本期中期票据由中国国际金融股份有限公司作为主承销商及簿记管理人，中信证券股份有限公司、中国 邮政储蓄银行股份有限公司作为联席主承销商，募集资金全部用于偿还债务。 格隆汇2月5日丨大唐发电(601991.SH)公布，公司于近日完成了"大唐国际发电股份有限公司2026年度第 二期中期票据（能源保供特别债）"（"本期中期票据"）的发行。本期中期票据的发行额为人民币30亿 元，期限为2+N年，单位面值为人民币100元，发行票面利率为1.89%，起息日为2026年2月5日。 ...

整体来看，四季度公司电量基本平稳、电价延续同比回落，预计四季度及全年公司主业营收延续小幅承 压。 燃料成本延续改善，全年业绩表现优异。成本方面，四季度煤炭价格有所回暖，但同比仍保持一定降 幅，四季度秦港Q5500 大卡煤价中枢765.44 元/吨，同比降低57.15 元/吨，燃料成本的优化将为公司火 电经营提供有力支撑，但整体来看四季度煤价降幅环比收窄118.47 元/吨，公司四季度燃料成本改善幅 度预计也将有所收窄。整体来看，在燃料成本仍保持同比回落的带动下，四季度公司主业经营延续改善 趋势，同时考虑前三季度公司业绩的优异表现，全年业绩保持高速增长，公司预计2025 年实现归母净 利润68 亿元到78亿元，同比增加51%到73%；据此计算，四季度公司预计实现归母净利润0.88 亿元到 10.88 亿元，同比增加14%到1317%。 装机规模有序扩张，保障长期成长空间。2025 年公司新增装机容量712.59 万千瓦，截至2025 年底公司 装机容量达到8619.21 万千瓦，同比增加9.01%；新增装机中包括火电煤机196 万千瓦、火电燃机284.66 万千瓦、风电113.82 万千瓦、光伏118.11 万 ...

丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 张子淳 [Table_scodeMsg1] 公司研究丨点评报告丨大唐发电（601991.SH） [Table_Title] 单季经营延续改善，全年业绩弹性释放 报告要点 [Table_Summary] 2025 年公司实现上网电量 2731.09 亿千瓦时，同比增长 1.41%，其中第四季度公司完成上网 电量 668.68 亿千瓦时，同比微降 0.50%。电价方面，2025 年公司平均上网电价约为 0.435 元 /千瓦时，同比降低约 0.017 元/千瓦时。在燃料成本仍同比改善的带动下，四季度公司主业经营 延续改善趋势，公司预计 2025 年实现归母净利润 68 亿元到 78 亿元，同比增加 51%到 73%； 四季度公司预计实现归母净利润 0.88 亿元到 10.88 亿元，同比增加 14%到 1317%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% ...

公司点评 · 公用事业行业 煤价下行推动盈利提升,装机清洁化持续 大唐发电 2025年业绩预告点评 2026年02月03日 核心观点 | 主要财务指标预测 | | --- | | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 123,474 | 120,736 | 125,337 | 126,754 | | 收入增长率 | 0.9% | -2.2% | 3.8% | 1.1% | | 归母净利润(百万元) | 4,506 | 7,267 | 7,452 | 7,601 | | 利润增长率 | 229.7% | 61.3% | 2.5% | 2.0% | | 分红率 | 25.5% | -32.0% | 1.2% | -1.8% | | 毛利率 | 14.9% | 18.8% | 18.4% | 18.4% | | 摊薄 EPS(元) | 0.24 | 0.39 | 0.40 | 0.41 | | PE | 15.52 | 9.63 | 9.39 | 9.20 | | PB | 0.91 | 0.8 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 大唐國際發電股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00991 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,110,621,398 | RMB | | 1 RMB | | 6,110,621,398 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 6,110,621,398 | RMB | | 1 RMB | | 6,110,621,398 | II. 已發行股份及/或庫存股份變動及 ...

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) announced the incentive income for executives of central enterprises for the 2022-2024 term, with a total of 87 enterprises disclosing their incentive income figures. Group 1: Incentive Income Overview - The total incentive income for central enterprise executives consists of annual salary and term incentive income, with the latter being distributed every three years [1]. - Notable figures include: - Jiao Houliang, Chairman of China National Petroleum Corporation, with an incentive income of 86.21 million RMB for the 2022-2024 term [1]. - Ma Yongsheng, Chairman of Sinopec, with an incentive income of 84.81 million RMB [3]. - Wang Dongjin, Chairman of China National Offshore Oil Corporation, with an incentive income of 86.06 million RMB [4]. Group 2: Specific Executive Incentive Income - Zhang Wei, Chairman of the National Oil and Gas Pipeline Group, has an incentive income of 78.17 million RMB [6]. - Meng Zhenping, Chairman of China Southern Power Grid, has an incentive income of 83.54 million RMB [8]. - Temperature of incentive income varies across different enterprises, with some executives like Liu Mingsheng from China Power Investment Corporation receiving 26.02 million RMB for the 2022-2024 term [13]. Group 3: Additional Notable Executives - Chen Zhongyue, Chairman of China Unicom, has an incentive income of 80.49 million RMB [17]. - Xu Peng, from China First Automobile Group, has an incentive income of 82.54 million RMB [23]. - Wang Xianming, Chairman of China Resources Group, has an incentive income of 82.44 million RMB [54].

Core Viewpoint - China General Nuclear Power Group (CGN) is strengthening collaborations with major power companies in nuclear energy, new energy, and technological innovation to promote high-quality development in the energy sector and contribute to the construction of a strong energy nation [2][4][6]. Group 1: Collaboration with China Huaneng - CGN's Chairman Yang Changli and General Manager Pang Songtao visited China Huaneng to discuss deepening cooperation in nuclear power projects, new energy, and digital control technologies [2]. - Yang expressed gratitude for China Huaneng's support and highlighted the successful collaboration on projects like Shidaowan Nuclear Power [2]. - Both parties aim to solidify existing cooperation and enhance collaboration in various fields to contribute to the energy sector's development [3]. Group 2: Collaboration with China Datang - CGN's leadership met with China Datang to discuss enhancing industrial cooperation, particularly in nuclear energy project operations and technological innovation [4]. - Yang congratulated China Datang on its achievements and emphasized the importance of their partnership, citing successful projects like Ningde Nuclear Power [4]. - The focus is on further collaboration in nuclear and new energy projects to support the construction of a strong energy nation [5]. Group 3: Collaboration with State Power Investment Corporation - CGN engaged in discussions with State Power Investment Corporation (SPIC) to reinforce cooperation in nuclear energy, new energy, and policy alignment [6]. - Yang acknowledged SPIC's ongoing support and highlighted the fruitful outcomes of their partnership [6]. - The goal is to deepen practical cooperation in energy projects to contribute to the construction of a strong energy nation and achieve high-level technological self-reliance [7].

Core Viewpoint - The report highlights a decline in China's thermal power generation, with a projected decrease in output for 2025 compared to previous years, indicating potential challenges for the industry [1]. Industry Summary - According to the National Bureau of Statistics, the thermal power generation output in December 2025 is expected to be 581.2 billion kilowatt-hours, representing a year-on-year decrease of 3.2% [1]. - The cumulative thermal power generation output for the entire year of 2025 is projected to be 6,294.55 billion kilowatt-hours, reflecting a cumulative decline of 1% [1]. - The report is part of a comprehensive market survey and investment potential research for the thermal power industry in China from 2026 to 2032, published by Zhiyan Consulting [1].

Performance Highlights - New Yi Sheng (300502.SZ) expects net profit between 9.4 billion and 9.9 billion CNY, a year-on-year increase of 231.24% to 248.86% due to rising demand for high-speed optical modules driven by global computing power investments[4] - Han's Chip (688256.SH) anticipates net profit between 1.85 billion and 2.15 billion CNY, turning from a loss of 450 million CNY last year, benefiting from the growing demand for AI computing power[5] - Zhongji Xuchuang (300308.SZ) projects net profit between 9.8 billion and 11.8 billion CNY, a year-on-year growth of 89.50% to 128.17%, driven by strong customer investment in computing infrastructure[6] - Runze Technology (300442.SZ) expects net profit between 5 billion and 5.3 billion CNY, a year-on-year increase of 179.28% to 196.03%, largely due to non-recurring gains from public REITs issuance[10] Underperformance Highlights - Great Wall Motors (601633.SH) forecasts net profit of 9.912 billion CNY, a year-on-year decline of 21.71% due to increased marketing expenses and competitive pressures[36] - GAC Group (601238.SH) expects a net loss between 8 billion and 9 billion CNY, turning from a profit of 824 million CNY last year, impacted by fierce competition and increased asset impairment provisions[39] - Xiexin Integrated (002506.SZ) anticipates a net loss between 890 million and 1.29 billion CNY, shifting from a profit of 68 million CNY last year due to structural supply-demand issues in the photovoltaic industry[41] - Baile Tianheng (688506.SH) projects a net loss of around 1.1 billion CNY, down from a profit of 3.708 billion CNY last year, primarily due to increased R&D expenses[42] Industry Trends - Technology-driven sectors like AI and innovative pharmaceuticals are leading growth, with companies like New Yi Sheng and Han's Chip benefiting from strong demand and technological advancements[69] - Cost control is becoming a critical competitive advantage, particularly in the energy and manufacturing sectors, as seen with companies like Datang Power (601991.SH) benefiting from lower coal prices[70] - Traditional cyclical industries such as real estate and agriculture are facing significant downward pressure, with companies like Vanke (000002.SZ) and Tianbang Foods (002124.SZ) experiencing substantial losses due to market adjustments[72]

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].