国金证券近日发布石油化工行业研究：10 月以来，自西伯利亚的强冷空气自北向南影 响我国北方地区，华北多地在 10 月 18 日起正式入冬，较往年平均（10 月 31 日）大幅提 前，内蒙古、东北、华北等地降温超 10℃。燃煤市场需求端因供暖用电厂冬储采购积极性 高，中电联电力行业燃料统计数据显示， 10 月 10 日至 10月 16 日，燃煤发电企业日均发电 量环比上周增加 13.4%，日均耗煤量环比上周增加 12.5%。 拉尼娜现象发生概率上升至超过 75%，冬季气温或出现"冷暖骤变"。 美国国家海洋和大 气管理局（NOAA）数据显示10 月初赤道中东太平洋地区的海水温度已持续低于正常值， 稳定在-0.5 度左右，属于拉尼娜的确认指标，预计 2025年 10 月-12 月发生拉尼娜现象的概 率上升至超过 75%。多数情况下，拉尼娜将导致北半球出现冷冬，但受东亚冬季风的强 弱、北极海冰的多少、欧亚积雪的厚度等其他因素影响，也有小概率不导致冷冬。世界气象 组织统计，多机构预测模型显示， 2025 年 10 月-12 月亚欧大陆平均气温高于历史均值的概 率偏高。此外，国家海洋环境预报中心预测，今年冬季，我国渤海、 ...

Core Insights - China General Nuclear Power Corporation (CGN) New Energy reported a revenue of $856.5 million for the six months ending June 30, 2025, representing a year-on-year decrease of 12.8% [1] - The company's profit attributable to equity shareholders was $163.5 million, down 10.9% year-on-year, with earnings per share at 3.81 cents, and no dividend declared [1] Financial Performance - Revenue decreased primarily due to reduced electricity prices and generation from projects in South Korea, as well as a decline in electricity prices for solar projects in China [1] - The company's asset portfolio includes wind, solar, gas, coal, oil, hydro, and biomass power generation projects, along with an energy storage project [1] Geographic and Operational Overview - The company operates across 19 provinces, two autonomous regions, and two municipalities in China, indicating a broad geographic distribution and diverse business scope [1] - As of June 30, 2025, approximately 79.4% of the company's equity installed capacity of 10,501.4 MW is located in China, while 20.6% is in South Korea [1] - Clean and renewable energy projects (wind, solar, gas, hydro, and biomass) account for 85.7% of the company's equity installed capacity, while traditional energy projects (coal and oil) make up 14.3% [1]