2025年，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕开拓国内外市场。受益于 国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统主营产品市场需求持续提 升，为经营业绩稳定增长筑牢坚实基础；光伏项目顺利落地并实现收入贡献，成为业绩增长的重要增 量。 格隆汇2月25日丨青达环保(688501.SH)公布2025年度业绩快报，报告期内，公司实现营业收入20.42亿 元，同比增长55.42%；实现营业利润2.18亿元，同比增长87.77%；实现利润总额2.19亿元，同比增长 88.45%；归属于上市公司股东的净利润1.81亿元，同比增长94.62%；归属于上市公司股东的扣除非经常 性损益的净利润1.75亿元，同比增长115.78%；基本每股收益1.47元，同比增长93.42%。 ...

[Table_scodeMsg1] 公司研究丨深度报告丨建投能源（000600.SZ） [Table_Title] 建投能源：冀电龙头，擎势腾飞 %% %% 请阅读最后评级说明和重要声明 2 / 28 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 复盘主要火电公司的表现，2025 年火电投资呈现出"北移"和看重业绩释放的特征，建投能源 盈利的持续修复驱动公司股价表现优异。聚焦公司火电经营，公司深耕河北地区，区域电源结 构支撑公司具备优于行业的电价韧性，构筑起公司强大的区域护城河；而展望来看河北区域电 力供需预计将保持紧平衡，为公司保持电价相对优势提供强有力支撑。此外，公司在建及储备 项目丰厚，参控股火电机组投产后预计将为公司带来 34%的权益装机成长空间，2026 年公司 将步入明确的成长兑现期。 分析师及联系人 [Table_Author] 张韦华 司旗 宋尚骞 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SFC：BQT627 刘亚辉 张子淳 SAC：S049 ...

一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 证券代码：688501 证券简称：青达环保 公告编号：2026-001 青岛达能环保设备股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 （二）每股收益：0.76元。 三、本期业绩变化的主要原因 报告期内，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕开拓国内外市场。受益 于国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统主营产品市场需求持续 提升，为经营业绩稳定增长筑牢坚实基础；光伏项目顺利落地并实现收入贡献，成为业绩增长的重要增 量。同时，公司国际市场拓展提速，市场份额与品牌影响力持续提升，为公司长期可持续发展注入强劲 动力。 四、风险提示 本次业绩预告是公司财务部门基于自身专业判断进行的初步核算，未经注册会计师审计。公司不存在影 响本次业绩预告内容准确性的重大不确定因素。 五、其他说明事项 经青岛达能环保设备股份有限公司（以下简称"公司"）财务部 ...

青达环保(688501.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所有者的净利润 16,500万元到19,000万元，与上年同期(法定披露数据)相比，将增加7,202.68万元到9,702.68万元，同比 增加77.47%到104.36%。 青达环保(688501.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司所有者的净利润 16,500万元到19,000万元，与上年同期(法定披露数据)相比，将增加7,202.68万元到9,702.68万元，同比 增加77.47%到104.36%。 报告期内，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕开拓国内外市场。受益 于国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统主营产品市场需求持续 提升，为经营业绩稳定增长筑牢坚实基础;光伏项目顺利落地并实现收入贡献，成为业绩增长的重要增 量。同时，公司国际市场拓展提速，市场份额与品牌影响力持续提升，为公司长期可持续发展注入强劲 动力。 ...

每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 每经AI快讯，青达环保1月26日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 1.65亿元到1.9亿元，与上年同期相比，将增加7202.68万元到9702.68万元，同比增加77.47%~104.36%。 业绩变动主要原因是，报告期内，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕 开拓国内外市场。受益于国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统 主营产品市场需求持续提升，为经营业绩稳定增长筑牢坚实基础；光伏项目顺利落地并实现收入贡献， 成为业绩增长的重要增量。同时，公司国际市场拓展提速，市场份额与品牌影响力持续提升，为公司长 期可持续发展注入强劲动力。 （记者 曾健辉） ...

格隆汇1月26日丨青达环保(688501.SH)公布，公司财务部门初步测算，预计2025年年度实现归属于母公 司所有者的净利润16,500.00万元到19,000.00万元，同比增加77.47%到104.36%。预计2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润15,800.00万元到18,300.00万元，同比增加94.85%到 125.68%。 报告期内，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕开拓国内外市场。受益 于国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统主营产品市场需求持续 提升，为经营业绩稳定增长筑牢坚实基础；光伏项目顺利落地并实现收入贡献，成为业绩增长的重要增 量。同时，公司国际市场拓展提速，市场份额与品牌影响力持续提升，为公司长期可持续发展注入强劲 动力。 ...

报告期内，公司紧密围绕年度经营战略，在稳步扩大产能规模的同时，持续深耕开拓国内外市场。受益 于国家新建火电投资加速及存量机组升级改造等一系列利好政策影响，公司传统主营产品市场需求持续 提升，为经营业绩稳定增长筑牢坚实基础；光伏项目顺利落地并实现收入贡献，成为业绩增长的重要增 量。同时，公司国际市场拓展提速，市场份额与品牌影响力持续提升，为公司长期可持续发展注入强劲 动力。 格隆汇1月26日丨青达环保(688501.SH)公布，公司财务部门初步测算，预计2025年年度实现归属于母公 司所有者的净利润16,500.00万元到19,000.00万元，同比增加77.47%到104.36%。预计2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润15,800.00万元到18,300.00万元，同比增加94.85%到 125.68%。 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The weighted average price of electricity in Jiangsu for September 2025 was 319.48 RMB/MWh, which is lower than market expectations. The total electricity traded was 8.111 billion kWh, with various sources contributing different amounts and prices [4]. - The report highlights a continued increase in electricity demand, with a 3.7% year-on-year growth in total electricity consumption for the first half of 2025 [15]. - The report suggests investment opportunities in green energy, photovoltaic assets, charging station assets, thermal power, hydropower, and nuclear power, emphasizing the potential for value reassessment in these areas [4]. Summary by Sections 1. Market Review - The SW utility index decreased by 0.67% from August 25 to August 29, 2025, underperforming compared to the ChiNext index [9]. - The top five gainers included Zhaoxin Co. (+33.6%) and Tianlun Gas (+13.2%), while the top five losers included ST Shengda (-9.5%) and Jiawei New Energy (-7.9%) [13]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption in H1 2025 reached 4.84 trillion kWh, reflecting a 3.7% year-on-year increase [15]. - The growth rates for different sectors were: primary industry (+8.7%), secondary industry (+2.4%), tertiary industry (+7.1%), and urban-rural residential consumption (+4.1%) [15]. 2.2. Power Generation - Total power generation in H1 2025 was 4.54 trillion kWh, with a year-on-year increase of 0.8%. However, thermal and hydropower generation saw declines of 3.1% and 2.9%, respectively [23]. 2.3. Electricity Prices - The average electricity purchase price in August 2025 was 388 RMB/MWh, down 2% year-on-year but up 1.3% month-on-month [41]. 2.4. Thermal Power - The price of thermal coal at Qinhuangdao port was 690 RMB/ton as of August 29, 2025, a decrease of 17.76% year-on-year [46]. - The cumulative installed capacity of thermal power reached 1.47 billion kW, with an increase of 4.7% year-on-year [49]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 162.19 meters, which is normal compared to previous years. Inflow and outflow rates increased by 35.48% and 47.46% year-on-year, respectively [55]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive trend in the development of nuclear power [67]. 2.7. Green Energy - New installations of wind and solar power in H1 2025 increased by 99% and 107% year-on-year, respectively [4]. 3. Investment Recommendations - The report recommends focusing on companies like Changjiang Electric for high dividend yield assets, and suggests monitoring companies involved in green energy and charging stations for potential value reassessment [4].

Core Viewpoint - The electricity consumption growth in January and February 2025 was modest at 1.3%, primarily due to warm winter temperatures and a high base effect from the leap year in 2024, leading to a decline in electricity demand across various sectors [1][2]. Demand - In January and February 2025, total electricity consumption reached 155.64 billion kWh, with a year-on-year growth of 1.3%, down 1.9 percentage points from December 2024. The contributions to overall electricity growth were 7.7% from primary industry, 40.4% from secondary industry, 50.7% from tertiary industry, and 1.6% from residential use [2]. - The secondary industry's electricity consumption growth rate declined, with high-energy-consuming sectors experiencing a slowdown. High-energy regions saw a consumption growth rate drop to 2.4%, while coastal regions continued to decline [2]. Supply - As of February 2025, the installed capacity of power plants with 600,000 kW and above reached 298 million kW, a year-on-year increase of 11.7%. In January and February, new installations totaled 54,530 MW, including 39,470 MW of solar power [3]. - Power source investment amounted to 75.3 billion yuan, a year-on-year increase of 0.2%, but down 11.9 percentage points compared to the entire year of 2024. Conversely, grid investment reached 43.6 billion yuan, up 33.5% year-on-year, marking an 18.2 percentage point increase from 2024 [3]. Consumption - The average utilization hours of power generation equipment in January and February were 505 hours, down 10.3% year-on-year. Specifically, hydropower utilization was 368 hours (down 0.3%), thermal power was 691 hours (down 9.4%), nuclear power was 1,226 hours (up 0.8%), wind power was 363 hours (down 2.7%), and solar power was 166 hours (down 1.2%) [4]. - In February, the domestic wind power utilization rate was 92.9%, down 0.8 percentage points year-on-year, while the solar power utilization rate remained stable at 93.4% [4]. The decline in thermal power utilization hours is attributed to the expansion of thermal power installations in 2024 and limited electricity demand growth in 2025 [4]. Investment Opportunities - Focus on long-term assets such as hydropower and nuclear power, which benefit from declining interest rates and return expectations. Low-valuation green electricity stocks in Hong Kong present a safety margin and potential policy improvements [6]. - Selective investments in sectors with resource advantages or superior business models, such as offshore wind and integrated coal power [6]. - Opportunities arising from the integration of digitalization and new power systems, including virtual power plants, microgrids, and comprehensive energy services [6].