点 击 蓝 字 关 注 我 们 (来源:国家能源局 ) 2025年1-7月全国电力市场交易电量同比增长3.2% 本文全文共 720 字，阅读全文约 2 分钟 7月份全社会用电量同比增长8.6% 7月份全社会用电量同比增长8.6% 2025年1-7月全国电力市场交易电量同比增长3.2% 7月份 全社会用电量 10226亿千瓦时 | ▲8.6% 7月份 分产业用电看 第一产业 170亿千瓦时 ▲20.2% 第二产业 5936亿千瓦时 ▲4.7% 第三产业 2081亿千瓦时 ▲10.7% 城乡居民生活 2039亿千瓦时 ▲18% 1至7月 ) 全社会用电量累计 ▲ 4.5% 58633亿千瓦时 规模以上工业发电量 真 t 54703亿千瓦时 国家能源局21日发布的信息显示，7月份，全社会用电量10226亿千瓦时，同比增长8.6%。 7月份，分产业用电看， 第一产业用电量170亿千瓦时，同比增长20.2%；第二产业用电量5936亿千瓦时， 同比增长4.7%；第三产业用电量2081亿千瓦时，同比增长10.7%。城乡居民生活用电量2039亿千瓦时，同比增 长18%。 1至7月，全社会用电量累计58633亿千瓦时，同比增长 ...

2025年1至7月，全国累计完成电力市场交易电量3.59万亿千瓦时，同比增长3.2%，占全社会用电量比重 61.2%，同比下降0.9个百分点。 其中，省内交易电量2.73万亿千瓦时，同比增长1.6%；跨省跨区交易电量8558亿千瓦时，同比增长 9%。绿电交易电量1817亿千瓦时，同比增长42.1%。 电力市场交易，是指发电企业与售电公司或电力大用户之间通过市场化方式进行的电力交易活动的总 称。新一轮电力体制改革以来，中国电力市场建设稳步有序推进，市场化交易规模逐年扩大。(完) 中新社北京8月24日电 (记者 王梦瑶)中国国家能源局24日公布的数据显示，7月，全国完成电力市场交 易电量6246亿千瓦时，同比增长7.4%。 其中，省内交易电量4614亿千瓦时，同比增长7.3%；跨省跨区交易电量1632亿千瓦时，同比增长 7.9%。绿电交易电量256亿千瓦时，同比增长43.2%。 ...

智通财经APP获悉，国家能源局发布的数据显示，2025年7月，全国完成电力市场交易电量6246亿千瓦 时，同比增长7.4%。其中，省内交易电量4614亿千瓦时，同比增长7.3%；跨省跨区交易电量1632亿千 瓦时，同比增长7.9%。绿电交易电量256亿千瓦时，同比增长43.2%。 2025年1-7月，全国累计完成电力市场交易电量3.59万亿千瓦时，同比增长3.2%，占全社会用电量比重 61.2%，同比下降0.9个百分点。其中，省内交易电量2.73万亿千瓦时，同比增长1.6%；跨省跨区交易电 量8558亿千瓦时，同比增长9%。绿电交易电量1817亿千瓦时，同比增长42.1%。 本文编选自微信公众号"国家能源局"，智通财经编辑：徐文强。 ...

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: August 1, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Performance Summary 1.1 Futures Contracts Performance - On July 31, the main contract 2509 of coke futures significantly declined, erasing the gains from the previous two trading days or since July 22. The main contract 2509 of coking coal futures oscillated downward and hit the daily limit in the afternoon, erasing all gains since July 23. The closing price of J2509 was 1601 yuan/ton, down 4.93%, with a trading volume of 42,135 lots and a position volume of 28,705 lots, a decrease of 653 lots. The closing price of JM2509 was 1045.5 yuan/ton, down 7.97%, with a trading volume of 987,871 lots and a position volume of 284,647 lots, a decrease of 23,096 lots [5]. 1.2 Black - Series Futures Position - The position data of the top 20 long and short positions in black - series futures on July 31 showed different changes in various contracts. For example, in the RB2510 contract, the top 20 long positions decreased by 174,240 lots, and the top 20 short positions decreased by 122,370 lots, with a long - short difference of - 51,870 lots and a deviation of - 4.51% [6]. 2. Spot Market and Technical Analysis 2.1 Spot Market Prices - On July 31, the quasi - first - grade metallurgical coke flat - price index in Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. The low - sulfur main coking coal aggregate price in different regions had different performances, with the price in Lvliang increasing by 80 yuan/ton [8]. 2.2 Technical Indicators - On July 31, the daily KDJ indicators of the 2509 contracts of coke and coking coal both declined. The daily MACD red bars of the 2509 contracts of coke and coking coal narrowed for 4 consecutive trading days, and the daily MACD of the coke 2509 contract was nearly a death cross [8]. 3. Market Outlook 3.1 Coke Market - The coke production of independent coking plants has been rising for two consecutive weeks, reaching a new low since early April. The coke production of steel mills has slightly increased from the low point since late February. The coke inventories of ports and steel mills are hovering at low levels since early March and late December last year respectively, while the coking plant inventory has declined for 7 consecutive weeks, reaching a new low since early January. The profit per ton of coke has been in the red for 10 consecutive weeks, and the third round of coke spot price increases was implemented on July 25 [10]. 3.2 Coking Coal Market - From January to June, China's coking coal imports still maintained a large year - on - year decline of - 7.4%. In the past 6 weeks, the raw coal and clean coal inventories of coal washing plants have significantly declined, with decreases of 13.0% and 30.2% respectively. The inventory of independent coking plants has been rising significantly for 5 consecutive weeks, reaching a new high since early February. The port inventory has returned to the previous low - level range, and the steel mill inventory has increased for 2 consecutive weeks. With the continuous increase in steel mill inventory, coking plants have actively and significantly replenished their stocks, and the coking coal spot price has generally increased by 130 - 280 yuan/ton compared with late June [10]. 3.3 Overall Outlook - Checking coal mine production is beneficial for stabilizing coal supply and effectively managing the low - price and disorderly competition in the coal industry. The supply - demand expectation in the coal market has changed from oversupply before June to a contraction in domestic supply. After the recent significant rebound and subsequent decline in coke and coking coal futures prices, in the short term, their prices may follow steel futures. Attention should be paid to the changes in the supply - demand relationship in the coke market after the implementation of the third round of coke spot price increases and the increase or decrease in coking plants' coking coal inventory. If the demand weakens after the third round of coke price increases or the coking plants' coking coal inventory starts to decline significantly, the future market for coking products may not be optimistic. If the demand remains good or even increases after the third round of price increases, or the coking plants' coking coal inventory remains stable or continues to be replenished, there is still a possibility of a further increase in the future market for coking products [11]. 4. Industry News 4.1 Government Policies and Market Conditions - In June 2025, the national issuance of new bonds was 628.1 billion yuan, including 101 billion yuan of general bonds and 527.1 billion yuan of special bonds. The issuance of refinancing bonds was 547.2 billion yuan, including 267.4 billion yuan of general bonds and 279.8 billion yuan of special bonds. As of the end of June 2025, the national local government debt balance was 51.9503 trillion yuan [12]. - The deputy director of the General Affairs Department of the National Energy Administration, Zhang Xing, stated on July 31 that since this year, the coal market in China has been generally balanced with a slight oversupply. Since July, the daily scheduled coal production has remained above 12 million tons. Currently, the coal inventory of national unified - dispatch power plants exceeds 200 million tons, which can be used for 30 days. The National Energy Administration will guide coal - producing provinces and enterprises to continue to organize production, scientifically formulate production plans, and ensure coal supply [12][13]. - In the first half of 2025, the national power market operated smoothly, with the scale of market - traded electricity and the number of market players continuing to grow steadily. The total market - traded electricity of all power trading centers was 2.95 trillion kWh, a year - on - year increase of 4.8%. As of the end of June, the number of national power market business entities was 973,000, a year - on - year increase of 23.8% [13]. - In the first half of this year, China's energy infrastructure construction maintained a good momentum. The investment in key energy projects under construction and planned to start this year exceeded 1.5 trillion yuan, a year - on - year increase of 21.6%. The investment growth rates in the eastern, central, and western regions all exceeded 20%, and private enterprise investment maintained rapid growth [13]. 4.2 Company Announcements - In the first half of 2025, China Energy Investment Corporation completed coal production and sales of 374 million tons, power generation of 580.6 billion kWh, railway freight volume of 276 million tons, and chemical product output of 13.55 million tons [13]. - In the second quarter of 2025, Jiantou Energy completed power generation of 11.615 billion kWh, a year - on - year increase of 0.67%, and completed on - grid electricity of 10.764 billion kWh, a year - on - year increase of 1%. The company expects its operating performance in the first half of 2025 to increase significantly year - on - year [13]. - Gansu Energy Chemical Industry's Wangjiashan Coal Mine No. 1 Well has been approved to resume production [14]. - Wanneng Electric Power's coal procurement cost in the second quarter decreased more significantly year - on - year compared with the first quarter. The company's total installed capacity exceeds 17 million kilowatts, and it is currently not considering absorbing and merging its affiliated power plants, while its new energy projects are progressing as expected [14]. - In the first half of 2025, Pingdingshan Tianan Coal Mining Co., Ltd. produced 14.5297 million tons of raw coal, a year - on - year increase of 2.26%. The sales volume of commercial coal was 11.7369 million tons, a year - on - year decrease of 12.98% [14]. 4.3 International Market Forecast - The International Energy Agency (IEA) predicts that global electricity demand will increase by 3.3% and 3.7% in 2025 and 2026 respectively, more than twice the growth rate of total energy demand in the same period [14]. 5. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke in major markets, the aggregate price of main coking coal in major markets, the production and capacity utilization rate of coking plants and steel mills, national average daily pig iron production, coke inventories of ports/steel mills/coking plants, independent coking plant's profit per ton of coke, production and operating rate of coal washing plants, raw coal and clean coal inventories of coal washing plants, coking coal inventories of ports/coking plants/steel mills, and the basis between Rizhao Port's quasi - first - grade coke and the September contract, as well as the basis between Linfen's low - sulfur main coking coal and the September contract [15][17][21][29][30][33]

Core Insights - The national electricity market transaction volume in China for the first half of 2025 increased by 4.8% year-on-year, reaching a total of 2.95 trillion kilowatt-hours [1] Group 1: Market Performance - In June 2025, the total electricity market transaction volume was 502 billion kilowatt-hours, showing a year-on-year growth of 2.2% [1] - The intra-provincial transaction volume was 384.7 billion kilowatt-hours, which represents a year-on-year decline of 0.22% [1] - The inter-provincial and inter-regional transaction volume reached 117.4 billion kilowatt-hours, marking an increase of 11.1% year-on-year [1] Group 2: Green Electricity Transactions - The green electricity transaction volume in June 2025 was 23.9 billion kilowatt-hours, reflecting a year-on-year growth of 15.6% [1] - For the first half of 2025, the cumulative green electricity transaction volume was 154 billion kilowatt-hours, which is a significant increase of 49.3% year-on-year [1] Group 3: Overall Market Share - The total market transaction volume accounted for 60.9% of the total electricity consumption in society, which is an increase of 0.52 percentage points year-on-year [1] - The intra-provincial transaction volume for the first half of 2025 remained stable at 2.28 trillion kilowatt-hours, showing no change year-on-year [1] - The inter-provincial and inter-regional transaction volume for the first half of 2025 grew by 18.2% year-on-year, totaling 670.7 billion kilowatt-hours [1]

Core Viewpoint - The document emphasizes the need for proactive planning and upgrading of the power grid to accommodate large-capacity charging facilities, integrating renewable energy sources like solar power and energy storage systems [1] Group 1: Policy Recommendations - The National Development and Reform Commission and three other departments have issued guidelines to promote the scientific planning and construction of large-capacity charging facilities [1] - Electric grid companies are encouraged to conduct research on the impact of large-capacity charging loads on regional distribution systems and to assess the grid's capacity for integrating these facilities [1] - There is a push for the integration of large-capacity charging facility layout planning with distribution network planning, advocating for timely upgrades and construction of the power grid [1] Group 2: Infrastructure Development - The guidelines support the creation of intelligent and orderly large-capacity charging stations, establishing efficient interaction mechanisms between these stations and the distribution network [1] - It is recommended to build solar power generation and energy storage facilities in a manner that is tailored to local conditions [1] - The document suggests exploring methods to optimize the power access capacity for intelligent large-capacity charging stations, utilizing the distribution network's off-peak capacity effectively [1] Group 3: Market Participation - Charging operation companies are encouraged to engage in electricity market trading and demand response through the adoption of new load management systems [1] - The guidelines highlight the importance of using price signals to promote the high-level consumption of clean energy by electric vehicles [1]

Core Insights - The new energy storage projects in China saw a significant increase in installed capacity in May 2025, with a total of 6.32 GW and 15.85 GWh added, representing year-on-year growth of +193% and +228% respectively [1][2] - The growth in energy storage is primarily driven by front-of-the-meter storage, which accounted for 6.17 GW and 15.38 GWh, showing year-on-year increases of +213% and +248% [1] - User-side storage experienced a decline in installed capacity, with 150 MW and 473 MWh added, reflecting a year-on-year decrease of -19% [1] Regional Distribution - A total of 26 provinces in China added new energy storage projects, with 11 provinces exceeding 100 MW in new installations [3] - Yunnan province led the country with nearly 2.5 GW of new shared storage projects, followed by Qinghai, Xinjiang, Inner Mongolia, and Shandong, each with over 500 MW of new installations [3] Application Distribution - Grid-side independent storage dominated the market with a year-on-year growth rate exceeding 200%, contributing 4.95 GW and 11.61 GWh in new installations [6] - Power-side storage added 1.22 GW and 3.77 GWh, with 98% of new installations being renewable energy-related [6] - User-side storage primarily focused on commercial applications, with data centers accounting for over 40% of the user-side installations [7] Technological Distribution - Lithium-ion batteries remain the dominant technology, accounting for 96% of the new installed capacity [10] - There is an acceleration in the application of hybrid storage technologies, including combinations of lithium iron phosphate with various other technologies [10] Market Expectations - The energy storage market is expected to see continued growth in the second quarter of 2025, driven by the "531" policy and local government incentives [12] - However, uncertainties regarding the participation of new energy storage in the electricity market may impact future installations [13] - The competitive landscape remains intense, with a decline in prices for energy storage systems and EPC services observed [14]

Core Insights - The total market transaction electricity volume organized by national electricity trading centers from January to April reached 19,355.1 billion kilowatt-hours, representing a year-on-year increase of 4.0% and accounting for 61.3% of the total social electricity consumption, an increase of 0.56 percentage points [1][2][3] - The long-term direct electricity trading volume in the national electricity market totaled 14,690.9 billion kilowatt-hours from January to April, with a year-on-year growth of 0.4% [4] Group 1: National Electricity Trading Centers - From January to April, the total electricity transaction volume in provincial trading reached 15,031.8 billion kilowatt-hours, with direct electricity trading accounting for 14,471.2 billion kilowatt-hours, including green electricity trading of 807.5 billion kilowatt-hours [2] - Inter-provincial trading volume totaled 4,323.3 billion kilowatt-hours, with direct inter-provincial trading at 219.7 billion kilowatt-hours and external delivery trading at 3,925.0 billion kilowatt-hours [2] Group 2: April Trading Performance - In April, the total market transaction electricity volume was 4,698.8 billion kilowatt-hours, showing a year-on-year increase of 8.4% [3] - Provincial trading volume in April was 3,671.6 billion kilowatt-hours, with direct electricity trading at 3,507.0 billion kilowatt-hours, including green electricity trading of 231.6 billion kilowatt-hours [3] Group 3: Long-term Direct Electricity Trading - From January to April, the long-term direct electricity trading volume in the national market was 14,690.9 billion kilowatt-hours, with provincial direct trading at 14,471.2 billion kilowatt-hours and inter-provincial direct trading at 219.7 billion kilowatt-hours [4] - In April, the long-term direct electricity trading volume was 3,555.3 billion kilowatt-hours, with provincial direct trading at 3,507.0 billion kilowatt-hours and inter-provincial direct trading at 48.3 billion kilowatt-hours [4]

Group 1: Company Overview and Market Conditions - Guangdong Power Development Co., Ltd. is one of the earliest joint-stock reform enterprises in Guangdong and one of the first power listed companies in China, with the largest installed capacity among listed power companies in Guangdong [1] - The company primarily engages in investment, construction, and management of power and renewable energy projects, with a diversified energy source structure including large coal-fired, LNG, and hydropower projects [1] - In Q1 2025, the company faced significant operational pressure due to intensified competition in the Guangdong electricity market, leading to a 10% year-on-year decrease in on-grid electricity volume [2] Group 2: Financial Performance and Future Plans - The company's gross profit from power generation declined, resulting in a year-on-year loss in Q1 2025; the company plans to optimize trading strategies and control fuel procurement costs to improve operational performance [2] - The procurement structure for coal is balanced, with domestic and imported coal each accounting for approximately 50% of total procurement [2] Group 3: Future Development and Energy Transition - Long-term electricity demand in Guangdong is expected to continue growing, necessitating enhanced support and auxiliary functions from local power sources due to the impact of west-to-east electricity transmission and increasing renewable energy capacity [3] - The company currently has a controlling installed capacity of 39.3657 million kW, with wind power accounting for 3.3950 million kW (8.62%) and solar power accounting for 3.8809 million kW (9.86%); approximately 2.079 million kW of renewable projects are under construction [4] Group 4: Debt Management and Financing Strategy - The company acknowledges a high debt-to-asset ratio and plans to manage debt levels by enhancing operational efficiency, controlling financing scale, and exploring equity financing opportunities [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a Q1 2025 revenue of 1.557 billion yuan, a year-on-year increase of 17.5%, and a net profit attributable to shareholders of 374 million yuan, up 31.1% year-on-year, slightly exceeding market expectations [7] - The increase in net profit is attributed to favorable water conditions for peak regulation hydropower, leading to increased power generation and revenue [7] - The company has a total installed capacity of 12.9642 million kilowatts as of the end of 2024, including 10.28 million kilowatts of pumped storage, 654,200 kilowatts of new energy storage, and 2.03 million kilowatts of peak regulation hydropower [7] - The company is expected to maintain a net profit of 1.235 billion yuan in 2025, with corresponding P/E ratios of 25, 22, and 21 for 2025-2027 [7] Financial Summary - Total revenue forecast for 2023A is 5.63 billion yuan, with a year-on-year decrease of 31.85%, and is expected to grow to 6.673 billion yuan in 2025E, reflecting an 8.08% increase [1][8] - The net profit attributable to shareholders is projected to be 1.014 billion yuan in 2023A, down 39.05%, and is expected to rise to 1.235 billion yuan in 2025E, a growth of 9.61% [1][8] - The latest diluted EPS is forecasted to be 0.32 yuan in 2023A, increasing to 0.39 yuan in 2025E [1][8] - The company's total assets are projected to reach 57.814 billion yuan in 2025E, with total liabilities of 31.691 billion yuan [8]