证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 9 月江苏电价不及预期，关注新能源对火电 发电量的挤占影响 增持（维持） [Table_Tag] [◼Table 投资要点 _Summary] 2025 年 09 月 01 日 证券分析师 袁理 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 2024/9/2 2024/12/31 2025/4/30 2025/8/28 公用事业 沪深300 相关研究 《2025M1-7 用电增速持续提升，火电 恢复/水电偏弱》 2025-08-25 《气温转凉美国气价回落，欧洲储库 推进气价提升；九丰能源一体化持续 推进 》 2025-08-25 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 ◼ 本周核心观点：2025 年 9 月江苏电力集中交易结果公示：加权均价 319.48 元/兆瓦时，低于市场 ...

Group 1 - The core viewpoint of the news highlights the performance and trends in the modern energy sector, particularly focusing on the Central State-Owned Enterprises (SOEs) and their investment activities in renewable energy projects [3][4][5] - As of August 29, 2025, the Central State-Owned Enterprises Modern Energy ETF has shown a net value increase of 19.80% over the past two years, with a maximum monthly return of 10.03% since its inception [4] - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 48.28% of the index, indicating a concentrated investment in key players within the energy sector [5] Group 2 - In the first half of 2025, China's total investment in new energy projects reached approximately 1.4 trillion yuan, despite a year-on-year decline of 32.2%, with wind and solar power investments showing significant decreases [3] - Wind power projects attracted 365.4 billion yuan, while solar power projects received 195 billion yuan, reflecting a saturation in traditional energy markets but continued interest in offshore wind and other niche areas [3] - Water power sector demonstrated resilience in profitability, with leading companies like Yangtze Power achieving a 14.9% year-on-year increase in net profit despite challenges in water supply [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][25] Core Views - The company's revenue slightly decreased in the first half of 2025, with a significant decline in net profit due to factors such as reduced average utilization hours and a decrease in average electricity prices [1][8] - The company is actively advancing its renewable energy projects, focusing on land-based wind and solar power, and has seen a continuous increase in installed capacity [2][24] - Profit forecasts for the company remain stable, with expected net profits of 6.74 billion, 7.23 billion, and 7.74 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 10.2%, 7.4%, and 7.1% [3][25] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 14.736 billion yuan, a decrease of 2.19%, and a net profit of 3.815 billion yuan, down 5.48%. The non-recurring net profit fell by 20.74% to 3.200 billion yuan [1][8] - The average utilization hours for wind and solar power decreased, impacting overall performance, with wind power utilization down by 97 hours and solar power by 96 hours year-on-year [13][17] Project Development - The company added 2.1807 million kilowatts of new installed capacity in the first half of 2025, with 538,100 kilowatts from wind power and 1,642,600 kilowatts from solar power [2][24] - As of June 2025, the total operational installed capacity reached 49.9366 million kilowatts, with plans for an additional 26.9649 million kilowatts in new projects [24] Profit Forecasts and Valuation - The company maintains its profit forecasts, expecting net profits of 6.736 billion yuan in 2025, 7.232 billion yuan in 2026, and 7.744 billion yuan in 2027, with corresponding EPS of 0.24, 0.25, and 0.27 yuan [3][25] - The current stock price corresponds to a PE ratio of 18.1, 16.8, and 15.7 for the years 2025, 2026, and 2027 respectively [3][25]

Investment Rating - The report maintains a strong rating for the power sector and recommends specific companies within the sector [4][7][11]. Core Insights - The first central document in the carbon market sector has been issued, marking a new journey in carbon market construction, with significant implications for green investment and industry growth [3][17][18]. - The report emphasizes the importance of promoting high-quality urban development, particularly in the water and solid waste management sectors, which are expected to benefit from new policies [4][21]. Summary by Sections Market Review - From August 25 to August 29, the electricity sector fell by 0.40%, the environmental sector by 1.47%, the gas sector by 1.65%, and the water sector by 2.15%, while the CSI 300 index rose by 2.71% [11][12]. Carbon Market Development - The central government's recent document outlines plans to accelerate the construction of a national carbon market, aiming for comprehensive coverage of major industrial sectors by 2027 and a robust voluntary reduction market [3][17][18]. - As of July 2025, the national carbon emissions trading market has seen a cumulative transaction volume of 681 million tons and a transaction value of 46.784 billion yuan, indicating a growing influence of carbon pricing [3][18]. Urban Development Initiatives - The recent policy encourages green low-carbon transformation in urban development, promoting energy efficiency and waste management [4][21]. - The report identifies opportunities in waste-to-energy applications, industrial wastewater treatment, and the recycling of construction waste, which are expected to enhance profitability for related companies [4][21]. Investment Recommendations - The report recommends specific companies within various sectors: - For the power sector, it suggests Jiangsu Guoxin and cautiously recommends Sheneng Co. and Zhejiang Energy [4]. - In the nuclear power sector, it cautiously recommends China National Nuclear Power and China General Nuclear Power [4]. - For green energy, it suggests focusing on Three Gorges Energy and Jiangsu New Energy [4]. - In the water sector, it recommends Changjiang Electric Power and cautiously suggests Huaneng Hydropower [4]. - In the environmental sector, it recommends Yongxing Co. and Xuedilong, while suggesting attention to Huaguang Huaneng and China Tianying [4].

| | | | 统计截止日｜区间股价涨跌幅｜股东户数｜ 增减 ｜增减比例｜户均持股市值（元）｜户均持股数（股） | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 0.71% | 531779 -16469 | -3.00% | 22.93万 | 5.38万 | | 2025-03-31 | -3.20% | 548248 -10146 | -1.82% | 22.08万 | 5.22万 | | 2024-12-31 | -9.90% | 558394 -36910 | -6.20% | 22.40万 | 5.13万 | | 2024-09-30 | 13.16% | 595304 -30050 | -4.81% | 23.32万 | 4.81万 | 根据统计，三峡能源2025年3月31日至2025年6月30日，主力资金净流出1.03亿元，游资资金净流出2.64 亿元，散户资金净流入3.67亿元。 证券之星消息，近日三峡能源披露，截至2025年6月30日公司股东户数为53.18万户，较3月31日减少1.65 万户，减幅为3.0%。户均持股数量由 ...

Group 1 - The core viewpoint is that China Three Gorges New Energy (Group) Co., Ltd. has obtained a patent for a "comprehensive network security control device," which aims to enhance cooling efficiency and ease of maintenance [1] - The patent was granted with the announcement number CN 223274394 U, and the application date is September 2024 [1] - The device includes components such as a temperature control component, a device body, an installation shell, a heat dissipation part, and a protective part, designed to improve the cooling process [1] Group 2 - China Three Gorges New Energy (Group) Co., Ltd. was established in 1985 and is located in Beijing, primarily engaged in the production and supply of electricity and heat [2] - The company has a registered capital of 2,862,521.92 thousand RMB and has invested in 522 enterprises [2] - The company has participated in 4,739 bidding projects and holds 842 patent records, along with 9 administrative licenses [2]

股有限责任 99,800 3.49 99,800 3.49 / / / 公司 合计 52.89 53.00 -- -- -- 注：1.变动前股数及比例为公司最近一次披露的持股情况，具体详见公司披露的 《中国三峡新能源（集团）股份有限公司关于控股股东获得增持专项贷款承诺函 的公告》（公告编号：2025-042） 。 由 28,618,630,794 股变为 28,587,650,142 股，三峡集团及其一致行动人的持股比 例由 52.89%被动上升至 52.95%。 所致。 三、 其他说明 生变化。 书、收购报告书摘要、要约收购报告书摘要等后续工作。 继续实施增持计划。公司将根据增持进展情况及时履行信息披露 义务。 特此公告。 中国三峡新能源（集团）股份有限公司董事会 证券代码：600905 证券简称：三峡能源 公告编号：2025-056 中国三峡新能源（集团）股份有限公司 关于控股股东及其一致行动人权益变动 触及 1%刻度的提示性公告 中国长江三峡集团有限公司及其一致行动人保证向本公司提供的信息真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信 ...

每经AI快讯，三峡能源（SH 600905，收盘价：4.25元）8月30日发布公告称，公司第二届第四十二次董 事会会议于2025年8月28日在北京以现场会议方式召开。会议审议了《关于公司经理层成员2025-2027年 任期经营业绩考核目标的议案》等文件。 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 （记者 张喜威） 2024年1至12月份，三峡能源的营业收入构成为：风力发电占比66.68%，光伏发电占比30.69%，其他业 务占比2.08%，水力发电占比0.55%。 ...

Group 1: Postal Savings Bank of China - The bank achieved a net profit of 49.23 billion yuan in the first half of 2025, a year-on-year increase of 0.85% [1] - Operating income reached 179.45 billion yuan, reflecting a growth of 1.50% compared to the previous year [2] - Non-interest income contributed significantly, with intermediary business income increasing by 11.59% to 16.92 billion yuan, and other non-interest income rising by 25.16% to 23.47 billion yuan [1][2] Group 2: BeiGene - The company reported a revenue of 17.52 billion yuan in the first half of 2025, marking a 46.03% increase year-on-year [3] - The net profit attributable to shareholders was 450 million yuan, indicating a turnaround from losses in the previous year [3] Group 3: United Imaging Healthcare - The company achieved an operating income of 6.02 billion yuan, a 12.79% increase year-on-year [5] - Net profit attributable to the parent company was 998 million yuan, reflecting a growth of 5.03% [5] Group 4: Great Wall Motors - The company reported an operating income of 923.35 billion yuan, a slight increase of 0.99% year-on-year [7] - Net profit attributable to shareholders decreased by 10.21% to 63.37 billion yuan, with a significant drop in net profit excluding non-recurring items by 36.39% [7][8] Group 5: Pien Tze Huang - The company experienced a decline in net profit by 17.18%, with total revenue falling by 4.81% to 53.79 billion yuan [10][11] Group 6: China Railway Construction - The company reported a revenue of 489.20 billion yuan, a decrease of 5.22% year-on-year [12] - Net profit attributable to shareholders fell by 10.09% to 107.01 billion yuan [12][14] Group 7: China Shipbuilding Industry - The company achieved a revenue of 403.25 billion yuan, an increase of 11.96% year-on-year [23] - Net profit attributable to shareholders surged by 108.59% to 29.46 billion yuan, driven by improved order structure and ship prices [23][26] Group 8: ST Huato - The company reported a revenue of 172 billion yuan, reflecting an 85.5% increase year-on-year [29] - Net profit attributable to shareholders was 26.56 billion yuan, a growth of 129.33% [29] Group 9: Guotai Junan Securities - The company achieved total revenue of 454.32 billion yuan, a significant increase of 105.18% [31] - Net profit attributable to shareholders rose by 213.74% to 157.37 billion yuan [31][33] Group 10: Minsheng Bank - The bank reported an operating income of 723.84 billion yuan, a year-on-year increase of 7.83% [35] - Net profit attributable to shareholders decreased by 4.87% to 213.80 billion yuan [35][36]

格隆汇8月29日丨三峡能源(600905.SH)发布中报，2025上半年实现营业总收入147.36亿元，同比下降 2.19%；归属母公司股东净利润38.15亿元，同比下降5.48%；基本每股收益为0.1333元。 ...