本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 近日，华能国际电力股份有限公司（下称"华能国际"，600011.SH）率先发布2025年半年度报告，据 悉，这是电力行业首家披露中报的上市公司。 从财务数据看，华能国际呈现出营收下降但利润大增、现金流大幅改善的态势。公司实现营收1120.32 亿元，同比下降5.7%；归母净利润不降反增，达到92.62亿元，同比大幅增长24.26%。与此同时，公司 经营活动产生的现金流量净额从236.03亿元增加至307.48亿元，同比增长30.27%。 记者进一步梳理发现，华能国际的利润大增并非个例。随着燃料成本下降，火电企业的盈利水平普遍提 高，豫能控股、建投能源、宝新能源、晋控电力等多家火电企业业绩均增长显著。 对此，华能国际公司人员告诉《华夏时报》记者，二季度，公司光伏板块净利润为9.95亿元，风电板块 为12.01亿元，而在一季度，光伏利润大概为4.17亿元，风电为14.88亿元，由此来看，光伏利润确实有 所增长。 据该人员透露，为了在"531"之前全量并网更多的新能源项目，公司确实进行了一些抢装，上半年，华 能国际共装机新能源6262.91兆瓦 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [49]. Core Insights - In June, the total electricity consumption in the society increased by 5.4% year-on-year, with significant growth in the third industry and urban residents' electricity consumption [44][47]. - The public utility index has underperformed the CSI 300 index, with a decline of 2.7% in the last two weeks and 2.0% year-to-date [12][22]. - The report highlights the performance of various sub-sectors, with hydroelectric power down by 4.8% and thermal service down by 3.6% in the last two weeks [13][20]. Summary by Sections 1. Market Review - As of July 31, the public utility index has dropped 2.7% in the last two weeks, underperforming the CSI 300 index by 3.7 percentage points [12]. - Year-to-date, the public utility index has decreased by 2.0%, lagging behind the CSI 300 index by 5.5 percentage points [12]. - Among the 132 listed companies in the public utility index, 32 saw stock price increases, with ST Jinhong, Victory Energy, and New Construction shares rising by 28.0%, 23.7%, and 15.5% respectively [13]. 2. Industry Valuation - As of July 31, the public utility sector's price-to-earnings (P/E) ratio is 18.5 times, with the solar power sector at 584.5 times and thermal service at 34.8 times [20][21]. - The thermal power sector's P/E ratio is 11.8 times, indicating a relatively lower valuation compared to other sectors [20]. 3. Industry Data Tracking - The average price of Q6000 coal at the pit in Shaanxi Yulin was 587 RMB/ton, a 0.5% increase from the previous value [34]. - The average price of Q5500 coal at Qinhuangdao port was 643 RMB/ton, reflecting a 3.3% increase [34]. 4. Key Industry News - The National Energy Administration reported that the cumulative installed power generation capacity reached 3.65 billion kilowatts by the end of June, a year-on-year increase of 18.7% [47]. - The market transaction electricity volume for the first half of the year was 2.95 trillion kilowatt-hours, up 4.8% year-on-year, accounting for 60.9% of total electricity consumption [47]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Huadian International and Guodian Power in the thermal power sector due to the decline in average coal prices [44]. - In the gas sector, companies such as Xin'ao Co., Jiufeng Energy, and New Natural Gas are recommended for their strategic advantages in gas sourcing and distribution [44][45].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for H1 2025 reached 36.587 billion yuan, a year-on-year increase of 5.02%, driven by stable growth in power generation [9] - The company plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project to enhance power generation efficiency [3] - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with projected net profits of 35.028 billion yuan, 36.715 billion yuan, and 37.087 billion yuan for 2025, 2026, and 2027 respectively [10] Financial Performance Summary - Total revenue forecast for 2023A is 78.144 billion yuan, with a year-on-year growth of 13.48% [1] - The net profit attributable to shareholders for 2023A is projected at 27.245 billion yuan, reflecting a year-on-year increase of 14.83% [1] - The latest diluted EPS for 2023A is estimated at 1.11 yuan per share, with a P/E ratio of 25.14 [1] Operational Highlights - The company reported a total power generation of approximately 1266.56 billion kilowatt-hours in H1 2025, a 5.01% increase year-on-year [9] - The water inflow for the Wudongde reservoir was approximately 39.964 billion cubic meters, an increase of 9.01% compared to the same period last year [9] - The company is expected to benefit from a decrease in the ten-year government bond yield, which has fallen to 1.7% as of July 31, 2025 [10]

岁神 是为ZF化债的长江电力带崩了大盘吗？ 政府没钱修船闸，然后就向国企化缘了，如果国企是ZF百分比持股那没说得，但还有那么多个人 股东的嘛。 这算另一种形式的化债吗？ 这件事虽然看起来不大，但传递信号却不太好。所以对于国企而言，哪有啥真正的市场经济，只 是ZF的第二钱袋子。 所以这波牛市，大家永远不要入戏太深，时刻提醒自己，这波人造水牛主要是用来化债的，而不 是让金融消费者爽呆呆的。 hillstar 经济增量少的时候，主要税种就要从流通税转向财产税了。现在是开始向各种大户豪强征税的阶 段。 这事挺迷的，因为200亿不是没有其他解决的方案，学习茅台搞特别分红呀。一年不够就分两年 咯，分红出去的钱凑够两百亿，政府想干嘛干嘛谁也管不着，加大分红力度对红利还是大利好。 zf里的高人不可能不知道这样做的负面影响，可还是这么做了，那就有点意思了，有点投石问路 的味道。先拿关注度高的长点试点如果顺利的话后续可以批量复制，珠玉在前，长电都过了其他 的更简单。化斋新思路。 鼎级外星人 长江是自然河流，以前一直可以通航，并不是巴拿马苏伊士那样的人工运河， 当然，没有三峡大坝之前，万吨级船舶无法到达重庆等上游， 但对于中小船舶 ...

截至6月底，全国电力市场经营主体数量97.3万家，同比增长23.8%。今年以来，在各方共同努力下，全国统一电力市场 建设进一步提质增速，取得一系列新进展新成效。 国家能源局微信公众号是国家能源局新闻宣传、信息公开、服务群众的重要平台。 · 公开 政务信息 · 发布 行业动态 ·提供 公众服务 一是跨经营区常态化电力交易机制取得新突破。国家发展改革委、国家能源局建立协同工作机制，指导国家电网、南方电 网组建工作专班，编制形成跨经营区常态化交易机制方案，并于7月1日联合批复，推动跨电网交易常态化开市。 二是区域电力市场建设迈上新台阶。南方区域电力市场于今年6月28日成功转入连续结算试运行，在全国范围内首次实现多 省区电力资源统一优化配置，是全球集中统一出清电量规模最大的电力市场，对于构建全国统一大市场、打破省间壁垒具 有重要意义。长三角电力市场创新探索省市间抽蓄、皖电、绿电交易机制，在6月成立了市场管理委员会，为长三角一体化 发展贡献力量。 三是省级电力现货市场建设实现新加速。国家发展改革委、国家能源局联合印发了《关于全面加快电力现货市场建设工作 的通知》，对全年现货市场建设作出系统安排，各地也形成了阶梯式、加快 ...

Domestic Developments - In the first half of 2025, profits of industrial enterprises above designated size in China totaled CNY 3.44 trillion, a year-on-year decrease of 1.8%, with the decline rate widening by 0.7 percentage points compared to the first five months[9] - The newly announced childcare subsidy scheme will provide CNY 3,600 per child per year for children under three years old starting January 1, 2025, aiming to alleviate childcare costs and enhance birth rates[11] - The National Development and Reform Commission emphasized the need for policy preparation focusing on employment and domestic demand, with a target of stabilizing investment and promoting consumption[15] International Developments - The U.S. Treasury Department projected a net borrowing of USD 1.007 trillion from July to September 2025, an increase of nearly 82% from earlier estimates[21] - The Bank of Japan maintained its interest rate at 0.5%, aligning with market expectations, while raising its inflation forecast for the fiscal year 2025 from 2.2% to 2.7%[23] - The U.S. Federal Reserve voted 9-2 to keep interest rates unchanged in the range of 4.25%-4.50%, with Chairman Powell indicating that it is too early to conclude on a rate cut in September[25] Market Trends - Brent crude oil prices increased by 2.73% week-on-week, while iron ore and copper prices decreased by 2.15% and 0.89%, respectively[27] - Real estate sales in 30 major cities rose by 34.72% week-on-week, with first-tier cities seeing a 64.47% increase in transaction volume[42]

Investment Rating - The investment rating for Huaneng International is "Buy" with a target price not specified [6]. Core Views - The company reported a 24.26% year-on-year increase in net profit attributable to shareholders, reaching 9.26 billion yuan in H1 2025, despite a 5.70% decline in revenue [1]. - The profitability of coal power improved significantly, with a total profit of 7.31 billion yuan in H1, marking an 84% increase year-on-year [2]. - The renewable energy segment added 6.3 GW of wind and solar capacity, generating a total profit of 5.7 billion yuan, with solar power profit increasing by 46% [3]. - International operations in Singapore and Pakistan contributed a pre-tax profit of 1.8 billion yuan, enhancing overall performance [4]. - The profit forecast for 2025-2027 has been raised, with expected net profits of 14 billion, 14.8 billion, and 15.8 billion yuan respectively, corresponding to P/E ratios of 8, 8, and 7 times [5]. Financial Performance Summary - H1 2025 revenue was 112 billion yuan, down 5.70% year-on-year, while net profit was 9.26 billion yuan, up 24.26% [1]. - Coal-fired power generation saw a utilization rate of 1,839 hours, a decrease of 141 hours year-on-year, leading to a 7.06% drop in generation volume to 158.36 billion kWh [2]. - The average on-grid electricity price was 485.27 yuan/MWh, down 2.69% year-on-year, while coal procurement decreased by 10.70% to 87.14 million tons [2]. - New wind and solar installations totaled 6.3 GW, with wind generation increasing by 11.39% to 21.03 billion kWh and solar generation rising by 49.33% to 12.24 billion kWh [3]. - The company’s total assets reached 541.16 billion yuan, with a debt-to-asset ratio of 64.52% [7][13].

风光电价持续承压，但光伏2Q25 度电税前利润录得1 毛7 分，表现好于预期。1）风电方面，2Q25 市场 化交易比例约为46%，利用小时同比约-5%，结算电价同比-6%，度电税前利润约1 毛6 分，同比-10%。 2）光伏方面，2Q25 市场化交易比例约为35%，利用小时同比约-8%，电价同比-7%，度电税前利润约1 毛7 分、同比-3%，度电盈利好于预期。 火电盈利释放，1H25 经营性现金流录得307 亿元，同比+30%。2Q25财务费用持续压降，同比-15%。 现金流方面，火电利润释放，同时购买商品、接受劳务支付的现金显著减少，1H25 经营性现金流进一 步充裕。 公司2Q25 业绩符合我们的预期 公司披露2Q25 业绩：收入517 亿元，同比-3%，归母净利润43 亿元，同比+50%。1H25 收入1120 亿 元，同比-6%，归母净利润93 亿元，同比+24%。 煤电：电价虽有压力，但2Q25 入炉标煤单价同比-13%，度电税前利润录得4 分4 厘（vs 去年同期1 分5 厘）。2Q25 煤电利用小时承压，发电量同比-3.5%。价格方面，2Q25 煤电结算电价同比-6%至479 元/ 兆瓦时；但燃 ...

事件： 2025 年7 月30 日，公司发布2025 年半年度报告。2025 年上半年，公司实现营业收入1120.32 亿元（同 比-5.70%）；实现归属于母公司股东的净利润92.62 亿元（同比+24.26%），每股收益为0.50 元。 容量收入和辅助服务市场收入锚定长期盈利韧性： 短期业绩高增受益煤价红利，长期而言，公司盈利的可持续性将更多取决于容量收入和辅助服务市场收 入。公司已通过灵活性改造（2024年完成10 台煤电机组改造）提升辅助服务能力，2024 年调峰和调频 服务贡献净收入约24.58 亿元，容量收入为90.77 亿元。公司通过煤价红利释放与容量电价机制的双重支 撑，持续展现出盈利韧性。 成本控制+新能源规模有序扩增，净利润增长24%，： 投资建议： 2025H1 营业收入的下降主要由于电量和电价同比下降，在此背景下，公司通过把握燃料价格下行窗 口，科学统筹煤炭长协与现货采购，显著压降燃料成本，推动火电板块利润增长；同时，新能源规模有 序扩增，光伏板块利润贡献稳中有增，共同驱动了利润端增长。 我们预计公司2025 年-2027 年的收入分别为2383.74 亿元、2414.50亿元、241 ...

主要宏观指标表现良好，经济运行彰显强大韧性。上半年，国内生产总值（GDP）同比增长5.3%，就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%，进出口规模站上20万亿元台阶。 "关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将坚决抓好贯 彻落实。"周陈说。 新华社北京8月1日电 题：保持政策连续性、稳定性 常态化开展政策预研储备——国家发展改革委解读 当前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国家发 展改革委1日举行新闻发布会，国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示，上半年我国经济稳中有进、好于预期，高质量发展取得 新成效。 周陈表示，一方面，持续发力、适时加力实施好已部署的各项政策举措，坚定不移实施扩大内需战略， 特别是继续推动稳就业稳经济若干举措陆续出台实施，保持政策连续性、稳定性，增强灵活性、预见 性，将外部压力转化为内生动力，稳住经济大盘。另一方面，加强经济监测预测预警，常态化开展政策 预研储备 ...