皖能电力 20251128 摘要 皖能电力发电量增速已超去年同期，受益于安徽省电力现货市场价格上 涨，尤其 9、10 月显著上升，但 11 月受天气影响略降，整体仍处高位。 长协合同占比约 40%，现货不足 10%，煤价波动影响有限。 公司在建新能源项目集中，新疆 50 万千瓦风电和 80 万千瓦光伏大基地 项目近期全容量并网，与东方电气合作 100 万千瓦风电项目。2025 年 10 月安徽用电量增速近 17%，主因去年同期基数低及新能源供应受天 气影响减少。 安徽省火电脱硫脱硝长期合同比例高，现货交易量小，价格波动相对较 小。2025 年 10 月发电竞争激烈，现货市场价格创历史新高，约 0.366-0.367 元/千瓦时，高于上半年。 2026 年火电脱硫脱硝长期合同及利润展望待政府政策指引。预计容量 费用标准提高后，发电企业将获保障。明年投产煤电脱硫脱硝装机容量 近 10GW，占当前比例约 10%，若用电量稳定，利用小时数或降约 10%。 皖能电力积极推进新能源项目，储备 200 多万千瓦风电项目，包括新疆 175 万千瓦项目，预计 2026 年陆续投产。省内 50 万千瓦风电项目， 30 万千瓦在建 ...

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]

Core Viewpoint - Wanan Power's stock price has shown fluctuations, with a recent increase of 2.04%, and the company has a market capitalization of 18.158 billion yuan [1] Group 1: Stock Performance - As of November 27, Wanan Power's stock price is 8.01 yuan per share, with a trading volume of 1.02 billion yuan and a turnover rate of 0.57% [1] - Year-to-date, the stock price has increased by 5.52%, with a 0.75% increase over the last five trading days, a 5.43% decrease over the last 20 days, and an 11.40% increase over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Wanan Power reported operating revenue of 21.773 billion yuan, a year-on-year decrease of 3.41%, while net profit attributable to shareholders increased by 20.43% to 1.906 billion yuan [2] Group 3: Shareholder Information - As of October 10, 2025, the number of shareholders for Wanan Power is 56,700, an increase of 1.74% from the previous period, with an average of 40,011 circulating shares per shareholder, a decrease of 1.71% [2] - The company has distributed a total of 4.618 billion yuan in dividends since its A-share listing, with 1.333 billion yuan distributed in the last three years [3] - Among the top ten circulating shareholders, notable changes include a decrease in holdings by the Southern CSI 500 ETF and the entry of new shareholders such as Hong Kong Central Clearing Limited and Multi-Strategy Flexible Allocation A [3]

Market Performance - The Anhui state-owned enterprise reform sector increased by 1.18% compared to the previous trading day, with Guofeng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Guofeng New Materials (000859) closed at 9.55, up 10.02% with a trading volume of 2.0204 million shares and a transaction value of 1.887 billion [1] - Great Wall Military Industry (601606) closed at 57.43, up 10.00% with a trading volume of 1.0685 million shares and a transaction value of 5.869 billion [1] - Tongguan Copper Foil (301217) closed at 30.50, up 7.66% with a trading volume of 421,000 shares and a transaction value of 1.257 billion [1] Top Losers - Hefei Urban Construction (002208) closed at 11.16, down 10.00% with a trading volume of 897,600 shares and a transaction value of 1.023 billion [2] - HeBai Group (000417) closed at 6.51, down 7.53% with a trading volume of 698,000 shares and a transaction value of 460 million [2] - HuaiBei Mining (600985) closed at 12.45, down 1.50% with a trading volume of 139,700 shares and a transaction value of 175 million [2] Capital Flow - The Anhui state-owned enterprise reform sector saw a net inflow of 671 million from main funds, while retail funds experienced a net outflow of 212 million [2] - The main funds showed a significant net inflow in Great Wall Military Industry (601606) amounting to 84.2 million, while retail funds had a net outflow of 38 million [3] - Overall, the sector's capital flow indicates a mixed sentiment among institutional and retail investors [2][3]

雷达财经 文|杨洋 编|李亦辉 11月21日，皖能电力(000543)公告，公司全资子公司安徽省皖能能源交易有限公司与东方电气风电股份有限公司共同成立合资公司，其中交易公司持股 51%，出资94,698.3405万元现金；东方风电持股49%，以木垒东吉新能源有限公司100%股权作价出资，评估价值为90,984.68万元。合资公司注册资本总额为 185,683.0205万元。 天眼查资料显示，皖能电力成立于1993年12月13日，注册资本226686.3331万人民币，法定代表人李明，注册地址为安徽省合肥市马鞍山路76号。主营业务 为电力、节能及相关项目投资、经营。 目前，公司董事长为李明，董秘为沈春水，员工人数为4983人，实际控制人为安徽省国有资产监督管理委员会。 公司参股公司91家，包括阳原聚格光电科技有限公司、合肥皖能燃气发电有限责任公司、安徽省皖能能源交易有限公司、合肥皖能综合能源有限公司、新疆 华电西黑山发电有限责任公司等。 在业绩方面，公司2022年、2023年、2024年和2025年前三季度营业收入分别为257.40亿元、278.67亿元、300.94亿元和217.73亿元，同比分别增长22.3 ...

智通财经APP讯，皖能电力(000543.SZ)发布公告，为积极响应国家"双碳"目标，推动公司高质量发展新 能源的战略部署，公司全资子公司安徽省皖能能源交易有限公司(以下简称"交易公司")以现金出资，与 战略合作方东方电气风电股份有限公司(以下简称"东方风电")成立合资公司，实现资源互补、风险共 担。交易公司与东方风电共同成立合资公司，其中交易公司持股51%。东方风电持股49%。 ...

Core Viewpoint - The company is actively responding to the national "dual carbon" goals by establishing a joint venture with strategic partner Dongfang Electric Wind Power Co., Ltd to promote high-quality development in the renewable energy sector [1] Group 1: Company Actions - Anhui Waneng Energy Trading Co., Ltd, a wholly-owned subsidiary of Waneng Power, is investing cash to form a joint venture with Dongfang Electric Wind Power [1] - The joint venture will have Waneng Energy Trading holding a 51% stake, while Dongfang Electric Wind Power will hold 49% [1] Group 2: Strategic Goals - The establishment of the joint venture aims to achieve resource complementarity and shared risk between the two companies [1]

转自：智通财经 【皖能电力：子公司与东方风电成立合资公司】智通财经11月21日电，皖能电力(000543.SZ)公告称， 公司全资子公司皖能能源交易有限公司与东方电气风电股份有限公司共同成立合资公司，其中皖能能源 交易有限公司持股51%，东方风电持股49%。合资公司注册资本为185,683.0205万元，东方风电以木垒 东吉新能源有限公司100%股权作价出资，皖能能源交易有限公司以94,698.3405万元现金出资。此次投 资旨在响应国家"双碳"战略，推动国有资本布局优化，深化资源互补、战略协同，进一步促发展、防风 险，提升公司发展质量。 ...

一、对外投资概述 为积极响应国家"双碳"目标，推动公司高质量发展新能源的战略部署，公 司全资子公司安徽省皖能能源交易有限公司（以下简称"交易公司"）以现金出 资，与战略合作方东方电气风电股份有限公司（以下简称"东方风电"）成立合 资公司，实现资源互补、风险共担。 交易公司与东方风电共同成立合资公司，其中交易公司持股 51%。东方风电 持股 49%。合资公司注册资本为：185,683.0205 万元，东方风电以木垒东吉新能 源有限公司（以下简称"木垒东吉"）100%股权作价出资，根据北京天健兴业资 产评估有限公司出具的资产评估报告，基于评估基准日 2025 年 6 月 30 日，木垒 东吉评估后的股东全部权益价值为 90,984.68 万元，交易公司以 94,698.3405 万元现金出资。 本次对外投资事项未达需董事会、股东会审议的条件，不构成关联交易，不 构成中国证监会《上市公司重大资产重组管理办法》规定的重大资产重组。 二、合作方的基本情况 股票代码：000543 股票简称：皖能电力 公告编号：2025-60 安徽省皖能股份有限公司 关于子公司对外投资的公告 本公司及董事会全体成员保证信息披露的内容真实、 ...

Core Viewpoint - The company is actively responding to the national "dual carbon" goals by establishing a joint venture with Dongfang Electric Wind Power Co., Ltd to promote high-quality development in the renewable energy sector [1] Group 1: Joint Venture Details - The wholly-owned subsidiary of the company, Anhui Waneng Energy Trading Co., Ltd, has formed a joint venture with Dongfang Electric, holding 51% of the shares while Dongfang Electric holds 49% [1] - The registered capital of the joint venture is 185,683.0205 million yuan, with Dongfang Electric contributing 100% equity of Muli Dongji New Energy Co., Ltd valued at 90,984.68 million yuan based on an asset evaluation report [1] - The company contributed 94,698.3405 million yuan in cash to the joint venture [1]