证券代码：600886 证券简称：国投电力 公告编号：2025-045 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 08 月 26 日（星期二）至 09 月 01 日（星期 一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 gtdl@sdicpower.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 国投电力控股股份有限公司（以下简称公司）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地 了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 02 日（星期二）09:30-10:30 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2025 年半年度的经营成果及财务指标 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Group 1 - The core viewpoint of the article highlights the decline in China's hydropower generation, with a reported production of 139.1 billion kilowatt-hours in June 2025, representing a year-on-year decrease of 4% [1] - In the first half of 2025, China's cumulative hydropower generation reached 539.79 billion kilowatt-hours, showing a cumulative decline of 2.9% [1] - The article references a market analysis report by Zhiyan Consulting, which covers the development status and market forecast of the hydropower industry in China from 2025 to 2031 [1] Group 2 - The listed companies in the hydropower sector include Changjiang Electric Power, Huaneng Hydropower, Guotou Power, Chuan Investment Energy, Gui Guan Electric Power, Qian Yuan Electric Power, Hubei Energy, Mindong Electric Power, Leshan Electric Power, and Hunan International Power [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports, business plans, feasibility studies, and customized services [2]

Core Viewpoint - The successful acquisition of land by China Electric Power Equipment Co., Ltd., a subsidiary of State Power Investment Corporation, marks a significant step in the market-oriented development of energy-related central enterprises in the Xiong'an New Area [1] Group 1 - The land acquired measures 88.16 acres and the total land transfer fee amounts to 559 million yuan [1] - The land will be utilized for the construction of the State Power Investment Corporation's Xiong'an base project [1] - This acquisition signifies the ongoing innovation and market-oriented expansion of energy enterprises in the Xiong'an New Area [1]

Core Viewpoint - The financing activities of Guotou Electric Power (600886) indicate a slight bullish sentiment among investors, with a net financing inflow observed over the past three trading days, suggesting increased market interest in the stock [1][2]. Financing Summary - On August 21, 2025, Guotou Electric Power had a financing buy of 27.29 million yuan and a financing repayment of 26.79 million yuan, resulting in a net financing inflow of 490,100 yuan, with a financing balance of 674 million yuan [1][2]. - The financing balance has shown a slight increase over the past few days, with a total net buy of 9.31 million yuan accumulated over the last three trading days [1][2]. - The financing balance as a percentage of the circulating market value was 0.61% on August 21, 2025, indicating a stable investor sentiment [2]. Margin Trading Summary - On the same day, the margin trading saw a short sale of 35,900 shares and a repayment of 19,100 shares, leading to a net short sale of 16,800 shares, with a remaining margin balance of 3.55 million yuan [3]. - Over the past 20 trading days, there have been 11 days of net short sales, indicating a mixed sentiment among investors regarding the stock [3]. Overall Margin Trading Balance - The total margin trading balance on August 21, 2025, was 667.9 million yuan, reflecting a slight increase of 0.12% from the previous day [4]. - The margin trading balance has fluctuated over the past few days, with notable increases and decreases, indicating varying investor confidence [4].

Market Overview - The Shanghai Composite Index closed at 3771.10 points, above the annual line, with a change of 0.13% [1] - The total trading volume of A-shares reached 24603.35 billion yuan [1] Stocks Breaking Annual Line - A total of 28 A-shares have surpassed the annual line today, with notable stocks including: - Meihua Medical (301363) with a deviation rate of 14.81% and a daily increase of 18.00% [1] - Meirui New Materials (300848) with a deviation rate of 4.67% and a daily increase of 5.49% [1] - Kangle Health (833575) with a deviation rate of 4.29% and a daily increase of 4.40% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the annual line with smaller deviation rates include: - Guotou Power (600886) with a deviation rate of 0.01% and a daily increase of 1.30% [2] - Shanghai Pharmaceuticals (601607) with a deviation rate of 0.08% and a daily increase of 0.95% [2] - *ST Jinglun (600355) with a deviation rate of 0.20% and a daily increase of 0.86% [2]

Group 1 - The establishment of Electric Power Investment Fuheng (Chengde) Industrial Co., Ltd. has been reported, with a registered capital of 160 million yuan [1] - The company's business scope includes sales of charging piles, centralized fast charging stations, motor vehicle charging sales, and rental of charging control equipment [1] - The company is wholly owned by China Power Investment Corporation through indirect holdings [1]

Market Overview - The Shanghai Composite Index is at 3781.13 points, above the annual line, with a change of 0.40% [1] - The total trading volume of A-shares is 1,193.158 billion yuan [1] Stocks Breaking Annual Line - A total of 31 A-shares have surpassed the annual line today, with notable stocks including Meihua Medical, *ST Aowei, and Pianzaihuang, showing divergence rates of 14.13%, 2.94%, and 2.77% respectively [1] - Stocks with smaller divergence rates that have just crossed the annual line include China Wuyi, Huilun Crystal, and Zhuoshengwei [1] Top Stocks by Divergence Rate - Meihua Medical (301363) has a significant increase of 17.30% with a turnover rate of 23.04% and a divergence rate of 14.13% [1] - *ST Aowei (002231) increased by 3.12% with a turnover rate of 7.79% and a divergence rate of 2.94% [1] - Pianzaihuang (600436) rose by 3.70% with a turnover rate of 1.03% and a divergence rate of 2.77% [1] Additional Notable Stocks - Tongrentang (600085) increased by 1.93% with a divergence rate of 1.77% [1] - Maire Medical (300760) rose by 3.40% with a divergence rate of 1.53% [1] - Other stocks with minor divergence rates include Aima Technology (603529) and China Railway Construction (601186) with divergence rates of 1.06% and 0.96% respectively [1]

Investment Rating - The investment rating for the electricity industry is "Positive" [2] Core Viewpoints - The report highlights the implementation of the "136" policy in five regions, leading to significant differentiation in the support for existing and new energy projects [7][10] - Future outlook indicates a need for clarity on pricing mechanisms, which will impact investment enthusiasm in the renewable energy sector [10] Summary by Sections Monthly Special Commentary - Five regions have introduced connection mechanisms, showing clear differentiation in support for existing and new energy projects. Shanxi has a robust protection for existing projects, while Hainan offers moderate support with lower guarantees for new projects. Liaoning provides good protection for existing projects but less favorable terms for new projects. Gansu has limited support for existing projects, and Ningxia offers the least protection overall [8][11] Monthly Sector and Key Listed Company Performance - In July, the electricity and public utilities sector fell by 0.8%, underperforming the broader market, while the Shanghai and Shenzhen 300 index rose by 3.54% [12][15] Monthly Electricity Demand Analysis - In June 2025, total electricity consumption reached 867 billion kWh, with a year-on-year growth of 5.40%. The growth rate for the secondary industry improved, while residential electricity consumption continued to rise [18][20] Monthly Electricity Supply Analysis - National electricity generation in June 2025 increased by 1.70% year-on-year, with coal power generation growing by 1.10% and solar power generation surging by 28.70% [39][40] Monthly Electricity Market Data Analysis - The average purchase price of electricity in August was 384.25 RMB/MWh, reflecting a 1.18% increase month-on-month [39] Investment Recommendations - The report suggests that the electricity sector is poised for profit improvement and value reassessment, particularly as the supply-demand balance stabilizes and new energy installations continue to grow [10][11]