Core Insights - The installation of the "Long Palace" marine ranch by State Power Investment Corporation (SPIC) in Guangdong marks the official launch of the first wind-fish integration pilot project in Jieyang, Guangdong [1] - The project represents a significant investment of 128 million yuan and aims to explore new pathways for the integrated development of marine resources [1] - The "Long Palace" structure is designed with advanced features for aquaculture and renewable energy utilization, showcasing SPIC's commitment to marine economy and regional development [1][2] Group 1 - The "Long Palace" is located 30 kilometers offshore within the 502,000 kW offshore wind power project area, with a total investment of 128 million yuan [1] - The structure measures 46 meters in length, 46 meters in width, and 56.8 meters in height, weighing approximately 3,822 tons, and has a water capacity of over 70,000 cubic meters [1] - The project utilizes local manufacturing and transportation, reducing costs and enhancing operational efficiency compared to traditional marine ranch models [1] Group 2 - The construction faced challenges such as deep water, strong currents, and strict operational requirements, necessitating careful planning and execution [2] - SPIC collaborated with the National Nuclear Power Institute to ensure safety and efficiency during the installation process, utilizing semi-submersible and floating crane vessels [2] - The successful installation of the "Long Palace" demonstrates SPIC's capability in managing complex marine construction projects [2]

Industry Overview - The electricity sales companies are categorized into five types: generation sales companies, grid enterprise sales companies, social capital investment distribution network companies, independent sales companies, and virtual power plants [1][2][3] - The midstream is the core link in the electricity sales industry, connecting production, sales, and consumption [5][7] - The electricity sales sector is crucial for balancing electricity production and consumption, requiring a state of equilibrium to enhance economic efficiency [7] Industry Development History - The development of electricity sales companies in China has gone through three stages: from 2002 to 2014, characterized by the separation of generation and grid, leading to a competitive generation landscape; from 2015 to 2021, marked by a new round of electricity reform that opened up the sales side; and from 2022 to the present, driven by carbon neutrality goals and green electricity trading [10][11] Policy Background - The electricity generation and sales sectors are vital for the national economy, with significant reforms initiated in 2015 to create a healthy market environment [13][14] - Key policies include the establishment of a unified electricity market system by 2025 and the promotion of renewable energy integration into the market [14][15] Current Industry Status - As of the end of 2024, the number of registered electricity sales companies in China exceeds 5,000, reflecting a nearly 17-fold increase since 2016 [16][17] - The market transaction volume has been increasing annually, with a projected total of 61,796 billion kilowatt-hours in 2024 [18][19] - The market transaction amount is expected to exceed 3 trillion yuan in 2024, showing a year-on-year growth of 5.92% [22] Competitive Landscape - In 2024, the State Grid is expected to account for approximately 70% of the market transaction volume, with Southern Power Grid at 16% [23] - The majority of registered sales companies are concentrated in Guangdong, Shanxi, and Sichuan provinces [26] Future Industry Outlook - By 2030, the market transaction amount is projected to exceed 4 trillion yuan, with average settlement prices expected to decline initially and stabilize later [28] - The electricity sales industry is undergoing a transformation towards market mechanisms and carbon neutrality, requiring companies to enhance their operational capabilities [29]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating an expectation that the overall industry performance will outperform the market in the next six months [65]. Core Insights - The public utility sector has shown a recovery in market performance, with the industry index rising by 1.2% during the week of September 1-7, outperforming the Shanghai Composite Index by 2.38 percentage points and the CSI 300 Index by 2.01 percentage points [2][11]. - The report highlights the introduction of the "136 Document" in Shaanxi and Zhejiang, which aims to enhance market mechanisms and pricing for renewable energy projects, potentially stabilizing industry profitability [3][35][37]. - The report suggests that the coal price stabilization and improved electricity pricing will enhance the profitability of thermal power companies in the short term, while long-term prospects remain positive due to market reforms [7]. Summary by Sections 1. Market Performance - The public utility industry index's PE (TTM) is currently at 18.06, up from 17.92 the previous week, and higher than 16.53 a year ago [2][23]. - The sector's PB is at 1.81, compared to 1.79 last week and 1.77 a year ago [2][26]. - The report ranks the public utility sector 6th among 31 sectors in terms of performance during the week [11]. 2. Individual Stock Performance - Top-performing stocks include Shanghai Electric (+35.66%), Jingyun Tong (+14.51%), and Luxiao Technology (+13.48%) [3][28]. - Conversely, stocks like Huayin Electric (-10.5%) and China General Nuclear Power (-4.43%) experienced declines [3][28]. 3. Industry Dynamics - The "136 Document" in Shaanxi sets a bidding range for incremental projects at 0.18 to 0.3545 yuan/kWh, while Zhejiang's document proposes a storage price of 0.4153 yuan/kWh [35][37]. - The report notes the release of the "Sichuan Electricity Market Settlement Rules," which will impact independent energy storage pricing [35][39]. 4. Key Data Tracking - As of September 5, 2025, the price of Shanxi mixed coal (5500) is 681 yuan/ton, reflecting a week-on-week decrease of 1.59% [6][45]. - The total transaction volume for green certificates in wind and solar power reached 12.4 and 16.4 million units, respectively, during the week [48]. 5. Investment Recommendations - The report recommends focusing on thermal power companies due to expected profit stability and potential dividend increases [7]. - For hydropower, it suggests monitoring stocks that have seen significant pullbacks, while for green energy, it anticipates a stabilization in expected returns following the "136 Document" implementation [7].

Group 1 - The company has designated additional media for information disclosure to enhance coverage and influence [1][3] - The new designated media includes "Securities Times" and "Securities Daily," alongside existing media [1] - The complete list of designated media now consists of "China Securities Journal," "Shanghai Securities Journal," "Securities Times," "Securities Daily," and the Shanghai Stock Exchange website [1][2]

国电电力发展股份有限公司（以下简称"公司"）指定信息披露 媒体为《中国证券报》《上海证券报》和上海证券交易所网站 （www.sse.com.cn）。为提升信息披露覆盖面和影响力，进一步做好 投资者关系管理工作，自本公告披露之日起，公司将增加《证券时报》 《证券日报》为指定信息披露媒体。增加后，公司指定信息披露媒体 为《中国证券报》《上海证券报》《证券时报》《证券日报》以及上 海证券交易所网站（www.sse.com.cn）。 公司所有公开披露的信息均以上述指定信息披露媒体刊登的正 式公告为准，敬请广大投资者知悉。 证券代码：600795 证券简称：国电电力 编号：临 2025-30 国电电力发展股份有限公司 关于增加指定信息披露媒体的公告 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。 特此公告。 国电电力发展股份有限公司 2025 年 9 月 11 日 ...

Group 1 - A new company, Dalian Beixin Kun Wind Power Development Co., Ltd., has been established with a registered capital of 40 million yuan [1] - The legal representative of the new company is Wang Shouchong [1] - The business scope includes construction engineering, power generation, transmission, distribution, and energy storage technology services [1] Group 2 - The company is jointly held by State Power Investment Corporation's subsidiary, Beijing Guodian Power New Energy Technology Co., Ltd., and Liaoning Qianyuan New Energy Co., Ltd. [1]

Group 1 - The core point of the news is that Guodian Power's subsidiary, Inner Mongolia Shanghai Miao Power Co., Ltd., has received preliminary approval for an environmental impact assessment for a self-consumption project with a total investment of 771 million yuan [1] - The project includes a 314,000 kW capacity, with 214,000 kW coming from solar energy [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies by monitoring their environmental performance based on authoritative data from various government sources [1] Group 2 - Guodian Power's main business segments include thermal power generation (81.98% of revenue), renewable energy (9.59%), hydropower (7.09%), other businesses (1.33%), and technology and environmental protection (0.02%) as of the 2025 semi-annual report [3] - The company's market capitalization is approximately 90.78 billion yuan, with reported revenues of 180.99 billion yuan for 2023, 179.18 billion yuan for 2024, and 77.66 billion yuan for the first half of 2025 [4] - The net profit attributable to the parent company was 5.61 billion yuan in 2023, 9.83 billion yuan in 2024, and 3.69 billion yuan in the first half of 2025 [4]

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]

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Group 1 - The core point of the news is the successful installation of the last module of the steel containment shell for the Haiyang Nuclear Power Unit 4, marking a new phase in the main equipment installation of the project [1] - The containment shell has a diameter of approximately 40 meters and weighs about 658 tons, with the installation process taking over three hours [1] - The Haiyang Nuclear Power Phase II project has completed more than half of its milestone nodes, with full operation expected by 2027, allowing the four units to generate an annual output of 40 billion kilowatt-hours, meeting half of Shandong Province's residential electricity needs [1] Group 2 - The Haiyang Nuclear Power project plans to have six units, with a total annual output of 60.9 billion kilowatt-hours by 2032, sufficient to meet the annual electricity needs of 70 million residents [3] - The project is expected to save 18.56 million tons of standard coal consumption and reduce carbon dioxide emissions by 48.63 million tons annually, while also providing heating capacity for 16 million square meters, catering to the clean heating needs of 25 county-level cities [3] - The Haiyang Nuclear Power Phase II project is a key initiative under the national "14th Five-Year Plan," with 32 project milestone nodes already completed as per schedule [1]