公用事业行业深度报告：五大电力集团资产梳理之国家能源集团-能源航母央企典范 高度重视资产整合

Investment Rating - Investment rating: Positive (maintained) [2] Core Viewpoints - The report emphasizes the restructuring capabilities of the State Energy Group, highlighting its focus on asset integration and its status as a leading central enterprise in energy reform [2][7] - The group has a comprehensive business model covering coal, electricity, transportation, and chemicals, with a total asset value of 2.1 trillion yuan and a coal production capacity of 665 million tons per year [7][8] - The report identifies significant potential in the group's unlisted power assets, totaling 127GW, primarily in thermal and renewable energy, with a focus on future integration into listed platforms [14][16] Summary by Sections 1. Restructuring Capabilities and Asset Integration - The State Energy Group was formed in 2017 through the merger of the State Power Group and Shenhua Group, becoming a central player in China's energy sector [7] - The group has been recognized as a model enterprise for state-owned enterprise reform, with a focus on creating a world-class clean energy company [7][10] - The group has six listed platforms, including one for coal (China Shenhua) and three for electricity (Guodian Power, Longyuan Power, Changyuan Power) [8][9] 2. Unlisted Power Assets - The group has 127GW of unlisted power assets, with 82GW in thermal power, 3GW in hydropower, 23GW in wind power, and 19GW in solar power [14][16] - The report suggests that the unlisted assets may be integrated into Longyuan Power and Guodian Power in the future [14] 3. Coal Industry Leadership - The State Energy Group is the largest coal producer globally, with a production capacity of 665 million tons per year and a focus on integrated coal-electricity operations [3][7] - The group operates a comprehensive transportation network, enhancing its coal-electricity synergy [3][7] 4. National Reform Action Plan - The report notes that the national reform action plan is halfway through, with new merger guidelines expected to accelerate asset integration [3][10] - The report encourages attention to potential asset integration opportunities within the State Energy Group, particularly regarding its subsidiaries [3][10]