Core Viewpoint - The company reported an increase in power generation and grid-connected electricity volume for the first three quarters of 2025, indicating stable growth in operational performance [1] Group 1: Performance Metrics - The company achieved a total power generation of 349.241 billion kilowatt-hours and grid-connected electricity of 332.134 billion kilowatt-hours, representing year-on-year growth of 0.68% and 0.74% respectively [1] - On a comparable basis, the growth rates for power generation and grid-connected electricity were 1.69% and 1.75% year-on-year [1] - The volume of electricity traded in the market accounted for 90.89% of the total grid-connected electricity [1] Group 2: Pricing Information - The average grid-connected electricity price was reported at 396.02 yuan per thousand kilowatt-hours [1]

Core Viewpoint - The company reported an increase in power generation and grid electricity sales for the first three quarters of 2025 compared to the same period last year [1] Group 1: Financial Performance - The company achieved a total power generation of 349.241 billion kWh, representing a year-on-year growth of 0.68% [1] - The grid electricity sales reached 332.134 billion kWh, with a year-on-year increase of 0.74% [1] - On a comparable basis, power generation and grid electricity sales grew by 1.69% and 1.75% respectively compared to the previous year [1] Group 2: Market Participation - The company participated in market-based electricity trading, with the traded volume accounting for 90.89% of the total grid electricity sales [1] Group 3: Pricing - The average grid electricity price was reported at 396.02 yuan per thousand kWh [1]

Core Insights - The company reported a total power generation of 349.24 billion kWh and grid electricity of 332.13 billion kWh for the first three quarters of 2025, representing a year-on-year growth of 0.68% and 0.74% respectively [1] - The comparable figures show a growth of 1.69% in power generation and 1.75% in grid electricity compared to the same period last year [1] - Market-based transaction electricity accounted for 90.89% of the total grid electricity, with an average grid electricity price of 396.02 RMB per MWh [1] Quarterly Performance - In the third quarter of 2025, the company achieved a power generation of 143.22 billion kWh and grid electricity of 136.33 billion kWh, with year-on-year growth of 7.57% and 7.58% respectively [1] - The market-based transaction electricity for this quarter constituted 89.86% of the total grid electricity, with an average grid electricity price of 376.36 RMB per MWh [1]

股权登记日2025年10月28日，现金红利发放日2025年10月29日。 格隆汇10月22日丨国电电力(600795.SH)发布2025年半年度权益分派实施公告，本次利润分配以方案实 施前的公司总股本178.36亿股为基数，每股派发现金红利0.10元（含税），共计派发现金红利17.84亿 元。 ...

证券代码：600795 证券简称：国电电力 公告编号：临2025-32 国电电力发展股份有限公司 2025年三季度电量情况公告 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。 一、公司电量情况 经初步统计，2025 年前三季度，公司合并报表口径完成发电量 3492.41 亿千瓦时，上网电量 3321.34 亿千瓦时，较上年同期分别增 长 0.68%和 0.74%，可比口径较上年同期分别增长 1.69%和 1.75%；参 与市场化交易电量占上网电量的 90.89%；平均上网电价 396.02 元/ 千千瓦时。 2025 年三季度，公司合并报表口径完成发电量 1432.15 亿千瓦 时，上网电量1363.33亿千瓦时，较上年同期分别增长7.57%和7.58%， 参与市场化交易电量占上网电量的 89.86%；平均上网电价 376.36 元 /千千瓦时。 公司及各区域上网电量情况如下： 单位：亿千瓦时 区域/类型 7-9 月 同比 1-9 月 同比 火电 1030.90 6.93% 2549.31 -2.17% 天津 7.91 -1 ...

证券代码：600795 证券简称：国电电力 公告编号：临2025-31 差异化分红送转：否 一、通过分配方案的股东会届次和日期 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0.10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 | 2025/10/28 | － | 2025/10/29 | 2025/10/29 | 国电电力发展股份有限公司 2025年半年度权益分派实施公告 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 9 月 4 日的2025年第二次临时股东大会审议通过。 二、分配方案 1.发放年度：2025年半年度 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东。 3.分配方案： 本次利润分配以 ...

Core Insights - The company reported a total power generation of 349.241 billion kWh and grid electricity of 332.134 billion kWh for the first three quarters of 2025, representing year-on-year growth of 0.68% and 0.74% respectively [1] - The comparable figures show an increase of 1.69% for power generation and 1.75% for grid electricity compared to the same period last year [1] - Market-based transaction electricity accounted for 90.89% of the total grid electricity [1] - The average grid electricity price was 396.02 RMB per MWh [1] Capacity Overview - As of September 30, 2025, the company's consolidated installed capacity was 12,324.14 MW, comprising 7,929.3 MW from thermal power, 1,495.06 MW from hydro power, 1,042.85 MW from wind power, and 1,856.93 MW from solar power [1] - In the third quarter of 2025, the thermal power installed capacity increased by 2.66 million kW, while the renewable energy installed capacity rose by 425.8 thousand kW [1]

Core Insights - The company reported a total power generation of 349.24 billion kWh and grid power of 332.13 billion kWh for the first three quarters of 2025, representing a year-on-year growth of 0.68% and 0.74% respectively [1] - On a comparable basis, the power generation and grid power increased by 1.69% and 1.75% year-on-year [1] - The market-oriented transaction power accounted for 90.89% of the grid power [1] - The average grid price was 396.02 yuan per thousand kWh [1]

Core Insights - The China Securities National New State-Owned Enterprises Modern Energy Index has seen a slight decline of 0.13% as of October 22, 2025, with mixed performance among constituent stocks [3] - The "Wind Energy Beijing Declaration 2.0" was released on October 20, 2025, at the International Wind Energy Conference, setting ambitious targets for wind power installation during the 14th and 15th Five-Year Plans [3] Group 1: Market Performance - The top-performing stocks include PetroChina Oilfield Services, which rose by 10.00%, and China Nuclear Engineering, which increased by 4.10% [3] - The recent trading volume for the National Modern Energy ETF was 161.57 million yuan, with a turnover rate of 3.62% [3] - Over the past year, the National Modern Energy ETF has seen an average daily trading volume of 615.35 million yuan [3] Group 2: Policy Changes - Starting November 1, 2025, the 50% VAT refund policy for onshore wind power will be canceled, while the policy for offshore wind power will continue until the end of 2027 [4] - The cancellation of tax incentives for onshore wind power is expected to impact net profits by approximately 19%, creating short-term pressure on profitability [4] Group 3: Industry Outlook - Despite the short-term challenges, the long-term outlook for the wind power industry remains robust due to China's commitment to its "dual carbon" strategy [4] - The wind power supply chain is anticipated to enter a recovery phase, with a focus on leading turbine manufacturers and offshore expansion [4] - The "Two Seas" strategy for wind power equipment is expected to enhance market share and overall profitability for companies in the sector [4] Group 4: Index Composition - As of September 30, 2025, the top ten weighted stocks in the index include Changjiang Electric Power and China Nuclear Power, accounting for 47.72% of the index [6]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]