会宣派2025年中期股息每股0.356港元。 ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.24% to close at 25,104.61 points, and a total trading volume of HKD 239.49 billion [1] - The Hang Seng Tech Index was the worst performer, dropping 0.77% to 5,498.5 points [1] - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and awaiting verification of significant domestic and overseas events, suggesting a window for position adjustment [1] Blue-Chip Stocks Performance - China Resources Power (00836) led the blue-chip decline, falling 5.9% to HKD 18.51, contributing a loss of 3.86 points to the Hang Seng Index [2] - The company reported a revenue of HKD 50.267 billion for the first half of 2025, a decrease of 1.67% year-on-year, and a profit attributable to shareholders of HKD 7.872 billion, down 15.92% [2] - Other notable blue-chip movements included China Biologic Products (01177) rising 3.49% and China Unicom (00762) increasing by 3.39% [2] Sector Highlights High-Speed Rail Infrastructure - Major technology stocks generally weakened, while high-speed rail infrastructure stocks performed well, with China CNR (01766) rising 5.85% and Times Electric (03898) increasing by 5.43% [3] - The National Railway Group announced a tender for 210 high-speed train sets, exceeding market expectations, indicating a positive outlook for the sector [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rise, with Basilea Pharmaceutica (02616) increasing by 12.87% and Akeso (01167) rising by 10.04% [4] - The Chinese Premier emphasized the need for high-quality technological support and policy backing for the biopharmaceutical industry, aiming to enhance innovation and production of effective medicines [4] Stablecoin Concept Stocks - Stablecoin-related stocks were active, with ZhongAn Online (06060) rising 6.98% and Yao Cai Securities (01428) increasing by 5.75% [4] - Goldman Sachs reported a new expansion cycle for the stablecoin market, potentially reaching trillions of dollars, with payment applications being a key growth driver [6] Notable Stock Movements - Crystal International (02232) reached a new high, closing up 12.66% at HKD 6.85, reporting a revenue of USD 1.229 billion, a 12.4% increase year-on-year [7] - Hong Kong Robotics (00370) surged 12.86% after signing a significant order for 10,000 humanoid robots, marking a milestone in the industry [8] - Huazhu Group (01179) reported a total revenue of RMB 6.426 billion for Q2 2025, a 4.52% increase, with a net profit of RMB 1.544 billion, up 44.7% [9] - Great Wall Motors (02333) saw a rise of 6.45% following the launch of its new PHEV model, which received over 21,856 orders within 24 hours [10] - ZTE Corporation (00763) increased by 5.38%, with analysts highlighting its underestimated progress in AI and network business [11]

智通财经APP获悉，天风证券发布研报称，一方面，低电价背景下，广东省不同区域节点、发电类型、 容量等级火电机组盈利能力出现明显分化，其中，高容量等级煤电机组盈利表现较优;另一方面，2025 年广东省中长期交易电价已近相对底部，该行预计下跌空间有限，叠加未来容量电价提升，预期2026年 广东省煤电机组整体电价水平相对平稳。标的方面，建议关注宝新能源(000690.SZ)、华润电力 (00836)、粤电力A(000539.SZ)、广州发展(600098.SH)、深圳能源(000027.SZ)及穗恒运A(000531.SZ)。 展望：电价预期相对平稳，关注容量电价变化 广东省年度长协电价接近底部，该行预计下降空间有限。一方面，燃煤发电电量在"基准价+上下浮 动"范围内形成上网电价，上下浮动原则上均不超过20%。根据2025年广东省电力交易结果，广东省年 度电力交易成交均价0.392元/KWh，下浮比例达到15.67%，距离价格下限仅有0.02元/KWh，同时，该行 认为中长期电价交易限价政策原则上应由国家发改委直接制定、修改; 另一方面，2025年7月24日，广东省发改委发布《关于调整我省煤电气电容量电价的通知》， ...

天风证券（601162）发布研报称，一方面，低电价背景下，广东省不同区域节点、发电类型、容量等级 火电机组盈利能力出现明显分化，其中，高容量等级煤电机组盈利表现较优;另一方面，2025年广东省 中长期交易电价已近相对底部，该行预计下跌空间有限，叠加未来容量电价提升，预期2026年广东省煤 电机组整体电价水平相对平稳。标的方面，建议关注宝新能源（000690）(000690.SZ)、华润电力 (00836)、粤电力A(000539.SZ)、广州发展（600098）(600098.SH)、深圳能源（000027）(000027.SZ)及 穗恒运A(000531.SZ)。 天风证券主要观点如下： 现状：低电价背景下火电资产盈利分化 区域差异：省内不同区域电力需求差异较大。广东电力现货市场采用节点边际电价，现货价格为其上网 节点对应的分时价格，与当地电力需求关系密切，而广东省内不同区域电力消费能力有较大差异，从而 导致现货电价出现差异，当供需相当时，节点电价相对稳定，当供大于需时，节点电价可能下降;当需 大于供时，节点电价会上涨。具体来看，根据广东电力交易中心数据，在部分日期，珠三角地区现货电 价水平明显较高，粤东及 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

于2025年6月30日，集团管理并网装机容量为88931兆瓦，权益并网装机总容量为78094兆瓦，其中火力 发电权益并网装机容量为39139兆瓦，占比50.1%;风电、光伏及水电权益并网装机容量合共达38955兆 瓦，占比49.9%，较2024年底上升2.7个百分点。 智通财经APP获悉，华润电力(00836)午后跌超7%，截至发稿，跌7.07%，报18.28港元，成交额9.3亿港 元。 消息面上，华润电力午间发布2025年中期业绩，该集团期内取得营业额502.67亿港元，同比减少 1.67%；公司拥有人应占利润78.72亿港元，同比减少15.92%；每股基本盈利1.52港元；拟派发中期股息 每股0.356港元，上年同期中期股息每股0.455港元 ...

Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) experienced a significant decline in stock price, dropping over 7% following the release of its mid-year results for 2025, indicating potential concerns among investors regarding its financial performance [1] Financial Performance - The company reported a revenue of HKD 50.267 billion for the period, representing a year-on-year decrease of 1.67% [1] - Profit attributable to shareholders was HKD 7.872 billion, down 15.92% compared to the previous year [1] - Basic earnings per share were HKD 1.52, with an interim dividend proposed at HKD 0.356 per share, down from HKD 0.455 per share in the same period last year [1] Operational Capacity - As of June 30, 2025, the company managed a total installed capacity of 88,931 megawatts (MW), with an equity installed capacity of 78,094 MW [1] - The equity installed capacity for thermal power generation was 39,139 MW, accounting for 50.1% of the total, while the combined capacity for wind, solar, and hydro power was 38,955 MW, making up 49.9%, which is an increase of 2.7 percentage points from the end of 2024 [1]

Core Viewpoint - China Resources Power Holdings Company Limited reported a significant decline in net profit for the first half of 2025, with a decrease of 15.9% year-on-year, while core business profit showed a slight increase of 0.1% [3][6]. Financial Performance Summary - For the first half of 2025, the company recorded a net profit attributable to shareholders of HKD 7.872 billion, down from HKD 9.363 billion in the same period last year, representing a decrease of HKD 1.491 billion or 15.9% [3][6]. - Basic earnings per share for the first half of 2025 were HKD 1.52 [3][6]. - Core business profit attributable to shareholders was HKD 8.278 billion, a slight increase of HKD 0.07 billion or 0.1% compared to HKD 8.271 billion in the previous year [3][6]. Dividend Declaration - The board declared an interim dividend of HKD 0.356 per share for the first half of 2025 [4]. Renewable Energy Business Performance - The renewable energy segment reported a core profit before tax of HKD 7.148 billion, an increase of HKD 0.491 billion or 7.4% from HKD 6.657 billion in the previous year [6]. - After tax impacts, the core profit attributable to shareholders from the renewable energy business was HKD 5.637 billion, up by HKD 0.081 billion or 1.5% from HKD 5.556 billion [6]. Thermal Power Business Performance - The thermal power segment recorded a core profit before tax of HKD 4.285 billion, an increase of HKD 0.15 billion or 0.4% from HKD 4.270 billion in the previous year [7]. - The core profit attributable to shareholders from the thermal power business was HKD 2.641 billion, a decrease of HKD 0.074 billion or 2.7% from HKD 2.715 billion [7]. - The pure thermal power business (excluding coal operations) saw a core profit attributable to shareholders of HKD 2.788 billion, an increase of HKD 0.477 billion or 20.6% from HKD 2.311 billion in the previous year [7].

Group 1 - The company, China Resources Power (00836.HK), announced a mid-term dividend of HKD 0.356 per share to be distributed on October 30, 2025 [1]

Core Viewpoint - China Resources Power Holdings Company Limited (华润电力) experienced a significant stock decline of 7.78% on August 21, trading at HKD 18.14 per share with a transaction volume of HKD 450 million [1]. Company Overview - The company is primarily engaged in the development and operation of clean energy sources, including wind, solar, thermal, and hydroelectric power, and is committed to promoting green and low-carbon transformation [1]. - As of the end of 2024, the total assets of the company are projected to reach HKD 362.464 billion, with a managed installed capacity of 82,441 megawatts [1]. - Renewable energy accounts for 47.2% of the company's installed capacity, and it operates in 32 provinces and cities across China [1]. Financial Performance - For the fiscal year ending 2024, the company reported total operating revenue of HKD 97.497 billion and a net profit of HKD 13.324 billion [1]. - The company disclosed its interim report for the fiscal year 2025 on August 21 [1].