智通财经5月13日电，午后晋控电力、电投产融双双涨停，湖南发展、华电辽能、梅雁吉祥、黔源电力 等跟涨。消息面上，民生证券研报称，受益煤价大幅下跌，火电一季度业绩稳步增长，二三季度进入用 电旺季，在煤价维持低位情形下，火电业绩有望持续改善。 电力板块午后异动 晋控电力、电投产融双双涨停 ...

行业深度报告 · 公用事业行业 火电、水电业绩增长,核电、绿电业绩承压 — 电力行业 2024 年年报和 2025 年一季报总结 推荐 维持评级 分析师 陶贻功 ☎： 010-8092-7673 新能源:短期业绩承压,136号文助力行业迈入高质量发展新阶段。2024 O 年、25Q1,我们选取的新能源发电样本企业实现归母净利润 178.0、56.2 亿 元,同比-7.8%、-7.8%。业绩下滑主要受风光资源条件不佳、上网电价下行、 以及减值计提影响。展望未来,136号文出台推动新能源加速入市,我们预计 行业投资将逐渐趋于克制。2025年5月8日,山东发布136号文承接方案的 征求意见稿,基于其对存量、增量项目机制电量、机制电价的设计,我们判断: 1）存量项目的收益预期更为明朗,其中机制电价锚定燃煤发电基准价,而在 机制电量比例的设计上,预计现行新能源市场化程度较低的省份将更具优势, 如广东、浙江、山东、江西等。2）对于需参与竞价的增量项目,一些绿电需 求旺盛(由电力需求和能耗双控政策或可再生能源消纳责任权重共同驱动)、 且本地新能源占比相对较低的省份,竟价的激烈程度预计更低,如福建、广东 2025 年 05 ...

Investment Rating - The report maintains an "Overweight" rating for the public utility sector [1] Core Insights - The operating profit and profitability of the public utility sector have improved, with Q1 2025 revenue at 551.23 billion yuan, a year-on-year decrease of 4.04%, while net profit attributable to shareholders increased by 6.11% to 54.59 billion yuan [2][21] - The coal-fired power sector benefited from a decline in thermal coal prices, with Q1 2025 revenue at 307.92 billion yuan, down 7.67%, but net profit rose by 8.58% to 23.04 billion yuan [2][45] - The hydropower sector saw revenue increase by 8.66% to 41.80 billion yuan in Q1 2025, with net profit growing by 28.07% to 11.34 billion yuan, driven by increased hydropower generation [2][70] - The nuclear power sector experienced revenue growth of 8.42% to 40.30 billion yuan in Q1 2025, although profit performance varied among companies [2][28] - The investment strategy suggests maintaining an overweight rating for the sector, focusing on companies like Huadian International and Guodian Power in the coal power segment, and Xintian Gas and Xin'ao in the gas sector [2] Summary by Sections 1. Public Utility Sector Performance - The public utility sector includes 133 listed companies, with 102 in the power sector and 31 in the gas sector. In 2024, the sector's revenue was 23,085.51 billion yuan, a decrease of 1.24%, while net profit increased by 5.38% to 1,848.50 billion yuan [10] 2. Subsector Performance 2.1 Coal Power - The coal power sector's revenue in 2024 was 13,060.52 billion yuan, down 1.11%, with net profit rising by 24.06% to 676.91 billion yuan, benefiting from lower coal prices [28][32] 2.2 Hydropower - In 2024, hydropower revenue was 1,947.67 billion yuan, up 8.99%, with net profit increasing by 17.55% to 563.21 billion yuan, attributed to higher hydropower generation [62] 2.3 New Energy - In 2024, solar power generation was 419.08 billion kWh, up 28.2%, while wind power generation was 936.05 billion kWh, up 11.1% [79] 2.4 Nuclear Power - The nuclear power sector's revenue in Q1 2025 was 40.30 billion yuan, an increase of 8.42%, with varying profit performances among companies [2][28] 2.5 Gas - The gas sector's performance was impacted by rising costs, with specific companies recommended for investment [2] 3. Investment Strategy - The report recommends an overweight rating for the public utility sector, highlighting potential growth in coal and gas companies due to favorable market conditions [2]

证券研究报告 | 2025年05月12日 公用环保 202505 第 2 期 优于大市 山东发布《新能源上网电价市场化改革实施方案（征求意见稿）》，2024&2025Q1 环保板块财报综述 市场回顾：本周沪深 300 指数上涨 2.00%，公用事业指数上涨 2.22%，环 保指数上涨 2.93%，周相对收益率分别为 0.22%和 0.93%。电力板块子板 块中，火电上涨 2.52%；水电上涨 0.62%，新能源发电上涨 1.03%；水务 板块上涨 1.73%；燃气板块上涨 2.40%。 重要事件：山东发布《新能源上网电价市场化改革实施方案（征求意见稿）》。 《方案》主要强调了以下内容：1）全电量市场化目标。2025 年底前实 现风电、太阳能发电全电量入市交易，电价通过市场交易形成，生物质 发电等其他新能源将适时跟进。各地不得将配置储能作为新建项目核 准、并网、上网等的前置条件。2）存量和增量项目差异化政策。存量 项目（2025 年 5 月 31 日前投产）：执行过渡期机制电价 0.3949 元/千 瓦时（含税）；增量项目（2025 年 6 月 1 日起投产）：通过竞价确定电 价，设置申报充足率下限，引导新能源 ...

图为潘集电厂二期 华夏时报（www.chinatimes.net.cn）记者 胡雅文 北京报道 淮河能源正在推进与控股股东淮南矿业的重大资产重组，这一重组进展牵动着股民心弦。 5月8日晚，淮河能源公告称，用116.94亿元购买电力集团89.3%股权的交易已经获得安徽省国资委批准。5月9日， 淮河能源早盘涨停。而这也不是投资者第一次对重组给出积极反应，前前后后算在一起，淮河能源 （600575.SH）从淮南矿业手中购买淮河能源电力集团（下称"电力集团"）的总花费或达128.88亿元，超过淮河能 源当前净资产。 电力集团是淮南矿业的电力业务平台，核心资产为大型火力发电机组，另有一些光伏和年产400万吨的顾北煤矿资 产。电力集团拥有的火力发电项目包括凤台电厂一期、洛河电厂二期、三期、四期、潘集电厂二期、谢桥电厂及 芜湖天然气调峰电厂项目，总装机容量超过316万千瓦。 2024年1—11月，电力集团的火力发电量为147.02亿千瓦时，上网电量为140.08亿千瓦时，主要客户包括国家电网 有限公司和淮河控股，分别占营业收入的68.04%和30.42%。对于淮河能源来说这是不小的增量，中泰证券数据显 示，淮河能源2024 ...

Financial Performance - In 2024, the company achieved operating revenue of 29.86 billion yuan, an increase of 11.2% year-on-year [2][3] - The net profit attributable to shareholders reached 5.34 billion yuan, reflecting a growth of 17.1% compared to the previous year [2][3] - The net profit after deducting non-recurring gains and losses was 5.10 billion yuan, with a year-on-year increase of 17.5% [2][3] - The net cash flow from operating activities was 7.95 billion yuan, up 15.7% year-on-year [2][3] - Total assets at the end of Q4 2024 amounted to 516.34 billion yuan, a 6.5% increase year-on-year [2] - The net assets attributable to shareholders were 346.03 billion yuan, showing a growth of 12.0% [2] Business Segments - The company has a diversified business layout, including coal, thermal power, aluminum, and renewable energy sectors [3] - In the coal sector, national self-owned coal supply is expected to reach 4.82 billion tons by 2025, an increase of approximately 6 million tons year-on-year [3] - The thermal power business faces pressure on market position and profitability due to the continuous growth of renewable energy generation capacity [3] - In the aluminum sector, the direct alloying ratio of aluminum water is projected to increase to over 90% by 2025, amid ongoing cost pressures [3] - The company plans to enhance competitiveness through optimized procurement, transportation strategies, and refined production management [3] Renewable Energy Growth - The renewable energy sector has emerged as a significant highlight for the company, with revenue from this segment increasing by 71.02% year-on-year in 2024 [4] - Despite uncertainties in electricity demand growth, the overall market outlook for renewable energy remains broad [4] Research and Development - The company significantly increased its R&D investment in 2024, with an amount of 130 million yuan, representing a growth of 301.42% compared to 2023 [5] - The proportion of R&D investment to operating revenue rose from 0.12% to 0.44% [5] - Capitalized R&D investment accounted for 39.70% of total R&D expenditure, a substantial increase from 2.16% in 2023 [5]

月论高股息：切换进行时 20250506 • 银行业高股息逻辑持续，区域银行业绩韧性较强，大行股份行受债市投资 波动影响略有分化。推荐工行、建行、农行等港股大行，以及江浙和成渝 地区的城商行。 • 电信运营商通过 AI、云计算等新兴领域布局抵消传统业务下滑，预计 2025 年成本增速放缓，股息率保持在 5%-6%，推荐关注运营商投资机会， 尤其是年度分红股权登记时间点。 有没有问题。 Q&A 4 月份高股息板块的表现如何？ 4 月份，中证红利指数相对于中证全指的超额收益呈现先强后平的路径。4 月 1 日至 8 日，红利指数每天都跑赢全市场，累计超额收益达 6 个点。随后在市场 波动恐慌集中释放后的 9 日至 11 日，红利指数每天都跑输，累计回撤约 3 个 多点。接下来的几周总体走平，红利与中证全指基本持平。整体来看，4 月份 红利指数仍有约 3 个点的超额收益，这体现了高股息资产的防御属性。 对于 5 月份高股息板块的投资建议是什么？ 对于 5 月份，我们建议交易型投资者适当减少红利持仓，而偏配置型投资者可 以在红利内部做切换。这主要基于对市场方向的判断，我们认为 5 月份市场情 绪有所修复，但关税对出口和 ...

Group 1: Water Pricing and Supply Sector - Guangzhou's water price policy has been raised, with residential water prices increasing by 28.8%, 28.6%, and 93.2% for the first, second, and third tiers respectively, and non-residential prices up by 27.2% [1] - The report indicates a trend of rising water prices across various regions in China, reflecting market-oriented policy principles, making the water supply sector a preferred investment choice [1] - Companies such as China Water Affairs (00855), Cheung Kong Infrastructure (01038), and Xinao Energy (02688) are highlighted as favorable stocks within the water supply sector [1] Group 2: Power Generation and Coal Prices - The performance of some thermal power generation companies in Q1 2025 was subpar due to a decline in power generation and grid electricity prices, despite a drop in coal prices [2] - As of April 28, the price of Qinhuangdao 5500 kcal thermal coal was 655 RMB/ton, down 20.6% year-on-year, and down 14.0% compared to the end of 2024 [2] Group 3: Natural Gas Market - The TTF natural gas futures price was 32.7 euros/MWh as of April 30, up 11.9% year-on-year but down 32.7% from 48.6 euros at the end of last year [2] - The new U.S. government is expected to promote domestic oil and gas production, which may lead to further declines in natural gas supply prices [2] - A recent agreement between the U.S. and Ukraine regarding local mineral extraction is seen as potentially reducing geopolitical risks and stabilizing natural gas prices, benefiting Chinese natural gas operators reliant on LNG imports [2]

周期·掘金 年报一季报总结电话会议 20250504 摘要 • 2024 年化工板块营收同比下降 2.7%，净利润同比下降 4.3%，但环比增 长 180%。轮胎、合成革等子行业表现较好，钾肥、石油贸易等承压。 2025 年一季度玻纤、改性塑料和钾肥增速较高，纯碱、石油化工和聚氨 酯承压。关注原材料价格波动、海外关税风险及下游需求变化对各子行业 的影响。 • 电力行业 2024 年用电量增速偏高，2025 年一季度受气温影响不高。火 电盈利因煤价下降而改善，但受电价和用电量限制，利润表现平稳。风能 发电量增长但利用小时数下降，光伏发电竞争力显著提升，水力发电受益 于来水条件改善。推荐积极发展新能源的龙头企业，关注长江电力、龙源 电力、中国核电及伟明环保。 • 房地产行业整体处于缩表阶段，多数房企现金短债比及净负债率下滑，资 产减值损失扩大。央国企占据较高比例的归母净利润，但多数房企归母净 利润下滑。商品房成交量有望止跌回稳，一线及部分二线城市修复趋势较 好，推荐改善型房企如滨江集团、绿城中国、建发国际。 • 交运板块 2024 年营收和净利同比增长，主要受航运、航空及快递板块收 入增长影响。快递行业业务量大幅 ...

在这个五四青年节到来之际，青年劳动者们奋斗在忙碌的生产一线。他们在千帆竞发的经济建设中奋楫 争先，为推进中国式现代化贡献青春力量。 焊枪淬炼青春之花 5月1日，海油工程珠海基地一片繁忙景象，"95后"全国劳动模范王佳鑫与团队成员紧锣密鼓地推进法兰 管段焊接。 时间回到2015年盛夏，一辆大巴车将王佳鑫和同学从学校拉到了珠海基地。他被分到了总装车间，车间 气温经常维持在40摄氏度以上。 为确保焊接符合工程标准，有的钢材需要预热到110摄氏度才能施焊。焊工"全副武装"连续作业几个小 时，汗水一遍遍浸透工装又被烤干。"我敢打赌，他们坚持不了一个月！"几名老焊工私下议论道。 王佳鑫偏不信，他白天利用作业空隙，向老师傅请教平台结构焊接和建造工艺。晚上一个人躲在车间角 落里，有针对性进行焊接练习。 2020年，亚洲首个300米级导管架"海基一号"在珠海基地开工建设。面对一段多次返修却无法定位裂纹 的棘手焊缝，王佳鑫和同事从15毫米一路刨到45毫米，眼看就要刨穿母材了，一名老师傅喊道："快停 下来！再有5毫米就刨漏了，材料就废了。" 王佳鑫仔细观察已经气刨过的焊缝，突然一道细小的裂纹一闪而过，他加快了手上的速度。在还差3毫 ...