<p>[北京] 中國的火電發電在四月份連續第四個月增長，儘管煤炭產量下降，這突顯了北京在繼續緩衝其經濟免受伊朗戰爭引發的全球能源危機的挑戰。</p>
<p>四月份火電發電量同比增長 3.1%，以滿足日益增長的需求，而風力發電和核電的產量則有所下降。</p>
<p>煤炭產量也在通常與季節性維護相關的月份下降了 1%。</p>
<p>中國年初時的煤炭庫存充足，甚至可以被視為過剩，但伊朗戰爭正在改變這些計算。</p>
<p>霍爾木茲海峽的事實性關閉使全球約五分之一的液化天然氣供應受到阻礙，考慮到價格上漲，中國已大幅減少了這種燃料的進口。</p>
<p>這使得煤炭在火電發電中佔據主要地位的壓力加大。</p>
<h3>在新的全球秩序中導航亞洲</h3>
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<p>國內基準火電煤價格自年初以來上漲了 23%。</p>
<p>中國煤炭運輸與分配協會表示，發電廠已被指示在夏季需求季節之前儲備燃料。</p>
<p>儘管如此，近期的漲勢已失去動力，因為公用事業公司對成本上漲表示抵制。</p>
<p>另見</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>報告稱，中國儘管使用量下降，但煤電廠投標創紀錄</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>由於印度尼西亞的限制，中國今年可能會提高煤炭產量</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>伊朗戰爭能源衝擊考驗中國製造業心臟地帶</h3>
<p>交易員表示，他們擔心如果價格過高，政府可能會實施價格上限。</p>
<p>與此同時，清潔能源未能顯示出同樣的穩定增長，這幫助中國在 2025 年首次降低化石燃料發電量，時隔十年。</p>
<p>今年該國的風力並不足夠，四月份的風電產量比去年同期下降了 5%，儘管在隨後的時期內新增了創紀錄的風機。</p>
<p>核電發電量也有所下降，因為發電廠因維護而停機，而公用規模的太陽能和水電產量則有所增長。</p>
<p>可再生能源的表現不佳尤其令人擔憂。新風機和麪板的新增量與 2025 年的創紀錄增長相比大幅下降。</p>
<p>限電現象也在上升，電網運營商正在加緊建設電力線路和電池儲存設施，以便在一天的更多時間內分配清潔電力。BLOOMBERG</p>
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富時中國 3 倍做空 ETF - Direxion

中國 MSCI ETF - iShares

富時中國香港大盤股 ETF - iShares

<p>中國的火電發電量在四月份增長了 3.1%，儘管煤炭產量下降了 1%，因為該國因伊朗戰爭面臨能源挑戰。今年國內 thermal coal 價格上漲了 23%，促使發電廠為夏季需求進行儲備。然而，風能和核能等可再生能源的產出卻有所下降，這引發了人們對國家能源轉型的擔憂。如果煤炭價格繼續上漲，政府可能會考慮實施價格上限</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] 中國的火電發電在四月份連續第四個月增長，儘管煤炭產量下降，這突顯了北京在繼續緩衝其經濟免受伊朗戰爭引發的全球能源危機的挑戰。</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>四月份火電發電量同比增長 3.1%，以滿足日益增長的需求，而風力發電和核電的產量則有所下降。</p>
</div><p>Coal production also declined 1 per cent in a month typically associated with seasonal maintenance.</p>
<div class="lb-trans"><p>煤炭產量也在通常與季節性維護相關的月份下降了 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>中國年初時的煤炭庫存充足，甚至可以被視為過剩，但伊朗戰爭正在改變這些計算。</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>霍爾木茲海峽的事實性關閉使全球約五分之一的液化天然氣供應受到阻礙，考慮到價格上漲，中國已大幅減少了這種燃料的進口。</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>這使得煤炭在火電發電中佔據主要地位的壓力加大。</p>
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<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察信息，直接發送到您的郵箱。</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>國內基準火電煤價格自年初以來上漲了 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>中國煤炭運輸與分配協會表示，發電廠已被指示在夏季需求季節之前儲備燃料。</p>
</div><p>Still, the rally has lost steam recently, as utilities push back against rising costs.</p>
<div class="lb-trans"><p>儘管如此，近期的漲勢已失去動力，因為公用事業公司對成本上漲表示抵制。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>報告稱，中國儘管使用量下降，但煤電廠投標創紀錄</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>由於印度尼西亞的限制，中國今年可能會提高煤炭產量</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>伊朗戰爭能源衝擊考驗中國製造業心臟地帶</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>交易員表示，他們擔心如果價格過高，政府可能會實施價格上限。</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>與此同時，清潔能源未能顯示出同樣的穩定增長，這幫助中國在 2025 年首次降低化石燃料發電量，時隔十年。</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>今年該國的風力並不足夠，四月份的風電產量比去年同期下降了 5%，儘管在隨後的時期內新增了創紀錄的風機。</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>核電發電量也有所下降，因為發電廠因維護而停機，而公用規模的太陽能和水電產量則有所增長。</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>可再生能源的表現不佳尤其令人擔憂。新風機和麪板的新增量與 2025 年的創紀錄增長相比大幅下降。</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>限電現象也在上升，電網運營商正在加緊建設電力線路和電池儲存設施，以便在一天的更多時間內分配清潔電力。BLOOMBERG</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您的新全球秩序下導航亞洲的指南。請在此註冊以獲取解碼亞洲通訊，直接發送到您的郵箱。免費。</p>
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由於煤炭產量的下降，中國正在燃燒更多的化石燃料來發電