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 ...

Core Viewpoint - The company reported a slight decrease in total power generation for the first three quarters of 2025 compared to the previous year, with notable growth in renewable energy sources such as solar and wind [1] Summary by Category Power Generation - 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 [1] - Gas power generation was 19.334 billion kWh, remaining stable compared to the previous year [1] - Wind power generation increased to 3.976 billion kWh, up 10.84% year-on-year [1] - Solar power generation surged to 3.203 billion kWh, marking an increase of 82.09% year-on-year [1] - Hydropower generation reached 0.388 billion kWh, up 14.45% year-on-year [1] - Biomass power generation was 0.537 billion kWh, an increase of 8.48% year-on-year [1] Grid Power Supply - The total grid power supply for the first three quarters was 88.572 billion kWh, a year-on-year decrease of 0.52% [1] - Coal grid power supply was 61.873 billion kWh, down 3.61% year-on-year [1] - Gas grid power supply was 18.939 billion kWh, remaining stable compared to the previous year [1] - Wind grid power supply increased to 3.796 billion kWh, up 10.83% year-on-year [1] - Solar grid power supply reached 3.111 billion kWh, an increase of 80.56% year-on-year [1] - Hydropower grid supply was 0.375 billion kWh, up 13.64% year-on-year [1] - Biomass grid supply was 0.478 billion kWh, an increase of 9.38% year-on-year [1]

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]

Core Viewpoint - The announcement from Guangdong Power A (000539) indicates a slight decrease in overall power generation for the first three quarters of 2025 compared to the previous year, with notable variations across different energy sources [1] Summary by Category Overall Power Generation - The total power generation reached 93.363 billion kilowatt-hours, representing a year-on-year decrease of 0.61% [1] Coal Power - Coal power generation amounted to 65.925 billion kilowatt-hours, showing a year-on-year decline of 3.65% [1] Gas Power - Gas power generation was 19.334 billion kilowatt-hours, remaining approximately stable compared to the previous year [1] Wind Power - Wind power generation increased to 3.976 billion kilowatt-hours, reflecting a year-on-year growth of 10.84% [1] Solar Power - Solar power generation surged to 3.203 billion kilowatt-hours, marking a significant year-on-year increase of 82.09% [1] Hydropower - Hydropower generation reached 0.388 billion kilowatt-hours, with a year-on-year increase of 14.45% [1] Biomass Power - Biomass power generation totaled 0.537 billion kilowatt-hours, showing a year-on-year growth of 8.48% [1]

Core Insights - The company reported a total power generation of 93.363 billion kWh for the first three quarters of 2025, representing a year-on-year decrease of 0.61% [1] Generation Breakdown - Coal power generation reached 65.925 billion kWh, down 3.65% year-on-year [1] - Gas power generation was 19.334 billion kWh, remaining stable year-on-year [1] - Wind power generation increased to 3.976 billion kWh, up 10.84% year-on-year [1] - Solar power generation surged to 3.203 billion kWh, marking an 82.09% increase year-on-year [1] - Hydropower generation totaled 0.388 billion kWh, up 14.45% year-on-year [1] - Biomass power generation reached 0.537 billion kWh, increasing by 8.48% year-on-year [1] Grid Connection Data - The total grid-connected electricity generation was 88.572 billion kWh, a decrease of 0.52% year-on-year [1] - Coal power connected to the grid was 61.873 billion kWh, down 3.61% year-on-year [1] - Gas power connected to the grid was 18.939 billion kWh, remaining stable year-on-year [1] - Wind power connected to the grid was 3.796 billion kWh, up 10.83% year-on-year [1] - Solar power connected to the grid was 3.111 billion kWh, reflecting an 80.56% increase year-on-year [1] - Hydropower connected to the grid was 0.375 billion kWh, up 13.64% year-on-year [1] - Biomass power connected to the grid was 0.478 billion kWh, increasing by 9.38% year-on-year [1]

Investment Rating - The report maintains a "Positive" outlook on the hydropower sector, particularly large hydropower projects, due to improved fundamentals and favorable weather conditions [2][6]. Core Insights - The report highlights that the autumn floods have positively impacted hydropower generation, with significant increases in water inflow expected in the coming days [2][6]. - The announcement from the National Development and Reform Commission regarding the regulation of price competition is expected to alleviate irrational competition in the electricity market [2][8]. - Global natural gas prices are experiencing fluctuations, with U.S. prices remaining low while European prices are rebounding due to geopolitical tensions and increased heating demand [12][21]. Summary by Sections Electricity Sector - The report notes that hydropower generation in the Yangtze River basin has reached historical highs due to concentrated rainfall, with a total generation of approximately 235.13 billion kWh in the first three quarters of 2025, remaining stable compared to the previous year [2][6]. - The announcement on regulating price competition aims to create a fair market environment, which is expected to reduce irrational pricing behaviors in the electricity sector [7][8]. - Recommendations include focusing on large hydropower companies such as Guotou Power, Chuan Investment Energy, and Yangtze Power, as well as green energy firms like Xintian Green Energy and Longyuan Power [11]. Natural Gas Sector - As of October 10, 2025, U.S. Henry Hub spot prices were $2.90/mmBtu, reflecting a weekly decrease of 9.03%, while European gas prices, such as the TTF, saw an increase of 5.26% to €32.63/MWh [12][14]. - The report indicates that the natural gas consumption in August 2025 showed a year-on-year increase of 1.8%, with total consumption reaching 364.1 billion m³ [34]. - Investment recommendations include focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy, as well as gas trading firms [36]. Environmental Sector - The report suggests that companies with stable performance and high dividend yields, such as Zhongshan Public Utilities and Everbright Environment, should be monitored for potential investment opportunities [11]. - The ongoing development of carbon trading markets and environmental regulations is expected to enhance the performance of companies in the environmental sector [46].

| 公司债券代码：149418 | 公司债券简称：21粤电02 | | | | --- | --- | --- | --- | | 证券代码：000539、200539 公司债券代码：149711 | 证券简称：粤电力A、粤电力B 公司债券简称：21 03 | 粤电 | 公告编号：2025-43 | 公司收到广东能源集团通知，本次可交换债券已于 2025 年 10 月 10 日完 成发行，债券简称为"25 粤能源 EB"，债券代码为"117240.SZ"，实际发行规 模为 15 亿元人民币，债券期限为 3 年，票面利率 0.01%。本次可交换债券初 始换股价格为 7.21 元/股，换股期限自本次债券发行结束之日满 6 个月后的第 1 个交易日起至本次债券到期日的前1个交易日止，即 2026年4 月13日至 2028 年 10 月 10 日。若到期日为法定节假日或休息日，则顺延至下一个交易日。 公司将持续关注广东能源集团本次可交换债券后续事项，并按规定及时做 好相关信息披露工作，敬请投资者注意投资风险。 特此公告。 广东电力发展股份有限公司董事会 二○二五年十月十一日 广东电力发展股份有限公司 关于控股股东完成 ...

Group 1: Financing Status of Power Sale Companies - As of August 2025, approximately 91 power sale companies in China are in the financing stage [1] - The financing rounds for these companies are primarily concentrated in A rounds and earlier stages, indicating a prevalence of startups in the industry [5] - The regional distribution of financing shows Guangdong Province at 19%, Jiangsu at 15%, and Shandong at 10%, with other provinces below 10% [7] Group 2: Investment Status of Power Sale Companies - The majority of external investments by power sale companies are concentrated in Hebei and Hunan provinces, with 30 and 24 companies respectively [13] - The industry layout for investments shows that 78% of investments are in the electricity, heat, gas, and water production and supply sector, while 7% are in scientific research and technical services [17] Group 3: Mergers and Acquisitions - The current trend in mergers and acquisitions among power sale companies is primarily horizontal mergers [18] - Notable transactions include the acquisition of shares in various energy projects, such as the investment in the Dadu River hydropower development project by Guodian Power Development Co., with a transaction amount of 91,961 million yuan [20] - Other significant transactions include investments in nuclear power and renewable energy projects, which align with the companies' strategies for low-carbon transformation and compliance with national energy policies [20][24]

Core Viewpoint - Guangdong Power A (000539.SZ) announced the approval of a plan to issue a series of REITs products with a total scale not exceeding 3 billion yuan, utilizing its subsidiary's renewable energy assets as the underlying assets [1] Group 1 - The company’s board approved the issuance of REITs products, with the first phase having a planned issuance scale of approximately 1.721 billion yuan [1] - The priority tranche of 1.72 billion yuan will be subscribed by qualified investors, while the subordinate tranche of 1 million yuan will be retained by Guangdong Wind Power Company [1]

| 公司债券代码：149369 | 公司债券简称：21粤电01 | | | | | --- | --- | --- | --- | --- | | 证券代码：000539、200539 公司债券代码：149418 | 证券简称：粤电力 公司债券简称：21粤电02 | A、粤电力 | B | 公告编号：2025-42 | 广东电力发展股份有限公司 关于子公司申报发行新能源基础设施投资 绿色资产支持专项计划（类REITs）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。 一、发行事项概述 1、2025 年 10 月 9 日，广东电力发展股份有限公司（以下简称"公司"或"本 公司"） 第十一届董事会 2025 年第二次通讯会议审议通过了《关于广东省风力 发电有限公司 2025 年度申报发行新能源基础设施投资绿色资产支持专项计划 （类 REITs）的议案》。为助力广东省风力发电有限公司（以下简称"广东风电 公司"）有效盘活存量资产，引入权益发展资金，改善资本结构，董事会同意并 批准以下事项： （一）同意广东风电公司以其下属子公司持有的新能源发电资产作为底层资 产 ...