<p>[北京] 中国的火电发电在四月份连续第四个月增长，尽管煤炭产量下降，这突显了北京在继续缓冲其经济免受伊朗战争引发的全球能源危机的挑战。</p>
<p>四月份火电发电量同比增长 3.1%，以满足日益增长的需求，而风力发电和核电的产量则有所下降。</p>
<p>煤炭产量也在通常与季节性维护相关的月份下降了 1%。</p>
<p>中国年初时的煤炭库存充足，甚至可以被视为过剩，但伊朗战争正在改变这些计算。</p>
<p>霍尔木兹海峡的事实性关闭使全球约五分之一的液化天然气供应受到阻碍，考虑到价格上涨，中国已大幅减少了这种燃料的进口。</p>
<p>这使得煤炭在火电发电中占据主要地位的压力加大。</p>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>国内基准火电煤价格自年初以来上涨了 23%。</p>
<p>中国煤炭运输与分配协会表示，发电厂已被指示在夏季需求季节之前储备燃料。</p>
<p>尽管如此，近期的涨势已失去动力，因为公用事业公司对成本上涨表示抵制。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4dccdf5eb7dd977fb3a7e77235d99b00d61fb6c207ab90d07b3ac9f0eedd3082/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4dccdf5eb7dd977fb3a7e77235d99b00d61fb6c207ab90d07b3ac9f0eedd3082/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>报告称，中国尽管使用量下降，但煤电厂投标创纪录</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/68854c48486c8866703988c56909641bc0ee86b956a6b4e08228c9ee910f874a/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/68854c48486c8866703988c56909641bc0ee86b956a6b4e08228c9ee910f874a/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>由于印度尼西亚的限制，中国今年可能会提高煤炭产量</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dd88206e06c412f3e66233a1895722a423eb7a2cf59a895145b983e90f3bb38d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dd88206e06c412f3e66233a1895722a423eb7a2cf59a895145b983e90f3bb38d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>伊朗战争能源冲击考验中国制造业心脏地带</h3>
<p>交易员表示，他们担心如果价格过高，政府可能会实施价格上限。</p>
<p>与此同时，清洁能源未能显示出同样的稳定增长，这帮助中国在 2025 年首次降低化石燃料发电量，时隔十年。</p>
<p>今年该国的风力并不足够，四月份的风电产量比去年同期下降了 5%，尽管在随后的时期内新增了创纪录的风机。</p>
<p>核电发电量也有所下降，因为发电厂因维护而停机，而公用规模的太阳能和水电产量则有所增长。</p>
<p>可再生能源的表现不佳尤其令人担忧。新风机和面板的新增量与 2025 年的创纪录增长相比大幅下降。</p>
<p>限电现象也在上升，电网运营商正在加紧建设电力线路和电池储存设施，以便在一天的更多时间内分配清洁电力。BLOOMBERG</p>
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富时中国香港大盘股 ETF - iShares

<p>中国的火电发电量在四月份增长了 3.1%，尽管煤炭产量下降了 1%，因为该国因伊朗战争面临能源挑战。今年国内 thermal coal 价格上涨了 23%，促使发电厂为夏季需求进行储备。然而，风能和核能等可再生能源的产出却有所下降，这引发了人们对国家能源转型的担忧。如果煤炭价格继续上涨，政府可能会考虑实施价格上限</p>

<p>[BEIJING] China’s thermal-power generation grew for a fourth straight month in April even as coal output fell, highlighting the challenges Beijing faces in continuing to buffer its economy from the global energy crisis stemming from the war in Iran.</p>
<div class="lb-trans"><p>[北京] 中国的火电发电在四月份连续第四个月增长，尽管煤炭产量下降，这突显了北京在继续缓冲其经济免受伊朗战争引发的全球能源危机的挑战。</p>
</div><p>Thermal-power generation rose 3.1 per cent in April from the year-ago period to meet growing demand, while output from wind turbines and nuclear reactors fell.</p>
<div class="lb-trans"><p>四月份火电发电量同比增长 3.1%，以满足日益增长的需求，而风力发电和核电的产量则有所下降。</p>
</div><p>Coal production also declined 1 per cent in a month typically associated with seasonal maintenance.</p>
<div class="lb-trans"><p>煤炭产量也在通常与季节性维护相关的月份下降了 1%。</p>
</div><p>China entered the year with coal stockpiles ample enough to be considered a glut, but the war in Iran is shifting those calculations.</p>
<div class="lb-trans"><p>中国年初时的煤炭库存充足，甚至可以被视为过剩，但伊朗战争正在改变这些计算。</p>
</div><p>The de facto shutdown of the Strait of Hormuz has choked off about a fifth of the world’s liquefied natural gas supply, and China has sharply reduced imports of the fuel given the resulting rise in prices.</p>
<div class="lb-trans"><p>霍尔木兹海峡的事实性关闭使全球约五分之一的液化天然气供应受到阻碍，考虑到价格上涨，中国已大幅减少了这种燃料的进口。</p>
</div><p>That has put more pressure on coal to make up the bulk of thermal-power generation.</p>
<div class="lb-trans"><p>这使得煤炭在火电发电中占据主要地位的压力加大。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，直接发送到您的邮箱。</p>
</div><p>Domestic benchmark thermal coal prices have risen 23 per cent since the start of the year.</p>
<div class="lb-trans"><p>国内基准火电煤价格自年初以来上涨了 23%。</p>
</div><p>Power plants have been instructed to stock up on the fuel ahead of summer demand season, the China Coal Transportation and Distribution Association said.</p>
<div class="lb-trans"><p>中国煤炭运输与分配协会表示，发电厂已被指示在夏季需求季节之前储备燃料。</p>
</div><p>Still, the rally has lost steam recently, as utilities push back against rising costs.</p>
<div class="lb-trans"><p>尽管如此，近期的涨势已失去动力，因为公用事业公司对成本上涨表示抵制。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/4dccdf5eb7dd977fb3a7e77235d99b00d61fb6c207ab90d07b3ac9f0eedd3082/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/4dccdf5eb7dd977fb3a7e77235d99b00d61fb6c207ab90d07b3ac9f0eedd3082?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China sees record coal plant bids even as usage declines: report</h3>
<div class="lb-trans"><h3>报告称，中国尽管使用量下降，但煤电厂投标创纪录</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/68854c48486c8866703988c56909641bc0ee86b956a6b4e08228c9ee910f874a/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/68854c48486c8866703988c56909641bc0ee86b956a6b4e08228c9ee910f874a?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China could lift coal output this year due to Indonesian curbs</h3>
<div class="lb-trans"><h3>由于印度尼西亚的限制，中国今年可能会提高煤炭产量</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/dd88206e06c412f3e66233a1895722a423eb7a2cf59a895145b983e90f3bb38d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/dd88206e06c412f3e66233a1895722a423eb7a2cf59a895145b983e90f3bb38d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s manufacturing heartland tested by Iran war energy shock</h3>
<div class="lb-trans"><h3>伊朗战争能源冲击考验中国制造业心脏地带</h3>
</div><p>Traders have said they are concerned about the possibility of price caps by the government if levels get too high.</p>
<div class="lb-trans"><p>交易员表示，他们担心如果价格过高，政府可能会实施价格上限。</p>
</div><p>At the same time, clean power is failing to show the same steady growth that helped China lower fossil-fuel power output in 2025 for the first time in a decade.</p>
<div class="lb-trans"><p>与此同时，清洁能源未能显示出同样的稳定增长，这帮助中国在 2025 年首次降低化石燃料发电量，时隔十年。</p>
</div><p>The country simply has not been windy enough this year, and wind-power output was 5 per cent lower in April than it was in the year-ago period – despite record additions of new turbines in the ensuing period.</p>
<div class="lb-trans"><p>今年该国的风力并不足够，四月份的风电产量比去年同期下降了 5%，尽管在随后的时期内新增了创纪录的风机。</p>
</div><p>Nuclear generation was also lower as plants were shut for maintenance, while utility-scale solar and hydropower output grew.</p>
<div class="lb-trans"><p>核电发电量也有所下降，因为发电厂因维护而停机，而公用规模的太阳能和水电产量则有所增长。</p>
</div><p>The poor performance of renewables is especially alarming. Additions of new turbines and panels are down sharply from the record growth in 2025.</p>
<div class="lb-trans"><p>可再生能源的表现不佳尤其令人担忧。新风机和面板的新增量与 2025 年的创纪录增长相比大幅下降。</p>
</div><p>Curtailment is also on the rise, and grid operators are racing to build power lines and battery-storage plants to spread out the clean electricity over more hours of the day. BLOOMBERG</p>
<div class="lb-trans"><p>限电现象也在上升，电网运营商正在加紧建设电力线路和电池储存设施，以便在一天的更多时间内分配清洁电力。BLOOMBERG</p>
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由于煤炭产量的下降，中国正在燃烧更多的化石燃料来发电