Core Viewpoint - Recently, the establishment of Yuedian Turpan New Energy Power Co., Ltd. has been reported, indicating a strategic move in the renewable energy sector by the company [1] Group 1: Company Overview - Yuedian Turpan New Energy Power Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Zheng Jianeng [1] - The company is wholly owned by Yuedian Power A through indirect shareholding [1] Group 2: Business Scope - The business scope of the company includes power generation, transmission, and distribution services [1] - It also offers wind power generation technology services and energy storage technology services [1]

Investment Rating - The investment rating for the company is "Accumulate" and is maintained [8] Core Views - The company's operating revenue for Q3 2025 was 14.576 billion yuan, a year-on-year decrease of 11.33% due to weak electricity prices impacting main business revenue [5][12] - The average on-grid electricity price in Q3 2025 was 0.463 yuan/kWh, down by 0.060 yuan/kWh year-on-year, indicating significant pressure on pricing [12] - Despite a decline in revenue, the company benefited from a decrease in fuel costs, leading to a 12.39% reduction in operating costs year-on-year, resulting in a gross profit of 2.279 billion yuan, down 5.16% year-on-year [12] - The net profit attributable to the parent company for Q3 2025 was 0.551 billion yuan, a decrease of 2.25% year-on-year, but the decline was significantly narrowed compared to the first half of the year due to further reductions in fuel costs [12] Summary by Sections Revenue and Pricing - In Q3 2025, the company completed an on-grid electricity volume of 35.206 billion kWh, a slight increase of 0.20% year-on-year, while the cumulative on-grid electricity volume for the first three quarters was 88.572 billion kWh, a decrease of 0.52% year-on-year [12] - The company’s average on-grid electricity price for the first three quarters was 0.473 yuan/kWh, down 0.060 yuan/kWh year-on-year, reflecting the pressure on electricity prices [12] Cost and Profitability - The company’s operating costs in Q3 2025 were 12.297 billion yuan, a decrease of 12.39% year-on-year, which helped alleviate the pressure from weak electricity prices [12] - The gross profit margin improved by 1.02 percentage points year-on-year, despite a decline in gross profit [12] Investment and Future Outlook - The company has adjusted its earnings forecast, expecting EPS for 2025-2027 to be 0.14 yuan, 0.25 yuan, and 0.34 yuan, respectively, with corresponding PE ratios of 34.65x, 18.99x, and 13.83x [12]

Core Viewpoint - The stock price of Guangdong Electric Power A has shown a year-to-date increase of 9.98%, with recent trading activity indicating a slight upward trend, despite a decline in revenue and net profit for the year [2][3]. Group 1: Stock Performance - As of November 6, Guangdong Electric Power A's stock price rose by 2.06% to 4.96 CNY per share, with a total market capitalization of 26.041 billion CNY [1]. - Year-to-date, the stock has increased by 9.98%, with a 0.20% rise over the last five trading days, 5.76% over the last 20 days, and 4.86% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Guangdong Electric Power A reported operating revenue of 37.717 billion CNY, a year-on-year decrease of 11.29%, and a net profit attributable to shareholders of 584 million CNY, down 60.20% year-on-year [2]. - The company has cumulatively distributed 13.334 billion CNY in dividends since its listing, with 210 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Guangdong Electric Power A reached 109,900, an increase of 28.55% from the previous period [2]. - The average circulating shares per shareholder remained at 0 shares, unchanged from the previous period [2]. - Among the top ten circulating shareholders, the Southern CSI 500 ETF held 13.0304 million shares, a decrease of 298,500 shares from the previous period [3].

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

Market Overview - The electricity sector experienced a decline of 1.77% on the previous trading day, with JianTou Energy leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance - Tianfu Energy (600509) saw a closing price of 8.58, with an increase of 4.00% and a trading volume of 660,100 shares [1] - JianTou Energy (000600) reported a closing price of 9.12, down 5.00%, with a trading volume of 638,100 shares and a transaction value of 589 million yuan [2] - China Nuclear Power (601985) closed at 8.98, down 4.26%, with a trading volume of 3,121,600 shares and a transaction value of 2.84 billion yuan [2] Capital Flow - The electricity sector saw a net outflow of 1.027 billion yuan from main funds, while retail funds recorded a net inflow of 281 million yuan [2] - Tianfu Energy had a net inflow of 97.05 million yuan from main funds, but a net outflow of 88.32 million yuan from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor types within the electricity sector [2][3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is under pressure due to a significant decline in electricity prices, but the drop in coal prices is expected to support profitability and the electricity price in Guangdong province is anticipated to reach a bottom [4][3] - The company is actively expanding its renewable energy projects, which are expected to contribute significantly to its revenue in the future [3][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported total revenue of 37.717 billion yuan, a year-on-year decrease of 11.29%, and a net profit attributable to shareholders of 584 million yuan, down 60.2% year-on-year [1] - The average on-grid electricity price for the first three quarters of 2025 was 473.34 yuan per megawatt-hour, a decrease of 11.26% year-on-year [3] Cost and Revenue Drivers - The average price of coal in the Bohai Rim region fell to 672.58 yuan per ton in the third quarter, a year-on-year decrease of 21.09% [2] - The company completed an on-grid electricity output of 88.572 billion kilowatt-hours in the first three quarters of 2025, remaining flat year-on-year [2] Future Outlook - The company expects its revenue for 2025 to be 56.895 billion yuan, with a projected growth of 11.2% in 2026 and 7.9% in 2027 [4] - The company is increasing its installed capacity in wind and solar energy, with significant contributions expected from these sectors in the coming years [3][4]

Core Viewpoint - Guangdong Electric Power A is a major player in the domestic power generation industry, with strong capabilities in thermal and renewable energy generation, and possesses advantages in multi-energy complementarity and the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Guangdong Electric Power A reported revenue of 37.717 billion yuan, ranking 7th among 28 companies in the industry, while the industry leader, Huaneng International, achieved revenue of 172.975 billion yuan [2] - The company's net profit for the same period was 871 million yuan, placing it 17th in the industry, with Huaneng International leading at 19.436 billion yuan [2] - The main business revenue composition includes power sales of 22.669 billion yuan (97.96%), heat sales of 28.2 million yuan (1.22%), and other revenues of 12.2 million yuan (0.53%) [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Guangdong Electric Power A was 79.45%, higher than the industry average of 61.62% [3] - The gross profit margin for the same period was 11.49%, which is below the industry average of 18.24% [3] Group 3: Shareholder Information - As of December 31, 2011, the number of A-share shareholders decreased by 4.21% to 88,200, while the average number of circulating A-shares held per household increased by 4.39% to 22,600 [5] - As of September 30, 2025, the Southern CSI 500 ETF was the seventh largest circulating shareholder, holding 13.0304 million shares, a decrease of 298,500 shares from the previous period [5] Group 4: Executive Compensation - The chairman, Zheng Yunpeng, received a salary of 1.3069 million yuan in 2024, an increase of 529,100 yuan from 2023 [4] Group 5: Future Outlook - Analysts expect the company to achieve revenues of 56.895 billion yuan, 63.293 billion yuan, and 68.280 billion yuan from 2025 to 2027, with corresponding net profits of 684 million yuan, 1.183 billion yuan, and 1.463 billion yuan [6] - The company is actively investing in energy transition projects, with multiple solar and wind projects under construction [6]

Core Viewpoint - Guangdong Power A (000539.SZ) reported a significant decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 37.717 billion yuan, representing a year-on-year decrease of 11.29% [1] - The net profit attributable to shareholders was 584 million yuan, down 60.20% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 510 million yuan, reflecting a year-on-year decrease of 65.68% [1] - Basic earnings per share stood at 0.1112 yuan [1]

广东电力发展股份有限公司 内部审计管理办法 第一章 总 则 第一条 为有效推动构建集中统一、全面覆盖、权威高 效的审计监督体系，规范广东电力发展股份有限公司（以下 简称"股份公司"）的内部审计工作，加强内部审计监督和 风险控制，保障经济管理活动合规，促进单位加强和改善经 营管理，提高经济效益，根据国家、广东省、监管部门有关 规定，结合股份公司实际情况，制定本办法。 第二条 本办法适用于股份公司内部审计工作的管理， 规定了内部审计机构及人员、内部审计工作程序、内部审计 工作要求以及奖惩等管理要求。股份公司管辖单位可参照执 行。 第三条 内部审计是指股份公司的审计部门对本单位 及所属单位业务活动、风险管理、内部控制、财务信息以及 内部管理领导人员履行经济责任情况等事项，实施独立、客 观监督并作出评价和建议，以促进单位完善治理、实现目标的 活动。 第四条 股份公司应当依照有关法律法规和内部审计职 业规范，结合本单位实际情况，建立健全内部审计制度，明确 内部审计工作的领导体制、机构设置、职责权限、人员配备、 第 1 页 共 19页 经费保障、审计程序、审计结果运用和责任追究等。公司内部 审计制度经董事会批准后实施，并 ...