Core Viewpoint - Changjiang Electric Power (600900.SH) announced the approval of a proposal to invest in the Gezhouba Navigation Capacity Expansion Project, with an estimated investment of approximately 26.6 billion yuan [1] Group 1 - The sixth board of directors' 44th meeting is scheduled for July 30, 2025, to review the investment proposal [1] - The investment will cover the Gezhouba Navigation Capacity Expansion Project and related expenses [1] - The funding will be sourced from the company's own funds, with the final investment amount to be confirmed based on the preliminary design estimate approved by the state [1]

Group 1 - The core viewpoint of the news is that Harbin Hato Investment Co., Ltd. (哈投股份) has experienced a decline in stock price and financial performance as of the first quarter of 2025 [1] - As of July 30, 2025, the stock price of Harbin Hato is 6.9 yuan, down 1.29%, with a trading volume of 449,300 hands and a transaction amount of 310 million yuan [1] - The company's latest financial report shows total operating revenue of 973 million yuan, a year-on-year decrease of 0.85%, and a net profit attributable to shareholders of 119 million yuan, a year-on-year decrease of 16.05% [1] Group 2 - The company has a current ratio of 1.326 and a quick ratio of 1.320, indicating its liquidity position [1] - The asset-liability ratio stands at 70.91%, suggesting a relatively high level of debt [1] - Harbin Hato has made investments in 13 companies and participated in 1,287 bidding projects, along with holding 21 administrative licenses [2]

人民财讯7月30日电，长江电力（600900）7月30日晚间发布业绩快报，2025年上半年实现营业总收入 365.87亿元，同比增长5.02%；归母净利润129.84亿元，同比增长14.22%；基本每股收益0.53元。业绩增 长主要系2025年上半年公司六座梯级电站发电量同比增加所致。 ...

Core Viewpoint - The Chinese power industry is experiencing growth in asset scale and profitability, driven by falling coal prices and stable electricity prices, with a significant shift towards clean energy generation [1][5]. Group 1: Industry Overview - In 2024, the total electricity consumption in China reached 9.85 trillion kWh, a year-on-year increase of 6.8%, supported by various economic policies [2]. - The power supply and demand were generally balanced in 2024, although there were periods of high demand due to extreme weather conditions [2][5]. - The clean energy investment and installed capacity have rapidly increased, surpassing that of thermal power for the first time, although thermal power still plays a significant role in ensuring supply stability [5]. Group 2: Bond Market Review - In the first half of 2025, the bond issuance scale in the power industry grew by 38.22% year-on-year, totaling 4034.19 billion yuan, with 309 bonds issued [8]. - The majority of bond issuers were central and local state-owned enterprises, with 81 companies participating, including 38 thermal power and 43 clean energy companies [8][15]. - The average credit rating of bond issuers remained high, with 59 companies rated AAA, 19 rated AA+, and 3 rated AA, indicating strong market recognition and financing demand [16]. Group 3: Debt and Credit Situation - The total amount of maturing bonds in the power industry for the first half of 2025 was 3899.83 billion yuan, which is at a medium level historically, with no defaults reported [19]. - The credit status of the power industry remains stable, with two companies experiencing credit upgrades in 2025 [19][20]. - As of June 30, 2025, the existing bonds were primarily issued by central and local state-owned enterprises, maintaining a high credit level [23].

Economic Overview - Shenzhen's industrial production shows steady growth with a year-on-year increase of 4.3% in the first half of 2025, accelerating by 0.1 percentage points compared to the first quarter [1] - The mining industry increased by 0.5%, manufacturing grew by 4.2%, and the electricity, heat, gas, and water production and supply industry surged by 11.8% [1] Sector Performance - Among major industries, general equipment manufacturing experienced a significant growth of 17.1%, while instrument manufacturing rose by 8.8%, and electrical machinery and equipment manufacturing increased by 8.2% [1] - High-tech product output continues to grow rapidly, with notable increases in civilian drones (59.0%), industrial robots (38.0%), and 3D printing equipment (35.8%) [1]

（央视财经《正点财经》）29日，《财富》杂志网站公布了最新的《财富》世界500强排行榜。今年上 榜企业的营收总和约为41.7万亿美元（约合人民币299万亿元），超过全球GDP的三分之一，较去年增 长了约1.8%。 今年共有130家中国公司位列《财富》世界500强，其2024年营收总额约为10.7万亿美元。值得注意的 是，上榜的企业中有10家中国汽车及汽车零部件企业。其中，奇瑞、比亚迪、吉利的排名较去年有显著 提升。 比亚迪排位较去年提升52位，位居第91名，首次进入前100位。奇瑞公司排名上升152位，至第233名。 吉利公司的排名上升30位，至第155位。大约四分之一的上榜公司将总部设在了北京、东京、纽约、上 海和伦敦。北京是拥有最多《财富》世界500强公司总部的城市。 转载请注明央视财经 编辑：王昕宇 根据最新公布的《财富》世界500强排行榜，此次上榜门槛从321亿美元增长至322亿美元。上榜公司的 资产总额和净资产总额均达到自《财富》世界500强排行榜创立以来的最高值。沃尔玛以近6810亿美元 的营收额连续第十二年成为全球最大公司，亚马逊以约6380亿美元的营收额位居第二。中国国家电网、 沙特阿美和中国 ...

内蒙华电（600863）7月30日晚披露2025年半年度业绩快报，报告期内，公司实现归属于上市公司股东 的净利润15.57亿元，较上年同期减少11.91%；实现归属于上市公司股东的扣除非经常性损益的净利润 15.56亿元，较上年同期减少9.02%；实现基本每股收益0.23元，较上年同期减少11.54%。公司2025年第 二季度实现归属于上市公司股东的净利润8.13亿元，环比增加6896.04万元，环比增长9.27%。 内蒙华电作为内蒙古自治区大型发电公司之一，公司主营业务涵盖发电、供热与煤炭产销。公司发电资 产全部坐落于内蒙古自治区，所发电力不仅保障内蒙古自治区用电需求，还输往华北、京津唐等地区。 同时，公司拥有1500万吨煤炭产能，可充分发挥煤电一体化协同优势，是内蒙古自治区重要的电源供应 主体。 内蒙华电最新披露的业绩快报显示，报告期内，公司完成发电量243.24亿千瓦时，较上年同期下降 14.58%；完成上网电量225.21亿千瓦时，较上年同期下降14.58%。其中火电发电量完成223.76亿千瓦 时，同比减少15.61%。主要原因是由于区域内新能源发电量增加，公司火电机组调峰次数增加，使得 火电机组利 ...

每经AI快讯，7月30日，内蒙华电(600863.SH)发布业绩快报，2025年上半年实现营业总收入98.27亿元， 同比下降8.75%；归母净利润15.57亿元，同比下降11.91%。 （文章来源：每日经济新闻） ...

华福证券研报指出，华能国际1H2025实现归母净利润92.62亿元，同比增加24.26%；2Q2025归母净利润 42.89亿元，同比增长50.09%。1H25营收下滑利润反增，盈利能力同比向好。2Q2025，公司同样是营收 下滑利润反增。此外，上半年，公司计提了2.56亿元的资产减值损失和0.04亿元的信用减值损失，影响 合并层利润总额2.60亿元。1H2025，公司新增风电装机1928.45兆瓦，新增光伏装机4334.46兆瓦，合计 风光新增投产装机6262.91兆瓦，公司大力推进绿色低碳发展。该行根据当下市场煤价数据调整公司入 炉煤价预期，维持"买入"评级。 ...

送放心 A H 电力 2025 年 07 月 30 日 版费 行业 表研究报 王璐 A0230516080007 wanglu@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 申万宏源研究微信服务号 东上调火电容量电价 气电盈表 歌曲目斯 对粤发改价格函〔2025〕1254 号文件的点评 行业点评 表:电力重点公司估值表 | 板块 | 代理 | 筒称 | 14-212 | 2025/7/29 | | Eb2 | | | ЬЕ | | PB | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 收盘价 | 25E | 26E | 27E | 25E | 26E | 27E | | | 火电 | 00836.HK | 华润电力 | 买人 | 19.68 | 2.88 | 3.13 | 3.39 | 7 | 6 | ଚ | 1.03 | | | 6 ...