Core Viewpoint - The utility sector experienced significant capital outflows, with six stocks, including Ming Star Power, seeing net outflows exceeding 50 million yuan [1][4]. Industry Summary - The utility sector declined by 0.43% today, with a total net outflow of 667 million yuan from main capital [4][6]. - Among the 132 stocks in the utility sector, 47 rose while 79 fell, with one stock hitting the daily limit down [4]. - The stocks with the highest net inflows included Guang'an Aizhong (49.86 million yuan), Qianyuan Power (41.03 million yuan), and China General Nuclear Power (35.74 million yuan) [4][5]. - The stocks with the highest net outflows were Ming Star Power (-178.32 million yuan), Jiangsu New Energy (-101.27 million yuan), and Guangdong Power A (-82.25 million yuan) [6][7]. Capital Flow Summary - The main capital inflow leaders in the utility sector included: - Guang'an Aizhong: -1.47% change, 12.68% turnover rate, 49.86 million yuan inflow [5]. - Qianyuan Power: 5.13% change, 6.41% turnover rate, 41.03 million yuan inflow [5]. - China General Nuclear Power: 0.54% change, 0.59% turnover rate, 35.74 million yuan inflow [5]. - The main capital outflow leaders included: - Ming Star Power: -6.03% change, 26.15% turnover rate, -178.32 million yuan outflow [6]. - Jiangsu New Energy: -0.60% change, 7.32% turnover rate, -101.27 million yuan outflow [6]. - Guangdong Power A: -2.49% change, 1.92% turnover rate, -82.25 million yuan outflow [6].

| Q：月度竞价交易电价和年度长协电价水平差不多吗？ | A：基本持平。 | | | | | --- | --- | --- | --- | --- | | Q：英格玛电厂和江布电厂的电量情况怎么样？ | A：合计电量同比增长。 | | | | | 二、 | 煤炭 | Q：新疆电厂的煤价怎么谈的？目前看下来新疆煤价相较于去 | | | | 年变动多少？ | A：执行长协机制，价格调整幅度不大。 | | | | | 三、机组 | Q：公司 | 年机组检修安排？ | 2025 | | | A：检修台次和计划天数与去年基本持平。 | | | | | | Q：新疆光伏在建情况？ | A：3 | 月上旬已复工。 | | | | 四、现货&辅助市场 | Q：辅助市场收益情况？ | | | | | A：2024 | 年省内调峰辅助服务市场收益 | 亿元，今年开始长 | 1.2 | 周期电力现货试运行，融合了调峰市场。 | | 无 | 附件清单（如 | | | | | 有） | | | | | 编号：2025-3 | | 特定对象调研  分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业 ...

企查查股权穿透显示，该公司由皖能电力旗下安徽省皖能能源交易有限公司、安徽金安农业开发有限公 司等共同持股。 人民财讯3月19日电，企查查APP显示，近日，安徽皖能金安风力发电有限公司成立，法定代表人为季 永，注册资本为500万元，经营范围包含：风力发电技术服务；太阳能发电技术服务；光伏设备及元器 件销售；工程管理服务；合同能源管理；储能技术服务等。 ...

证券研究报告 | 行业周报 | 公用事业 公用事业 报告日期：2025 年 03 月 16 日 绿电直供凸显环境属性，清洁能源迎来专项资金 ——环保与公用事业行业周报 投资要点 ❑ 行情回顾 本周，公用事业板块指数上涨 2.19%，涨跌幅在 31 个申万一级行业中排名第 11，跑赢沪深 300 指数 0.61%；本周，环保板块指数上涨 2.53%，涨跌幅在 32 个 申万一级行业中排名第 9，跑赢沪深 300 指数 0.94%。截至 2025 年 3 月 7 日，公 用事业（申万）PE（TTM）为 16.87 倍，PB（LF）为 1.48 倍；环保（申万）PE （TTM）为 21.60 倍，PB（LF）为 1.48 倍。 ❑ 行业重要动态 ❑ 核心观点与投资建议 ❑ 公用事业行业，本周重点关注个股组合：佛燃能源+东方电子+中国核电。 A.绿电运营板块。去年以来政策推动典型高耗能行业参与绿证绿电交易，绿电环 境价值有望进一步兑现；此外新能源全面入市有望带动电价下行，叠加电网发债 持续推进下绿电企业国补欠补问题有望改善。考虑到当前绿电估值已处价值洼地， 尤其是港股绿电普遍处于破净状态，后续可进一步关注新能源大基地 ...

Investment Rating - The report maintains a positive investment rating for the power and utilities sector, with specific recommendations for various companies based on their performance and market conditions [3][20][21]. Core Insights - The power sector outperformed the broader market, with the public utility sector index rising by 2.19% and the electricity sub-sector by 2.21% during the week ending March 14, 2025 [1][7]. - Significant investments are being made in renewable energy projects, particularly in the "Shagou Desert" area, with major state-owned enterprises planning substantial capacity expansions [2][23]. - The report emphasizes the acceleration of the electricity spot market construction and the establishment of a unified national electricity market system [2][28]. Summary by Sections Weekly Market Review - The public utility sector index closed at 2287.91 points, up 49.11 points, while the electricity sub-sector closed at 3042.41 points, up 65.87 points, indicating strong performance compared to the Shanghai and Shenzhen 300 index, which rose by 1.59% [1][7]. - Among the electricity sub-sectors, photovoltaic power generation saw a rise of 4.68%, followed by thermal services at 3.80%, and comprehensive energy services at 3.57% [14][19]. Investment Recommendations - For thermal power, the report recommends companies like Sheneng Co. and Funeng Co., while cautiously recommending Waneng Power and Huadian International [3][19]. - In the green energy sector, it suggests investing in Three Gorges Energy and keeping an eye on new energy companies like Xintian Green Energy [3][19]. - The report highlights the stable performance of large hydropower companies, recommending Changjiang Electric Power, and notes the growth potential in nuclear power with a recommendation for China Nuclear Power [3][19]. Industry Developments - The report discusses the ongoing construction of the "Shagou Desert" renewable energy base and the promotion of cross-regional energy dispatch projects to enhance energy supply security [2][22]. - It notes that Xinjiang's electricity export volume reached 126.4 billion kilowatt-hours in 2024, marking a continuous increase over five years [2][23]. - The establishment of a national carbon market and the first cross-regional green electricity transaction are highlighted as significant steps towards market integration [28][29].

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

证券代码：000543 证券简称：皖能电力 公告编号：2025-02 1.公司名称：新疆皖能江布发电有限公司 2.统一社会信用代码：91652325MA77584B03 3.类型：其他有限责任公司 4.注册资本：玖亿捌仟万元整 安徽省皖能股份有限公司 关于控股子公司变更名称暨完成工商变更登记的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，并对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 一、基本情况 安徽省皖能股份有限公司（以下简称"公司"）的控股子公司新疆潞安协鑫准 东能源有限公司（以下简称"准东公司"），原控股股东为山西潞安矿业（集团） 有限责任公司（以下简称"山西潞安"）。2021 年，公司收购山西潞安持有的准东 公司全部股权，成为准东公司的控股股东，持股 53%。目前准东公司机组已正式投 产，为规范管理，现更名为新疆皖能江布发电有限公司。近期该子公司已完成工商 变更登记手续，并取得了由昌吉回族自治州市场监督管理局核发的新版《营业执照》。 具体变更事项如下： | 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 公司名称 | 新疆潞安协鑫准东能源有限 ...

证券研究报告| 行业周报 2025 年 03 月 02 日 电力 煤价加速下跌重视火电超额机会，2025 能源工作强调绿色保供 本周行情回顾：本周（2.24-2.28）上证指数报收 3320.90 点，下降 1.72%，沪深 300 指数报收 3890.05 点，下降 2.22%。中信电力及公用事业指数报收 2752.47 点，下降 1.03%，跑赢沪深 300 指数 1.19pct，位列 30 个中信一级板块涨跌幅榜 第 15 位。 本周行业观点： 投资建议：本周煤价快速下跌至 700 元/吨附近，重视火电超额机会。市场对于 电价预期已经相对充分，区域电价风险基本出清、煤价下跌或超预期，建议关注 重点火电标的：皖能电力、申能股份、华电国际、浙能电力。推荐布局低估绿电板 块，推荐优先关注低估港股绿电以及风电运营商，建议关注新天绿色能源（H）、 龙源电力（H）、中闽能源、福能股份。把握水核防御，水电板块，建议关注长江 电力、国投电力、川投能源、华能水电；核电板块，建议关注中国核电和中国广核。 风险提示：原料价格超预期上涨；项目建设进度不及预期；电力辅助服务市场、绿 证交易等政策不及预期。 增持（维持） 行业走势 ...

皖能电力 20250226 摘要 • 皖能电力池州二期百万千瓦机组首次并网成功，预计下月中下旬投产，将 增强发电竞争力。但受春节、暖冬及高温影响，安徽 1 月全社会用电量同 比下降 6.3%，发电量总体下降。 • 2025 年安徽省内中长期电价同比下降约 2.3 分/千瓦时，但皖能电力通过 现货市场合理布置，1 月份现货综合收益高于中长期合同价格，实现超额 收益，预计 2 月收益减少。 • 安徽省内月度交易价格略降，现货市场波动大，但通过合同布置，皖能电 力结算电价仍高于中长期合同价。新疆江布电厂外送华东电量占比高，新 英业达电厂结算电价更高。 • 市场煤价下跌，皖能电力考虑调整长协煤基准价并引入市场联动机制，同 时增加市场协议煤，进行差异化管理和价格重谈，统筹长协煤与现货市场 应对变化。 • 新能源入市后纳入全省统一偏差考核，考核资金进入统一大盘子，通过现 货市场或辅助服务市场重新分配，类似于现货未运行时补偿火电腾出发电 空间。 Q&A 请简要介绍一下皖能电力近期的运营情况。 目前皖能电力的总装机容量为 1,736 万千瓦，其中在建项目为 1,366 万千瓦， 核准项目为 160 万千瓦。值得更新的数据是安 ...

Group 1: Power Generation and Pricing - The company's controlled power generation for 2024 is projected to be 60.15 billion kWh, representing a year-on-year increase of over 17% [1] - The increase in power generation is primarily attributed to new projects, including gas power generation in Hefei and coal power generation in Xinjiang, which are expected to contribute significantly to the overall output [1] - The annual trading electricity price in Anhui Province is expected to decrease slightly by over 0.02 CNY/kWh in 2025 [1] Group 2: Coal Supply and Taxation - The expected structure of coal supply is anticipated to remain stable, with long-term contracts and market structure maintaining their respective proportions year-on-year [2] - New power plants in Xinjiang benefit from three tax exemption policies, with the income tax rate expected to be 15% after the exemptions end [2] Group 3: Ongoing Projects and Market Operations - The company has three major projects under construction: Qianyingzi Coal Power Phase II (1,000 MW) expected to be operational this year, a large-scale photovoltaic project in Xinjiang aiming for full capacity connection by Q3, and a wind power project in Suzhou expected to achieve full capacity by the end of the year [2] - The trial operation of continuous spot market settlement began this month, with the proportion of spot electricity expected to be significant [2] - The auxiliary service revenue for 2024 is projected to be slightly over 1.2 billion CNY, primarily from peak-shaving auxiliary services [2]