转自：中国证券报·中证网 中证报中证网讯（记者 张鹏飞）11月26日，以"治善致远 绿动未来"为主题的2025年金牛企业可持续发展论坛暨第三届国新杯·ESG金牛奖颁奖典礼在江苏苏 州举行。本次大会由中国证券报、中国国新控股有限责任公司主办，国新证券承办，苏州工业园区城市发展研究院全面战略支持。备受瞩目的ESG金牛奖榜 单揭晓，华电国际荣获"ESG碳中和金牛奖"。 华电国际荣获"ESG碳中和金牛奖"（图片来源：中国证券报） ESG金牛奖是中国证券报针对企业ESG表现开展的评价评奖品牌。第三届国新杯·ESG金牛奖延续了金牛奖系列评选"公开、公平、公正"的核心原则，以更严 谨、更科学的评价体系，筛选资本市场ESG实践的"领跑者"，激励更多企业投身可持续发展浪潮。本届ESG金牛奖共设置"ESG金牛奖百强""ESG卓越央企金 牛奖""ESG碳中和金牛奖""ESG科技引领金牛奖""ESG治理金牛奖""ESG乡村振兴金牛奖"及"ESG新锐金牛奖"七大奖项。 在行业遴选和奖项设置方面，评审委员会充分借鉴中国国新ESG评价方法论与国资委研究中心课题成果，从财务重要性与影响重要性两大维度出发，综合中 国证券报ESG风险事件评估、 ...

截至9月30日，华电国际股东户数13.73万，较上期增加9.79%；人均流通股0股，较上期增加0.00%。 2025年1月-9月，华电国际实现营业收入958.72亿元，同比增长13.04%；归母净利润64.37亿元，同比增 长24.84%。 11月27日，华电国际盘中上涨2.15%，截至13:19，报5.22元/股，成交2.95亿元，换手率0.67%，总市值 606.13亿元。 资金流向方面，主力资金净流入4853.25万元，特大单买入6727.98万元，占比22.84%，卖出1536.82万 元，占比5.22%；大单买入5418.22万元，占比18.39%，卖出5756.13万元，占比19.54%。 华电国际今年以来股价跌3.15%，近5个交易日涨0.97%，近20日跌4.04%，近60日跌0.76%。 资料显示，华电国际电力股份有限公司位于北京市西城区宣武门内大街2号，成立日期1994年6月28日， 上市日期2005年2月3日，公司主营业务涉及建设、经营发电厂,包括大型高效的燃煤燃气发电机组及多 项可再生能源项目。主营业务收入构成为：发电86.84%，供热11.79%，售煤0.76%，其他(补充)0.60 ...

证券之星消息，11月26日，华电国际（600027）融资买入4492.57万元，融资偿还4296.28万元，融资净买入196.29万元，融资余额8.29亿元，近3个 交易日已连续净买入累计4774.05万元，近20个交易日中有14个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-26 | 196.29万 | 8.29亿 | 1.91% | | 2025-11-25 | 3670.52万 | 8.27亿 | 1.90% | | 2025-11-24 | 907.25万 | 7.91亿 | 1.84% | | 2025-11-21 | 1055.15万 | 7.82亿 | 1.80% | | 2025-11-20 | 1748.85万 | 7.71亿 | 1.75% | 融券方面，当日融券卖出9.99万股，融券偿还6.03万股，融券净卖出3.96万股，融券余量10.95万股，近20个交易日中有11个交易日出现融券净卖 出。 | 交易日 | 融券净卖出(股) | | 融券会重(股) | 融券余 ...

（文章来源：证券时报网） 据Wind统计，截至11月25日，沪深两市共有136只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是大唐发电、世茂能源，均已连续13个交易日获净买入；连续获主力资金 净买入天数较多的还有川仪股份、澳柯玛、京沪高铁、振江股份、源飞宠物、新风光、中原高速、华电 国际等股。 ...

（文章来源：证券时报网） 据iFinD统计，截至11月25日，沪深两市共有69股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是上海医药、鲁泰A、国科军工、工大高科、双乐股份、华电国际，均连续9个交易日 获净买入；连续获融资净买入天数较多的还有旗滨集团、卓翼科技、长源电力、东材科技、百隆东方、 众辰科技、宏川智慧、通宝能源等股。 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

Core Viewpoint - Huadian International (600027) has experienced a decline in stock price, closing at 5.1 yuan, down 3.23% from the previous week, with a current market capitalization of 59.22 billion yuan, ranking 15th in the power sector and 273rd in the A-share market [1] Company Announcements - The 29th meeting of the 10th Board of Directors was held on November 18, 2025, where the board approved the election of new members to the Strategic Committee and Audit Committee, and authorized the board secretary to modify and publish 16 related management systems [2] - The third extraordinary general meeting of shareholders was convened on November 18, 2025, where resolutions were passed to amend the Articles of Association and abolish the Supervisory Board, with the meeting being legally validated by Beijing Haiwen Law Firm [3][4] - The Articles of Association were amended to establish a board of 12 directors, including one employee director, with Zhu Yueguang elected as the employee director [5][9] Governance Structure - The latest revision of the Articles of Association, approved on November 18, 2025, outlines the governance structure, including the roles and rules of the shareholders' meeting, board of directors, and supervisory board, with a registered capital of 11.61 billion yuan [6] - The updated management system includes various regulations aimed at enhancing corporate governance and internal control, approved by the 29th meeting of the 10th Board of Directors [7]

Core Viewpoint - Huadian International Power Co., Ltd. has elected Zhu Yueguang as the employee director of the 10th Board of Directors, effective from November 18, 2025, until the term of the 10th Board ends [1] Summary by Sections Election Announcement - The company announced the election of Zhu Yueguang as the employee director through a democratic process [1] Zhu Yueguang's Profile - Zhu Yueguang, born in August 1976, is a senior accountant and senior economist with a master's degree in economics from Peking University Guanghua School of Management [1] - He currently holds the positions of employee director, deputy general manager, and chairman of the labor union within the company [1] - Zhu has 22 years of experience in operational management, capital operations, financial management, and legal compliance, having previously worked at China Huadian Group and Huadian Jiangsu Energy Co., Ltd. [1]

Core Viewpoint - The traditional coal-fired power industry is undergoing significant transformation, shifting from a cyclical asset to a stable value asset due to changes in energy structure and market reforms [1][2]. Industry Transformation - The coal-fired power sector has transitioned from being a "power provider" to a "regulatory guarantor," with its role evolving to include peak supply and frequency regulation in response to the instability of renewable energy sources [1][2]. - The installed capacity of coal-fired power has decreased from 66% in 2015 to 40% by July 2025, while its generation share has dropped from 74% to 65% [1]. New Profitability Framework - The profitability of coal-fired power is now influenced by three main factors: rising capacity prices, increasing auxiliary service revenues, and the gradual improvement of the coal-electricity linkage mechanism [2][3]. - The capacity price mechanism, effective from 2024, will provide fixed compensation based on installed capacity, with expected prices rising from 100 yuan/kW·year in 2024-2025 to 165 yuan/kW·year in 2026, and up to 230 yuan/kW·year in leading provinces [2]. - Auxiliary service revenues are projected to grow significantly, with Huaneng International's net income from auxiliary services expected to rise from 1.473 billion yuan in 2022 to 2.458 billion yuan in 2024 [3]. Market Dynamics - The shift towards market-based trading has reduced the influence of traditional pricing factors, allowing coal-fired power companies to optimize pricing strategies and enhance revenue per unit of electricity generated [2][3]. - The marketization of pricing mechanisms has effectively smoothed out cost fluctuations, leading to a more stable return on equity (ROE) for coal-fired power plants, projected to stabilize around 10% [3]. Financial Performance and Outlook - The coal-fired power sector is experiencing improved financial metrics, with a projected 8.2% growth in equity for 2023-2024 and a further 3.5% increase in the first half of 2025 [4][5]. - Operating cash flow for the coal-fired power sector is expected to reach 144 billion yuan in the first half of 2025, reflecting a year-on-year increase of 29.4% [5]. - The sector's dividend payouts are also on the rise, with a 91% year-on-year increase in total dividends in the first half of 2025, indicating a sustainable dividend capacity [5]. Investment Recommendations - Investors are advised to focus on three main lines of opportunity within the coal-fired power sector: leading companies with improving performance, firms committed to high dividends, and regionally stable leaders [5].