Core Viewpoint - Guangxi Guiguan Electric Power Co., Ltd. plans to construct a 1,000-ton navigation facility to enhance the navigation capacity of the Hongshui River, promoting economic development in the basin [1] Group 1: Project Details - The project is initiated by Longtan Hydropower Development Co., Ltd., a wholly-owned subsidiary of Guangxi Guiguan Electric Power [1] - The navigation facility is crucial infrastructure for the Hongshui River shipping, facilitating the development of the Xijiang shipping route and improving access for Guizhou to the sea [1] - The adjustment of the navigation capacity from 500 tons to 1,000 tons is necessary to accommodate the trend of larger vessels and to leverage the advantages of Xijiang water transport [1] Group 2: Strategic Importance - The project aligns with national strategies for building a resource-saving and environmentally friendly society, supporting sustainable development goals [1] - It aims to promote coordinated economic development in the basin and establish a modern comprehensive transportation system [1] - The initiative is part of efforts to construct a new land-sea passage in Southwest China, enhancing socio-economic development in the upstream areas along the Xijiang River [1]

桂冠电力表示，通航建筑工程设计标准调整为1000吨级后，由于标准调整而增加的投资由贵州省交通运 输厅承担。本次工程项目变更，不存在改变公司原有资金投向的情形，未实质增加公司原计划的资金负 担。龙滩公司所需投入资金拟通过银行借款方式筹措，贵州省交通运输厅出资部分作为财政补贴确认为 龙滩公司的递延收益，按《企业会计准则第16号——政府补助》与资产相关的政府补助的规定进行账务 处理。贵州省交通运输厅对应出资部分，在工程完工转固后，通过固定资产折旧与递延收益分期摊销处 理。该事项不会对公司的正常生产经营、财务状况及现金流造成重大不利影响。 桂冠电力进一步表示，龙滩水电站通航建筑物工程是改善红水河流域航运条件、打通南、北盘江——红 水河航运通道、提升珠江黄金水道航运里程与水平的关键性工程，符合区域经济发展需求，具有国家级 战略意义，工程建成后将进一步提升公司在清洁能源领域及区域能源市场的影响力，有利于公司长期战 略布局推进，符合公司及全体股东(尤其是中小股东)的长远利益。 12月26日，桂冠电力（600236）公告，公司下属全资子公司龙滩水电开发有限公司(简称"龙滩公司")拟 开工建设1000吨级通航建筑物。桂冠电力表 ...

每经AI快讯，桂冠电力（SH 600236，收盘价：7.3元）12月26日晚间发布公告称，按照国家部署，为提 升广西红水河通航能力，促进流域经济发展，根据国家发改委及广西、贵州发改委等文件批复精神，公 司下属全资子公司龙滩水电开发有限公司近期拟开工建设1000吨级通航建筑物。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 贾运可） 2024年1至12月份，桂冠电力的营业收入构成为：电力占比99.45%，其他业务占比0.55%。 截至发稿，桂冠电力市值为575亿元。 ...

关于下属龙滩水电站通航建筑物建设方案由 500 吨级变更 为 1000 吨级并即将开工的公告 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。 股票代码：600236 股票简称：桂冠电力 编号:2025-043 广西桂冠电力股份有限公司 1 / 7 程，原工程项目属性不变。原 500 吨级通航建筑物投资 24.3 亿元及融资费 用由大唐集团负责（发改办能源〔2022〕59 号），项目新增投资由贵州省 负责筹措。2023 年广西、贵州两省区发改委联合批复 1000 吨级工程可行 性研究报告（桂发改交通〔2023〕753 号），建设工期 69 个月，项目估算 总投资为 534,596.89 万元，资金筹措按（发改办能源〔2022〕59 号）要 求执行，各方融资成本各自负责。 二、500 吨级通航建筑物变更为 1000 吨级的必要性 （一）适应珠江水系通航船舶体型规模的发展 按照国家部署，为提升广西红水河通航能力，促进流域经济发展，根 据国家发改委及广西、贵州发改委等文件批复精神，广西桂冠电力股份有 限公司（以下简称公司或桂冠电 ...

Core Viewpoint - The announcement indicates that the subsidiary Longtan Company of Guiguan Electric Power plans to start construction of the Longtan Hydropower Station's 1000-ton navigation structure by the end of December 2025, with a total estimated investment of 5.346 billion yuan, which is an increase of 2.35 billion yuan from the original 500-ton plan [1] Investment Details - The construction period for the Longtan Hydropower Station is projected to be 69 months, with water debugging expected to be completed by September 20, 2031 [1] - The original investment and financing costs of 2.43 billion yuan will be covered by Datang Group, while the additional investment will be raised by Guizhou Province [1] Impact on Company Operations - The adjustment does not constitute a major asset restructuring and is not expected to have a significant adverse impact on the company's production operations, financial status, or cash flow [1] - The project aligns with the long-term interests of all shareholders [1]

Core Viewpoint - The company announced that its wholly-owned subsidiary, Longtan Hydropower Development Co., Ltd., plans to commence the construction of a 1,000-ton navigation structure, which was previously delayed due to regulatory requirements [1] Group 1: Project Details - The Longtan Hydropower Station is a key control project in the Hongshui River cascade, originally designed to be built to a 500-ton standard, which was later upgraded to 1,000 tons as per the National Development and Reform Commission's requirements [1] - The original 500-ton project was suspended in 2018, and the feasibility study report for the 1,000-ton project was jointly approved by the development and reform commissions of Guangxi and Guizhou provinces in 2023 [1] - The construction period for the project is estimated to be 69 months, with a total investment of 5.346 billion yuan [1]

Core Viewpoint - The report highlights the growth of China's hydropower generation, indicating a significant increase in production and a positive outlook for the industry from 2026 to 2032 [1] Industry Overview - According to the National Bureau of Statistics, China's hydropower generation reached 135.1 billion kilowatt-hours in October 2025, marking a year-on-year increase of 28.2% [1] - From January to October 2025, the cumulative hydropower generation in China was 1,131.12 billion kilowatt-hours, reflecting a cumulative growth of 1.6% [1] Company Insights - 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) - Chenzhou International (600969) [1]

[Table_Page] 跟踪分析|公用事业 证券研究报告 [Table_Title] 公用事业行业深度跟踪 风光贡献全部发电增量，关注板块低配高股息 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-12-21 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 12/24 03/25 05/25 07/25 10/25 12/25 公用事业 沪深300 | [分析师： Table_Author]郭鹏 | | --- | | SAC 执证号：S0260514030003 | | SFC CE No. BNX688 | | 021-38003655 | | guopeng@gf.com.cn | | 分析师： 许子怡 | | SAC 执证号：S0260524010002 | | 021-38003618 | | xuziyi@gf.com.cn | | 分析师： 郝兆升 | | SAC 执证号：S0260524070001 | | 0755-82557403 | | haozhaosheng@ ...

Group 1 - The core viewpoint of the article highlights the growth in China's electricity generation, with a reported production of 800.2 billion kilowatt-hours in October 2025, reflecting a year-on-year increase of 7.9% [1] - Cumulative electricity generation from January to October 2025 reached 8,062.55 billion kilowatt-hours, showing a cumulative growth of 2.3% [1] - The article references a market research report by Zhiyan Consulting, which assesses the investment prospects in the Chinese energy industry from 2026 to 2032 [1] Group 2 - The listed companies in the energy sector include Huaneng International (600011), Datang Power (601991), Guodian Power (600795), Huadian International (600027), Changjiang Power (600900), State Power Investment (600886), Chuanwei Energy (600674), Guiguan Power (600236), Inner Mongolia Huadian (600863), and Zhejiang Energy (600023) [1] - The data source for the statistics mentioned is the National Bureau of Statistics, with the information organized by Zhiyan Consulting [1]

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].