Core Viewpoint - Shanghai Electric (600021) announced on October 10 that its production and operational activities are normal, and there are no undisclosed significant information [1] Group 1 - The company reported an abnormal fluctuation in stock trading and conducted a self-examination [1] - The significant asset purchase of K-Electric Limited shares from KES POWER LTD. was approved by the company's board on September 9, 2025, but the company has decided to terminate this acquisition [1] - The termination of the asset purchase will require approval from the shareholders' meeting [1]

Core Insights - A total of 86 stocks on the Shanghai, Shenzhen, and Beijing exchanges have experienced net inflows of main funds for five consecutive days or more as of October 10 [1] - The stock "寒武纪-U" has seen the longest streak of net inflows, with 32 consecutive days and a total net inflow of 4.377 billion [1] - "振德医疗" ranks second with 10 consecutive days of net inflows [1] Summary by Category Main Fund Inflows - "寒武纪-U" has the highest total net inflow amounting to 4.377 billion over 32 days, with a net inflow ratio of 0.72% and a cumulative increase of 33.52% [1] - "上海电力" follows with a net inflow of 1.521 billion over 6 days, achieving a cumulative increase of 32.91% [1] - "农业银行" and "万华化学" also show significant inflows, with net inflows of 1.078 billion and 540 million respectively over 6 and 7 days [1] Performance Metrics - "国电南自" has the highest net inflow ratio at 14.99% over 5 days, with a cumulative increase of 18.03% [1] - "振德医疗" has a cumulative increase of 40.10% over 10 days, indicating strong performance alongside its net inflow of 424 million [1] - Other notable stocks include "白银有色" with a cumulative increase of 35.11% and "东吴证券" with a 7.07% increase over 5 days [1]

Core Insights - The electricity sector experienced a rise of 0.71% on the previous trading day, with Lianmei Holdings leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Lianmei Holdings (600167) closed at 9.35, up 10.00% with a trading volume of 889,900 shares and a transaction value of 808 million [1] - Shanghai Electric (600021) closed at 25.12, up 7.90% with a trading volume of 1,973,300 shares [1] - Huayin Power (600744) closed at 6.82, up 6.40% with a trading volume of 1,951,200 shares [1] - Other notable performers include Waneng Power (000543) up 5.09% and Guiguan Power (600236) up 4.77% [1] Capital Flow - The electricity sector saw a net outflow of 773 million from institutional investors and 445 million from retail investors, while retail investors had a net inflow of 1.218 billion [2][3] - Major stocks like Changjiang Electric (600900) and Lianmei Holdings (600167) experienced significant capital movements, with Lianmei Holdings seeing a net inflow of 1.33 billion from institutional investors [3]

Core Viewpoint - Shanghai Electric Power Co., Ltd. has announced the results of the first stock option incentive plan's second exercise period, indicating a significant participation rate and the issuance of new shares to incentivized employees [2][9]. Summary by Sections Stock Option Exercise Details - The number of stock options that can be exercised in the second exercise period is 4.8444 million shares, with an actual exercise period from June 29, 2025, to May 29, 2026 [2]. - As of September 30, 2025, a total of 4.4418 million shares have been exercised and registered, accounting for 91.69% of the available options for this period [2]. Listing and Trading Arrangements - The exercised shares will be credited to the stock accounts of the incentivized employees on the first trading day after the exercise date (T+1) and will be available for trading on the second trading day (T+2) [3][13]. Decision-Making Process and Disclosure - The decision-making process for the stock option plan involved multiple board meetings and independent opinions from directors, ensuring compliance with regulations and shareholder interests [4][5][6][7][8]. Basic Information on the Stock Option Exercise - A total of 105 individuals participated in the exercise and completed the share transfer registration [11]. - The exercise price for the stock options is set at 12.295 yuan per share [12]. Impact on Share Capital and Fund Utilization - The total number of shares listed for trading after the exercise is 4.4418 million, all of which are unrestricted shares [14]. - The funds raised from this exercise amount to 54,611,931 yuan, which will be used to supplement the company's working capital [15]. Financial Impact - The stock option exercise is not expected to have a significant impact on the company's financial status or operating results [15].

Group 1 - State Grid Shanghai Electric Power successfully completed the power supply guarantee task for the National Day and Mid-Autumn Festival, ensuring stable electricity supply during the holiday period [1] - The highest electricity load in Shanghai reached 29.43 million kilowatts on October 6, a year-on-year increase of 40.68% [1] - The average temperature in Shanghai was approximately 8 degrees Celsius higher than the same period last year, contributing to increased electricity demand [1] Group 2 - China Energy Construction's East China Design Institute announced the successful water pressure test of the 7th boiler for the Huainan Pingui Power Plant Phase IV, marking the completion of the main installation work [3] - The project involves two 1 million kilowatt ultra-supercritical coal-fired generating units [3] Group 3 - Shanghai Electric Power Transmission and Transformation Engineering Company won the bid for the electrical installation of the Gansu-Zhejiang ±800 kV UHVDC project, specifically for the Yuezhou converter station [5] - The Gansu-Zhejiang UHVDC project is the world's first to use flexible DC transmission technology at both sending and receiving ends [5] Group 4 - Shanghai Jiao Tong University’s National Energy Investment Smart Energy Innovation Institute signed a technical cooperation framework agreement with the State Power Investment Corporation Energy Research Institute [6] - The collaboration focuses on technological innovation and talent cultivation [6] Group 5 - Shanghai Cairi Energy Technology successfully connected two commercial energy storage projects in Changzhou to the grid, promoting green and low-carbon transformation for local enterprises [7] - The projects include a 2MW/4.176MWh energy storage station and a 2MW/4.179MWh energy storage project [7] Group 6 - A delegation from Japan's Toho Electric visited Shanghai Ronghe Yuan Storage Energy for business discussions and research [9] - The discussions focused on the application scenarios of energy storage systems and the development potential of the Japanese market [9] Group 7 - Shanghai Electric Co., Ltd. People's Electric Factory signed a strategic cooperation agreement with Shanghai Electric Research Institute [11] - The meeting addressed industry development trends, market competition, and future cooperation projects [11] Group 8 - The State Grid Shanghai Electric Power Company’s Electric Power Research Institute led a project that won the first prize of the China Invention and Entrepreneurship Award [13] - The project tackled the technical challenges of integrated detection of partial discharge in transformers using built-in ultrasonic and high-frequency technology [14]

证券代码：600021 证券简称：上海电力 公告编号：2025-093 上海电力股份有限公司 关于首期股票期权激励计划 2025 年第三季度 自主行权结果暨股份变动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次行权数量 上海电力股份有限公司（以下简称"公司"）首期股票期权激励计划（以下 简称"本激励计划"）首次授予部分股票期权第二个行权期可行权数量为 484.44 万份，实际可行权期为 2025 年 6 月 29 日-2026 年 5 月 29 日（行权日须为交易日）。 截至 2025 年 9 月 30 日，累计行权并完成股份过户登记数量为 444.18 万股，占 本期可行权数量的 91.69%。 本次行权股票上市流通时间： 2、2022 年 1 月 13 日，公司召开董事会 2022 年第一次临时会议，审议通过 了关于公司《首期股票期权激励计划（草案修订稿）》及其摘要的议案。公司独 立董事就激励计划有关事项发表了独立意见。同日，公司召开监事会 2022 年第 一次临时会议，审议通过了关于公司 ...

Market Overview - The Shanghai Composite Index rose by 1.32% on October 9, with 23 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and steel, with increases of 7.60% and 3.38% respectively. The utilities sector also saw a rise of 2.60%. Conversely, the media and real estate sectors faced declines of 1.43% and 1.39% respectively [1] Fund Flow Analysis - Throughout the day, the main funds in the two markets experienced a net outflow of 19.966 billion yuan. However, 12 sectors saw net inflows, with the non-ferrous metals sector leading with a net inflow of 5.361 billion yuan, followed by the construction and decoration sector, which had a daily increase of 2.17% and a net inflow of 1.868 billion yuan [1] Utilities Sector Performance - The utilities sector increased by 2.60% with a total net inflow of 1.349 billion yuan. Out of 131 stocks in this sector, 115 rose, including 2 that hit the daily limit, while 14 fell, with 1 hitting the lower limit. Notably, 69 stocks in this sector experienced net inflows, with 7 stocks seeing inflows exceeding 100 million yuan. Shanghai Electric led with a net inflow of 425 million yuan, followed by Yangtze Power and China Nuclear Power with inflows of 260 million yuan and 225 million yuan respectively [2] Utilities Sector Fund Inflow and Outflow - The top inflow stocks in the utilities sector included: - Shanghai Electric: +10.02%, 6.00% turnover, 425.25 million yuan inflow - Yangtze Power: +1.58%, 0.47% turnover, 260.23 million yuan inflow - China Nuclear Power: +4.59%, 1.63% turnover, 224.55 million yuan inflow [2] - The top outflow stocks in the utilities sector included: - Energy Saving Wind Power: +2.51%, 3.03% turnover, -108.28 million yuan outflow - Jilin Electric Power: +1.93%, 4.99% turnover, -69.70 million yuan outflow - Shenzhen Energy: +3.61%, 1.37% turnover, -65.39 million yuan outflow [4]

从资金流向上来看，当日电力板块主力资金净流入10.58亿元，游资资金净流出8.52亿元，散户资金净流 出2.06亿元。电力板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600021 上海电力 | | 4.30 Z | 11.32% | -1.98 Z | -5.21% | -2.32 乙 | -6.11% | | 601985 中国核电 | | 2.50 Z | 9.00% | -1.39 Z | -5.00% | -1.11 Z | -4.01% | | 600900 长江电力 | | 1.73亿 | 5.55% | -1.59亿 | -5.12% | -1326.78万 | -0.43% | | 003816 中国广核 | | 1.38亿 | 8.25% | -3055.27万 | -1.83% | -1.07 Z | -6.42% | | 600795 国电电力 | | 9194.7 ...

Core Viewpoint - The report highlights the successful completion of China's first ship-based green methanol refueling operation at Ningbo Zhoushan Port, marking a significant milestone in the development of green fuel capabilities in the region [3]. Market Review - In September, the CSI 300 Index rose by 3.20%, while the public utility index increased by 0.41% and the environmental index by 0.77%. The relative monthly returns for these indices were -2.80% and -2.43% respectively [2]. - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 13th and 11th in terms of growth. The environmental sector saw a 0.77% increase, while the electricity sector's thermal power rose by 2.34%, and hydropower fell by 3.08% [2]. Important Events - The successful refueling of the "COSCO Shipping Libra" with 230 tons of green methanol at Ningbo Zhoushan Port signifies the port's capability to handle LNG, biofuels, and methanol, enhancing its status as an international hub [3]. - This operation involved collaboration between China Ship Fuel, Zhejiang Port Group, and Ningbo Zhoushan Port Group, utilizing seven specialized methanol transport tankers and explosion-proof refueling equipment [3]. Investment Strategy - Public Utilities: Recommendations include Huadian International for thermal power, Longyuan Power and Three Gorges Energy for renewable energy, and China Nuclear Power for stable nuclear power operations [4][5]. - Environmental Sector: Focus on companies like China Everbright Environment and Zhongshan Public Utilities, as well as opportunities in the domestic waste oil recycling industry due to upcoming EU SAF policies [5].

Core Insights - The report maintains an "Outperform" rating for the public utilities and environmental sectors, highlighting the successful completion of China's first ship-based green methanol refueling operation in Zhejiang Province and the anticipated demand for fusion equipment in Q4 [1][2][3] Market Review - In September, the CSI 300 index rose by 3.20%, while the public utilities index increased by 0.41% and the environmental index by 0.77%. The relative performance of public utilities and environmental sectors ranked 13th and 11th among 31 first-level industry classifications [1][13][23] - The environmental sector saw a 0.77% increase, with the power sector's thermal power rising by 2.34%, while hydropower and new energy generation fell by 3.08% and 1.36%, respectively. The water sector increased by 1.27%, and the gas sector rose by 5.65% [1][26][32] Important Events - China Ship Fuel successfully completed the first ship-based green methanol refueling operation in Zhejiang Province, marking a significant milestone for the Ningbo-Zhoushan Port as a hub for LNG, biofuels, and methanol refueling capabilities [2][14] - The BEST fusion energy project achieved a key milestone with the successful installation of its first critical component, the Dewar base, indicating progress in the construction of fusion devices in China [3][15][16] Sector Analysis Public Utilities - Coal and electricity prices are declining simultaneously, allowing thermal power profitability to remain reasonable. Recommendations include major thermal power companies such as Huadian International and Shanghai Electric [4][21] - Continuous government support for renewable energy development is expected to stabilize profitability in the sector, with recommendations for leading companies like Longyuan Power and Three Gorges Energy [4][21] - Nuclear power companies are expected to maintain stable profitability due to growth in installed capacity and generation, with recommendations for China National Nuclear Power and China General Nuclear Power [4][21] Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. Recommendations include companies like China Everbright Environment and Zhongshan Public Utilities [22] - The domestic scientific instrument market, valued at over $9 billion, presents substantial opportunities for domestic replacements, with recommendations for companies like Focused Photonics [22] - The EU's SAF blending policy is expected to increase demand for raw materials, benefiting the domestic waste oil recycling industry, with recommendations for companies like Shanggou Environmental Energy [22] Investment Strategy - The report emphasizes the importance of integrating renewable energy with smart energy management, recommending investments across the renewable energy supply chain and companies involved in comprehensive energy management [21][22]