行 业 及 产 业 公用事业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 26 日 第二产业用电回暖 冷冬预期有望提 升销气增速 - ⚫ 电力：25Q3 第二产业是拉动全社会用电量的主要动力。根据国家能源局数据，9 月单月全社会用 电量 8886 亿千瓦时，同比增长 4.5%。其中第一、二、三产业和城乡居民生活用电量分别同比增 长 7.3%、5.7%、6.3%、-2.6%。累计数据来看，1-9 月，全社会用电量累计 77675 亿千瓦时， 同比增长 4.6%。1-9 月，第一、二、三产业和城乡居民生活用电量 ...

| | | 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 股改限售股份上市流通公告 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。 特别提示： 1、本次限售股份实际可上市流通数量为1,474,200股，占公司股份总数的 0.0281%。 2、本次限售股份可上市流通日期为2025年10月29日。 1 解除限售股份对应承诺的完成情况 一、股权分置改革方案概述 1、股权分置改革对价方案概述 广东电力发展股份有限公司（以下简称"公司"）股权分置改革方案实施股 份变更登记日登记在册的 A 股流通股股东每 10 股获付 3.1 股股份。 2、通过股权分置改革方案的股东会日期、届次 2005 年 12 月 9 日，公司召开 A 股市场相关股东会议，会议审议通过了公司 股权分置改革方案。 3、股权分置改革方案实施日期：2006 年 1 月 19 日。 二、本次可上市流通限售股份持有人作出的各项承诺及履行情况 1、本次申请解除股份限售的股东所作出各项承诺的履行进展，以及与本次 三 ...

广发证券股份有限公司关于广东电力发展股份有限公司 股权分置改革部分限售股份解除限售的核查意见 广发证券股份有限公司（以下简称"广发证券"或"保荐机构"）作为广东 电力发展股份有限公司（以下简称"上市公司""粤电力"）股权分置改革的保荐 机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《关于上市公司 股权分置改革的指导意见》《上市公司股权分置改革管理办法》等相关法律、法 规及规范性文件的要求，对上市公司股权分置改革部分限售股份解除限售的事项 进行了核查，具体情况如下： 一、上市公司股权分置改革方案的相关情况 2005年12月9日，上市公司股权分置改革方案已经上市公司股权分置改革相 关股东会议审议通过。2006年1月19日，股权分置改革方案实施。 根据股权分置改革方案，方案实施股份变更登记日（2006年1月18日）登记 在册的流通A股股东每持有10股流通A股将获得非流通股股东支付的3.1股股份 的对价，非流通股股东需向流通A股股东支付121,357,577股的对价总额。 二、相关股东履行股权分置改革各项承诺及执行情况 本次申请解除其所持股份限售的股东在股权分置改革中所作承诺及承诺履 行情况如下： 1 | ...

| 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | 公告编号：2025-46 | | --- | --- | --- | | 公司债券代码：149418 | 公司债券简称：21 02 | 粤电 | | 公司债券代码：149711 | 公司债券简称：21 03 | 粤电 | 特此公告。 广东电力发展股份有限公司董事会 二 O 二五年十月二十五日 1 广东电力发展股份有限公司 关于变更股权分置改革持续督导保荐代表 人的公告 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"）于近日收到股权分置改革 保荐机构广发证券股份有限公司（以下简称"广发证券"）出具的《关于变更广 东电力发展股份有限公司股权分置改革持续督导保荐代表人的函》。广发证券委 派的原持续督导保荐代表人邵丰先生因工作变动原因，不再负责公司的持续督导 工作，广发证券现委派保荐代表人叶铭芬先生（简历详见附件）接替邵丰先生担 任公司股权分置改革持续督导保荐代表人，继续履行相关责任。 本次保荐代表人变更后，公司股权分置改革的持续督导保荐代表人为 ...

Core Viewpoint - The stock price of Guangdong Power Development Co., Ltd. (粤电力A) has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 5.10%, indicating volatility in the market [1][2]. Financial Performance - For the first half of 2025, the company reported a revenue of 23.141 billion yuan, a year-on-year decrease of 11.26% [2]. - The net profit attributable to shareholders was 32.4742 million yuan, reflecting a significant year-on-year decline of 96.40% [2]. Shareholder Information - As of July 31, 2025, the number of shareholders decreased by 28.34% to 85,500 [2]. - The average circulating shares per shareholder remained at 0 shares, indicating a lack of liquidity among shareholders [2]. Dividend Distribution - Since its listing, the company has distributed a total of 13.334 billion yuan in dividends, with 21 million yuan distributed over the past three years [3]. Stock Market Activity - The stock has seen a net outflow of 17.0252 million yuan in principal funds recently, with significant selling pressure observed [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) once this year, with the last occurrence on May 29 [1].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Core Viewpoint - The company reported a slight decrease in total power generation and on-grid electricity for the first three quarters of 2025, with notable growth in renewable energy sources such as solar and wind power [1][2]. Group 1: Power Generation Data - The total power generation for the first three quarters reached 93.363 billion kWh, a year-on-year decrease of 0.61% [1] - Coal power generation was 65.925 billion kWh, down 3.65% year-on-year; gas power generation was 19.334 billion kWh, remaining stable; wind power generation increased by 10.84% to 3.976 billion kWh; solar power generation surged by 82.09% to 3.203 billion kWh; hydro power generation rose by 14.45% to 0.388 billion kWh; biomass power generation increased by 8.48% to 0.0537 billion kWh [1] - The total on-grid electricity was 88.572 billion kWh, a decrease of 0.52% year-on-year [1] Group 2: Installed Capacity - The company has a controllable installed capacity of 43.1531 million kW, with 40.5593 million kW being held directly and 2.5938 million kW being equity-held [2] - Coal power accounts for 49.34% of the controllable installed capacity at 20.01 million kW; gas power accounts for 29.21% at 11.847 million kW; wind power accounts for 9.60% at 3.895 million kW; solar power accounts for 11.28% at 4.5745 million kW; hydro power accounts for 0.1328 million kW; biomass accounts for 0.01 million kW [2] - Renewable energy sources (wind, hydro, solar, biomass) account for a total of 21.46% of the controllable installed capacity, totaling 8.7023 million kW [2] Group 3: New Capacity Additions - In the first three quarters of 2025, the company added 500,000 kW of wind power and 693,600 kW of solar power, along with an increase of 60,000 kW in coal power capacity through technical upgrades [2]

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-44 2025 年前三季度，公司累计完成合并报表口径发电量 933.63 亿千瓦时，同 比减少 0.61%；其中煤电完成 659.25 亿千瓦时，同比减少 3.65%，气电完成 193.34 亿千瓦时，同比基本持平，风电完成 39.76 亿千瓦时，同比增加 10.84%，光伏完 成 32.03 亿千瓦时，同比增加 82.09%，水电完成 3.88 亿千瓦时，同比增加 14.45%， 生物质完成 5.37 亿千瓦时，同比增加 8.48%。 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年前三季度发电量完成情况的 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。 一、2025 年前三季度发电量完成情况 此外，公司受托管理装机容量 895.4 万千瓦（火电 665 万千瓦、水电 220.4 万千瓦、风电 10 万千瓦），以上可控装机容量、受托管理装机容量合计 ...

公司累计完成合并报表口径上网电量885.72亿千瓦时，同比减少0.52%;其中煤电完成618.73亿千瓦时， 同比减少3.61%，气电完成189.39亿千瓦时，同比基本持平，风电完成37.96亿千瓦时，同比增加 10.83%，光伏完成31.11亿千瓦时，同比增加80.56%，水电完成3.75亿千瓦时，同比增加13.64%，生物 质完成4.78亿千瓦时，同比增加9.38%。 智通财经APP讯，粤电力A(000539.SZ)披露2025年前三季度发电量完成情况，于2025年前三季度，公司 累计完成合并报表口径发电量933.63亿千瓦时，同比减少0.61%;其中煤电完成659.25亿千瓦时，同比减 少3.65%，气电完成193.34亿千瓦时，同比基本持平，风电完成39.76亿千瓦时，同比增加10.84%，光伏 完成32.03亿千瓦时，同比增加82.09%，水电完成3.88亿千瓦时，同比增加14.45%，生物质完成5.37亿千 瓦时，同比增加8.48% ...

Core Viewpoint - The company reported a slight decrease in total power generation and on-grid electricity for the first three quarters of 2025, with notable growth in renewable energy sources such as solar and wind power [1][2]. Group 1: Power Generation Data - The total power generation for the first three quarters reached 93.363 billion kWh, a year-on-year decrease of 0.61% [1] - Coal power generation was 65.925 billion kWh, down 3.65% year-on-year; gas power generation was 19.334 billion kWh, remaining stable; wind power generation increased by 10.84% to 3.976 billion kWh; solar power generation surged by 82.09% to 3.203 billion kWh; hydro power generation rose by 14.45% to 0.388 billion kWh; biomass power generation increased by 8.48% to 0.0537 billion kWh [1] - The total on-grid electricity was 88.572 billion kWh, a decrease of 0.52% year-on-year [1] Group 2: Installed Capacity - The company has a controllable installed capacity of 43.1531 million kW, with 40.5593 million kW being controlling capacity and 2.5938 million kW being equity capacity [2] - Coal power controlling capacity is 20.01 million kW, accounting for 49.34%; gas power controlling capacity is 11.847 million kW, accounting for 29.21%; wind power controlling capacity is 3.895 million kW, accounting for 9.60%; solar power controlling capacity is 4.5745 million kW, accounting for 11.28% [2] - The total installed capacity for renewable energy sources (wind, hydro, solar, biomass) is 8.7023 million kW, making up 21.46% of the total [2] Group 3: New Capacity Additions - In the first three quarters of 2025, the company added 500,000 kW of wind power and 693,600 kW of solar power [2] - The company also increased coal power capacity by 60,000 kW through technical upgrades [2]