Core Viewpoint - The central ecological environment protection inspection team will soon enter five provinces to conduct the third round of inspections on three major state-owned enterprises, emphasizing the need for precise and scientific implementation of policies without a "one-size-fits-all" approach [1] Group 1 - The central ecological environment protection inspection team will be deployed to Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia [1] - The inspection will focus on three central enterprises: China Huaneng Group, China Datang Corporation, and State Power Investment Corporation [1] - The office has issued a letter to the inspected entities, urging them to implement central decisions and reduce the burden on grassroots levels [1]

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [1]. Core Viewpoints - In April, the national electricity consumption increased by 4.7%, with a cumulative growth of 3.1% from January to April [8][14]. - The electricity demand from the first and third industries shows resilience, while the second industry experiences weakness [14]. - The supply side saw a 0.9% year-on-year increase in electricity generation in April, with significant growth in renewable energy sources [30][33]. Summary by Sections Demand Side - From January to April, the total electricity consumption reached 31,566 billion kWh, with April alone accounting for 7,721 billion kWh [8]. - The first industry saw a 10.0% increase in electricity consumption, the second industry grew by 2.3%, and the third industry increased by 6.0% [14][13]. - In April, the first, second, and third industries' electricity consumption growth rates were 13.8%, 3.0%, and 9.0%, respectively, while residential electricity consumption grew by 7.0% [14]. Supply Side - In April, the total electricity generation was 7,111 billion kWh, marking a 0.9% year-on-year increase [30]. - The growth rates for different energy sources in April were as follows: wind power increased by 12.7%, solar power by 16.7%, nuclear power by 12.4%, while hydropower decreased by 6.5% and thermal power fell by 2.3% [33]. Investment Recommendations - The report suggests increasing allocation to the electricity sector due to favorable fundamentals and market catalysts as summer approaches [53]. - For thermal power, the report highlights the potential for improved profitability due to falling coal prices, recommending companies like Huadian International and Huaneng International [55]. - In the green energy sector, the report recommends focusing on wind power operators and undervalued green energy stocks, such as Xintian Green Energy and Longyuan Power [55]. - For hydropower and nuclear power, the report suggests monitoring companies like China National Nuclear Power and China General Nuclear Power [55].

Group 1 - The central enterprise energy ETF has a turnover rate of 2.38% and a transaction volume of 3.0688 million yuan, with an average daily transaction volume of 5.4144 million yuan over the past week as of May 16 [2] - The index tracked by the ETF, the China Securities National New Central Enterprise Modern Energy Index, is currently at a historical low valuation with a price-to-book ratio (PB) of 1.41, which is below 95.4% of the time over the past year, indicating a strong valuation cost-effectiveness [2] - The top ten weighted stocks in the index, including Changjiang Electric Power and China Nuclear Power, account for a total of 51.18% of the index as of April 30, 2025 [2] Group 2 - The A-share market has historically undervalued low-covariance assets due to insufficient risk awareness, but there is a growing recognition of the importance of the "return-risk ratio" amid increased market volatility, leading to a valuation uplift for utility and other low-covariance assets [2] - Huayuan Securities recommends selecting hydropower with strong risk resistance and undervalued quality thermal power benefiting from declining coal prices, while also suggesting a preference for undervalued quality wind power operators despite uncertainties in the new energy market under Document No. 136 [2]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | 月 | 年 | 05 | | 日 | 16 | | 2025 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 3.22 | | | | | | | 一 年 最 高 / 最 低 | | | | 3.33/2.40 | | | 内 | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | 59,591.61 | | | | | | | 流通市值（百万元） | | | | 59,591.61 | | | | | | | ...

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]

证券代码：601991 证券简称：大唐发电 公告编号：2025-023 大唐国际发电股份有限公司 关于中期票据发行的公告 特别提示 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个别及连带责任。 大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 2023 年 6 月 7 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注[2023]DFI31 号），接受公司债务融资工具注册，注册额度自通 知书落款之日起 2 年内有效。 公司已于 2025 年 5 月 15 日完成了"大唐国际发电股份有限公司 2025 年度 第五期中期票据"（"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 5+N 年，单位面值为人民币 100 元，票面利率为 2.17%。 本期中期票据由中信证券股份有限公司作为主承销商及簿记管理人，中信建 投证券股份有限公司、中国国际 ...

Investment Rating - The report maintains a "Buy" rating for the electricity and public utilities sector, focusing on the recovery of thermal power profitability and the catalytic effects of green energy policies [1]. Core Insights - The report highlights the potential for significant profit recovery in the thermal power sector due to declining coal prices, which are expected to enhance profitability for thermal power companies [4][12]. - Water power companies are experiencing growth driven by improved water inflow, with some companies showing substantial profit increases [24][25]. - Nuclear power is facing short-term performance volatility but has long-term growth potential due to new unit installations [40][41]. - Green energy, particularly offshore wind, is anticipated to enter a new growth cycle, while traditional green energy companies are under pressure but may see a restructuring of market order [4][24]. Summary by Sections Thermal Power - **Performance**: In 2024, companies like Huadian Energy and Datang Power saw significant profit increases of 281.93% and 229.70%, respectively, driven by lower coal costs and increased electricity demand [7][8]. - **Outlook**: Continued decline in coal prices is expected to lead to excess profits for thermal power companies, with coal prices dropping significantly from 855 RMB/ton in 2024 to 721 RMB/ton in Q1 2025 [12][15]. Hydropower - **Performance**: In 2024, companies such as Shaoneng Co. and Guizhou Power reported profit increases of 128.83% and 86.26%, respectively, due to improved water inflow [24][26]. - **Outlook**: The potential for further profit improvement exists if water inflow during the flood season exceeds expectations [35]. Nuclear Power - **Performance**: In 2024, China Nuclear Power reported a revenue increase of 3.09% but a profit decline of 17.38% due to rising tax expenses [40]. - **Outlook**: The long-term growth potential remains strong with new nuclear units expected to come online, enhancing future profitability [41]. Green Energy - **Performance**: Offshore wind companies like Fujian Haifeng showed impressive growth, with some companies reporting a 43% increase in Q1 2025 [4][24]. - **Outlook**: The report suggests focusing on policy catalysts for offshore wind and the potential restructuring of traditional green energy companies due to market pressures [4][24].

证券代码：601991 证券简称：大唐发电 公告编号：2025-022 大唐国际发电股份有限公司 关于超短期融资券发行的公告 特别提示 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个别及连带责任。 大唐国际发电股份有限公司("公司")于 2024 年 12 月 31 日召开的 2024 年 第三次临时股东大会通过决议，同意公司 2025 年开展境内外权益融资及债务融 资合计不超过人民币 800 亿元。 2023 年 6 月 7 日，公司收到中国银行间市场交易商协会的《接受注册通知 书》（中市协注[2023]DFI31 号），接受公司债务融资工具注册，注册额度自通 知书落款之日起 2 年内有效。 公司已于 2025 年 5 月 13 日完成了"大唐国际发电股份有限公司 2025 年度 第二期超短期融资券"（"本期超短期融资券"）的发行。本期超短期融资券的 发行额为人民币 20 亿元，期限为 60 天，单位面值为人民币 100 元，票面利率为 1.48%。 本期超短期融资券由兴业银行股份有限公司作为主承销商及簿记管理人，募 集资金全部用于 ...

Core Viewpoint - The electronic transformer industry in China is experiencing significant growth, transitioning from traditional bulky transformers to intelligent electronic transformers, driven by advancements in power electronics, computer technology, and automatic control technology. The market size is projected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.07% [1][15]. Industry Overview - Electronic transformers, also known as electronic power transformers, combine power electronics conversion technology with high-frequency energy conversion technology based on electromagnetic induction principles. They are primarily composed of high-frequency transformer cores and multiple coils, categorized by applications such as power transformers, audio transformers, pulse transformers, and special transformers [3]. Market Size and Growth - The electronic transformer market in China is expected to grow from 30.96 billion yuan in 2018 to 68.19 billion yuan by 2024, reflecting a CAGR of 14.07%. This growth is supported by factors such as the acceleration of ultra-high voltage grid construction, the establishment of new power systems, rural revitalization strategies, and the implementation of carbon neutrality goals [1][15]. Policy Support - The Chinese government has implemented various policies to support the development and innovation of the electronic transformer industry. Key policies include energy efficiency standards for transformers and motors, and initiatives to increase the proportion of high-efficiency energy-saving products in various sectors by 2025 [5][7]. Industry Chain - The upstream of the electronic transformer industry includes raw materials such as copper, magnetic cores, and insulation materials. The midstream involves the manufacturing of electronic transformers, while the downstream encompasses applications in power, industry, transportation, and communication sectors. The growing demand for electricity and the penetration of new energy vehicles are driving the demand for electronic transformers [8][10]. Key Enterprises - Major companies in the electronic transformer industry include TBEA Co., Ltd., Baoding Tianwei Baobian Electric Co., Ltd., and China XD Electric Co., Ltd. These companies are involved in the research, design, production, and sales of transformers and related products, with significant revenue growth reported in recent years [20][22]. Development Trends - The electronic transformer industry is moving towards high-frequency, miniaturization, and efficiency. The demand for high-performance transformers is increasing due to the rapid development of 5G communication, renewable energy, and electric vehicles. Companies are investing in research and development to enhance product performance and reliability [25][26]. Conclusion - The electronic transformer industry in China is poised for robust growth, driven by technological advancements, supportive government policies, and increasing demand across various sectors. The market is expected to expand significantly, providing ample opportunities for key players and new entrants alike [1][15][18].

Investment Rating - The report maintains a "Buy" rating for the power sector, specifically recommending stocks in thermal power, hydropower, nuclear power, and renewable energy [2][8]. Core Insights - The power industry is experiencing growth in thermal and hydropower sectors, while nuclear and renewable energy sectors face performance pressures. The overall net profit for the power industry in 2024 is projected to be 1,797 billion yuan, a year-on-year increase of 8.7% [11][12]. - The introduction of Document No. 136 is expected to facilitate a transition to high-quality development in the renewable energy sector, with a focus on efficiency and profitability rather than rapid expansion [2][8]. Summary by Sections Thermal Power - The thermal power sector achieved a net profit of 625.7 billion yuan in 2024, a year-on-year increase of 37.3%. The first quarter of 2025 saw a net profit of 206.3 billion yuan, up 9.0% year-on-year. This growth is attributed to a significant decline in coal prices, which offset the negative impacts of reduced electricity volume and prices [5][17][29]. - The average market price of coal has dropped to 640 yuan per ton as of May 8, 2025, a decrease of 286 yuan per ton or 31% compared to early 2024, indicating potential for improved profitability in the thermal power sector [5][29]. Hydropower - The hydropower sector reported a net profit of 563.21 billion yuan in 2024, reflecting a year-on-year growth of 17.6%. The first quarter of 2025 continued this trend with a net profit of 113.38 billion yuan, up 28.1% year-on-year. This performance is driven by favorable water conditions and reduced financial costs [32][33]. - The average on-grid electricity price for hydropower has shown resilience, with a slight decline of only 0.62% year-on-year, indicating strong market positioning [5][45]. Nuclear Power - The nuclear power sector's net profit was 195.91 billion yuan in 2024, down 8.2% year-on-year, primarily due to tax liabilities from previous years. However, excluding one-time factors, the performance remains stable. The first quarter of 2025 saw a net profit of 61.63 billion yuan, a decrease of 7.5% year-on-year [5][12]. - Long-term growth potential is highlighted by the expected commissioning of new units in 2025, which may mitigate the impact of declining electricity prices [5][12]. Renewable Energy - The renewable energy sector faced challenges with a net profit of -3.6 billion yuan in 2024, reflecting a significant decline. The first quarter of 2025 also showed a negative trend with a net profit of 4.8 billion yuan, indicating ongoing pressures from unfavorable resource conditions and declining electricity prices [12][8]. - The implementation of Document No. 136 is anticipated to shift the focus towards high-quality development, emphasizing the importance of existing projects and cost management capabilities among leading firms in the sector [2][8].