行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 26 日 第二产业用电回暖 冷冬预期有望提 升销气增速 - ⚫ 电力：25Q3 第二产业是拉动全社会用电量的主要动力。根据国家能源局数据，9 月单月全社会用 电量 8886 亿千瓦时，同比增长 4.5%。其中第一、二、三产业和城乡居民生活用电量分别同比增 长 7.3%、5.7%、6.3%、-2.6%。累计数据来看，1-9 月，全社会用电量累计 77675 亿千瓦时， 同比增长 4.6%。1-9 月，第一、二、三产业和城乡居民生活用电量 ...

Group 1 - The combustible ice concept sector rose by 3.86%, ranking second among concept sectors, with 10 stocks increasing, including DeSheng Co., which hit the daily limit, and ShenKong Co. and Petrochemical Machinery also reaching the limit [1] - Leading stocks in the combustible ice sector included QianNeng HengXin, HaiMo Technology, and XinJin Power, which rose by 3.63%, 3.57%, and 2.21% respectively [1] - The stocks with the largest declines included NanSteel Co., Guangzhou Development, and China International Marine Containers, which fell by 0.58%, 0.14%, and 0.12% respectively [1] Group 2 - The combustible ice sector saw a net inflow of 305 million yuan from main funds today, with six stocks receiving net inflows, and five stocks exceeding 10 million yuan in net inflow [2] - ShenKong Co. led the net inflow with 161 million yuan, followed by China Petroleum & Chemical Corporation, Petrochemical Machinery, and DeSheng Co. with net inflows of 65.33 million yuan, 51.01 million yuan, and 42.43 million yuan respectively [2] - The net inflow ratios for ShenKong Co., Petrochemical Machinery, and DeSheng Co. were 44.51%, 24.72%, and 17.80% respectively [3] Group 3 - The top stocks in the combustible ice sector based on net inflow included ShenKong Co. with a daily increase of 10.04% and a turnover rate of 10.98%, followed by Petrochemical Machinery with a 10.03% increase and a turnover rate of 3.25% [3] - Other notable stocks included China Petroleum & Chemical Corporation, which increased by 1.11% with a turnover rate of 0.15%, and DeSheng Co., which increased by 19.98% with a turnover rate of 8.25% [3] - Stocks with declines included NanSteel Co. with a decrease of 0.58% and a turnover rate of 0.50%, and Guangzhou Development with a decrease of 0.14% and a turnover rate of 0.76% [4]

Core Insights - Guangzhou Development reported significant growth in power generation and grid-connected electricity sales for the third quarter of 2025, with a year-on-year increase of 8.31% and 8.60% respectively [2] - For the first nine months of 2025, the company achieved a total power generation of 189.15 billion kWh, reflecting a 1.70% increase compared to the same period last year [2] Group 1 - In the period from July to September 2025, the company's consolidated power generation reached 70.68 billion kWh [2] - The total grid-connected electricity sales, including photovoltaic power sales, amounted to 67.80 billion kWh during the same period [2] - The year-on-year growth rates for power generation and grid-connected electricity sales in Q3 2025 were 8.31% and 8.60% respectively [2] Group 2 - For the first nine months of 2025, the cumulative power generation was 189.15 billion kWh [2] - The grid-connected electricity sales for the same period totaled 181.53 billion kWh [2] - The year-on-year growth for power generation and grid-connected electricity sales in the first nine months was 1.70% and 2.05% respectively [2]

Core Viewpoint - Guangzhou Development (600098.SH) reported an increase in electricity generation and sales for the third quarter and the first nine months of 2025 compared to the same periods last year [1] Group 1: Q3 Performance - In the period from July to September 2025, the company's consolidated power generation reached 7.068 billion kilowatt-hours, with grid electricity sales (including photovoltaic sales) at 6.780 billion kilowatt-hours, representing year-on-year growth of 8.31% and 8.60% respectively [1] Group 2: Year-to-Date Performance - For the first nine months of 2025, the company's consolidated power generation totaled 18.915 billion kilowatt-hours, with grid electricity sales (including photovoltaic sales) at 18.153 billion kilowatt-hours, showing year-on-year increases of 1.70% and 2.05% respectively [1]

Core Viewpoint - Guangzhou Development (600098) reported an increase in power generation and grid-connected electricity sales for the third quarter of 2025, indicating positive growth trends in its operations [1] Group 1: Power Generation Performance - As of September 30, 2025, the company's consolidated power generation reached 7.068 billion kilowatt-hours, reflecting an 8.31% increase year-on-year [1] - The grid-connected electricity sales, including photovoltaic electricity sales, totaled 6.78 billion kilowatt-hours, marking an 8.6% year-on-year growth [1] Group 2: Year-to-Date Performance - For the period from January to September 2025, the company's consolidated power generation amounted to 18.915 billion kilowatt-hours, which is a 1.7% increase compared to the same period last year [1] - The grid-connected electricity sales for the same period reached 18.153 billion kilowatt-hours, showing a 2.05% year-on-year growth [1]

Core Viewpoint - Guangzhou Development (600098.SH) reported an increase in electricity generation and sales for the third quarter and the first nine months of 2025 compared to the same periods in the previous year [1] Summary by Relevant Categories Electricity Generation - In the period from July to September 2025, the company's consolidated power generation reached 7.068 billion kilowatt-hours, marking an increase of 8.31% year-on-year [1] - For the first nine months of 2025, the total power generation was 18.915 billion kilowatt-hours, reflecting a year-on-year growth of 1.70% [1] Electricity Sales - The on-grid electricity sales (including photovoltaic power sales) for the third quarter of 2025 amounted to 6.780 billion kilowatt-hours, which is an increase of 8.60% compared to the same period last year [1] - In the first nine months of 2025, the on-grid electricity sales totaled 18.153 billion kilowatt-hours, showing a year-on-year increase of 2.05% [1]

Core Viewpoint - Guangzhou Development (600098.SH) reported an increase in power generation and sales for the third quarter and the first nine months of 2025 compared to the same periods last year [1] Group 1: Power Generation and Sales - In the period from July to September 2025, the company's consolidated power generation reached 7.068 billion kilowatt-hours, with grid electricity sales (including photovoltaic sales) at 6.780 billion kilowatt-hours, representing year-on-year growth of 8.31% and 8.60% respectively [1] - For the first nine months of 2025, the total power generation was 18.915 billion kilowatt-hours, and grid electricity sales were 18.153 billion kilowatt-hours, showing year-on-year increases of 1.70% and 2.05% respectively [1] Group 2: Coal Sales - As of September 30, 2025, the company's coal sales volume reached 35.96 million tons, reflecting a year-on-year increase of 16.35% [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-067 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 2025 年 1-9 月主要生产经营数据公告 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。 截至 2025 年 9 月 30 日，公司主要生产经营数据如下： 一、电力业务 2025 年 7-9 月，公司合并口径发电企业累计完成发电量 70.68 亿千瓦时，上网电量（含光伏发电售电量）67.80 亿千 瓦时，与去年同期相比分别增长 8.31%和 8.60%。2025 年 1-9 月，公司合并口径发电企业累计完成发电量 189.15 亿千瓦 时，上网电量（含光伏发电售电量）181.53 亿千瓦时，与去 年同期相比分别增长 1.70%和 2.05%。 | 光伏发电项目 | | 7-9 月 | | | 1-9 | | 月 | | | --- | --- | --- | -- ...

Core Insights - Guangzhou Development Group Co., Ltd. reported significant growth in its main production and operational data for the first three quarters of the year, particularly in electricity generation and coal sales [1] Electricity Business - From July to September, the total electricity generation reached 7.068 billion kilowatt-hours, with grid-connected electricity at 6.780 billion kilowatt-hours. For the first nine months, the figures were 18.915 billion and 18.153 billion kilowatt-hours, respectively, showing year-on-year growth [1] - The installed capacity for renewable energy expanded to 5.9518 million kilowatts, with an increase of 1.1644 million kilowatts in the first three quarters [1] Natural Gas Business - The total sales volume of pipeline gas and LNG reached 3.2923 million cubic meters, reflecting a year-on-year increase of 10.32%. However, the natural gas transmission volume decreased by 15.90% [1] Fuel Business - Coal sales amounted to 35.96 million tons, marking a year-on-year increase of 16.35% [1]

Core Viewpoint - Guangzhou Development Group has transformed from a single coal and electricity enterprise to a comprehensive clean energy industry system, focusing on green transformation and business model innovation during the "14th Five-Year Plan" period [1] Group 1: Business Growth and Transformation - As of June 2025, the installed capacity of new energy generation units increased from 967,400 kW at the end of 2020 to 5,820,000 kW, a growth of 501.61% [1] - The company has over 140 operational wind and solar power stations, with controllable installed capacity exceeding 5,820,000 kW, and green low-carbon energy accounting for over 76% of total installed capacity [1] - The asset scale grew from 43.4 billion to 80.4 billion [1] Group 2: Community and Environmental Impact - The "Lin-Guang Complementary" model in Houping Village has transformed previously barren land into a thriving photovoltaic power generation site, enhancing local economic benefits and ecological sustainability [2][3] - The photovoltaic area totals 32,400 acres, with 22,000 acres available for planting and breeding, achieving a coverage rate of approximately 56.75% of the total photovoltaic area [3] Group 3: Energy Supply and Infrastructure - The Guangzhou LNG emergency peak-shaving gas source station has successfully received 16 LNG vessels, totaling 868,700 tons, ensuring gas supply for Guangzhou [4] - The company has developed a diverse energy supply structure, including coal, gas, distributed energy, wind, solar, and storage, to balance energy supply [5] Group 4: Financial Performance - From 2021 to 2024, the net profit attributable to shareholders increased significantly, reaching 1.032 billion in 2021, 1.354 billion in 2022, 1.638 billion in 2023, and 1.732 billion in 2024 [6] - In the first half of 2025, the net profit continued to rise to 1.635 billion, a year-on-year increase of 42.56% [6] Group 5: Future Outlook and Strategic Goals - The company aims to double its total investment, installed capacity, and natural gas supply during the "14th Five-Year Plan" period, with expectations to exceed these targets [6] - The company is committed to becoming a leading green low-carbon comprehensive smart energy enterprise, aligning with national goals for energy transition and carbon neutrality [7]