Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The increase in renewable energy consumption responsibility weight is expected to generate an additional demand of approximately 510 billion kilowatt-hours of new energy by 2025 [2][6][19] - The transition of the aluminum electrolysis industry from monitoring to assessment will significantly boost the demand for non-hydropower green certificates, estimated at around 150 million certificates [7][26] - The inclusion of four major energy-consuming industries (steel, cement, polysilicon, and data centers) into monitoring is projected to create a potential demand for approximately 800 million non-hydropower green certificates [8][29] Summary by Sections Renewable Energy Consumption Responsibility Weight - The responsibility weight for renewable energy consumption will significantly increase in 2025, with unfulfilled portions not carried over to the next year. The new policy mandates that the responsibility weight must be completed within the year [6][17] - The "Three North" regions have a higher responsibility weight, with provinces like Inner Mongolia, Gansu, Jilin, Heilongjiang, and Qinghai set at 30%, while regions like Shanghai and Guangdong remain below 15% [18] Electrolytic Aluminum Green Power Consumption - The green power consumption ratio for the electrolytic aluminum industry will shift from monitoring to assessment in 2025, leading to a significant increase in demand for non-hydropower green certificates [7][26] - The estimated demand for non-hydropower green certificates from the electrolytic aluminum sector is about 150 million certificates due to the new assessment requirements [26] Expansion of Monitoring to Other Industries - The addition of steel, cement, polysilicon, and data centers into the monitoring framework is expected to create a substantial potential demand for green certificates, estimated at around 800 million certificates [8][29] - The projected total demand from these sectors could reach approximately 980 billion kilowatt-hours of new energy, accounting for about 53% of the 2024 new energy volume [34] Supply and Demand Dynamics - The demand side is expected to expand significantly due to the assessment of the electrolytic aluminum industry and the inclusion of new energy-consuming sectors, while the supply side will see a reduction in the issuance of green certificates due to policy changes [8][34] - The overall market dynamics are anticipated to shift from a surplus supply to a more balanced state, providing long-term support for green certificate prices [8][34]

2025 年可再生能源电力消纳责任权重下发，5 月 LNG 进口量同比下降 26.3% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 7 月 12 日 15666646523.tcy [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 邮 箱：xingqinhao@cindasc.com 化工行业： 唐婵玉 电力公用分析师 执业编号：S1500525050001 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街 ...

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Utilities (secondary industry) index reported at 2645.95 points [1] - The CSI 300 Utilities index has decreased by 0.31% over the past month, increased by 1.48% over the past three months, and has declined by 2.24% year-to-date [1] Industry Classification - The CSI 300 index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The index is based on a sample of 300 stocks from the CSI 300 index, with a base date of December 31, 2004, and a base point of 1000.0 [1] Index Holdings - The top ten weights in the CSI 300 Utilities index are: - Changjiang Electric Power (48.55%) - China Nuclear Power (10.28%) - Three Gorges Energy (8.2%) - Guodian Power (5.62%) - State Power Investment Corporation (4.72%) - Sichuan Investment Energy (4.17%) - Huaneng International (4.15%) - China General Nuclear Power (3.86%) - Zhejiang Energy (2.77%) - Huadian International (2.72%) [1] Market Distribution - The market distribution of the CSI 300 Utilities index shows that the Shanghai Stock Exchange accounts for 95.80%, while the Shenzhen Stock Exchange accounts for 4.20% [2] - In terms of industry composition within the index, hydropower constitutes 59.70%, thermal power 15.26%, nuclear power 14.14%, wind power 8.54%, and gas power 2.36% [2] Sample Adjustment - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 index samples [2]

Core Viewpoints - In the first half of 2025, the profitability of thermal power companies improved due to a decrease in coal prices from 765 RMB/ton to 621 RMB/ton, leading to an 11% recovery in stock prices since late January [4] - The thermal power sector is expected to see positive factors in electricity volume, price, and costs in 2025, indicating growth potential [4] - Hydropower and nuclear power sectors remain stable with strong cash flows and high dividend yields, while the deepening of domestic electricity reforms is likely to create diverse investment opportunities [4] Thermal Power - The comprehensive electricity price for thermal power is expected to remain stable in 2025, with coal prices trending downward, leading to further profit recovery in the industry [7] - It is recommended to focus on thermal power companies with smaller declines in electricity prices and lower proportions of long-term coal contracts [7] - The implementation of capacity pricing and auxiliary service income is expected to stabilize thermal power profitability [61] Hydropower - High dividend yields attract incremental capital, with the dividend yield of Changjiang Electric Power remaining between 3.2% and 4.4% from 2017 to 2024 [80] - The hydropower sector is expected to see growth due to the commissioning of new projects, with over 25 million kW of hydropower capacity under construction [73] Nuclear Power - The approval of 11 new nuclear units in 2024 marks a significant acceleration in nuclear project approvals, indicating a stable growth trajectory for the sector [82] - By the end of 2024, China Nuclear Power and China General Nuclear Power have substantial capacities under construction, ensuring future growth [86] Renewable Energy - The installation of wind and solar power is expected to maintain high growth rates, with cumulative installed capacity reaching 1.41 billion kW by the end of 2024 [92] - The implementation of the 136 Document is expected to promote the full market entry of renewable energy, leading to a surge in installed capacity [99] Waste Incineration - The waste incineration sector is entering a mature phase, with operating cash flow and free cash flow both increasing by 18% year-on-year in 2024 [119] - Companies in this sector are expanding overseas, establishing a competitive advantage in countries along the Belt and Road Initiative [122]

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

丨证券研究报告丨 行业研究丨专题报告丨公用事业 [Table_Title] 电力行业 2025 年半年报前瞻：火电业绩展望积 极，清洁能源或有分化 报告要点 [Table_Summary] 综合火电三要素，虽然二季度电价及电量延续回落，但考虑到年初以来煤价仍有明显下降，北 方电厂及部分华东地区火电运营商二季度业绩仍将维持积极表现。水电方面，在高基数影响下 二季度水电电量承压，但部分水电公司通过优化水库调度及蓄水节奏等仍有望实现稳健业绩增 长。核电方面，虽然二季度电量均维持同比增长，但由于不同省份受电价下降影响不同，因此 两核业绩或将有所分化。绿电方面，虽然绿电 4-5 月全国利用小时数持续回落，但是各省利用 小时表现存在明显差异，区域分布或将主导板块内公司业绩表现有所分化。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

公用事业 超配（维持） 公用事业行业双周报（2025/6/20-2025/7/3） 南方区域电力市场启动连续结算试运行 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 行 业 周 报 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn 行业指数走势 资料来源：iFinD，东莞证券研究所 相关报告 证 券 研 究 报 告 行 业 研 2025 年 7 月 4 日 究 ◼ 行情回顾：截至7月3日，近两周申万公用事业指数上涨1.0%，跑输沪深 300指数2.2个百分点，在31个申万行业中排第28名；年初至今，申万公 用事业指数下跌0.02%，跑输沪深300指数0.9个百分点，在31个申万行 业中排第23名。 ◼ 分板块来看，近两周申万公用事业指数的子 ...

证券代码：600795 证券简称：国电电力 公告编号：临2025-20 国电电力发展股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.11元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/9 | － | 2025/7/10 | 2025/7/10 | 差异化分红送转：否 — 1 — 1,961,918,099.02元。 一、通过分配方案的股东大会届次和日期 本次利润分配方案经国电电力发展股份有限公司（以下简称"公 司"）2025 年 5 月 13 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体股 ...

国电电力 20250702 国电电力通过调整采购结构、增加现货和进口煤比例以及谈判长协煤价 格，有效控制了入炉标煤单价，增强了在煤价波动中的盈利能力。 国电电力拥有集团长协煤保障，且在江苏、浙江和安徽区域占比较高， 使其在电价下降周期中仍能保持较好的盈利水平，并具备额外资产注入 和水电增长潜力。 当于再造一个国电竞争性较强规模。气电竞争性较弱方面，截止到 2024 年底， 国电竞争性较弱装机规模为 102 万千瓦，而集团控股未上市气竞争性较弱装机 为 420 万千瓦。水电竞争性方面，截至 2024 年底，集团控股未上市水竞争性 较弱装机为 534 万千瓦，其中包括青海马尔挡水竞争性较弱站，该站装机 232 万千瓦，是西竞送骨干竞争源之一。预计该站在多年平均发竞量情况下年度利 润贡献约 5 亿元，对国竞 25-26 年净利润增厚 24%左右。此外，金沙江上游 蓄龙竞争站和奔子栏竞争站也具备 240 万千瓦规模，有望在十五五末期投产。 摘要 国电电力通过资产重组，剥离非主业资产并收购优质火电和常规能源资 产，显著提升盈利质量，扣非后 ROE 从 2020 年的-1.15%增至 2024 年的 9.28%。 国家能 ...

证券研究报告|行业周报 2025 年 07 月 02 日 电力及公用事业 行业周报（6.23-6.29）：新疆、蒙西出台机制电价政策，5 月全国 用电量增长 4.4% | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2025E | 2026E | 2025E | 2026E | | 001289.SZ | 龙源电力 | 增持 | 0.79 | 0.9 | 20.86 | 18.31 | | 600674.SH | 川投能源 | 增持 | 1.05 | 1.13 | 15.57 | 14.47 | | 600795.SH | 国电电力 | 买入 | 0.42 | 0.49 | 11.88 | 10.18 | 资料来源：公司财报，长城证券产业金融研究院 板块市场表现： （1）行业估值：本周（2025.6.27）申万公用事业行业指数 PE（TTM） 为 17.04 倍，上周为 17.09 倍，2024 年同期为 18.16 倍；本周（2025.6.27） 申万公用事业行业 ...