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 ...

Core Insights - The company reported a decline in revenue and net profit for the third quarter and the first three quarters of the year [1] Financial Performance - In the third quarter, the company achieved a revenue of 14.576 billion, a year-on-year decrease of 11.33% [1] - The net profit attributable to shareholders for the third quarter was 0.551 billion, down 2.25% year-on-year [1] - For the first three quarters, the company recorded a total revenue of 37.717 billion, reflecting a year-on-year decline of 11.29% [1] - The net profit attributable to shareholders for the first three quarters was 0.584 billion, showing a significant year-on-year decrease of 60.20% [1]

| 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 公司债券简称：21 | A、粤电力 粤电 03 | B | 公告编号：2025-47 | 广东电力发展股份有限公司 第十一届董事会第八次会议决议公告 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、董事会会议召开情况 1、发出会议通知的时间和方式 广东电力发展股份有限公司第十一届董事会第八次会议于 2025 年 10 月 17 日以 电子邮件的方式发出会议通知。 2、召开会议的时间、地点和方式 董事会召开时间：2025 年 10 月 29 日 召开地点：广州市 召开方式：现场会议 3、董事会出席情况 会议应到董事 10 名（其中独立董事 4 名），实到董事 10 名（其中独立董事 4 名）。 郑云鹏董事长、李方吉董事、李葆冰董事、陈延直董事、张存生董事、张汉玉独立 董事、吴战篪独立董事、才国伟独立董事、赵增立独立董事亲自出席 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 14,575,816,774, a decrease of 11.33% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2025 was CNY 551,461,801, down 2.25% year-on-year, while the net profit for the first three quarters dropped by 60.20% to CNY 583,935,959[6][11]. - The average on-grid electricity price was CNY 473.34 per MWh, a decrease of CNY 59.92 per MWh or 11.26% year-on-year[10]. - The company achieved a cash flow from operating activities of CNY 6,789,804,495 for the year-to-date, down 37.52% compared to the previous year[6]. - Total operating revenue for the current period is ¥37.72 billion, a decrease of 11.8% from ¥42.52 billion in the previous period[19]. - Net profit for the current period is ¥871.49 million, a decline of 58.0% compared to ¥2.07 billion in the previous period[20]. - Operating profit decreased to ¥1.29 billion, down 54.4% from ¥2.83 billion in the previous period[20]. - Cash flow from operating activities is ¥6.79 billion, a decrease of 37.5% from ¥10.87 billion in the previous period[21]. Asset and Liability Management - The total assets at the end of Q3 2025 were CNY 182,315,970,300, reflecting a 4.09% increase from the end of the previous year[6]. - Current assets increased to CNY 33.07 billion from CNY 30.99 billion, marking a rise of about 6.7%[16]. - The company's cash and cash equivalents rose to CNY 17.10 billion, up from CNY 15.36 billion, indicating an increase of approximately 11.3%[16]. - Total liabilities amounted to CNY 144.85 billion, compared to CNY 139.19 billion at the start of the period, representing a growth of about 4.8%[17]. - The company's long-term borrowings increased to CNY 73.94 billion from CNY 69.54 billion, reflecting a rise of approximately 6.9%[17]. - The total equity attributable to shareholders reached CNY 23.43 billion, up from CNY 22.89 billion, indicating an increase of about 2.4%[18]. - The company reported a significant decrease in short-term borrowings, which fell to CNY 10.96 billion from CNY 14.11 billion, a reduction of approximately 22.8%[17]. Operational Efficiency and Market Conditions - The company reported a significant decline in gross profit margin due to increased competition and policy adjustments in the electricity market[11]. - The company is focusing on improving operational efficiency and has seen a rebound in on-grid electricity volume due to favorable conditions such as falling coal and gas prices[11]. - The company generated a total on-grid electricity of 352.06 billion kWh in Q3 2025, a 19.89% increase from Q2 2025, while the total for the first three quarters was 885.72 billion kWh, roughly unchanged year-on-year[10]. Research and Development - The company reported a decrease in research and development expenses to ¥630.51 million, down 16.3% from ¥753.72 million in the previous period[19]. Future Outlook and Strategic Initiatives - Future outlook indicates a projected revenue growth of 10% for Q4 2023, driven by increased demand for renewable energy solutions[24]. - The company plans to invest 300 million RMB in new technology development for smart grid solutions over the next two years[24]. - Market expansion efforts include entering two new provinces, aiming for a 5% market share increase in those regions by 2025[24]. - Guangdong Power is exploring potential acquisitions to enhance its renewable energy portfolio, targeting a 15% increase in capacity by 2024[24]. - The company has launched a new solar energy product line, expecting to contribute an additional 200 million RMB in revenue by the end of 2023[24]. - Strategic partnerships with local governments are expected to facilitate a 25% reduction in project approval times[24]. - The company is committed to achieving carbon neutrality by 2030, aligning with national energy policies[24].