国网能源研究院有限公司总经理、党委副书记魏玢介绍了专委会的未来发展规划与具体实施路径。她表 示，专委会将充分发挥专业、信息、人才和机制等优势，统筹能源数字技术、能源数据资产、能源数字 金融、能源数字市场等重点领域，形成集政策研究、成果推广、标准引领、产业服务、信息共享于一体 的综合服务体系，赋能电力行业数字化转型与创新升级。 中国工程院院士刘合分享了油气行业大模型发展的挑战与展望。他表示，大模型的性能高度依赖海量、 高质量的训练数据。然而，当前油气行业普遍面临数据不足与质量不高的双重困境。当训练样本激增而 数据质量参差不齐时，模型容易产生"幻觉"现象，即生成内容与事实严重不符，导致模型能力下降，内 容可信度大打折扣。此外，大模型的训练与部署成本高昂，已成为制约其广泛应用的关键障碍。同时， 模型的持续优化、迭代更新以及反复调优均需投入巨额资金，导致总体成本持续攀升。他建议以大模型 应用为契机，加强数据全生命周期管理，提升数据治理能力；推动大小模型联动，取长补短，实现成本 效益优化。 会议期间，国家能源局信息中心原主任梁建勇、国家电网有限公司数字化工作部主任助理赵永彬、中国 长江三峡集团有限公司战略与发展研究中心 ...

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。 ...

1 September 2025 Global Energy Storage Electric China: If power is the bottleneck to AI, is China winning? Neil Beveridge, Ph.D. +852 2123 2648 neil.beveridge@bernsteinsg.com Brian Ho, CFA +852 2123 2615 brian.ho@bernsteinsg.com Hengliang Zhang +852 2123 2629 hengliang.zhang@bernsteinsg.com China's power demand surpassed 1,000TWh last month with growth likely to be far stronger than many expect. Annual demand reached c. 10,000TWh last year (2.5x US) and will reach 13,500TWh by 2030 and 25,000TWh by 2050, dr ...

随着半年报业绩收官，五大发电集团旗下核心上市公司上交"中期答卷"。 据Wind数据统计，与去年同期相比，这五家企业营收集体缩减。不过四家盈利正增，净利润总和实现240.18亿 元，同比提升3个百分点，创近十年新高。 业绩No.1：华能国际 纵观1~6月业绩表现，五大电力上市公司营收均突破200亿元，盈利均超过20亿元。 其中，华能国际以营收1120.32亿元、归母净利润92.62亿元高居榜首，成为五大企业中唯一营收破千亿、盈利近 百亿的上市公司。 上半年，国内煤炭市场供需矛盾持续缓解，秦皇岛Q5500动力煤价格同比下降约22.2%。华能国际优化采购策 略，促使成本端标准煤单价同比下降9.23%，增利火电板块35.6亿元。 与此同时，该公司在报告期内新增并网可控发电装机容量798.73万千瓦，均为低碳清洁能源项目。随着新能源规 模有序扩张，光伏板块利润增厚5.78亿元，推高整体业绩表现。 业绩增速No.1：大唐发电 聚焦业绩增速，上半年五大电力上市公司营收同比增长率全部下降;盈利成长性方面，华能国际、大唐发电、华 电国际、中国电力均出现不同程度的增长。 具体来看，大唐发电营收降幅最低，较2024年同期下降不足2 ...

Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

随着半年报业绩收官，五大发电集团旗下核心上市公司上交"中期答卷"。 据Wind数据统计，与去年同期相比，这五家企业营收集体缩减。不过四家盈利正增，净利润总和实现240.18亿 元，同比提升3个百分点，创近十年新高。 业绩No.1：华能国际 上半年，国内煤炭市场供需矛盾持续缓解，秦皇岛Q5500动力煤价格同比下降约22.2%。华能国际优化采购策 略，促使成本端标准煤单价同比下降9.23%，增利火电板块35.6亿元。 与此同时，该公司在报告期内新增并网可控发电装机容量798.73万千瓦，均为低碳清洁能源项目。随着新能源规 模有序扩张，光伏板块利润增厚5.78亿元，推高整体业绩表现。 业绩增速No.1：大唐发电 聚焦业绩增速，上半年五大电力上市公司营收同比增长率全部下降；盈利成长性方面，华能国际、大唐发电、华 电国际、中国电力均出现不同程度的增长。 具体来看，大唐发电营收降幅最低，较2024年同期下降不足2个百分点；同时归母净利润增速最高，达到 47.35%，在五家企业中领跑。 业内认为，上半年可再生能源市场化电价政策的实施导致电量、电价双降，电力"量价齐跌"成为头部发电企业营 收走低的共同原因。不过，盈利维度上， ...

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 (A). 股份期權（根據發行人的股份期權計劃） | 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) | | 02380 | | 說明 | | | | | | | | | | | 上月底結存的股份期權數 | | | 本月底結存的股份期權數 | | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 | 本月底因此可能發行或自 | 本月底可於所有根據計劃 授出的股份期權予以行使 | | | 股份期權計劃詳情 | | 目 | | 本月內變動 | 目 | | 目 (A1) | 庫存股份數目 (A2) | 庫存轉讓的股份數目 | 時發行或自庫存轉讓的股 | | | | | | | | | | | | | 份總數 | | | 1). | 股票期權激勵計劃 行權價格：4.82港元 | | 41,493, ...

机构：国海证券 研究员：钟琪 投资要点: 2025H1 公司实现收入238.6 亿元，同比-9.9%；归母净利润25.9 亿元，同比+0.8%。 盈利预测和投资评级：根据公司最新业绩，我们调整盈利预测，预计公司2025-2027 年营业收入 547/576/605 亿元，归母净利润分别为37.7/38.1/38.9 亿元，对应PE 分别为9/9/9 倍。煤价下降、风电装 机增长有望拉动公司业绩稳健增长，维持"买入"评级。 风险提示：政策推进不及预期；新增装机不及预期；煤炭价格大幅上涨；电价下调；来水偏枯；行业竞 争加剧；减值风险等。 煤价下降拉动煤电业绩增长，来水偏枯影响水电业绩。2025H1 公司归母净利润同比+0.8%，其中，火 电/水电/风电/光伏净利润分别为14.3/5.5/21.2/7.2 亿元，同比+29.1%/-28.2%/+8.2%/-36.6%。煤价下降拉 动公司煤电业绩增长。2025H1 煤电度电净利5.8 分/度，同比+1.9 分/度，其中，单位燃料成本同比-3.9 分/度，上网电价同比-1.9分/度。 2025H1 公司风电/光伏净利润同比+8.2%/-36.6%，主要是风电/光伏售电 ...

Core Viewpoint - The five major power generation companies in China reported a significant increase in net profits for the first half of the year, reaching a combined net profit of 24.267 billion yuan, the highest in nearly a decade, despite a decline in revenue due to falling electricity prices and generation volumes [1][2]. Group 1: Financial Performance - The five major power generation companies achieved a total net profit of 24.267 billion yuan, surpassing the total net profit for the same period in 2024, marking the highest net profit since 2016 [1]. - Among these companies, Huaneng International and Datang Power reported net profit increases of 24.26% and 47.25%, reaching 9.262 billion yuan and 4.579 billion yuan respectively, leading the group [1]. - Only Guodian Power experienced a decline in net profit, attributed to the previous year's transfer of a subsidiary, but its adjusted net profit excluding non-recurring items increased by over 56% to 3.41 billion yuan [1]. Group 2: Cost Factors - The decline in coal prices was a primary factor contributing to the collective profit growth of these companies, with the average price of thermal coal dropping by approximately 22.2% year-on-year to about 685 yuan per ton [2]. - Huaneng International's coal-fired power segment saw a net profit increase of 84% to 7.31 billion yuan, while Datang Power's coal-fired segment nearly doubled, reaching 3.148 billion yuan [2]. - Despite profit growth, the companies faced a nearly 10% decline in revenue, primarily due to reduced electricity generation and falling electricity prices [2]. Group 3: Market Dynamics - The implementation of market-based pricing for renewable energy has led to a collective decline in electricity prices and generation volumes, impacting overall revenue for the companies [2][3]. - Guodian Power highlighted the increased volatility and uncertainty in electricity prices due to the expansion of the electricity spot market, which is influenced by real-time supply and demand [3]. - The average on-grid electricity price for Huaneng International decreased by 2.7% to 485.27 yuan per megawatt-hour, which was less than the 9.2% decline in coal prices [3]. Group 4: Strategic Responses - In response to the challenges posed by the entry of renewable energy and the acceleration of the electricity spot market, China Power plans to adjust its trading strategies and enhance asset management to ensure competitive pricing [5]. - Guodian Power emphasized the importance of training and selecting traders, as well as utilizing big data and AI to improve market analysis and forecasting capabilities [5]. - The introduction of capacity pricing for coal-fired power plants has improved profitability and reduced losses, providing a more stable profit structure for these companies [4].