▼点击阅读原文，查看《电力市场计量结算基本规则》详情 国家发展改革委 国家能源局关于印发《电力市场计量结算基本规则》的通知 发改能源规〔2025〕976号 各省、自治区、直辖市及新疆生产建设兵团发展改革委、能源局，北京市城市管理委员会，天津市、辽宁省、甘肃省工业和信 息化局（厅）、重庆市经济和信息化委员会，国家能源局各派出机构，中国核工业集团有限公司、国家电网有限公司、中国南 方电网有限责任公司、中国华能集团有限公司、中国大唐集团有限公司、中国华电集团有限公司、国家能源投资集团有限公 司、国家电力投资集团公司、中国长江三峡集团有限公司、国家开发投资集团有限公司、中国广核集团有限公司、华润（集 团）有限公司、内蒙古电力（集团）有限责任公司，北京、广州电力交易中心： 按照加快建设全国统一电力市场要求，为加强电力市场计量结算管理，我们组织制定了《电力市场计量结算基本规则》。现印 发给你们，请遵照执行。 国家发展改革委 国 家 能 源 局 2025年7月18日 （来源： 国家发展改革委 ） ...

Core Viewpoint - The central enterprises in the power and energy sector are focusing on new energy development, innovative storage solutions, improving electricity market mechanisms, and expanding overseas business in the second half of 2025, driven by the "dual carbon" goals [2]. Group 1: National Grid Corporation - The National Grid aims to strengthen safety production, ensure reliable electricity supply during peak summer demand, and enhance strategic research for its "14th Five-Year Plan" [3]. - The company plans to increase investment in the grid, improve supply capacity, and support the integration of renewable energy [3]. - Emphasis will be placed on market competition and technological innovation to foster new growth points [3]. Group 2: Southern Power Grid - The Southern Power Grid is prioritizing the construction of a new energy system and enhancing the integration of renewable energy [5][6]. - The company will focus on digital transformation to improve operational efficiency and smart grid capabilities [5]. - Continuous reform of the electricity market and strengthening regional market connections are also key objectives [7]. Group 3: Huaneng Group - Huaneng Group is committed to high-quality development of renewable energy, with a current installed capacity of 110 million kilowatts and over 54% from clean energy [8]. - The company plans to accelerate the development of large-scale renewable energy bases [8]. Group 4: Huadian Group - Huadian Group aims to expand effective investment and accelerate the production of key projects, including an 8 million kilowatt project in Xinjiang [9]. - The focus will be on increasing clean energy development and enhancing production capabilities [9]. Group 5: State Energy Group - The State Energy Group is enhancing its technology innovation system, focusing on clean coal utilization and renewable energy technologies [10]. - The company is also promoting the construction of digital intelligence systems and expanding its renewable energy capacity [10]. Group 6: Datang Group - Datang Group emphasizes safety production and energy supply for the capital, while accelerating green and low-carbon transformation [11]. - The company aims to integrate technological innovation with industrial development [11]. Group 7: State Power Investment Corporation - The State Power Investment Corporation is focused on expanding effective investments in renewable resources and major projects [12]. - The company aims to achieve breakthroughs in national technology projects and promote the integration of industry and innovation [12]. Group 8: China General Nuclear Power Group - China General Nuclear Power Group is prioritizing the high-quality completion of its "14th Five-Year Plan" [15]. Group 9: China Energy Engineering Group - China Energy Engineering Group is focusing on high-quality completion of its "14th Five-Year Plan" evaluation and planning for the "15th Five-Year Plan" [16]. Group 10: China Power Construction Group - China Power Construction Group is committed to completing annual targets and enhancing management levels while expanding market share [17].

Core Viewpoint - Daiwa's report indicates that Huaneng International Power Co., Ltd. (00902) is expected to remain one of the most stable profit growth companies in the independent power sector, despite limited opportunities for further expansion of the dark spread in Q3. The target price has been raised from HKD 5 to HKD 5.8, maintaining an "outperform" rating [1] Group 1: Financial Performance - The second quarter electricity prices remained unchanged, but there is increasing downward pressure [1] - Management believes that the relatively strong coal-fired electricity prices are due to an active "volume-price coordination" strategy, increasing generation during high price periods and limiting output when prices soften [1] - Despite rapid capacity growth and increased market participation, renewable energy prices continue to face downward pressure, with wind and solar prices dropping by RMB 18 and RMB 15 per megawatt-hour respectively on a quarterly basis [1] Group 2: Market Outlook - Management anticipates that the overall electricity price environment will remain under pressure in the second half of the year, particularly due to accelerated spot market reforms and renewable energy supply growth exceeding demand [1] - Nevertheless, the firm believes that the dark spread will still expand in the second half of the year [1]

大和发布研报称，参与了华能国际（600011）电力股份(00902)财报会议，虽然管理层认为第三季进一 步扩大电力和煤价的价差(dark spread)机会有限，但由于公司可能仍是独立电企领域中盈利成长最稳健 的公司，因此仍重申"跑赢大市"评级。纳入2026年目标估值后，目标价由5港元上调至5.8港元。 报告指，第二季电价维持不变，但下调压力仍在增加。管理层认为燃煤电价相对坚挺是由于采取了积极 的"量价协调"策略，在高价时期增加发电量，而在价格回软时则限制发电量。然而，由于产能快速增长 及市场参与增加，可再生能源电价继续面临下调压力，风能及太阳能电价分别按季下跌每兆瓦时18元及 15元人民币。管理层预期下半年整体电价环境仍将受压，尤其是现货市场改革加速，以及可再生能源供 应增长超过需求。尽管如此，该行认为下半年价差仍会扩张。 ...

Market Overview - On August 5, the Hong Kong stock market rose for the second consecutive day, with the Hang Seng Index increasing by 169 points or 0.7%, closing at 24,902 points. The Hang Seng Tech Index also rose by 0.7%, closing at 5,521 points. The total market turnover exceeded 229.3 billion HKD, with net inflows from the Stock Connect reaching 23.42 billion HKD [1] - The market structure appears healthy, with most stocks rising, and leading companies in specific sectors performing exceptionally well, surpassing their highs from July 24. Notable performers include Tencent (700 HK), which rose by 1.6% to a new closing high of 559 HKD, and Kuaishou (1024 HK), which increased by 2.8% to also reach a new high for the year [1] - The gaming sector saw record revenue in July, leading to upward revisions in valuations and profit forecasts for major gaming companies like Galaxy Entertainment (27 HK) and Sands China (1928 HK), which rose by 3.5% and 2.6%, respectively [1] Industry Dynamics Consumer Sector - The consumer sector, particularly the hot pot chain Guoquan (2517 HK), reported a 21.6% year-on-year increase in revenue for the first half of the year, with net profit rising by 122.5%. This growth is attributed to an increase in store numbers, improved supply chain efficiency, and expanded online sales channels. The company plans to focus on hot pot condiments and expand its store network in the second half of the year [2] Pharmaceutical Sector - The pharmaceutical sector saw a surge in stock prices for innovative drug companies, with Junshi Biosciences (1877 HK) soaring over 30%. The sector is buoyed by government support for unprofitable tech companies and new pricing mechanisms for innovative drugs. HeYue Pharmaceutical (2256 HK) reported a significant increase in revenue and net profit, driven by licensing fees and the recognition of its drug by both the US FDA and Chinese authorities [3] New Energy and Utilities - The new energy and utilities sector experienced moderate gains, with nuclear power stocks like CGN Mining (1164 HK) and CGN Power (1816 HK) rising by 4.3% and 2.7%, respectively. Thermal power stocks also attracted support despite rising fuel costs expected in the second half of the year [4] Company-Specific Insights WuXi AppTec (2359 HK) - WuXi AppTec reported a 20.6% year-on-year increase in revenue for the first half of 2025, reaching 20.8 billion RMB, with a 44.4% increase in adjusted net profit. The growth is driven by a surge in demand for weight-loss drugs, leading to a 141.6% increase in revenue from its Tides business [10][11] - The company announced its first interim dividend, which is expected to enhance market confidence, with a projected dividend yield of over 35% in 2025 [12] - The target price for WuXi AppTec has been raised to 121.00 HKD, with an upgraded rating to "Buy," reflecting positive adjustments in revenue and profit forecasts for 2025-2027 [13]

大和发表报告指，参与了华能国际电力股份的财报会议，虽然管理层认为第三季进一步扩大电力和煤价 的价差机会有限，但由于公司可能仍是独立电企领域中盈利成长最稳健的公司，因此仍重申"跑赢大 市"评级，目标价由5港元上调至5.8港元。 ...

Core Viewpoint - Huaneng (Wuchang City) Clean Energy Co., Ltd. has been established with a registered capital of approximately 280 million RMB, focusing on wind power technology services and related systems development [1] Company Summary - The legal representative of the newly established company is Deng Zhengxin [1] - The company is wholly owned by Huaneng International (600011) through indirect shareholding [1] Industry Summary - The business scope includes wind power generation technology services, sales of wind turbine units and components, and research and development of wind farm-related systems [1]

Group 1 - The core point of the article is the successful relocation of China National Chemical Corporation (Sinochem) and China Huaneng Group's financial companies to Xiong'an New Area, marking a significant step in their international operations [1] - The relocation involves a complex scope covering foreign exchange, cross-border RMB, and fund settlement across nearly 360 member units and 67 bank account systems [1] - The annual cross-border fund transaction scale is over 160 billion RMB, indicating a high level of financial activity and integration [1] Group 2 - Xiong'an New Area is designated as a hub for the relocation of non-capital functions from Beijing, with major state-owned enterprises like Sinochem and Huaneng set to establish their headquarters there [1] - The relocation process was coordinated by the State Administration of Foreign Exchange in Hebei, in collaboration with the Beijing branch and six banks, ensuring a smooth transition for the financial companies [1]

Group 1 - The establishment of Huaneng (Wuchang City) Clean Energy Co., Ltd. has been reported, with a registered capital of approximately 280 million RMB [1] - The company is fully owned by Huaneng Heilongjiang Power Co., Ltd., which is a wholly-owned subsidiary of Huaneng International [1][4] - The business scope includes wind power generation technology services, sales of wind turbine units and components, solar power generation technology services, photovoltaic equipment leasing, and energy storage technology services [1][3] Group 2 - The legal representative of the new company is Deng Zhengxin, and it was established on August 5, 2025 [3] - The company operates in the electric power and heat production and supply industry [3] - The registered address is located in Wuchang City, Harbin, Heilongjiang Province [3]

Industry Overview - The performance of the Shenwan Electric New Energy sector decreased by 2.62%, ranking 24th among 31 industries, while the Shenwan Public Utilities sector fell by 1.84%, ranking 13th [1][2] - During the same period, the CSI 300 index declined by 1.75%, and the Wind Information All A index dropped by 1.09% [2] Key Developments - The Ministry of Industry and Information Technology (MIIT) has initiated energy-saving inspections for 41 polysilicon companies to promote energy conservation and green development in the polysilicon industry [2] - Abu Dhabi Future Energy Company (Masdar) and Spanish company Iberdrola have partnered to invest in the UK's largest offshore wind project with a capacity of 1.4 GW, setting a new reference for international cooperation in renewable energy [2] Company Insights - CATL (Contemporary Amperex Technology Co., Limited) anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [3] - Guangdong Province has decided to raise the capacity price for coal and gas power plants, with coal power capacity price set at 165 yuan per kilowatt per year starting January 1, 2026 [3] Investment Recommendations - The report maintains a "recommended" rating for the electric new energy and public utility sectors, suggesting to focus on leading photovoltaic companies such as Aiko Solar, Longi Green Energy, and Tongwei Co., Ltd. [4] - In the wind power sector, it is advised to pay attention to component manufacturers like Jinlei Co., Ltd. and Dayun Heavy Industry [5] - For lithium battery investments, companies in the iron-lithium and anode segments such as Hunan Youneng and Shanghai Xiba are highlighted [5]