电力 年底电力现货市场全覆盖，重视灵活调节电源价值 本周行情回顾：本周（4.28-4.30）上证指数报收 3,279.03 点，下跌 0.49%， 沪深 300 指数报收 3770.57 点，下跌 0.43%。中信电力及公用事业指数 报收 2846.13 点，下跌 1.68%，跑输沪深 300 指数 1.24pct，位列 30 个 中信一级板块涨跌幅榜第 23 位。 本周行业观点： 今年年底电力现货市场基本全面覆盖，电力市场化不断加深，辅助服 务需求有望进一步提升，建议重视灵活调节电源配置价值。 ➢ 国常会新核准核电 10 台机组，成长确定性再加码。4 月 27 日，经 国务院常务会议审议，决定核准 5 个核电项目，合计 10 台机组。具 体为中核三门核电 5/6 号机组、中广核广西防城港核电 5/6 号机组、 广东台山核电 3/4 号机组，国家电投海阳核电 5/6 号，以及华能霞浦 核电 1/2 号机组。其中，华龙一号机组 8 台，CAP1000 机组 2 台。 2019 年-2025 年，我国核准核电机组数量分别为 6/4/5/10/10/11/10 台，已经连续 4 年核准 10 台及以上，7 年累计核 ...

据国家能源局统计，截至3月，全国累计发电装机容量34.3亿千瓦，YOY+14.6%。 火电：近期煤价急速下跌有望扭转市场对于火电2025年悲观的基本面预期，建议关注市场煤敞口大，且 布局25年年度长协电价下调幅度较小区域的企业。 水核：利率下行周期中，红利属性较强的水电、核电具备长期配置价值，同时核电还具备较高的远期成 长性加持。 国泰海通发布研报称，目前看，越北方，火电电价越好：新能源比例高，火电分时稀缺性体现。同时今 年南方年度长协电价下降也给了南方火电压力，电厂纷纷从追求电量改为追求电价和效益，近期南方现 货电价也开始涨。北方电价见底的可能性已经很大，南方地区差异仍存。未来或将目睹两个历史第一 次：25年现货电价上涨以及26年年度长协上涨。 2025年3月，全社会用电量8282亿度，YOY+4.8%。 日前，中共中央办公厅、国务院办公厅发布关于完善价格治理机制的意见。其中提到，健全促进绿色低 碳转型的能源价格政策。建立健全天然气发电、储能等调节性资源价格机制，更好发挥对构建新型电力 系统的支撑作用。完善新能源就近交易价格政策，优化增量配电网价格机制。综合考虑能耗、环保水平 等因素，完善工业重点领域阶梯电 ...

劳动创造幸福。五月，大江南北，草木繁茂。"五一"假期，从雪域高原到戈壁沙漠，从集控中心到煤矿井下，华能人坚守 岗位、辛勤劳动、无私奉献，守护千家万户灯火明。 "S09号机组发电量降幅异常，请立即安排检修人员现场排查。"沈波紧盯智慧运维平台上的实时数据，迅速锁定低效机 组。现场检修人员根据指令精准出击，仅用不到半小时就解决了风机风向标定位偏差故障，S09机组重新恢复高效运行。 扎根生产一线16年，沈波带领团队深入探索"云大物智移"与新能源行业发展深度融合，大力开发智慧运维、智慧检修平 台，有效发挥智慧运检优势，为1265台风电机组安全稳定运行保驾护航。他带领团队攻克多项技术难关，先后研发出风电机组 变桨螺栓断裂监测装置、氢动力无人机智能巡检系统等创新成果，累计取得发明专利5项，实用新型专利13项，不断挑战着新 能源生产管理技术难题。他用坚守诠释劳模初心，用创新定义卓越，用担当书写新能源发展的责任使命。 守护雪域高原的光明 测温度、看压力、记数据……5月1日上午，在海拔3000多米的西藏雪域高原上，华能藏木水电站运维部副主任平措顿旦已 经完成电站大坝设备巡检，正在主厂房对发电机层设备进行专业检查，他一手拿着红外线 ...

专题讲座环节，中国社会科学院农村发展研究所研究员李国祥从六个方面对2025年中央一号文件进行了 系统解读，并提出电力与农业融合的创新方向。 大会由中电联党委委员、秘书长郝英杰主持，举办了乡村振兴电力专业委员会成立揭牌仪式，并公布了 组织机构及成员名单。专委会主任由中电联党委委员、秘书长郝英杰兼任，副主任及委员来自国家电 网、南方电网、华能集团、大唐集团、华电集团等电力央企及地方龙头电力企业的相关负责人。专委会 秘书处设在《中国电力企业管理》杂志社，杂志社社长管永生任副主任兼秘书长。未来，专委会将通过 政策研究、技术推广和成果共享等方式，推动电力行业乡村振兴项目落地。 中国经济网北京4月30日讯（记者 佟明彪）4月29日，中国电力企业联合会乡村振兴电力专业委员会 （以下简称"专委会"）在北京正式成立，标志着电力行业服务乡村振兴工作迈入协同发力新阶段。来自 国家能源局、中国电力企业联合会、国家电网公司、南方电网公司、中国华能集团等单位的近百位嘉宾 参加了成立大会。 国家能源局新能源和可再生能源司副司长潘慧敏在致辞中指出，近年来，国家能源局推动我国农村地区 用能保障、清洁替代水平不断迈上新台阶：农村分布式新能源加快 ...

Core Viewpoint - In Q1 2025, the company reported a revenue of 60.335 billion yuan, a year-on-year decrease of 7.70%, while net profit attributable to shareholders increased by 8.19% to 4.973 billion yuan, indicating a mixed performance driven by various factors [1][2]. Revenue and Profit Analysis - The company's Q1 2025 revenue decreased by 7.70% year-on-year to 60.335 billion yuan, primarily due to a decline in on-grid electricity generation [1]. - The net profit attributable to shareholders rose by 8.19% to 4.973 billion yuan, and the non-recurring net profit increased by 9.61% to 4.798 billion yuan, reflecting improved profitability despite lower revenue [1][2]. Electricity Generation and Pricing - The total on-grid electricity generation in Q1 2025 was 106.633 billion kWh, a decrease of 5.66% year-on-year, with coal, gas, wind, solar, hydro, and biomass generation showing varied changes [1]. - The average on-grid electricity settlement price was 488.19 yuan per MWh, a slight decline of 1.96% year-on-year, indicating limited overall price drop [1]. Fuel Cost and Profitability - The unit fuel cost decreased significantly due to falling coal prices, leading to a 10.97% reduction in operating costs [2]. - Profit margins for coal and gas-fired power generation increased by 40.96% and 40.58% respectively, contributing over 60% to the total profit in Q1 2025 [2]. Financial Performance - Financial expenses decreased by 15.12% to 1.738 billion yuan, attributed to lower interest rates on domestic interest-bearing liabilities [2]. - Investment income rose by 37.63% to 525 million yuan, further enhancing the company's performance [2]. Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 12.3 billion, 14.6 billion, and 17 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 21.29%, 19.04%, and 16.42% [2]. - As of April 30, 2025, the stock price corresponds to PE ratios of 9.14, 7.68, and 6.60 for the respective years [2].

截至2025年4月30日收盘，中证全指电力公用事业指数下跌0.85%。成分股方面涨跌互现，深圳能源领 涨2.73%，三峡水利上涨2.66%，京能电力上涨2.27%。拉长时间看，截至2025年4月29日，电力 ETF(159611)近1周累计上涨0.63%。流动性方面，电力ETF今日换手率5.64%，成交1.88亿元。拉长时间 看，截至4月29日，电力ETF近1月日均成交2.29亿元，居可比基金第一。 规模方面，电力ETF近半年规模增长16.41亿元，实现显著增长，新增规模位居可比基金第一。份额方 面，电力ETF近3月份额增长17.00亿份，实现显著增长，新增份额位居可比基金第一。资金净流入方 面，电力ETF最新单日获净流入超7600万元，居同类产品第一。昨日成交额达3.03亿元，居同类产品第 一。 从估值层面来看，电力ETF跟踪的中证全指电力公用事业指数最新市盈率（PE-TTM）仅16.72倍，处于 近3年10.13%的分位，即估值低于近3年89.87%以上的时间，处于历史低位。 电力ETF紧密跟踪中证全指电力公用事业指数，数据显示，截至2025年3月31日，中证全指电力公用事 业指数(H30199)前十大权 ...

Core Insights - Huaneng International (600011.SH) reported a total operating revenue of 60.335 billion yuan for Q1 2025, ranking first among disclosed peers [1] - The net profit attributable to shareholders was 4.973 billion yuan, ranking second among peers, with a year-on-year increase of 377 million yuan, marking an 8.19% rise compared to the same period last year [1] - The net cash inflow from operating activities was 17.396 billion yuan, also ranking first among peers, with a significant increase of 5.253 billion yuan, reflecting a 43.26% year-on-year growth [1] Financial Ratios - The latest debt-to-asset ratio stands at 64.33%, a decrease of 1.07 percentage points from the previous quarter and a reduction of 3.25 percentage points from the same period last year [3] - The gross profit margin is reported at 19.05%, an increase of 3.90 percentage points from the previous quarter and 2.97 percentage points from the same period last year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 3.51%, ranking 16th among disclosed peers, with a year-on-year increase of 0.13 percentage points [3] Earnings Per Share and Shareholder Structure - The diluted earnings per share (EPS) is 0.27 yuan, ranking fifth among peers, with an increase of 0.02 yuan compared to the same period last year, marking an 8.00% year-on-year rise [3] - The total asset turnover ratio is 0.10 times, ranking 20th among disclosed peers, while the inventory turnover ratio is 4.15 times [4] - The number of shareholders is 109,100, with the top ten shareholders holding 13.202 billion shares, accounting for 84.10% of the total share capital [4]

Investment Rating - The report maintains a "Buy" rating for Huaneng International, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [19]. Core Views - In Q1 2025, Huaneng International reported a revenue of 603.35 billion yuan, a year-on-year decrease of 7.70%, while the net profit attributable to shareholders increased by 8.19% to 49.73 billion yuan [2][3]. - The decline in coal prices has positively impacted profitability, with the profit per kilowatt-hour for coal power increasing by 0.0174 yuan year-on-year to 0.048 yuan [4]. - The company continues to see growth in renewable energy, with wind and solar power generation increasing by 8.81% and 51.2% year-on-year, respectively, contributing to a significant rise in profits from solar energy [5]. Financial Performance Summary - For Q1 2025, the average on-grid electricity price decreased by 1.96% year-on-year, while the company's sales gross margin and net margin improved by 2.98 percentage points and 2.6 percentage points, reaching 19.05% and 11.53%, respectively [3]. - The total profit from coal power generation was 39.82 billion yuan, reflecting a year-on-year increase of 40.96% [4]. - The company plans to invest 512 billion yuan in wind and solar power projects in 2025, marking a year-on-year increase of 64.01 billion yuan [5]. Earnings Forecast - The report projects net profits for Huaneng International to be 101.64 billion yuan, 105.56 billion yuan, and 108.77 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 11.2, 10.8, and 10.5 [5].

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [2] Core Views - The company's Q1 2025 performance shows a significant improvement in thermal power profitability, driven by a substantial decrease in fuel costs and a favorable operating environment [7] - The report highlights that the company's coal-fired power segment has benefited from a drop in coal prices, with the average spot price of Qinhuangdao 5500 kcal thermal coal falling by approximately 20% year-on-year [7] - The report anticipates continued improvement in profitability for the coal power segment due to further declines in coal prices and stable long-term contract prices [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 241,484 million yuan, with a year-on-year decline of 1.7% [6] - The net profit attributable to the parent company is expected to reach 11,758 million yuan in 2025, reflecting a year-on-year growth of 16% [6] - Earnings per share (EPS) is forecasted to be 0.75 yuan for 2025, with a projected price-to-earnings (PE) ratio of 10 [6] - The company's return on equity (ROE) is expected to improve to 8.0% in 2025 [6] Segment Performance - In Q1 2025, the company reported a total operating revenue of 60,335 million yuan, a decrease of 7.7% year-on-year, while net profit increased by 8.2% to 4,973 million yuan [7] - The thermal power segment's tax profit reached 39.82 million yuan, significantly up from 28.25 million yuan in the previous year, indicating strong performance [7] - The renewable energy segment saw a 51.7% increase in installed capacity, with wind and solar power generation increasing by 8.81% and 51.21% respectively [7]