公司及各区域上网电量情况如下： 1 国电电力发展股份有限公司 2025年上半年电量情况公告 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 年上半年，公司合并报表口径完成发电量 2060.26 亿千瓦时，上网电量 1958.01 亿千瓦时，较上年同期分别下 降 3.61%和 3.53%，可比口径较上年同期分别下降 2.03%和 1.96%；参 与市场化交易电量占上网电量的 91.84%；平均上网电价 409.70 元/ 千千瓦时。 2025 年二季度，公司合并报表口径完成发电量 1058.09 亿千瓦 时，上网电量1008.66亿千瓦时，较上年同期分别下降1.58%和1.38%， 可比口径较上年同期分别增长 0.29%和 0.48%；参与市场化交易电量 占上网电量的 91.54%；平均上网电价 394.92 元/千千瓦时。 证券代码：600795 证券简称：国电电力 编号：临 2025-21 2025 年上半年，受全国电力供需总体平衡、全国新能源装机容 量增长，以及国电建投对外转让等因 ...

Group 1: Major Investment Projects - The State-owned Assets Supervision and Administration Commission hosted a conference in Lhasa, resulting in 16 major investment project agreements with a total investment of 317.54 billion yuan [1][3] - The signed projects focus on key areas such as clean energy, infrastructure, and strategic emerging industries, addressing urgent needs in Tibet [3][4] Group 2: Energy Development Initiatives - The Yarlung Tsangpo River downstream hydropower development project officially commenced, marking a significant milestone in China's hydropower development [3] - Key leaders from major energy state-owned enterprises attended the project launch, indicating strong governmental support for energy initiatives in Tibet [3][4] Group 3: Company Involvement - State Grid, China Southern Power Grid, China Three Gorges Corporation, and China Power Construction Corporation were present at the project launch, highlighting their roles in the energy sector [3] - China Huaneng Group has been active in Tibet since 2005, focusing on hydropower development and supporting local energy needs [7][8] - China Huadian Corporation is also engaged in discussions to enhance energy cooperation and development in Lhasa [10] Group 4: Local Government Support - The Lhasa municipal government expressed strong support for energy companies, emphasizing the importance of clean energy development and collaboration with state-owned enterprises [10][11] - The local government aims to create a favorable environment for investment and operational activities of energy companies in the region [10]

Core Insights - The China Securities National New Central Enterprise Modern Energy Index (932037) has seen a strong increase of 2.20%, with constituent stocks such as China Power Construction (601669) rising by 10.04% and Dongfang Electric (600875) by 9.98% [3] - The Yarlung Tsangpo River downstream hydropower project has officially commenced in Tibet, with a total investment of approximately 1.2 trillion yuan, which is expected to boost the local economy and energy structure [3] Group 1: ETF Performance - The Central Enterprise Modern Energy ETF (561790) has increased by 2.55%, marking its third consecutive rise, with the latest price at 1.13 yuan [3] - Over the past two weeks, the ETF has accumulated a rise of 1.20%, ranking in the top third among comparable funds [3] - The ETF's trading volume showed a turnover rate of 8.27% with a transaction value of 3.9067 million yuan, and it ranked first in average daily trading volume over the past week at 746.33 million yuan [3][4] Group 2: Market Outlook - CITIC Securities anticipates that the ongoing construction of the Yarlung Tsangpo River hydropower project will benefit long-term suppliers of hydropower equipment and core components for power grid transmission [4] - The report highlights a shift in the central government's approach to managing "involution" competition, which is expected to facilitate the exit of outdated production capacity and improve profitability in the solar and lithium battery sectors [4] Group 3: Index Composition - The China Securities National New Central Enterprise Modern Energy Index is designed to reflect the overall performance of 50 listed companies involved in modern energy industries, including green energy and fossil energy [5] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 49.93% of the total, with notable companies including China Yangtze Power (600900) and China Nuclear Power (601985) [5]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [47]. Core Insights - The public utility index increased by 0.7% over the past two weeks, underperforming the CSI 300 index by 0.9 percentage points, ranking 23rd among 31 industries [5][12]. - The report highlights significant growth in the number of market participants in the electricity sector, with 816,000 entities expected in 2024, a year-on-year increase of 8.9% [43]. - The report suggests focusing on specific companies such as Huadian International and Guodian Power in the thermal power sector, and Xin'ao Co., Jiufeng Energy, and New Natural Gas in the gas sector due to favorable market conditions [43][44]. Summary by Sections 1. Market Review - As of July 17, the public utility index has seen a 0.7% increase year-to-date, lagging behind the CSI 300 index by 1.8 percentage points, ranking 24th among 31 industries [5][12]. - All sub-sectors of the public utility index experienced growth, with the heating service sector rising by 5.2% and the photovoltaic power sector by 4.0% [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is currently at 18.5 times, with the photovoltaic sector having a notably high P/E ratio of 776.9 times [20][21]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) was 584 RMB/ton, down 2.1% from the previous value, while the average price at Qinhuangdao Port (Q5500) was 623 RMB/ton, up 1.6% [33][36]. 4. Key Industry News - The National Development and Reform Commission has issued a response regarding the normalization of electricity trading mechanisms across grid operating areas, aiming for better resource allocation [41]. - The Zhejiang Provincial Development and Reform Commission released guidelines for emergency management in offshore wind power projects [41]. 5. Weekly Industry Perspective - The report emphasizes the importance of monitoring coal prices and suggests that the average price of thermal coal has decreased this year, which could impact thermal power companies [43].

Group 1 - The Shanghai Composite Index opened lower but rose later, while the China Securities Public Utilities Index fell by 0.26% to 2486.53 points with a trading volume of 9.421 billion yuan [1] - The China Securities Public Utilities Index has decreased by 1.23% over the past month, increased by 0.59% over the past three months, and has declined by 3.17% year-to-date [2] - The top ten weights in the China Securities Public Utilities Index are: Changjiang Electric Power (15.15%), China Nuclear Power (10.46%), Three Gorges Energy (8.35%), Guodian Power (5.66%), State Power Investment (4.81%), Chuanwei Energy (4.29%), Yongtai Energy (4.2%), Huaneng International (4.15%), China General Nuclear Power (3.92%), and Zhejiang Energy Power (2.8%) [2] Group 2 - The China Securities Public Utilities Index consists entirely of public utility companies, with a sample adjustment occurring every six months [3] - The market share of the China Securities Public Utilities Index is 83.15% from the Shanghai Stock Exchange and 16.85% from the Shenzhen Stock Exchange [2] - Adjustments to the index sample occur on the next trading day following the second Friday of June and December each year, with weight factors generally remaining fixed until the next scheduled adjustment [3]

Group 1 - The core viewpoint of the article is that China Insurance Investment Company has successfully invested in the IPO strategic placement project of Huadian New Energy Group Co., Ltd. [1] - The investment scale is 1 billion yuan, making it the largest investor in the IPO strategic placement of Huadian New Energy [1]

Investment Rating - The report suggests that domestic thermal power companies have low PE valuations and potential for higher dividends, with overseas leaders like Duke Energy having PEs around 20 [2][10]. Core Insights - The report highlights that thermal power asset acquisition/sale transactions have PB valuations significantly higher than the secondary market valuations for thermal power stocks, indicating that thermal power stocks are undervalued [1][11]. - It notes that since 2022, there have been multiple asset transactions, primarily in northern and central regions, with 7 acquisitions (4 by power companies and 3 by coal companies) and 4 sales (all by power companies) [2][10]. - The median PB valuation for thermal power assets in these transactions is 1.3, while the median PB for listed thermal power companies is 0.9, suggesting a disparity in valuation [11][12]. - The median PE valuation for thermal power assets exceeds 10, with a range of 7.2 to 31.8 for the relevant transactions, indicating that industry capital values thermal assets at a premium [12]. Summary by Sections Investment Advice - Domestic thermal power companies are viewed as having low PE valuations with room for dividend increases, while international leaders are valued around 20 times PE [2][10]. Asset Transactions - The report details 11 acquisition/sale cases, with 3 having negative book values but acquired at a premium, and the remaining 8 having PBs ranging from 1.0 to 2.6 [11][12]. - The report emphasizes that the thermal power sector is experiencing significant asset transactions, particularly in the northern and central regions of China [2][10]. Valuation Metrics - The report indicates that the median PB for thermal power assets is 1.3, compared to 0.9 for listed companies, highlighting the undervaluation of thermal power stocks [11][12]. - The median PE for thermal power assets is noted to be over 10, with a range of 7.2 to 31.8, suggesting that industry capital values thermal assets at a higher level than the secondary market [12].

国家电投7月15日发布消息称，自2015年重组成立以来十年，走出了绿色发展、科技引 领、多元融合的全新发展道路，已成为全球最大光伏、新能源、清洁能源发电企业。 据《中国能源报》记者了解，十年间，国家电投资产总额从7738亿增长至1.9万亿，增 长1.46倍；电力装机持续壮大，重组当年即突破1亿千瓦，到2022年底突破2亿千瓦，目前已 达到2.7亿千瓦；清洁能源占比从38.47%升至2019年突破50%，目前已达到73.08%；年度营 收水平翻番，从2015年不到2000亿增至2024年接近4000亿；年度利润水平增加2.55倍，从 2015年不到140亿跃升至2024年接近500亿；年发电量由3808亿千瓦时升至7244亿千瓦时，供 热面积达到5.8亿平方米，惠及人口增长到1500万人；境外业务由24个国家拓展至47个国 家，境外装机从不到30万千瓦扩展到1267万千瓦；深耕区域由"三北"地区进一步拓展到京津 冀、长三角及长江全流域、粤港澳等更多区域，省域公司由18个扩展覆盖全国…… 十年间，国家电投推动光伏、风电、水电、核电、煤电、煤炭、铝业协同创新发展，实 现能源结构的绿色低碳转型，确立了清洁能源全球领军 ...

国家电投集团在近日召开的2025年迎峰度夏能源保供工作部署会上表示，要抓好长协履约兑现，全面提 高电煤保供能力；要加强机组运维检修管理，不断提高设备可靠性；要加强应急体系建设，与气象、交 通、海事等部门加强沟通，不断提升应急保供能力；要加强在建电源项目管理，合理调配资源，确保项 目按期高质量并网，持续提升保供能力。 在目前的电力行业发展中，新能源的主导地位正在持续凸显。 据中央气象台最新预报，未来一周，我国河北南部、黄淮、江汉、江淮、江南北部、陕西关中、四川盆 地等地将出现持续性高温天气，部分地区最高气温可达39℃至41℃。 第一财经记者从国家气候中心获悉，预计2025年夏季，全国大部地区气温较常年同期偏高。江苏大部、 上海、浙江、福建北部、安徽、江西大部、河南南部、湖北、湖南大部、重庆、贵州东北部、四川东部 局部、青海西北部、甘肃西部、新疆、内蒙古西部等地偏高1~2摄氏度。"预计2025年第三季度，全国大 部地区气温较常年同期偏高。" 随着全国多地气温的持续走高，国内用电负荷正在不断攀升。 国家能源局公布的最新数据显示，入夏以来，全国最大电力负荷接连两次创历史新高，最高达到14.67 亿千瓦，比去年同期增长 ...

Market Overview - The Shanghai Composite Index rose by 0.27% on July 14, with 21 out of 28 sectors experiencing gains. The leading sectors were machinery and public utilities, with increases of 1.23% and 1.04% respectively. Conversely, the real estate and media sectors saw declines of 1.29% and 1.24% [2]. Fund Flow Analysis - The net outflow of capital from the two markets was 38.111 billion yuan, with six sectors experiencing net inflows. The machinery sector led with a net inflow of 539 million yuan, followed by public utilities with a net inflow of 336 million yuan [2]. - A total of 25 sectors experienced net capital outflows, with the computer sector leading at 8.506 billion yuan, followed by the non-bank financial sector at 7.029 billion yuan. Other sectors with significant outflows included metals, electronics, and media [2]. Public Utilities Sector Performance - The public utilities sector saw a rise of 1.04%, with a total net inflow of 336 million yuan. Out of 131 stocks in this sector, 109 rose, and six hit the daily limit. There were 19 stocks that declined [3]. - Among the stocks with net inflows, seven had inflows exceeding 50 million yuan, with Jin控电力 leading at 180 million yuan, followed by 华电辽能 and 建投能源 with inflows of 140 million yuan and 86.605 million yuan respectively [3]. - The stocks with the highest net outflows included 南网储能, 国电电力, and 中国广核, with outflows of 61.156 million yuan, 56.419 million yuan, and 48.944 million yuan respectively [3][6]. Top Gainers in Public Utilities - The top gainers in the public utilities sector included: - 晋控电力: +9.87%, net inflow of 179.634 million yuan [4] - 华电辽能: +9.92%, net inflow of 139.675 million yuan [5] - 建投能源: +9.97%, net inflow of 86.605 million yuan [5] Top Losers in Public Utilities - The top losers in the public utilities sector included: - 南网储能: -1.09%, net outflow of 61.156 million yuan [6] - 国电电力: +0.42%, net outflow of 56.419 million yuan [6] - 中国广核: +1.36%, net outflow of 48.944 million yuan [6]