Core Viewpoint - The successful completion of the water pressure test for the first LNG storage tank (No. 3) at Zhejiang Energy Zhoushan Liuhong LNG receiving station confirms the safety and sealing performance of the tank structure, meeting design standards [1] Group 1: Test Details - The water pressure test, referred to as a "water injection health check," aims to verify the liquid tightness of the inner tank welds and the load-bearing capacity of the tank foundation, which are critical for the safe storage of low-temperature LNG [1] - The test utilized seawater as the testing medium, with a water height of 23.04 meters and a total water volume of approximately 140,100 cubic meters, equivalent to about 56 standard swimming pools [1] Group 2: Safety Measures and Technology - To ensure the smooth execution of the test, the project team developed a specialized plan, conducted multiple rounds of technical briefings, and systematically eliminated safety hazards [1] - The innovative use of a digital twin measurement system, combined with high-precision radar level gauges and 3D modeling technology, enabled real-time millimeter-level visualization monitoring of the tank's liquid level changes [1] Group 3: Test Results and Quality Control - The test results met all standards, confirming the reliability of the foundation and pile quality, with excellent performance in the inner tank welding results: radiographic testing at 99.80%, penetrant testing at 99.99%, and spectral testing at 100% [1] - According to the evaluation by CNOOC Quality Supervision Station Bohai Branch, the welding process of the tank is advanced, with high-quality materials and strict quality control, achieving a first-pass qualification rate at the domestic advanced level [1]

Core Insights - On November 11, brokerages issued target prices for listed companies a total of 21 times, with notable increases in target prices for Century Huatong, ZTE Corporation, and Zhuhai Smelter Group, showing increases of 50.48%, 47.02%, and 34.74% respectively, across the gaming, communication equipment, and industrial metals sectors [1][2]. Target Price Increases - Century Huatong received a target price of 26.50 yuan, reflecting a target price increase of 50.48% [2]. - ZTE Corporation's target price was set at 60.13 yuan, indicating a 47.02% increase [2]. - Zhuhai Smelter Group's target price reached 20.40 yuan, with a 34.74% increase [2]. - Other companies with significant target price increases include Jinlei Co. (30.79%), Changan Automobile (30.29%), and Sanhua Intelligent Control (29.84%) [2]. Brokerage Recommendations - The top companies recommended by brokerages on November 11 include Zhonglian Heavy Industry, Xinbao Co., and Sany Heavy Industry, each receiving two brokerage ratings [3]. - Zhonglian Heavy Industry had a closing price of 8.44 yuan, while Xinbao Co. closed at 15.30 yuan, and Sany Heavy Industry at 20.91 yuan [3]. Rating Adjustments - Nanjing Steel Group's rating was upgraded from "Hold" to "Buy" by Zhongtai Securities on November 11 [4]. - A total of 14 companies received first-time coverage from brokerages, with Zhejiang Energy Power rated "Hold" and Zhonggu Logistics rated "Hold" as well [5]. Newly Covered Companies - Newly covered companies include Zhejiang Energy Power (rated "Hold"), Zhonggu Logistics (rated "Hold"), and Longxin General (rated "Outperform") [5]. - Other companies receiving first-time ratings include Yifeng Pharmacy (rated "Outperform") and Haier Smart Home (rated "Buy") [5].

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 23.342 billion yuan, down 10.68% year-on-year, and net profit at 2.718 billion yuan, down 1.87% year-on-year [1] - For the first three quarters of 2025, revenue was 58.814 billion yuan, a decrease of 11.29%, and net profit was 6.230 billion yuan, down 6.96% [1] - The company experienced a growth in power generation, with total generation reaching 135.234 billion kWh, up 4.7% year-on-year, despite revenue decline due to lower electricity prices and reduced income from photovoltaic products [1] Revenue and Profit Performance - The company's revenue decline was primarily attributed to a decrease in electricity selling prices and reduced income from photovoltaic products [1] - The net profit decline was less severe than revenue due to falling coal prices and cost reduction measures [1][2] Cost Management - The company effectively managed costs, with financial expenses down 12.84% to 745 million yuan, R&D expenses down 37.34% to 199 million yuan, sales expenses down 25.93% to 110 million yuan, and management expenses down 7.86% to 1.513 billion yuan [2] Capacity Expansion and New Business Layout - The company holds a significant share of the power generation capacity in Zhejiang Province, with a total installed capacity of 37.4999 million kW, of which coal-fired units account for 87.67% [3] - The company is expanding into nuclear power, with investments in various nuclear power projects and a focus on enhancing its nuclear energy portfolio [3] Investment Returns and Dividends - The company reported investment income of 4.146 billion yuan in 2024 and 2.957 billion yuan in the first three quarters of 2025 from its nuclear power investments [4] - Cumulatively, the company has distributed nearly 30.5 billion yuan in dividends since its listing, with a dividend payout ratio of 50.15% for 2024 [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 7.215 billion yuan, 7.546 billion yuan, and 7.942 billion yuan for 2025-2027, with corresponding earnings per share of 0.54, 0.56, and 0.59 yuan [5] - Based on the closing price of 5.36 yuan per share on November 10, 2025, the price-to-earnings ratios are estimated at 9.96X, 9.52X, and 9.05X for the respective years [5]

每经AI快讯，有投资者在投资者互动平台提问：作为综合能源服务商，核电业务在公司整体能源结构 中的长期占比目标是多少？ 浙能电力（600023.SH）11月11日在投资者互动平台表示，核电是优质稀缺资源，公司积极争取核电项 目参股权，没有设定上限占比目标。 （文章来源：每日经济新闻） ...

浙能电力（600023.SH）11月11日在投资者互动平台表示，目前取得投资收益的投产核电项目均由中国 核电控股，建议有关情况向中国核电咨询 每经AI快讯，有投资者在投资者互动平台提问：2024年上半年核电投资收益较2023年全年占比约49%， 下半年收益是否有预期增长，主要驱动因素是什么？ （记者 曾健辉） ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [10][32]. Core Views - The company reported a revenue of 23.342 billion yuan in Q3 2025, a year-on-year decrease of 10.68%, with a net profit attributable to shareholders of 2.718 billion yuan, down 1.87% year-on-year [4][5]. - For the first three quarters of 2025, the company achieved a total revenue of 58.814 billion yuan, a decline of 11.29% year-on-year, and a net profit of 6.230 billion yuan, down 6.96% year-on-year [4][5]. - The company has managed to generate a net cash flow from operating activities of 10.959 billion yuan, which is an increase of 11.31% year-on-year [4]. Summary by Sections Financial Performance - The company’s gross profit margin stands at 13.03%, with a diluted return on equity of 8.30% [4]. - The company’s total assets are valued at 147.241 billion yuan, with a debt-to-asset ratio of 43.93% [4][30]. Operational Highlights - The company completed a power generation of 1,352.34 billion kWh in the first three quarters of 2025, reflecting a growth of 4.7% year-on-year [5]. - The company’s coal-fired power generation accounted for 99.2% of its total output, with significant contributions from various power plants [5]. Cost Management - The company has effectively reduced financial expenses by 12.84% to 745 million yuan, and R&D expenses decreased by 37.34% to 199 million yuan [6]. - Sales and management expenses also saw reductions of 25.93% and 7.86%, respectively, indicating effective cost control measures [6]. Future Outlook - The company is expected to achieve net profits of 7.215 billion yuan, 7.546 billion yuan, and 7.942 billion yuan for the years 2025, 2026, and 2027, respectively [10]. - The projected earnings per share for the same years are 0.54 yuan, 0.56 yuan, and 0.59 yuan, with corresponding price-to-earnings ratios of 9.96X, 9.52X, and 9.05X [10].

Core Points - The Shanghai Composite Index is currently at 3942.98 points, slightly down by 0.30%, with a total trading volume of 1063.825 billion yuan [1] - As of today, 61 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from their annual moving average include: - Deer Chemical (12.02% deviation) - Fushi Holdings (11.06% deviation) - Meirui New Materials (9.48% deviation) [1] - Other stocks that have just crossed the annual moving average with smaller deviation rates include: - COFCO Technology - Zhaoxun Media - Tianwei Foods [1] Trading Data - The trading data for stocks that broke through the annual moving average on November 3 includes: - Deer Chemical: 17.97% increase, 15.25% turnover rate, latest price at 15.69 yuan - Fushi Holdings: 13.58% increase, 24.42% turnover rate, latest price at 5.77 yuan - Meirui New Materials: 19.99% increase, 17.16% turnover rate, latest price at 18.97 yuan [1]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Views - The thermal power sector continues to show high growth in performance, with significant improvements in profitability and cash flow [7][10] - The report indicates that the current coal price increase is nearing its end, and the pessimistic expectations for electricity prices are easing [7] - The utility sector is currently undervalued, with a notable decrease in fund holdings, suggesting potential investment opportunities [7][14] Summary by Sections Thermal Power Performance - In Q3 2025, the thermal power sector's gross margin reached 18.9%, above the historical average of 17.8%, with a year-on-year increase of 3.6 percentage points [7][10] - Total revenue for sample companies in Q3 2025 was 314.4 billion yuan, a decrease of 2.1% year-on-year, while net profit attributable to shareholders was 24.7 billion yuan, an increase of 38.3% [10][12] - The average price of Q5500 thermal coal at Qinhuangdao Port was 715 yuan/ton, reflecting a 10.6% increase compared to the previous quarter [7][10] Fund Holdings and Market Performance - As of Q3 2025, the utility sector's fund holdings dropped to 1.15% of total fund equity investments, a decrease of 0.55 percentage points [14] - The utility sector index rose by 0.6% during the week, outperforming the CSI 300 index by 1.0 percentage points [47] Investment Recommendations - The report suggests focusing on high-quality dividend assets within the utility sector, particularly thermal power, hydropower, and nuclear power [7] - Specific stocks recommended include Guodian Power (600795), Huadian International (600027), and Huaneng International (600011) for thermal power [7] - For hydropower, recommended stocks include Yangtze Power (600900) and Sichuan Investment Energy (600674) [7]

Core Viewpoint - Zhejiang Energy Power is a state-owned large listed company in Zhejiang Province, primarily engaged in thermal power generation, with a complete power industry chain [1] Financial Performance - In Q3 2025, Zhejiang Energy Power achieved a revenue of 58.814 billion yuan, ranking 5th among 28 companies in the industry, while the industry leader, Huaneng International, reported 172.975 billion yuan [2] - The net profit for the same period was 7.034 billion yuan, also ranking 5th, with Huaneng International leading at 19.436 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 43.93%, lower than the industry average of 61.62%, indicating lower debt pressure [3] - The gross profit margin was 13.03%, which is below the industry average of 18.24%, suggesting room for improvement in profitability [3] Management and Shareholder Information - The chairman, Liu Weimin, received a salary of 973,000 yuan in 2024, an increase of 111,700 yuan from the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 10.58% to 155,000, while the average number of shares held per shareholder decreased by 9.56% [5] Business Highlights - The company reported a total revenue of 58.814 billion yuan and a net profit of 6.230 billion yuan for the first three quarters of 2025, meeting expectations [5] - Key business highlights include increased electricity consumption in Zhejiang, new unit production, and a focus on shareholder returns with a high dividend yield [5] - In Q3 2025, the company achieved a revenue of 23.342 billion yuan and a net profit of 2.718 billion yuan, with net profit per kilowatt-hour increasing to 0.048 yuan [6]

证券代码：600023 证券简称：浙能电力 公告编号：2025-037 浙江浙能电力股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江浙能电力股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日 14:00-15:00 召开了 2025 年第三季度业绩说明会。现就有关情况公告如下： 一、本次业绩说明会召开情况 关于本次业绩说明会的召开事项，公司已于 2025 年 10 月 24 日在上海证券 交易所网站（www.sse.com.cn）披露了《关于召开 2025 年第三季度业绩说明会 的公告》（公告编号：2025-035）。2025 年 10 月 31 日 14:00-15:00，公司在上 海证券交易所上证路演中心召开了 2025 年第三季度业绩说明会。公司董事长刘 为民，董事会秘书魏峥，独立董事程金华、王智化和倪晨凯参会，在信息披露允 许的范围内就投资者普遍关注的问题进行互动交流。 二、本次业绩说明会投资者提出的问题及公司回复情况 公司答复：营 ...