| 证券代码：000600 | 证券简称：建投能源 | | | 公告编号：2025-42 | | --- | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 | 建能 | 01 | | | 证券代码：149743 | 证券简称：21 | 建能 | 02 | | 河北建投能源投资股份有限公司 二○二五年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 一、会议召开和出席情况 河北建投能源投资股份有限公司二○二五年第三次临时股东大会于 2025 年 7 月 21 日以现场会议和网络投票相结合的方式召开。本次股东 大会由公司董事会召集。现场会议由公司副董事长王剑峰先生主持。本 次股东大会的召集、召开符合有关法律、行政法规、部门规章、规范性 文件和《公司章程》的规定。 出席本次股东大会的股东及授权代表356名，代表股份1,219,957,979 股，占公司有表决权股份总数的 67.4271%，其中：出席现场会议的股东 及授权委托代表 1 名，代表股份 1,175,905,950 股，占 ...

| 证券代码：000600 | 证券简称：建投能源 | | 公告编号：2025-44 | | --- | --- | --- | --- | | 证券代码：149516 | 证券简称：21 01 | 建能 | | | 证券代码：149743 | 证券简称：21 02 | 建能 | | 河北建投能源投资股份有限公司 第十届监事会第五次临时会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、监事会会议召开情况 河北建投能源投资股份有限公司监事会于 2025 年 7 月 17 日分别以 送达和电子邮件的方式向全体监事发出召开第十届监事会第五次临时会 议的通知。本次会议于 2025 年 7 月 21 日以通讯方式召开。公司本届监 事会现有监事 5 人，全部参与表决。 本次会议的通知、召开、表决程序符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 鉴于公司2023 年限制性股票激励计划6 名激励对象已离职不再具备 激励资格以及公司第一个解除限售期的解除限售条件未成就，公司将回 购注销部分限制性股票 606.50 万股，符合《上市公司股权激励管 ...

| 证券代码：000600 | 证券简称：建投能源 | 公告编号：2025-43 | | --- | --- | --- | | 证券代码：149516 | 证券简称：21建能01 | | | 证券代码：149743 | 证券简称：21建能02 | | 河北建投能源投资股份有限公司 第十届董事会第二十二次临时会议决议公告 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，没有虚假记载、 误导性陈述或者重大遗漏。 一、董事会会议召开情况 河北建投能源投资股份有限公司董事会于 2025 年 7 月 17 日分别以 送达和电子邮件的方式向全体董事发出召开第十届董事会第二十二次临 时会议的通知。本次会议于 2025 年 7 月 21 日以通讯方式召开。公司本 届董事会现有董事 9 人，全部参与表决。 本次会议的通知、召开、表决程序符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。 董事会选举董事秦刚先生为第十届董事会董事长、董事会战略与 ESG 管理委员会主任委员，任期至本届董事会任期届满时为止。 （二）以 8 票同意、0 票反对、0 票弃权的表决结果，通过《关于回 购注销部分限制性股票及调整限制性 ...

行 业 及 产 业 公用事业 2025 年 07 月 21 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 雅江水电正式开工 欧亚气价回落 看好 ——申万公用环保周报(25/07/14~25/07/18) 本期投资提示： 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 电力：雅鲁藏布江下游水电站开工，水电设备双寡头有望直接受益。7 月 19 日国资委发布公告， 经国务院批准，组建中国雅江集团有限公司。同日，雅鲁藏布江下游水电工程 ...

2025年7月16日，记者从"国家能源局"微信公众号获悉，全国最大电力负荷再刷新历史纪录，首次突破 15亿千瓦，最大达到15.06亿千瓦，较去年最大负荷增加0.55亿千瓦。 据了解，15亿千瓦的电力负荷，相当于150亿盏100瓦的灯泡同时点亮。值得一提的是，这是继今年7月4 日首创新高（14.65亿千瓦）、7月7日再创新高（14.67亿千瓦）后第三次刷新历史纪录。 中国新能源电力投融资联盟秘书长彭澎告诉《华夏时报》记者，全国目前创出最高负荷主要的原因在于 天气因素，今年大范围持续高温，直接推动全国最高负荷迅猛增长。高温时段特别是城市区域，40%的 负荷是空调吹出来的。 多地经历"烤"验 近期，全国多地电力负荷快速上升，入夏以来至7月16日中午，全国共有天津、冀北、河北南网、山 东、江苏、浙江、安徽、福建、湖北、河南、江西、辽宁、蒙东、陕西、四川、广东16个省级电网负荷 36次突破历史新高。 彭澎认为，受气候变化影响，高温和低温的波动越来越大，预计后续可能有更高的负荷出现，因为现在 大部分家庭基本上已配备了像空调这样的空气调节电器，导致用电的波动很大。 另有分析人士指出，用电需求"爆了"，有一拨是被新基建"抢" ...

Group 1: Power Generation Performance - In Q2 2025, the company achieved a power generation of 11.615 billion kWh, a year-on-year increase of 0.67% [1] - For the first half of 2025, the total power generation was 24.573 billion kWh, a year-on-year decrease of 3.66% [1] - The total on-grid electricity for the first half of 2025 was 22.837 billion kWh, a year-on-year decrease of 3.52% [1] Group 2: Market Conditions and Strategy - The coal market in the first half of 2025 was characterized by a balanced supply and demand, leading to a downward trend in prices [2] - The company adopted a strategy focused on market orientation and efficiency, enhancing thermal power marketing and optimizing fuel procurement management [1] - The company is also diversifying financing to optimize debt structure and reduce funding costs [1] Group 3: Coal Supply and Price Forecast - The main sources of coal procurement are local areas in Hebei, Shanxi, Shaanxi, and Inner Mongolia [2] - It is anticipated that coal prices will continue to decline in the second half of 2025 due to the ongoing release of domestic thermal coal production capacity [2] Group 4: Project Development and Expansion - Ongoing projects include the 2×66 MW expansion at Xibaipo Power Plant and the 2×35 MW project at Renqiu Thermal Power Plant, both expected to be operational by 2026 [2] - The company is also increasing investment in offshore wind projects, including the 250 MW Tangshan Jiantou Xiangyun Island project [2] Group 5: Dividend Policy - The company has established a stable profit distribution policy, increasing the cash dividend from 30% to 50% of the distributable profits starting from 2024 [2]

Investment Rating - The report maintains a "Positive" outlook on the public utility sector, indicating an expectation for the industry to outperform the overall market [2]. Core Insights - The report highlights significant improvements in coal-fired power profitability due to a notable decrease in coal prices, with a 25.5% year-on-year drop in the average spot price of 5500 kcal thermal coal [2]. - Hydropower performance varies across regions, with major hydropower companies in Sichuan and Yunnan showing increased generation hours, leading to a strong performance in the first half of 2025 [2]. - Nuclear power generation is expected to grow steadily with the expansion of new units and ongoing approvals for additional reactors, ensuring long-term growth potential [2]. - Natural gas consumption faced short-term pressure but is anticipated to recover in the medium to long term as costs decrease and residential gas prices adjust [2]. Summary by Sections Coal Power - In Q2 2025, the average utilization hours for coal-fired power plants decreased by 118 hours year-on-year, but profitability is expected to improve due to lower coal prices [2]. - Companies like Jingneng Power and Jiantou Energy reported over 100% growth in net profit for the first half of 2025 [2]. Hydropower - National hydropower utilization hours reached 1023 hours from January to May 2025, a decrease of 70 hours year-on-year, but major hydropower companies reported significant increases in generation [2]. - Companies such as China Yangtze Power and Huaneng Hydropower saw their hydropower generation increase by 5.01% and 10.93% respectively in the first half of 2025 [2]. Nuclear Power - Nuclear power generation for China Nuclear Power and China General Nuclear Power increased by 12.01% and 6.11% respectively in the first half of 2025 [2]. - The approval of new nuclear units is expected to support future growth, with 10 new units approved in April 2025 [2]. Natural Gas - Natural gas consumption in China decreased by 1.3% year-on-year in the first five months of 2025, but there is an upward trend in terminal consumption [2]. - The report anticipates a recovery in natural gas prices due to increased LNG exports from major producing regions [2]. Performance Forecast - The report forecasts significant profit growth for key companies in the public utility sector for the first half of 2025, with various companies expected to see net profit growth rates ranging from 0% to over 100% [2][3]. - Recommendations include focusing on companies with strong growth potential in hydropower, nuclear power, and natural gas sectors [2].

Investment Rating - The report suggests that domestic thermal power companies have low PE valuations and potential for higher dividends, with overseas leaders like Duke Energy having PEs around 20 [2][10]. Core Insights - The report highlights that thermal power asset acquisition/sale transactions have PB valuations significantly higher than the secondary market valuations for thermal power stocks, indicating that thermal power stocks are undervalued [1][11]. - It notes that since 2022, there have been multiple asset transactions, primarily in northern and central regions, with 7 acquisitions (4 by power companies and 3 by coal companies) and 4 sales (all by power companies) [2][10]. - The median PB valuation for thermal power assets in these transactions is 1.3, while the median PB for listed thermal power companies is 0.9, suggesting a disparity in valuation [11][12]. - The median PE valuation for thermal power assets exceeds 10, with a range of 7.2 to 31.8 for the relevant transactions, indicating that industry capital values thermal assets at a premium [12]. Summary by Sections Investment Advice - Domestic thermal power companies are viewed as having low PE valuations with room for dividend increases, while international leaders are valued around 20 times PE [2][10]. Asset Transactions - The report details 11 acquisition/sale cases, with 3 having negative book values but acquired at a premium, and the remaining 8 having PBs ranging from 1.0 to 2.6 [11][12]. - The report emphasizes that the thermal power sector is experiencing significant asset transactions, particularly in the northern and central regions of China [2][10]. Valuation Metrics - The report indicates that the median PB for thermal power assets is 1.3, compared to 0.9 for listed companies, highlighting the undervaluation of thermal power stocks [11][12]. - The median PE for thermal power assets is noted to be over 10, with a range of 7.2 to 31.8, suggesting that industry capital values thermal assets at a higher level than the secondary market [12].

Macro Strategy - The "Great Beautiful Act" has been quickly implemented, but its distribution effects and the tightening fiscal impact from excluding extended and expanded tax cuts limit its growth stimulus for the US economy [1][24] - The act's characteristic of "increasing deficits first, reducing deficits later" implies a risk of a "fiscal cliff" around 2028 [1][24] - In the short term, concerns about the impact of US Treasury issuance on market liquidity and yield premiums are not excessive; however, the long-term path dependency of unsustainable US government debt makes it difficult for Treasury yield premiums to decrease [1][24] Fixed Income - The "stock-bond seesaw" effect is evident as the stock market stabilizes, influencing bond yields; the 10-year government bond yield rose from 1.641% to 1.666% during the week [3][5] - The bond market's reaction to Trump's threats of additional tariffs on BRICS countries was muted, indicating a limited impact on bond yields [3][5] - The bond yield's upward trend is expected to continue, influenced by stock market performance, but the extent of the increase is likely to be limited [5] Industry Insights - Wanda Film's diversified layout in esports and concert live streaming is expected to create new growth points, with net profit forecasts for 2025-2027 at 1.0 billion, 1.24 billion, and 1.44 billion yuan, respectively [8] - Lianlian Digital is projected to achieve a reasonable P/S valuation of 8.0x and 7.0x for 2025 and 2026, respectively, as it continues to expand its business [10] - Youyou Foods has revised its profit forecast upwards, expecting net profits of 232 million, 285 million, and 329 million yuan for 2025-2027, reflecting a growth rate of 47.2%, 23.2%, and 15.3% [11] - Siyi Electric's net profit for the first half of 2025 is expected to be 1.293 billion yuan, a year-on-year increase of 46%, driven by strong overseas orders [14][15] - The energy sector, represented by Furan Energy, anticipates stable growth in natural gas supply and a steady increase in new energy business, with net profit forecasts of 872 million, 922 million, and 976 million yuan for 2025-2027 [12] - The lithium battery sector, represented by Weilan Lithium Core, has revised its profit expectations upwards, forecasting net profits of 750 million, 1 billion, and 1.31 billion yuan for 2025-2027, reflecting significant growth [13] - The pharmaceutical sector, represented by Lianbang Pharmaceutical, is expected to see revenue growth driven by innovative drug development, with net profits projected at 3.11 billion, 3.10 billion, and 3.38 billion yuan for 2025-2027 [21]

Market Overview - A-shares showed mixed performance with the Shanghai Composite Index rising by 0.27% while the Shenzhen Component Index fell by 0.11% and the ChiNext Index dropped by 0.45% [1] - Over 3100 stocks in the market experienced gains [1] Coal and Power Sector - The coal sector saw a short-term surge, with notable performances from companies like Zhengzhou Coal Electricity (涨停) and Huayin Power (涨超6%) [2] - The coal mining and processing sector overall rose by 0.21%, with key stocks like Zhengzhou Coal Electricity hitting a 5%涨停 and Huadian Energy (涨超4%) [2] - The power sector also showed strong upward movement, closing with a 1.77% increase, with 87 out of 99 component stocks rising [2][3] - National electricity load reached a historical high of 1.465 billion kilowatts, marking a year-on-year increase of nearly 1.5 million kilowatts [3] "Anti-Overwork" Concept - The "anti-overwork" concept saw collective gains in sectors such as paper, lithium mining, photovoltaic, and organic silicon, with stocks like Zhongshun Jierou and Forest Packaging hitting涨停 [4] - The lithium mining sector also performed well, with stocks like Rongjie Co. and Yongshan Lithium Industry hitting涨停 [4] - The organic silicon sector experienced a strong afternoon rally, with stocks like Chenguang New Materials hitting涨停 and a cumulative increase of over 33% in the last three trading days [5] Humanoid Robot Sector - The humanoid robot sector gained attention, with stocks like Aowei New Materials and Zhongdali De hitting涨停 [6] - A significant procurement project for humanoid robots by China Mobile was announced, with a total budget of 124 million yuan [6] - The domestic robot industry is witnessing active changes, with a total of 158 financing events occurring in the first half of 2025, averaging over 30 billion yuan per event [6][7] - Major tech companies are investing in humanoid robots, indicating a potential for accelerated industry development and commercialization [7]