记者丨 雷椰 编辑丨周上祺 全国多地气温持续偏高，电力保供体系正经受"烤验"。7月以来，全国气温热力值拉满，大部 分地区平均气温较常年同期偏高1—2℃，叠加南方等地"出梅"降雨结束，呈现高温闷热天气。 7月31日，国家能源局召开2025年三季度新闻发布会，重点发布了迎峰度夏电力供应的形势与 坚实保障举措。多位业内人士向21世纪经济报道记者表示，电力涉及到社会民生的方方面面， 与经济增长息息相关。为了确保国家的能源安全和经济的可持续发展，未来必须采取更加有力 的措施来加强电力供应的供给侧管理，同时也要优化需求侧的电力消费模式。 针对市场高度关注的绿证发展态势，发布会也同步亮出了上半年绿证市场的亮眼成绩单。值得 关注的是，在绿色能源消费领域，今年上半年，全国新能源汽车总充电量达549.23亿千瓦时， 全年的充电量预计与三峡电站的年发电量相当。未来国家能源局将加快构建高质量充电基础设 施，更好满足人民群众购置和使用新能源汽车需要。专家表示，推动绿色电力消费，鼓励使用 清洁能源，减少对环境的污染，也是电力行业发展的关键方向。 迎战历史级高温负荷 今年入夏以来，全国最大电力负荷又突破记录。国家能源局电力司副司长刘明阳在 ...

《洞见ESG》7月刊 全国碳市场开启四周年 监管声音 监管声音｜生态环境部逯世泽：全国碳市场量价齐升，成交额超466亿元 7月26日，由冶金工业规划研究院主办，中国节能协会冶金工业节能专业委员会协办的"2025 （第十六届）钢铁行业节能减排大会"在北京举行。今年是"双碳"目标提出5周年，也是全国碳 市场开启4周年，钢铁行业作为今年被纳入全国碳市场的行业之一，其绿色低碳转型的路径仍待 明晰。 【点击查看详情】 监管声音｜中国气象局答21：高温来袭电力吃紧，气象预警"撑伞"保供 在今年6月，中国气象局正式开启迎峰度夏气象服务，组建能源保供气象服务专班，与能源电力 部门建立实时交流反馈机制，针对高温天气过程及时发布重要天气和能源电力影响提示，采取 有力措施最大限度降低天气对能源保供的影响。截至7月23日，已经制作发布《迎峰度夏能源保 供气象服务周报》6期。 【点击查看详情】 政策速递 政策速递｜ 三个经济大省试点分布式绿证核发，企业如何抢占绿色红利？ 绿证作为我国可再生能源电量环境属性的唯一证明，对营造绿色消费环境、加快形成绿色生产 方式和生活方式具有重要意义。当前，我国已经构建基本完善的绿证制度体系，绿证核发也实 ...

（央视财经《天下财经》）目前正是迎峰度夏能源保供的关键时期，国家能源局今天表示，迎峰度夏期 间用电负荷屡创新高，全国电力供应平稳有序，经受住了今年入夏以来的首轮高温大负荷考验。 国家能源局表示，迎峰度夏以来，全国最大电力负荷4次创历史新高，突破15亿千瓦，最高达到15.08亿 千瓦，较去年最大负荷增加0.57亿千瓦。截至目前，江苏、山东、广东等19个省级电网负荷46次突破历 史新高。全国电力供应平稳有序，经受住了今年入夏以来的首轮高温大负荷考验。迎峰度夏期间，如多 区域同热，全国用电负荷预计可能突破15.5亿千瓦。 国家能源局电力司副司长 刘明阳：预计8月上旬，还将有高温天气过程，如出现极端气候、大范围连续 高温天气，电力供应保障压力将进一步加大。目前看，全国电力供应总体有保障，华东、华中、南方区 域部分省份高峰时段电力供应趋紧，但可以通过采取相关措施有效管控。 此外，迎峰度夏以来电煤库存持续增加，目前全国统调电厂煤炭库存超过2亿吨，可用30天。煤炭价格 较为稳定。7月28日，秦皇岛5500大卡动力煤现货价格为646元/吨。 国家能源局新闻发言人 张星：全力做好煤炭生产供应。组织晋、陕、蒙、新等重点产煤省区开 ...

晨 会 纪 要 [2025]第 139 号 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 张德燕 轩鹏程 文正平 李杰 王文瑞 张智珑 郭怡萍 何超 李育文 李正威 别璐莎 邢维洁 孙菲 马丽明 贺钰偲 汪 炜 聂孟依 顾华昊 整理记录：顾华昊 研究所今日晨会要点如下: 一、行业公司 1、公用事业（孙菲） 华润电力-火电资产优质，新能源发展提速 新能源发展加速，分拆上市缓解资金压力 公司借助中国华润多元业态，与集团旗下业务积极合作，开拓新能源业务。根据公司 财报，截至 2024 年底公司风光权益装机容量分别为 24313 和 9433 兆瓦，在建管理装 机容量分别为 9856 和 8861 兆瓦。从区域布局看，主要在京津冀、长三角、粤港澳大 湾区等消纳较好地区重点布局，在"三北"地区等风光资源富集地区争取开发权。公司 近两年加大新能源相关资本开支力度，根据公司财报，2024 年现金资本开支 534.33 亿港元，约 376.52 亿港元用于风光建设。2025 年计划现金资本开支 568 亿港元，预 计 420 亿港元用于风光建设，公司计划新增风光装机 10000 兆瓦。2025 年 3 月华润新 能源在深交所主板 ...

Group 1 - The company received a warning letter from the Inner Mongolia Securities Regulatory Bureau regarding undisclosed information in its 2023 semi-annual report [1] - The report failed to disclose that the funds raised from the non-public offering of shares in 2023 were directed to project investments through a related party, State Power Investment Corporation Financial Co., Ltd. via entrusted loans [1] - The company did not disclose the related party transactions in the 2023 and 2024 "Summary Table of Non-Operating Fund Occupation and Other Related Fund Transactions" [1]

Investment Rating - The report assigns a "Neutral" rating for the company, indicating a relative performance within the range of -5% to 5% compared to the benchmark index [14]. Core Insights - The company is projected to achieve a revenue of 84,491.87 million yuan in 2024, with a growth rate of 8.12%. However, the growth rate is expected to decline significantly in the following years, with only 0.74% growth anticipated by 2026 [2][10]. - The net profit attributable to the parent company is forecasted to be 32,496.17 million yuan in 2024, reflecting a profit growth rate of 19.28%. This growth rate is also expected to slow down, reaching only 2.98% by 2027 [2][10]. - The gross profit margin is expected to improve from 59.13% in 2024 to 62.56% in 2027, indicating a positive trend in profitability [2][10]. Financial Summary Income Statement - Revenue is projected to grow from 84,491.87 million yuan in 2024 to 87,118.15 million yuan in 2027, with a peak growth rate of 8.12% in 2024 [2][10]. - The operating profit is expected to increase from 39,645.36 million yuan in 2024 to 44,833.14 million yuan in 2027 [10]. - The net profit is forecasted to rise from 32,496.17 million yuan in 2024 to 36,830.74 million yuan in 2027 [10]. Balance Sheet - Total assets are projected to remain stable, with a slight increase from 566,071.98 million yuan in 2024 to 567,724.45 million yuan in 2027 [9]. - The total liabilities are expected to decrease from 344,116.09 million yuan in 2024 to 314,053.34 million yuan in 2027, indicating improved financial health [9]. Cash Flow Statement - Operating cash flow is expected to grow from 59,648.47 million yuan in 2024 to 62,408.32 million yuan in 2027 [9]. - The net cash increase is projected to be negative in the first two years, with a slight positive cash flow expected in 2026 and 2027 [9]. Market Data - As of July 30, 2025, the closing price of the stock is 28.70 yuan, with a market capitalization of 689 billion yuan [4]. - The company has a total share capital of 2,446,822,000 shares, with 2,400,726,000 shares in circulation [4]. Key Financial Ratios - The Price-to-Earnings (P/E) ratio is projected to decrease from 21.61 in 2024 to 19.07 in 2027, indicating a potential undervaluation over time [10]. - The Return on Equity (ROE) is expected to remain stable around 15% over the forecast period [10].

Market Overview - The electricity sector experienced a decline of 2.09% on the trading day, with Jiuzhou Group leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Individual Stock Performance - Notable gainers included Xinzhu Co., which rose by 2.21% to a closing price of 7.39, and Hengsheng Energy, which increased by 2.05% to 15.40 [1] - Jiuzhou Group saw the largest decline, falling by 3.94% to a closing price of 7.31, followed by Jinko Technology and Huaneng International, which dropped by 3.93% and 3.81%, respectively [2] Trading Volume and Capital Flow - The electricity sector saw a net outflow of 3.372 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.402 billion yuan [2] - The trading volume for major stocks included Shanghai Electric with a volume of 897,300 shares and a transaction value of 858 million yuan [1] Capital Inflow Analysis - Funi Co. had a net inflow of 35.325 million yuan from institutional investors, while Shanghai Electric experienced a net inflow of 32.380 million yuan [3] - Jiangsu Guoxin saw a net inflow of 22.589 million yuan from institutional investors, indicating strong interest in these stocks despite the overall market decline [3]

该行称，华能国际电力上半年业绩胜预期，净利润同比升23.2%至95.78亿元人民币，较市场及该行预期 高，期内单位煤炭成本同比跌10.1%。该行预期未来12至18个月现货煤价将因需求减弱而进一步下行， 足以抵消煤炭行业供给侧改革带来的价格支持，而且公司自由现金流改善，股息率有望提升。 花旗发布研报称，重申华能国际（600011）电力股份(00902)"买入"评级;基于煤价成本下调，将2025至 27年净利润预测上调19至23%，H股目标价升15%至6.2港元，A股(600011.SH)目标价升14%至8.8元人民 币，当前股息收益率分别为7.8%及5.1%，具吸引力。 ...

人民财讯7月31日电，7月24日，国家发展改革委价格成本和认证中心副主任成钢同志带队赴湖南省衡阳 市开展电化学储能调研。调研组实地考察了大唐华银电力（600744）股份有限公司耒阳分公司现役火电 机组、电化学储能电站，深入了解企业生产经营等有关情况。 ...

Economic News - The National Development and Reform Commission is soliciting public opinions on the "Guidelines for the Layout and Investment Direction of Government Investment Funds" and the "Management Measures for Strengthening the Guidance and Evaluation of Government Investment Fund Investment Direction," emphasizing the role of government investment funds in supporting strategic initiatives and attracting social capital [1] - In June 2025, the Ministry of Finance issued new bonds totaling 628.1 billion yuan, including 101 billion yuan in general bonds and 527.1 billion yuan in special bonds, with a total of 1,175.3 billion yuan in local government bonds issued [1] - The State Administration for Market Regulation has initiated a pilot program for product carbon footprint labeling, aiming to enhance collaboration among regulatory departments and promote the application of certification results [1] - In July, the Manufacturing Purchasing Managers' Index (PMI) was reported at 49.3%, indicating a slight decline in manufacturing activity, with large enterprises maintaining a PMI above the critical point [1] - Beijing has issued measures to improve the fertility support policy system, including optimizing childcare support policies and establishing a dynamic adjustment mechanism for childcare service prices [1] - The National Health Commission held a meeting to strengthen the prevention and control of the Chikungunya virus, emphasizing the need for effective measures to maintain public health and economic stability [1] - The U.S. has suspended the minimum tax exemption for low-value goods, effective August 29, impacting goods valued at or below $800 [5] - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25% to 4.50%, indicating a cautious approach to future rate changes amid economic uncertainties [5] - The China Council for the Promotion of International Trade reported a 37.8% month-on-month decrease in the global trade friction index in May, reflecting a reduction in trade tensions [5] - Guangdong Province is intensifying efforts to regulate the live e-commerce industry, focusing on protecting consumer rights and enhancing regulatory enforcement [5] Company News - Yonghui Supermarket plans to issue A-shares to no more than 35 specific investors, raising up to 3.992 billion yuan for store upgrades, logistics improvements, and working capital [6] - Hehua Co., Ltd. has suspended trading of its stock due to potential changes in its controlling shareholder, with discussions ongoing [6] - Changjiang Electric Power reported a total revenue of 36.587 billion yuan for the first half of 2025, a year-on-year increase of 5.02%, driven by increased electricity generation [6] - Jinchengzi is planning to acquire a 55% stake in Changchun Samit Optoelectronics through a combination of stock issuance and cash payment, with trading suspended for up to 10 days [6] - CATL's revenue for the first half of the year reached 178.886 billion yuan, a year-on-year increase of 7.27%, with net profit growing by 33.02% [7] Industry Insights - The implementation of the child-rearing subsidy policy is expected to benefit the entire fertility industry chain, particularly in the demand for baby products and children's clothing [8] - The textile manufacturing sector is showing positive performance, with Baolong Oriental expecting a net profit increase of 50.2% to 76.0% in the first half of the year due to strong order volumes [9] - The home furnishing sector is experiencing pressure from declining real estate data, but retail sales remain strong, supported by government subsidies [9] - The toy industry, particularly for brands like Pop Mart, is seeing stable second-hand prices, indicating strong demand and a healthy market environment [10] - The textile and apparel industry has shown growth, with significant increases in various sectors, including beauty and personal care [11]