东吴证券近日发布公用事业行业跟踪周报：25年8月电网代购电价同比下降2%、环比上 升1.3%。煤价：截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/ 吨。2025M1-7全社会用电量5.86万亿千瓦时（同比+4.5%），其中，第一产业、第二产业、 第三产业、居民城乡用电分别同比+10.8%、+2.8%、+7.8%、+4.1%。2025M1-7年累计发电 量5.47万亿千瓦时（同比+1.3%），其中火电、水电、核电、风电、光伏分 别-1.3%、-4.5%、+10.8%、+10.4%、+22.7%。 行业核心数据跟踪：电价：25年8月电网代购电价同比下降2%、环比上升1.3%。煤价： 截至2025/10/17，动力煤秦皇岛5500卡平仓价748元/吨，周环比上升39元/吨。水情：截至 2025/10/17，三峡水库站水位170.55米，2021、2022、2023、2024年同期水位分别为173米、 158米、175米、164米，蓄水水位正常。三峡水库站入库流量16000立方米/秒，同比上升 48.15%，三峡水库站出库流量14600立方米/秒，同比上升102.78%。用电量 ...

Investment Rating - The report maintains a "Buy" rating for the power sector, emphasizing the potential for upward performance in specific stocks [5][9]. Core Insights - The report highlights that Q3 performance for thermal power is improving, with coal prices rebounding, which enhances expectations for stable electricity prices. The average coal price at ports was 673 RMB/ton in Q3, down 180 RMB/ton year-on-year, but has recently increased to 739 RMB/ton [5][14]. - Hydropower is expected to benefit from improved autumn rainfall, with significant increases in inflow and outflow at the Three Gorges Dam, showing a 48.15% and 102.78% year-on-year increase respectively [5][14]. - Adjustments in tax policies for wind and nuclear power are noted, with offshore wind power receiving a 50% VAT refund policy from November 1, 2025, while onshore wind will no longer enjoy VAT refunds [3][4][14]. Summary by Sections Industry Overview - The Shanghai Composite Index fell by 1.47% and the CSI 300 Index decreased by 2.22% during the week of October 13-17, 2025. The CITIC Power and Utilities Index decreased by 0.43%, outperforming the CSI 300 by 1.79 percentage points [5][63]. Thermal Power - Q3 results for thermal power are on an upward trend, with a notable increase in expected profits for companies like Jiantou Energy, which anticipates a 232% increase in net profit [5][14]. - The report emphasizes the importance of coal price stability for maintaining electricity price expectations for 2026 [5][14]. Hydropower - The report notes significant improvements in hydropower due to favorable autumn rainfall, with a focus on the increased inflow and outflow at the Three Gorges Dam [5][14]. Wind and Nuclear Power - The report discusses the new tax policies affecting wind and nuclear power, highlighting the competitive advantage of offshore wind power due to the new VAT refund policy [3][4][14]. Key Stocks - The report recommends focusing on specific stocks within the thermal power sector, including Huaneng International, Huadian International, and others, as well as emphasizing the value of hydropower investments [5][9].

■ 特此公告。 中闽能源股份有限公司董事会 证券代码：600163 证券简称：中闽能源 公告编号：2025-034 中闽能源股份有限公司 2025年前三季度发电量完成情况的公告 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。 据中闽能源股份有限公司（以下简称"公司"）统计，截至2025年9月30日，公司下属各项目累计完成发 电量192,176.64万千瓦时，比去年同期189,810.13万千瓦时增加1.25%；累计完成上网电量186,519.82万 千瓦时，比去年同期184,095.70万千瓦时增加1.32%，详情如下： 2025年10月16日 ...

（编辑 楚丽君） 证券日报网讯 10月15日晚间，中闽能源发布公告称，据中闽能源股份有限公司（以下简称"公司"）统 计，截至2025年9月30日，公司下属各项目累计完成发电量192，176.64万千瓦时，比去年同期189， 810.13万千瓦时增加1.25%；累计完成上网电量186，519.82万千瓦时，比去年同期184，095.70万千瓦时 增加1.32%。 ...

Group 1 - High Energy Environment reported a net profit of 646 million yuan for the first three quarters, a year-on-year increase of 15.18% [1] - Tianzhun Technology received approval from the China Securities Regulatory Commission for issuing convertible bonds to unspecified objects [1] - Energy Conservation Wind Power achieved a cumulative power generation of 9.349 billion kWh, a year-on-year increase of 1.72% [1][2] Group 2 - Sichuan Road and Bridge's total amount of projects won in the first three quarters reached 97.173 billion yuan, a year-on-year increase of 25.16% [3] - Shaanxi Energy's power generation in the third quarter decreased by 1% year-on-year, while its coal sales increased by 136.98% [3][4] Group 3 - Jintuo Co. announced that four shareholders plan to reduce their holdings by up to 2.95% of the company's shares [5] - Tailin Microelectronics expects a net profit increase of 118% year-on-year for the first three quarters, with revenue of approximately 766 million yuan [6] - Asia-Pacific Co. anticipates a net profit of 310 million to 335 million yuan for the first three quarters, a year-on-year increase of 97.38% to 113.30% [8] Group 4 - He Sheng New Materials expects a net profit increase of 60% to 80% for the first three quarters, with a projected profit of 137 million to 154 million yuan [9] - Spring Airlines reported a passenger turnover of 4.835 billion person-kilometers in September, a year-on-year increase of 22.87% [10][11] Group 5 - Mingxin Xuteng received a notification from a leading new energy vehicle company for a project worth approximately 650 million yuan [12] - Acolyte's subsidiary received a government subsidy of 47.13 million yuan for fixed asset investment [13] Group 6 - Fangsheng Pharmaceutical's subsidiary received approval for clinical trials of a new drug for treating advanced prostate cancer [14] - Aofu Technology plans to sell idle factory assets for a total price of 23.852 million yuan [16] Group 7 - Ganyue Expressway reported a service income of 313 million yuan in September [18] - Dong'an Power secured five new market agreements in the third quarter, with a total projected sales volume of approximately 1 million units [20] Group 8 - Zhongmin Energy achieved a cumulative power generation of 1.922 billion kWh, a year-on-year increase of 1.25% [21] - Pan-Asia Micro-Pore's application for issuing shares to specific objects has been accepted by the Shanghai Stock Exchange [23] Group 9 - Shenghui Integration reported an order balance of 2.214 billion yuan as of September 30, a year-on-year increase of 21.21% [24] - Jineng Technology's vice president resigned for personal reasons [25] Group 10 - Ruixin Microelectronics expects a net profit increase of 116% to 127% for the first three quarters, with a projected profit of 760 million to 800 million yuan [33] - Shanghai Pharmaceuticals received FDA approval for a new drug application for doxycycline capsules [34] Group 11 - Ruima Precision's subsidiary received a project notification for air suspension systems from a domestic automaker, with a total sales forecast of approximately 265 million yuan [36] - Galaxy Magnetics anticipates some impact on its export business due to the Ministry of Commerce's announcement on export controls for certain rare earth items [37] Group 12 - Ba Tian Co. expects a net profit increase of 230.79% to 260.15% for the first three quarters, with a projected profit of 676 million to 736 million yuan [43] - Donglai Technology plans to reduce its repurchased shares by up to 1% of the total share capital [45] Group 13 - Guangkang Biochemical announced that shareholders plan to reduce their holdings by up to 2.68% of the company's shares [46] - Nanwang Energy reported a net profit increase of 37.13% for the first three quarters, with a total revenue of 5.32 billion yuan [48] Group 14 - Yahua Group expects a net profit increase of 106.97% to 132.84% for the first three quarters, with a projected profit of 320 million to 360 million yuan [49] - Hualitai's annual production project for 20,000 tons of benzidine has been successfully completed and is now in full production [51]

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：600163 证券简称：中闽能源 公告编号：2025-034 中闽能源股份有限公司 2025 年前三季度发电量完成情况的公告 据中闽能源股份有限公司（以下简称"公司"）统计，截至 2025 年 9 月 30 日，公司下属各项目累计完成发电量 192,176.64 万千瓦时，比去年同期 189,810.13 万千瓦时增加 1.25%；累计完成上网电量 186,519.82 万千瓦时，比 去年同期 184,095.70 万千瓦时增加 1.32%，详情如下： | 经营地区/ 发电类型 | | 发电量(万千瓦时) | | | 上网电量(万千瓦时) | | | --- | --- | --- | --- | --- | --- | --- | | | 本期 | 上年同期 | 同比 | 本期 | 上年同期 | 同比 | | 福建省 | | | | | | | | 风电 | 174,104.64 | 168,855.00 | 3.11% | 169,406.66 | 164,107. ...

Core Viewpoint - China Minmetals Energy (600163.SH) reported an increase in power generation and grid-connected power volume for the period ending September 30, 2025, indicating positive operational performance compared to the previous year [1] Group 1: Power Generation - The total power generation reached 192,176.64 million kWh, representing a year-on-year increase of 1.25% [1] - The cumulative grid-connected power volume was 186,519.82 million kWh, which is an increase of 1.32% compared to the same period last year [1]

Group 1 - The core point of the article is that China Minmetals Energy (600163) reported an increase in power generation and grid-connected electricity for the period ending September 30 [1] Group 2 - The total power generation reached 1.922 billion kilowatt-hours, representing a year-on-year increase of 1.25% [1] - The total grid-connected electricity amounted to 1.865 billion kilowatt-hours, showing a year-on-year increase of 1.32% [1]

智通财经APP讯，中闽能源(600163.SH)披露2025年前三季度发电量完成情况，截至2025年9月30日，公 司下属各项目累计完成发电量192,176.64万千瓦时，比去年同期189,810.13万千瓦时增加1.25%;累计完成 上网电量186,519.82万千瓦时，比去年同期184,095.70万千瓦时增加1.32%。 ...

Core Viewpoint - The company reported an increase in electricity generation and grid-connected electricity volume for the first three quarters of 2025 compared to the same period last year [1] Group 1: Electricity Generation - The total electricity generation reached 192,176.64 million kilowatt-hours as of September 30, 2025, representing a 1.25% increase from 189,810.13 million kilowatt-hours in the same period last year [1] Group 2: Grid-Connected Electricity - The cumulative grid-connected electricity volume was 186,519.82 million kilowatt-hours, which is a 1.32% increase compared to 184,095.70 million kilowatt-hours in the previous year [1]