Investment Rating - The industry investment rating is "Positive" and is maintained [11] Core Viewpoints - The report indicates that while electricity prices and volumes continued to decline in the third quarter, the significant drop in coal prices is expected to lead to positive performance for thermal power operators in northern and parts of eastern and central China [2][6] - Hydropower performance is anticipated to be limited due to weak electricity generation during the main flood season, with a year-on-year decrease of 9.95% in hydropower generation from July to August [7][35] - Nuclear power generation is expected to grow steadily, but performance may vary by province due to differing impacts from declining electricity prices [7][36] - Clean energy utilization hours have decreased nationally, but regions like Fujian, Shanghai, and Guangdong have shown recovery in wind energy utilization hours, leading to strong performance from certain regional new energy operators [8][43] Summary by Sections Thermal Power - The three core factors affecting thermal power profitability are coal prices, electricity prices, and utilization hours. Despite a general decline in electricity prices across provinces, coal prices have significantly decreased, with the average coal price in Qinhuangdao dropping by 175.63 yuan/ton year-on-year [6][20] - The comprehensive coal price drop is expected to reduce thermal power fuel costs by approximately 0.035 yuan/kWh year-on-year, supporting continued improvement in thermal power operations, especially in northern and eastern provinces [6][32] Hydropower - Hydropower generation faced a year-on-year decline of 9.95% due to high base effects and uneven rainfall distribution. However, improved water inflow in September is expected to alleviate some pressure on hydropower performance [7][35] - Major hydropower companies are expected to manage water reservoir operations effectively to mitigate fluctuations in water inflow [35] Nuclear Power - Nuclear power generation is projected to grow by 7.09% year-on-year, supported by increased installed capacity and stable maintenance schedules. However, market price fluctuations may impact performance differently across operators [36][7] Clean Energy - Wind and solar power generation saw significant year-on-year growth of 11.85% and 22.09%, respectively, but utilization hours have decreased. Regional disparities exist, with eastern coastal provinces showing improved wind energy utilization [8][43] - Despite high growth in installed capacity, the overall performance of new energy operators may face pressure due to rising costs and weak electricity prices, although some regional operators are expected to perform well [8][43] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as major hydropower companies like Yangtze Power and State Power Investment Corporation. For new energy, it suggests companies like Longyuan Power and China Nuclear Power [9][54]

证券研究报告 | 2025年10月08日 公用环保 2025 年 10 月投资策略 优于大市 中国船燃成功完成浙江省首单船用绿色甲醇加注业务，关注四季度聚 变装备招标需求释放 市场回顾：9 月沪深 300 指数上涨 3.20%，公用事业指数上涨 0.41%，环 保指数上涨 0.77%，月相对收益率分别为-2.80%和-2.43%。申万 31 个一 级行业分类板块中，公用事业及环保涨幅处于第 13 和第 11 名。分板块 看，环保板块上涨 0.77%；电力板块子板块中，火电上涨 2.34%；水电 下跌 3.08%，新能源发电下跌 1.36%；水务板块上涨 1.27%；燃气板块上 涨 5.65%。 重要事件：中国船燃成功完成浙江省首单船用绿色甲醇加注业务。9 月 29 日，随着 7 台专业槽罐车通过防爆加注橇装设备将 230 吨绿色甲醇注 入停靠在宁波舟山港梅山港区 9 号泊位的"中远海运天秤座"轮，中国 船燃联合浙江省海港集团、宁波舟山港集团，在宁波梅山港区成功为"中 远海运天秤座"轮完成绿色甲醇加注，这标志着浙江省首单船用绿色甲 醇加注业务圆满落地。这一里程碑事件标志着宁波舟山港成为国内少数 同时具备 LNG ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 華電國際電力股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01071 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,717,233,600 | RMB | | 1 | RMB | | 1,717,233,600 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 1,717,233,600 | RMB | | | 1 RMB | | 1,717,233,600 | | 2. ...

编辑：赵鼎 值得关注的是，江宁开发区能碳虚拟电厂示范项目融合多项核心技术，包括发电预测、负荷预测、价格 预测、可调潜力分析、资源聚合、优化调度、协调控制及交易辅助决策等，成功聚合开发区内分布式光 伏、储能设备、充电桩、空调负荷、冰蓄冷系统、电锅炉、工业可调负荷等多元化灵活性能源资源。目 前，项目已实现常态化参与需求响应、电力辅助服务及电力现货等市场化交易，为用户提供智能化、集 约化的智慧用能服务，有效提升能源利用效率与资源配置合理性。 此外，项目创新性提出"电碳耦合"与"配微协同"技术理念，构建起区域多层级协同的智慧能碳管控平 台。该平台可助力政府、园区及企业搭建覆盖全生命周期、全环节、全链条的智慧能碳管理系统，实现 碳足迹精准追溯，在降低企业用能成本的同时，推动区域碳排放强度持续下降。 未来，华电江苏区域将牢牢把握新型电力系统建设与国家电力市场改革的重要机遇，进一步加快项目实 体化运营推进步伐，积极探索并创新"资源聚合 + 交易驱动""平台运营 + 能碳服务"等多元化商业模式， 为国家"双碳"目标实现与新型电力系统建设贡献更多华电力量。（王宇静） 近日，由中国华电所属的华电江苏能源有限公司、南京国电南自自动 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

中国青年报客户端金边9月28日电（中青报·中青网驻柬埔寨记者 王岩）9月27日，由柬埔寨中国商会电 力企业协会（以下简称"电力协会"）、柬埔寨国家电力公司联合主办，大唐柬埔寨水电开发有限公司、 大唐柬埔寨电网有限公司及柬埔寨菩萨理工学院承办，南京工业职业技术大学、柬华应用科技大学共同 协办的柬埔寨中资电力企业2025年"电亮丝路杯"技能竞赛在柬埔寨圆满落幕。赛事汇聚中国华电、中国 大唐、中国华能等在柬中资电力企业和菩萨理工学院代表队同场竞技。柬埔寨国家部委、柬埔寨菩萨省 政府、柬埔寨国家电力公司以及柬埔寨中国商会、企业、院校等代表出席活动。 电力协会会长、中国华电额勒赛下游水电项目（柬埔寨）有限公司执行董事刘新喜表示，该技能竞赛已 连续成功举办三届，由中国华电、中国华能、中国大唐等在柬企业轮流承办，已成为中柬能源合作一张 闪耀的"技术名片"。这场高水平行业盛会不仅是中国电力技术与管理标准的实践平台，更体现了中柬双 方携手保障能源安全、促进可持续发展的坚定努力，为构建中柬命运共同体注入强劲动力。 据中青报·中青网记者采访了解，连续三届竞赛的赛项皆紧密契合柬埔寨能源发展的实际需求，涵盖从 电气试验、继电保护、电工 ...

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - The introduction of the "stabilizing electricity prices" policy aims to mitigate "involutionary" competition among power generation companies, which is expected to support electricity price expectations for 2026 and beyond [2][12] - The stable electricity price policy is anticipated to catalyze the revaluation of thermal power assets, as it encourages companies to avoid irrational price competition [12] - The linkage between thermal power prices and hydro/nuclear power prices is expected to strengthen, providing a price anchor for these sectors [12] - The report suggests that the new policy direction will alleviate irrational low-price competition in the renewable energy sector, promoting a shift towards high-quality development [12] Summary by Sections Policy Developments - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized stabilizing electricity and coal prices to prevent harmful competition, which is crucial for the high-quality development of state-owned enterprises [2][12] Market Dynamics - The report highlights that the capital market has historically viewed the thermal power industry as a "coal processing industry," with profitability primarily driven by the coal-electricity price differential [12] - Concerns over declining long-term electricity prices for 2026 have been a source of anxiety for investors, but the new policy is expected to provide a stable foundation for future negotiations [12] Investment Recommendations - The report recommends focusing on quality thermal power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydroelectric companies like Yangtze Power and State Power Investment Corporation [12] - In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities due to their expected growth and stability [12]

Core Viewpoint - Zhao Wei has resigned from his position as a director of China Huadian International Power Co., Ltd. due to personal work reasons, effective September 28, 2025, earlier than the originally scheduled date of May 31, 2026 [1][3][4]. Group 1: Resignation Details - The resignation was officially announced on September 28, 2025, and Zhao Wei will no longer hold any positions within the company following the effective date of his resignation [1][3]. - Zhao Wei served as a member of the 10th Board of Directors and the Strategic Committee of the Board [3][4]. Group 2: Impact on the Company - Zhao Wei's departure will not reduce the number of board members below the legal requirement, ensuring the normal operation of the board is maintained [5]. - The company has confirmed that Zhao Wei has completed the necessary work handover, and it will proceed with the legal process to elect a new director and a member of the Strategic Committee [5]. Group 3: Company Background and Financial Performance - China Huadian International Power Co., Ltd. is one of the largest listed power generation companies in China, established on June 28, 1994, in Jinan, Shandong Province [9]. - For the fiscal year 2024, the company reported revenue of 112.994 billion yuan, a decrease of 3.57% year-on-year, while the net profit attributable to shareholders was 5.703 billion yuan, an increase of 26.11% [9]. - The company also reported a non-recurring net profit of 5.352 billion yuan, reflecting a growth of 40.74%, with a basic earnings per share of 0.46 yuan and a proposed final dividend of 0.13 yuan per share (tax included) [9].

智通财经APP讯，华电国际电力股份(01071)发布公告，赵伟先生因个人工作原因，已提出辞任公司第十 届董事会非执行董事、董事会战略委员会委员职务，上述辞任将自辞职函提交董事会之日起生效。辞任 生效后，赵先生不再担任公司的任何职务。 该信息由智通财经网提供 ...