Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The auction results for mechanism electricity prices in Yunnan show that the clearing prices for photovoltaic projects are 0.33 CNY/kWh and for wind projects are 0.332 CNY/kWh, both very close to the auction ceiling [2][10] - The market expectations for Yunnan's new energy market are relatively stable and rational, with strong auction results reinforcing previous weak profitability expectations for new energy, especially photovoltaic [2][10] - Multiple provinces have initiated auction mechanisms for 2025 electricity prices, indicating a divergence in regional development rhythms, with provinces facing significant consumption pressure or high photovoltaic ratios likely to slow down photovoltaic development [2][10] Summary by Sections Auction Results - Yunnan's first auction for incremental new energy projects had a high bid success rate of 96.22%, with 509 out of 529 projects winning bids [10] - The auction price ranges for photovoltaic and wind projects were 0.22-0.3358 CNY/kWh and 0.18-0.3358 CNY/kWh respectively, with the clearing prices very close to the upper limits [10] Regional Development - Several provinces, including Jiangxi, Shanghai, Heilongjiang, and Xinjiang, have released their 2025 mechanism electricity price auction plans, with varying total scales and auction price ranges [10] - The report suggests that provinces with high photovoltaic ratios may see a slowdown in development through mechanism electricity allocation [10] Investment Recommendations - The report recommends focusing on quality transformation coal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [10] - In the new energy sector, it suggests investing in companies like Longyuan Power, Xintian Green Energy, China Nuclear Power, and Zhongmin Energy, indicating a potential recovery in the industry [10]

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

10月9日，雄安新区迎来历史性时刻——中国华能集团有限公司、中国中化控股有限责任公司同步举行总部迁驻升旗仪式。随着五星 红旗冉冉升起，首批疏解的两家央企正式扎根雄安，2000名员工同步开启常态化办公。这一事件不仅是企业响应国家战略的关键一 步，更标志着雄安新区作为北京非首都功能疏解集中承载地，进入产业落地与城市功能提升的加速期。 双龙头落地赋能雄安新区 10月9日的升旗仪式，宣告中国华能、中国中化这两家能源与化工领域的龙头企业正式完成总部迁驻。目前，中国华能总部及直属单 位1000余名员工、中国中化近千名总部及配套单元员工已稳定入驻雄安，开启常态化办公模式。这两家世界500强企业的落地，不仅 为雄安带来了高端人才与技术资源，更凭借其强大的产业链辐射效应，为雄安构建现代化产业体系注入核心动力。 中国华能相关负责人表示，企业将在雄安推进"四板块一中心"布局，涵盖清洁能源、综合能源服务、科技研发、国际业务以及金融中 心，致力于成为科技自立自强、产业体系建设、新质生产力发展的"排头兵"。中国中化则强调，将依托雄安的科技创新与绿色转型政 策优势，打造"中化动能"，推动化工产业向高端化迈进。两家企业的战略定位，与雄安"绿 ...

Group 1 - Power stocks have rebounded today, with notable increases in share prices for companies such as China General Nuclear Power (up 4.76% to HKD 3.08), Datang International Power Generation (up 3.96% to HKD 2.36), Huaneng International Power (up 3.89% to HKD 5.61), and Longyuan Power (up 3.65% to HKD 8.53) [1] - On September 25, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting focusing on stabilizing electricity prices, coal prices, and preventing "involution" competition [1] - Guosen Securities predicts that the downward pressure on electricity prices will ease as the most challenging period is coming to an end, with a comprehensive marketization of green electricity gradually releasing price risks [1] Group 2 - GF Securities notes that while there are significant differences regarding the long-term contract electricity prices for 2025, expectations for stable electricity prices are strengthening [2] - The focus is shifting towards the proportion of long-term contract electricity, with thermal power companies now prioritizing efficiency and revenue per kilowatt-hour rather than merely increasing generation volume [2] - Current dividend yields for Huaneng International and Huadian International are close to 8% in the Hong Kong market, while Sheneng shares and Inner Mongolia Huadian have yields near 6% in the A-share market, enhancing the low volatility dividend attributes under stable electricity prices [2]

广发证券则表示，整体来看，尽管对2025年长协电价的分歧仍然较大，但稳电价的预期也在持续增强， 长协电量的比例也将成为重点关注指标。我们强调火电在能源结构转型的背景下，已明确追求效益、提 升度电收入而非单纯追求发电量，叠加稳定的容量电价和辅助服务，业绩波动放缓。同时市值管理+净 资产修复+分红提升三箭齐发，公司治理也显著改善。测算当前华能国际、华电国际港股股息率接近 8%，A股申能股份、内蒙华电股息率接近6%，稳电价下低波红利属性增强。 消息面上，9月25日，国资委召开部分国有企业经济运行座谈会，聚焦稳电价、稳煤价、防止 "内卷 式"恶性竞争等。国盛证券指出，2025年各地年度长协电价不同程度调降，火电明年容量电价将全面提 升，绿电经历全面市场化后电价风险逐步释出，"反内卷"明确"稳电价"，电价下行最大压力时期即将过 去。 智通财经APP获悉，电力股今日回暖，截至发稿，中广核电力(01816)涨4.76%，报3.08港元；大唐发电 (00991)涨3.96%，报2.36港元；华能国际(00902)涨3.89%，报5.61港元；龙源电力(00916)涨3.65%，报 8.53港元。 ...

目前，中国华能总部及直属单位的1000多名员工和中国中化总部及相关配套单元的近1000名员工已在雄 安新区进入常态化生活办公状态。 中国华能和中国中化的正式迁驻，不仅是两家央企自身发展历程中的重要里程碑，更是雄安新区承接北 京非首都功能疏解的重要阶段性进展。两家龙头央企在雄安落地扎根，将进一步带动相关产业链上下游 企业向雄安新区集聚，促进新区产业结构优化升级，加速构建高质量发展的产业生态体系。同时，央企 员工的大规模入驻也将为雄安新区带来人才、技术等优质资源，推动城市功能的完善和城市活力的提 升。 雄安新区高度重视承接北京非首都功能疏解工作，为央企在雄安的发展提供全方位的支持与保障。从办 公场地的规划建设到员工生活的配套服务，新区相关部门主动对接企业需求，在政策落实、资源协调等 方面高效协同，确保了企业搬迁过渡平稳有序。此次中国华能和中国中化顺利迁驻并实现常态化办公， 正是新区疏解服务保障能力的生动彰显，也为后续更多央企疏解入驻积累宝贵经验。 （总台记者 宋小勇 祁文杰） 今天（10月9日）上午，中国华能集团有限公司与中国中化控股有限责任公司在雄安新区的总部大楼前 举行了升旗仪式，标志着作为雄安新区首批疏解央 ...

"作为首批服务雄安新区建设的能源电力央企，中国华能完整、准确、全面贯彻落实党中央关于建设雄 安新区的战略部署，将为积极服务京津冀协同发展、加快雄安新区建设持续贡献华能力量。"中国华能 相关负责人称，下一步，中国华能将充分发挥产业优势，在雄安新区统筹推进"四板块一中心"战略布 局，立足当好推进高水平科技自立自强、建设现代化产业体系、发展新质生产力的"三个排头兵"，持续 做好能源保供、经营提效、绿色发展等各项工作，在服务党和国家工作大局中展现更大的担当作为。 "中国中化深刻认识到此次迁驻雄安，对公司发展而言是一次难得的历史机遇，是公司全面融入国家战 略大局、深度参与雄安新区建设的关键一步。"中国中化相关负责人表示，下一步，中国中化将以雄安 为新的战略支点，充分发挥自身在科技创新、产业发展、绿色转型等领域的优势，为"千年大计"注入强 大的"中化动能"，与雄安新区同频共进、共生共荣。 此次中国华能和中国中化的正式迁驻，不仅是两家央企自身发展历程中的重要里程碑，更是雄安新区承 接北京非首都功能疏解的重要阶段性进展。 两家龙头央企在雄安落地扎根 ，将进一步带动相关产业链 上下游企业向雄安新区集聚，促进新区产业结构优化升级 ...

【电力】 电改深化，电价体系的复盘与展望 20251008 摘要 中国电力市场改革持续深化，上网侧市场化改革已取得显著进展，火电 竞价全面入市，核电竞价入市比例达 50%，2025 年新能源项目也将全 面入市，发电竞价普遍趋向市场化。 电力改革旨在通过市场机制反映各环节真实价值，包括能量价值、绿色 价值、输配电费和系统运行费用，引导行业高质量发展，并促进资源优 化配置与可持续发展。 当前电价机制下，各环节损益通过明确公式确定，容量电价政策明确了 新型储能等领域的合理回报形式，如煤电容量电价确立，即使不发电， 容量价值仍能得到认可和补偿。 中国发电市场化进程显著，至 2025 年，火力发电占比约 65%，新能源 占比近 20%，水力发电占比约 13%-15%，核力发电占比约 5%，约 85%的发电已脱离政府定价，通过市场竞争定价。 未来电改方向在于反映各环节真实价值，通过科学合理定价机制确保每 个环节合理回报，促进新型高效清洁能源体系发展，并可能推动用电脱 离政府定价，实现全面市场化。 Q&A 电力市场改革是一个复杂且长期的过程，其主要原因在于电力行业作为国家民 生和工业相关的基础行业，用电量在第二产业和第三产 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

| 法定代表人 | E 曲志忠 猛 关联企业 2 | 登记状态 2 | 存续 | | --- | --- | --- | --- | | | | 成立日期 | 2025-09-30 | | 统一社会信用代码 ② | 91410311MAG0KBM3XW | 注册资本 2 | 100万人民币 | | 工商注册号 | 410311000469785 | 纳税人识别号 2 | 91410311MAG0KBM3XW | | 营业期限 | 2025-09-30 至 无固定期限 | 纳税人资质 | - | | 华业类型 | 有限责任公司（非自然人投资或控股的 法人独资) | 行业 | 电力、热力生产和供应业 | | 参保人数 | | 英文名称 | | | 登记机关 | 洛阳市洛龙区市场监督管理局 | 注册地址 ② | 洛阳市洛龙区龙鳞路501号1幢 | 南方财经10月8日电，天眼查工商信息显示，近日，华能（洛阳）综合智慧能源有限公司成立，法定代表人为曲志忠，注册资本100万人民币，经营范围含发 电业务、输电业务、供（配）电业务，水力发电，供电业务，风力发电技术服务，发电技术服务，新兴能源技术研发等。股东信息显示，该公司由 ...