Core Viewpoint - The report from Tianfeng Securities highlights the significant differentiation in profitability among thermal power units in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. It also anticipates limited downward space for electricity prices by 2025, predicting a relatively stable overall electricity price level for coal power units in 2026 [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity prices [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profit per kilowatt-hour exceeding 0.01 yuan, and some units reaching over 0.02 yuan [2]. - Smaller capacity units, such as those below 300,000 kilowatts, are generally facing losses, indicating higher profitability pressure [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited potential for further decline. The average transaction price for electricity in 2025 is reported at 0.392 yuan per kilowatt-hour, with a downward adjustment of 15.67% [3]. - Starting in 2026, the capacity price for coal power units is set to be adjusted to 165 yuan per kilowatt per year, which is expected to stabilize overall profitability for coal power units in Guangdong [3].

Core Viewpoint - The report from Tianfeng Securities highlights a significant divergence in the profitability of coal-fired power plants in Guangdong Province due to low electricity prices, with high-capacity coal power units performing better. The long-term electricity price for coal power plants is expected to stabilize by 2026, with limited downside potential in the near term [1][2][3]. Group 1: Current Situation - The profitability of thermal power assets is showing clear differentiation under low electricity price conditions [1]. - There are significant regional differences in electricity demand within Guangdong, leading to variations in spot electricity prices based on local consumption capabilities [1]. - The spot electricity prices in the Pearl River Delta region are notably higher compared to other areas, with the western region facing more pricing pressure [1]. Group 2: Asset Differentiation - High-efficiency coal power units, particularly those with a capacity of 1 million kilowatts, exhibit the best profitability, with net profits exceeding 0.01 yuan/KWh [2]. - Smaller coal power units (30,000 kilowatts and below) are generally operating at a loss, indicating greater profitability pressure [2]. - Gas-fired power units face higher fuel costs and lower average utilization hours, contributing to their profitability challenges compared to coal units [2]. Group 3: Outlook - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for further decline [3]. - The average transaction price for electricity in Guangdong is 0.392 yuan/KWh, with a downward adjustment of 15.67%, indicating proximity to the price floor [3]. - Starting in 2026, the capacity price for coal power units is set to increase to 165 yuan per kilowatt per year, which is expected to support stable profitability for coal power plants in the long term [3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]

Market Performance - The utility sector declined by 0.5% as of August 15, underperforming the broader market, while the Shanghai-Shenzhen 300 index rose by 2.4% to 4202.35 [2][4] - The electricity sector fell by 0.78%, while the gas sector increased by 1.75% [2][4] Electricity Industry Data Tracking - As of August 15, the price of Qinhuangdao port thermal coal (Q5500) was 695 CNY/ton, up 17 CNY/ton week-on-week [2][3] - Thermal coal inventory at Qinhuangdao port increased by 200,000 tons week-on-week to 5.67 million tons as of August 15 [3][6] - Daily coal consumption at inland power plants decreased by 12.61% week-on-week to 3.576 million tons as of August 14 [6] - The outflow from the Three Gorges Reservoir decreased by 12.26% year-on-year and 0.73% week-on-week to 13,600 cubic meters per second as of August 15 [6] - The average price in the Guangdong electricity market increased by 29.40% week-on-week to 274.24 CNY/MWh as of August 9 [6] Natural Gas Industry Data Tracking - As of August 15, the national index for LNG ex-factory prices was 4,172 CNY/ton, down 15.60% year-on-year and 1.14% week-on-week [6] - The EU natural gas supply for week 29 of 2025 was 6.08 billion cubic meters, up 4.2% year-on-year but down 2.8% week-on-week [6][7] - Domestic natural gas consumption in June 2025 was 35.05 billion cubic meters, up 1.9% year-on-year [7] Industry News - In July, the national industrial power generation was 926.7 billion kWh, a year-on-year increase of 3.1%, with a daily average of 29.89 billion kWh [7] - The Gansu Development and Reform Commission issued a document regarding the market-oriented reform of renewable energy pricing [7] Investment Recommendations - The electricity sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions [6] - The gas sector may benefit from stable margins and high sales volume due to the recovery of domestic natural gas consumption [6]

证券日报网讯深圳能源（000027）8月15日在互动平台回答投资者提问时表示，截至2025年8月8日，公 司股东人数为112469户。 ...

Group 1 - The establishment of Shenneng Yudong Environment (Longchuan) Co., Ltd. has been officially registered with a capital of 10 million yuan, focusing on kitchen waste treatment, power generation, and environmental protection services [1][2]. - The company is co-owned by Shenneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., among others [1][3]. - The legal representative of the new company is Li Jinxiang, and it is located in Longchuan County, Heyuan City, Guangdong Province [2][3]. Group 2 - The company is classified under solid waste management (N7723) in the national industry standards [2]. - The shareholding structure indicates that Shenneng International Environment holds 51% of the shares, while Longchuan Kending Environmental Technology Co., Ltd. holds 43%, and Shenzhen Energy Environmental Protection Co., Ltd. holds 6% [3].

Group 1 - The establishment of Sheneng Yudong Environment (Longchuan) Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The legal representative of the new company is Li Jinxiang, and its business scope includes kitchen waste treatment, power generation, transmission, and supply [1] - The company is jointly held by Sheneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., a subsidiary of Shenzhen Energy [1]

深圳能源最新一期业绩显示，截至2025一季报，公司营业总收入97.80亿元、同比增长1.78%，归属净利 润13.52亿元，同比增长22.31%，扣非净利润12.68亿元，同比增长16.07%，流动比率1.253、速动比率 1.225、资产负债率62.52%。 天眼查商业履历信息显示，深圳能源集团股份有限公司，成立于1993年，位于深圳市，是一家以从事商 务服务业为主的企业。企业注册资本475738.9916万人民币，实缴资本475738.9916万人民币。公司法定 代表人为李英峰。 金融界消息 截至2025年8月13日收盘，深圳能源（000027）报收于6.73元，上涨1.05%，换手率0.61%， 成交量29.25万手，成交金额1.96亿元。 资金流向方面，今日主力资金净流入1361.67万元，占比成交额6.93%。其中，超大单净流入453.22万 元、占成交额2.31%，大单净流入908.44万元、占成交额4.63%，中单净流出流出491.10万元、占成交额 2.5%，小单净流出870.57万元、占成交额4.43%。 通过天眼查大数据分析，深圳能源集团股份有限公司共对外投资了69家企业，参与招投标项目5 ...

Core Insights - The project in Ordos City, Inner Mongolia, marks a significant advancement in hydrogen energy, featuring a 30 MW hydrogen turbine integrated into a renewable energy storage and generation system [3][4] - This initiative is part of a larger effort to establish Inner Mongolia as a global hydrogen energy benchmark, with a total upstream wind power capacity of 500 MW [4][5] Group 1: Project Details - The 30 MW hydrogen turbine will operate entirely on hydrogen, distinguishing it as the first of its kind at this scale [3][4] - The project includes a 500 MW wind power capacity, a 5 MW off-grid photovoltaic array, and 240 MW of electrolyzers capable of producing 48,000 Nm³ of hydrogen per hour (approximately 4.3 tons/hour) [4] - The facility will also feature twelve spherical hydrogen storage tanks with a capacity of 1,875 cubic meters each and a plant for producing 150,000 tons of green ammonia annually [4] Group 2: System Objectives - The ultimate goal is to create a "power-hydrogen-power" closed-loop system that converts green electricity into hydrogen for storage and later use in power generation during low renewable energy output periods [5] - This system aims to stabilize power supply and address intermittency issues in the grid, contributing to China's ambition of becoming a global leader in clean energy [5] Group 3: Broader Implications - The project is crucial for Inner Mongolia's goal of establishing a national hydrogen energy demonstration hub and serves as a model for integrating hydrogen into high-renewable energy grids globally [5] - China has made significant strides in renewable energy, adding 198 GW of solar and 46 GW of wind capacity from January to May this year, equivalent to the total generation capacity of Indonesia or Turkey [5] - The country aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, with plans to increase total wind and solar capacity to 1,200 GW by 2030 [5]

中化新网讯 8月8日，由明阳智能（601615）控股子公司明阳氢燃联合深圳能源（000027）协同共创的 全球首个30MW级纯氢燃气轮机氢储能示范工程，在内蒙古鄂托克高新技术产业开发区开工建设。这标 志着我国在氢能发电及长时储能领域实现关键突破。 该工程依托深能鄂托克风光制氢一体化合成绿氨项目，制氢规模为48000Nm3/h，储氢部分设置12台 1875立方米球罐，配套电源为500MW风电项目和5MW光伏离网制氢项目，下游配套年产15万吨合成氨 装置，同时配备1套30MW级纯氢燃气轮机用于氢储能。 作为全球首个进入工程实施阶段的30MW级纯氢燃气轮机项目，该项目利用风电、光伏等波动性可再生 能源电解水制取绿氢，通过30MW级纯氢燃气轮机，将储存的氢气转化为稳定的零碳电力，构建了"绿 电制绿氢，绿氢再发电"的"电-氢-电"模式，实现"绿氢制备、规模储存、高效发电、化工合成"的系统集 成，为大规模氢能应用提供了示范和支撑。 明阳氢燃总经理王永志表示，该项目是明阳践行"双碳"目标、布局氢能产业的战略落子。该公司将以示 范工程为依托，持续推进纯氢燃气轮机技术迭代与成本优化，为新型电力系统构建提供核心装备支撑， 预计2 ...