Market Overview - The electricity sector experienced a decline of 0.19% on the trading day, with Lianmei Holdings leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the electricity sector included: - Hengtong Co., Ltd. (600226) with a closing price of 4.70, up 7.55% [1] - Shanghai Electric (600021) at 21.16, up 7.52% [1] - ST Yinda (300125) at 8.88, up 6.35% [1] - Lianmei Holdings (600167) was the biggest loser, closing at 9.05, down 9.95% [2] Trading Volume and Value - Hengtong Co., Ltd. had a trading volume of 1.477 million shares and a transaction value of 681 million yuan [1] - Shanghai Electric recorded a trading volume of 1.747 million shares with a transaction value of 359.5 million yuan [1] - Lianmei Holdings had a trading volume of 882,100 shares and a transaction value of 824 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 984 million yuan from institutional investors, while retail investors contributed a net inflow of 735 million yuan [2] - The capital flow for key stocks showed: - Shanghai Electric had a net inflow of 395 million yuan from institutional investors [3] - ST Yinda experienced a net inflow of 19.5 million yuan from institutional investors [3]

Core Viewpoint - The A-share market indices continue to rise, with the green electricity sector showing significant gains, indicating a potential turnaround in the renewable energy industry driven by government policies and market dynamics [1] Group 1: Market Performance - As of 14:23 on September 30, the green electricity ETF (562550) turned positive, with Shanghai Electric rising over 8% [1] - Other stocks such as Jiaze New Energy, Guiguan Electric, Jidian Co., Jiantou Energy, and Jinko Technology also experienced gains [1] Group 2: Policy and Industry Outlook - The State-owned Assets Supervision and Administration Commission (SASAC) held a meeting where it introduced the concept of "stabilizing electricity prices to counteract internal competition," which is expected to benefit the green electricity sector [1] - Huaxi Securities projects that based on current installation progress, there will be nearly 20 billion kilowatts of new capacity in wind and solar energy from 2025 to 2035 [1] - The construction of the second and third batches of large wind and solar bases is accelerating, with steady progress in deep-sea wind power and distributed wind power, alongside continuous expansion of centralized and distributed solar power [1] - The industry is expected to achieve long-term growth driven by the "dual carbon" goals, with a positive outlook on opportunities within the renewable energy sector [1]

Core Points - Shanghai Electric's stock price increased by 5.03% on September 30, reaching 20.67 CNY per share, with a trading volume of 1.966 billion CNY and a turnover rate of 3.47%, resulting in a total market capitalization of 58.222 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 4.68% during this period [1] Company Overview - Shanghai Electric Power Co., Ltd. is located at No. 1, Gaoke West Road, Pudong New District, Shanghai, established on June 4, 1998, and listed on October 29, 2003 [1] - The company's main business includes power generation, heating, and electricity services, with revenue composition as follows: electricity 92.90%, heating 5.49%, and others 1.61% [1] Shareholder Information - Among the top ten circulating shareholders of Shanghai Electric, a fund under Southern Fund holds a significant position. The Southern CSI 500 ETF (510500) increased its holdings by 2.9551 million shares in the second quarter, totaling 20.9028 million shares, which accounts for 0.8% of the circulating shares [2] - The estimated floating profit from the recent stock price increase is approximately 20.6937 million CNY, with a floating profit of 18.3944 million CNY during the four-day rise [2] Fund Performance - The Southern CSI 500 ETF (510500) was established on February 6, 2013, with a current scale of 113.438 billion CNY. Year-to-date returns are 30.2%, ranking 1800 out of 4220 in its category, while the one-year return is 43.13%, ranking 1608 out of 3846 [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 165 days, with a total fund asset size of 138.999 billion CNY. The best fund return during his tenure is 148.18%, while the worst is -47.6% [2]

Core Viewpoint - Shanghai Electric has shown significant stock performance with a year-to-date increase of 125.87%, indicating strong market interest and potential growth in the utility sector [1][2]. Company Overview - Shanghai Electric, established on June 4, 1998, and listed on October 29, 2003, is located in Shanghai and primarily engages in power generation, heating, and electricity services [1]. - The company's revenue composition is as follows: electricity accounts for 92.90%, heating for 5.49%, and other services for 1.61% [1]. Financial Performance - For the first half of 2025, Shanghai Electric reported a revenue of 20.475 billion yuan, reflecting a year-on-year growth of 1.76%, while the net profit attributable to shareholders was 1.909 billion yuan, up 43.85% year-on-year [2]. - The company has distributed a total of 6.821 billion yuan in dividends since its A-share listing, with 1.451 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shanghai Electric was 144,000, a decrease of 1.03% from the previous period, with an average of 18,177 shares held per shareholder, an increase of 1.04% [2]. - The top ten circulating shareholders include Southern CSI 500 ETF, holding 20.9028 million shares, which increased by 2.9551 million shares compared to the previous period [3].

Market Overview - The Shanghai Composite Index fell by 0.65% on September 26, with 10 industries experiencing gains, led by the oil and petrochemical sector with a rise of 1.17% and the environmental sector up by 0.38% [1] - The utilities sector ranked third in terms of daily gains, while the computer and electronics sectors faced the largest declines, down 3.26% and 2.75% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 83.579 billion yuan, with five industries seeing net inflows. The automotive sector led with a net inflow of 0.882 billion yuan despite a decline of 0.56% [1] - The banking sector also saw a slight increase of 0.08% with a net inflow of 0.0566 billion yuan [1] - A total of 26 industries experienced net capital outflows, with the electronics sector leading at a net outflow of 29.836 billion yuan, followed by the computer sector with a net outflow of 13.807 billion yuan [1] Utilities Sector Performance - The utilities sector rose by 0.35% with a net capital outflow of 0.317 billion yuan. Out of 131 stocks in this sector, 80 saw gains, including 2 hitting the daily limit, while 45 declined, with 2 hitting the lower limit [2] - Among the stocks with net capital inflows, Shanghai Electric led with a net inflow of 0.270 billion yuan, followed by Changjiang Electric and Shimao Energy with inflows of 84.043 million yuan and 38.960 million yuan respectively [2] - The stocks with the largest capital outflows included Dazhong Public Utilities with a decline of 9.97% and a net outflow of 173.835 million yuan, followed by Luxin Technology and Tianfu Energy with outflows of 98.760 million yuan and 65.848 million yuan respectively [3]

Market Overview - The electricity sector increased by 0.65% compared to the previous trading day, with Jiaze New Energy leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down by 0.65%, while the Shenzhen Component Index closed at 13209.0, down by 1.76% [1] Top Performers - Jiaze New Energy (601619) closed at 5.58, up by 10.06% with a trading volume of 1.7655 million shares and a transaction value of 979 million yuan [1] - Shimao Energy (605028) closed at 31.57, up by 10.00% with a trading volume of 49,800 shares and a transaction value of 153 million yuan [1] - Longyuan Power (001289) closed at 17.40, up by 3.26% with a trading volume of 108,800 shares and a transaction value of 2.6881 million yuan [1] Underperformers - Lianmei Holdings (600167) closed at 9.50, down by 10.04% with a trading volume of 916,900 shares and a transaction value of 889 million yuan [2] - Hengsheng Energy (605580) closed at 27.20, down by 4.33% with a trading volume of 71,100 shares and a transaction value of 29,671 yuan [2] - Guangdong Construction (002060) closed at 3.81, down by 3.54% with a trading volume of 924,400 shares and a transaction value of 357 million yuan [2] Capital Flow - The electricity sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 80.2183 million yuan [2] - Major stocks like Shanghai Electric (600021) had a net inflow of 373 million yuan from institutional investors, but a net outflow of 497 million yuan from retail investors [3] - Shimao Energy (605028) had a net inflow of 40.1514 million yuan from institutional investors, but also saw a net outflow of 27.2485 million yuan from retail investors [3]

二〇二五年第三次临时股东会 会议资料 二○二五年十月 2025 年第三次临时股东会 会议资料 现场会议开始时间：2025 年10 月13 日（周一） 下午14 时整 网络投票起止时间：自2025 年10 月13 日 至2025 年10 月13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间 为股东会召开当日的交易时间段，即9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为股东会召开当日的9:15-15:00。 现场会议地点：上海天诚大酒店 8 楼第二会议室 （上海市徐家汇路 585 号） 1 2025 年第三次临时股东会 会议资料 资 料 目 录 | 一、会 议 | 议 程 1 | | --- | --- | | | 二、关于终止并核销巴基斯坦 KE 公司股权收购事项的议案 2 | | | 三、关于修订《上海电力股份有限公司章程》的议案 7 | | 附件 | 1：《上海电力股份有限公司章程》修订对比表 8 | | 附件 | 2：《上海电力股份有限公司章程》（修订稿） 9 | 2025 年第三次临时股东会 会议资料 会 议 议 程 大会主持人宣 ...

Core Points - Shanghai Electric Power Co., Ltd. plans to acquire 66.40% of K-Electric Limited from KES POWER LTD. for a cash consideration of $1.77 billion, with potential additional rewards not exceeding $27 million based on the target company's performance [1] - The acquisition constitutes a major asset restructuring and does not involve issuing shares, nor does it lead to changes in the controlling shareholder or actual controller of the company [1] - On September 9, 2025, the company decided to terminate the acquisition of K-Electric Limited [1] Self-Inspection Summary - The self-inspection covered insider trading activities of the company and its board members, senior management, and related personnel during the period from March 9, 2025, to September 9, 2025 [2] - The independent financial advisor, Guotai Junan Securities, engaged in trading activities of Shanghai Electric's stock during the self-inspection period [3][4] Self-Inspection Findings - Guotai Junan Securities held 714,100 shares of Shanghai Electric during the self-inspection period [3] - The company established strict information barriers to prevent insider trading and confirmed that the trading activities were not related to the termination of the acquisition [5] Conclusion of Self-Inspection - The self-inspection concluded that the trading activities of the relevant insiders did not constitute insider trading, and no other related parties engaged in trading during the self-inspection period [6][7][8]

Core Viewpoint - Shanghai Electric Power Co., Ltd. has decided to terminate the major asset purchase of K-Electric Limited, which was initially planned to acquire 66.40% of the company's shares for a cash consideration of $1.77 billion, along with potential performance bonuses not exceeding $27 million [1][2]. Group 1: Termination of Asset Purchase - The Board of Directors approved the termination of the acquisition of K-Electric Limited during the ninth board meeting held on September 9, 2025 [2]. - The termination of the transaction is in compliance with relevant regulations and does not involve share issuance or related party transactions, nor does it change the controlling shareholder or actual controller of the company [1][2]. Group 2: Self-Inspection Report - A self-inspection was conducted regarding the trading activities of insiders related to the terminated transaction, covering the period from March 9, 2025, to September 9, 2025 [2][6]. - The self-inspection included various parties such as the company's directors, senior management, major shareholders, and related personnel [3]. Group 3: Trading Activities - Guotai Junan Securities Co., Ltd., the independent financial advisor for the transaction, engaged in trading Shanghai Electric Power shares during the self-inspection period, holding 714,100 shares [4][5]. - The company stated that its trading activities were compliant with regulations and did not constitute insider trading related to the termination of the asset purchase [5][7]. Group 4: Conclusion of Self-Inspection - The self-inspection concluded that the trading activities of the relevant insiders did not constitute insider trading, and no other related parties engaged in trading during the inspection period [6][8].

专项核查意见 上海东方华银律师事务所 中国•上海 二〇二五年九月 上海东方华银律师事务所 关于 上海电力股份有限公司 终止重大资产购买事项 相关主体买卖股票情况自查报告 之 上海东方华银律师事务所 关于上海电力股份有限公司 终止重大资产购买事项的 相关主体买卖股票情况自查报告之 专项核查意见 致：上海电力股份有限公司 上海电力股份有限公司（以下简称"公司""上市公司"或"上海电力"） 拟以现金方式收购KES POWER LTD.持有的K-ELECTRIC LIMITED（以下简称 "KE公司"）18,335,542,678股，占KE公司总发行股本的66.40%，可支付对价为 17.70亿美元，并视标的公司经营情况给予交易对方或其指定方奖励金合计不超 过0.27亿美元（以下简称"本次重大资产购买"或"本次交易"）。2025年9月9 日，上海电力召开第九届董事会第五次会议，审议通过了《关于终止并核销巴基 斯坦KE公司股权收购事项的议案》，同意终止本次重大资产购买事项。上海东 方华银律师事务所（以下简称"本所"）受上海电力委托，指派经办律师担任本 次重大资产购买终止事项相关主体买卖股票情况专项核查的法律顾问。 本所 ...