在驱动价值增长的核心引擎方面，张文峰强调科技创新是品牌溢价的关键支撑。华能已攻关突破一系列具备全球影响力的关键核心技术，包括全球首座第四 代高温堆核电站、全球最大150万吨级煤电碳捕集示范工程以及全球最大18MW海上风电机组。这些成果不仅巩固了其技术护城河，更在低碳科技赛道抢占 了先发优势，为未来参与碳交易、获取技术授权等创造了潜在收入来源。另一方面，华能正将数字化能力产品化，培育出"华能睿渥"工控系统、"华能睿 驰"无人矿卡等数智品牌，旨在对外输出解决方案，赋能行业，有望开辟新的技术服务收入曲线。 站在华能总部正式疏解至雄安新区这一新起点上，张文峰提出"为你能，尽我能"的服务理念，承诺将全面提升品牌高质量发展的"含新量"、"含绿量"与"含 金量"。这一表述被市场观察人士解读为，中国华能未来将更加注重科技创新投入、绿色低碳转型和最终财务回报的三者统一，其"争做全球绿色能源领军 者"的目标，也预示着将在全球能源格局重构中，寻求更重要的市场地位和投资价值。 10月29日，在河北雄安新区举行的2025中国品牌论坛上，中国华能集团有限公司总经理、党组副书记张文峰披露，华能集团品牌价值在2025年获评超过1333 亿元 ...

Core Insights - The overall performance of the dividend style sector has been poor from early 2025 to October 28, 2025, while electricity demand has maintained steady growth, with a total electricity consumption of 7.77 trillion kilowatt-hours, representing a year-on-year increase of 4.8% [2][3] - During the 14th Five-Year Plan period, a "wide electricity volume, tight electricity supply" pattern is expected, with comprehensive electricity prices likely to stabilize [2][3] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from the end of 2023 to mid-2025, coal prices have been declining, but began to rebound in July 2025, with the average clearing price in Jiangsu's electricity market reaching 395.60 yuan per megawatt-hour, an increase of 82.80 yuan per megawatt-hour month-on-month [3] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has expanded by 69 basis points compared to the previous year [3] - Nuclear power's marketization ratio is gradually increasing, with a marketable electricity volume cap of 31.2 billion kilowatt-hours in 2026, a 14.3% increase from 2025; fluctuations in natural uranium prices have a minimal impact on operators [3] - Green electricity policies have seen uncertainty resolved, with market reforms entering a deeper phase; the wind power tax subsidy has decreased, indicating a policy bottom [4] Power Grid Equipment - The State Grid's investment in transmission and transformation equipment has seen significant growth, with a cumulative bidding amount of 68.188 billion yuan from January to September 2025, a year-on-year increase of 22.9% [6] - The export of primary equipment has also maintained high growth, with liquid medium transformers, high-voltage switches, and energy meters showing significant year-on-year increases in export amounts [6] Investment Opportunities - Beneficial stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Power Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's Q3 performance exceeded market expectations, with a notable focus on the dividend yield in the Hong Kong stock market [4] - The company reported a revenue of 173 billion yuan for the first three quarters, a decrease of 6.2% year-on-year, while the net profit attributable to shareholders increased by 42.52% to 14.841 billion yuan [6] - The significant profit growth in Q3 was attributed to a decrease in coal prices, which enhanced profit elasticity, despite a decline in electricity sales and average on-grid electricity prices [6] Financial Performance Summary - Revenue Forecasts: - 2023: 254,397 million yuan (3.11% YoY growth) - 2024: 245,551 million yuan (-3.48% YoY decline) - 2025E: 238,673 million yuan (-2.80% YoY decline) [5] - Net Profit Forecasts: - 2023: 8,446 million yuan (214.33% YoY growth) - 2024: 10,135 million yuan (20.01% YoY growth) - 2025E: 15,444 million yuan (52.38% YoY growth) [5] - Earnings Per Share (EPS): - 2023: 0.54 yuan - 2024: 0.65 yuan - 2025E: 0.98 yuan [5] - Return on Equity (ROE): - 2023: 6.39% - 2024: 7.38% - 2025E: 10.64% [5] Operational Highlights - The company added 10,295 MW of new installed capacity in the first three quarters, with coal, wind, and solar power contributing 3,463 MW, 2,205 MW, and 4,627 MW respectively [6] - The coal power profit margin reached approximately 0.06 yuan/kWh, with a continuous optimization of the balance sheet reflected in a debt-to-asset ratio of 63.78% [6] - The company’s financial expenses decreased by about 1 billion yuan year-on-year to 4.975 billion yuan in the first three quarters [6]

Investment Rating - The report assigns a "Buy" rating for several key companies in the public utility sector, including China Resources Power, Guodian Power, and Inner Mongolia Huadian [28]. Core Insights - The public utility sector is crucial for achieving national "dual carbon" goals, with a strong emphasis on environmental and social issues in the ESG evaluation framework [5][4]. - The ESG evaluation system for public utilities includes four categories of positive indicators and one category of negative indicators, focusing on objective assessment metrics [8][23]. - Recent policies from various government departments emphasize the need for green transformation, pollution prevention, and social welfare in the public utility sector [5][4]. Summary by Sections 1. ESG Policy in Public Utilities - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transformation essential for national goals [5]. - Key policies include the "14th Five-Year" energy conservation and emission reduction plan, which outlines specific requirements for green transformation and public service stability [5][4]. 2. ESG Evaluation System Construction - The ESG evaluation system consists of four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, with a total of 18 primary indicators and 35 secondary indicators [8][23]. - The negative category focuses on violations and penalties, with specific metrics for environmental, social, and governance aspects [23]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [10][9]. 4. Environmental Indicators - Environmental indicators are based on energy conservation, low carbon, and circular economy principles, with a total of four primary indicators focusing on emissions management, ecological compliance, resource utilization, and climate strategy [11][12]. 5. Social Indicators - Social indicators highlight the public utility sector's role in community development and social stability, with six primary indicators covering community contributions, employee development, innovation, supply chain responsibility, product safety, and core operational responsibilities [15][16][17]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance and decision-making, with five primary indicators focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [19][20][21]. 7. Negative Indicators - The negative indicators focus on compliance issues, with penalties for violations in environmental, social, and governance areas, deducting points for each violation [23][25].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨华能国际（600011.SH） [Table_Title] 火电经营释放向上弹性，单季扣非创历史新高 报告要点 [Table_Summary] 三季度成本的显著回落有效缓解量价下降的压力，三季度公司煤机实现利润总额 59.58 亿元， 同比增长 130.22%，煤机度电利润 0.060 元/千瓦时，同比增长 0.036 元/千瓦时。此外受资源 偏弱影响，风电利润总额 7.20 亿元，同比下降 38.46%；光伏利润总额 14.84 亿元，同比增长 25.23%。除火电主业经营显著改善以外，三季度资产及信用减值仅 3.67 亿元，同比减少 7.09 亿元；营业外支出仅 1.39 亿元，同比减少 5.00 亿元，得益于此，三季度公司实现归母 55.79 亿元，同比增长 88.54%；扣非 52.35 亿元，同比增长 82.97%，单季扣非业绩创历史新高。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S049052308 ...

Investment Rating - The report maintains a positive outlook on the public utility sector's central enterprises with a focus on the ESG evaluation system [1]. Core Insights - The establishment of the ESG evaluation system for public utilities is based on a balanced emphasis on environmental and social issues, crucial for achieving national carbon neutrality goals [3][9]. - The evaluation system consists of four categories of positive indicators and one category of negative indicators, with a total of 18 primary indicators and 35 secondary indicators [12][28]. - Key policies guiding the sector include promoting renewable energy, enhancing energy efficiency, and ensuring equitable public services [9][11]. Summary by Sections 1. ESG Policy: Balancing Environmental and Social Issues - The public utility sector is a major contributor to energy consumption and carbon emissions, making its green transition vital for national carbon goals [3][9]. - Recent policies emphasize the development of clean energy and pollution control, with specific directives from various government bodies [9][11]. 2. Constructing the ESG Evaluation System: Multi-Dimensional Assessment - The ESG evaluation system is structured with four positive categories: General Indicators, Environmental Indicators, Social Indicators, and Governance Indicators, along with one negative category for violations [12][28]. - Each category has specific indicators designed to objectively assess the performance of enterprises in the public utility sector [12][28]. 3. General Indicators - General indicators assess the authenticity and standardization of ESG reports, including the basis for report preparation, third-party verification, and the publication of ESG-specific reports [12][14]. 4. Environmental Indicators - Environmental indicators focus on energy efficiency and circular economy principles, with metrics for emissions management, ecological compliance, resource utilization, and climate strategy [15][17]. 5. Social Indicators - Social indicators highlight the sector's role in public service, with metrics for community contributions, employee development, innovation, supply chain responsibility, and customer rights [19][21]. 6. Governance Indicators - Governance indicators aim to enhance corporate governance standards, focusing on party leadership, industry reform, compliance risk management, governance structure, and information transparency [23][26]. 7. Negative Indicators - The negative category includes penalties for violations, with specific metrics for environmental, social, and governance infractions, where each violation results in a deduction of points [28][31]. 8. Valuation of Key Companies - The report includes a valuation table for key companies in the public utility sector, indicating ratings and projected earnings per share (EPS) for the years 2025 to 2027 [34].

人民财讯10月30日电，企查查APP显示，近日，山西建华能源有限公司成立，注册资本1亿元，经营范 围包含：风力发电技术服务；太阳能发电技术服务；光伏发电设备租赁；发电技术服务等。企查查股权 穿透显示，该公司由华能国际（600011）、山西安装、山西三建集团有限公司共同持股。 ...

Core Insights - The report indicates that the electricity industry is expected to stabilize as the power supply-demand structure shifts to a "wide electricity volume, tight power" scenario during the 14th Five-Year Plan period [3][28] - The overall performance of the dividend style sector has been poor, with electricity demand showing steady growth [3][12] Industry Review - The dividend style sector has underperformed, with the public utility sector and electricity industry lagging behind the CSI 300 index [12] - From Q1 to Q3 of 2025, China's total electricity consumption reached 7.77 trillion kWh, a year-on-year increase of 4.8% [3][18] - The supply-demand structure is expected to remain tight, with comprehensive electricity prices likely to stabilize [28] Electricity Sector - Coal prices have bottomed out and are expected to stabilize electricity prices; from July 2025, coal prices began to rebound, with the Jiangsu electricity market clearing price reaching 395.60 yuan/MWh, an increase of 82.80 yuan/MWh [4][42] - Hydropower remains stable with long-term investment value in a low-interest-rate environment; the net interest margin for hydropower has widened by 69 basis points compared to the previous year [4] - Nuclear power's marketization ratio is gradually increasing, with minimal impact from fluctuations in natural uranium prices [4] - Green electricity policies are becoming clearer, with market reforms entering a deeper phase [5] Grid Equipment - Investment in domestic grid equipment has shown a significant increase, with cumulative bidding amounts reaching 681.88 billion yuan, a year-on-year increase of 22.9% [6] - The export value of primary equipment has also maintained high growth, with liquid medium transformers and high-voltage switches seeing substantial increases [6] Beneficiary Targets - Beneficiary stocks include: - Thermal Power: Huaneng International, Huadian International, China Resources Power, Datang Power, and others [7] - Hydropower: Yangtze Power, Huaneng Hydropower, and others [7] - Nuclear Power: China National Nuclear Power, China General Nuclear Power, and others [7] - Green Power: Longyuan Power, China Power, and others [7] - Grid Equipment: Pinggao Electric, XJ Electric, and others [7]

天眼查App显示，近日，山西建华能源有限公司成立，法定代表人为杨书伟，注册资本1亿 人民币，经营范围含风力发电技术服务、太阳能发电技术服务、光伏发电设备租赁、发电技 术服务、电气设备修理、新兴能源技术研发、储能技术服务、以自有资金从事投资活动等， 由华能国际（600011）、山西三建集团有限公司、山西省安装集团股份有限公司共同持股。 【责任编辑：王少晨 】 ...

Core Viewpoint - Shanxi Jianhua Energy Co., Ltd. was established on October 27, with a registered capital of 100 million RMB, focusing on renewable energy services and technologies [1] Group 1: Company Overview - The legal representative of Shanxi Jianhua Energy is Yang Shuwei [1] - The company has a registered capital of 100 million RMB [1] - The business scope includes wind power generation technology services, solar power generation technology services, photovoltaic equipment leasing, power generation technology services, electrical equipment repair, emerging energy technology research and development, energy storage technology services, and investment activities with self-owned funds [1] Group 2: Shareholding Structure - Shanxi Jianhua Energy is jointly held by Huaneng International, Shanxi Sanjian Group Co., Ltd., and Shanxi Province Installation Group Co., Ltd. [1]