花旗发表研究报告指，华能国际电力股份上半年业绩胜预期，净利润按年升23.2%至95.78亿元，较市场 及该行预期高，期内单位煤炭成本按年跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进 一步下行，足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提 升。因此，该行重申华能国电"买入"评级；基于煤价成本下调，将2025至27年净利润预测上调19至 23%，H股目标价升15%至6.2港元，A股目标价升14%至8.8元，当前股息收益率分别为7.8%及5.1%，具 吸引力。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

东吴证券研报指出，华能国际2025年上半年公司实现营业收入1120.32亿元，同比-5.7%；实现归母净利 润92.62亿元，同比+24.3%，超市场预期。2025年上半年全国规模以上电厂发电量4.54万亿千瓦时，同 比+0.8%。其中，火电同比-2.4%；水电同比-2.9%；核电同比+11.3%。关注火电行业资本开支下行期间 现金流、ROE、分红率改善的可能：火电行业进入"控容减量"周期，资本开支下行，分红率长维度提高 确定性高，煤价下行周期背景下，行业资产质量、现金流、ROE均有望显著改善。维持"买入"评级。 ...

华能江苏公司清洁能源分公司闻"风"而动、严阵以待，24小时监视场站运行状态，密切关注台风最新动态及各大流域降雨情况，科学 调整应对策略，组织所属各风电场、光伏电站针对升压站等重点区域，以及海上风电运维船系泊缆绳、光伏组件固定情况开展专项检查， 备齐各类防台防汛物资，筑牢安全屏障。 华能四川公司位于江苏的如皋项目部迅速响应，全面落实防台防汛措施，完成场站设备巡检与消缺，确保设备处于安全运行状态；重 点对关键设施进行加固，同步清点并备足应急抢险物资。台风影响期间，项目部依托国家气象智慧化监控平台，实时联动后方技术支撑团 队，密切关注台风动态及设备运行情况，实施精准防御，全力确保现场人员安全和设备设施稳定，最大限度降低台风影响，保障生产运行 安全有序。 【责任编辑：王少晨 】 7月30日4时30分，今年第8号台风"竹节草"在浙江省舟山市朱家尖岛沿海登陆，中央气象台30日10时继续发布台风黄色预警。中国华能 党组高度重视、积极应对，密切关注台风路径及气象变化，于7月29日启动集团公司自然灾害四级预警，系统各单位高度戒备、周密部 署，目前各机组、场站安全稳定运行、电力供应正常，无人身伤亡及设备异常情况。 华能燃料公司太 ...

Core Viewpoint - Citigroup has raised the target price for Huaneng International Power (600011) by 14.8%, from HKD 5.4 to HKD 6.2, and increased the target price for its A-shares (600011.SH) by 14% to RMB 8.8, maintaining a "Buy" rating [1] Group 1 - Huaneng International's earnings for the first half of 2025 and the second quarter exceeded preliminary results, primarily benefiting from lower-than-expected coal costs [1] - Citigroup anticipates that spot coal prices will decline further in the next 12-18 months due to decreased demand, which will offset potential gains from supply-side reforms in the coal industry [1] - The company is expected to increase its dividend payout ratio due to growth in free cash flow [1] Group 2 - The forecast for Huaneng International's net profit from 2025 to 2027 has been raised by 19-23% due to the decrease in coal costs [1] - The H-shares dividend yield is projected at 7.8%, while the A-shares dividend yield is estimated at 5.1%, which is considered attractive [1]

Core Viewpoint - Citigroup has raised the target price for Huaneng International Power Co., Ltd. by 14.8% from HKD 5.4 to HKD 6.2 and increased the target price for its A-shares by 14% to RMB 8.8, maintaining a "Buy" rating [1] Group 1: Financial Performance - Huaneng International's earnings for the first half of 2025 and the second quarter are better than initial estimates, primarily benefiting from lower-than-expected coal costs [1] - The company is expected to see a further decline in spot coal prices over the next 12-18 months due to decreased demand, which is sufficient to offset potential gains from supply-side reforms in the coal industry [1] Group 2: Cash Flow and Dividends - The increase in free cash flow allows the company to raise its dividend payout ratio [1] - With the decline in coal costs, the profit forecast for the company from 2025 to 2027 is projected to grow by 19-23% [1] - The H-shares offer an attractive dividend yield of 7.8%, while the A-shares provide a yield of 5.1% [1]

Core Viewpoint - China Huaneng Group is actively contributing to the construction of Hainan Free Trade Port by developing the Changjiang Nuclear Power Base, which is part of its strategy to enhance clean energy supply and support national energy security goals [1][2][3] Group 1: Project Overview - The Huaneng Hainan Changjiang Nuclear Power Phase II project is a major investment in Hainan's energy infrastructure, featuring two pressurized water reactor units with a total capacity of 2.4 million kilowatts [7] - Upon completion, the project is expected to supply over 18 billion kilowatt-hours of clean electricity annually, significantly reducing coal consumption by 6.3 million tons and CO2 emissions by 11.68 million tons [7] Group 2: Strategic Importance - The project aligns with China's "Four Revolutions, One Cooperation" energy security strategy, emphasizing the role of nuclear power as a clean, safe, and efficient energy source [2] - Hainan is projected to become the province with the highest proportion of clean energy in the country, achieving its "dual carbon" goals ahead of schedule [2] Group 3: Corporate Responsibility and Community Engagement - Huaneng Changjiang Nuclear Power is committed to integrating corporate development with local community needs, having invested nearly 30 billion yuan in the project as of June this year [5] - The company has initiated various community outreach programs, including educational activities and employment initiatives, benefiting over 2,200 local residents [6]

Group 1 - Huaneng (Shanghai) Energy Storage Technology Co., Ltd. has been established with a registered capital of 500,000 yuan [1] - The legal representative of the company is Zhu Ping, and its business scope includes power generation, transmission, and distribution services [1] - The company is wholly owned by Huaneng International, indicating a strong backing from a major player in the energy sector [1] Group 2 - The company is involved in various general projects such as energy storage technology services, electrical equipment repair, and software development [1] - It also offers technical services, consulting, and project management, which could enhance its operational capabilities in the energy sector [1] - The establishment of this company aligns with the growing trend of energy storage solutions in the industry, reflecting a strategic move towards innovation and sustainability [1]

Group 1: Macro Insights - The core signal from the July Politburo meeting is the confirmation of the Fourth Plenary Session of the 20th Central Committee in October, focusing on reviewing the "14th Five-Year Plan" preparation suggestions [2] - The meeting emphasizes stabilizing policies in the second half of the year, aiming to achieve annual targets, indicating a focus on implementation rather than strong stimulus measures [2] - New policies are expected to be introduced if the situation worsens, with a focus on enhancing flexibility and predictability in economic measures [2] Group 2: Home Appliances - Hisense Electric - Hisense Electric reported a total revenue of 49.34 billion yuan for H1 2025, a year-on-year increase of 1.44%, and a net profit attributable to shareholders of 2.077 billion yuan, up 3.01% [5] - The second quarter of 2025 saw a revenue of 24.502 billion yuan, a decrease of 2.60% year-on-year, with a net profit of 949 million yuan, down 8.25% [5] - The company is expected to achieve net profits of 3.75 billion, 4.186 billion, and 4.602 billion yuan for 2025-2027, with growth rates of 12.0%, 11.6%, and 9.9% respectively, maintaining a "buy" rating [5] Group 3: Energy - Huaneng International - Huaneng International, a leading power company, is experiencing improved coal power profits and has significant growth potential in renewable energy, with projected net profits of 12.728 billion, 12.976 billion, and 13.561 billion yuan for 2025-2027 [6] - The expected earnings per share (EPS) for 2025-2027 are 0.81, 0.83, and 0.86 yuan, with corresponding price-to-earnings (PE) ratios of 8.7, 8.5, and 8.1 [6] - The company maintains a "buy" rating based on its strong market position and growth prospects [6] Group 4: Environmental Protection - Huicheng Environmental - Huicheng Environmental reported a revenue of 560 million yuan for H1 2025, a year-on-year decrease of 5.1%, with a net profit of 5.02 million yuan, down 85.6% [9] - The second quarter of 2025 saw a revenue of 280 million yuan, a decrease of 5.9% year-on-year, and a net profit of 13.324 million yuan, down 7.4% [9] - The decline in revenue is attributed to delayed steam sales and increased competition in the catalyst business, leading to higher overall costs [9]

长江商报消息 ●长江商报记者 徐佳 实习生 骆佳慧 燃料成本压降、新能源规模有序扩增，电力巨头华能国际（600011.SH、00902.HK）盈利能力持续向好。 7月29日晚间，华能国际发布的半年报显示，报告期，华能国际实现营业收入1120.32亿元，同比下降5.70%；归属 于上市公司股东的净利润（净利润，下同）92.62亿元，同比增长24.26%；扣除非经常性损益后的净利润（扣非净 利润，下同）88.06亿元，同比增长22.64%；经营活动产生的现金流量净额307.48亿元，同比增长30.27%。 燃料价格下行营业成本降10% 半年报披露，2025年上半年，华能国际实现营业收入1120.32亿元，同比下降5.70%；净利润92.62亿元，同比增长 24.26%；扣非净利润88.06亿元，同比增长22.64%；经营活动产生的现金流量净额307.48亿元，同比增长30.27%。 长江商报记者注意到，作为火电行业巨头，近年来华能国际的盈利能力持续回温。 其中，2023年，受境内燃煤价格下降、电量增长等因素影响，华能国际成功扭亏为盈，当期实现营业收入2543.97 亿元，同比增长3.11%；净利润和扣非净利润分别 ...