证券代码：600886 证券简称：国投电力 公告编号：2025-062 国投电力控股股份有限公司 关于参加国投集团新质生产力上市公司集体路演 暨召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 12 月 1 日(星期一)下午 15:00-17:00 （三）召开方式：视频直播和网络文字互动 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com） 会议召开方式：视频直播和网络文字互动 投资者可于 2025 年 11 月 30 日(星期日）16:00 前，通过公司 邮箱 gtdl@sdicpower.com 进行会前提问。公司将对会前预征集的投 资者普遍关注的问题，在本次业绩说明会上进行回答。 公司已于 2025 年 10 月 31 日在上海证券交易所网站上披露了 公司 2025 年度三季报，详见上海证券交易所网站（www.sse.com.cn）。 根据国投集团统 ...

（文章来源：证券日报） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，国投（云南）新能源发展有限公司成立，注册资 本2亿元，经营范围含发电业务、输电业务、太阳能发电技术服务，储能技术服务等。股东信息显示， 该公司由国投电力全资持股。 ...

Core Viewpoint - The Hainan provincial government and China National Development Investment Corporation have signed a strategic cooperation agreement to enhance collaboration in various sectors, aiming to support national strategies and develop the Hainan Free Trade Port [1] Group 1: Strategic Cooperation - The agreement establishes a comprehensive strategic partnership between the Hainan provincial government and the National Development Investment Corporation [1] - The cooperation will focus on multiple sectors including clean energy, transportation and ports, seed industry, biomanufacturing, health and elderly care, digital economy, inspection and testing, financial services, human resources services, and engineering services [1] Group 2: Objectives - The partnership aims to pragmatically serve national strategies and contribute to the high-standard construction of the Hainan Free Trade Port [1]

Core Insights - The article discusses the importance of energy supply and heating solutions for the winter season, highlighting various strategies and technologies being implemented to ensure reliable heating for households across different regions [1][7][11]. Group 1: Energy Supply and Heating Solutions - The article emphasizes the need for secure heating fuel and innovative clean heating methods to meet the rising demand during winter [1][7]. - It mentions the integration of smart heating technologies that enhance efficiency and reliability in energy supply [9][19]. - The article outlines the proactive measures taken by energy companies to ensure heating services are operational ahead of the winter season, including early preparations and system upgrades [7][12][16]. Group 2: Regional Heating Strategies - The article highlights the role of major energy companies, such as China Huaneng Group, in providing heating services across northern regions, ensuring timely and adequate supply [8][11]. - It discusses the implementation of centralized heating systems in areas where traditional heating methods may not suffice, particularly in southern regions [1][22]. - The article notes the collaboration between various government departments and energy companies to promote clean heating initiatives and improve energy efficiency [3][21]. Group 3: Clean Energy Innovations - The article details the advancements in renewable energy sources, such as solar and wind power, being utilized for heating solutions, contributing to a greener energy landscape [15][27]. - It mentions the increasing adoption of geothermal and nuclear energy for heating purposes, showcasing the diversification of energy sources [24][34]. - The article highlights the significant growth in clean heating areas, with a reported 209 billion square meters of clean heating coverage in northern regions [22][19].

Core Viewpoint - Recently, Guotou (Yunnan) New Energy Development Co., Ltd. was established with a registered capital of 200 million RMB, focusing on various energy generation and supply services, fully owned by Guotou Electric Power [1][2]. Group 1: Company Information - The legal representative of Guotou (Yunnan) New Energy Development Co., Ltd. is Gao Peng [1][2]. - The company was registered with a capital of 200 million RMB and is classified as a limited liability company [2]. - The business scope includes power generation, transmission, distribution, hydropower, biomass gas production and supply, and various technical services related to renewable energy [1][2]. Group 2: Operational Details - The company is registered in Chenggong District, Kunming City, Yunnan Province, and its business operations are set to continue indefinitely [2]. - The company is part of the electric power and heat production and supply industry, indicating a focus on renewable energy sources [2].

Group 1 - The appointment of Zhou Dong as the General Manager of Huanghe Company was announced during a meeting held by the State Power Investment Corporation on November 19 [1] - The Huanghe Company is a large comprehensive energy enterprise controlled by the State Power Investment Corporation, established in October 1999, primarily engaged in power station development, production operation management, and the production and sales of silicon products and solar power equipment [3] - As of now, Huanghe Company has a total installed power capacity of 34,623.2 MW, with 19 hydropower stations in various regions, including the Yellow River and Jialing River, totaling an installed capacity of 1,314.24 MW [3][4] Group 2 - The company is planning to construct the Gonghe (Duolong), Zhongning pumped storage power station, and Cihaxia hydropower station [3] - Huanghe Company is developing photovoltaic and wind power projects in Qinghai, Gansu, Ningxia, Shaanxi, and Heilongjiang, with a clean energy installed capacity accounting for 92.43%, including 1,351.52 MW of photovoltaic and 534.56 MW of wind power [3] - The company has an annual production capacity of 3,300 tons of electronic-grade polysilicon, 1,100 MW of solar cells, 625 MW of modules, 600,000 tons of electrolytic aluminum, and 300,000 tons of carbon products [4]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Insights - Recently, Guotou (Yunnan) New Energy Development Co., Ltd. was established with a registered capital of 200 million yuan [1] - The company's business scope includes power generation technology services, wind power generation technology services, solar power generation technology services, enterprise management, and energy storage technology services [1] - Guotou (Yunnan) New Energy Development Co., Ltd. is wholly owned by Guotou Electric Power [1]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the release of the "Guiding Opinions on Promoting the Integrated Development of New Energy," aiming to enhance the reliability and market competitiveness of new energy by 2030 [5] - In October, the industrial natural gas output reached 22.1 billion cubic meters, marking a year-on-year increase of 5.9% [5] - The report indicates a potential for profit improvement and value reassessment in the power sector due to previous supply-demand tensions [5] Market Performance - As of November 14, the utility sector declined by 0.6%, underperforming the broader market, with the power sector down by 1.13% and the gas sector up by 4.48% [4][12] - The report notes that the coal prices have increased, with Qinhuangdao port coal prices at 827 RMB/ton, a week-on-week increase of 19 RMB/ton [4][22] Power Industry Data Tracking - The report tracks various metrics, including coal prices, inventory levels, and daily consumption rates, indicating a decrease in coal inventory at Qinhuangdao port to 5.5 million tons, down by 270,000 tons week-on-week [4][29] - The average daily consumption of coal in inland provinces increased to 3.364 million tons, up by 123,000 tons/day week-on-week [31] Natural Gas Industry Data Tracking - Domestic natural gas production in October was 22.1 billion cubic meters, a year-on-year increase of 6.0% [5] - The report notes that the average LNG ex-factory price in China was 4,357 RMB/ton, a decrease of 3.35% year-on-year [57] - The EU's natural gas supply for week 44 was 6.5 billion cubic meters, a year-on-year increase of 14.4% [64] Investment Recommendations - For the power sector, the report suggests focusing on leading coal power companies such as Guodian Power and Huaneng International, as well as hydropower operators like China Yangtze Power [5] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Macroeconomic Insights - M1 year-on-year decline attributed to weak credit performance from enterprises and households, with social financing growth continuing to decrease[3] - New policy financial tools are expected to support corporate loans, with the Ministry of Finance allocating 500 billion yuan to local governments to stabilize social financing in the last two months of the year[3] - The central bank has shifted focus from loan quantity targets to social financing and monetary indicators, indicating stable financial support for the real economy[3] Monetary Policy Outlook - Continued monetary easing is necessary to improve demand and price expectations, with room for further adjustments in mortgage rates and deposit rates[4] - As of September, the weighted average interest rate for new personal mortgages has only decreased by 3 basis points to 3.06%[4] Industry Developments - Haibo Shichuang and CATL signed a three-year agreement for no less than 200GWh of battery cell procurement, reflecting confidence in high growth for the energy storage sector[9] - Canadian company Artis signed a major contract for a 1.86GWh energy storage project, further solidifying its leading position in the North American market[10] Semiconductor Market Trends - NAND Flash demand is expected to rise significantly, driven by AI applications, with a 50% increase in prices for 512Gb TLC NAND wafers observed recently[20] - NOR Flash demand is also increasing, with manufacturers planning to raise prices by 30% due to heightened demand from AI servers[21] Financial Sector Analysis - As of October 2025, the total net asset value of public funds reached 36.02 trillion yuan, with a 2.26% month-on-month increase[29] - The market saw a net outflow of existing funds, with equity funds experiencing a 2.73% decrease in total shares[29] Consumer Behavior Insights - The CPI structure is changing, with service sector CPI showing a recovery trend while food CPI remains under pressure due to fluctuating pork prices[45] - The beverage and snack sectors are expected to benefit from improving consumer sentiment and demand, with recommendations for companies like Nongfu Spring and Three Squirrels[43]