136号文提出推动新能源上网电量全面进入电力市场，此前《关于全面加快电力现货市 场建设工作的通知》也已明确2025年底前基本实现电力现货市场全覆盖，我们认为新能源电 价或有所承压，企业现金流也将面临一定压力。 与此同时，第一批可再生能源发电补贴合规项目清单已公布两年有余，补贴缺口问题也 曾明确通过专项融资解决。近期补贴发放也有所加速。我们认为在推动新能源全面入市的背 景下，可再生能源补贴拖欠问题有望加速解决。故而本篇专题我们以补贴为主题，梳理各公 司应收补贴及近期补贴回收情况。 核心观点 天风证券近日发布公用事业行业专题研究：2025年8月补贴回收明显加速，2025年1-8月 回收补贴金额均已超过2024年全年回收体量。以太阳能为例，2025年8月，公司共收到可再 生能源补贴资金16.92亿元；2025年1-8月，公司共收到可再生能源补贴资金23.19亿元，同比 增加232.23%，占2024年全年收到可再生能源补贴资金的169.77%。 以下为研究报告摘要： 专题 补贴缺口持续增大背景下，新能源运营行业补贴拖欠问题较为突出。我们梳理了19家公 司应收可再生能源补贴情况。从绝对额来看：截至2024年末，三峡能 ...

Core Insights - As of September 17, a total of 98 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Haotaitai, which has seen net purchases for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., Health元, Shandong Publishing, Mousse Co., Aima Technology, Hunan Haili, Baida Group, and Huadian New Energy [1]

京能电力所属申万行业为：公用事业-电力-火力发电。所属概念板块包括：低价、氢能源、风能、海上 风电、太阳能等。 截至6月30日，京能电力股东户数5.03万，较上期减少8.30%；人均流通股133133股，较上期增加 9.05%。2025年1月-6月，京能电力实现营业收入170.80亿元，同比增长4.98%；归母净利润19.49亿元， 同比增长113.33%。 分红方面，京能电力A股上市后累计派现102.76亿元。近三年，累计派现23.10亿元。 9月18日，京能电力盘中下跌2.05%，截至11:07，报4.29元/股，成交9136.44万元，换手率0.32%，总市 值287.20亿元。 资金流向方面，主力资金净流出1485.80万元，特大单买入0.00元，占比0.00%，卖出707.84万元，占比 7.75%；大单买入1747.15万元，占比19.12%，卖出2525.12万元，占比27.64%。 京能电力今年以来股价涨26.18%，近5个交易日跌4.45%，近20日跌3.16%，近60日跌5.51%。 资料显示，北京京能电力股份有限公司位于北京市石景山区和平西路53号院中海时代广场B座，成立日 期2000年 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 6191919 | 嘉泽新能 | 4.42 | -5.15% | 206.80万 | 9.26亿 | | 600475 | 华米环能 | 17.00 | -4.92% | 47.59万 | 8.29亿 | | 600021 | 上海电力 | 21.07 | -2.81% | 204.70万 | 43.79亿 | | 600578 | 京能电力 | 4.39 | -2.66% | 1 53.68万 | 2.36亿 | | 600509 | 天富能源 | 8.22 | -2.61% | 135.57万 | 11.24亿 | | 600452 | 浩陵电力 | 9.80 | -2.49% | 35.87万 | 3.54亿 | | 601991 | 大唐发电 | 3.58 | -2.45% | 152.43万 | 5.47亿 | | 600995 | 南网储能 | 11.52 | -1.96% | 24.23万 | 2.79亿 | | 001289 | 龙 ...

东吴证券近日发布公用事业行业跟踪周报：国家发改委、能源局《关于完善价格机制促进新能源发电就 近消纳的通知》，就近消纳项目电源应接入用户和公共电网产权分界点的用户侧，新能源年自发自用电 量占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新增项目不低于35%。 东吴证券近日发布公用事业行业跟踪周报：国家发改委、能源局《关于完善价格机制促进新能源发电就 近消纳的通知》，就近消纳项目电源应接入用户和公共电网产权分界点的用户侧，新能源年自发自用电 量占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新增项目不低于35%。 以下为研究报告摘要： 投资要点 本周核心观点：（1）国家发改委、能源局《关于完善价格机制促进新能源发电就近消纳的通知》：推 荐工商业屋顶光伏南网能源，关注安科瑞。就近消纳项目电源应接入用户和公共电网产权分界点的用户 侧，新能源年自发自用电量占总可用发电量比例不低于60%，占总用电量比例不低于30%、2030年起新 增项目不低于35%；项目应当具备分表计量条件，由电网企业在发电、厂用电、并网、自发自用、储能 等关口安装计量装置，准确计量各环节电量数据。（2） ...

Group 1 - Beijing Energy Group Co., Ltd. (referred to as "the company") held a cadre meeting on September 10, announcing leadership changes [1] - Li Yuhai has been appointed as the Deputy Secretary of the Party Committee, Director, and General Manager of the company [1] - Qian Xing has retired from his positions as Deputy Secretary of the Party Committee, Director, and General Manager of the company due to reaching retirement age [1]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Core Viewpoint - The launch of the "Hua Zhi·Zhi Xin" smart production management platform by China Huadian New Energy Group aims to promote the construction of a new power system and accelerate the digital transformation of renewable energy [1][2]. Group 1: Development and Capacity - Since the 14th Five-Year Plan, the company has surpassed 80 million kilowatts in installed capacity, with over 1,100 wind and solar stations, positioning itself at the forefront of the industry [2]. - The company is addressing the challenges of small, scattered, and diverse renewable energy projects by enhancing operational capabilities through remote centralized control and tiered diagnostics [2][5]. Group 2: Technological Integration - The company has integrated advanced technologies such as industrial internet, big data, and artificial intelligence to create a comprehensive digital management system that enhances production efficiency [5][6]. - The platform has significantly improved operational efficiency, reducing the average number of operational personnel by approximately 60% through centralized monitoring and unmanned station management [5][6]. Group 3: Innovation and Sustainability - The platform facilitates the transformation and application of innovative results, enhancing the technological content of high-quality renewable energy development and strengthening autonomous control capabilities [7]. - The company is developing key technologies for the new power system, including high-precision power prediction systems and smart energy management systems, to support the integration of high proportions of renewable energy [7].