广州发展12月12日公告，公司召开会议审议通过了公司向中国银行间市场交易商协会（简称"交易商协 会"）申请注册发行不超过80亿元（含80亿元）中期票据以及不超过60亿元（含60亿元）超短期融资券 等事项。公司于近日收到交易商协会出具的两份《接受注册通知书》，同意接受公司注册金额为80亿元 的中期票据及注册金额为60亿元的超短期融资券注册。 ...

智通财经APP讯，广州发展(600098.SH)公告，公司于近日收到交易商协会出具的两份《接受注册通知书》，同意接受公司注册金额为80亿元的中期票据及 注册金额为60亿元的超短期融资券注册。 ...

广州发展集团股份有限公司（以下简称"公司"）第九 届董事会第十六次会议、2025 年第一次临时股东大会审议通 过了公司向中国银行间市场交易商协会（以下简称"交易商 协会"）申请注册发行不超过 80 亿元人民币（含 80 亿元人 民币）中期票据以及不超过 60 亿元人民币（含 60 亿元人民 币）超短期融资券等事项。公司于近日收到交易商协会出具 的两份《接受注册通知书》，同意接受公司注册金额为 80 亿元的中期票据及注册金额为 60 亿元的超短期融资券注册。 《接受注册通知书》主要内容如下： 股票简称：广州发展 股票代码：600098 公告编号：临 2025-081 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 关于收到中国银行间市场交易商协会 《接受注册通知书》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。 二、超短期融资券《接受注册通知书》（中市协注〔2025〕 SCP364号 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].

红利低波（H30269.CSI）指数，选取50只流动性好、连续分红、红利支付率适中、每股股息正增长以 及股息率高且波动率低的证券作为指数样本，采用股息率加权，截至12月4日，该指数近1年股息率为 4.14%；红利低波ETF基金（159547）是跟踪该指数综合费率最低的ETF，每季度评估可分红。 红利质量（931468.CSI）指数，选取50只连续现金分红、股利支付率较高且兼具较高盈利能力特征的上 市公司证券作为指数样本，截至12月03日，该指数近1年股息率为3.46%；红利质量ETF（159758）是 跟踪该指数的唯一ETF。 森赫股份：每10股派发现金红利2元（含税），股权登记日：2025-12-10，除息除权日：2025-12-11，数 据来源《森赫股份:2025年前三季度权益分派实施公告》；申万一级行业：机械设备，非红利低波 （H30269.CSI）成分股，非红利质量（931468.CSI）成分股。 广州发展：每股现金红利0.10元（含税），股权登记日：2025-12-11，除息除权日：2025-12-12，数据 来源《广州发展:2025年前三季度权益分派实施公告》；申万一级行业：公用事业，非红利低波 ...

证券代码：600098 证券简称：广州发展 公告编号：临 2025-080 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年前三季度 权益分派实施公告 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。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/12/11 | － | 2025/12/12 | 2025/12/12 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 30 日的2024年年度 股东大会授权，2025 年 10 月 30 日召开的第九届董事会第十 1 每股分配比例 A 股每股现金红利0.10元（含税） 相关日期 九次会议审议通过。相关内容详见公司于 2025 年 5 月 ...

格隆汇12月4日丨广州发展(600098.SH)发布2025年前三季度权益分派实施公告，本次利润分配以方案实 施前的公司总股本35.06亿股为基数，每股派发现金红利0.10元（含税），共计派发现金红利3.51亿元。 本次权益分派股权登记日为：2025年12月11日，除权除息日为：2025年12月12日。 ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Insights - The company is positioned as a comprehensive energy service provider in Guangdong, with a strong focus on stable growth and high dividends. It has a diversified business model covering electricity, energy logistics, gas, renewable energy, energy storage, and energy finance, which enhances its operational synergy [10][21]. - The company has maintained a consistent dividend policy, with a dividend payout ratio exceeding 50% over the past three years. The dividend for 2024 is projected at 0.27 CNY per share, marking a historical high in dividend scale [10][45]. Summary by Sections 1. Company Overview - The company is a state-owned enterprise controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, with a diversified energy portfolio across multiple provinces and regions [21][24]. - It has achieved significant green transformation, with over 76% of its installed capacity being green energy [23]. 2. Financial Performance - The company reported a total revenue of 379.34 billion CNY for the first nine months of 2025, a year-on-year increase of 5.46%, and a net profit of 21.59 billion CNY, up 36% year-on-year [33]. - The projected revenues for 2025-2027 are 484.95 billion CNY, 513.84 billion CNY, and 530.19 billion CNY, respectively, with net profits of 22.45 billion CNY, 24.04 billion CNY, and 23.54 billion CNY [11][12]. 3. Business Segments Power Generation - The company has a solid foundation in thermal power, with a total controllable thermal power capacity of 483.65 million kW, including 250 million kW from coal and 233.65 million kW from gas [51]. - The company is expanding its renewable energy capacity, with wind and solar projects reaching a total installed capacity of 595 million kW [10][13]. Natural Gas - The natural gas segment is expected to see significant growth, with a projected revenue of 105.94 billion CNY in 2025, driven by increased sales volume and cost reduction strategies [12][39]. - The company has secured long-term LNG contracts to ensure stable gas supply, enhancing its competitive advantage [68]. Energy Logistics - The energy logistics business is expected to maintain stable revenue, although profit margins may decline in the short term due to fluctuating coal and oil prices [12][39]. 4. Valuation - The current stock price corresponds to a PE ratio of 10.5 for 2025, which is below the industry average. The report estimates a reasonable market value of 301.2 billion CNY, indicating a potential upside of 27.3% from the current market capitalization [11][12].