中闽能源公告，2025年上半年营业收入7.94亿元，同比下降2.95%。净利润3.14亿元，同比下降8.07%。 ...

证券代码：600163 证券简称：中闽能源 公告编号：2025-027 中闽能源股份有限公司 第九届董事会第二十一次临时会议决议公告 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。 一、董事会会议召开情况 中闽能源股份有限公司（以下简称"公司"或"中闽能源"）第九届董事 会第二十一次临时会议通知和材料于 2025 年 8 月 20 日以电子邮件的方式送达 全体董事，会议于 2025 年 8 月 26 日在福州市五四路 210 号国际大厦 22 层第一 会议室以现场和视频相结合的方式召开。本次会议由董事长郭政先生主持，会 议应出席董事 9 名，实际出席董事 9 名，公司全体监事、部分高级管理人员列 席了会议。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件 和《公司章程》的有关规定。 二、董事会会议审议情况 经全体与会董事认真审议，以记名投票表决方式，逐项表决审议通过了以下 议案： 1、审议通过了《公司 2025 年半年度报告及摘要》 具体内容详见上海证券交易所网站 http://www.sse.com.cn《中闽能源 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Core Viewpoint - Haitong International issued a report on August 13, giving China Minmetals Energy (600163.SH) an outperform rating, citing factors such as weak wind power resources in Fujian for Q2 and the focus on quality project expansion [2] Summary by Categories Company Performance - The report highlights that Fujian's wind power resources were weak in Q2 [2] - The company is focusing on project development to explore quality incremental opportunities [2] Market Conditions - The report indicates potential risks including downward pressure on electricity prices and fluctuations in wind resources [2] - There is also a risk that project progress may not meet expectations [2]

维持"优于大市"评级。我们预计公司2025-27年EPS为0.39/0.42/0.45元(盈利预测未包含承诺的资产注入)。 参考可比公司，给予公司2025年估值15.5x PE，对应目标价6.05元，维持"优于大市"评级。 Q2福建风电资源偏弱。(1)公司25Q2实现发电量5.1亿度，YOY-18%，其中：福建风电4.5亿度，YOY- 19%，主要系Q2风资源偏弱影响；黑龙江风电YOY-20%、新疆光伏YOY-53%，主要系该两地区风光限电 率上升；黑龙江生物质YOY+58%，主要系生物质项目停机技改，基数较低波动大。(2)公司25H1实现发电 量14亿度，YOY-0.9%。其中：福建风电12.8亿度，YOY+2.6%；黑龙江风电YOY-29%；黑龙江生物质 YOY-15%；新疆光伏YOY-35%。 公司福建风电资产优质，且福建电力供需格局佳，新能源仍有消纳空间。公司当前估值具备较强安全边 际，且存在资产注入预期，值得长期看好。 投资要点： 中闽能源 本报告导读： 海通国际证券集团有限公司Oscar Wang,Kai Wang,Jie Wu近期对中闽能源（600163）进行研究并发布了研 究报告《Q2风电偏弱 ...

Core Insights - The report highlights the performance of the Fujian Province's power generation in 2025, indicating a total generation of 269.2 billion kWh, which represents a year-on-year increase of 1.3% [1] - The report also provides a breakdown of power generation by type, showing a decline in thermal and hydropower generation, while nuclear, wind, and solar power generation have shown growth [1] Group 1: Power Generation Overview - In the first half of 2025, Fujian Province generated 725.6 billion kWh of electricity, reflecting a year-on-year growth of 0.3% [1] - Thermal power generation accounted for 838.3 billion kWh, making up 53.3% of the total generation, but saw a decline of 1.8% year-on-year [1] - Hydropower generation was 111.8 billion kWh, representing 7.1% of the total, with a significant year-on-year decrease of 32.5% [1] Group 2: Growth in Renewable Energy - Nuclear power generation reached 495 billion kWh, constituting 31.5% of the total generation, with a notable year-on-year increase of 28.9% [1] - Wind power generation was recorded at 118.9 billion kWh, accounting for 7.6% of the total, and experienced a year-on-year growth of 5.7% [1] - Solar power generation surged to 9.73 billion kWh, making up 0.6% of the total, with an impressive year-on-year increase of 100.3% [1]

Investment Rating - The report maintains an "Outperform" rating for the power and utilities sector, indicating expectations for the sector to perform better than the market in the next six months [6]. Core Views - The report highlights the recent implementation of supporting details for Document No. 136 in Shandong Province, which is expected to stabilize the industry outlook. Additionally, coal prices are on the rise, which may impact profitability positively [1][3]. - The report notes that the public utilities sector index has shown a slight increase in valuation, with a PE ratio of 17.51x as of August 8, 2025, compared to 17.35x the previous week [1][22]. - The report emphasizes the growth in photovoltaic capacity, with an addition of 211.61 GW in the first half of 2025, indicating a strong trend in renewable energy development [34]. Summary by Sections 1. Market Performance - The public utilities sector index increased by 1.61% during the week of August 4-10, 2025, ranking 22nd among 31 sectors [2][10]. - The performance of sub-sectors varied, with thermal power generation up by 2.88% and hydropower down by 0.56% [2][10]. 2. Industry Dynamics - The National Energy Administration reported that the top five provinces for new photovoltaic installations in the first half of 2025 were Jiangsu (22.07 GW), Xinjiang (19.6 GW), Guangdong (15.59 GW), Shandong (15.05 GW), and Yunnan (13.61 GW) [34]. - Shandong's new energy pricing mechanism has set a bidding upper limit of 0.35 CNY/kWh for both wind and solar power, with lower limits established as well [35]. 3. Key Data Tracking - As of August 8, 2025, the price of Shanxi mixed coal (5500) was 678 CNY/ton, reflecting a week-on-week increase of 3.51% [39]. - The report tracked green certificate trading, with a total of 15.38 and 13.68 thousand transactions for wind and solar power respectively during the week of August 4-10, 2025 [43].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [7] Core Insights - The implementation of the market-oriented pricing mechanism for renewable energy in Shandong Province marks the beginning of a new development cycle for the sector. The total scale of mechanism electricity for 2025 is set at 9.467 billion kilowatt-hours, with wind power accounting for 8.173 billion kilowatt-hours and solar power for 1.294 billion kilowatt-hours. The bidding price range for wind power is between 0.094 and 0.35 yuan per kilowatt-hour, while for solar power it is between 0.123 and 0.35 yuan per kilowatt-hour, both below the benchmark price for coal-fired power [2][6] Summary by Sections Mechanism Pricing Implementation - Shandong Province has officially launched the market-oriented pricing mechanism for renewable energy, with the total mechanism electricity for 2025 set at 9.467 billion kilowatt-hours, including 8.173 billion kilowatt-hours from wind and 1.294 billion kilowatt-hours from solar [2][6] - The bidding limits for wind and solar projects are established at 0.35 yuan per kilowatt-hour, which is lower than the coal-fired benchmark price of 0.3949 yuan per kilowatt-hour [6] Project Capacity and Bidding Details - The mechanism electricity for individual projects is calculated based on installed capacity, annual utilization hours, and other factors. The annual utilization hours for land wind, offshore wind, and solar are set at 2417, 2860, and 1253 hours respectively [6] - The expected installed capacity for wind and solar projects eligible for the mechanism is approximately 5 GW and 1.3 GW respectively, reflecting a policy direction favoring wind power development over solar [6] Investment Recommendations - The report suggests that the "carbon neutrality" initiative and electricity market reforms will reshape the value of electricity operators throughout the 14th Five-Year Plan period. It recommends focusing on quality coal-fired operators and major hydropower companies, as well as leading renewable energy firms [6][12][13][14][15][17]

Investment Rating - The report maintains an "Overweight" rating for the electricity and public utilities sector [3]. Core Views - The Zhejiang electricity spot market has officially transitioned to operation, and the foundational rules for the national unified electricity market, referred to as "1+6," have been initially established [3][10]. - The energy transition is accelerating, with a recommendation to focus on flexible thermal power companies and undervalued green electricity operators [3][10]. Summary by Sections Industry Overview - The Zhejiang electricity spot market has officially commenced operations, with seven regions already in formal operation as of August 8. The market began trial operations in May 2024 and is part of a broader initiative to establish a national unified electricity market by 2029 [6][10]. - The foundational "1+6" rule system for the national unified electricity market has been preliminarily constructed, with significant growth in market transactions and participants [10][13]. Market Performance - During the week of August 4-8, the Shanghai Composite Index closed at 3635.13 points, up 2.11%, while the CSI 300 Index rose 1.23%. The CITIC Electricity and Public Utilities Index increased by 1.61%, outperforming the CSI 300 by 0.38 percentage points [3][54]. Investment Recommendations - The report suggests focusing on the following companies: Huaneng International, Huadian International, Baoneng New Energy, Sheneng Co., Jingtou Energy, and Zhejiang Energy for their resilient quarterly performance in the thermal power sector. It also highlights Qingda Environmental Protection as a leader in thermal power flexibility transformation [3][10]. - It recommends prioritizing undervalued green electricity operators, particularly in the Hong Kong market, and suggests companies like Xintian Green Energy (H), Zhongmin Energy, and Funiu Co. for investment [3][10]. Key Metrics - In 2024, the market-based electricity trading volume is projected to reach 6.18 trillion kilowatt-hours, accounting for approximately 63% of total electricity consumption. The trading volume of green certificates has surged by 364% year-on-year, with green electricity trading volume increasing by 235.2% [10][13].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expectations for the sector to perform better than the market in the next six months [4][61]. Core Insights - The report highlights that the public utility sector index has decreased by 1.84%, underperforming compared to major indices such as the Shanghai Composite and CSI 300 [2][13]. - Key developments include the release of the "136 Document" in Ningxia, which outlines pricing mechanisms for renewable energy, and adjustments to coal power capacity pricing in Guangdong [3][38]. - The report suggests that the long-term demand for thermal power remains stable, with coal prices expected to stabilize or decline, supporting profit margins for thermal power companies [7]. Summary by Sections Market Performance - The public utility sector index's PE (TTM) is reported at 18.42, down from 18.77 the previous week, while the PB is at 1.51, down from 1.54 [1][22][26]. - The sector's performance ranks 13th among 31 sectors, with specific declines noted in various sub-sectors such as thermal and hydropower [2][13]. Industry Dynamics - Recent regulatory changes in Shandong and Ningxia are expected to impact pricing and market participation for renewable energy projects [3][35][38]. - The report tracks coal prices, noting a slight increase in the price of Shanxi mixed coal to 649 RMB/ton, with other regional prices also rising [3][40]. Key Data Tracking - The report provides data on green certificate trading, with a total of 4.31 and 11.39 thousand transactions for wind and solar power respectively during the week [6][44]. - CEA trading volumes for the week were reported at 31.02, 65.80, 33.33, 66.70, and 52.27 thousand tons, with average prices fluctuating around 71.89 to 74.78 RMB/ton [6][46].