2020-2025年1-10月中国发电量产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：华能国际（600011）,大唐发电（601991）,国电电力（600795）,华电国际（600027）,长江电 力（600900）,国投电力（600886）,川投能源（600674）,桂冠电力（600236）,内蒙华电（600863）,浙 能电力（600023） 相关报告：智研咨询发布的《2026-2032年中国能源行业市场研究分析及投资前景评估报告》 根据国家统计局数据显示：2025年10月中国发电量产量为8002亿千瓦时，同比增长7.9%；2025年1-10月 中国发电量累计产量为80625.5亿千瓦时，累计增长2.3%。 ...

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].

Core Viewpoint - The company, Guiguan Electric Power, has demonstrated resilience and quality in growth during the "14th Five-Year Plan" period, achieving breakthroughs in performance and capital operations while focusing on technological innovation and shareholder returns [2]. Group 1: Performance and Dividends - The company has shown a strong performance in both operational results and dividend distribution, benefiting from improved water inflow and efficient management [2]. - From 2022 to 2024, the company plans to distribute a dividend of 0.2 yuan per share (including tax) annually, with an average dividend payout ratio of approximately 82.83% over the past three years [2]. Group 2: Power Generation Capacity - As of mid-2025, the company has an installed capacity of 14.1777 million kilowatts, including 10.2404 million kilowatts from hydropower, 1.33 million kilowatts from thermal power, 0.9447 million kilowatts from wind power, and 1.6626 million kilowatts from solar power [3]. - The company has made significant progress in green energy construction, acquiring a total of 981,000 kilowatts of new energy construction indicators and achieving a record high in installed capacity [3]. Group 3: Capital Operations and Strategic Development - The company is strategically investing in high-quality new energy projects, with core assets like the Longtan Hydropower Station operating efficiently, achieving a daily power generation of over 100 million kilowatt-hours [3]. - The company is poised for high-quality development, leveraging its achievements from the "14th Five-Year Plan" to embark on a new journey of growth [3].

截至2025年上半年，桂冠电力在役装机容量1417.77万千瓦，其中水电装机1024.04万千瓦；火电装机 133.00万千瓦；风电装机94.47万千瓦，光伏装机166.26万千瓦。 同时，桂冠电力大力推动绿色清洁能源建设。2024年桂冠电力累计获取新能源建设指标98.1万千瓦，核 准155.92万千瓦，开工110万千瓦，投产87.97万千瓦，投产容量创历史新高，助推公司装机规模实现百 万千瓦级跃升。通过深入开展项目优化设计，推行项目框架采购模式，助推风电、光伏单位千瓦造价降 至新低，实现质的有效提升和量的合理增长。 资本运作精准发力，公司择优投资新能源项目。目前龙滩水电站等核心资产保持高效运营，单日发电量 曾突破1亿千瓦时，为"十五五"发展积蓄动能。站在新的发展节点，从稳定分红到技术突破，从项目扩 建到战略布局，这家清洁能源领军企业正以扎实的"十四五"成果，开启高质量发展的新征程。 随着"十四五"规划收官进入冲刺阶段，国内清洁能源领军企业桂冠电力（600236）交出了一份兼具增长 韧性与发展质量的成绩单。五年来，公司以技术创新为引擎，以股东回报为初心，在业绩增长、资本运 作等领域多点突破，彰显水电龙头企业的 ...

Core Insights - The electricity sector experienced a slight increase of 0.03% on the trading day, with Min Dong Power leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Min Dong Power (000993) closed at 12.67, up 3.68% with a trading volume of 442,700 shares and a transaction value of 556 million [1] - Other notable gainers included ST Lingda (300125) with a 3.43% increase, and Zhongmin Energy (600163) with a 3.04% increase [1] - Conversely, Tianfu Energy (600509) saw a decline of 3.78%, and Shanghai Electric (600021) fell by 3.56% [2] Capital Flow - The electricity sector saw a net outflow of 757 million from institutional investors, while retail investors contributed a net inflow of 842 million [2] - The capital flow data indicates that retail investors were more active in the market compared to institutional investors [2] Individual Stock Capital Flow - Huadian New Energy (600930) had a net inflow of 193 million from institutional investors, while it experienced a net outflow of 12 million from speculative funds [3] - Jiangsu Guoxin (002608) reported a net inflow of 13 million from institutional investors, but a net outflow of 4 million from speculative funds [3] - Overall, the data suggests a mixed sentiment among different types of investors within the electricity sector [3]

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个别及连带责任。 广西桂冠电力股份有限公司（以下简称"公司"）分别于2025年6月23日召开第十届董事会第十一次会 议、2025年7月9日召开的2025年第二次临时股东大会，审议通过了《关于公司2025年度续聘会计师事务 所的议案》，同意聘请天职国际会计师事务所（特殊普通合伙）（以下简称"天职国际"）为公司2025年 度财务审计机构。具体内容详见公司于2025年6月24日在上海证券交易所网站披露的《关于续聘会计师 事务所的公告》（编号：2025-024）。 近日，公司收到天职国际出具的《关于更换签字会计师的告知函》，现将具体情况公告如下： 一、本次签字会计师变更的基本情况 天职国际作为公司2025年度财务审计机构，原指派李晓阳、梁杰为项目签字注册会计师，因天职国际内 部工作调整，天职国际拟将签字注册会计师梁杰变更为蒋樟桦，变更后，公司2025年度审计的签字注册 会计师为李晓阳、蒋樟桦。 签字注册会计师蒋樟桦近三年不存在因执业行为受到刑事处罚，受到证监会及其派出机构、行业主管部 门的行政处罚、 ...

股票代码：600236 股票简称：桂冠电力 编号:2025-042 广西桂冠电力股份有限公司 关于更换签字会计师的公告 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个别及连带责任。 广西桂冠电力股份有限公司（以下简称"公司"）分别于 2025 年 6 月 23 日召开第十届董事会第十一次会议、2025 年 7 月 9 日召开的 2025 年第二次临时股东大会，审议通过了《关于公司 2025 年度续聘 会计师事务所的议案》，同意聘请天职国际会计师事务所（特殊普通合 伙）（以下简称"天职国际"）为公司 2025 年度财务审计机构。具体内 容详见公司于 2025 年 6 月 24 日在上海证券交易所网站披露的《关于 续聘会计师事务所的公告》（编号：2025-024）。 近日，公司收到天职国际出具的《关于更换签字会计师的告知函》， 现将具体情况公告如下： 一、本次签字会计师变更的基本情况 天职国际作为公司 2025 年度财务审计机构，原指派李晓阳、梁杰 为项目签字注册会计师，因天职国际内部工作调整，天职国际拟将签 字注册会计师梁杰变更为蒋樟桦 ...

Core Insights - The report highlights the growth and challenges in China's hydropower industry, with a significant increase in hydropower generation in September 2025 compared to the previous year, indicating a year-on-year growth of 31.9% [1] - Cumulative hydropower generation from January to September 2025 shows a slight decline of 1.1% compared to the same period in the previous year, suggesting potential fluctuations in the market [1] Company Overview - Listed companies in the hydropower sector include: Changjiang Electric Power (600900), Huaneng Hydropower (600025), Guotou Power (600886), Chuan Investment Energy (600674), Guiguan Electric Power (600236), Qianyuan Electric Power (002039), Hubei Energy (000883), Mindong Electric Power (000993), Leshan Electric Power (600644), and Chenzhou International (600969) [1] Market Analysis - According to the National Bureau of Statistics, the hydropower generation in China reached 158.9 billion kilowatt-hours in September 2025, reflecting a robust performance in the sector [1] - The cumulative hydropower output for the first nine months of 2025 was 997.05 billion kilowatt-hours, indicating a need for further analysis on the factors contributing to the decline in cumulative output [1]

证券日报网讯桂冠电力11月27日在互动平台回答投资者提问时表示，公司股东人数会按照相关规定在定 期报告中披露。除定期报告外，其他时点股东人数属于非强制性披露内容。 （文章来源：证券日报） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600236 证券简称：桂冠电力 公告编号：2025-041 广西桂冠电力股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025年12月03日（星期三）09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年11月26日（星期三）至12月02日（星期二）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱ggep600236@163.com进行提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 （二）投资者可于2025年11月26日（星期三）至12月02日（星期二）16:00前登录上证路演中心网站首 页，点击"提问预征集"栏目（https://roadshow.sseinfo.com/preCallQa），根据活动时间， ...