[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].

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].

Core Viewpoint - The company, Guiguan Electric Power, has demonstrated resilience and quality in growth through technological innovation and shareholder returns during the "14th Five-Year Plan" period, showcasing its strength as a leading hydropower enterprise [1] Performance and Dividends - Guiguan Electric Power has shown steady operational performance, benefiting from improved water inflow and refined management, with a consistent annual dividend of 0.2 yuan (including tax) per share from 2022 to 2024 [1] - The company has implemented a mid-year and annual dividend strategy starting in 2023, with an average dividend payout ratio of approximately 82.83% over the past three years, reflecting the resilience of its operating cash flow [1] Capacity and Generation - As of mid-2025, Guiguan Electric Power 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 [1] Green Energy Initiatives - The company has actively promoted the construction of green and clean energy, achieving a cumulative new energy construction target of 981,000 kilowatts and a record high of 879,700 kilowatts in production capacity [2] - Through project optimization and a framework procurement model, the company has successfully reduced the unit cost of wind and solar power, achieving both qualitative improvements and reasonable quantitative growth [2] Capital Operations - Guiguan Electric Power has strategically invested in high-quality new energy projects, with core assets like the Longtan Hydropower Station operating efficiently, achieving a daily generation capacity that once exceeded 100 million kilowatt-hours [2] - The company is poised for high-quality development, leveraging its achievements from the "14th Five-Year Plan" to embark on a new journey [2]

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） ...