广东电力发展股份有限公司 关于控股股东拟发行可交换公司债券 完成股份质押登记的公告 | 证券代码：000539、200539 | 证券简称：粤电力A、粤电力B | | 公告编号：2025-40 | | --- | --- | --- | --- | | 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 03 | 粤电 | | 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。 | 是否为 | 控股股 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占其所 | 占公 | 东或第 | 是否为 | 是否为 | 股东名 | 本次质押数量 | 直接持 | 司总 | 质押起 | 质押到 | 质押用 | | | | | 一大股 | 补充质 | 质权人 | 称 | (股) | 有股份 | 股本 | 限售股 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Views - The report highlights that in August 2025, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with a total industrial power generation of 936.3 billion kilowatt-hours, reflecting a year-on-year growth of 1.6% [4][7][53] - The report emphasizes the continuous improvement in the power generation structure, with significant contributions from clean energy sources such as wind and solar power, amidst ongoing dual carbon policies and the development of a new power system [8][9][12] Summary by Sections 1. Power Generation - In August 2025, the total power generation reached 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [4][7] - The breakdown of power generation types shows that thermal power generation increased by 1.7%, nuclear power by 5.9%, wind power by 20.2%, and solar power by 15.9%, while hydropower decreased by 10.1% [9][12] - Wind power contributed the most to the increase in power generation, adding 12.4 billion kilowatt-hours compared to the same month last year [8][9] 2. Natural Gas - The report indicates a stable supply-demand balance in the natural gas market, with global gas prices experiencing slight fluctuations [18][19] - As of September 19, 2025, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80% [19][21] - The report suggests that the LNG prices in Northeast Asia remained stable at $11.50/mmBtu, with expectations of a further decline in prices as summer heat waves end [18][35] 3. Investment Analysis - Recommendations for investment include: - Hydropower: Favorable financial conditions due to interest rate cuts, with suggested companies being Guotou Power, Chuan Investment Energy, and Yangtze Power [16] - Green Energy: Increased stability in returns for renewable energy operators, with a focus on companies like Xintian Green Energy and Longyuan Power [16] - Nuclear Power: Continued approval of new units, with recommendations for China Nuclear Power and China General Nuclear Power [16] - Thermal Power: Improved profitability due to falling coal prices, with recommendations for Guodian Power and Huaneng International [16] - Gas Utilities: Favorable conditions for city gas companies, with recommendations for Kunlun Energy and New Hope Energy [40]

Group 1: Investment Strategy and Market Conditions - The company is closely monitoring the latest policy developments regarding solar projects in Xinjiang and will proceed with investments based on these policies while controlling costs and optimizing market strategies to achieve good operational efficiency [2] - In the first half of 2025, the company's on-grid electricity price significantly decreased due to intensified competition in the Guangdong electricity market, leading to a notable decline in gross profit and overall profitability [2] - The company plans to optimize fuel procurement strategies and expand revenue by seizing market opportunities in the second half of the year while advancing the construction of advanced units to cultivate new profit growth points [2] Group 2: Long-term Contracts and Power Generation Capacity - The long-term electricity price is influenced by macroeconomic factors, electricity supply and demand, fuel prices, and marketing, which introduces a degree of uncertainty [3] - The company is currently preparing for the next year's long-term contract signing and aims to strengthen marketing efforts to provide stable support for next year's operating performance [3] - The company has 8 million kW of coal-fired capacity and approximately 2.942 million kW of gas-fired capacity under construction, with an expected commissioning of 3-5 million kW of coal-fired units in 2025 [3] Group 3: Market Dynamics and Profitability - The profitability of coal-fired units is affected by national policies, electricity supply and demand, unit costs, fuel prices, and market trading mechanisms [3] - With the establishment of a unified national electricity market, the profitability of coal-fired units with similar technology and management levels in the south and north may converge, but specific profitability will depend on regional conditions and operational capabilities [3]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].

Core Insights - The electricity sector experienced a decline of 0.44% on the trading day, with Zhaoxin Co., Ltd. leading the losses [1][2] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Leading gainers in the electricity sector included: - Lianmei Holdings (600167) with a closing price of 7.94, up 9.97% [1] - Guang'an Aizhong (600979) with a closing price of 5.01, up 4.16% [1] - Guangdong Electric Power A (000539) with a closing price of 4.76, up 3.03% [1] - Major decliners included: - Zhaoxin Co., Ltd. (002256) with a closing price of 3.02, down 2.89% [2] - Jiaze New Energy (601619) with a closing price of 4.59, down 2.75% [2] - Tuo Ri New Energy (002218) with a closing price of 3.57, down 2.72% [2] Capital Flow - The electricity sector saw a net outflow of 1.726 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.21 billion yuan [2][3] - Notable capital flows included: - Guang'an Aizhong (600979) with a net inflow of 64.94 million yuan from institutional investors [3] - Sanxia Energy (600905) with a net inflow of 25.27 million yuan from institutional investors [3] - Lianmei Holdings (600167) with a net inflow of 12.79 million yuan from institutional investors [3]

Core Points - The Shanghai Composite Index closed at 3822.59 points, above the six-month moving average, with a slight increase of 0.07% [1] - The total trading volume of A-shares reached 13556.41 billion yuan, indicating active market participation [1] - A total of 49 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Market Performance - The Shanghai Composite Index is currently at 3822.59 points, reflecting a 0.07% increase [1] - The total trading volume for A-shares today is 13556.41 billion yuan [1] Stocks Surpassing Six-Month Moving Average - 49 A-shares have broken through the six-month moving average [1] - Stocks with the highest deviation rates include: - Shengyuan Environmental Protection: 6.76% - Zhixin Electronics: 6.18% - Weixing Intelligent: 6.16% [1] Additional Stock Information - Other stocks that have recently crossed the six-month line with lower deviation rates include: - Shuanglu Pharmaceutical - China Merchants Jiyu - Libote [1]

Core Viewpoint - The Shanghai Stock Exchange will review the initial public offering (IPO) of Moore Threads on September 26, aiming to raise 8 billion yuan [1] Group 1: Company Overview - Moore Threads plans to list on the Sci-Tech Innovation Board and seeks to raise 8 billion yuan through its IPO [1] - The company has direct and indirect stakes in various sectors, including electronics, computers, and communications [1] - Directly invested companies include Heertai (002402) and Yingqu Technology (002925), while indirectly invested companies include Honglida, Chuling Information (300250), and Changfei Fiber (601869) [1] Group 2: Market Performance - As of September 19, the average annual increase for the directly or indirectly invested companies is nearly 35%, with Changfei Fiber and Heertai exceeding 100% [1] - Financing data shows that as of September 18, these companies have seen an overall increase of nearly 30% in financing from investors this year [1] - Six companies, including Changfei Fiber, Heertai, and Ruifeng New Materials (300910), have received over 30% increase in financing from investors [1] Group 3: Investment Backers - In addition to A-share companies, notable investors in Moore Threads include Tencent, Lenovo, Sequoia Capital, and Houshu Capital [1]

北京天达共和律师事务所 关于广东电力发展股份有限公司 2025 年第二次临时股东会的 法律意见书 致：广东电力发展股份有限公司 北京天达共和律师事务所（以下简称"本所"）受广东电力发 展股份有限公司（以下简称"公司"）委托，指派陈滨宏律师和张 书杰律师（以下简称"经办律师"）参加了公司于2025年9月19日 下午14:30在广州市天河东路2号粤电广场南塔33楼会议室召开的 公司2025年第二次临时股东会（以下简称"本次股东会"）。 1 3、公司于2025年8月28日刊登于巨潮资讯网（www.cninfo.com.cn）等 的《广东电力发展股份有限公司关于召开2025年第二次临时股东会的 通知》； 4、公司本次股东会股权登记日的股东名册； 本所及经办律师根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》及《公司章程》的规定，对公 司本次股东会的召集人资格、召集和召开程序、出席会议人员的资格、 临时提案的提出、股东会的表决程序和表决结果等事宜进行审查和见 证后出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包 括但不限于： 1、公司现行有效的《公司章程》； ...

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 公告编号：2025-39 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 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 本次股东会无否决提案的情形，未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、召开时间： （1）现场会议召开时间：2025年9月19日（星期五）下午14:30 （2）网络投票时间为：2025年9月19日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为2025年9月19 日上午9:15至9:25，9:30至11:30，下午13:00至15:00；通过深圳证券交易所互联网投 票的具体时间为2025年9月19日9:15至15:00期间的任意时间。 2、现场会议召开地点：广州市天河东路2号粤电广场南塔33楼会议室 3、召开方式：本次股东会采取现场投票及网络投票相结合的方式 4、召集人：公司董事会 5、主持人： ...

Market Overview - The electricity sector experienced a decline of 1.49% on the previous trading day, with Shimao Energy leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the electricity sector included: - Lianmei Holdings (600167) with a closing price of 7.17, up 7.66% on a trading volume of 516,000 shares and a transaction value of 369 million yuan [1] - Hangzhou Thermal Power (605011) closed at 22.75, up 2.11% with a trading volume of 136,800 shares [1] - Guangdong Electric Power A (000539) closed at 4.78, up 1.70% with a trading volume of 594,100 shares [1] - Major decliners included: - Shimao Longyuan (605028) closed at 26.60, down 6.37% with a trading volume of 92,300 shares [2] - Tianfu Energy (600509) closed at 7.88, down 4.72% with a trading volume of 1,355,100 shares [2] - Tuo Ri New Energy (002218) closed at 3.78, down 4.30% with a trading volume of 743,500 shares [2] Capital Flow - The electricity sector saw a net outflow of 4.544 billion yuan from major funds, while retail investors contributed a net inflow of 3.035 billion yuan [2] - The capital flow for specific stocks indicated: - Three Gorges Energy (600905) had a net inflow of 92.86 million yuan from major funds [3] - Lianmei Holdings (600167) saw a net inflow of 53.20 million yuan from major funds [3] - Huadian International (600011) had a net inflow of 51.98 million yuan from major funds [3]