航道开工不影响公司经营决策，促进西南地区经济发展。公司在2015 年收购龙滩公司的时候，龙滩公 司体内已经有500 吨航道建设的规划，彼时龙滩公司已规划好项目静态投资所需的24.3 亿元。本次通航 工程变更为1000 吨，不改变公司原有资金投向，未实质增加公司原计划的资金负担。根据公告，龙滩 水电站工程通航建筑物的建设将有力改善沿江地区招商引资基础条件、优化贵州省运输体系、改善西南 地区经济发展环境。另外，龙滩水电站8、9 号调峰机组扩建工程尚未正式开工，预计周边经济的改善 以及广西新能源的发展，有助于加快龙滩扩建工程。 前三季度水电电量大增奠定全年业绩基础，看好公司水电长期价值。根据公告，公司前三季度水电发电 量282 亿千瓦时，同比增加22%，公司业绩核心仍然以水电为绝对主导，较好的电量带来前三季度归母 净利润增长12%。降雨丰枯对短期业绩影响难以避免，但自然降雨波动不影响水电长期价值，我们认为 水电的核心价值在于与宏观经济相关程度极低的现金流创造能力。公司2022-2024 年每年每股派息0.2元 （含税），并且自2023 年开始执行年中+年度分红策略，2022-2024 年分红比例分别为49.13%、 ...

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 12 月 28 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 12 | 月 26 | 日 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 7.30 | | | | | | 一 年 最 低 | / | 最 | | | 7.68/5.90 | | | 内 | 高 | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | 57,541.36 | | | | | | 流通市值（百万元） | | | | | 57,541.36 | | | ...

Investment Rating - The report maintains a recommendation for the industry [2] Core Viewpoints - The report highlights a significant increase in nuclear power generation, with a year-on-year growth of 23.0% in March, while thermal power generation has decreased by 2.3% [11] - The overall electricity consumption in March reached 828.2 billion kWh, reflecting a year-on-year increase of 4.8%, with the first and third industries maintaining high growth rates [20] - The report emphasizes the potential for further declines in coal prices due to increased supply and decreased demand as temperatures rise, which could enhance profitability in thermal power generation [6] Industry Scale - The industry comprises 241 listed companies with a total market capitalization of 370.24 billion and a circulating market capitalization of 344.90 billion [2] Industry Index Performance - The environmental and public utility sectors have shown positive performance, with the public utility index increasing by 1.77% and the environmental index by 0.04% [6][28] - Year-to-date, the environmental sector has a cumulative decline of 1.02%, while the electric power sector has declined by 2.46%, both outperforming the broader market indices [6] Key Data Tracking - As of April 18, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 680 yuan/ton, a significant drop of 57.5% from its peak of 1599 yuan/ton in October 2022 [40] - The average electricity price in Guangdong reached a peak of 327.31 yuan/MWh on April 18, 2025, reflecting a week-on-week decrease of 7.0% [65] - The national carbon market saw a weekly trading volume of 149.89 million tons, a substantial increase of 319.5% [72] Key Events in the Industry - The National Development and Reform Commission and the National Energy Administration jointly issued the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" [76]