Investment Rating - The report maintains a "Buy" rating for Guodian Power (600795.SH) [1][6] Core Views - The company demonstrates stable performance with a significant increase in non-recurring profit, and a high dividend plan reflects its value for allocation [1][6] - The company has announced a cash dividend plan for 2025-2027, committing to distribute at least 60% of net profit and a minimum of 0.22 CNY per share, indicating strong market value management [6] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 77.655 billion CNY, down 9.52% year-on-year, and a net profit attributable to shareholders of 3.687 billion CNY, down 45.11% year-on-year. However, the non-recurring net profit increased by 56.12% year-on-year to 3.410 billion CNY [1][2] - The company’s cash flow from operating activities was 25.977 billion CNY, up 18.87% year-on-year [1] - In Q2 2025, the company reported operating revenue of 37.842 billion CNY, down 6.04% year-on-year, and a net profit of 1.876 billion CNY, down 61.96% year-on-year, while the non-recurring net profit surged by 302.47% year-on-year to 1.803 billion CNY [1][2] Segment Performance - The coal power segment reported a net profit of 1.967 billion CNY, down 1.40% year-on-year; the hydropower segment saw a net profit of 0.883 billion CNY, up 1.73% year-on-year; the wind power segment's net profit was 0.529 billion CNY, down 31.12% year-on-year; and the photovoltaic segment achieved a net profit of 0.591 billion CNY, up 37.12% year-on-year [2][3] Generation and Capacity - In H1 2025, the company generated 195.801 billion kWh of electricity, down 3.53% year-on-year, with coal power contributing 151.840 billion kWh, down 7.51% year-on-year, and renewable energy sources showing growth [2][3] - As of June 30, 2025, the company had a total installed capacity of 120.156 million kW, with significant increases in renewable energy capacity [2][3] Cost Control and Profitability - The company effectively managed costs, achieving a reduction in operating costs by 9.28% year-on-year in Q2 2025, despite revenue declines [3] - The report highlights the company's strong cost control capabilities, particularly in the context of declining coal and electricity prices [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 6.459 billion CNY, 7.272 billion CNY, and 8.283 billion CNY respectively, with corresponding P/E ratios of 13.17, 11.70, and 10.27 [6][4]

金融界8月19日消息，上证指数高开震荡，沪深300电力指数 (300电力，L11655)报2572.78点。 数据统计显示，沪深300电力指数近一个月下跌3.70%，近三个月下跌5.87%，年至今下跌6.77%。 从沪深300电力指数持仓样本的行业来看，水电占比59.96%、火电占比16.09%、核电占比14.80%、风电 占比9.15%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 据了解，为反映沪深300指数样本中不同行业公司证券的整体表现，为投资者提供分析工具，将沪深300 指数300只样本按行业分类标准分为11个一级行业、35个二级行业、90余个三级行 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 6.11 [6][22]. Core Views - The company has exceeded expectations with its dividend commitment, offering a minimum dividend yield of 4.9% for 2025-2027, which combines high dividend value with growth potential from hydropower projects [4][6]. - The company reported a revenue of RMB 77.655 billion for 1H25, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of RMB 3.687 billion, down 45.11% year-on-year [1][4]. - The company is expected to benefit from the recovery of thermal power generation in 3Q25 due to high temperatures in East China during the peak summer season [2][3]. Summary by Sections Financial Performance - In 1H25, the company's thermal power generation was 151.84 billion kWh, a decrease of 7.5% year-on-year, with a net profit of RMB 4.507 billion for the same period [2]. - The company’s wind power net profit for 2Q25 was RMB 106 million, significantly impacted by a credit impairment loss of RMB 624 million [3]. - The company’s hydropower segment showed a net profit of RMB 859 million in 2Q25, a 20.8% increase year-on-year, exceeding expectations [3]. Dividend Policy - The company has committed to a cash dividend policy for 2025-2027, distributing at least 60% of the net profit attributable to shareholders, with a minimum cash dividend per share of RMB 0.22 [4][6]. - The interim dividend for 1H25 was RMB 1.784 billion, corresponding to a dividend per share (DPS) of RMB 0.1, with a payout ratio of 48.4% [4]. Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 has been adjusted downwards by 7.3%, 7.6%, and 6.0% to RMB 7 billion, RMB 8.2 billion, and RMB 8.8 billion respectively [5]. - The target price of RMB 6.11 is based on a price-to-earnings ratio (PE) of 15.0 for 2025, reflecting the company's valuation compared to peers in the renewable energy sector [5][22].

截至8月19日午后一小时，主力资金流入前20的股票分别为：四川长虹（12.88亿元）、中油资本（8.85 亿元）、拓普集团（8.49亿元）、赛力斯（5.81亿元）、御银股份（5.50亿元）、海立股份（5.25亿 元）、新易盛（4.57亿元）、国电电力（4.15亿元）、亨通光电（3.94亿元）、工业富联（3.91亿元）、 润和软件（3.90亿元）、塞力医疗（3.89亿元）、诚迈科技（3.75亿元）、南方精工（3.57亿元）、拓斯 达（3.50亿元）、酒鬼酒（3.44亿元）、国轩高科（3.40亿元）、广东建科（3.39亿元）、海格通信 （3.37亿元）、中国银行（3.36亿元）。 本文源自：金融界 作者：金股通 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 77.655 billion yuan for the first half of 2025, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 3.687 billion yuan, down 45.11% [7] - The company has announced a three-year cash dividend plan for 2025-2027, committing to distribute at least 60% of the annual net profit as cash dividends, with a minimum of 0.22 yuan per share [7] - The decline in coal power generation was offset by a significant reduction in costs, leading to improved profitability per unit of electricity generated [7] - The company expects an increase in hydropower generation due to new projects coming online in the second half of 2025, which will enhance revenue [7] - The company has accelerated its renewable energy installations, although profit margins have been pressured by declining electricity prices [7] - The profit forecast for 2025-2027 has been adjusted to 7.332 billion, 8.277 billion, and 9.248 billion yuan respectively, with corresponding PE ratios of 11, 10, and 9 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 173.973 billion yuan, with a year-on-year growth rate of -2.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 7.332 billion yuan, reflecting a decrease of 25.4% year-on-year [6] - The company’s average gross profit margin is expected to improve from 16.3% in 2025H1 to 18.4% by 2027 [6] - The company’s return on equity (ROE) is projected to increase from 6.4% in 2025H1 to 13.1% by 2027 [6]

Group 1 - The China National New State-Owned Enterprises Modern Energy Index (932037) has seen a 0.27% increase as of August 19, 2025, with notable gains from stocks such as Guodian Power (600795) up 5.54% and China Rare Earth (000831) up 4.58% [2][4] - The Central State-Owned Enterprises Modern Energy ETF (561790) is experiencing a mixed trading environment, with a recent price of 1.13 yuan and a weekly cumulative increase of 0.71% as of August 18, 2025, ranking it in the top third among comparable funds [2][4] - The liquidity of the Central State-Owned Enterprises Modern Energy ETF shows a turnover rate of 1.81% with a transaction volume of 837,500 yuan, and an average daily transaction volume of 5.42 million yuan over the past week, ranking first among comparable funds [2][4] Group 2 - The Dagang Oilfield Gas Storage Group in the Beijing-Tianjin-Hebei region has achieved an annual natural gas storage and extraction capacity exceeding 3 billion cubic meters, enhancing regional energy security [3] - The gas storage group, consisting of 11 underground storage facilities, has improved its injection efficiency by 15% compared to last year, with a maximum daily injection volume reaching 21.16 million cubic meters [3] - The demand for renewable energy continues to rise, with a 3.7% year-on-year increase in national electricity consumption in the first half of 2025, driven by a 7.1% increase in the tertiary industry's electricity usage [3] Group 3 - As of August 18, 2025, the Central State-Owned Enterprises Modern Energy ETF has recorded a net value increase of 16.17% over the past two years, with a maximum monthly return of 10.03% since inception [4] - The ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [4] - The index tracks 50 listed companies involved in modern energy industries, reflecting the overall performance of state-owned enterprises in this sector [4][5]

本文源自：金融界 截至8月19日开盘一小时，主力资金流入前20的股票分别为：四川长虹（8.72亿元）、润和软件（5.46亿 元）、海立股份（4.32亿元）、御银股份（4.26亿元）、国电电力（3.89亿元）、塞力医疗（3.86亿 元）、广东建科（3.56亿元）、天孚通信（3.35亿元）、贵州茅台（3.26亿元）、诚迈科技（3.20亿 元）、楚天龙（3.02亿元）、酒鬼酒（2.54亿元）、新易盛（2.43亿元）、岩山科技（2.33亿元）、中际 旭创（2.28亿元）、五 粮 液（2.24亿元）、亨通光电（2.23亿元）、国盛金控（2.14亿元）、达实智能 （2.13亿元）、工业富联（2.05亿元）。 作者：金股通 ...

国电电力2025半年报 ...

国电电力（600795）8月18日晚间披露2025年半年报，公司上半年实现营业收入776.55亿元，同比下降 9.52%；归母净利润36.87亿元，同比下降45.11%；基本每股收益0.207元。公司拟每10股派发现金红利1 元(含税)。考虑上年转让国电建投内蒙古能源公司影响，归属于上市公司股东的扣除非经常性损益的净 利润实现34.10亿元，同比增长56.12%。 对于净利润下降的原因，国电电力表示，一是上期公司转让控股子公司国电建投内蒙古能源有限公司投 资收益增加，二是上期大兴川电站计提在建工程减值准备，本期无此项。 2025年上半年，国电电力累计完成发电量2060.26亿千瓦时，较上年同期下降3.61%，可比口径下降 2.03%，上网电量1958.01亿千瓦时，较上年同期下降3.53%，可比口径下降1.96%；火电企业累计完成发 电量1614.67亿千瓦时，上网电量1518.40亿千瓦时，较上年同期分别下降7.40%和7.51%；水电企业累计 完成发电量228.70亿千瓦时，上网电量226.85亿千瓦时，较上年同期分别下降6.44%；风电企业累计完 成发电量113.55亿千瓦时，上网电量110.74亿千瓦 ...

Core Viewpoint - The company has announced its profit distribution plan for the first half of 2025, proposing a cash dividend of 1.00 yuan per 10 shares, which amounts to approximately 1.784 billion yuan, representing 48.38% of the net profit attributable to shareholders for the same period [3][40]. Group 1: Company Overview - The company is named Guodian Power Development Co., Ltd. and is listed under the stock code 600795 [5]. - The company has a total share capital of 17,835,619,082 shares as of the date of the board meeting [3][40]. Group 2: Financial Data - For the first half of 2025, the company reported a net profit attributable to shareholders of 3,686,597,723.51 yuan [40]. - The proposed cash dividend distribution is 0.10 yuan per share, with an expected total distribution of 1,783,561,908.20 yuan [38][40]. Group 3: Dividend Policy - The company plans to implement a cash dividend policy that ensures at least 60% of the net profit attributable to shareholders is distributed as cash dividends each year, with a minimum of 0.22 yuan per share [29]. - The cash dividend plan for 2025-2027 emphasizes consistency, reasonableness, and stability in shareholder returns [27][28]. Group 4: Corporate Governance - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee, in compliance with the new Company Law [69][70]. - The company has revised its articles of association to reflect this change and to enhance governance structures [70][71]. Group 5: Upcoming Events - The company will hold its second extraordinary general meeting of 2025 on September 4, 2025, to discuss the proposed profit distribution and other matters [54][55]. - An online performance briefing is scheduled for August 26, 2025, to address investor inquiries regarding the company's financial results [48][50].