Core Points - The company Huaihe Energy (600575) reported a closing price of 3.69 yuan on November 20, 2025, down 1.34% from the previous trading day, with a total market capitalization of 14.34 billion yuan [1] - The company held a performance briefing on November 20, 2025, to discuss its operational results, financial status, and significant matters with investors [1] - Huaihe Energy plans to issue shares and pay cash to acquire 89.30% of the equity held by Huainan Mining Group in the power group, with the registration submitted to the CSRC on November 6, 2025, pending approval [1] - The company addressed questions regarding asset acquisition progress, performance stability, R&D innovation, related transactions, power generation, and electricity pricing during the briefing [1] - The net profit attributable to the parent company for the power group in Q3 2025 was approximately 349 million yuan (unaudited) [1] - The company will adhere to the strategy of "enhancing existing capacity and transforming new capacity" to promote the coordinated development of coal power and clean energy [1]

陈宗法说，煤电行业需抓住转机、转变定位。对于存量煤电，今后要重点推进灵活性改造、低碳化改造 及新一代煤电升级行动。对于增量煤电，主要通过灵活性制造、低碳化建设、合理布局清洁高效煤电， 建设"新型煤电"或"新一代煤电"。 业界研讨"十五五"期间如何推进"新一代煤电升级行动" 中新网北京11月20日电 (记者 阮煜琳)"我国煤电已历经了污染控制、灵活性提升，再到低碳化改造等重 要历程"，中国电力企业联合会首席专家陈宗法提出，"十五五"期间，将推进"新一代煤电升级行动"， 核心目标是灵活低碳，即能否提升深度调峰、快速爬坡的灵活调节能力，以及清洁低碳的发电能力。 《新一代煤电升级专项行动实施方案(2025—2027年)》明确，组织开展新一代煤电升级专项行动工作。 到2027年，在难以满足电网快速调节需求的地区，改造和新建一批具有快速变负荷能力的煤电机组；在 调峰有缺额的地区，改造和新建一批具有深度调峰能力和宽负荷高效调节能力的煤电机组；结合区域特 点和资源禀赋，推动开展煤电低碳化改造建设。 陈宗法日前在北京举行的电力行业清洁低碳转型观察论坛上提出，现阶段，煤电仍是我国能源保供 的"顶梁柱""压舱石"，同时也是构建新型 ...

Core Viewpoint - Jilin Electric Power Co., Ltd. (吉电股份) is advancing its transformation into a new green energy enterprise, with a significant investment in a coal power project that aligns with national energy strategies and the "14th Five-Year Plan" [1][3]. Group 1: Project Investment - The company plans to invest 5.698 billion yuan in the construction of the Baicheng Phase II 2×66 MW coal power project, which is a dual key project for national and Jilin province energy supply [1][2]. - The project will feature advanced supercritical technology and is designed to meet the requirements of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" [2][3]. - The expected construction period for the project is 26 months, with an internal rate of return on capital of 8.32% and a post-tax internal rate of return of 4.69% [2]. Group 2: Strategic Importance - The project is expected to enhance the power supply security in Jilin province and optimize the regional power structure, thereby increasing the company's competitive edge [3]. - The company has extensive experience in coal power plant construction and operation, which will contribute to the project's success [3]. Group 3: Transition to Green Energy - The company is transitioning from traditional energy to green, low-carbon, and renewable energy, with renewable energy capacity surpassing that of thermal power [4][7]. - By the end of 2024, the company aims for a total installed capacity of 14.4411 million kW, with renewable energy accounting for 11.1111 million kW, representing 76.94% of the total [5]. - The company plans to change its name to "Electric Power Green Energy" to reflect its commitment to green energy [4][7]. Group 4: Financial Performance - In 2024, the company reported revenues of 13.740 billion yuan, with renewable energy contributing 7.208 billion yuan, accounting for 52.46% of total revenue [6]. - For the first three quarters of 2025, the company experienced a revenue decline of 4.42% year-on-year, with a net profit decrease of 44.63% [8].

记者从南方电网广西电网公司获悉，截至目前，全区84%的煤电机组已达国家灵活性调节能力要 求，调峰深度低至36%。今年全区煤电利用小时数仅1836小时，为南方五省区（广东、广西、云南、贵 州、海南）最低，为清洁能源腾出消纳空间288亿千瓦时，推动煤电由"电量主体"向"调节主力"转型。 国能永福电厂是广西煤电升级改造的排头兵，其作为2007年投运的"老机组"，在保障工业供热同 时，煤电深度调峰能力已达35%，成效显著。该厂先后投入1.8亿元，开展中联门改造、机组通流改造 等，提高负荷调节能力。如今，电厂已从最初政府核定的最低供热保障负荷28.2万千瓦降低至11万千 瓦。 据悉，南方电网广西电网公司聚焦技术升级，通过供热改造、灵活性改造、节煤降耗改造"三改联 动"，已统筹安排永福、六景、贵港、神鹿等电厂完成灵活性改造阶段性试验，使机组出力下限较供热 核定出力下降120万千瓦。（陆权香 毛雨贤） 广西工业供热煤电机组较多，一方面要承担电网兜底调节作用，另一方面要为工业园区提供稳定蒸 汽热源，如何解决机组出力变化与供热稳定矛盾尤为关键。在能源主管部门、监管部门的大力支持下， 南方电网广西电网公司深化厂网协同联动机制，共 ...

Group 1 - The provincial political consultative conference chairman Xu Xinrong emphasized the importance of advancing key projects in the coal industry chain to achieve annual targets and ensure a solid foundation for the "14th Five-Year Plan" and a good start for the "15th Five-Year Plan" [1] - Xu visited the Xinyuan High-end Energy Chemical Park in Binzhou, inspecting the operation of the Shaanxi Coal Weihe Chemical Group's 300,000-ton coal-to-ethylene glycol project, urging the company to focus on high-end development and enhance the value and competitiveness of the industry chain [1] - At the Yangjiaping coal mine project in Changwu County, Xu discussed progress, mining technology, and environmental protection with company leaders, stressing the need for safety and green production while accelerating project construction through technological innovation [1] Group 2 - Xu visited the Datang Binchang Power Co., Ltd., where he learned about unit operations, smart management, and energy conservation, encouraging the company to leverage the advantages of coal-electricity joint operations to enhance energy supply capabilities for regional economic development [1] - During a visit to the Binzhou Municipal Political Consultative Conference, Xu highlighted the necessity of integrating the Party's leadership throughout the consultative work and aligning with the new requirements set by the provincial committee [2] - Xu called for strengthening political guidance and uniting various parties and communities to contribute to the successful completion of the "14th Five-Year Plan" and a strong start for the "15th Five-Year Plan" [2]

Summary of Huaihe Energy Conference Call Company Overview - **Company**: Huaihe Energy - **Industry**: Power Generation and Coal Mining Key Financial Metrics - **Electricity Generation**: 12.375 billion kWh in the first three quarters of 2025, a decrease of 9.63% year-on-year [2][3] - **Raw Coal Production**: 4.4629 million tons, an increase of 8.18% year-on-year [2][4] - **Commodity Coal Production**: 3.6106 million tons, an increase of 7.89% year-on-year [2][4] - **Electricity Trading Volume**: 9.423 billion kWh, a decrease of 3.25% year-on-year [2][4] - **Coal Trade Volume**: 26.28 million tons, an increase of 12% year-on-year [2][4] - **Revenue**: 21.3 billion CNY [3] - **Total Profit**: 928 million CNY [3] - **Net Profit**: 792 million CNY [3] - **Total Assets**: 23.847 billion CNY [3] - **Net Assets**: 12.307 billion CNY [3] - **Earnings Per Share**: 0.19 CNY [3] - **Debt Ratio**: 41.61% [3] Restructuring and Capacity Expansion - **Restructuring Status**: Application submitted to the CSRC, expected approval next week [2][5] - **Post-Reorganization Capacity**: - Controlling installed capacity will reach 11 million kW - Equity installed capacity will reach 14.8 million kW [2][6][10] - **New Projects**: - Panji Phase II and Xieqiao Power Plant have commenced operations [2][6] - Four new units expected to be operational by the end of the year [2][6] Profitability and Market Conditions - **Profit Level**: Panji Phase I profit per kWh is 0.055 CNY [7] - **Electricity Price Trends**: - Decrease in on-grid electricity price by 0.02 CNY, but cost per kWh also decreased by 0.01 CNY, maintaining overall profitability [7] - Uncertainty in 2026 electricity prices due to market pressures, but coal price recovery and national price stabilization policies provide support [7] Future Outlook - **Performance Expectations**: Optimistic outlook for future performance due to enhanced asset quality and shared cost advantages from new projects [8] - **Asset Valuation Method**: Utilizes asset-based valuation due to the capital-intensive nature of the coal and power industry [9] - **Coal Supply Assurance**: Coal supply primarily secured through company-owned mines, supplemented by long-term contracts with Huainan Mining [11] Dividend Policy - **Dividend Commitment**: Company commits to a minimum annual cash dividend of 0.19 CNY per share (before tax) from 2025 to 2027 [14]

Core Insights - Inner Mongolia Energy Group is focusing on the transformation of traditional coal power to clean, efficient, and flexible energy solutions through comprehensive upgrades of coal-fired units, significantly improving energy efficiency and overall benefits [1][3] Group 1: Technological Innovations - Xing'an Thermal Power Company has implemented a "micro-project" approach to address transformation challenges, enhancing energy conservation and carbon reduction while ensuring heating supply [1] - The company completed a 12-kilometer pipeline expansion, improving insulation by 30% and optimizing valve control logic, resulting in an average return water temperature reduction of 8°C and saving 37,433 tons of standard coal [1] - The boiler combustion system was optimized, reducing the minimum stable combustion load from 40% to 25%, supporting peak regulation for the power grid [1] Group 2: Investment and Project Development - The Ustai Thermal Power Plant has initiated a large-scale coal power coupling molten salt thermal storage project, with a total investment of approximately 110 million yuan, utilizing 40MW/120MWh molten salt storage technology [2] - The project aims to enhance the peak regulation capability of coal power units, reducing the peak generation difficulty and increasing renewable energy consumption by 40 million kWh annually [2] Group 3: Efficiency Improvements - Changcheng Power Company has invested over 20 million yuan to optimize its power generation units, achieving a 20% deep adjustment capability [3] - The company has implemented various energy-saving measures, such as repairing vacuum leaks and reducing air leakage rates, leading to a decrease in coal consumption [3] - A specialized coal blending team was established to enhance fuel utilization efficiency through intelligent management systems, minimizing losses and blending errors [3]

报道还提到，中国内地大力实施煤电机组节能降碳改造，持续推动煤电行业淘汰落后产能，10年来累计完成淘汰煤电 落后产能超过1亿千瓦。加大重点行业领域煤炭减量替代力度，提升工业领域清洁能源应用比重和电气化水平，推进 散煤替代，煤炭占能源消费总量比重由2020年的56.7%降至2024年的53.2%。 随着新能源大规模发展，中国大力提升电力系统安全运行和抵御风险能力，加快建设清洁低碳、安全充裕、经济高 效、供需协同、灵活智能的新型电力系统，推动源网荷储（电源、电网、负荷、储能）一体化发展，实现了可再生能 源大规模开发和利用。 【环球网财经综合报道】国家发展改革委、国家能源局日前联合发文，聚焦新能源大规模开发与高质量消纳，提出分 阶段目标及七大重点任务，旨在构建适配高比例新能源的新型电力系统，支撑碳达峰及国家自主贡献目标。 联合新闻网近日发文称，日前发布的《碳达峰碳中和的中国行动》白皮书指出，中国内地持续提升化石能源清洁高效 利用水平，合理控制化石能源消费，化石能源消费比重由2020年的84.0%降至2024年的80.2%。 ...

Core Viewpoint - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote the consumption and regulation of renewable energy, emphasizing the need to enhance system adjustment capabilities [1] Group 1: System Adjustment Capabilities - The guidelines call for accelerating the construction of leading reservoir hydropower stations and the expansion and renovation of hydropower capacity [1] - There is a strong push for the construction of pumped storage power stations to effectively utilize peak shaving and valley filling functions [1] Group 2: Advanced Energy Storage - The guidelines advocate for the development of advanced, safe, and efficient new energy storage technologies to tap into the potential of renewable energy integration [1] - The aim is to improve the utilization level of energy storage systems [1] Group 3: Flexible Energy Sources - The guidelines suggest a moderate layout of peak-shaving gas power plants [1] - It encourages the construction of solar thermal power stations based on local conditions [1] Group 4: Coal Power Transition - The guidelines promote the upgrading of the new generation of coal power and the replacement of coal-fired self-supplied power plants with renewable energy sources [1] Group 5: Virtual Power Plants - The guidelines highlight the role of virtual power plants in aggregating load-side adjustment resources and expanding the scale of vehicle-grid interaction applications [1]

Core Viewpoint - Huadian Energy plans to invest in a new integrated project combining thermal power generation and renewable energy in Heilongjiang, with a total investment of 12.043 billion yuan, aligning with the company's strategic goals of structural adjustment, green transformation, and high-quality development [1] Investment Details - The project involves the construction of two 660,000-kilowatt thermal power generation units [1] - Total investment for the project is stated as 12.043 billion yuan, with the actual investment amount to be determined [1] Strategic Alignment - The implementation of this project is expected to enhance the company's profitability and support regional economic development and energy supply security [1] - The project aligns with industry trends and the company's development strategy, focusing on green transformation and high-quality growth [1]