证券研究报告 | 2026年03月25日 2026年03月26日 海油发展（600968.SH） 优于大市 2025 年归母净利润同比增长 6.2%，能源技术毛利率创新高 2025 年归母净利润同比增长 6.2%，业绩略低于预期，主要由于油价中枢下 降，能源物流服务板块营收、利润下滑所致。公司 2025 年营业收入 503.6 亿元（同比-4.1%），归母净利润 38.8 亿元（同比+6.2%），扣非归母净利 润 39.2 亿元（同比+2.9%）；单四季度营业收入 164.2 亿元（同比-12.9%）， 归母净利润 10.3 亿元（同比+6.6%），扣非归母净利润 10.6 亿元（同比 -19.3%）。公司 2025 年毛利率达到 16.1%（同比+1.5pcts），净利率 7.9% （同比+0.8pcts），扣非净利率 7.8%（同比+0.5pcts），均为上市以来新高。 公司 2025 年经营活动现金流量净额为 50.8 亿元，拟派发现金红利 14.9 亿 元（含税），分红率为 38.5%，按照 2025 年末收盘价计算，股息率为 3.8%。 | 盈利预测和财务指标 | 2024 | 2025 | 202 ...

南财智讯2月5日电，赣能股份在投资者关系活动中表示，"十五五"期间公司将积极响应能源安全新战略 和"3060"双碳目标要求，优化新能源项目开发策略，加强资源评估，做好建设运营管理，有序推进新能 源业务布局，持续推动公司电源结构优化与清洁低碳转型。 ...

Group 1 - The 2023 national average carbon dioxide emission factor for electricity is 0.5306 kgCO2/kWh, a decrease of 1.1% from 2022's 0.5366 kgCO2/kWh, attributed to the optimization of the power generation energy structure and a reduction in the proportion of thermal power generation [1][5] - The average carbon dioxide emission factors for electricity in 2023 for various regions are as follows: North China 0.6361 kgCO2/kWh (down 6.1%), Northeast 0.5122 kgCO2/kWh (down 8.0%), East China 0.5500 kgCO2/kWh (down 2.1%), Central China 0.5271 kgCO2/kWh (down 2.3%), and Northwest 0.5543 kgCO2/kWh (down 5.4%), mainly due to the decrease in the proportion of thermal power generation [2][5] - In contrast, the Southern and Southwestern regions have average carbon dioxide emission factors of 0.4042 kgCO2/kWh (up 4.5%) and 0.2472 kgCO2/kWh (up 9.0%), respectively, due to reduced hydropower output from lower rainfall, leading to an increased share of thermal power generation [2][5] Group 2 - At the provincial level, 20 provinces, including Beijing, show a downward trend in the average carbon dioxide emission factor for electricity in 2023 compared to 2022, influenced by a decrease in thermal power generation and an increase in the proportion of clean energy imported from other provinces [3][6] - Conversely, 10 provinces, including Guangdong, have seen an increase in their average carbon dioxide emission factors due to a decline in hydropower generation and an increase in thermal power generation [3][6] - The national average carbon dioxide emission factor for electricity, excluding market-based non-fossil energy, is 0.6096 kgCO2/kWh, an increase of 4.1% from 2022's 0.5856 kgCO2/kWh, primarily due to the growth of market-based non-fossil energy transactions [3][6] Group 3 - The national fossil energy electricity carbon dioxide emission factor is 0.8273 kgCO2/kWh, a decrease of 0.6% from 2022's 0.8325 kgCO2/kWh, mainly due to a reduction in the proportion of coal-fired power generation and a decrease in the carbon content of coal used in thermal power generation [3][6] - Overall, the changes in the carbon dioxide emission factors for electricity in 2023 reflect the actual achievements of China's clean and low-carbon transition in the power industry [7] - The country plans to continue improving the calculation methods for carbon dioxide emission factors and strengthen the analysis of measured parameters to support the establishment of a unified and standardized carbon emission statistical accounting system [7]