（文章来源：证券时报网） 据Wind统计，截至11月25日，沪深两市共有136只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是大唐发电、世茂能源，均已连续13个交易日获净买入；连续获主力资金 净买入天数较多的还有川仪股份、澳柯玛、京沪高铁、振江股份、源飞宠物、新风光、中原高速、华电 国际等股。 ...

（文章来源：证券时报网） 据iFinD统计，截至11月25日，沪深两市共有69股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是上海医药、鲁泰A、国科军工、工大高科、双乐股份、华电国际，均连续9个交易日 获净买入；连续获融资净买入天数较多的还有旗滨集团、卓翼科技、长源电力、东材科技、百隆东方、 众辰科技、宏川智慧、通宝能源等股。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

（文章来源：证券时报网） 据iFinD统计，截至11月21日，沪深两市共有91股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是银龙股份，连续11个交易日获净买入；连续获融资净买入天数较多的还有华电国际、 江苏神通、兔宝宝、电广传媒、高华科技、艾德生物、航天长峰、上海医药等股。 ...

电力 证券研究报告 | 行业月报 gszqdatemark 2025 11 22 年 月 日 三产&居民拉动全社会用电高增 10.4%，火电出力转增 事件：国家能源局发布 1-10 月电力消费情况，国家统计局公布 10 月份 能源生产情况。 需求端：10 月全国全社会用电量同比增长 10.4%。根据国家能源局发布 数据，1-10 月，全社会用电量累计 86246 亿千瓦时，同比增长 5.1%，其中规 模以上工业发电量为 80625 亿千瓦时。10 月份，全社会用电量 8572 亿千瓦 时，同比增长 10.4%。 整体来看，10 月一产、三产以及居民用电需求增速均显著加快，二产用电需 求环比继续改善。第一产业 10 月单月用电增速增长至 13.2%，1-10 月累计 用电同比增速提升至 10.5%。在高技术及装备制造业快速扩张及"反内卷"稳 工业增长等一系列政策拉动的背景下，二产用能持续改善，10 月单月二产用 电同比增长 6.2%，1-10 月用电量累计同比增速 3.7%。第三产业 10 月单月 用电量同比增长 17.1%，较 9 月显著提升，1-10 月用电量同比增长 8.4%， 其中充换电服务业以及信息传 ...

公用事业行业周报（2025.11.17-2025.11.21） 核心观点 投资建议与投资标的 | 长协电价预期上修，现货市场建设加速： | 2025-11-09 | | --- | --- | | 公 用 事 业 行 业 周 报 （2025.11.03- | | | 2025.11.07） | | | 火电业绩持续高增，行业持仓已至低点： | 2025-11-02 | | 公 用 事 业 行 业 周 报 （2025.10.27- | | | 2025.10.31） | | | 煤价上涨接近尾声，火电 Q3 业绩如期兑 | 2025-10-26 | | 现 ： 公 用 事 业 行 业 周 报 （2025.10.20- | | | 2025.10.24） | | 公用事业行业 行业研究 | 行业周报 用电高增有望延续，火电增速由负转正 国家/地区 中国 行业 公用事业行业 报告发布日期 2025 年 11 月 23 日 孙辉贤 执业证书编号：S0860525090003 sunhuixian@orientsec.com.cn 021-63326320 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申 ...

Core Viewpoint - Huadian International (600027) has experienced a decline in stock price, closing at 5.1 yuan, down 3.23% from the previous week, with a current market capitalization of 59.22 billion yuan, ranking 15th in the power sector and 273rd in the A-share market [1] Company Announcements - The 29th meeting of the 10th Board of Directors was held on November 18, 2025, where the board approved the election of new members to the Strategic Committee and Audit Committee, and authorized the board secretary to modify and publish 16 related management systems [2] - The third extraordinary general meeting of shareholders was convened on November 18, 2025, where resolutions were passed to amend the Articles of Association and abolish the Supervisory Board, with the meeting being legally validated by Beijing Haiwen Law Firm [3][4] - The Articles of Association were amended to establish a board of 12 directors, including one employee director, with Zhu Yueguang elected as the employee director [5][9] Governance Structure - The latest revision of the Articles of Association, approved on November 18, 2025, outlines the governance structure, including the roles and rules of the shareholders' meeting, board of directors, and supervisory board, with a registered capital of 11.61 billion yuan [6] - The updated management system includes various regulations aimed at enhancing corporate governance and internal control, approved by the 29th meeting of the 10th Board of Directors [7]

Core Viewpoint - Huadian International Power Co., Ltd. has elected Zhu Yueguang as the employee director of the 10th Board of Directors, effective from November 18, 2025, until the term of the 10th Board ends [1] Summary by Sections Election Announcement - The company announced the election of Zhu Yueguang as the employee director through a democratic process [1] Zhu Yueguang's Profile - Zhu Yueguang, born in August 1976, is a senior accountant and senior economist with a master's degree in economics from Peking University Guanghua School of Management [1] - He currently holds the positions of employee director, deputy general manager, and chairman of the labor union within the company [1] - Zhu has 22 years of experience in operational management, capital operations, financial management, and legal compliance, having previously worked at China Huadian Group and Huadian Jiangsu Energy Co., Ltd. [1]

Core Viewpoint - The traditional coal-fired power industry is undergoing significant transformation, shifting from a cyclical asset to a stable value asset due to changes in energy structure and market reforms [1][2]. Industry Transformation - The coal-fired power sector has transitioned from being a "power provider" to a "regulatory guarantor," with its role evolving to include peak supply and frequency regulation in response to the instability of renewable energy sources [1][2]. - The installed capacity of coal-fired power has decreased from 66% in 2015 to 40% by July 2025, while its generation share has dropped from 74% to 65% [1]. New Profitability Framework - The profitability of coal-fired power is now influenced by three main factors: rising capacity prices, increasing auxiliary service revenues, and the gradual improvement of the coal-electricity linkage mechanism [2][3]. - The capacity price mechanism, effective from 2024, will provide fixed compensation based on installed capacity, with expected prices rising from 100 yuan/kW·year in 2024-2025 to 165 yuan/kW·year in 2026, and up to 230 yuan/kW·year in leading provinces [2]. - Auxiliary service revenues are projected to grow significantly, with Huaneng International's net income from auxiliary services expected to rise from 1.473 billion yuan in 2022 to 2.458 billion yuan in 2024 [3]. Market Dynamics - The shift towards market-based trading has reduced the influence of traditional pricing factors, allowing coal-fired power companies to optimize pricing strategies and enhance revenue per unit of electricity generated [2][3]. - The marketization of pricing mechanisms has effectively smoothed out cost fluctuations, leading to a more stable return on equity (ROE) for coal-fired power plants, projected to stabilize around 10% [3]. Financial Performance and Outlook - The coal-fired power sector is experiencing improved financial metrics, with a projected 8.2% growth in equity for 2023-2024 and a further 3.5% increase in the first half of 2025 [4][5]. - Operating cash flow for the coal-fired power sector is expected to reach 144 billion yuan in the first half of 2025, reflecting a year-on-year increase of 29.4% [5]. - The sector's dividend payouts are also on the rise, with a 91% year-on-year increase in total dividends in the first half of 2025, indicating a sustainable dividend capacity [5]. Investment Recommendations - Investors are advised to focus on three main lines of opportunity within the coal-fired power sector: leading companies with improving performance, firms committed to high dividends, and regionally stable leaders [5].