浙江浙能电力股份有限公司 证券代码：600023 证券简称：浙能电力 公告编号：2025-034 特此公告。 全资及控股发电企业 2025 年前三季度发电量完成情况公告 浙江浙能电力股份有限公司董事会 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。 2025 年 10 月 17 日 根据浙江浙能电力股份有限公司（以下简称"公司"）统计，2025 年前三季度，公司全 资及控股发电企业按合并报表口径完成发电量 13,523,434.29 万千瓦时，上网电量 12,815,257.04 万千瓦时，同比分别增长 4.68%和 4.80%。 公司电量上升的原因主要是：（1）浙江省全社会用电量增长；（2）浙江浙能中煤舟山煤 电有限责任公司发电量增加（六横二期 3、4 号机组分别于 2024 年 7 月及 2024 年 11 月投产）； （3）浙江浙能嘉华发电有限公司发电量增加（嘉电四期 9 号机组于 2025 年 6 月投产）。 | 分类 | 省份 | 电厂名称 | 发电量 | 上网电量 | | --- | --- | --- | --- ...

公司电量上升的原因主要是：（1）浙江省全社会用电量增长；（2）浙江浙能中煤舟山煤电有限责任公 司发电量增加（六横二期3、4号机组分别于2024年7月及2024年11月投产）；（3）浙江浙能嘉华发电有 限公司发电量增加（嘉电四期9号机组于2025年6月投产）。 格隆汇10月16日丨浙能电力(600023.SH)公布，2025年前三季度，公司全资及控股发电企业按合并报表 口径完成发电量1352.34亿千瓦时，上网电量1281.53亿千瓦时，同比分别增长4.68%和4.80%。 ...

Core Insights - The company reported a total power generation of 135.234 billion kWh and grid-connected power of 128.153 billion kWh for the first three quarters of 2025, representing year-on-year growth of 4.68% and 4.80% respectively [1] Power Generation Breakdown - Thermal power generation from Zhejiang Zheneng Leqing Power Co., Ltd. was 19.828 billion kWh, with grid-connected power at 18.907 billion kWh [1] - Photovoltaic power generation from Zhejiang Zheneng Jiaxing Power Co., Ltd. reached 39.078 million kWh, with grid-connected power at 37.071 million kWh [1] - Wind power generation from Zhejiang Zheneng Jiaxing Power Co., Ltd. totaled 10.569 million kWh, with grid-connected power at 9.956 million kWh [1]

Core Viewpoint - Zhejiang Zheneng Electric Power Co., Ltd. has undergone a significant management change with the resignation of Yu Guoping as the legal representative and chairman, replaced by Liu Weimin [1][2]. Company Information - Zhejiang Zheneng Electric Power Co., Ltd. was established in March 1992 with a registered capital of approximately 13.41 billion RMB [2]. - The company's business scope includes power development, power equipment maintenance, and electricity sales [2]. - The company is jointly held by Zhejiang Energy Group Co., Ltd., China Huaneng Group Co., Ltd., and Zhejiang Zheneng Xingyuan Energy-Saving Technology Co., Ltd. [2]. Management Change - Yu Guoping resigned from his positions due to age reasons and the board has recommended Liu Weimin as the candidate for the fifth board of directors [2].

Group 1 - The core viewpoint of the article highlights the growth of China's nuclear power generation, with a projected output of 411 billion kilowatt-hours in April 2025, representing a year-on-year increase of 12.4% [1] - From January to April 2025, the cumulative nuclear power generation in China reached 1,584.9 billion kilowatt-hours, showing a cumulative growth of 12.7% [1] Group 2 - The article lists several publicly listed companies in the nuclear energy sector, including China General Nuclear Power (003816), China National Nuclear Power (601985), and others [1] - It references a report by Zhiyan Consulting titled "Market Operation Pattern and Investment Strategy Analysis of China's Nuclear Power Generation Industry from 2025 to 2031" [1]

Core Insights - The article discusses the performance and growth of China's power generation industry, highlighting a slight increase in electricity production in 2025 compared to the previous year [1] Industry Overview - In April 2025, China's electricity generation reached 711.1 billion kilowatt-hours, marking a year-on-year growth of 0.9% [1] - From January to April 2025, the cumulative electricity generation in China was 2,983.96 billion kilowatt-hours, with a cumulative growth of 0.1% [1] Company Insights - The article lists several publicly traded companies in the energy sector, including Huaneng International, Datang Power, Guodian Power, Huadian International, and others, indicating their relevance in the market [1] - The report by Zhiyan Consulting provides a comprehensive analysis of the energy industry in China, projecting market trends and investment opportunities from 2026 to 2032 [1]

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

据悉，浙能台二电二期扩建工程项目是浙江省"十四五"重大建设项目、省能源"绿保稳"工程与扩大有效投资"千项万亿"工程。项目建设 两台100万千瓦级超超临界二次再热燃煤发电机组，投产后年发电量达100亿千瓦时，为浙江省电力供应保障和区域经济发展提供强劲支 撑。 接下来，浙能台二电将按计划推进管道恢复、缺陷消除、机组整套启动等重点任务。全体参建单位将凝聚合力、同心奋战，以决战决 胜的姿态全力攻坚工程建设。 【责任编辑：王少晨 】 机组冲管是机组启动之前的重要工序之一，其目的在于去除过热器、再热器及蒸汽管道中遗留的杂物和产生的锈蚀，有效提高机组运 行的安全性和经济性，直接影响机组的持久、安全、经济运行。10月7日，工程3号机组锅炉首次点火成功，正式进入机组冲管环节，并分 为两个阶段有序推进。 浙能台二电二期扩建工程3号机组进行冲管工作。俞琬/摄 此前，为确保冲管工作顺利完成，浙能台二电联合各参建单位提前全面梳理各系统潜在问题，高效推进尾工施工与缺陷消除工作，为 点火冲管创造了稳定、可靠的作业环境。浙能台二电梳理核查设备调试、材料供应及现场安全管控等关键环节，对发现的问题及时协调解 决，确保冲管前系统达到最优状态。 此 ...

Core Points - Zhejiang Energy Power Co., Ltd. reported a closing price of 5.21 yuan as of October 10, 2025, reflecting a 5.25% increase from the previous week's price of 4.95 yuan [1] - The company's total market capitalization is currently 69.859 billion yuan, ranking 13th out of 102 in the power sector and 246th out of 5,158 in the A-share market [1] Company Announcements - The company announced a semi-annual cash dividend of 0.05 yuan per share (tax included), totaling 670,436,637.45 yuan (tax included), based on a total share capital of 13,408,732,749 shares [1][4] - The record date for the dividend distribution is October 16, 2025, with the ex-dividend date and payment date both set for October 17, 2025 [1][4] - Dividends for shareholders registered with the Shanghai branch of China Securities Depository and Clearing Corporation will be distributed through the funds clearing system, while dividends for Zhejiang Energy Group Co., Ltd. and Zhejiang Zheneng Xinyuan Energy-Saving Technology Co., Ltd. will be distributed directly by the company [1][4]

Core Insights - The concept of nuclear fusion is gaining traction in the stock market, with several stocks in the sector doubling in price since the beginning of the year, with the highest increase reaching 271.94% [2][5] - Recent developments in nuclear fusion engineering and commercialization have heightened market interest, particularly following progress on the BEST nuclear fusion device in Hefei [2][5] - Despite the excitement, industry insiders caution that current projects are primarily experimental and not yet commercially viable, indicating that significant advancements are still needed before practical applications can be realized [2][5] Market Performance - As of October 10, the nuclear fusion sector has seen an overall increase of 60.62% this year, with net inflows of 2.041 billion yuan, ranking it among the top sectors in the A-share market [5][6] - Individual stocks have shown remarkable performance, with Zhongzhou Special Materials rising by 271.94%, Hezhong Intelligent by 247.15%, and Yongding Co. by 200.39% [5][6] Technological Developments - The nuclear fusion technology aims to replicate the sun's energy production through extreme conditions, primarily using magnetic confinement methods like the Tokamak [7] - Significant breakthroughs have been achieved in China's nuclear fusion research, including the successful operation of the China Circulation No. 3 device, which reached temperatures exceeding 100 million degrees Celsius [7][8] Investment and Funding - Major state-owned enterprises and private capital are increasingly investing in nuclear fusion projects, with plans for new experimental facilities and significant funding commitments exceeding 10 billion yuan [8][9] - The construction of the BEST device is progressing, with key components being installed, marking a significant step towards demonstrating fusion energy generation [8][9] Industry Outlook - The nuclear fusion sector is expected to continue attracting investment due to the growing demand for clean and renewable energy sources, particularly in the context of increasing energy needs driven by advancements in artificial intelligence [6][8] - The current phase of nuclear fusion development is characterized by experimental setups, with substantial investments required for future commercial viability [9]