在全国迎峰度夏能源保供的关键时段，由南京鼓楼企业、朗坤智慧科技股份有限公司承建的"基于云边协同的火电安全生产管控数字化平台"，正保障国电 电力（600795）发展股份有限公司稳定高效运转。 国电电力基于云边协同的火电安全生产管控数字化平台"大屏 云边协同筑防线智能预警护安全 "1号机1B引风机失速预警，请及时确认处理！"国电电力上海庙电厂集控室内，系统发出一条清晰语音播报。值班长立即查看平台推送的故障诊断报告， 按照系统所生成的处置建议迅速操作，成功避免了一起非计划降负荷事件。 朗坤智慧项目负责人介绍说，该AI平台开创性地构建了"集团统筹、云边协同"的智慧管控全新模式。云端"大脑"凭借强大的算力，对全局进行智能优化并 作出科学决策；边缘"末梢"确保实现毫秒级的实时响应。二者协同运作，如同精密高效的"导弹防御系统"，实现风险预感知与预干预，防患于未然。 值得一提的是，该平台整体技术已被鉴定为"国际领先"水平，在实际应用中，不仅能有效延长设备使用寿命、提升设备运行效能，还能显著降低能源消 耗，助推"双碳"战略目标的实现。 国电电力生产技术部主任温长宏表示，平台打破了以往电厂管理"条块分割"的组织壁垒，率先实现了行 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by over 10% in the next six months [48]. Core Insights - The monthly electricity consumption has surpassed 1 trillion kilowatt-hours for the first time, indicating strong electricity demand [1]. - The public utility index has increased by 2.0% in the last two weeks, underperforming the CSI 300 index by 5.0 percentage points, ranking 25th among 31 industries [4][11]. - The report highlights significant growth in electricity consumption across various sectors, with the first industry growing by 20.2%, the second by 4.7%, the third by 10.7%, and urban and rural residents' consumption by 18.0% [43]. Summary by Sections 1. Market Review - As of August 28, the public utility index has risen by 0.7% year-to-date, lagging behind the CSI 300 index by 12.7 percentage points, ranking 29th among 31 industries [4][11]. - Among the sub-sectors, the photovoltaic power sector saw an increase of 8.9%, while the thermal power sector rose by 4.5% [12]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.1 times, with the thermal power sector at 12.3 times and the gas sector at 16.0 times [19][20]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) is 630 yuan/ton, up 0.6% from the previous value, while the average price of Qinhuangdao port thermal coal (Q5500) is 699 yuan/ton, up 3.5% [32]. 4. Key Company Announcements - Notable announcements include South Network Energy reporting a revenue of 1.603 billion yuan, up 21.13%, and a net profit of 214 million yuan, up 4.48% [41]. 5. Key Industry News - The National Energy Administration reported that total electricity consumption reached 10,226 billion kilowatt-hours in July, a year-on-year increase of 8.6% [43]. - The government is pushing for high-quality urban development and energy efficiency improvements [44]. 6. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power, which are expected to benefit from lower coal prices and improved profitability [43].

证券研究报告 国电电力 (600795 CH) 2025 年秋季策略会速递-兼具高股息 和成长价值的电力股 华泰研究 动态点评 投资评级(维持): 买入 2025 年 8 月 28 日│中国内地 发电 目标价(人民币): 6.11 | | | 王玮嘉 研究员 SAC No. S0570517050002 SFC No. BEB090 黄波 研究员 SAC No. S0570519090003 SFC No. BQR122 李雅琳 研究员 SAC No. S0570523050003 SFC No. BTC420 康琪* 联系人 SAC No. S0570124070105 kangqi@htsc.com +(86) 10 6321 1166 基本数据 | 目标价 (人民币) | 6.11 | | --- | --- | | 收盘价 (人民币 截至 8 月 27 日) | 4.78 | | 市值 (人民币百万) | 85,254 | | 6 个月平均日成交额 (人民币百万) | 649.26 | | 52 周价格范围 (人民币) | 4.11-5.51 | | BVPS (人民币) | 3.25 | 股价走势图 ...

项目全面投运后，年发电量约60亿千瓦时，年减排二氧化碳30万吨，相当于种植200余万棵树。项目还 将带动就业超1000人，对优化区域能源结构、促进经济高质量发展具有重要作用。同时，作为西南地区 首个千万千瓦级综合能源基地的重要组成部分，该项目将提升贵州电力供应稳定性与清洁能源占比， 为"双碳"目标落地提供坚实支撑。 据介绍，该项目通过深度煤电联营方式，在毕节市织金县打造贵州省第一批集"风光火储一体化"的高效 清洁能源项目。项目机组攻克了无烟煤高效清洁燃烧的技术难题，采用煤层气启停及助燃，相较于传统 燃油点火，在同等耗材情况下二氧化碳排放量减少了53%，氮氧化物、硫化物等污染物排放量下降超过 90%。 科技日报北京8月27日电 （记者吴叶凡 通讯员熊文友）记者从国家电投集团获悉，27日0时0分，国家电 投集团贵州金元织金"上大压小"异地改建项目（2×660兆瓦）2号火电机组顺利通过168小时满负荷试运 行，主要参数达设计值，环保指标达超低排放，标志着这一搭载世界首台套660兆瓦超超临界"W"火焰 锅炉的机组圆满转入商业运行。 ...

Core Viewpoint - The article discusses the transformation of Guodian Power's production management through the implementation of a cloud-edge collaborative digital platform, enhancing safety and operational efficiency in thermal power generation [1][2][3]. Group 1: Cloud-Edge Collaboration - Guodian Power has developed a digital platform that integrates real-time data from 12 domestic and international power plants, allowing for centralized monitoring and management [2]. - The new management model retains the stability of traditional thermal power systems while introducing flexibility to adapt to the new energy system [2]. - This collaborative approach combines cloud computing for global optimization with edge computing for real-time responses, meeting the dual demands for safety and speed in the energy sector [2][3]. Group 2: Digital Transformation - In August 2023, Guodian Power prioritized digital transformation as its top project, forming a specialized team to create a comprehensive safety management system for thermal power [3]. - The platform features a multi-layered structure with one platform, two levels of control, five responsibility tiers, eight applications, and six warning centers, achieving full-chain digital penetration from headquarters to power plants [3][4]. - The system has integrated over 50,000 intelligent warning models and accumulated 550,000 warning cases, enhancing its predictive capabilities [3][4]. Group 3: Empowerment and Efficiency - The platform not only provides timely alerts but also offers precise handling suggestions by referencing similar equipment failure cases across the company [4]. - This unified management model promotes knowledge sharing and best practices among the 12 regional power plants, transitioning decision-making from experience-driven to data-driven [4][5]. - The platform aims to achieve a "five increases and one decrease" goal, enhancing equipment reliability, operational levels, safety management, technical control, and production cost management while reducing labor intensity [4]. Group 4: AI Integration - The integration of large and small models is a key technological breakthrough, allowing for intelligent decision-making and precise execution [5][6]. - The platform has issued over 550,000 warning messages since its launch, with an accuracy rate exceeding 90%, leading to a reduction in coal consumption and non-stop incidents [7][8]. - The collaboration between large and small models enhances the system's intelligence, enabling proactive maintenance and operational efficiency [6][7]. Group 5: Talent Development and Ecosystem - Guodian Power emphasizes the importance of building a skilled workforce that understands both business and technology to sustain its digital transformation [8][9]. - Regular model competitions and training sessions are held to enhance AI literacy among employees, fostering a culture of innovation [8][9]. - The company aims to evolve its platform towards a fully integrated cloud-edge-end architecture, facilitating rapid decision-making and reducing manual labor [9][10]. Group 6: Industry Impact - Guodian Power's cloud-edge collaborative model is positioned as a replicable solution for digital transformation in the process industry, potentially influencing broader sectors [9][10]. - The company is leading the way in integrating AI with energy production, setting a precedent for new industrial development paths [10].

Core Viewpoint - The successful operation of the world's first 660 MW ultra-supercritical double-arch coal-fired unit marks a significant breakthrough in China's efficient and clean coal power technology [1] Group 1: Project Overview - The project is part of an integrated clean energy initiative called "wind-solar-coal-storage," which combines coal power with renewable energy to achieve complementary advantages [1] - The unit has overcome technical challenges related to the efficient and clean combustion of anthracite coal [1] Group 2: Environmental Impact - The new technology utilizes coalbed methane for ignition and combustion assistance, resulting in a 53% reduction in carbon dioxide emissions compared to traditional fuel oil ignition under the same material consumption [1] - Emissions of nitrogen oxides and sulfur compounds have decreased by over 90% [1] Group 3: Economic Benefits - The project is expected to save over 72 million yuan in coal costs annually [1] - It provides strong momentum for the energy structure upgrade in the southwestern region of China [1]

Core Viewpoint - The company has established a cash dividend plan for the years 2025-2027 to enhance transparency and maintain investor expectations while ensuring sustainable development and shareholder returns [1][2]. Group 1: Cash Dividend Planning - The cash dividend plan aims to ensure consistency, rationality, and stability in dividend distribution, with a focus on maximizing company value and shareholder interests [1]. - The company plans to distribute cash dividends twice a year, provided that the annual profit and accumulated undistributed profits are positive, and there are no significant investment plans or cash expenditures [2]. - The minimum cash dividend distribution will be 60% of the net profit attributable to shareholders, with a commitment to supplement dividends from accumulated undistributed profits if necessary [2]. Group 2: Decision-Making and Execution - The cash dividend proposal will be drafted by the board of directors based on the company's operational status and relevant regulations, requiring a majority vote from the board before being submitted to the shareholders' meeting [2][3]. - Independent directors are tasked with providing clear opinions on the profit distribution proposal and may gather opinions from minority shareholders to present to the board [2][3]. Group 3: Communication and Approval - Prior to the shareholders' meeting, the company will actively communicate with shareholders, especially minority shareholders, to gather their opinions and address their concerns [3]. - The profit distribution proposal must be approved by more than half of the voting rights held by attending shareholders at the meeting [3]. Group 4: Policy Adjustment - The company is required to adhere to the cash dividend policy established in its articles of association and approved by the shareholders' meeting, with any necessary adjustments subject to specific conditions and requiring a two-thirds majority vote from attending shareholders [3][4]. Group 5: Implementation and Review - The company will review its cash dividend plan every three years, ensuring it aligns with operational conditions and external environments [3][4].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a significant drop in investment income, while the non-recurring net profit showed substantial growth due to the absence of previous year’s asset transfer impact [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 776.55 billion yuan, a year-on-year decrease of 9.52% - The net profit attributable to shareholders was 36.87 billion yuan, down 45.11% - Basic earnings per share were 0.207 yuan, a decline of 45.09% - The weighted average return on equity (ROE) was 6.36%, down 6.50 percentage points year-on-year - Total cash dividends amounted to 17.84 billion yuan, with a cash dividend ratio of 48.38% - Investment income was 12.29 billion yuan, a significant decrease of 79.72% - The non-recurring net profit reached 34.10 billion yuan, a substantial increase of 56.12% [1]. Operational Data - The company’s coal, gas, and hydropower generation in H1 2025 was 1601.24 billion kWh, 13.43 billion kWh, and 228.7 billion kWh, respectively, showing year-on-year declines of 7.58%, 19.91%, and 6.44% - The on-grid electricity prices were 428.75 yuan/MWh for coal, 853.43 yuan/MWh for gas, and 273.53 yuan/MWh for hydropower, with year-on-year changes of -6.97%, -2.65%, and +4.96% - The corresponding utilization hours were 2185, 802, and 1530 hours, with declines of 9.75%, 26.96%, and 6.42% respectively - The net profit from thermal and hydropower segments was 19.67 billion yuan and 8.83 billion yuan, accounting for 53.35% and 23.95% of total profit, respectively [2]. Growth Drivers - In H1 2025, the company’s wind and solar power generation was 113.55 billion kWh and 103.35 billion kWh, reflecting year-on-year increases of 10.37% and 122.55% - The on-grid electricity prices for wind and solar were 450.10 yuan/MWh and 329.84 yuan/MWh, with year-on-year decreases of 6.0% and 21.8% - The utilization hours for wind and solar were 1127 and 606 hours, with increases of 1.99% and 15.43% - The net profit from wind and solar segments was 5.29 billion yuan and 5.91 billion yuan, accounting for 14.35% and 16.03% of total profit, with year-on-year changes of -31.1% and +37.1% - The company added 645.16 MW of new renewable energy capacity, with 32.93 MW from wind and 612.23 MW from solar, establishing a foundation for future revenue growth [3]. Project Pipeline - As of June 2025, the company had a total installed capacity of 120.2 GW, with coal accounting for 63.8%, hydropower for 12.4%, wind for 8.5%, and solar for 15.3% - In H1 2025, the company secured 353.48 MW of new energy resources and completed approvals for 377.39 MW of new energy capacity, including 144.45 MW from wind and 232.94 MW from solar - The company has 211.83 MW of wind projects and 343.34 MW of solar projects under construction, primarily located in Inner Mongolia, Gansu, Tianjin, Xinjiang, and other regions, which will continue to drive performance growth [4].

扣非盈利同比提升，新能源量增对冲价减 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 180,999 | 179,182 | 176,287 | 182,102 | 187,018 | | 增长率 yoy（%） | -7.0 | -1.0 | -1.6 | 3.3 | 2.7 | | 归母净利润（百万元） | 5,609 | 9,831 | 7,422 | 8,222 | 8,822 | | 增长率 yoy（%） | 98.8 | 75.3 | -24.5 | 10.8 | 7.3 | | ROE（%） | 10.0 | 12.7 | 9.4 | 9.4 | 9.3 | | EPS 最新摊薄（元） | 0.31 | 0.55 | 0.42 | 0.46 | 0.49 | | P/E（倍） | 15.3 | 8.7 | 11.6 | 10.5 | 9.7 | | P/B（倍） | 1.8 | 1.5 | 1.4 | 1.3 | 1.1 | 资料来源：公司财报， ...

2025 年第二次临时股东大会会议材料 二〇二五年九月 2025 年第二次临时股东大会会议议程 5.推选现场计票人、监票人; 6.现场股东表决议案; 7.公布现场投票表决结果； 1.审议关于公司未来三年（2025-2027 年）现金分红规划 的议案； 2.审议关于公司 2025 年半年度利润分配预案的议案； 3.审议关于修订《公司章程》及配套制度规则的议案； 4.股东发言及回答股东提问; 8.宣读 2025 年第二次临时股东大会决议。 | | | | 1. | 关于公司未来三年（2025-2027 年）现金分红规划的议案 1 | | --- | --- | | 2. | 关于公司 2025 年半年度利润分配预案的议案 5 | | 3. | 关于修订《公司章程》及配套制度规则的议案 6 | 关于公司未来三年（2025-2027 年）现金 分红规划的议案 尊敬的各位股东及股东代表： 为规范公司现金分红，增强现金分红透明度，维护投资 者合法权益，稳定投资者分红预期，根据《上市公司监管指 引第 3 号--上市公司现金分红》以及《公司章程》等有关规 定，结合实际情况，公司制定《2025-2027 年现金分红规划》， 具 ...