Core Viewpoint - The coal industry in China is shifting from "scale expansion" to "quality first," focusing on energy security, green transformation, technological innovation, and social equity [2][5]. Industry Trends - The proportion of coal consumption for power generation is expected to exceed 60% as coal consumption shows new characteristics, with a slight increase in coal usage for the power sector before reaching carbon peak by 2030 [2][10]. - By 2030, electricity is projected to account for 34% of total energy consumption, driven by the growth of new industries and advancements in information technology [4]. Coal and Power Integration - The coal and power sectors have a natural synergy, with coal remaining a cornerstone of electricity generation in the near future [7]. - The number of coal mines in China has decreased from approximately 15,000 in 2014 to around 4,300 by the end of 2024, with large modern coal mines producing 80% of the total output [7][8]. Technological and Structural Adjustments - The coal industry is undergoing structural optimization, with significant investments in modern and intelligent coal mines, totaling about 4.5 trillion yuan over the past decade [7][9]. - Recommendations include establishing flexible production mechanisms, enhancing coal transportation infrastructure, and promoting green and efficient coal utilization [8][9]. Market Dynamics - The coal market is experiencing a decline in prices due to oversupply in late 2024 and increased production in early 2025, with a forecast of fluctuating consumption growth [10].

证券代码：000539、200539 证券简称：粤电力 A、粤电力 B 广东电力发展股份有限公司投资者关系活动记录表 2 编号：2025005 | 投资者关系活动 |  特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 时间 | 2025 年 6 月 5 日 | | 地点 | 线上交流 | | 参与单位名称及 | 汇添富基金 温宇峰、何旺、刘昇、劳杰男 | | 人员姓名 | | | 上市公司接待人 | 副总经理、财务负责人、董事会秘书 刘维 | | 员姓名 | 董事会事务部 高健伟、黄晓雯 | | | 经营部 郑大鹏 | | | 李健、贾静仪 发展部 | | | 新能源公司 肖燕华 问题一：2025 年广东省电力市场整体情况？ | | | 根据广东电力交易中心公布的交易结果，广东省 2025 年年度双边协 商交易、年度挂牌交易、年度集中竞争交易的成交均价同比有所下降，其 | | | 中双边协商成交电量 3,310.08 亿千瓦时，成交均价 3 ...

Group 1 - The core viewpoint of the article is that Panzhihua Co., Ltd. is actively investing in renewable energy projects, specifically wind and solar power, to enhance its integrated coal and electricity development strategy [1][2]. - The company plans to invest 9.62 billion yuan in two projects: a wind farm with a capacity of 120 MW and a solar power station with a capacity of 50 MW, which will be constructed simultaneously [2]. - By May 30, 2025, the company aims to have a total installed capacity of 3.77 million kW in renewable energy projects, with 2.96 million kW already connected to the grid [2]. Group 2 - Panzhihua Co., Ltd. is the largest coking coal enterprise in Southwest China, with coal reserves of 8.143 billion tons and an available mining capacity of 3.949 billion tons [3]. - In 2024, despite market challenges, the company achieved a raw coal output of 14.46 million tons and a sales volume of 7.84 million tons, meeting its budget targets [3]. - The company has also invested 6.67 billion yuan in a new coal-fired power plant project, which is expected to enhance its electricity generation capacity [3]. Group 3 - For the fiscal year 2024, the company reported a revenue of 8.9 billion yuan, a decrease of 5.4% year-on-year, and a net profit of 104 million yuan, down 85.8% [4]. - In the first quarter of the current year, the company recorded a revenue of 2.482 billion yuan, a year-on-year increase of 27.33%, but incurred a net loss of 105 million yuan due to rising coal extraction costs and declining coal prices [4]. - The company's operating cash flow increased significantly by 290.7% to 90.29 million yuan, indicating strong cash generation capabilities [4].

证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 电力 迎峰度夏有望提振电力需求，新型电力系统试点解决新能源消纳 本周行情回顾：本周（6.3-6.6）上证指数报收 3385.36 点，上涨 1.13%，沪 深 300 指数报收 3873.98 点，上涨 0.88%。中信电力及公用事业指数报收 2939.08 点，下跌 0.12%，跑输沪深 300 指数 1.00pct，位列 30 个中信一级 板块涨跌幅榜第 25 位。 本周行业观点： ➢ 新型电力系统建设试点工作发布，算电协同、煤电改造等 7 大方向，有 望解决新能源消纳。6 月 4 日，国家能源局发布《关于组织开展新型电 力系统建设第一批试点工作的通知》，提出围绕算力与电力协同、大规 模高比例新能源外送、新一代煤电等七个方向开展试点工作。 在算电协同方面，提出重点在国家枢纽节点和青海、新疆、黑龙江等能 源资源条件好区域协同规划布局算力与电力项目，探索新能源就近供电、 聚合交易、就地消纳的"绿电聚合供应"模式，提高数据中心绿电占比； 通过算力负荷与新能源功率联合预测、算力负荷柔性控制、智能化调度 等技术，提升源荷协同水平 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [3]. Core Views - The company possesses rich and high-quality coal resources, particularly in the Shaanxi region, which supports stable growth and profitability despite coal price fluctuations [8]. - The acquisition of power assets is expected to enhance the integration of coal and electricity operations, leading to improved profitability stability [8]. - The company has demonstrated strong cash flow, a healthy asset structure, and a positive dividend policy, reflecting its dividend attributes [7]. Summary by Sections 1. Company Overview - The company is a subsidiary of Shaanxi Coal and Chemical Industry Group, with significant coal reserves and a coal production capacity of 162 million tons, primarily located in key development areas [16][22]. - As of 2024, the company has coal reserves of 1.7931 billion tons and a recoverable reserve of 1.0246 billion tons, with a mining life exceeding 70 years [16][50]. 2. Coal Business - The company has a modernized and efficient coal mining operation, with a focus on low-cost production and high-quality coal suitable for power generation and chemical industries [50]. - The average selling price of self-produced coal has shown resilience, with prices of 669, 591, and 532 RMB per ton from 2022 to 2024, respectively [6][38]. - The gross profit margin for self-produced coal has consistently remained above 50%, with significant contributions from major mines in the Shaanxi region [38]. 3. Power Business - The company has a total installed capacity of 19.62 million kilowatts, with 8.3 million kilowatts in operation and 11.32 million kilowatts under construction, primarily in the Henan, Shaanxi, Shanxi, and Hunan provinces [2][16]. - The expected power generation from newly constructed units is projected to contribute significantly to revenue in the coming years [2]. 4. Financial Performance - The company reported a revenue of 184.14 billion RMB and a net profit of 22.36 billion RMB in 2024, with a slight year-on-year decline in net profit [32]. - The company maintains a healthy cash flow, with operating cash flows exceeding 30 billion RMB annually since 2021 [40]. - The dividend payout ratio has remained above 50% since 2020, indicating a strong commitment to returning value to shareholders [45]. 5. Future Outlook - The company is expected to achieve net profits of 16.81 billion RMB, 18.16 billion RMB, and 20.12 billion RMB from 2025 to 2027, with corresponding EPS of 1.73, 1.87, and 2.08 RMB [9]. - The strategic focus on integrating coal and power operations is anticipated to enhance profitability and operational efficiency [8].

国家能源局关于组织开展新型电力系统建设第一批试点工作的通知 国能发电力〔2025〕53号 各省（自治区、直辖市）能源局，有关省（自治区、直辖市）及新疆生产建设兵团发展改革委，北 京市城市管理委员会，国家能源局各派出机构，有关中央企业： （一）构网型技术。重点在高比例新能源接入的弱电网地区、"沙戈荒"基地大规模新能源外送地 区，应用新能源/新型储能构网型控制技术，有效解决短路容量下降、惯量降低、宽频振荡等问 题，提升新能源接网与送出能力。在电网结构薄弱地区、孤岛运行系统，应用构网型控制技术，提 高系统电压、频率、功角稳定能力，提升电力供应安全和系统稳定运行水平。 （二）系统友好型新能源电站。重点在保供偏紧或消纳压力较大地区，新建或改造一批新能源电 站，通过长尺度高精度功率预测、风光储智慧联合调控运行等，提升系统友好性能，电站在高峰时 段（不低于2小时）置信出力提升至10%以上。电站与调度机构签订协同调度协议，明确协同调度 运行方式及纳入电力平衡的可靠容量、支撑时长。电站日前申报协同运行的功率预测结果及发电计 划建议，调度机构完善调度运行规则，基于电站上报数据将电站统筹纳入日内电力平衡。优先建设 或改造新能源装机 ...

6月4日，国家能源局发布《关于组织开展新型电力系统建设第一批试点工作的通知》，提出围绕构网型技 术、系统友好型新能源电站、智能微电网、算力与电力协同、虚拟电厂、大规模高比例新能源外送、新一 代煤电等七个方向开展试点，探索新型电力系统建设新技术、新模式，推动新型电力系统建设取得突破。 在算力与电力协同层面，《通知》明确，重点在国家枢纽节点和青海、新疆、黑龙江等能源资源条件好的非枢 纽节点地区，在科学整合源荷储资源的基础上，统筹地区存量及增量数据中心绿电需求和新能源资源条件，协 同规划布局算力与电力项目。通过探索新能源就近供电、聚合交易、就地消纳的"绿电聚合供应"模式，提高数 据中心绿电占比。通过算力负荷与新能源功率联合预测、算力负荷柔性控制、智能化调度等技术，提升源荷协 同水平，降低负荷高峰时段电网保障容量需求。加强数据中心余热资源回收利用，提高能源使用效率。探索光 热发电与风电、光伏发电联合运行，提升稳定供应水平。 在新一代煤电方向上，《通知》提出对照《新一代煤电升级专项行动实施方案（2025—2027年）》中新一代煤 电试点指标要求，积极推动具备条件的现役机组和新建机组针对清洁降碳、高效调节两类指标分别开展 ...

Core Viewpoint - The company aims to enhance its operational efficiency and shareholder value through strategic initiatives, including the integration of coal and electricity operations, governance improvements, and a focus on safety and environmental standards [3][4][5]. Group 1: Operational Performance - In 2024, the company achieved a coal production of 170 million tons and sales of 260 million tons, with total electricity generation reaching 37.6 billion kWh and sales of 35.1 billion kWh [3][4]. - The company's revenue for the year was CNY 184.145 billion, reflecting a year-on-year increase of CNY 2.673 billion, or 1.47% [21][22]. - The net profit attributable to shareholders was CNY 22.36 billion, a decrease of CNY 740 million, or 3.21% compared to the previous year [23]. Group 2: Governance and Management - The board of directors held six meetings in 2024, approving a total of 33 proposals, including the annual work report and financial statements [7][8]. - The company established a comprehensive governance framework, including independent director meetings and specialized committees to enhance decision-making and risk management [4][5]. Group 3: Safety and Environmental Initiatives - The company implemented safety and environmental measures, achieving significant milestones such as the establishment of intelligent safety systems in all mines and the completion of geothermal utilization projects [4][5]. - The company reported a total utilization of 110 million cubic meters of gas, contributing to its green mining initiatives [5]. Group 4: Financial Management and Shareholder Returns - The company distributed a total of CNY 14.805 billion in dividends in 2024, with plans for further cash distributions in the upcoming years [6][7]. - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 11.36 per ten shares, totaling CNY 11.014 billion [24][25]. Group 5: Future Outlook - The company plans to focus on high-quality development, enhancing compliance and risk management, optimizing resource allocation, and promoting technological innovation in the coming years [13][14][15]. - The board aims to strengthen its market position by improving operational efficiency and increasing shareholder value through strategic investments and sustainable practices [13][15].

答：该《方案》出台，会对煤电节能改造业务产生多方面影响。对于老旧机组 在能耗、调峰等方面存在的不足，电厂会开展降低碳排放、灵活性改造方面的 业务。同时，新一代煤电技术不仅仅局限于传统节能改造，还涉及到智能化、 数字化等新兴领域，这将促使煤电节能改造从单一的设备升级和技术改进，拓 展到涵盖智能控制系统、远程监测等多个方面，为服务商提供了更广阔的业务 发展空间。公司在上述领域均有业务布局，如混氨燃烧服务低碳化改造；在安 全智能领域，公司提出透明锅炉的概念，通过在线监测、传感器、数据采集及 智能分析界面，实现锅炉运行的数字化、可视化，支持远程控制与系统诊断， 持续优化锅炉运行。 问：公司 2024 年混氨业务确认收入主要是哪些项目？ 答：主要是公司国能台山电厂 600MW 燃煤锅炉混氨燃烧项目，实现部分验收。 该项目2024年实现第一阶段验收，2025年将继续进行第二阶段研究与工程验证。 问：混氨燃烧技术的经济性如何？ 证券代码：300105 证券简称：龙源技术 烟台龙源电力技术股份有限公司 投资者关系活动记录表 | 编号：2025-04 | | --- | 投资者关系活 动类别 特定对象调研 分析师会议 媒体采访 ...

Group 1 - The core achievement of Zhangjiagang Shazhou Power Co., Ltd. is the record daily electricity generation of 75.661 million kWh, with a load factor of 96.70%, marking the highest daily output since its establishment [2] - The electricity generation has been consistently increasing, with 17 billion kWh in 2022, projected to reach 18.5 billion kWh in 2023, and 19.3 billion kWh in 2024, indicating a strong growth trajectory [2] - The recent daily output surpassed the previous record of 72.937 million kWh set on January 26, 2024, by nearly 3.7%, demonstrating the company's capability to meet regional power supply demands [2] Group 2 - Shazhou Power ranks seventh in total installed capacity in Jiangsu Province and second in the Suzhou area, highlighting its significance as a power support point for the southern Jiangsu power grid [3] - The plant's large-scale units achieve over 5,800 hours of annual utilization for million-kilowatt units and over 6,000 hours for 600,000-kilowatt units, showcasing industry-leading operational efficiency [3] - Yongtai Energy's power segment, with a total installed capacity of 9.18 million kW and a focus on large units and high technology, has effectively leveraged coal-electricity complementary advantages during periods of declining coal prices [3]