粤电力A公告，2025年上半年营业收入231.41亿元，同比下降11.26%。归属于上市公司股东的净利润 3247.42万元，同比下降96.40%。基本每股收益0.0062元／股，同比下降96.40%。公司计划不派发现金 红利，不送红股，不以公积金转增股本。 ...

2025 年 8 月 广东电力发展股份有限公司 2025 年半年度报告全文 广东电力发展股份有限公司 2025 年半年度报告 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人郑云鹏、主管会计工作负责人刘维及会计机构负责人(会计主 管人员)蒙飞声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议。 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 贺如新 | 董事 | 因事 | 郑云鹏 | 本公司主营业务为电力项目、新能源项目的投资、建设和经营管理，关 于公司未来发展可能面临的风险及应对措施敬请查阅"第三节 管理层讨论与 分析"中"十、公司面临的风险和应对措施"部分。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 2 广东电力发展股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 （二）报告期内在《中国证券报》《证券时 ...

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, recommending specific companies for investment based on their performance and market conditions [4][16]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [4][7]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, with significant contributions from the secondary and tertiary industries as well [8][9]. - The report highlights the impact of high temperatures on electricity demand, noting that July was the hottest month since 1961, which significantly boosted residential electricity usage [8][9]. - Natural gas prices in Europe have rebounded due to geopolitical tensions, while prices in Asia and the US have decreased, indicating a mixed market environment [16][20]. - The report emphasizes the potential for improved profitability in the biomass energy sector following the introduction of new methodologies for carbon emissions reduction [4][16]. Summary by Sections Electricity - July's total electricity consumption reached 10,226 billion kWh, marking a historic milestone with an 8.6% year-on-year growth [4][7]. - The first, second, and third industries, along with urban and rural residents, contributed to the overall electricity consumption growth, with the second industry showing a recovery in electricity usage [8][9]. - Recommendations include investing in hydropower, green energy, nuclear power, and thermal power companies such as Guodian Power and Huaneng International [14][15]. Natural Gas - The report notes a stable supply-demand balance in the natural gas market, with US prices dropping to $2.76/mmBtu, while European prices have seen fluctuations due to geopolitical risks [16][20]. - Recommendations for investment include companies in the city gas sector and integrated natural gas traders, highlighting firms like Kunlun Energy and New Hope Energy [41][42]. Environmental Sector - The introduction of new methodologies for biomass energy projects is expected to enhance profitability, with a focus on companies like Evergreen Group and China Everbright [4][16]. Market Performance - The report reviews market performance from August 18 to August 22, indicating that the gas, public utility, electricity, and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 index [43][44].

Investment Rating - The report maintains a positive outlook on the electricity and gas sectors, indicating a favorable investment environment [5]. Core Insights - In July, the national electricity consumption exceeded 1 trillion kWh for the first time, reaching 10,226 billion kWh, a year-on-year increase of 8.6% [10][11]. - The increase in electricity consumption was primarily driven by urban and rural residents, contributing 38% to the total growth, while the secondary and tertiary industries contributed 33% and 25%, respectively [11]. - The report highlights the impact of high temperatures in July, which were 1.3°C above the historical average, leading to increased electricity demand from residential sectors [11]. - In the gas sector, European gas prices have rebounded due to geopolitical tensions, while Asian and US gas prices have declined [19][30]. - The report suggests that the gas supply-demand balance remains loose, with US gas production at historical highs, contributing to lower prices [22][23]. Summary by Sections 1. Electricity: July National Electricity Consumption Exceeds 1 Trillion kWh - The national electricity consumption reached 10,226 billion kWh in July, marking a historic milestone [10]. - The first industry saw a 20.2% increase in electricity consumption, while the second and third industries grew by 4.7% and 10.7%, respectively [12]. - Cumulative electricity consumption from January to July was 58,633 billion kWh, a 4.5% year-on-year increase [14]. 2. Gas: Gas Supply-Demand Remains Loose, Geopolitical Tensions Affect European Gas Prices - As of August 22, the Henry Hub spot price in the US was $2.76/mmBtu, a weekly decrease of 7.19% [19]. - The TTF spot price in Europe rose to €33.10/MWh, reflecting an 8.17% increase due to geopolitical tensions [20]. - The report notes that European gas inventories are significantly lower than last year and the five-year average, raising concerns about supply stability [30]. 3. Weekly Market Review - The report indicates that the gas, public utilities, electricity, and environmental sectors underperformed relative to the CSI 300 index during the period from August 18 to August 22 [47]. 4. Company and Industry Dynamics - The report mentions the release of a notice regarding the bidding arrangement for new energy projects in Gansu Province, indicating ongoing developments in the renewable energy sector [54]. - Key announcements from companies such as Guodian Power and Kunlun Energy highlight their financial performance and strategic initiatives [55][58]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility sector, indicating buy ratings for several firms, including China Nuclear Power and Huaneng International [59].

Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, with five companies recently exposed for violations, emphasizing the importance of environmental responsibility in corporate governance [5][6][9]. Group 1: Environmental Violations - Longyuan Power's two subsidiaries were fined a total of 552,000 yuan for starting projects without proper approvals and for operating pollution control facilities without completion inspections [5][10]. - Guangdong Electric Power A's indirectly held company was fined approximately 1.82 million yuan for damaging forest land during project construction [11]. Group 2: Regulatory Context - The report is part of a weekly analysis by the Daily Economic News and the Institute of Public and Environmental Affairs (IPE), which collects data from various government sources to enhance transparency regarding environmental information of listed companies [5][9]. - The article notes that environmental risks are becoming a significant operational risk for companies, affecting their development and public image [6][9]. Group 3: Stakeholder Impact - The five companies involved have a combined total of 463,000 shareholders, indicating that environmental issues could pose investment risks for a large number of stakeholders [9]. - The article emphasizes the growing importance of ESG (Environmental, Social, and Governance) principles among investors, who are increasingly focusing on companies' sustainable development capabilities [13].

每经记者｜刘志远 每经编辑｜张海妮 1400亿元 F市公司市值 大环罚字〔2025〕9号 处罚书文号 陕K定边环罚〔2025〕28号 2025年度已受罚次数 3次 项目建设导致林地种植条件毁坏 >> 粤电力A间接参股公司被罚约181 粤电力A 上市公司名称 249亿元 上市公司市值 孟林罚决字〔2025〕第10号 处罚书文号 2025年度已受罚次数 】 | 次 ~j本期所涉数据概览 D 家 上市公司 涉及行业 覆盖31个省（区、市）337个地级市政府权威环境数据 针对数千家上市公司及数万家关联公司环境表现 项目未批先建、项目配套的污染防治设施未经竣工环境保护验收，龙源电力（001289.SZ）旗下两家公司分别受罚，罚金合计55.2万元；项目建设导致林地 种植条件毁坏，粤电力A（000539.SZ）间接参股公司被罚约182万元⋯⋯ 2025年8月第三周，哪些上市公司的环境保护与信披责任亮起了红灯？且看A股绿色周报第211期。 每日经济新闻联合环保领域知名NGO公众环境研究中心（IPE），自2020年9月起，基于31个省份337个地级市政府发布的环境质量、环境排放和污染源监管 记录等权威数据来源，每周收集剖析中国 ...

沪指8月21日上涨0.13%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为农林牧渔、石油石 化，涨幅分别为1.50%、1.39%。公用事业行业今日上涨0.89%。跌幅居前的行业为机械设备、电力设 备，跌幅分别为1.08%、0.98%。 资金面上看，两市主力资金全天净流出664.20亿元，今日有5个行业主力资金净流入，商贸零售行业主 力资金净流入规模居首，该行业今日上涨0.70%，全天净流入资金7.50亿元，其次是公用事业行业，日 涨幅为0.89%，净流入资金为5.57亿元。 主力资金净流出的行业有26个，电子行业主力资金净流出规模居首，全天净流出资金149.90亿元，其次 是电力设备行业，净流出资金为83.80亿元，净流出资金较多的还有机械设备、有色金属、汽车等行 业。 公用事业行业今日上涨0.89%，全天主力资金净流入5.57亿元，该行业所属的个股共131只，今日上涨的 有106只，涨停的有4只；下跌的有19只。以资金流向数据进行统计，该行业资金净流入的个股有59只， 其中，净流入资金超5000万元的有9只，净流入资金居首的是华银电力，今日净流入资金2.06亿元，紧 随其后的是上海电力、中国核电，净 ...

智通财经APP获悉，天风证券发布研报称，一方面，低电价背景下，广东省不同区域节点、发电类型、 容量等级火电机组盈利能力出现明显分化，其中，高容量等级煤电机组盈利表现较优;另一方面，2025 年广东省中长期交易电价已近相对底部，该行预计下跌空间有限，叠加未来容量电价提升，预期2026年 广东省煤电机组整体电价水平相对平稳。标的方面，建议关注宝新能源(000690.SZ)、华润电力 (00836)、粤电力A(000539.SZ)、广州发展(600098.SH)、深圳能源(000027.SZ)及穗恒运A(000531.SZ)。 展望：电价预期相对平稳，关注容量电价变化 广东省年度长协电价接近底部，该行预计下降空间有限。一方面，燃煤发电电量在"基准价+上下浮 动"范围内形成上网电价，上下浮动原则上均不超过20%。根据2025年广东省电力交易结果，广东省年 度电力交易成交均价0.392元/KWh，下浮比例达到15.67%，距离价格下限仅有0.02元/KWh，同时，该行 认为中长期电价交易限价政策原则上应由国家发改委直接制定、修改; 另一方面，2025年7月24日，广东省发改委发布《关于调整我省煤电气电容量电价的通知》， ...

天风证券（601162）发布研报称，一方面，低电价背景下，广东省不同区域节点、发电类型、容量等级 火电机组盈利能力出现明显分化，其中，高容量等级煤电机组盈利表现较优;另一方面，2025年广东省 中长期交易电价已近相对底部，该行预计下跌空间有限，叠加未来容量电价提升，预期2026年广东省煤 电机组整体电价水平相对平稳。标的方面，建议关注宝新能源（000690）(000690.SZ)、华润电力 (00836)、粤电力A(000539.SZ)、广州发展（600098）(600098.SH)、深圳能源（000027）(000027.SZ)及 穗恒运A(000531.SZ)。 天风证券主要观点如下： 现状：低电价背景下火电资产盈利分化 区域差异：省内不同区域电力需求差异较大。广东电力现货市场采用节点边际电价，现货价格为其上网 节点对应的分时价格，与当地电力需求关系密切，而广东省内不同区域电力消费能力有较大差异，从而 导致现货电价出现差异，当供需相当时，节点电价相对稳定，当供大于需时，节点电价可能下降;当需 大于供时，节点电价会上涨。具体来看，根据广东电力交易中心数据，在部分日期，珠三角地区现货电 价水平明显较高，粤东及 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The profitability of thermal power assets in Guangdong is differentiated under low electricity prices, with significant regional disparities in electricity demand affecting node prices [1][10] - High-efficiency coal power units are expected to perform better in profitability compared to lower capacity units, with 1 million kW units showing net profits above 0.01 yuan/KWh [2][30] - The average electricity price in Guangdong is expected to remain stable, with limited downward potential, while capacity prices are anticipated to increase, enhancing profitability for coal power units [3][51] Summary by Sections Current Situation: Profitability Differentiation of Thermal Power Assets - Regional differences in electricity demand lead to varying node prices across Guangdong, with the Pearl River Delta region experiencing higher prices compared to other areas [1][15] - Different capacity levels of coal power units exhibit significant differences in profitability, with 1 million kW units showing the best performance [2][30] - Gas power units face greater profitability pressure due to higher fuel costs and lower utilization hours compared to coal units [2][32] Outlook: Stable Electricity Price Expectations - The annual long-term electricity price in Guangdong is nearing its bottom, with limited room for decline, as the average transaction price for 2025 is projected at 0.392 yuan/KWh [3][51] - Capacity price adjustments are expected to positively impact the profitability of coal power units starting in 2026 [3][51] Investment Recommendations - Focus on high-capacity coal power units in Guangdong, as they are expected to maintain better profitability under the current low electricity price environment [4][30] - Recommended stocks include Baoneng New Energy, China Resources Power (H shares), Guangdong Power A, Guangzhou Development, Shenzhen Energy, and Suihengyun A [4]