证券研究报告 电能实业 (6 HK) 港股通 1H25 业绩符合预期，派息稳定 2025 年 8 月 15 日│中国香港 发电 电能实业发布半年报，1H25 实现营收 3.52 亿港元（yoy -22.5%），归母净 利 30.42亿港元（yoy +1.2%），基本符合我们此前业绩前瞻报告预期的 30.96 亿港元。公司分派中期股息 16.62 亿港元，同比持平，占归母净利的 54.6%； 对应 DPS 0.78 港元，同比持平。考虑公司业务模式具有强抗风险能力，多 个资产有望于 2025/26 年迎来回报率上调窗口期，我们认为未来公司利润或 稳中有增，维持"买入"评级。 1H25 英国/港灯溢利贡献同比+11/+6%，澳洲溢利贡献同比-4% 受益于受规管资产与 2024 年收购的可再生能源组合的稳健运营及英镑汇率 走强，1H25 英国业务贡献溢利 17.24 亿港元（yoy +11.2%），考虑到 RIIO-2 约定超支费用回收周期自 2 年调整为 1 年内，UK Power Networks（UKPN） 于 2H24 迎来超支费用回收高峰期（RIIO-ED2 自 2023/4/1 开始），2H25 溢利贡 ...

Group 1 - The establishment of Sheneng Yudong Environment (Longchuan) Co., Ltd. has been reported, with a registered capital of 10 million yuan [1] - The legal representative of the new company is Li Jinxiang, and its business scope includes kitchen waste treatment, power generation, transmission, and supply [1] - The company is jointly held by Sheneng International Environment (Shenzhen) Co., Ltd. and Shenzhen Energy Environmental Protection Co., Ltd., a subsidiary of Shenzhen Energy [1]

面对这些挑战，中国开始大规模建设电站，这些电站的存在不仅仅是为了发电，更是为了配套储能设施、建设调峰电站、布局输送电网等。这一举措背 后，有着更为深远的战略考量。 在全球范围内，电力已经变成了战略资源，尤其是在AI技术爆发之后，这种变化变得前所未有的剧烈。谁掌握了电力，谁就有机会在AI时代占据先机。 以全球数据中心为例，其耗电量已经高达415太瓦时，相当于一个中等发达国家全年所有居民、企业和基础设施的用电量总和。 在中国，一个看似矛盾的现象正引起广泛关注：一方面，从南到北，各类发电厂如雨后春笋般涌现，仅今年前五个月，全国发电装机容量就激增了 18.8%，达到了惊人的36.1亿千瓦；另一方面，不少地区却面临着"弃风"、"弃光"、"弃水"的困境，大量已发出的电力被白白浪费。 这一奇怪现象引发了诸多猜测，有人甚至将其与政绩工程联系起来。然而，事实并非如此简单。尽管从整体上看，中国的电力供应相对充裕，但在结构性 供需上却存在诸多挑战。 以西北地区为例，这里风光电资源丰富，但用电需求却相对较低，导致产生的电力过剩，无法及时输送和储存，只能被废弃。新能源发电的波动性也给电 网调度带来了巨大挑战。风停、光弱，电力输出就会大 ...

（三）发电 证券代码：601088 证券简称：中国神华 公告编号：临 2025-042 中国神华能源股份有限公司 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | | 2024 年 | 同比变化 | | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | （一）煤炭 （二）运输 （四）煤化工 注：本公司收购国家能源集团杭锦能源有限责任公司（"杭锦能源"）100%股权的交 易已完成。自 2025 年 2 月起，本公司主要运营指标包含杭锦能源相关业务量，并对上年同 期本公司主要运营指标进行了重述。 加；聚丙烯销售量同比下降的主要原因，是根据聚烯烃产品需求和价格变化情况， 及时调整产品销售量。 构调整、航线结构变化；聚乙烯、聚丙烯销售量同比增长的主要原因，是上年同 期煤制烯烃生产设备按计划检修导致基数较低。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在 ...

Core Viewpoint - The launch of the "Qingyuan" power generation model marks a significant advancement in the digital transformation of China's energy sector, integrating multi-dimensional data for enhanced operational efficiency and safety [1][2]. Group 1: Model Development and Features - The "Qingyuan" model, developed by the State Power Investment Corporation, incorporates operational monitoring, equipment status, and meteorological data, boasting a scale of over one hundred billion parameters [1]. - The model is designed to address the challenges of the power generation industry, which include the need for specialized AI models tailored to specific business requirements and the difficulty in obtaining high-quality industry data [2][3]. - Over six months, the company collected and processed more than 700TB of industry data, resulting in a high-quality dataset of 450GB, which was annotated by 380 industry experts [3]. Group 2: Application Areas - The "Qingyuan" model has been successfully applied in four key business areas: safety and environmental protection, electricity trading, production scheduling, and equipment maintenance, covering 13 scenarios and deploying 41 intelligent agents [4][5]. - In the safety and environmental protection sector, the model enhances lifecycle supervision of equipment and improves safety management efficiency [4]. - In electricity trading, the model predicts weather changes and market conditions, improving price prediction accuracy by 6.2% compared to traditional methods, leading to a 0.3% reduction in production costs and a 2% increase in profitability for a 600MW generator [5]. Group 3: Data Security and Future Directions - The company is addressing data security challenges by implementing strict transmission protocols and establishing a trusted data space for effective data management [7]. - Future efforts will focus on overcoming real-time response challenges in industrial control scenarios, with plans to utilize model distillation techniques to create lightweight models for local deployment [8]. - The company aims to promote the "Qingyuan" model through pilot validation, large-scale promotion, and ecosystem building, collaborating with universities and research institutions to enhance key technologies [8].

当好保供"顶梁柱" 8月7日至8日，在迎峰度夏能源保供的关键时期，大唐陕西发电有限公司在宝鸡开展"卓越大唐·绿动未来"媒体联合采访活动，16 家主流媒体先后走进大唐宝二发电有限公司、大唐宝鸡热电厂，零距离探访保供最前线，见证央企在能源保供中的硬核担当。 "2号机组紧急启动！"橙色预警下的宝鸡市，用电需求激增，指令传来，宝鸡热电厂迅速行动，一场硬仗就此打响：子夜，锅炉 上水；辰时，机组点火；巳时，汽轮机转子苏醒；末时，并网……汗水一次又一次浸透工装，后背盐霜成了专属勋章，大唐人 用二十四小时不间断的坚守，稳稳托住"满发负荷"红线，保障了人民群众清凉度夏。 "未来24小时风场区域将出现强降雨！"大唐新能源公司营盘风电场运维班组工作群内，一条紧急通知打破了清晨的宁静。当时 仅有4人在岗值守，力量薄弱。消息一出，休假人员的回复迅速刷屏："我可以返回！""我也可以返回！"运维人员纷纷中止假 期，从四面八方紧急奔赴风场。 在"七下八上"防汛关键期，陕北地区遭遇持续强降雨，给迎峰度夏能源保供带来挑战。面对严峻汛情，大唐陕西发电公司陕北 区域各单位迅速响应，上演了一场防汛攻坚战。随着强降雨倾盆而至，真正的考验来临。运维班组全 ...

Consumption Trends - Automotive retail and wholesale volumes have increased, reflecting a positive shift in consumer sentiment, with year-on-year comparisons turning from negative to positive[6] - Tourism and movie attendance have seen a resurgence, with the tourism price index in Hainan rising by 5.6% month-on-month, indicating strong demand[6] - Textile and apparel sectors are experiencing a seasonal downturn, with sales volumes declining compared to previous weeks[6] Investment Insights - As of August 9, 2025, the cumulative issuance of special bonds reached CNY 2.84 trillion, with a slowdown in issuance noted in the first week of August[17] - Real estate transactions in 30 cities have shown a month-on-month decline, with new home sales still in negative growth territory, although the rate of decline has slightly narrowed[17] - Construction progress remains slow, with asphalt construction rates falling and cement shipment rates decreasing year-on-year[17] Trade and Export Dynamics - External demand is weakening, as evidenced by the July Markit Manufacturing PMI for the US dropping to 49.8%, indicating contraction[21] - Domestic export freight rates have decreased by 2.6% week-on-week, reflecting a broader trend of declining shipping costs[21] Production and Inventory Changes - The steel industry has shown marginal improvements in production rates, with rebar and wire rod output increasing[31] - Overall inventory trends indicate a focus on destocking, particularly in the cement and asphalt sectors, while steel inventories are rising due to increased production[42] Price Movements - Consumer Price Index (CPI) has shown a marginal decline, with most categories experiencing price drops except for seasonal increases in vegetable prices[44] - Producer Price Index (PPI) has also decreased, with industrial prices falling across most categories, particularly in construction materials[44] Liquidity and Interest Rates - The 10-year government bond yield has decreased by 1.7 basis points to 1.69%, reflecting a shift towards a more accommodative monetary policy[48] - The US dollar index has fallen by 42 basis points, contributing to a slight appreciation of the RMB against the dollar, from 7.21 to 7.18[48]

温枢刚表示，作为装机容量全球第二大的发电企业、能源电力行业的领军企业，2022年中国华能牵 头成功重组"高效灵活煤电及CCUS全国重点实验室"，是首批全国重点实验室重组仅有的三家央企之 一。自实验室获批建设以来，中国华能坚持高起点谋划、高标准组织、高水平运行，确保创新平台建设 扎实有力推进，重点实验室建设取得重要进展。 温枢刚强调，当前，全国重点实验室建设进入新的关键阶段。中国华能要牢牢把握自身在国家创新 格局中的位势，勇挑大梁、敢打头阵，推动全国重点实验室建设不断迈上更高台阶。要更加突出主攻方 向，坚持有所为有所不为；更加突出"体系化、任务型"攻关，实现高效率创新协同、高水平创新合作； 更加突出科技创新和产业创新深度融合，打通从科技强到产业强、经济强的通道，努力出更多成果、更 大成果，为建设科技强国、实现高水平科技自立自强作出更大贡献。 8月8日，高效灵活煤电及碳捕集利用封存全国重点实验室学术委员会议在中国华能集团有限公司召 开。集团公司董事长、党组书记温枢刚出席会议并致辞，副总经理、党组成员李启钊主持会议并作总结 发言。 会议对实验室建设运行情况进行了汇报，并针对650℃超高参数燃煤发电、超临界二氧化碳循 ...

Core Viewpoint - In 2024, China's power generation industry made significant progress in green low-carbon transformation, market mechanism deepening, and corporate value management, with a GDP growth of 5.0% and a social electricity consumption increase of 6.8%, outpacing GDP growth for five consecutive years [1][19]. Group 1: Industry Performance - The total installed power generation capacity reached 3.35 billion kilowatts, a year-on-year increase of 14.6% [1][19]. - Solar power generation capacity increased by approximately 89 million kilowatts, up 45.2%, while wind power capacity rose by about 52 million kilowatts, an 18.0% increase [1][19]. - Renewable energy generation capacity reached 1.9 billion kilowatts, accounting for 56.9% of the total installed capacity, with new energy (wind + solar) and nuclear power capacity surpassing thermal power for the first time [1][19]. Group 2: Financial Performance - Listed power generation companies experienced a slowdown in revenue growth, with total revenue reaching 1.4304 trillion yuan, a 0.8% year-on-year increase [59][62]. - Profitability efficiency slightly declined, but asset scale expanded steadily, with continuous capital expenditure increases [1][59]. - The overall electricity price declined, while the efficiency of electricity fee collection remained stable, and cost control capabilities improved, leading to a more reasonable asset-liability structure [1][59]. Group 3: Market Trends - Market trading volume accounted for 62.7% of total electricity consumption, reflecting a year-on-year increase of 1.3 percentage points [45][48]. - The trading activity in the industry increased, with mergers and acquisitions driving the integration process [2][6]. - The introduction of tax policy adjustments presents new challenges and opportunities, necessitating enhanced compliance management by enterprises [2][6]. Group 4: Future Outlook - The issuance of Document No. 136 marks the entry of renewable energy development into a high-quality phase, with new technologies like artificial intelligence accelerating the industry's smart and green transformation [2][6]. - The sustainable development disclosure standards are becoming increasingly refined, promoting deeper green low-carbon transitions [2][6].

Core Viewpoint - The People's Bank of China (PBOC) in Xingan League is implementing a comprehensive financial support strategy aimed at alleviating difficulties for enterprises through a structured policy framework, enhancing financial services, and fostering innovation to ensure that financial resources are effectively directed towards market entities [1][2]. Group 1: Policy Implementation - The PBOC in Xingan League has conducted five one-on-one policy guidance sessions with financial institutions to facilitate the effective implementation of preferential policies, ensuring a smooth transmission of monetary policy [2]. - In the first half of 2025, the bank promoted a total of 159 million yuan in re-loans for technological innovation and technical transformation, saving over 3 million yuan in interest for local technology-based SMEs and agricultural entities [2]. Group 2: Financial Service Alignment - The establishment of a "government-bank-enterprise" service system has transformed the approach to financing, allowing banks to proactively offer services and meet urgent funding needs of enterprises [3]. - The PBOC has coordinated with 16 private SMEs to address eight financing requests, facilitating the issuance of 27.8 million yuan in loans to support production during peak seasons [3]. Group 3: Innovative Financing Channels - The PBOC has successfully facilitated the first "coal consumption rate-linked loan" of 20 million yuan for a local power company, setting a precedent for financial support in the green transformation of the coal and electricity industry [4]. - Innovative financial products such as "Elderly Easy Loan," "Water Extraction Loan," and "Agricultural Livestock Loan" have been introduced, broadening financing channels for enterprises and stimulating regional economic development [4]. Group 4: Employment Stability - The PBOC is leveraging entrepreneurial guarantee loans as a key strategy to stabilize and expand employment, optimizing financial services for key groups such as SMEs, college students, and veterans [5]. - In the first half of 2025, financial institutions in Xingan League issued 26.41 million yuan in entrepreneurial guarantee loans, contributing to a positive cycle of enterprise growth, job creation, and income increase for the community [6].