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 ...

Core Viewpoint - The article highlights the significant role of new energy storage systems in supporting the power supply during peak demand periods, showcasing their capacity and effectiveness in various regions across China [1][4][5]. Group 1: New Energy Storage Capacity and Performance - As of now, the maximum adjustable power of new energy storage in the operational area of the State Grid Corporation has reached 64.23 GW, with a real-time maximum discharge power of 44.53 GW, marking a 55.7% increase compared to the same period last year [1]. - During the peak summer period, new energy storage systems have demonstrated the ability to fully utilize their capacity in regions like Jiangsu, Fujian, Hubei, Shanxi, and Tianjin, significantly enhancing power supply capabilities [1]. - In Jiangsu, 93 new energy storage stations achieved a maximum discharge power of 714 MW, accounting for 94% of the installed capacity of new energy storage in the province [3]. Group 2: Importance of New Energy Storage in Power Systems - New energy storage is identified as a key technology for building a new energy system and power grid, capable of flexibly responding to grid demands and playing a role in peak shaving and valley filling [1]. - The peak capacity of new energy storage during the summer evening peak is equivalent to nearly three Three Gorges hydropower stations, providing substantial support during high electricity demand periods [1]. - The development of new energy storage is crucial for optimizing the allocation of power resources and promoting the advancement of storage technology, which is essential for the construction of a new power system [4]. Group 3: Regional Initiatives and Achievements - In Yunnan, a large-scale concentrated charging and discharging test was conducted, achieving a maximum charging power of 479 MW and a maximum discharging power of 474 MW, with utilization rates of 96% and 95% respectively [5]. - Yunnan has surpassed 5 million kW in new energy storage installations, ranking first among the five southern provinces, significantly enhancing the region's power system regulation capabilities [5]. - The next steps for Yunnan's power grid company include utilizing market mechanisms for scientific deployment of new energy storage systems to enhance supply security and promote clean energy consumption [5].

Core Viewpoint - Morgan Stanley reported that Huaneng International Power's net profit for Q2 this year increased significantly by 50% year-on-year, reaching 4.3 billion yuan, exceeding the bank's previous expectation of 3.6 billion yuan, primarily driven by better-than-expected profits from coal and photovoltaic power generation [1] Financial Performance - The main drivers of profit growth in the first half of the year were thermal and photovoltaic power, with both maintaining stable electricity prices [1] - Coal-fired power generation benefited from a decrease in fuel costs, with Q2 unit profit remaining at 0.044 yuan per kilowatt-hour, compared to 0.015 yuan per kilowatt-hour in the same period of 2024 [1] - Photovoltaic power generation showed strong performance due to the continuous release of new capacity, with unit profit only declining by 0.5 cents year-on-year [1] Wind Power Performance - The unit profit for wind power showed a milder decline than expected, decreasing by 1.9 cents year-on-year, but the reduction was an improvement compared to Q1 2025 [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating for Huaneng International Power, with a target price set at 5.5 Hong Kong dollars [1]

Core Viewpoint - Envision Technology Group has successfully implemented a full-process closed loop for green electricity trading, delivering power from Inner Mongolia to Shanghai, marking a significant step in the national unified electricity market construction [1] Group 1: Green Electricity Trading - The recent cross-regional green electricity transaction is a practical application of the newly released "Cross-Grid Operating Area Normalized Electricity Trading Mechanism Plan" [1] - This transaction validates the feasibility of connecting the national green electricity market [1] - The green electricity transaction represents Envision's proactive exploration of the "self-operated wind power terminal consumption model" [1] Group 2: Transaction Details - The transaction involved a bidding process where Envision's wind farm project in Mengxi submitted the supply side, while its subsidiary, Jingrong Green Energy Technology Co., Ltd., represented the demand side [1] - The successful matching of supply and demand not only facilitates direct resource allocation but also provides a clear path for cross-regional green electricity configuration and large-scale trading [1] Group 3: Technological Integration - The transaction utilized AI to predict power output curves and user load curves, enabling effective matching and clearing of electricity [1]

Group 1 - The A-share power sector experienced a significant rally, with Huaneng International hitting the daily limit up [1] - Other companies such as Huadian International, Datang Power, Guodian Power, Longyuan Power, and China General Nuclear Power also saw increases in their stock prices [1]

Investment Rating - The investment rating for the company is "Buy" [5][5]. Core Views - The company's profitability from coal power continues to improve, with a significant increase in net profit in the second quarter of 2025, driven by a decrease in coal prices [1][2]. - The company has accelerated its renewable energy construction, achieving 62.6% of its annual new installed capacity target in the first half of 2025 [3]. - The overall profit trend for 2025 is expected to remain positive, supported by rising electricity demand during peak summer periods [1][2]. Summary by Sections Financial Performance - In the first half of 2025, the company reported revenue of 1120.32 billion yuan, a year-on-year decrease of 5.7%, while net profit attributable to shareholders was 92.62 billion yuan, an increase of 24.3% [1]. - In the second quarter of 2025, revenue was 516.97 billion yuan, down 3.3% year-on-year, with net profit of 42.89 billion yuan, up 50.1% year-on-year [1]. Coal Power Segment - The coal power segment saw a total profit per kilowatt-hour increase of 2.9 cents year-on-year, despite a slight decrease in electricity prices and a 7.1% drop in electricity generation [2]. - The profit per kilowatt-hour for coal power in the second quarter of 2025 was 4.4 cents, reflecting a year-on-year increase of 2.9 cents [2]. Renewable Energy Segment - The company completed 62.6% of its annual new installed capacity target in the first half of 2025, with a total of 6262.91 MW of new wind and solar capacity [3]. - The total profit from wind and solar energy in the second quarter of 2025 was 29.17 billion yuan, slightly exceeding expectations due to higher-than-expected solar capacity additions [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is maintained at 125 billion yuan, with a target price of 9.02 yuan per share for A-shares and 5.97 HKD for H-shares [4][5]. - The company is valued at a PE ratio of 20.0x and a PB ratio of 0.98x, reflecting a premium due to stronger profitability in renewable energy and robust performance in coal power auxiliary services [4].

Core Viewpoint - The strategic cooperation agreement signed between Shandong Energy Group and Huawei marks a new phase of collaboration, focusing on digital transformation and innovation in various sectors, including mining and renewable energy [1][3][5]. Group 1: Strategic Cooperation - The agreement aims to leverage Shandong Energy Group's industrial advantages and Huawei's technological expertise in information and communication to promote digital transformation and AI applications [3][5]. - Both companies will collaborate on projects in mining, electricity, new energy, high-end chemicals, modern logistics, and advanced equipment manufacturing, including initiatives like autonomous mining, smart chemicals, intelligent photovoltaics, and data centers [3][5][7]. Group 2: Leadership Statements - Meng Wanzhou emphasized the importance of Shandong Energy Group as a key partner in the energy sector, highlighting previous achievements and the potential for deeper cooperation [5]. - Li Wei noted that Huawei's experience in digital transformation provides strong support for Shandong Energy Group, aiming to create industry benchmarks for digital intelligence and promote green development [7].