第二，电力现货市场即将实现基本全覆盖。现货市场有助于精准发现价格、实时反映和调节供需，既是 电力市场体系的关键环节，也是难点所在。王任飞透露，目前，25个省内市场均已开展现货交易，其中 6个实现正式运行，6个已实现连续结算运行，其他十余个省份也将在年内实现连续结算运行。"这对于 近段时间相关省份电力保供发挥了重要作用。" 第三，统一的电力市场基础规则体系基本建立。目前，已经形成以电力市场运行基本规则为基础，中长 期、现货、辅助服务交易规则为主干，市场注册、计量结算、信息披露为支撑的"1＋6"规则体系，未来 还会根据市场的发展不断丰富完善。 王任飞表示，下一步还将持续完善全国统一电力市场体系，进一步统一规则、破除壁垒、拓展功能、扩 大规模，为保障能源安全、低碳转型、经济增长提供更加有力的支撑。 中国经济网北京8月1日讯(记者王婉莹)近年来，电力市场建设取得重大进展。在今日召开的国家发展改 革委新闻发布会上，国家发展改革委体制改革综合司司长王任飞表示，今年上半年，我国跨省区交易电 量超过6700亿千瓦时，也就是说，电力市场每交易4度电，就有1度通过跨省区交易实现。 建设全国统一电力市场是深化电力体制改革的关键任务 ...

Industry Overview - The report focuses on the public utility sector, specifically highlighting Jingneng Power's regional advantages supporting electricity prices and the potential for coal price improvements [2] - Jingneng Power's business model includes coal-fired power generation, accelerated transition to renewable energy, cross-regional collaboration, and synchronized growth in heating services [2] Company Performance - As of the end of 2024, Jingneng Power's installed capacity reached 23.44 million kilowatts, a year-on-year increase of 16.03%, with coal-fired capacity at 21.39 million kilowatts [2] - The company has seen a significant increase in renewable energy capacity, reaching 2.05 million kilowatts, up 382.94% from the end of 2023 [3][4] - In 2024, the company reported a revenue of 35.428 billion yuan, a year-on-year increase of 6.54%, and a net profit of 1.723 billion yuan, up 95.52% [5] Electricity Generation and Pricing - In Q1 2025, Jingneng Power's revenue was 9.885 billion yuan, a year-on-year growth of 4.59%, with a net profit of 1.063 billion yuan, up 129.84% [6] - The company completed an electricity generation of 21.661 billion kilowatt-hours in Q1 2025, a decrease of 4.2% year-on-year, with a notable increase in renewable energy generation [6] - The electricity pricing environment is favorable, particularly in regions with high energy consumption, which is expected to support revenue growth [6] Cost Structure and Coal Procurement - The majority of Jingneng Power's coal procurement is through long-term contracts, with 94% of total coal consumption sourced this way [7] - The average price of coal has decreased, with a reported decline of 11.6% year-on-year for 2024, indicating potential for further cost optimization [7] Profit Forecast and Investment Recommendation - The report forecasts Jingneng Power's net profit for 2025, 2026, and 2027 to be 3.754 billion, 4.005 billion, and 4.554 billion yuan respectively, with year-on-year growth rates of 117.87%, 6.67%, and 13.73% [8] - The report assigns a "buy" rating for the company based on its favorable operational and market conditions [8]

Investment Rating - The investment rating for Huaneng International is suggested as a "buy" due to its high dividend yield and strong profit growth potential [1][5]. Core Insights - Huaneng International reported a 23.19% year-on-year increase in net profit for H1 2025, exceeding market expectations, despite a slight revenue decline of 5.7% [2][4]. - The company effectively controlled costs, with fuel costs decreasing by 14.4% year-on-year, contributing to the significant profit growth [3][4]. - The company has accelerated the integration of renewable energy, with a total controllable installed capacity of 153 GW, of which low-carbon clean energy accounts for 39% [5][4]. Summary by Sections Financial Performance - Huaneng International's revenue for H1 2025 was RMB 1120.32 billion, a decrease of 5.7% year-on-year, while net profit reached RMB 95.78 billion, reflecting a 23.19% increase [2][5]. - The earnings per share (EPS) for H1 was RMB 0.52, with a book value per share (BSP) of RMB 4.35 [2]. Cost Management - The total operating costs decreased by 9.8% to RMB 933 billion, with fuel costs down by 14.4% to RMB 583 billion, saving nearly RMB 10 billion [3][4]. - The company managed to reduce coal procurement costs by optimizing the structure of coal purchases and increasing the share of low-cost spot coal [3][4]. Energy Generation - The total electricity generated by Huaneng's domestic power plants was 2056.8 billion kWh, a decrease of 2.4% year-on-year, but there was a 1.4% increase in Q2 [4]. - Renewable energy generation saw significant growth, with wind power generation up 11.4% to 210 billion kWh and solar power generation up 49.3% to 122 billion kWh [4][5]. Renewable Energy Expansion - The company added over 6 GW of renewable energy capacity in H1, with a total controllable installed capacity of 152,992 MW, of which wind and solar accounted for significant portions [5][4]. - The share of low-carbon clean energy in the total installed capacity reached 39.12%, with expectations to complete an additional 10 GW of new energy installations by year-end [5][4].

Investment Rating - The investment rating for the company is maintained as "Buy" [4][6]. Core Views - The company reported a revenue of 1120.32 billion yuan for the first half of 2025, a decrease of 5.7% year-on-year, while the net profit attributable to shareholders was 92.62 billion yuan, an increase of 24.3% year-on-year [1]. - The significant growth in Q2 net profit by 50% year-on-year was primarily driven by a decrease in fuel costs and an expansion in renewable energy capacity [1][2]. - The company’s coal power generation showed a marginal improvement in growth rate, with a notable decrease in costs, enhancing profitability [3]. Summary by Sections Financial Performance - In the first half of 2025, the company’s domestic power plants generated 2056.83 billion kWh, a decrease of 2.37% year-on-year, with coal power generation down by 7.06% [2]. - The total profit from coal power generation increased by 84% year-on-year, reaching 73.10 billion yuan [2]. Cost and Profitability - The average coal price for the first half of 2025 was 917.05 yuan/ton, down 9.23% year-on-year, which significantly buffered the impact of electricity prices on profitability [3]. - The profit per kWh from coal power generation improved to 0.046 yuan, an increase of 0.023 yuan year-on-year [3]. Renewable Energy Expansion - The company added 1.9 GW of wind power and 4.3 GW of solar power capacity in the first half of 2025, contributing to a total profit of 57.33 billion yuan from renewable energy, a year-on-year increase of 4.58 billion yuan [3]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been revised upwards to 122.93 billion yuan, 130.82 billion yuan, and 139.13 billion yuan respectively [4]. - The expected EPS for the same period is projected to be 0.78 yuan, 0.83 yuan, and 0.89 yuan, with corresponding P/E ratios of 10, 9, and 9 [4][5].

中国统一电力市场体系加速成型 ——《2024年度中国电力市场发展报告》解读 翻开2024年中国电力市场的成绩单，一组数据尤为醒目：全国市场化交易电量突破6.18万亿千瓦时，占全社会用电量比重 62.7%；新能源市场交易电量达9569亿千瓦时，占新能源发电量的52.3%；绿证交易量同比激增364%，绿电交易电量增 长235.2%。 这些数字背后，是我国电力体制改革向纵深推进的铿锵足音，一个"统一开放、竞争有序、多级协同"的全国电力市场体系 正加速从蓝图走向现实。 交易规模扩大 市场结构优化 过去一年，我国电力市场的发展在变革中展现出强劲活力，新能源加速迈向舞台中央，市场化机制深度渗透行业脉络。 《2024年度中国电力市场发展报告》显示，2024年，全国发电装机容量突破33.49亿千瓦大关，全年新增装机4.29亿千 瓦，亮眼成绩的背后是光伏、风电规模的爆发式增长——其新增装机3.58亿千瓦独占鳌头，贡献了全部新增装机的 83.4%，累计装机容量跃升至14.07亿千瓦，同比增长33.9%，新能源正从补充角色迅速蜕变为电力供应的中坚力量。 与装机增长交相辉映的是发电量的显著提升。2024年，全国总发电量达10.09万 ...

广发证券 资深宏观分析师 贺骁束 hexiaoshu@ gf.com.cn 广发宏观郭磊团队 摘要 第一， 中电联口径截至7月24日纳入统计的发电集团燃煤电厂本月累计发电量同比增长3.3%，同比读数升至 年内高位，高于6月同比的-1.8%，不过其中包含高温天气影响。入夏以来不少省市电网用电负荷创历史新 高，江苏电网最高负荷较春季平均增长近4000万千瓦，约90%增量负荷为空调制冷用电。 第二， 可能和价格上涨预期有关，上游工业原材料部门开工率多数同比好于前值。截至7月第四周，全国247 家高炉开工率（期末值，下同）同比增长1.2pct（前月同比0.7pct）；焦化企业开工率同比0.7pct（前月同 比-0.4pct）。PVC开工率同比回升3.5pct（前月同比-1.6pct）；苯乙烯开工率同比回升11.0pct（前月同 比 11.5pct ） ； 涤 纶 长 丝 江 浙 织 机 开 工 率 同 比 回 落 7.8pct （ 前 月 同 比 -8.4pct ） ； 山 东 地 炼 开 工 率 同 比-1.8pct（前月同比-4.8pct）。汽车半钢胎开工率同比回落4.7pct（前月同比-1.3pct），全钢胎开 ...

智通财经APP获悉，美银证券发布研报称，华能国际电力股份(00902)在派息率维持58%下，2025年股息 率将达8.3%，为该行覆盖的同行股份中最高，且公司的自由现金流显著改善; 重申"买入"评级，料未来 数月热电盈利持续改善将推动估值重评，将公司港股目标价由5.5港元升至6港元，A股(600011.SH) 目标 价则基于AH股溢价调整，由9.7元人民币下调至8.4元人民币。 投资者关注华能国际电力股份的煤电电价韧性。由于业绩好过预期，该行分别上调华能国电2025及26年 盈利预测16%及3%，以反映利息支出与其他成本下降，以及2026年火电、风电及光伏电价调整。 ...

【市场回顾】 市场概况：7 月 31 日，市场全天震荡调整，三大指数均跌超 1%。截至 收盘，沪指跌 1.18%，深成指跌 1.73%，创业板指跌 1.66%。 【资金面】 每日市场观察 2025 年 8 月 1 日 【今日关注】 7 月 31 日是本月最后一个交易日，市场整体放量中阴，盘中只有两次 缩量反抽。上证手-1.18%，深证收-1.73%，创业板收-1.66%。板块方 面，只有 6 个板块勉强收红分别是化学制药、软件开发、互联网、电 源设备、生物制药和医疗服务。跌幅前 5 名的板块是能源金属、钢铁、 煤炭、采掘和光伏。两市涨少跌多，4133 家收跌，68 家收平，1019 家 收涨，成交量超 1.9 万亿。 市场已经出现了连续的上影，高位放量，从 4 月 7 日最低点反弹已经 接近 600 点，积累了一定的涨幅。市场出现中阴属于意料之内的，我 们一直在提示风险。这波上涨的技术动作基本完成，回调会持续一段 时间。投资者没有必要单纯因为短线涨幅就恐慌离场，等待时机即可。 板块轮动需要高低切换，投资者可以关注相对低位的板块投资机会， 也可以选择率先调整到位的板块反弹机会。短期还是以绩优为优先选 择指标。长 ...

人民财讯8月1日电，8月1日，国家发展改革委体制改革综合司司长王任飞在新闻发布会上回答证券时报 记者提问。王任飞表示，建设全国统一电力市场，是深化电力体制改革的关键任务，也是构建新型电力 系统的重要支撑。今年以来，全国统一电力市场体系建设取得一系列成就，电力资源在更大范围优化配 置的市场机制实现突破，国网、南网建立跨电网经营区常态化交易机制，实现了联网电力交易的软联 通；电力现货市场即将实现基本全覆盖，现货市场有助于实时反应和调节供需，这既是电力市场体系建 设的关键环节，也是重点难点所在。目前全国已有25个省内市场均已开展现货交易，其中有6个省份已 经实现正式运行。同时，统一的电力市场技术规则体系基本建立，目前已经形成以电力市场运行基本规 则为基础，中长期现货普通交易规则为主干，市场注册、计量结算、信息披露为支撑的"1+6"规则体 系。下一步，国家发展改革委还会根据市场的发展，不断丰富完善，持续完善全国统一电力市场体系， 进一步统一规则，破除壁垒，拓展功能，扩大规模，为保证能源安全、低碳转型和经济增长提供更加有 力的支持。 ...

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 8 月 1 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ | | | | | | 表1：7月31日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1676.5 | 16 ...