2025 年 3 月 13 日 星期四 每日大市点评 3 月 12 日，港股大盘无法承接周二强势，昨日先冲高后回落，恒生指数最终下跌 181 点或 0.8%，收报 23,600 点。恒生科 指下跌 2.0%，收报 5,845 点。大市成交金额有 2,785 多亿港元，港股通大幅流入超过 262 亿港元。虽然港股通持续南下 撑市，但港股的升势似乎有所放缓，整体运行节奏也改变，从 1 月以来的单边上升转化为多空震荡。无论从预测 PE、风 险溢价、股息率及 AH 溢价指数都反映港股的第一波估值基本修复到位，当前进入经济数据及业绩的发布期，市场焦点都 会逐渐回到基本面，港股整体估值进一步上修需要基本面和盈利面的配合。另外，连日大跌的美股或到达反弹阶段，不 排除有部分资金或回流美股。昨日恒生香港中资企业指数(红筹股)仅下跌 0.3%，说明资金开始转向防御性或落后股份。 盘面上看，券商、黄金相关、材料、通讯设备、公用事业、基建、部分汽车及智能驾驶概念股表现较好，而消费、医 疗、地产及科技等顺周期都有较大跌幅。近期显著上升的消费类半新股大多出现大成交冲高回落，如布鲁可(325 HK)、 毛戈平(1318 HK)及蜜雪(20 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the semiconductor and energy sectors, highlighting their growth potential and market positioning [10][11][9]. Core Insights - The report emphasizes the resilience of the U.S. economy despite mixed economic data, with a focus on the impact of fiscal policies under the Trump administration on market sentiment [1][20]. - It identifies significant investment opportunities in the public utility sector, particularly in hydropower and nuclear power, due to favorable market conditions and government support for green energy initiatives [9]. - The semiconductor industry is highlighted for its ongoing consolidation and the potential for domestic equipment manufacturers to benefit from increased capital expenditures by local wafer manufacturers [10][11]. Summary by Sections Macro Strategy - Recent U.S. economic data shows a mixed outlook, with non-farm employment slightly below expectations but manageable, alleviating some recession fears [1][20]. - The divergence in fiscal narratives between the U.S. and Europe is impacting market sentiment, with U.S. stocks experiencing declines amid tightening fiscal expectations [1][20]. Fixed Income - The report discusses the role of convertible bonds in managing volatility within equity portfolios, particularly during periods of market turbulence [4]. - It notes a significant drop in green bond issuance, indicating a potential shift in market dynamics [5]. Industry Analysis - Public Utilities: The report recommends investments in hydropower and nuclear power due to low operational costs and strong cash flow, with specific companies like Changjiang Electric and China Nuclear Power highlighted [9]. - Semiconductor: The acquisition of Chip Source by Northern Huachuang is seen as a strategic move to enhance its market position and accelerate growth in the domestic semiconductor equipment sector [10][11]. Company Recommendations - The report suggests a "Buy" rating for companies like Aobi Zhongguang in the robotics sector, projecting significant revenue growth driven by increasing demand in the service robot market [12]. - It also highlights the potential of companies like Siling Co. in the automotive bearing market, emphasizing their strong international presence and growth prospects in the aftermarket [14].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 积极稳妥推进碳达峰碳中和，四川零碳工业 园区试点建设方案发布 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 风险提示：需求不及预期、电价煤价波动风险、流域来水不及预期等 2025 年 03 月 11 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 任逸轩 执业证书：S0600522030002 renyx@dwzq.com.cn 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024/3/11 2024/7/10 2024/11/8 2025/3/9 公用事业 沪深300 相关研究 《中石油合同价微增、沿海价格下降， 中石化合同价下降，预计 2025 年城燃 采购成本下行》 2025-03-09 《《2025 年能源工作指导意见》印发， 蒙西电力现货市场转正》 | 1. 行情回顾 | | --- | | 2. 电力板块跟踪 | | 2.1. 用电:2024M1-12 全社会用电量 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任 。 902 董事會會議召開日期 華能國際電力股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年3月25日 （星期二）召開本公司董事會會議，以審議及批准刊發本公司截至2024年12月31日止之年 度業績公告及審議派發末期股息（如有），以及處理其他事項。 黃朝全 公司秘書 於本公告日，本公司董事為： 王 葵 （執行董事） 王志傑 （執行董事） 黃曆新 （執行董事） 杜大明 （非執行董事） 周 奕 （非執行董事） 李來龍 （非執行董事） 曹 欣 （非執行董事） 李海峰 （非執行董事） 丁旭春 （非執行董事） 王劍鋒 （非執行董事） 夏 清 （獨立非執行董事） 賀 強 （獨立非執行董事） 張麗英 （獨立非執行董事） 張守文 （獨立非執行董事） 黨 英 （獨立非執行董事） 中國•北京 2025年3月11日 承董事會命 華能國際電力股份有限公司 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the electricity sector [6]. Core Insights - The Ministry of Industry and Information Technology has announced a target for renewable energy to account for 30% of computing power centers by 2026, emphasizing green and low-carbon computing. This is expected to increase the demand for renewable energy consumption in data centers, leading to sustained growth in green electricity and green certificate consumption [1][10]. - The report expresses optimism regarding the transformation of thermal power companies into renewable energy operators, recommending several companies such as Sheneng Co., Shanghai Electric, and Huaneng International [5][10]. Summary by Sections Market Performance - From February 14 to February 21, the electricity sector (882528.WI) declined by 0.12%, underperforming the CSI 300 index, which rose by 1.00%. Year-to-date, the electricity sector has fallen by 5.09%, while the CSI 300 index has increased by 1.11% [2][14]. - The sub-sectors of thermal power, hydropower, and gas power saw changes of -0.93%, -1.25%, and -1.07% respectively during the same period [14][22]. Coal Prices and Inventory - The spot price of thermal coal in Qinhuangdao decreased by 2.67% month-on-month and by 23.64% year-on-year, with a current price of 730 RMB/ton [3][31]. - Coal inventory at Qinhuangdao increased by 3.38% month-on-month and by 40.88% year-on-year, reaching 7.03 million tons as of February 21 [4][36]. Investment Recommendations - The report continues to favor companies transitioning from thermal power to renewable energy operations, including Wanan Electric, Sheneng Co., and Huaneng International. It also recommends stable companies like China Nuclear Power and Three Gorges Energy [5][10]. - Specific recommendations include Longjiang Electric, benefiting from the injection of the Wuhai Power Station, and Huaneng Hydropower, which is expected to benefit from improving provincial market electricity prices [5][10]. Key News and Announcements - Jiangsu Province is encouraging renewable energy hydrogen production projects to participate in the electricity market, aiming for innovative management models [48]. - The Chongqing electricity spot market is set to begin trial operations on March 11, 2025, with a focus on optimizing clearing results based on real-time market conditions [48].

Investment Rating - The report suggests that the current coal price decline provides a favorable environment for thermal power companies, indicating that there is still investment value in the thermal power sector for 2025 [3][4]. Core Insights - The thermal power sector has shown a lackluster performance despite a significant decline in coal prices, primarily due to market preferences shifting towards growth sectors and a pessimistic outlook on future electricity prices [1][3]. - The report highlights that the annual trading results for electricity in 2025 have been lower than market expectations, but the unexpected drop in coal prices has mitigated some negative impacts on electricity prices [3][4]. - Historical data indicates that the relationship between coal prices and the thermal power industry index is not straightforward, as coal prices influence future electricity price expectations through their impact on fuel costs [1][19]. Summary by Sections Section 1: Coal Price Decline and Thermal Power Performance - Since the beginning of 2025, the price of 5500 kcal thermal coal has decreased by over 150 yuan/ton year-on-year, leading to a reduction in fuel costs for thermal power companies ranging from 11.5 to 57.3 yuan/MWh depending on the market coal share [1][12]. - Despite the favorable coal price environment, the thermal power sector has underperformed the market due to a clear investment focus on growth sectors post-Spring Festival [1][14]. Section 2: Conditions for the 2014 Power Sector Performance - The macroeconomic environment in 2014 was characterized by slowing economic growth and a transition in market liquidity from "targeted easing" to "comprehensive easing," which influenced the performance of the power sector [2][31]. - The report notes that the thermal power industry experienced a lag in electricity price adjustments compared to coal price declines, which allowed many thermal power companies to maintain high return on equity (ROE) levels during 2013-2015 [2][44]. Section 3: Investment Value of Thermal Power in 2025 - The report concludes that thermal power still holds investment value due to the upcoming performance verification period starting in March 2025, which may shift market focus back to sectors with strong earnings growth [3][4]. - The report emphasizes that the current market conditions, including a downward trend in 10-year treasury yields, make the thermal power sector's average dividend yield attractive [3][4]. Section 4: Investment Recommendations - The report recommends focusing on specific companies such as Anhui Energy, Huadian International, Zhejiang Energy, and Huaneng International as potential investment opportunities within the thermal power sector [4].

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1] Core Insights - The "2025 Energy Work Guidance" has been issued, indicating a steady increase in national energy production capacity, with coal and natural gas output growing significantly. The total installed power generation capacity has reached over 3.6 billion kilowatts, with new renewable energy installations exceeding 200 million kilowatts [4][5] - The green and low-carbon transition is progressing, with non-fossil energy generation capacity accounting for approximately 60% of total installed capacity and non-fossil energy consumption reaching 20% of total energy consumption. Policies for renewable energy consumption and regulation are being improved [4] - The official launch of the Mengxi electricity spot market marks a significant development, becoming the fifth electricity spot market in China [4] Industry Data Tracking Electricity Prices - In March 2025, the average grid purchase price of electricity was 398 RMB/MWh, a year-on-year decrease of 4% and unchanged from the previous month [32] Coal Prices - As of February 28, 2025, the price of thermal coal (Q5500) at Qinhuangdao port was 690 RMB/ton, down 25.16% year-on-year and down 4.03% week-on-week [39] Water Conditions - As of February 28, 2025, the water level at the Three Gorges Reservoir was 162.99 meters, with inflow and outflow rates of 7700 cubic meters/second and 7620 cubic meters/second, respectively, showing increases of 28.33% and 11.89% year-on-year [48] Electricity Consumption - In 2024, the total electricity consumption was 985.21 billion kWh, a year-on-year increase of 6.8%. The growth rates for the primary, secondary, and tertiary industries, as well as urban and rural residential consumption, were 6.3%, 5.1%, 9.9%, and 10.6%, respectively [14] Power Generation - The cumulative power generation in 2024 was 942.1 billion kWh, reflecting a year-on-year increase of 4.6%. The growth rates for different energy sources were as follows: thermal power +1.5%, hydropower +10.7%, nuclear power +2.7%, wind power +11.1%, and solar power +28.2% [21] Installed Capacity - By the end of 2024, the cumulative installed capacity of thermal power reached 1.44 billion kilowatts, an increase of 3.8% year-on-year. The new installed capacity for thermal power in 2024 was 47.44 million kilowatts, up 1.9% year-on-year [43]

证券时报网讯，企查查APP显示，近日，华能（伊川县）绿色能源开发有限责任公司成立，法定代表人 为刘国友，注册资本5000万元，经营范围包含：新兴能源技术研发；风力发电技术服务；太阳能发电技 术服务；合同能源管理等。 企查查股权穿透显示，该公司由华能国际全资子公司华能渑池清洁能源有限责任公司等共同持股。 ...

特此公告。 华能国际电力股份有限公司（"公司"）2023年年度股东大会于2024年6月25 日通过决议，同意公司在自2023年年度股东大会批准时起至2024年年度股东大 会结束时止，经相关监管部门核准后，在中国境内或境外一次或分次发行本金 余额不超过等值于1300亿元人民币的境内外债务融资工具，包括但不限于境内 市场的公司债券、企业债券和银行间债券市场发行的中期票据等境内债务融资 工具，以及境外市场的离岸人民币债券、境外美元债券和其它外币债券等境外 债务融资工具。 公司已于近日完成了华能国际电力股份有限公司2025年度第一期中期票据 （"本期债券"）的发行。本期债券发行额为20亿元人民币，期限为十年，单位 面值为100元人民币，发行利率为2.00%。 本期债券由中国工商银行股份有限公司、中国银行股份有限公司、兴业银 行股份有限公司、杭州银行股份有限公司、中信建投证券股份有限公司、广发 证券股份有限公司和长城证券股份有限公司作为主承销商组织承销团，通过簿 记建档、集中配售的方式在全国银行间债券市场公开发行。本期债券募集资金 将用于补充公司营运资金、调整债务结构、偿还银行借款及即将到期的债券。 本期债券发行的有关 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 2024 full-year grid-connected electricity volume increased by 1% year-on-year, with new energy grid-connected capacity reaching 9.4GW [2] - The company's 2024 full-year grid-connected electricity volume in China was 4529.39 billion kWh, a year-on-year increase of 1.13% [3] - The average grid-connected settlement price for 2024 was 494.26 yuan/MWh, a year-on-year decrease of 2.85% [3] - The company's coal-fired power generation volume in 2024 was 3692.78 billion kWh, a year-on-year decrease of 1.74% [4] - The company's wind power generation volume in 2024 was 369.52 billion kWh, a year-on-year increase of 16.07% [5] - The company's photovoltaic power generation volume in 2024 was 181.27 billion kWh, a year-on-year increase of 66.13% [5] - The company's hydropower generation volume in 2024 was 9.34 billion kWh, a year-on-year increase of 24.79% [5] - The company added 9417.71 MW of new energy grid-connected controllable power generation capacity in 2024 [5] Financial Data and Valuation - The company's 2024E revenue is expected to be 247,547 million yuan, a year-on-year decrease of 3% [7] - The company's 2024E net profit is expected to be 9,999 million yuan, a year-on-year increase of 18% [7] - The company's 2024E EPS is expected to be 0.64 yuan/share [7] - The company's 2024E P/E ratio is expected to be 10.1x [7] - The company's 2024E P/B ratio is expected to be 0.7x [7] Profit Forecast and Investment Recommendation - The report expects the company's net profit attributable to the parent company for 2024-2026 to be 9,999, 10,051, and 10,400 million yuan, respectively [6] - The corresponding P/E ratios for 2024-2026 are 10.1x, 10.1x, and 9.7x, respectively [6]