新京报贝壳财经讯 内蒙华电（600863）10月21日公告，公司2025年前三季度完成发电量401.58亿千瓦 时，较上年同期下降10.96%；完成上网电量371.86亿千瓦时，较上年同期下降11%。前三季度，公司市 场化交易电量完成362.88亿千瓦时，占上网电量比例为97.59%。，公司实现平均售电单价341.52元/千千 瓦时（不含税），同比增加6.74元/千千瓦时（不含税），同比增长2.01%。2025年前三季度，公司煤炭 产量实现1,045.90万吨，同比减少0.92%；煤炭外销量实现481.08万吨，同比减少8%；煤炭销售平均单 价完成304.10元/吨（不含税），同比减少109.19元/吨（不含税），同比下降26.42%。 ...

2025年前三季度，受区域内新能源发电量增加，公司火电机组利用小时下降的影响，公司发电量完成 401.58亿千瓦时，较上年同期下降10.96%。市场化交易电量362.88亿千瓦时，占上网电量比例为 97.59%。公司售电单价由于火电综合收入上涨同比增加6.74元/千千瓦时（不含税），同比增长2.01%。 2025年前三季度，公司煤炭产量同比减少0.92%，煤炭外销量同比减少8%。受煤价结算价格下降及煤炭 热值阶段性下降的综合影响，公司煤炭外销价格同比减少109.19元/吨（不含税），同比下降26.42% 2025年前三季度，公司煤炭产量实现1,045.90万吨，同比减少0.92%；煤炭外销量实现481.08万吨，同比 减少8%；煤炭销售平均单价完成304.10元/吨（不含税），同比减少109.19元/吨（不含税），同比下降 26.42%。 格隆汇10月21日丨内蒙华电(600863.SH)公布，公司2025年前三季度完成发电量401.58亿千瓦时，较上年 同期下降10.96%；完成上网电量371.86亿千瓦时，较上年同期下降11%。2025年前三季度，公司市场化 交易电量完成362.88亿千瓦时，占上网电量比 ...

内蒙华电（600863）(600863.SH)发布公告，公司2025年前三季度完成发电量401.58亿千瓦时，较上年同 期下降10.96%;完成上网电量371.86亿千瓦时，较上年同期下降11%。2025年前三季度，公司市场化交易 电量完成362.88亿千瓦时，占上网电量比例为97.59%。2025年前三季度，公司实现平均售电单价341.52 元/千千瓦时(不含税)，同比增加6.74元/千千瓦时(不含税)，同比增长2.01%。 ...

智通财经APP讯，内蒙华电(600863.SH)发布公告，公司2025年前三季度完成发电量401.58亿千瓦时，较 上年同期下降10.96%;完成上网电量371.86亿千瓦时，较上年同期下降11%。2025年前三季度，公司市场 化交易电量完成362.88亿千瓦时，占上网电量比例为97.59%。2025年前三季度，公司实现平均售电单价 341.52元/千千瓦时(不含税)，同比增加6.74元/千千瓦时(不含税)，同比增长2.01%。 ...

人民财讯10月21日电，内蒙华电（600863）10月21日公告，2025年前三季度，公司完成发电量401.58亿 千瓦时，较上年同期下降10.96%；完成上网电量371.86亿千瓦时，较上年同期下降11%。公司市场化交 易电量完成362.88亿千瓦时，占上网电量的比例为97.59%。公司实现平均售电单价341.52元/千千瓦时 (不含税)，同比增长2.01%。 2025年前三季度，公司煤炭产量实现1045.9万吨，同比减少0.92%；煤炭外销量实现481.08万吨，同比 减少8%；煤炭销售平均单价完成304.1元/吨(不含税)，同比下降26.42%。 ...

| | | | | 发电量（亿千瓦时） | | | 上网电量（亿千瓦时） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 地区 分类 | 项目名称 | 电源 种类 | 本期 | 去年同期 | 同比增减 | 本期 | 去年同期 | 同比增减 | | 蒙东 | 乌力吉木仁风电场 | 风电 | 0.61 | 0.51 | 19.61% | 0.60 | 0.51 | 17.65% | | | 额尔格图风电场 | 风电 | 0.59 | 0.61 | -3.28% | 0.58 | 0.60 | -3.33% | | | 蒙东电网小计 | | 1.20 | 1.12 | 7.14% | 1.18 | 1.11 | 6.31% | | | 白云鄂博风电场 | 风电 | 0.46 | 0.39 | 17.95% | 0.44 | 0.37 | 18.92% | | | 乌海发电厂 | 火电 | 26.39 | 28.30 | -6.75% | 24.61 | 26.53 | -7.24% | | | | 风电 | 11.14 | 9.51 | 1 ...

内蒙华电公告，公司2025年前三季度完成发电量401.58亿千瓦时，较上年同期下降10.96%；完成上网电 量371.86亿千瓦时，较上年同期下降11%。前三季度，公司市场化交易电量完成362.88亿千瓦时，占上 网电量比例为97.59%。，公司实现平均售电单价341.52元/千千瓦时（不含税），同比增加6.74元/千千 瓦时（不含税），同比增长2.01%。2025年前三季度，公司煤炭产量实现1,045.90万吨，同比减少 0.92%；煤炭外销量实现481.08万吨，同比减少8%；煤炭销售平均单价完成304.10元/吨（不含税），同 比减少109.19元/吨（不含税），同比下降26.42%。 ...

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Core Insights - The article discusses the performance and growth of China's power generation industry, highlighting a slight increase in electricity production in 2025 compared to the previous year [1] Industry Overview - In April 2025, China's electricity generation reached 711.1 billion kilowatt-hours, marking a year-on-year growth of 0.9% [1] - From January to April 2025, the cumulative electricity generation in China was 2,983.96 billion kilowatt-hours, with a cumulative growth of 0.1% [1] Company Insights - The article lists several publicly traded companies in the energy sector, including Huaneng International, Datang Power, Guodian Power, Huadian International, and others, indicating their relevance in the market [1] - The report by Zhiyan Consulting provides a comprehensive analysis of the energy industry in China, projecting market trends and investment opportunities from 2026 to 2032 [1]

Group 1 - Power stocks have rebounded today, with notable increases in share prices for companies such as China General Nuclear Power (up 4.76% to HKD 3.08), Datang International Power Generation (up 3.96% to HKD 2.36), Huaneng International Power (up 3.89% to HKD 5.61), and Longyuan Power (up 3.65% to HKD 8.53) [1] - On September 25, the State-owned Assets Supervision and Administration Commission (SASAC) held a meeting focusing on stabilizing electricity prices, coal prices, and preventing "involution" competition [1] - Guosen Securities predicts that the downward pressure on electricity prices will ease as the most challenging period is coming to an end, with a comprehensive marketization of green electricity gradually releasing price risks [1] Group 2 - GF Securities notes that while there are significant differences regarding the long-term contract electricity prices for 2025, expectations for stable electricity prices are strengthening [2] - The focus is shifting towards the proportion of long-term contract electricity, with thermal power companies now prioritizing efficiency and revenue per kilowatt-hour rather than merely increasing generation volume [2] - Current dividend yields for Huaneng International and Huadian International are close to 8% in the Hong Kong market, while Sheneng shares and Inner Mongolia Huadian have yields near 6% in the A-share market, enhancing the low volatility dividend attributes under stable electricity prices [2]