Financial Performance - The company's operating revenue for the third quarter was ¥11,679,245,336.67, a decrease of 6.15% compared to the same period last year[5]. - Total profit for the quarter reached ¥2,229,226,403.23, reflecting an increase of 7.85% year-on-year[5]. - The net profit attributable to shareholders was ¥1,140,541,197.69, showing a slight increase of 0.80% compared to the previous year[5]. - The basic earnings per share for the quarter was ¥0.3776, which is a decrease of 0.85% year-on-year[6]. - The weighted average return on equity was 5.18%, a decrease of 0.24 percentage points compared to the previous year[6]. - Total operating revenue for the first three quarters of 2025 was CNY 32,154,106,273.03, a decrease of 1.26% compared to CNY 32,565,921,071.98 in the same period of 2024[21]. - Net profit for the first three quarters of 2025 reached CNY 5,160,992,139.28, an increase of 17.66% compared to CNY 4,385,395,646.43 in 2024[22]. - Operating profit improved to CNY 6,261,169,549.91, up from CNY 5,287,752,702.32 in the previous year, reflecting a growth of 18.43%[22]. - The company reported a total comprehensive income of CNY 5,040,529,274.03 for the first three quarters of 2025, compared to CNY 4,345,549,143.77 in 2024, indicating an increase of 16.01%[23]. Assets and Liabilities - Total assets at the end of the quarter amounted to ¥200,857,324,066.35, representing a 6.06% increase from the end of the previous year[6]. - The company's total assets increased to CNY 200,857,324,066.35, compared to CNY 189,377,708,919.86 at the end of the previous year, marking a growth of 6.93%[19]. - Total liabilities rose to CNY 140,203,236,733.26, up from CNY 136,157,030,712.59, indicating a growth of 2.26%[19]. - The total liabilities increased to CNY 38,371,421,942.78 in 2025 from CNY 36,742,630,066.15 in 2024, reflecting a growth of 4.44%[30]. - The total equity decreased slightly to CNY 23,018,729,689.71 in 2025 from CNY 23,037,068,127.82 in 2024, indicating a marginal decline of 0.08%[30]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥12,428,628,141.43, an increase of 65.52% compared to the same period last year[6]. - Cash flow from operating activities for the first three quarters of 2025 reached CNY 12.43 billion, a significant increase of 65.5% compared to CNY 7.51 billion in the same period of 2024[25]. - Total cash inflow from operating activities was CNY 35.02 billion, up from CNY 33.38 billion year-over-year, reflecting a growth of 4.9%[26]. - Cash outflow from operating activities decreased to CNY 22.59 billion from CNY 25.87 billion, indicating a reduction of 12.5%[26]. - The company's cash and cash equivalents at the end of September 2025 totaled CNY 8.98 billion, up from CNY 7.63 billion at the end of 2024, representing a growth of 17.8%[27]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 189,539[13]. - The largest shareholder, State Power Investment Corporation, holds 1,251,588,074 shares, representing 44.36% of total shares[13]. - The top ten shareholders hold a significant portion of shares, with the top two alone accounting for 57.24%[14]. - No changes in the shareholding structure due to securities lending activities were reported[14]. Investment Activities - Investment activities generated a net cash outflow of CNY 9.47 billion, worsening from a net outflow of CNY 7.64 billion in the previous year[27]. - The investment activities generated a net cash outflow of CNY 15,412,430.17 in 2025, an improvement from a net outflow of CNY 345,554,170.63 in 2024[35].

证券简称：上海电力 证券代码：600021 编号：2025-102 一、交易概述 经公司董事会 2025 年第十次临时会议审议通过，公司拟继续为上海能科提供 新能源项目管理服务，管理服务涉及新能源项目装机容量合计约 160 万千瓦。 上海电力股份有限公司 关于继续为上海能源科技发展有限公司提供 新能源项目管理服务暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 根据《上海证券交易所股票上市规则》等有关规定，现将有关事项公告如下： 2.注册资本：5.54 亿元人民币 本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 鉴于上海能科为公司控股股东国家电投集团子公司，故本次交易构成关联交 易。 二、关联方基本情况 1.企业名称：上海能源科技发展有限公司 1 交易内容：上海电力股份有限公司（以下简称"上海电力"、"公司"）拟继 续为上海能源科技发展有限公司（以下简称"上海能科"）提供新能源项目管 理服务，管理服务涉及新能源项目装机容量合计约 160 万千瓦。 上海能科为公司控股股东 ...

Core Insights - Shanghai Electric reported a revenue of 32.154 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 1.26% [1] - The net profit attributable to shareholders for the same period was 3.050 billion yuan, showing a year-on-year increase of 24.04% [1] - In the third quarter, the company achieved a revenue of 11.679 billion yuan, down 6.15% year-on-year, while the net profit attributable to shareholders was 1.141 billion yuan, reflecting a slight increase of 0.80% [1] - The decrease in coal prices contributed to an increase in net cash flow from operating activities year-on-year [1]

Market Overview - The electricity sector increased by 0.81% compared to the previous trading day, with Chuaneng Power leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in the Electricity Sector - Chuaneng Power (000155) closed at 12.20, up 10.01% with a trading volume of 785,900 shares and a transaction value of 921 million [1] - Shanghai Electric (600021) closed at 30.14, up 10.00% with a trading volume of 1,562,200 shares and a transaction value of 4.614 billion [1] - Huaneng International (600011) closed at 8.26, up 6.86% with a trading volume of 2,038,600 shares and a transaction value of 1.671 billion [1] Top Losers in the Electricity Sector - Yunnan Energy Holdings (001896) closed at 6.17, down 5.80% with a trading volume of 947,000 shares and a transaction value of 577 million [2] - Huadian Energy (600396) closed at 3.22, down 2.42% with a trading volume of 320,600 shares and a transaction value of 10.2 million [2] - New Zhonggang (605162) closed at 8.92, down 1.98% with a trading volume of 90,400 shares and a transaction value of 8.033 million [2] Capital Flow in the Electricity Sector - The electricity sector saw a net inflow of 315 million from main funds, while retail funds experienced a net inflow of 394 million [2] - Speculative funds had a net outflow of 709 million [2] Individual Stock Capital Flow - Shanghai Electric (600021) had a net inflow of 378 million from main funds, while it experienced a net outflow of 232 million from speculative funds [3] - Chuaneng Power (000155) had a net inflow of 249 million from main funds, with a net outflow of 120 million from speculative funds [3] - Long-term capital flow showed that China Nuclear Power (601985) had a net inflow of 101 million from main funds, while speculative funds had a net outflow of 95 million [3]

Core Viewpoint - The lithium mining and energy storage sectors have experienced significant stock price increases, driven by a recovery in the lithium carbonate market and strong demand for energy storage solutions [1][4][6]. Lithium Mining Sector - On October 29, lithium mining stocks surged, with major companies like Dazhong Mining and Chuaneng Power hitting their daily price limits. Other companies such as Shengxin Lithium Energy and Ganfeng Lithium also saw substantial gains [2][5]. - Dazhong Mining announced that its subsidiary obtained a mining license for the Hunan Jijieshan lithium mine, which has a resource volume of 48,987.2 million tons, equivalent to approximately 324.43 thousand tons of lithium carbonate [3]. - The mining license allows for an annual open-pit mining capacity of 20 million tons, which can produce 80 thousand tons of lithium carbonate per year, enhancing the company's profitability and sustainable development [3]. Energy Storage Sector - The energy storage sector also saw a collective surge, with nearly 30 related stocks hitting their daily limits or rising over 10%. Notably, Yangguang Power's stock increased by over 15%, reaching a historical high [5]. - The "14th Five-Year Plan" emphasizes the development of new energy storage, with projections indicating that energy storage will drive lithium battery demand growth exceeding 30% next year, presenting investment opportunities across materials, batteries, and integration [6][7]. - The National Development and Reform Commission and the National Energy Administration have set a target for new energy storage installations to reach over 180 million kilowatts by 2027, with an estimated direct investment of around 250 billion yuan [6]. Market Dynamics - The lithium carbonate market has shown signs of recovery, with the benchmark price rising to 78,400 yuan per ton, a 7.15% increase from earlier in the month. This price increase is supported by strong demand in the energy storage sector [4]. - Analysts predict that the supply-demand dynamics will remain tight, with expectations of continued price strength in the short term due to robust demand from the energy storage market [4][7]. - The current market sentiment is optimistic, with a cautious outlook on potential supply increases from lithium salt projects and high inventory levels in intermediate products [4].

Core Viewpoint - The A-share market is experiencing a bullish trend, with the Shanghai Composite Index surpassing 4000 points, driven by strong performances in sectors such as non-ferrous metals and electric power [2][3]. Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component increased by 0.9%, and the ChiNext Index gained 1.35% [2]. - The total market turnover reached 1.43 trillion CNY, showing a slight increase compared to the previous day [3]. Sector Highlights - The non-ferrous metals and electric power sectors saw significant gains, with stocks like copper foil and electric power equipment experiencing notable price increases [5][10]. - The brokerage sector, referred to as the "bull market flag bearer," also performed well, with several stocks hitting the daily limit up [5][10]. Notable Stocks - Copper Crown Copper Foil (39.89 CNY, +20.01%) and other electric power stocks like Shanghai Electric (30.14 CNY, +10.00%) showed strong upward movements [7][8]. - The tungsten sector also performed well, with stocks like Zhongtung High-tech and Zhongfu Industrial seeing significant gains [11]. Banking Sector - The banking sector faced a collective downturn, with 41 out of 42 bank stocks declining, including notable drops in Chengdu Bank (down over 5%) and Xiamen Bank (down nearly 4%) [12][13].

Group 1 - The China Securities National New Central Enterprise Modern Energy Index has seen a strong increase of 1.80%, with constituent stocks such as Shanghai Electric rising by 10.00% and China Western Power by 9.99% [3] - The Central Enterprise Modern Energy ETF (561790) has risen by 1.69%, with a latest price of 1.26 yuan, and has accumulated a weekly increase of 2.31% as of October 28, 2025 [3] - The trading volume for the Central Enterprise Modern Energy ETF reached 460.61 million yuan, with a turnover rate of 9.7% [3] Group 2 - The Fujian Provincial Development and Reform Commission and the National Energy Administration have issued a plan to promote the market-oriented reform of renewable energy grid connection prices, aiming for all renewable energy generation to enter the electricity market by January 1, 2026 [4] - Tianfeng Securities notes that global grid capital expenditure is currently in a resonance cycle of "renewable energy grid connection + digital upgrade," indicating significant excess returns for the power equipment sector during upturns [4] - According to Zhongyin Securities, the new energy storage installation demand is expected to reach 12 GWh by 2026, representing a year-on-year growth of 60% [4] Group 3 - The Central Enterprise Modern Energy ETF closely tracks the China Securities National New Central Enterprise Modern Energy Index, which includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution [5] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 47.72% of the total, including companies like Yangtze Power and China Nuclear Power [5] - The latest scale of the Central Enterprise Modern Energy ETF reached 46.98 million yuan, marking a new high for the past month [4]

上海电力再度涨停，7个交易日内录得3个涨停，累计涨幅为36.26%，累计换手率为38.70%。截至 10:40，该股今日成交量1.04亿股，成交金额30.31亿元，换手率3.67%。最新A股总市值达850.31亿元。 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.10.28 | -0.62 | 5.80 | -25884.06 | | 2025.10.27 | 6.37 | 6.77 | -35169.15 | | 2025.10.24 | 10.02 | 6.21 | 74620.36 | | 2025.10.23 | -0.63 | 4.50 | -3244.13 | | 2025.10.22 | -2.55 | 4.96 | -43477.41 | | 2025.10.21 | 9.99 | 6.78 | 78158.22 | | 2025.10.20 | -6.07 | 4.86 | -51804.67 | | 2025.10.17 | -1.88 | 5.27 | -8394.99 | | 2025 ...

Core Viewpoint - The power sector is experiencing a rebound, with significant gains in stock prices for several companies, indicating a potential recovery trend in the industry [1] Company Summaries - Shanghai Electric has reached its upper limit on stock price increase [1] - Huaneng International has seen a stock price increase of over 7% [1] - Shaanxi Energy, Zhejiang New Energy, and Loushow Technology have also experienced stock price increases [1]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [5]. Core Views - The report highlights a steady growth in electricity consumption, with a total of 77,675 billion kWh from January to September, reflecting a year-on-year increase of 4.6% [3][17]. - The report emphasizes the government's ongoing support for the green methanol industry, detailing various policies aimed at promoting its development [18][20]. Summary by Sections Market Review - The Shanghai Composite Index rose by 3.24%, while the public utility index increased by 1.08% and the environmental index by 1.44% [1][15]. - Within the electricity sector, thermal power increased by 2.00%, hydropower by 0.23%, and renewable energy generation by 0.55% [1][15]. Important Events - In September, the industrial electricity generation reached 8,262 billion kWh, a year-on-year increase of 1.5% [2][16]. - The report notes a decline in thermal and wind power generation, while hydropower saw a significant increase of 31.9% [2][16]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional players like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][9]. - The report suggests that nuclear power companies will maintain stable profitability, recommending China Nuclear Power and China General Nuclear Power [4][9]. Key Company Earnings Forecasts - Huadian International is rated "Outperform" with an expected EPS of 0.49 for 2024 and a PE ratio of 10.3 [9]. - Longyuan Power is also rated "Outperform" with an expected EPS of 0.76 for 2024 and a PE ratio of 22.9 [9].