Group 1 - The core viewpoint is that many power generation companies have improved their operating performance due to the continuous decline in coal prices, leading to significant profit growth in the first half of the year [1][2] - The five major power generation groups reported a total net profit of 24.267 billion yuan, surpassing the total net profit of the same period last year, marking the highest net profit since 2016 [1] - Several companies, including Huayin Power and Yunnan Energy, reported net profit growth exceeding 100%, with Huayin Power's net profit reaching 207 million yuan, a year-on-year increase of 4147% [1] Group 2 - The decline in coal prices has effectively offset the decrease in electricity prices, with the average coal price at Caofeidian Port dropping to 618 yuan/ton, a decrease of over 20% year-on-year [2] - The average coal price for major companies like Huadian International and Guodian Power decreased by approximately 12.98% and 9.5% respectively [2] - Despite the profit increase, many companies reported a decline in both the on-grid electricity price and the on-grid electricity volume, indicating a potential long-term impact on future operations [2] Group 3 - Local power companies have experienced similar revenue dynamics, with Anhui Huadian Power's operating costs decreasing by 8.51% while revenue fell by 5.83% due to lower electricity generation and prices [3] - The current trend indicates that thermal power plants are increasingly being used for peak regulation rather than as base-load power sources, leading to a decline in annual utilization hours [3] - The ability to adapt to market dynamics and optimize generation based on electricity prices will be crucial for the future profitability of thermal power plants [3] Group 4 - The competition in the electricity market is intensifying, with new coal power approvals increasing by 152% year-on-year, indicating a potential oversupply in the market [4] - The distribution of new projects is uneven, with a significant concentration in the northern regions of China [4] Group 5 - The impact of the national electricity market construction varies by region, with areas like Zhejiang and Guangdong benefiting from high electricity demand and prices, while western regions face challenges due to high clean energy ratios [5] - Coal power plants need to enhance their flexibility and adjust their operations to accommodate the increasing share of renewable energy [5] Group 6 - The "three reform linkage" refers to the technical upgrades of coal power units, including energy-saving, heating, and flexibility improvements, which are essential for adapting to the evolving electricity market [6] - Many projects for upgrading coal power plants are facing challenges due to high investment costs and unclear economic returns, which may hinder their approval [6] - The future profitability of coal power is expected to be closely tied to its role in ensuring the safety and stability of the electricity system during the transition to cleaner energy sources [6]

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 9 月江苏电价不及预期，关注新能源对火电 发电量的挤占影响 增持（维持） [Table_Tag] [◼Table 投资要点 _Summary] 2025 年 09 月 01 日 证券分析师 袁理 -7% -3% 1% 5% 9% 13% 17% 21% 25% 29% 33% 37% 2024/9/2 2024/12/31 2025/4/30 2025/8/28 公用事业 沪深300 相关研究 《2025M1-7 用电增速持续提升，火电 恢复/水电偏弱》 2025-08-25 《气温转凉美国气价回落，欧洲储库 推进气价提升；九丰能源一体化持续 推进 》 2025-08-25 东吴证券研究所 1 / 28 请务必阅读正文之后的免责声明部分 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 唐亚辉 执业证书：S0600520070005 tangyh@dwzq.com.cn 行业走势 ◼ 本周核心观点：2025 年 9 月江苏电力集中交易结果公示：加权均价 319.48 元/兆瓦时，低于市场 ...

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].

债券代码: 149516.SZ 149743.SZ 债券简称:21 建能 01 21 建能 02 平安证券股份有限公司 发行人 关于河北建投能源投资股份有限公司 2025年度向特定对象发行股票预案的 临时受托管理事务报告 (住所: 石家庄市裕华西路9号) 债券受托管理人 平安证券股份有限公司 (深圳市福田区福田街道益田路 5023 号平安金融中心 B 座第 22-25 层) 2025年8月 河北建投能源投资股份有限公司 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办 法》）、《河北建投能源投资股份有限公司2020年面向专业投资者公开发行公 司债券受托管理协议》、《河北建投能源投资股份有限公司2021年面向专业投 资者公开发行公司债券（第一期）募集说明书》、《河北建投能源投资股份有 限公司2021年面向专业投资者公开发行公司债券（第二期）募集说明书》等相 关文件以及河北建投能源投资股份有限公司（以下简称"发行人"或"公司"）出 具的相关说明文件等，由公司债券受托管理人平安证券股份有限公司（以下简 称"平安证券"）编制。平安证券编制本报告的内容及信息均来源于发行人提供 的资料或说明。 本报告 ...

8月21日，建投能源（000600）披露投资者关系活动公告，针对公司2025年半年度业绩相关问题答投资 者提问。财务数据显示，今年上半年，公司实现营业收入111.13亿元，同比减少3.28%；实现归属于上 市公司股东的净利润8.97亿元，同比增长157.96%；归属于上市公司股东的扣非净利润8.8亿元，同比增 长182.50%；经营活动产生的现金流量净额为17.28亿元，同比增长130.57%。 对于净利润的增长，公司相关负责人表示，2025年上半年，煤炭市场供需整体较宽松，价格中枢持续下 移。公司深化"集约化管住两端，专业化管控中间"的经营思路，以市场为导向、以效益为中心组织生产 经营，进一步加强电热营销，优化燃料采购管理，同时公司采取多元化融资，合理调整融资结构，优化 存量债务利率，降低资金成本，多措并举提升火电主业经营效益。 建投能源上半年火电业务的核心竞争力集中体现在燃料成本控制上。财报数据显示，公司控股电厂累计 采购电煤1532.47万吨，平均综合标煤单价718.26元/吨，较去年同期下降124.51元/吨，降幅达14.77%。 在披露半年报的同时，建投能源抛出一份20亿元的定增预案，拟全部投入西柏 ...

2025年上半年，建投能源（000600）(000600.SZ)以"稳中求进、稳中向好"的发展态势，交出了一份亮眼 的成绩单，实现营业收入111.13亿元；归属于上市公司股东的净利润8.97亿元，较上年同期增长 157.96%；归属于上市公司股东的扣除非经常性损益的净利润8.80亿元，同比增幅达182.50%。 业绩高增，建投能源表示，是公司围绕高质量发展目标，充分发挥电量营销中心、技经中心、燃料协调 管理中心、科技创新研究中心、信息中心"五大中心"集约化、专业化效能，全面推进精细化管理，优化 机组运行，加强成本管控，大力推进绿色低碳转型，多措并举努力提升经营绩效。 绿色转型纵深推进多能融合体系加速成型 在能源绿色低碳转型的大潮中，建投能源以技术创新为引领，积极推动公司资产结构优化升级，多能融 合体系加速成型。 公司控股子公司建投寿阳热电联合怀柔实验室山西院、国网山西电科院共同推进的"CFB350MW机组复 合燃烧快速调峰示范工程"，作为山西省科技重大专项，成功突破了循环流化床机组灵活性瓶颈，技术 指标超前满足国家2025年煤电升级要求，为构建灵活低碳的新型电力系统提供关键支撑；同时，公司积 极推动燃料管理、 ...

证券之星消息，2025年8月20日建投能源（000600）发布公告称公司于2025年8月18日接受机构调研，国泰 海通证券、招商证券、东莞证券、华福证券、华源证券、西部证券（002673）、长江保险、尚诚资产、 Ten Asset Management Limited、广东正圆、上海仙人掌、国盛证券、东方盛博、循远资产、深圳泽兴、合 煦智远、上海理成、广东合丰、兴业证券、中信证券、华泰证券、银河证券、方正证券、广发证券、天风 证券（601162）参与。 具体内容如下： 问：简要介绍公司2025年上半年经营情况？ 答：截至2025年6月30日，公司资产总额470.06亿元，同比减少0.28%；归属于母公司所有者权益121.41亿 元，同比增长16.25%；资产负债率58.40%，低于年初4.31个百分点。上半年，公司实现营业收入111.13亿 元，同比减少3.28%；实现归属于上市公司股东的净利润8.97亿元，同比增长157.96%。 2025年上半年，公司控股运营发电公司共完成上网电量228.37亿千瓦时，同比降低3.52%，其中，火电上 网电量225.34亿千瓦时，同比降低4.06%，主要为2025年一季度 ...

中证报中证网讯(王珞)建投能源（000600）近日披露的2025年半年度报告显示，2025年上半年，公司实 现营业总收入111.13亿元，同比下降3.28%；归母净利润8.97亿元，同比增长157.96%；扣非净利润8.8亿 元，同比增长182.50%；经营活动产生的现金流量净额为17.28亿元，同比增长130.57%。 半年报显示，公司第二季度实现营业收入45.38亿元，同比增长0.68%，环比下降30.99%；归母净利润 4.53亿元，同比增长374.71%，环比增长2.11%；扣非净利润4.43亿元，同比增长560.34%，环比增长 1.39%。 公司围绕高质量发展目标，充分发挥电量营销中心、技经中心、燃料协调管理中心、科技创新研究中 心、信息中心"五大中心"集约化、专业化效能，全面推进精细化管理，优化机组运行，加强成本管控， 大力推进绿色低碳转型，多措并举努力提升经营绩效。 上半年，公司紧抓影响经营效益的关键环节，不断提升火电业务价值创造能力。通过积极争取替代电 量、保供奖励电量，强化设备可靠性管理提高容量电费获取率，优化现货市场报价策略，抢发效益电量 等措施提高火电机组市场竞争力。上半年，公司控股运 ...

Financial Performance - As of June 30, 2025, the total assets of the company amounted to 47.006 billion yuan, a decrease of 0.28% year-on-year [2] - The equity attributable to the parent company increased by 121.41% year-on-year, reaching 16.25 billion yuan [2] - The debt-to-asset ratio was 58.40%, down by 4.31 percentage points from the beginning of the year [2] - The company achieved an operating revenue of 11.113 billion yuan, a year-on-year decrease of 3.28% [3] - The net profit attributable to shareholders was 0.897 billion yuan, a year-on-year increase of 157.96% [3] Power Generation and Sales - The total electricity generated by the company in the first half of 2025 was 22.837 billion kWh, a decrease of 3.52% year-on-year [3] - The average settlement price for electricity was 438.95 yuan/MWh (including tax), a decrease of 0.24 yuan/MWh year-on-year [3] - The company sold 41.8948 million GJ of heat, a decrease of 2.18% year-on-year [3] - The company procured 15.3247 million tons of coal, with an average price of 718.26 yuan/ton, down 14.77% year-on-year [3] Market and Operational Strategy - The coal market was relatively loose in the first half of 2025, leading to a continuous decline in prices [4] - The company adopted a strategy of "intensive management at both ends, specialized control in the middle," focusing on market orientation and efficiency [4] - The company enhanced its electricity and heat marketing and optimized fuel procurement management [4] Future Outlook - The capacity price in Hebei province is currently set at 100 yuan/kW, with a planned increase to at least 50% of fixed cost recovery starting in 2026 [6] - The company predicts limited upward movement in coal prices after the peak consumption period in July-August 2025 [9] - Ongoing construction projects include the Xibaipo Power Plant Phase IV and the Renqiu Thermal Power Phase II, both expected to be operational by 2026 [10] Development Plans - During the 14th Five-Year Plan period, the company aims to become a leading comprehensive energy enterprise, focusing on thermal power while integrating renewable energy [11] - The company plans to optimize its asset structure and develop new energy projects in high-quality resource areas [11] Shareholder Returns - The company has established a profit distribution policy, increasing the cash dividend payout from 30% to 50% of distributable profits starting from 2024 [12][13]