证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-29 公司债券代码：149418 公司债券简称：21粤电02 公司债券代码：149711 公司债券简称：21粤电03 广东电力发展股份有限公司 关于2025年上半年发电量完成情况的 自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二、截至 2025 年上半年装机容量情况 2025 年上半年，公司拥有可控装机容量 4,315.31 万千瓦，其中控股装机 4055.93 万千瓦，参股权益装机 259.38 万千瓦。其中：燃煤发电控股装机容量 2,001 万千瓦，占比 49.34%；气电控股装机容量 1,184.7 万千瓦，占比 29.21%；风电 控股装机容量 389.50 万千瓦，占比 9.60%；光伏控股装机容量 457.45 万千瓦， 1 占比 11.28%；水电控股装机容量 13.28 万千瓦；生物质控股装机容量 10 万千瓦； 上述风电、水电、光伏、生物质等可再生能源发电控股装机容量合计 870.23 万 千瓦，占比 21.46%。 此外，公司受托 ...

广东电力发展股份有限公司 2025 年半年度业绩预告 一、本期业绩预计情况 | 证券代码：000539、200539 | 证券简称：粤电力 A、粤电力 B | 公告编号：2025-30 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21 粤电 03 | | 1、业绩预告期间：2025 年 1 月 1 日-2025 年 6 月 30 日 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 2、预计的经营业绩：同向下降 | 项目 | 2025 年 1 1 年 6 30 | | 月 | 日-2025 | | 月 | 日 | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利 万元～盈利 万元 | 2,800 | | | 3,600 | | | 盈利：90,294 | 万元 | | | 比上年同期下降：96.90%-96. ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights that the renewable energy power consumption responsibility weights for 2025 have been issued, indicating a focus on increasing the use of green electricity in various industries [5] - The LNG import volume in May 2025 decreased by 26.3% year-on-year, while domestic natural gas consumption showed a slight increase of 2.4% [5] - The report suggests that the power sector is expected to see profit improvement and value reassessment due to previous supply-demand tensions [5] Summary by Sections Market Performance - As of July 11, the utility sector rose by 1.1%, outperforming the broader market, with the electricity sector up by 1.10% and the gas sector up by 1.22% [4][12] - Key companies in the electricity sector showed varied performance, with notable increases for companies like Guikuan Electric and Guangdong Electric A [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 8 CNY/ton week-on-week, reaching 624 CNY/ton [4][21] - Coal inventory at Qinhuangdao Port decreased to 5.6 million tons, down 100,000 tons week-on-week [26] - Daily coal consumption in inland provinces was reported at 3.55 million tons, a decrease of 95,000 tons/day week-on-week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was reported at 4,460 CNY/ton, a year-on-year decrease of 1.13% but a week-on-week increase of 1.09% [48] - The European TTF spot price increased by 23.0% year-on-year, reaching 11.86 USD/MMBtu [53] - Domestic natural gas apparent consumption in May 2025 was 36.42 billion cubic meters, a year-on-year increase of 2.4% [5] Industry News - The National Development and Reform Commission and the National Energy Administration issued guidelines for renewable energy consumption responsibilities, emphasizing the use of green electricity in high-energy-consuming industries [5] - The largest medium and shallow coalbed methane field in China has surpassed a cumulative gas production of 20 billion cubic meters [5] Investment Recommendations - The report recommends focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [5]

Core Viewpoint - The supercritical power generation concept has seen a 2.20% increase, ranking 7th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 72 stocks within the supercritical power generation sector experienced gains, with Huayin Power, YN Energy, and Huadian Liaoning reaching the daily limit up [1]. - Notable stock performances include: - Guangdong Power A: +8.05% - Gan Energy: +7.45% - Jiantou Energy: +6.59% [1][5]. - The stocks with the largest declines include: - Shengde Xintai: -3.28% - ST Huaxi: -1.82% - Jiuli Special Materials: -1.59% [1][7]. Group 2: Capital Flow - The supercritical power generation sector attracted a net inflow of 544 million yuan, with 41 stocks receiving net inflows [2][3]. - The top stocks by net inflow include: - Rongfa Nuclear Power: 433.42 million yuan - Huadian International: 84.74 million yuan - Jingneng Power: 82.74 million yuan [2][3]. - The net inflow ratios for leading stocks are: - Inner Mongolia Huadian: 18.31% - Jingneng Power: 17.48% - Huadian Energy: 15.44% [3].

中国 市场策略 2025 年 7 月 1 日 中国 A 股月度报告 2025 年 6 月：得益于市场情绪和流动性改善，股市上 涨 | A股行业回报 | | | A股个股回报 | | 香港、美国上市中国公司回报 | | | --- | --- | --- | --- | --- | --- | --- | | 行业 | 1M (%) YTD (%) | | 代码 公司 | 1M (%) | 代码 公司 | 1M (%) | | 信息技术 | 9.7 | 7.5 | 002015.SZ 协鑫能科 | 76.3 | 1788.HK 国泰君安国际 | 195.7 | | 金融 | 7.3 | 8.2 | 002882.SZ 金龙羽 | 70.6 | AAPG.O 亚盛医药 | 62.3 | | 材料 | 6.9 | 10.9 | 002558.SZ 巨人网络 | 63.1 | 0917.HK 趣致集团 | 57.9 | | 通讯服务 | 5.7 | 10.9 | 002265.SZ 建设工业 | 48.8 | 2799.HK 中信金融资产 | 48.8 | | 工业 | 4.4 | 4.5 | 002463.SZ 沪 ...

广东电力发展股份有限公司公司债券 2024 年度受托管理事务报告 广东电力发展股份有限公司 （住所：广东省广州市天河东路 2 号粤电广场南塔 33-36 楼） 债券受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二五年六月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）《公 司债券受托管理人执业行为准则》（以下简称《执业行为准则》）《公司信用类 债券信息披露管理办法》《证券交易所公司债券上市规则》（以下简称"上市规 则"）或《证券交易所公司债券挂牌转让规则》（以下简称"挂牌转让规则"）、 广东电力发展股份有限公司（以下简称"发行人"或"公司"）与中信建投证券 股份有限公司（以下简称"中信建投证券"或"受托管理人"）签订的《债券受 托管理协议》（以下简称"受托管理协议"）、相关信息披露文件以及发行人提 供的资料等，由受托管理人中信建投证券编制。中信建投证券编制本报告所引用 的财务数据，引自经致同会计师事务所（特殊普通合伙）审计的 2024 年度财务 报告和发行人出具的 2024 年度报告。本报告其他内容及信息均来源于广东电力 发展股份有限公司提供的资料或说明，请投资人关注并 ...

Core Points - Guangdong Power Development Co., Ltd. has announced its 2024 annual equity distribution plan, which was approved at the shareholders' meeting on May 28, 2025 [1] - The total cash dividend to be distributed amounts to 105,005,679.72 yuan, with a distribution of 0.2 yuan per 10 shares for all shareholders [1] - The equity distribution plan is based on a total share capital of 5,250,283,986 shares, including 4,451,875,986 A shares and 798,408,000 B shares [1] Equity Distribution Details - The A share cash dividend will be 0.2 yuan per 10 shares, with a net amount of 0.18 yuan for certain qualified foreign institutional investors and individual shareholders [1] - The B share cash dividend will be 0.18 yuan per 10 shares for non-resident enterprises and individuals holding pre-IPO restricted shares, with a differentiated tax rate for other shareholders [1][2] - The A share equity registration date is set for June 25, 2025, and the ex-dividend date is June 26, 2025 [2] Payment Method - Cash dividends for A share shareholders will be directly credited to their accounts through their securities companies on June 26, 2025 [2] - B share dividends will be credited on June 30, 2025, with provisions for shareholders who transfer their shares before this date [2] Additional Information - Shareholders who believe they have been incorrectly taxed on their dividends must contact the company by July 4, 2025, to resolve the issue [4] - The company has provided contact information for inquiries regarding the equity distribution [4]

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2025-28 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21粤电02 | | | 公司债券代码：149711 | 公司债券简称：21 粤电 03 | | 广东电力发展股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 广东电力发展股份有限公司（以下简称"公司"或"本公司"）2024 年年度权益 分派方案已获 2025 年 5 月 28 日召开的 2024 年年度股东大会审议通过，现将权 益分派事宜公告如下： 一、股东大会审议通过权益分派方案等情况 特别说明：由于本公司为中外合资企业，境外个人股东可暂免缴纳红利所得 税。 向 B 股股东派发的现金红利，B 股股息折算汇率根据公司《章程》的规定及 2024 年年度股东大会决议，以公司 2024 年年度股东大会后第 3 个工作日（2025 年 6 月 3 日），本公司所在开户银行港币兑人民币的卖出价（1: 0.9183）折算成 港币 ...

Core Viewpoint - Guangdong Power Development Co., Ltd. (referred to as "the company") is facing significant losses in its coal and gas power segments while its renewable energy sector is generating modest profits, prompting a strategic shift towards renewable energy investments [1][2]. Financial Performance - In Q1, the company's coal power segment reported a net loss of approximately 1.42 billion yuan, and the gas power segment incurred a loss of about 2.27 billion yuan, while the renewable energy segment contributed a profit of around 36 million yuan [1]. - The company's overall revenue has declined due to increased competition in the Guangdong electricity market and a 10% year-on-year decrease in electricity generation [1][2]. Market Conditions - The average transaction price for bilateral negotiations in the Guangdong electricity market has decreased significantly, with the average price falling by 73.77 yuan per thousand kilowatt-hours compared to the previous year [2]. - The company is closely monitoring coal market prices and has a procurement structure where domestic and imported coal each account for about 50% of its total coal supply [2]. Investment Plans - The company has initiated a transformation plan with an annual investment of approximately 160 billion yuan, focusing on expanding renewable energy capacity alongside coal power expansion [1][3]. - By 2025, the company expects to add around 2 million kilowatts of new renewable energy capacity, with 120 million kilowatts already planned for 2025 [3]. Project Development - Currently, the company has 800 million kilowatts of coal power under construction, with an expected 300-500 million kilowatts to be operational by 2025 [3]. - The company has also planned investments in technological upgrades and acquisitions, with a focus on both thermal and renewable energy projects [3].

目前公司国内煤及进口煤的采购比例均约为五成，其中内贸煤主要是 与四大煤企进行采购，进口煤以印尼煤为主，澳煤和俄煤为辅。公司将密 切关注煤炭市场价格走势，积极加强市场研判和煤炭采购管理。 证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 问题五：2025 年公司新能源装机新增投产情况及在建情况？ 广东电力发展股份有限公司投资者关系活动记录表 编号：2025006 | 投资者关系活动  | 特定对象调研 □分析师会议 | | --- | --- | | 类别 □媒体采访 | □业绩说明会 | | □新闻发布会 | □路演活动 | | □现场参观 | | | □其他 | （请文字说明其他活动内容） | | 时间 2025 年 6 | 月 5 日 | | 地点 公司 35 | 楼会议室 | | 申万宏源 参与单位名称及 | 王璐 | | 招商证券 人员姓名 | 卢湘雪 | | 国盛证券 | 高紫明 | | 信达证券 | 邢秦浩 | | 广发基金 | 邵锐成 | | 光大证券 | 蒋山 | | 上市公司接待人 | 副总经理、财务负责人、董事会秘书 刘维 | | 员姓名 | 董事会事务部 高健伟、 ...