证券代码：600795 证券简称：国电电力 公告编号：临2026-04 国电电力发展股份有限公司 2026年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 (四) 本次会议由公司董事会召集，会议采取现场投票与网络投 票相结合的方式，会议的召开符合《公司法》及其他有关法律法规和 《公司章程》的规定。 一、 会议召开和出席情况 (五) 公司董事和董事会秘书的列席情况： (一) 股东会召开的时间：2026 年 1 月 27 日 1.公司在任董事7人，列席7人； (二) 股东会召开的地点：北京市朝阳区安慧北里安园 19 号楼公 司会议室 2.董事会秘书、高管人员列席会议。 (三) 出席会议的普通股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 3,604 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 9,348,555,347 | | 3.出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数 ...

Core Viewpoint - The meeting between the leaders of State Power Investment Corporation and China General Nuclear Power Group focuses on deepening cooperation in the energy sector, particularly in nuclear power and new energy project development [1] Group 1 - The discussion was held on January 26, with key figures including Liu Mingsheng, Chairman of State Power Investment Corporation, and Yang Changli, Chairman of China General Nuclear Power Group [1] - Both parties expressed intentions to enhance practical cooperation in the development and construction of nuclear power and new energy projects [1]

证券代码：600795 证券简称：国电电力 公告编号：临2026-03 国电电力发展股份有限公司 2025年电量情况公告 ■■ 注：1.上述数据为公司内部统计数据，可能与相关期间定期报告披露数据存在一定差异。 2.尾数差由四舍五入原因造成。 2025年全国电力供需总体平衡，受迎峰度冬期间，华北、华东区域供需偏紧，以及新机组投产影响，公 司发电量同比增长。 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年公司合并报表口径完成发电量4674.65亿千瓦时，上网电量4443.84亿千瓦时，较上 年同期分别增长1.74%和1.76%，可比口径较上年同期分别增长2.52%和2.53%；参与市场化交易电量占 上网电量的92.62%；平均上网电价400.66元/千千瓦时。 2025年四季度，公司合并报表口径完成发电量1182.24亿千瓦时，上网电量1122.50亿千瓦时，较上年同 期分别增长5.02%和4.92%；参与市场化交易电量占上网电量的97.76%；平均上网电价414.41元/千千瓦 时。 公 ...

截至2025年12月31日，公司合并报表口径控股装机容量12653.72万千瓦，其中火电8227.30万千瓦，水电 1495.06万千瓦，风电1049.52万千瓦，光伏1881.84万千瓦。2025年四季度公司火电控股装机容量增加 298万千瓦，新能源控股装机容量增加31.58万千瓦。 格隆汇1月26日丨国电电力(600795.SH)公布，经初步统计，2025年公司合并报表口径完成发电量4674.65 亿千瓦时，上网电量4443.84亿千瓦时，较上年同期分别增长1.74%和1.76%，可比口径较上年同期分别 增长2.52%和2.53%；参与市场化交易电量占上网电量的92.62%；平均上网电价400.66元/千千瓦时。 2025年四季度，公司合并报表口径完成发电量1182.24亿千瓦时，上网电量1122.50亿千瓦时，较上年同 期分别增长5.02%和4.92%；参与市场化交易电量占上网电量的97.76%；平均上网电价414.41元/千千瓦 时。 2025年全国电力供需总体平衡，受迎峰度冬期间，华北、华东区域供需偏紧，以及新机组投产影响，公 司发电量同比增长。 ...

经初步统计，2025 年公司合并报表口径完成发电量 4674.65 亿 千瓦时，上网电量 4443.84 亿千瓦时，较上年同期分别增长 1.74%和 1.76%，可比口径较上年同期分别增长 2.52%和 2.53%；参与市场化交 易电量占上网电量的 92.62%；平均上网电价 400.66 元/千千瓦时。 2025 年四季度，公司合并报表口径完成发电量 1182.24 亿千瓦 时，上网电量1122.50亿千瓦时，较上年同期分别增长5.02%和4.92%； 参与市场化交易电量占上网电量的 97.76%；平均上网电价 414.41 元 /千千瓦时。 公司及各区域上网电量情况如下： 证券代码：600795 证券简称：国电电力 公告编号：临 2026-03 国电电力发展股份有限公司 2025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 | 区域/类型 | 10-12 月 | 同比 | 1-12 月 | 同比 | | --- | --- | --- | --- | --- | | 火电 | 924. ...

国电电力公告，经初步统计，2025年公司合并报表口径完成发电量4674.65亿千瓦时，上网电量4443.84 亿千瓦时，较上年同期分别增长1.74%和1.76%，可比口径较上年同期分别增长2.52%和2.53%；参与市 场化交易电量占上网电量的92.62%；平均上网电价400.66元/千千瓦时。2025年四季度，公司合并报表 口径完成发电量1182.24亿千瓦时，上网电量1122.50亿千瓦时，较上年同期分别增长5.02%和4.92%；参 与市场化交易电量占上网电量的97.76%；平均上网电价414.41元/千千瓦时。 ...

Investment Rating - The report maintains a "Buy" rating for the public utility sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The public utility sector saw a 2.27% increase this week, ranking 15th among 31 sectors, while the Shanghai Composite Index rose by 0.84% [21]. - The total electricity market transaction volume for 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4%, accounting for 64.0% of total social electricity consumption [2][15]. - The peak electricity load in the country surpassed 1.4 billion kilowatts for the first time in winter, reaching 1.417 billion kilowatts due to a cold wave [2][15]. - The report highlights significant profit growth for companies like Qianyuan Power, which expects a net profit of 567-633 million yuan, a year-on-year increase of 160%-190% [10]. Summary by Sections Market Overview - The public utility sector's performance this week included a 2.71% increase in thermal power, a 7.21% increase in photovoltaic power, and a 4.56% increase in energy comprehensive services [21]. - Domestic and imported coal prices have decreased, with domestic coal prices dropping to below 700 yuan per ton [2][12]. Key Events - The report notes that the annual long-term contract bidding results are being disclosed, with expectations of reasonable outcomes due to the decline in coal prices [3]. - The average on-grid electricity price for 2025 is projected to be around 513.29 yuan per megawatt-hour, reflecting a slight increase compared to the previous year [11]. Company Performance - Companies like Longxin Technology and Guangdong Power A are expected to see significant profit growth, while Guangdong Power A anticipates a decline in profits by 21.45%-40.12% [10][11]. - The report suggests focusing on national thermal power operators such as Huaneng International and Guodian Power, which are expected to maintain stable dividends [3].

据国家能源e购，国电电力发展股份有限公司发布200亿元储架公司债注册发行承销团采购项目竞争性谈 判公告。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The transition towards cleaner electricity generation is accelerating, highlighting the value of sector dividends [1] - The overall electricity consumption in 2025 is projected to grow by 5.0%, with significant contributions from the tertiary sector and urban-rural residents [3][15] - The generation capacity is shifting towards wind and solar, with these sources contributing 90.1% of the total generation increase in 2025 [3][15] - The annual long-term electricity prices are stabilizing, with expectations for improved pricing dynamics in 2026 [3][15] - Investment opportunities are emerging in thermal and hydropower sectors, emphasizing the defensive attributes of the sector [3][15] Summary by Sections Electricity Consumption - In 2025, total electricity consumption is expected to reach 10.37 trillion kWh, reflecting a year-on-year increase of 5.0% [15] - The contribution from the tertiary sector and urban-rural residents is projected to rise, accounting for 50.2% of the total increase in electricity consumption by 2025 [3][15] - The growth rates for different sectors in 2025 are as follows: primary industry +9.9%, secondary industry +3.7%, tertiary industry +8.2%, and urban-rural residents +6.3% [15][27] Generation Capacity - The total installed capacity of wind and solar is expected to increase by 360 GW, while the share of thermal power is projected to decrease to 40% [3][15] - In 2025, the generation increase from wind and solar is expected to dominate, with a significant contribution to the overall power generation structure [3][15] Electricity Pricing - The report indicates a downward trend in electricity prices in several provinces, with expectations for stabilization as the market matures [3][15] - The market share of electricity traded through market mechanisms is projected to reach 64.0% in 2025, with a notable increase in green electricity transactions [3][15] Investment Opportunities - The report highlights several companies with strong dividend yields and market management strategies, including Huaneng International Power and Huadian International Power [3][15] - There are also opportunities in hydropower, particularly for companies like Yangtze Power and Guigang Power, which are expected to see profit growth in the coming quarters [3][15]