（记者 曾健辉） 截至发稿，广州发展市值为238亿元。 每经头条（nbdtoutiao）——中标企业频频弃标 大型医疗设备采购有何难言之隐？ 每经AI快讯，广州发展（SH 600098，收盘价：6.78元）12月15日晚间发布公告称，公司第九届第二十 次董事会会议于2025年12月15日以现场结合视频会议方式召开。 2025年1至6月份，广州发展的营业收入构成为：煤炭占比44.2%，管道燃气占比21.39%，油品占比 11.75%，煤电占比7.91%，燃气发电占比5.35%，风力发电占比5.25%。 ...

证券研究报告|行业深度 2025 12 03 年 月 日 算力之争，电力为王： 聚焦美国 A I能源革命核心赛道 分析师 张卓然 分析师 鲁昊 执业证书编号：S0680525080005 执业证书编号：S0680525080006 邮箱：zhangzhuoran@gszq.com 邮箱：luhao@gszq.com 分析师 张津铭 分析师 高紫明 分析师 刘力钰 执业证书编号：S0680520070001 执业证书编号：S0680524100001 执业证书编号：S0680524070012 邮箱：zhangjinming@gszq.com 邮箱：gaoziming@gszq.com 邮箱：liuliyu@gszq.com 打造极致专业与效率 汇报框架 目录 AI对美国电力需求的拉动几何 解决AI电力供需的有效途径 2 投资策略与相关标的 3 风险提示 4 2 1 AI对美国电力需求的拉动几何 3 • 美国电力供需现状 • 美国数据中心用电增长测算 • 供需错配与电网容量难以支撑用电高增 美国电力供需现状 01 AI对美国电力需求的拉动几何 图表2：美国各部门用电占比 资料来源： Wind，国盛证券研究所 资 ...

Core Viewpoint - The company aims to transition from quantity to quality during the "15th Five-Year Plan" period, focusing on energy supply security and low-carbon transformation, with specific targets for coal and renewable energy capacity [1][4]. Group 1: Company Positioning and Strategy - The company is positioned as a key player in energy security, industrial structure adjustment, and dual-carbon action, focusing on three main responsibilities: ensuring electricity supply, promoting energy structure optimization, and expanding diversified services [1][2]. - The company plans to increase its coal power capacity to over 15 million kilowatts and renewable energy capacity to over 10 million kilowatts during the "15th Five-Year Plan" [1][4]. Group 2: Market Challenges and Opportunities - The transition of the power industry towards clean and low-carbon sources presents both challenges and opportunities for the company, which must adapt to this trend by increasing its renewable energy investments [2][3]. - The growth in energy demand from the "Three Regions and One District" construction in Anhui provides strategic support for the company's expansion both within and outside the province [2]. Group 3: Strategic Implementation and Achievements - The company has successfully implemented three key strategies: expanding its scale through regional development, structural adjustment for renewable energy, and innovation-driven growth, achieving significant milestones in both domestic and external markets [2][3]. - The company has established a strong presence in Xinjiang with four high-efficiency coal power units, contributing approximately 1.5 billion yuan in annual profit [2]. Group 4: Future Goals and Development Plans - The company aims to enhance its role as a state-owned enterprise in energy security and aims to become a leading comprehensive power service provider by the end of the "15th Five-Year Plan" [4][5]. - The company will actively pursue projects aligned with national and provincial energy plans, focusing on both coal and renewable energy developments to meet dual-carbon goals [4][5]. Group 5: Social Responsibility and Digital Transformation - The company is committed to social responsibility, having donated 12.75 million yuan to support rural revitalization, and plans to deepen its assistance programs [4][5]. - The company is also advancing digital transformation initiatives, with projects recognized for their innovative applications in the industry [4].

Core Viewpoint - New Tian Green Energy (00956.HK) has completed a share subscription, issuing 307 million H-shares at HKD 4.93 per share, resulting in a 6.8% increase in the total issued share capital [1] Group 1: Share Subscription Details - The share subscription raised a total of HKD 1.51351 billion, with a net amount of approximately HKD 1.5 billion [2] - Approximately 80% of the proceeds will be used for the construction of wind power projects and gas-fired power plants, while about 20% will be allocated for working capital and other general purposes [2] Group 2: Shareholding Changes - Following the completion of the share subscription, Hebei Construction Investment and its concert parties increased their shareholding from 48.95% to 52.43% [1] - The total number of shares held by Hebei Construction Investment increased to 2.365 billion shares, representing 52.43% of the total issued shares [2]

Core Viewpoint - New天绿色能源 has successfully completed all conditions of the share subscription agreement, allowing for the issuance of new shares to Yanshan International Investment Co., Ltd. [1] Group 1: Share Subscription Details - The company will issue 307 million H-shares at a subscription price of HKD 4.93 per share [1] - The newly issued shares represent approximately 7.30% of the company's issued share capital before the subscription and about 6.80% after the subscription [1] Group 2: Financial Implications - The total proceeds from the share subscription will amount to HKD 15.1351 billion, with net proceeds expected to be around HKD 15 billion [1] - Approximately 80% of the net proceeds will be allocated for the construction of wind power projects and gas-fired power plants, while about 20% will be used to supplement working capital and for other general purposes [1]

Core Insights - The successful commissioning of the No. 9 unit at the Beilun Power Plant marks it as the largest thermal power plant in China, with a total installed capacity of 7.34 million kilowatts [2][3] - The No. 9 unit utilizes advanced technologies, achieving a 60% reduction in pollutant emissions and setting a benchmark for green thermal power generation in the country [2] - The plant's full-load operation can generate approximately 176 million kilowatt-hours of electricity daily, sufficient to meet the needs of around 20 million households [5] Group 1: Beilun Power Plant - The No. 9 unit has successfully completed a 168-hour full-load trial run and is now officially in operation [3] - The power generation efficiency of the new units (No. 8 and No. 9) is 257.24 grams of coal per kilowatt-hour, making them the greenest thermal power units of their kind in the country [2] - The annual electricity generation is expected to exceed 40 billion kilowatt-hours, significantly enhancing the power supply security in East China [5] Group 2: National Power Infrastructure Development - Multiple power facilities and generation points across the country are accelerating construction, indicating a broader trend in energy infrastructure development [6] - In Anji, Zhejiang, the largest gas power plant under construction has successfully completed its first ignition, marking a significant milestone [8] - In Nantong, Jiangsu, the Huaneng Nantong gas turbine project is progressing, with an expected annual output of about 5.2 billion kilowatt-hours [9] - In Shantou, Guangdong, the expansion project of the Huaneng Shantou Power Plant is underway, with plans for completion by the end of 2027 [11] - The Huaneng Jintan compressed air energy storage project in Jiangsu is also under construction, aiming to become a major energy storage solution [13]

Group 1 - The company Guangzhou Development has appointed Ms. Jiang Yun as the secretary of the ninth board of directors, with a term ending on December 28, 2026 [1] - For the first half of 2025, the revenue composition of Guangzhou Development is as follows: coal accounts for 44.2%, pipeline gas 21.39%, oil products 11.75%, coal power 7.91%, gas power 5.35%, and wind power 5.25% [1] - As of the report date, the market capitalization of Guangzhou Development is 24.1 billion yuan [1]

Core Viewpoint - The global energy investment is projected to reach $3.3 trillion by 2025, with approximately two-thirds allocated to clean energy technologies, indicating a structural shift from fossil fuels over the past decade [1]. Group 1: Energy Transition Challenges - The energy transition is a complex process that requires balancing carbon footprint management, energy security, and grid stability, especially as AI accelerates demand for electricity [1]. - Stability is deemed essential for energy transition, ensuring reliable power supply for production, daily life, and societal stability [1]. Group 2: Renewable Energy Integration - The increase in renewable energy has posed significant challenges for grid stability, as evidenced by widespread power outages in Spain and Portugal due to high renewable penetration [3]. - China has managed to maintain grid stability despite a large integration of renewable energy, showcasing its effective balance in this area [3]. Group 3: Role of Gas Power - Gas power generation is viewed as a necessary transitional solution, with gas turbines capable of rapid response to grid demands and emitting about half the carbon of coal [4]. - Global gas power generation orders rose from 21 GW in 2021 to an expected 80 GW in 2023, indicating a threefold increase in demand over three years [4]. Group 4: Energy Ecosystem - The relationship between different energy types is evolving into an ecosystem where renewable energy requires stable backup sources, such as coal, storage, or gas power [5]. - Hydrogen is identified as a potential energy storage solution, which can be produced from renewable sources and used to stabilize the grid when renewable generation is inconsistent [5].

Core Insights - Fermi Company, an AI power startup, achieved a market valuation of $16 billion shortly after its IPO, despite having no customers or revenue to date [2][3] - The company aims to create a "super grid" integrating nuclear, solar, and gas power to supply large data centers in Texas, with a projected capacity to meet the electricity needs of 8 million households [2][3] Company Background - Fermi's success is attributed to the policies of the Trump administration and its connections within the political landscape, including support from former Texas Governor Rick Perry [3][4] - The company has ambitious plans to develop a gas-fired AI power facility, leveraging its location near significant energy resources and infrastructure [7][8] Project Details - Fermi plans to achieve gas power generation by spring next year, utilizing refurbished second-hand equipment and acquiring unused gas generators from failed projects [4][9] - The project aims for a total capacity of 11 gigawatts, which is double the average electricity demand of New York City, with annual increases of 1 gigawatt thereafter [4][9] Market Reaction - The IPO was priced at $21 per share, with 32.5 million shares sold, indicating strong market interest despite the company's early-stage status and lack of revenue [4][5] - Analysts note that while the market remains optimistic about data center growth, investing in a company with limited assets and no revenue carries significant risks [5] Strategic Partnerships - Fermi has partnered with Westinghouse Electric to introduce four advanced AP1000 modular nuclear reactors, although these will take years to implement [9][10] - The company is also refurbishing a 200-megawatt gas generator and acquiring a 400-megawatt Siemens gas generator to meet its initial power generation goals [9][10]

Core Insights - The domestic natural gas supply is expected to increase significantly during the 14th Five-Year Plan, with a projected annual growth rate of over 6%, leading to a total resource availability of over 570 billion cubic meters by 2030 [1] - Natural gas is identified as a crucial energy source for China's new urbanization and power system construction, with an increasingly improved supply chain and declining prices creating more opportunities for industry development [1] Supply and Demand Dynamics - Domestic natural gas production has exceeded 10 billion cubic meters annually for eight consecutive years, with a projected output of 246.4 billion cubic meters in 2024, and unconventional gas contributing significantly with a 45% share [2] - The LNG receiving capacity has increased by 56.6 million tons per year since 2020, with 32 receiving stations now operational, enhancing the security and stability of natural gas supply [2] - The total length of long-distance pipelines has reached 1.28 million kilometers, with 38 gas storage facilities established, providing a peak-shaving capacity of 26.67 billion cubic meters, which is about 6.3% of annual consumption [2] Price Trends - A new supply expansion phase in the global natural gas market is anticipated, with LNG production capacity expected to exceed 710 million tons per year by 2030, leading to a gradual decline in international gas prices [3] - The reduction in resource costs is expected to be transmitted to the end market, potentially lowering pipeline gas prices and stimulating market growth, with national demand projected to exceed 560 billion cubic meters by 2030 [3] Natural Gas Power Generation - Experts express optimism for natural gas power generation, which currently accounts for only 3.2% of China's power generation mix compared to 22% globally, indicating significant growth potential [3] - The expected increase in gas-fired power generation capacity to 500 million kilowatts will play a critical role in ensuring grid safety and enhancing the proportion of green electricity [3][4] Urban Gas Consumption - Urban gas consumption has shown substantial growth, increasing from 62.8 billion cubic meters in 2015 to 124.6 billion cubic meters in 2020, but the growth rate has slowed during the 14th Five-Year Plan [5] - There remains considerable potential for growth in urban gas consumption, particularly in major cities where coal consumption is still significant, suggesting a shift from coal to gas could increase gas consumption by approximately 55 billion cubic meters [6] Challenges for Gas Companies - Gas companies face challenges such as increased safety investments, the need for upgrading aging pipelines, and lagging technological development, which may hinder their ability to reinvest [7] - The implementation of a pricing mechanism that reflects market conditions is essential for the sustainability of gas companies, as many are currently facing significant losses due to price discrepancies [7]