每日经济新闻 每经AI快讯，天眼查App显示，近日，广东粤电气电有限公司成立，法定代表人为汤勇，注册资本3000万元人民币，经营范围为发电技术服务、新兴能源技 术研发、电气设备销售，由粤电力A（000539）全资持股。 ...

这是足协杯决赛第四次落地苏州举办。为欢迎全国球迷，苏州在赛事期间推出文旅惠民活动：2025 年12月5日至7日，所有持决赛电子票根的观众可免费游览40多个景区。 12月6日晚7时，2025中国足球协会杯决赛在苏州奥体中心体育场打响。经过90分钟激战，北京国安 3:0战胜河南俱乐部酒祖杜康，赢得2025年足协杯冠军。现场，超4万名球迷共同见证了这场扣人心弦 的"京豫对决"。 中国足协杯由中国足球协会主办，是中国历史最悠久、最高水平的全国性淘汰制男子足球赛事。此 次，北京国安时隔7年再夺足协杯冠军，在队史第五次夺得足协杯桂冠的同时，也获得了2026赛季亚冠 精英附加赛资格。 ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

粤电力Ａ（000539.SZ）11月27日在投资者互动平台表示，公司持有广东省沙角（C厂）发电有限公司 51%股权，沙角A电厂土地后续安排尚未明确。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司在沙角C电厂所占股份是多少？沙角A电厂 闲置的土地是否有开发或出售的计划？ ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

11月24日，粤电力A盘中下跌2.17%，截至13:04，报4.51元/股，成交9071.64万元，换手率0.78%，总市 值236.79亿元。 资金流向方面，主力资金净流入145.18万元，特大单买入320.60万元，占比3.53%，卖出301.78万元，占 比3.33%；大单买入1477.45万元，占比16.29%，卖出1351.09万元，占比14.89%。 今年以来粤电力A已经1次登上龙虎榜，最近一次登上龙虎榜为5月29日。 资料显示，广东电力发展股份有限公司位于广东省广州市天河东路2号粤电广场南塔33-36楼，成立日期 1996年2月5日，上市日期1993年11月26日，公司主营业务涉及投资、建设、经营管理电力项目及进行电 力的生产和销售的大型发电公司。主营业务收入构成为：电力97.96%，热力销售1.22%，其他0.53%， 粉煤灰销售收入0.29%。 分红方面，粤电力AA股上市后累计派现133.34亿元。近三年，累计派现2.10亿元。 机构持仓方面，截止2025年9月30日，粤电力A十大流通股东中，南方中证500ETF（510500）位居第七 大流通股东，持股1303.04万股，相比上期减少29. ...

证券代码：000539、200539 证券简称：粤电力A、粤电力B 公告编号：2025-49 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 2021 年面向专业投资者 公开发行公司债券（第一期）2025 年付息公告 本公司及全体董事、监事、高级管理人员保证公告内容的真实、准确和完整，没有 虚假记载、误导性陈述或者重大遗漏。 特别提示： 债券简称：21 粤电 03 债券代码：149711 债权登记日：2025 年 11 月 21 日 付息日：2025 年 11 月 24 日 计息期间：2024 年 11 月 24 日至 2025 年 11 月 23 日 7、当前票面利率：本期债券在本计息期内票面利率为 3.41% 8、还本付息方式：本次债券采用单利按年计息，不计复利。每年付息一次， 到期一次还本，最后一期利息随本金的兑付一起支付 9、付息日：本期债券付息日为 2022 年至 2026 年每年的 11 月 24 日（如遇 非交易日，则顺延至其后的第 1 个交易日）。 广东电力发展股份有限公司2021年面向专业投资者公开 ...

Group 1: Installed Capacity Overview - The company has a diversified power generation structure, including coal, LNG, and hydropower projects. As of the first three quarters of 2025, the total installed capacity is 40,559.3 MW, with coal power accounting for 20,010 MW (49.34%) [2] - The installed capacity for gas power is 11,847 MW (29.21%), wind power is 3,895 MW (9.60%), solar power is 4,574.5 MW (11.28%), and hydropower is 132.8 MW (0.33%). The total renewable energy capacity is 8,702.3 MW (21.46%) [2] Group 2: New Capacity Additions During the 14th Five-Year Plan - During the 14th Five-Year Plan, the company has added approximately 2,860 MW of coal power, 2,865 MW of gas power, 3,812.7 MW of wind power, 3,286 MW of solar power, and 100 MW of biomass power [2][3] Group 3: Ongoing and Future Projects - Currently, the company has 8,000 MW of coal power under construction, with an expected 3,000-5,000 MW to be operational by the end of 2025, and the remainder in 2026-2027 [3] - There are also 2,942 MW of gas power projects and 1,250 MW of solar and wind projects under construction, with potential adjustments to the operational timeline based on construction progress [3] Group 4: Financial Health and Debt Management - As of Q3 2025, the company's debt-to-asset ratio is 79.45%. The company plans to explore equity financing channels to manage and reduce this ratio [4] - In 2023, the company raised 4.5 billion CNY through equity financing by introducing six strategic investors [4] Group 5: Dividend Policy - The company adheres to a "profit means dividend" policy, aiming to distribute at least 10% of the annual distributable profit as cash dividends. The minimum cash dividend proportion in any profit distribution should be 20% [5] - Over the last three years, the cumulative cash dividends should not be less than 30% of the average annual distributable profit [5]

Group 1: Financial Performance - In the first three quarters of 2025, the company's coal power business achieved a net profit of approximately 41,630 million yuan [3] - The gas power business reported a net profit of approximately 15,113 million yuan [3] - The renewable energy business incurred a net loss of approximately 3,202 million yuan [3] Group 2: Fuel Procurement and Cost Management - The procurement ratio of domestic and imported coal is approximately 50% each [3] - Fuel costs decreased by 13.38% year-on-year due to falling coal prices [3] Group 3: Project Development and Capacity Expansion - The company has 8 million kilowatts of coal power units under construction, with an expected 3 million kilowatts to be operational in 2025 [3] - There are also gas power units under construction totaling 300-500 million kilowatts, expected to be operational in 2026-2027 [3] - Solar and wind projects under construction total approximately 125 million kilowatts, with similar timelines for completion [3] Group 4: Pricing and Market Outlook - The average transaction price for Guangdong's bilateral negotiation in 2025 is 391.87 yuan per kilowatt-hour, a decrease of approximately 15.84% year-on-year [3] - The company anticipates uncertainties in next year's long-term electricity pricing due to various macroeconomic factors [3] Group 5: Asset Management and Financing - The board has approved the issuance of asset-backed special plans (REITs) with a scale not exceeding 38.01 billion yuan [3] - The company is also working on a series of REITs products with a total scale of up to 30 billion yuan to optimize capital structure and reduce interest expenses [3]