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。 作者 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 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 ...

行 华福证券 公用事业 2025 年 03 月 02 日 业 研 究 行 业 公用事业 周报（02.24-02.28）：25 年能源工作承上启下， 加速铺开现货市场，八部委推进环卫车数智化 投资要点： 行情回顾：2月24日-2月28日，燃气板块上升1.32%，环保板块下降0.05%， 水务板块下降 0.95%，电力板块下降 1.37%，同期沪深 300 指数下降 2.22%。 定 期 报 告 2025 能源工作：推进能源绿色转型，助力"十四五"圆满收官&"十五五" 谋篇布局。2025 年 2 月 27 日，国家能源局印发《2025 年能源工作指导意见》。 其中提出了 2025 年能源工作的主要目标，包括：新增新能源发电装机规模 2 亿千瓦以上；非化石能源发电装机占比提高到 60%左右，非化石能源占能源消 费总量比重提高到 20%左右；新能源消纳和调控政策措施进一步完善；初步建 成全国统一电力市场体系，资源配置进一步优化。在积极稳妥推进能源绿色低 碳转型方面，提出：稳步推进重大水电工程建设，积极推动海上风电项目开发 建设；推动抽水蓄能装机容量达到 6200 万千瓦以上，核准一批条件成熟的沿 海核电项目。2025 ...

Investment Rating - The report maintains an "Overweight" rating for the power and utilities sector, with specific stock recommendations including "Buy" and "Hold" for various companies [1][7]. Core Insights - The sector is experiencing a shift in market sentiment, leading to a decline in performance despite ongoing green electricity policies being implemented across provinces [1][2]. - The overall valuation of the sector is decreasing, with the current PE ratio at 16.43, down from 19.17 a year ago, indicating a potential investment opportunity as valuations normalize [2][20]. - The report highlights the stability of the nuclear and hydropower sectors, suggesting that they are good candidates for investment during market downturns [6][7]. Market Performance Summary - The overall performance of the utilities sector saw a decline of 0.17% during the week of February 10-16, 2025, underperforming compared to major indices like the Shanghai Composite and CSI 300 [2][10]. - The sector's PE ratio has decreased from 16.48 to 16.43 over the past week, while the PB ratio remains stable at 1.71 [20][21]. - Among sub-sectors, thermal power and wind power saw declines of 0.96% and 1.09%, respectively, while electric energy services increased by 1.55% [2][10]. Individual Stock Performance - The top-performing stocks for the week included Guang'an Aizhong (+22.48%) and Kaitian Gas (+18.09%), while the worst performers were Zhongmin Energy (-6.49%) and Jinkai New Energy (-5.92%) [3][24]. - Specific stock recommendations include "Buy" for Guodian Power and "Hold" for China Nuclear Power, indicating a focus on companies with stable fundamentals [6][7]. Industry Dynamics - Recent government initiatives include enhancing the data management for green certificate issuance and promoting the development of green hydrogen projects in Gansu [31][32]. - The report notes the adjustment of biomass power generation pricing in Sichuan to align with coal-fired power generation rates, which may impact the competitiveness of biomass projects [32]. - The exploration of cross-regional electricity trading in Shandong aims to facilitate surplus green electricity cooperation, indicating a strategic shift towards renewable energy integration [33][34].

股票简称：国投电力 股票代码：600886 国投电力控股股份有限公司 2024 年度向特定对象全国社会保障基金理事会 发行 A 股股票募集说明书 （注册稿） 保荐人（主承销商） 广东省深圳市福田区中心三路8号卓越 广东省深圳市福田区福田街道 福华一路 119 号安信金融大厦 二〇二五年二月 时代广场（二期）北座 国投电力控股股份有限公司 2024 年度向特定对象全国社会保障基金理事会发行 A 股股票募集说明书（注册稿） 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 本公司控股股东承诺本募集说明书内容真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，按照诚信原则履行承诺，并承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实 ...

国投电力控股股份有限公司 证券代码：600886 证券简称：国投电力 公告编号：2025-005 关于向特定对象全国社会保障基金理事会发行A股 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律法规的要求及公司股东大会的 授权，在规定期限内办理本次向特定对象全国社会保障基金理事会发行股票的相 关事宜，并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 国投电力控股股份有限公司董事会 2025年1月27日 股票申请获得中国证监会同意注册批复的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 国投电力控股股份有限公司（以下简称公司）于近日收到中国证券监督管理 委员会（以下简称中国证监会）出具的《关于同意国投电力控股股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2025〕141 号），主要内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发 ...

Summary of the Conference Call for Guotou Electric Power Industry Overview - The conference call primarily discusses the electric power industry in Sichuan Province, focusing on the supply and demand situation, as well as the pricing expectations for hydropower [3][4]. Key Points and Arguments - **Stable Supply and Pricing**: The supply and demand situation for electricity in Sichuan Province is expected to remain stable, with hydropower prices maintaining a relatively stable level. The market-oriented portion of Yalong River's electricity accounts for approximately 10-15%, which has a limited impact on overall profitability [3][4]. - **Long-term Contract Pricing for 2025**: - Tianjin: No significant change - Fujian: Decrease of 0.03 CNY/kWh - Guizhou: Decrease of 0.017 CNY/kWh - Guangxi: Negotiation pressure is high, and prices are yet to be determined [4][5]. - **Impact of Self-owned Power Sales Company**: The company's self-owned power sales company has a limited effect on balancing the price reduction of thermal power. Future strategies for long-term contracts and spot market pricing are heavily influenced by government supply guarantee policies [4][6]. - **Profitability Challenges in Guangxi**: The profitability outlook for Guangxi in 2025 is challenging due to high electricity price pressures, despite a decrease in coal prices providing some cost advantages. A recovery in prices is anticipated next year [4][7]. - **Coal Procurement Structure for 2024**: The coal procurement structure for 2024 consists of 45% long-term contract coal, 45% imported coal, and 10% market coal. This structure is expected to remain stable without significant adjustments in 2025 [4][8]. - **Long-term Coal Contract Signing**: The signing of long-term coal contracts for 2025 is expected to be completed in January, with price negotiations ongoing [4][9]. - **Pressure from Thermal Power Enterprises**: There is a strong price reduction demand from thermal power enterprises due to high current electricity prices. The company plans to increase its renewable energy capacity to 17 million kW by 2025 [4][10]. - **Hydropower Pricing Competitiveness**: The average on-grid price for hydropower in the third quarter was approximately 0.28 CNY/kWh, which remains competitive even when delivered to Jiangsu [4][12]. - **Debt Situation of Yangfanggou**: As of the third quarter of 2024, the cumulative debt for Yangfanggou is approximately 6 billion CNY, with an annual increase of about 2 billion CNY [4][13]. - **Profitability of Yalong River's Photovoltaic Projects**: The largest photovoltaic project at Yalong River has a capacity of 1 million kW, with a profit of about 100 million CNY in 2023 and an internal rate of return (ROE) of 10-13% [4][14]. - **Capital Expenditure Plans**: The company plans to invest nearly 35 billion CNY in 2024, with allocations of 20 billion CNY for renewable energy, 10 billion CNY for hydropower, and 5 billion CNY for thermal power [4][15]. - **Dividend Policy**: The company commits to a dividend payout ratio of no less than 55% from 2024 to 2026, with actual ratios depending on operational conditions and shareholder demands [4][16]. - **Accounts Receivable**: The accounts receivable over one year mainly include debts from Yangfanggou and operational subsidies [4][17]. - **Asset Composition**: Water power assets account for over 70% of the company's fixed assets, while thermal and renewable energy assets combined account for 30-40% [4][18]. - **Cautious Approach to Overseas Investment**: The company maintains a cautious stance on overseas expansion, with no new projects planned [4][19]. - **Future Dividend Potential**: The potential for increasing dividends depends on the company's future project investments and funding needs [4][20]. - **2025 Performance Expectations**: The water power sector is expected to perform better in 2025 compared to 2024, while the thermal power sector will continue to face pressure [4][21]. - **Renewable Energy Subsidy Situation**: The company has approximately 6 billion CNY in outstanding renewable energy subsidies, with limited annual cash flow recovery [4][22]. - **Negotiation Power in Jiangsu**: Hydropower has certain negotiation power due to its peak-shaving capabilities and clean energy status, but outcomes depend on annual negotiations [4][23]. - **Impact of Coastal Price Declines**: The company has limited renewable energy reserves in coastal areas, focusing on projects in Sichuan, Guangxi, Yunnan, and Tianjin [4][24][25].

证券代码：600886 证券简称：国投电力 公告编号：2025-002 | 1、出席会议的股东和代理人人数 | 576 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,712,484,454 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 22.9734 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，由公司董事长郭绪元先生主持。会议采用现场 投票和网络投票相结合的表决方式。本次会议的召集、召开、表决符合《公司法》 和《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 01 月 08 日 (二) 股东大会召开的地点：北京市西城区西直门南小街 147 号楼 207 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 二、 议案审议情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召 ...

北京市天元律师事务所 关于国投电力控股股份有限公司 2025年第一次临时股东大会的法律意见 京天股字(2025)第 006 号 致:国投电力控股股份有限公司 国投电力控股股份有限公司(以下简称"公司")2025年第一次临时股东大会 (以下简称"本次股东大会")采取现场投票与网络投票相结合的方式,现场会议 于 2025 年 1 月 8 日在北京市西城区西直门南小街 147 号楼 207 会议室召开。北京 市天元律师事务所(以下简称"本所")接受公司聘任,指派本所律师参加本次股 东大会现场会议,并根据《中华人民共和国公司法》、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司股东大会规则(2022年修订)》(以下简称 "《股东大会规则》")以及《国投电力控股股份有限公司章程》(以下简称"《公 司章程》")等有关规定,就本次股东大会的召集、召开程序、出席现场会议人员 的资格、召集人资格、会议表决程序及表决结果等事项出具本法律意见。 为出具本法律意见,本所律师审查了《国投电力控股股份有限公司关于 2025 年年度日常关联交易预计的公告》《国投电力控股股份有限公司第十二届董事会第 四十次会议决议》、《国投 ...

Group 1 - The company Beijing Kemo Technology Co., Ltd. has been recently established with a registered capital of 10 million yuan [1] - The legal representative of the company is Cai Jidong [1] - The business scope of the company includes solar power generation technology services and wind power generation technology services [1]