美国电力需求受数据中心规模扩张及电气化进程推进等因素影响，预计2025年全年同比增长2.3%， 2026年增长约2.2%。 供应革命：可再生能源重构电力版图 全球电力供应端正经历"历史性替代"，可再生能源的主导地位愈发重要。 今年全球可再生能源发电量或将首超煤炭发电 ——国际能源署报告预示全球能源转折点 国际能源署（IEA）近期发布的《2025电力年中更新报告》（Electricity Mid-Year Update 2025）指出， 全球电力需求正以远超能源总需求增速的态势强劲上扬，预计2026年全球用电量将突破29000太瓦时， 创下历史新高。 报告预测，可再生能源势头迅猛，最快将于明年超过煤炭发电，成为全球最大电力来源。然而，在这看 似蓬勃发展的背后，也伴随着区域排放差距拉大、电价分化加剧和电网稳定性挑战凸显等多重考验，亟 须各方携手应对，探寻可持续发展新路径。 需求强劲：新兴经济体成增长引擎 报告预测，2025年全球电力需求预计增长3.3%，2026年将达3.7%，是同期能源总需求增速的两倍多。 这一增长速度虽较2024年的4.4%有所放缓，但仍远高于2015至2023年2.6%的平均水平。总体而言， ...

京能清洁能源(00579)公布2025年中期业绩，收入约人民币108.997亿元，同比增长2.91%。公司权益持有 人应占溢利约19.83亿元，同比减少4.98%。每股基本及摊薄盈利24.05分。 京内燃气发电板块运行平稳，各项指标稳中有增，表现出强大的韧性。上半年燃气发电及供热板块完成 发电量97.2亿千瓦时，同比增长2.3%，设备利用小时数约2,036小时，同比增长了17小时，高于全国平 均水平1,029小时;贡献营业收入人民币65.8亿元，同比增长2.0%。集团通过深化热电联产调度、拓展工 业蒸汽用户等措施，有效平抑电价波动影响。其中北京京能高安屯燃气热电有限责任公司发电量同比增 长2.8亿千瓦时，增幅达19%，产能释放效率提升显著;北京京桥热电有限责任公司综合供电气耗同比下 降0.6%，彰显精细化管理纵深成效;北京上庄燃气热电有限公司依託创新业务驱动，利润同比跃升 26.9%，为燃气电厂转型升级提供实践典范。 截至2025年6月30日，该集团总装机容量稳步增至1,791.4万千瓦，同比增长21.4%，非化石能源装机容 量达到1,313.9万千瓦，占总装机容量的73.3%，能源结构进一步优化。其中，风力 ...

Group 1 - The company Guangzhou Development announced the convening of its 16th meeting of the 9th Board of Directors on July 30, 2025, via a combination of in-person and video conference [2] - The meeting reviewed the proposal regarding the issuance of ultra-short-term financing bonds [2] Group 2 - For the fiscal year 2024, the revenue composition of Guangzhou Development is as follows: coal accounts for 50.72%, pipeline gas for 19.58%, coal power for 10.36%, gas power for 6.75%, and oil products for 4.21% [2]

Core Viewpoint - The company, Jingneng Clean Energy, is currently undervalued and has established a three-year dividend return plan, with an expected average annual compound growth rate of 8.5% in dividends from 2015 to 2024 [1] Group 1: Financial Performance - The company plans to maintain a dividend payout ratio of at least 38%, 40%, and 41% of net profit attributable to shareholders for the years 2025, 2026, and 2027 respectively [1] - Projected revenues for 2025, 2026, and 2027 are estimated at 21.3 billion, 22 billion, and 22.5 billion yuan, reflecting year-on-year growth rates of 3.8%, 3.0%, and 2.5% [1] - Expected net profits attributable to shareholders for the same years are forecasted to be 3.57 billion, 3.81 billion, and 4.05 billion yuan, with year-on-year growth rates of 10%, 6.6%, and 6.4% [1] Group 2: Market Position - Jingneng Clean Energy is the largest gas-fired power supplier in Beijing, with gas power generation accounting for 47% of the city's total gas power generation and heating supply making up 43% of centralized heating in Beijing as of 2024 [2] - The company has a cumulative installed capacity of 17.4 GW as of the end of 2024, with wind, solar, and gas power capacities of 6.9 GW, 5.3 GW, and 4.8 GW respectively [2] Group 3: Operational Stability - The gas power generation segment has shown strong profitability stability, contributing approximately 1 billion yuan to net profit attributable to shareholders [3] - The local electricity supply is primarily gas-fired, with gas power accounting for 95% of local generation in 2024, and the company’s gas power plants have maintained a stable output over the past decade [3] - The company benefits from relatively low and stable gas procurement prices, with unit gas costs increasing only slightly from 0.467 yuan/kWh to 0.487 yuan/kWh from 2020 to 2024 [3] Group 4: Renewable Energy Strategy - The company has shown a restrained approach to expanding its renewable energy assets, focusing on maintaining profitability rather than merely increasing scale [4] - From 2015 to 2024, the operating profit from wind and solar energy has grown significantly, with compound annual growth rates of 16% and 20% respectively [4] - The company has several high-quality projects in the pipeline, including a 1.5 million kW wind project expected to be operational in 2025, and additional projects in Guangdong and Beijing [4]

Group 1 - The company has conducted a series of performance roadshows, including a 2024 annual performance release meeting in Hong Kong and an overseas roadshow in Singapore, focusing on energy security and green low-carbon development [1][2] - As of December 31, 2024, the company's total installed capacity reached approximately 17.437 million kilowatts, with non-fossil energy capacity at 12.662 million kilowatts, a year-on-year increase of 29.5% [1] - The total revenue for 2024 was approximately 20.562 billion yuan, an increase of 0.57% year-on-year, and the profit attributable to equity holders was about 3.245 billion yuan, up 6.13% year-on-year [1] Group 2 - The company has initiated a three-year dividend plan for 2025-2027, with a cash dividend ratio of no less than 42%, 44%, and 46% of the distributable profits for each respective year [3] - The management emphasizes the importance of policy guidance and compliance in business development, aiming to enhance investor relations and information disclosure quality through a multi-dimensional communication mechanism [2][3] - The company aims to adapt to new market conditions and strengthen its market awareness while promoting a virtuous cycle of performance growth, valuation recovery, and shareholder returns [3]