港股概念追踪 | 电力股继续走高 机构看好今年火电企业经营向好(附概念股)

Core Viewpoint - The recent policy changes and market dynamics are expected to enhance the profitability and operational stability of power companies, particularly in the thermal power sector, as the auxiliary service market evolves and renewable energy continues to grow in importance [1][2]. Group 1: Policy and Market Developments - The National Development and Reform Commission and the National Energy Administration issued a notice to improve the pricing mechanism for auxiliary power services, emphasizing a principle of "who serves, who profits" [1]. - In the first half of 2023, the total auxiliary service fees reached 27.8 billion yuan, a significant increase from 13 billion yuan in the same period of 2019, indicating a growing market for auxiliary services [1]. - The share of thermal power companies in providing auxiliary services is substantial, with compensation reaching 25.4 billion yuan, accounting for 91.4% of the total [1]. Group 2: Company Performance and Projections - The total installed power capacity in China reached 2.9 billion kilowatts in 2023, with a year-on-year growth of 12.9%, driven by the rapid expansion of renewable energy sources [2]. - Many power companies are expected to report increased earnings in 2023 due to internal reforms and external market demand, particularly in wind and solar energy [2]. - The coal price is anticipated to remain low in 2024, which will further improve the profitability of thermal power companies [2]. Group 3: Company-Specific Updates - China Resources Power reported a 4.7% increase in electricity sales in 2023, with significant growth in both wind and solar energy sales [3]. - Huadian International's earnings per share estimates for 2023-2025 have been revised upward, reflecting stable coal power operations and expected growth in equity capacity [4]. - Huaneng International achieved a total electricity generation of 447.86 billion kilowatt-hours in 2023, with a slight decrease in average settlement price [4].