"2025-2026年传统电力装备年均营收增速保持6%左右，新能源装备营收稳中有升；发电装备产量保持 在合理区间，供给得到有效保障，新能源装备出口量实现增长；重点地区、重点企业带动作用加强，电 力装备领域国家先进制造业集群年均营收增速7%左右，龙头企业年均营收增速10%左右；推动一批标 志性装备攻关突破和推广应用。" 9月12日，工信部、市场监管总局、国家能源局联合印发《电力装备行业稳增长工作方案（2025—2026 年）》（下称"方案"），提出上述今明两年电力装备行业四项主要目标。 风电上市龙头企业主要包括金风科技（002202.SZ）、明阳智能（601615.SH）、三一重能 （688349.SH）、运达股份（300772.SZ）等。 国内火电行业龙头上市公司主要包括华能国际（600011.SH）、大唐发电（601991.SH）、华电国际 （600027.SH）、国电电力（600795.SH）、中国电力（02380.HK）、浙能电力（600023.SH）等。 厦门大学中国能源政策研究院院长林伯强告诉第一财经记者，新方案结合电力设备行业发展现状，拟定 出因时制宜的动态目标。他表示，2023版方案出台时值全国 ...

新京报讯 据中央纪委国家监委驻中国大唐纪检监察组、安徽省纪委监委消息：中国大唐集团有限公司 原党组管理干部况世远涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国大唐纪检监察组纪律审 查和安徽省芜湖市监察委员会监察调查。 ...

华源证券研报指出，大唐发电上半年归母净利润45.79亿元，同比增长47.35%；单二季度实现归母净利 润23.41亿元，同比增长31.78%。煤价下跌与装机成长，上半年业绩大增，二季度业绩超出市场预期。 公司首次派发中期分红，或体现管理层对于公司未来经营发展以及现金流的信心。短期展望三季度，在 高温带动的用电量大增下，火电公司业绩或值得期待。该行预计公司2025-2027年的归母净利润为65、 67、68亿元，扣除永续债利息约15亿后，当前股价对应的PE分别为14、13、13倍，维持"买入"评级。 按照50%新的分红口径，公司港股2025年业绩对应股息率预计为6%，建议关注大唐发电(0991.HK)。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 责任编辑：小浪快报 9月9日，大唐发电收跌0.27%，收盘价为3.71元，发生1笔大宗交易，合计成交量85万股，成交金额 284.75万元。 第1笔成交价格为3.35元，成交85.00万股，成交金额284.75万元，溢价率为-9.70%，买方营业部为英大 证券有限责任公司深圳华侨城证券营业部，卖方营业部为英大证券有限责任公司深圳华侨城证券营业 部。 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为284.75万元。该股近5个交易日累 计上涨1.37%，主力资金合计净流出1.05亿元。 ...

| 025-09-09 | 大唐发电 | 166109 | 3.35 | 284.75 85 | 英大证券有限责任 公司深圳华侨链证 | 英大证券有限责任 公司漫圳华侨城证 | ко | | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券商标 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 美出营业部 | 是否为专场 | 9月9日，大唐发电大宗交易成交85万股，成交额284.75万元，占当日总成交额的0.58%，成交价3.35 元，较市场收盘价3.71元折价9.7%。 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 09 月 09 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 09 | 08 | | | 月 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 3.72 | | | | | | | 一 年 / 最 | 最 | 高 | | | | | 低 | | | ...

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].

Group 1 - The core viewpoint of the news is that Datang Power's stock has shown significant growth this year, with a 30.56% increase, and the company has reported a substantial rise in net profit for the first half of 2025 [1][2] - As of September 5, Datang Power's stock price was 3.64 CNY per share, with a market capitalization of 67.364 billion CNY and a trading volume of 468 million CNY [1] - The company's main business revenue composition includes 87.14% from electricity sales, 6.41% from other products, 5.09% from heat sales, and 1.36% from other sources [1] Group 2 - For the first half of 2025, Datang Power achieved operating revenue of 57.193 billion CNY, a year-on-year decrease of 1.92%, while net profit attributable to shareholders increased by 47.33% to 4.579 billion CNY [2] - The company has distributed a total of 22.460 billion CNY in dividends since its A-share listing, with 1.825 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 7.63% to 161,600, with an average of 0 circulating shares per shareholder [2]

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

每经AI快讯，"A股绿色报告"项目监控到的数据显示，大唐发电（SH601991）控股子公司内蒙古大唐国际托克托发电有限责任公司 第三煤场北煤场改造炉渣中转场项目环评审批获同意。该项目总投资额达297万元。该审批信息于2025年8月20日被相关监管机构披 露。 "A股绿色报告"项目由每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE）共同推出，旨在让上市公司环境信息更加阳光 透明。本项目基于31个省（区、市）、337个地级市政府发布的权威环境监管数据，筛选监控上市公司及其旗下公司（包括分公司、 参股公司和控股公司）的环境表现，加以专业数据分析及深入解读，每日智能写作及时发布上市公司AI绿报，每周推出A股绿色周 报，定期动态更新上市公司环境风险榜。 上期（总第212期）A股绿色周报显示，共有6家上市公司在近期暴露了环境风险。 2024年年报显示，大唐发电的主营业务为电力行业、其他行业、其他业务，占营收比例分别为：93.85%、4.79%、1.36%。 | 市值(亿元) | 时间 | 2023Y | 2024Y | 2025H1 | | --- | --- | --- | --- | --- | | 569 ...