华泰证券研报称，国家统计局公布10月份规上工业发电量8002亿千瓦时，同比增长7.9%，较9月增长6.4 个百分点；其中火电同比增长7.3%，较9月增长12.7个百分点；水电同比增长28.2%，较9月放缓3.7个百 分点。预测10月全社会用电量增速或达10.2%，虽然10月是传统用电淡季（主要系秋冬之交低温未至、 十一假期停工停产），但是10月发电量"淡季不淡"或为今年四季度电力消费需求同比高增的缩影。火电 发电量同比增幅扩大12.7个百分点是另一亮点，考虑到水电在来水转弱下增幅收窄，对火电挤出效应减 弱，叠加2024年四季度低基数，看好强火电需求+低库存+供给受压制支撑四季度动力煤价。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The report highlights that the company's performance in the first half of 2025 was under pressure due to falling coal prices, but anticipates a recovery in the second half of the year driven by rising coal and electricity prices [6]. - The company reported a revenue of 77.98 billion yuan in H1 2025, a decrease of 14.19% year-on-year, and a net profit attributable to shareholders of 7.64 billion yuan, down 31.18% year-on-year [6]. - The report projects a gradual recovery in the company's financial performance, with expected revenues of 169.02 billion yuan in 2025, 172.67 billion yuan in 2026, and 181.04 billion yuan in 2027 [5]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 169,016 million yuan, with a year-on-year decline of 8.2% [5]. - The net profit attributable to shareholders is projected to be 18,222 million yuan in 2025, reflecting an 18.5% decrease year-on-year [5]. - The report indicates a decrease in gross margin to 29.7% in 2025, down from 32.7% in 2024 [5]. - The company plans to distribute a cash dividend of 0.39 yuan per share, totaling 382 million yuan [6]. - The report notes a significant reduction in financial, management, and research expenses, leading to a decrease in total expenses from 44.88 billion yuan in H1 2024 to 36.25 billion yuan in H1 2025 [6].