Core Viewpoint - The report from Tianfeng Securities highlights a significant divergence in the profitability of coal-fired power plants in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. The long-term electricity price for coal power plants is expected to stabilize by 2026, with limited downside potential in the near term [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity price conditions [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. - The spot electricity prices in the Pearl River Delta region are notably higher compared to other areas, with the western region facing more pricing pressure [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profits exceeding 0.01 yuan/KWh [2]. - Smaller coal power units (30,000 kilowatts and below) are generally operating at a loss, indicating greater profitability pressure [2]. - Gas-fired power units face higher fuel costs and lower average utilization hours, contributing to their profitability challenges compared to coal units [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for further decline [3]. - The average transaction price for electricity in Guangdong is 0.392 yuan/KWh, with a downward adjustment of 15.67%, indicating proximity to the price floor [3]. - Starting in 2026, the capacity price for coal power units is set to increase to 165 yuan per kilowatt per year, which is expected to support stable profitability for coal power plants in the long term [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-15 | 广州发展 | 600098 | 6.65 | 465.5 | 70 | 招商证券股份有限 | 平安证券股份有限 公司广州番禺环城 | | | | | | | | | 公司深圳西丽留仙 | | | | | | | | | | 00 -- | 六中三世出了名字 | | 8月15日，广州发展大宗交易成交70万股，成交额465.5万元，占当日总成交额的3.25%，成交价6.65元，较市场收盘价6.58元溢价1.06%。 ...

Group 1 - The company, Guangzhou Development Group Co., Ltd., announced the interest payment details for its 2024 fifth phase medium-term notes, with a total issuance amount of 500 million RMB [1] - The bond has a maturity period of 15 years, with an interest rate of 2.60%, and the interest payment date is set for August 23, 2025 [1] - The total amount to be paid for this interest period is 13 million RMB [1] Group 2 - The bonds are managed by Huaxia Bank Co., Ltd., and the registration and custody are handled by the China Interbank Market Clearing House Co., Ltd. [3] - Contact information for the issuer and related institutions is provided for investor inquiries [3]

Group 1 - The company announced the issuance of its fifth phase of medium-term notes for the year 2024, with the bond name "24 Guangzhou Development MTN005" and bond code [1] - The interest payment and redemption procedures are outlined, indicating that if the payment date falls on a public holiday, it will be postponed to the next working day without additional interest [1] - The funds for interest payment will be transferred to the designated account of the Central Clearing Corporation before the specified time, and the payment will be made to bondholders' designated bank accounts on the payment date [1] Group 2 - The issuer of the bonds is Guangzhou Development Group Co., Ltd., with contact person Guo Xiaochuan and phone number 020-37850365 [2] - The management institution for the bond's duration is Huaxia Bank Co., Ltd., with contact person Zhang Junhao and phone number 020-38099515 [2] - The registration and custody institution is the Central Clearing Corporation, with contact persons Xie Chenyuan and Chen Gongrong, and phone numbers 021-23198888 and 021-23198682 [2]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-051 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 2.债项名称：广州发展集团股份有限公司 2024 年度第五 期中期票据 3.债项简称：24 广州发展 MTN005 4.债项代码：102483714.IB 5.发行金额：人民币 5 亿元 6.起息日：2024 年 8 月 23 日 7.债券期限：15 年 广州发展集团股份有限公司关于 2024年度第五期中期票据2025年付息公告 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。 为保证广州发展集团股份有限公司 2024 年度第五期中期 票据（债券简称：24 广州发展 MTN005，债券代码： 102483714.IB）付息工作的顺利进行，方便投资者及时领取付 息资金，现将有关事宜公告如下： 一、本期债券基本情况 1.发行人名称：广州发展集团股份有限公司 8.债项余额：人民币 5 亿元 9.最新评 ...

Group 1 - The core event is the "Dreaming of the Pearl River, Spreading Wings to Fly - 2025 Taiwan University Students Internship Experience Activity" held in Guangzhou, which involved 131 students from 22 Taiwanese universities and 16 mainland universities [1] - The internship lasted for 4 weeks from July to August, where students engaged in practical experiences at over 60 enterprises and institutions across 9 districts in Guangzhou [1] - Participants experienced various cultural and educational activities, including visits to urban planning centers and cultural heritage crafts, enhancing their understanding of Guangzhou's economic and social development [1] Group 2 - A short video competition titled "Impression Guangzhou" was held during the internship, with themes reflecting Guangzhou's high-quality development, resulting in 61 entries and multiple awards [2] - Guangzhou has been enhancing its policies to support Taiwanese youth, implementing initiatives like the "Five Joys Plan" and establishing a comprehensive service platform for Taiwanese youth in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - New exchange brands such as "Guangzhou Taiwan Youth Month" and "Guangzhou Taiwan Exchange Season" have been created to foster emotional connections between people from both sides of the Taiwan Strait [3]

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-08-11 | 广州发展 | 600098 | 6.54 1798.5 | 275 | 中信证券华南股份 | 中信证券股份有限 | | | | | | | 有限公司佛山分公 | 公司上海长宁区红 | | | | | | | n | F="##ISSU+ | 8月11日，广州发展大宗交易成交275万股，成交额1798.5万元，占当日总成交额的7.4%，成交价6.54元，较市场收盘价6.54元持平。 ...

Group 1 - The combustible ice concept index declined by 0.10% as of the market close on August 11, ranking among the top decliners in the concept sector [1] - Within the combustible ice sector, major decliners included Guangzhou Development, Nanjing Steel, and Sinopec, while notable gainers were Deshi Co., Haimer Technology, and Petrochemical Machinery, with increases of 1.71%, 0.94%, and 0.86% respectively [1] - The net inflow of main funds into the combustible ice concept was 2.42 million yuan, with five stocks experiencing net outflows, led by Sinopec with a net outflow of 24.15 million yuan [2] Group 2 - The top gainers in the market included PEEK materials with a rise of 5.99%, MicroLED concept at 3.32%, and Tianjin Free Trade Zone at 3.27%, while the combustible ice concept was down by 0.10% [2] - The main funds' net inflow leaders included Guangzhou Development, Petrochemical Oil Service, and Petrochemical Machinery, with net inflows of 39.55 million yuan, 11.29 million yuan, and 9.63 million yuan respectively [2] - The outflow list for the combustible ice concept included Sinopec, with a decline of 1.05% and a turnover rate of 0.13%, followed by other companies like China International Marine Containers and Potential Energy Holdings [2]

Group 1 - The core event is the "Dreaming of the Pearl River, Spreading Wings to Fly - 2025 Taiwan University Students Guangzhou Internship Experience Activity" sharing conference held in Guangzhou, which involved 131 Taiwanese students from 22 universities in Taiwan and 16 universities in mainland China [1][2] - The internship program lasted for 4 weeks from July to August, where students participated in internships at over 60 enterprises and institutions across 9 districts in Guangzhou [1] - Taiwanese students engaged in various cultural exchange activities, including visits to significant local sites and experiencing traditional crafts, which enhanced their understanding of Guangzhou's unique culture and economic development [2] Group 2 - During the internship, a short video competition titled "Impression of Guangzhou" was held, with 61 entries reflecting themes such as "Old City New Charm" and "Innovative City," showcasing the high-quality development of Guangzhou [4] - The event featured awards for the best video submissions, with 2 special prizes, 4 first prizes, 6 second prizes, and 8 third prizes awarded by expert judges [4] - Guangzhou has been enhancing its policies to support Taiwanese youth, including the establishment of a comprehensive service platform and various forums to promote cross-strait exchanges [4]