华电国际电力股份有限公司 关于超短期融资券发行的公告 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。 证券代码：600027 证券简称：华电国际 公告编号：2025-055 华电国际电力股份有限公司（"本公司"）2024 年年度股东大会于 2025 年 6 月 17 日通过决议，同意本公司自 2024 年年度股东大会批准时起至 2025 年年度股东大会结束 时止，根据本公司资金需求，适时一次或分次发行本金余额不超过等值 800 亿元人民币 的短期融资券、超短期融资券、中期票据、永续票据、高级美元债及永续美元债等境内 外融资工具。 本公司已于近日完成了华电国际电力股份有限公司 2025 年度第三期超短期融资券 （"本期债券"）的发行。本期债券发行金额为 20 亿元人民币，期限为 85 天，单位面 值为 100 元人民币，发行票面利率为 1.64%。 本期债券由兴业银行股份有限公司和北京银行股份有限公司主承销，通过簿记建档、 集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金拟投入 20 亿元偿 还发行人及发行人所属公司 ...

Group 1 - The virtual power plant concept increased by 2.62%, ranking fourth among concept sectors, with 94 stocks rising, including Suwen Electric Power with a 20% limit up [1][2] - Leading stocks in the virtual power plant sector include Aotexun, Leshan Electric Power, and New Zhonggang, which also hit the limit up [1][2] - The top gainers in the sector were Nanfang Technology, Tianyi Ma, and Baobian Electric, with increases of 14.72%, 10.94%, and 8.68% respectively [1][2] Group 2 - The virtual power plant sector saw a net inflow of 510 million yuan from main funds, with 66 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan [2][3] - Leshan Electric Power led the net inflow with 151 million yuan, followed by Baobian Electric and Aotexun with 127 million yuan and 97.1 million yuan respectively [2][3] - Aotexun, Keda Intelligent, and Teri De had the highest net inflow ratios at 29.79%, 15.00%, and 14.58% respectively [3] Group 3 - The trading volume and turnover rates for leading stocks in the virtual power plant sector were significant, with Leshan Electric Power at 21.36% turnover and Suwen Electric Power at 13.79% [3][4] - Other notable stocks included Huadian International and Teri De, with turnover rates of 1.35% and 1.84% respectively [3][4] - The overall market sentiment for the virtual power plant sector appears positive, as indicated by the substantial net inflows and rising stock prices [2][3]

Market Overview - The Shanghai Composite Index rose by 0.02% on July 7, with 18 out of 28 sectors experiencing gains, led by the comprehensive and public utilities sectors, which increased by 2.57% and 1.87% respectively [1] - The coal and pharmaceutical sectors saw the largest declines, with decreases of 2.04% and 0.97% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 14.337 billion yuan, with 10 sectors seeing net inflows [1] - The light industry manufacturing sector had the highest net inflow, amounting to 930 million yuan, while the real estate sector followed with a net inflow of 917 million yuan and a daily increase of 1.68% [1] - The electronics sector experienced the largest net outflow, totaling 4.475 billion yuan, followed by the pharmaceutical sector with a net outflow of 3.430 billion yuan [1] Public Utilities Sector Performance - The public utilities sector increased by 1.87% with a net capital inflow of 361 million yuan, where 122 out of 131 stocks in this sector rose, including 11 stocks that hit the daily limit [2] - The top three stocks with the highest net inflow in the public utilities sector were Leshan Electric Power (151 million yuan), Changjiang Electric Power (91.37 million yuan), and Huadian International (84.73 million yuan) [2] - The sector also had five stocks with significant net outflows, led by Huayin Electric Power (-347.25 million yuan), Xiexin Energy (-343.71 million yuan), and Shenzhen Nande A (-138.48 million yuan) [4] Public Utilities Sector Capital Inflow and Outflow - The top inflow stocks in the public utilities sector included: - Leshan Electric Power: +9.99%, 21.36% turnover, 150.57 million yuan inflow - Changjiang Electric Power: +0.33%, 0.21% turnover, 91.37 million yuan inflow - Huadian International: +2.14%, 1.35% turnover, 84.73 million yuan inflow [2] - The top outflow stocks included: - Huayin Electric Power: +10.02%, 11.74% turnover, -347.25 million yuan outflow - Xiexin Energy: +4.28%, 14.39% turnover, -343.71 million yuan outflow - Shenzhen Nande A: +10.00%, 28.53% turnover, -138.48 million yuan outflow [4]

Core Viewpoint - The supercritical power generation concept has seen a 2.20% increase, ranking 7th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 72 stocks within the supercritical power generation sector experienced gains, with Huayin Power, YN Energy, and Huadian Liaoning reaching the daily limit up [1]. - Notable stock performances include: - Guangdong Power A: +8.05% - Gan Energy: +7.45% - Jiantou Energy: +6.59% [1][5]. - The stocks with the largest declines include: - Shengde Xintai: -3.28% - ST Huaxi: -1.82% - Jiuli Special Materials: -1.59% [1][7]. Group 2: Capital Flow - The supercritical power generation sector attracted a net inflow of 544 million yuan, with 41 stocks receiving net inflows [2][3]. - The top stocks by net inflow include: - Rongfa Nuclear Power: 433.42 million yuan - Huadian International: 84.74 million yuan - Jingneng Power: 82.74 million yuan [2][3]. - The net inflow ratios for leading stocks are: - Inner Mongolia Huadian: 18.31% - Jingneng Power: 17.48% - Huadian Energy: 15.44% [3].

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3468.65 points, down by 0.11%, while the total trading volume reached 584.993 billion yuan, indicating a mixed performance in the market [1]. Group 1: Market Performance - As of 10:29 AM, the Shanghai Composite Index is at 3468.65 points, with a decrease of 0.11% [1]. - The total trading volume in the A-share market is 584.993 billion yuan [1]. Group 2: Stocks Breaking the Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including Guotou Zhonglu, Jigaofazhan, and Huate Gas, showing significant deviation rates of 8.45%, 6.51%, and 4.34% respectively [1]. - Stocks with smaller deviation rates that have just crossed the annual line include Pudong Jinqiao, Hengli Petrochemical, and Zhenyou Technology [1]. Group 3: Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Guotou Zhonglu (Code: 600962) with a price increase of 9.98% and a deviation rate of 8.45% [1]. - Jigaofazhan (Code: 600807) with a price increase of 10.16% and a deviation rate of 6.51% [1]. - Huate Gas (Code: 688268) with a price increase of 4.36% and a deviation rate of 4.34% [1]. Group 4: Additional Stocks with Positive Performance - Other notable stocks with positive performance include: - Jingtou Fazhan (Code: 600683) with a price increase of 4.39% and a deviation rate of 2.45% [1]. - Huaihe Energy (Code: 600575) with a price increase of 2.23% and a deviation rate of 1.96% [1]. - ST Gaosi (Code: 002848) with a price increase of 2.88% and a deviation rate of 1.65% [1]. Group 5: Stocks with Lower Deviation Rates - Stocks with lower deviation rates that have recently crossed the annual line include: - Qianyuan Qian (Code: 600189) with a price increase of 1.80% and a deviation rate of 0.82% [2]. - Sifang Stock (Code: 601126) with a price increase of 0.79% and a deviation rate of 0.72% [2]. - Wentai Technology (Code: 600745) with a price increase of 0.94% and a deviation rate of 0.66% [2].

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 电力行业 2025 年半年报前瞻：火电业绩展望积 极，清洁能源或有分化 报告要点 [Table_Summary] 综合火电三要素，虽然二季度电价及电量延续回落，但考虑到年初以来煤价仍有明显下降，北 方电厂及部分华东地区火电运营商二季度业绩仍将维持积极表现。水电方面，在高基数影响下 二季度水电电量承压，但部分水电公司通过优化水库调度及蓄水节奏等仍有望实现稳健业绩增 长。核电方面，虽然二季度电量均维持同比增长，但由于不同省份受电价下降影响不同，因此 两核业绩或将有所分化。绿电方面，虽然绿电 4-5 月全国利用小时数持续回落，但是各省利用 小时表现存在明显差异，区域分布或将主导板块内公司业绩表现有所分化。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

证券研究报告 | 2025年07月06日 公用环保 2025 年 7 月投资策略 优于大市 海上风电建设有序推进，持续高温致用电负荷创新高 市场回顾：6 月沪深 300 指数上涨 2.50%，公用事业指数下跌 0.54%，环 保指数 0.81%，月相对收益率分别为-3.04%和-1.42%。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 25 和第 19 名。分板块看， 环保板块上涨 1.08%；电力板块子板块中，火电下跌 0.94%；水电下跌 1.76%，新能源发电上涨 1.98%；水务板块下跌 0.34%；燃气板块上涨 1.67%。 重要事件：中央财经委员会第六次会议召开，指出要做强做优做大海洋 产业，推动海上风电规范有序建设。全国用电负荷超 14 亿千瓦，据国 家能源局消息，近日我国多地出现持续高温，带动用电负荷快速增长。 7 月 4 日，全国最大电力负荷达到 14.65 亿千瓦，比 6 月底上升约 2 亿 千瓦，比去年同期增长接近 1.5 亿千瓦，创历史新高。其中，华东电网 负荷达 4.22 亿千瓦，空调负荷占比约 37%。入夏以来，江苏、山东、河 南、安徽、湖北等省级电网负荷 9 次创 ...

Core Viewpoint - Huadian International (600027) has shown a positive stock performance with a 3.31% increase this week, closing at 5.62 yuan, indicating investor confidence and market interest in the company [1]. Company Announcements - Huadian International announced the issuance of medium-term notes, completing the issuance of the 8th phase for 2025 with an amount of 1 billion yuan and a coupon rate of 1.95%. The funds raised will be used for debt repayment, working capital, and project capital [1][4]. - The company declared a cash dividend of 0.13 yuan per share (tax included) for the 2024 annual equity distribution, totaling 1,417,835,170.70 yuan (tax included). The record date for A-share shareholders is July 11, 2025, with the ex-dividend date and payment date set for July 14, 2025 [1][4].

作为印尼国家战略项目，印尼南苏门答腊玻雅电厂由中国华电集团海外投资有限公司与印尼国有煤 炭公司联合投资建设。在高质量推进投建营全流程管理的同时，玻雅公司创新能源开发与社区可持续发 展的共赢路径。针对当地垃圾污染等环境问题，玻雅公司将中国"绿色发展"理念与印尼实际相结合，构 建了环境友好、经济可持续、社会包容的废物管理、资源循环体系。 人民网雅加达7月4日电 （记者李培松）7月3日，华电（印尼）玻雅发电公司（玻雅公司）荣获印 尼"2025年度努山塔拉企业社会责任奖"。这个国家级奖项由印尼社会责任与可持续发展权威机构——拉 托菲社会责任学院主办，已连续举办十届，在印尼具有较高的知名度和权威性。 玻雅公司凭借在印尼南苏门答腊玻雅电厂周边社区实施的"村庄垃圾处理中心"项目荣获该奖 项。"村庄垃圾处理中心"项目通过资源循环的方式，将生活垃圾发酵转化为沼气用于发电，不仅改善了 当地环境，还提供了可持续的清洁能源，惠及社区居民的生产与生活，并提供了近百个就业岗位，实现 了生态、经济与社会效益的多赢。 当地村庄负责人高度评价该项目："'村庄垃圾处理中心'项目不仅有效解决了有机废弃物堆积问 题，而且变废为宝、实现了资源循环利用 ...

江毅对自治区党委、政府大力支持中国华电集团在桂发展表示感谢，介绍了集团整体发展和在桂投 资布局情况。他表示，广西是我国面向东盟开放合作的"桥头堡"，清洁能源电力开发条件好、潜力大、 优势明显，十分看好广西的发展前景。中国华电集团将充分发挥自身优势，按照双方签署的战略合作协 议，进一步深化与广西在海上风电开发、算力跨域联动、能源电力保供等领域务实合作，协同推动"青 电入桂"输电通道等重点项目建设，持续优化在桂产业项目布局，共同拓展东盟市场，助力广西经济社 会高质量发展。 自治区党委常委、自治区常务副主席许永锞，自治区党委常委、秘书长周异决，自治区政府秘书长 钟得志，中国华电集团有限公司总会计师曹海东、副总经理蒋方帅等参加会见。（陈贻泽 罗昌亮） 7月4日，自治区党委书记、自治区人大常委会主任陈刚，自治区党委副书记、自治区代主席韦韬在 南宁会见中国华电集团有限公司董事长江毅一行。 陈刚、韦韬对江毅一行来桂深化合作表示欢迎，感谢中国华电集团为广西发展作出的贡献。陈刚表 示，广西处在起势发展的关键阶段，迎来了历史最好发展时期，正认真贯彻落实习近平总书记关于广西 工作论述的重要要求，解放思想、创新求变，向海图强、开放发 ...