Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The construction of a new energy system is accelerating, with a focus on achieving carbon peak and promoting a green lifestyle [4] - In the first nine months of 2025, total electricity consumption increased by 4.6% year-on-year, totaling 77,675 billion kWh [4] - The electricity spot market is rapidly starting continuous settlement trials, with several provinces transitioning to formal operations [4] Summary by Sections 1. Industry Overview - The report highlights the importance of accelerating the construction of a new energy system as outlined in the recent Communist Party meeting [4] 2. Electricity Consumption - Total electricity consumption for January to September 2025 reached 77,675 billion kWh, reflecting a year-on-year growth of 4.6% [15] - Breakdown of consumption growth: - Primary industry: +10.2% - Secondary industry: +3.4% - Tertiary industry: +7.5% - Urban and rural residential consumption: +5.6% [4][15] 3. Power Generation - Cumulative power generation for January to September 2025 was 72,600 billion kWh, with a year-on-year increase of 1.6% [22] - Specific generation changes: - Thermal power: -1.2% - Hydropower: -1.1% - Nuclear power: +9.2% - Wind power: +10.1% - Solar power: +24.2% [22] 4. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [38] 5. Coal Prices - As of October 24, 2025, the price of thermal coal at Qinhuangdao port was 770 RMB/ton, up 9.07% year-on-year and increased by 22 RMB/ton week-on-week [45] 6. Hydropower Conditions - As of October 24, 2025, the water level at the Three Gorges Reservoir was 175 meters, with inflow and outflow rates increasing by 92% and 70% year-on-year, respectively [54] 7. Investment Recommendations - Focus on investment opportunities in hydropower and thermal power during peak summer demand [4] - Recommended companies include: - Thermal Power: JianTou Energy, Huadian International, Huaneng International, Guodian Power, Sheneng Shares, and Waneng Power [4] - Hydropower: Yangtze Power [4] - Nuclear Power: China National Nuclear Power and China General Nuclear Power [4] - Green Energy: Longi Green Energy and others [4]

分红方面，中闽能源A股上市后累计派现6.44亿元。近三年，累计派现4.81亿元。 机构持仓方面，截止2025年6月30日，中闽能源十大流通股东中，工银红利优享混合A（005833）位居 第二大流通股东，持股3301.05万股，相比上期增加713.23万股。银华心佳两年持有期混合（010730）位 居第七大流通股东，持股807.45万股，相比上期减少514.81万股。香港中央结算有限公司位居第八大流 通股东，持股729.11万股，相比上期减少224.93万股。南方中证1000ETF（512100）位居第九大流通股 东，持股707.15万股，为新进股东。 责任编辑：小浪快报 资料显示，中闽能源股份有限公司位于福建省福州市鼓楼区五四路国际大厦二十二层A,B,C座，成立日 期1998年5月26日，上市日期1998年6月2日，公司主营业务涉及陆上风力发电的项目开发、建设及运 营。主营业务收入构成为：风电96.16%，其他(补充)1.61%，生物质发电1.16%，光伏发电1.06%。 中闽能源所属申万行业为：公用事业-电力-风力发电。所属概念板块包括：AMC（化债概念）、低价、 小盘、绿色电力、国资改革等。 截至6月30 ...

Core Viewpoint - The stock of Zhongmin Energy has experienced a decline of 13.60% year-to-date, with recent trading showing mixed performance, indicating potential volatility in the company's stock price [1][2]. Financial Performance - For the first half of 2025, Zhongmin Energy reported a revenue of 794 million yuan, a decrease of 2.95% year-on-year, and a net profit attributable to shareholders of 314 million yuan, down 8.07% year-on-year [2]. - Cumulatively, since its A-share listing, Zhongmin Energy has distributed a total of 644 million yuan in dividends, with 481 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhongmin Energy was 41,000, a decrease of 1.66% from the previous period, with an average of 46,464 circulating shares per shareholder, an increase of 1.69% [2]. - The top circulating shareholder, ICBC Hongli Dividend Preferred Mixed Fund, holds 33.01 million shares, an increase of 7.13 million shares compared to the previous period [3]. Stock Performance - As of October 24, Zhongmin Energy's stock price was 5.19 yuan per share, with a trading volume of 64.51 million yuan and a turnover rate of 0.65%, resulting in a total market capitalization of 9.877 billion yuan [1]. - The stock has seen a recent increase of 1.76% over the last five trading days, but a decline of 0.19% over the last 20 days and 4.60% over the last 60 days [1]. Business Overview - Zhongmin Energy, established on May 26, 1998, and listed on June 2, 1998, is primarily engaged in the development, construction, and operation of onshore wind power projects, with wind power accounting for 96.16% of its main business revenue [1]. - The company is classified under the public utility sector, specifically in electricity and wind power generation, and is associated with concepts such as debt restructuring, low pricing, mid-cap, green power, and state-owned enterprise reform [1].

Core Insights - The public utility sector is experiencing fluctuations in electricity prices and coal prices, with a notable decrease in electricity procurement prices year-on-year and an increase in coal prices week-on-week [1][3] - The performance of Jintou Energy in Q3 2025 is highlighted, showing significant profit growth due to favorable conditions in the coal market and increased electricity demand during peak summer [2] - The National Development and Reform Commission (NDRC) has introduced initiatives to boost electric vehicle charging infrastructure, indicating potential investment opportunities in this sector [2] Electricity and Coal Prices - In August 2025, the electricity procurement price decreased by 2% year-on-year but increased by 1.3% month-on-month [1][3] - As of October 17, 2025, the price of thermal coal at Qinhuangdao was 748 RMB per ton, reflecting a week-on-week increase of 39 RMB per ton [1][3] Electricity Consumption and Generation - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, representing a year-on-year increase of 4.5% [1][3] - Cumulative electricity generation during the same period was 5.47 trillion kWh, with a year-on-year growth of 1.3% [1][3] - Different energy sources showed varied performance: thermal power and hydropower decreased by 1.3% and 4.5% respectively, while nuclear, wind, and solar power increased by 10.8%, 10.4%, and 22.7% respectively [1][3] Investment Opportunities - The report suggests focusing on undervalued thermal power assets and the growth potential of electric vehicle charging infrastructure [4] - Recommendations include investing in companies like Jintou Energy, Jingneng Power, and Datang Power for thermal power opportunities [4] - The charging pile equipment sector is highlighted with companies such as Teruid and Shenghong as potential investment targets [4] - Renewable energy assets, particularly solar and charging infrastructure, are expected to see a revaluation due to market dynamics [4]

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]