证券简称：上海电力 证券代码：600021 编号：临 2025-112 上海电力股份有限公司 关于向关联方开展永续信托融资的公告 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》的有关规定，现将有关事项公告如下： 一、交易概述 为优化公司资产负债结构，公司拟向公司控股股东国家电投集团控股子公 司百瑞信托开展不超过 42 亿元永续信托融资，用于公司境内火电及新能源项目 投资。 2025 年 11 月 28 日，公司第九届董事会第六次会议审议通过了《关于开展 不超过 42 亿元永续信托融资的议案》。鉴于国家电投集团为本公司的控股股东， 百瑞信托为国家电投集团的控股子公司，根据《上海证券交易所股票上市规则》 的有关规定，本次交易构成关联交易。为保证董事会所形成决议的合法性，公司 6 名关联方董事回避了该项议案的表决，由其他 6 名非关联方董事进行表决，6 1 本次关联交易尚需提交股东会审议。 上海电力股份有限公司（以下简称"上海电力"、"公司"）拟向控股股东 国家电力投资集团有限公 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-111 上海电力股份有限公司 关于新疆申元公司由新疆能源化工并表 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： 一、交易概述 经公司第九届董事会第六次会议审议通过，公司拟与新疆能源化工签署一致 行动人协议，由新疆能源化工并表新疆申元公司。 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。 鉴于新疆能源化工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 交易内容：上海电力股份有限公司（以下简称"上海电力"、"公司"）拟与 国家电投集团新疆能源化工有限责任公司（以下简称"新疆能源化工"）签署 一致行动人协议，由新疆能源化工并表新疆申元能源有限责任公司（以下简称 "新疆申元公司"）。 新疆能源化工为公司控股股东国家电力投资集团有限公司（以下简称"国家电 投集团")子公司，故本次交易构成关联交易。 关联人回 ...

（一）机构信息 1.基本信息 名称：中汇会计师事务所（特殊普通合伙） 成立日期：2013 年 12 月 19 日 证券简称：上海电力 证券代码：600021 编号：临 2025-113 上海电力股份有限公司关于 续聘中汇会计师事务所（特殊普通合伙） 为 2025 年度审计机构的公告 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： 拟续聘的会计师事务所名称：中汇会计师事务所（特殊普通合伙）（以下简称 "中汇会计师事务所"或"中汇"） 一、拟续聘会计师事务所的基本情况 组织形式：特殊普通合伙企业 亿元，职业保险购买符合相关规定。 中汇会计师事务所近三年（最近三个完整自然年度及当年，下同）在已审结 的与执业行为相关的民事诉讼中均无需承担民事责任赔付。 注册地址：浙江省杭州市上城区新业路 8 号华联时代大厦 A 幢 601 室 首席合伙人：高峰 截止 2024 年 12 月 31 日，中汇会计师事务所（特殊普通合伙）合伙人 116 人，注册会计师 694 人。签署过证券服务业务审计报告的注册会计师人数 289 人。 2 ...

证券代码：600021 证券简称：上海电力 公告编号：2025-114 上海电力股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第四次临时股东会 召开的日期时间：2025 年 12 月 16 日 14 点 召开地点：上海天诚大酒店 8 楼第二会议室（上海市徐家汇路 585 号） (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年12月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 16 日 至2025 年 12 月 16 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 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-110 上海电力股份有限公司 第九届董事会第六次会议决议公告 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。 （二）本次董事会会议通知和会议材料于 2025 年 11 月 21 日以电子方式发 出。 （三）本次董事会会议于 2025 年 11 月 28 日以现场结合视频的方式召开。 （四）会议应到董事 12 名，亲自出席董事 9 名，唐俊董事委托田钧董事行 使表决权，敬登伟董事委托张启平董事行使表决权，王卫东董事委托周志炎董事 行使表决权，符合《公司法》和《公司章程》规定。 （五）会议由公司执行公司事务的董事、总经理黄晨主持，公司高级管理人 员列席了会议。 二、董事会审议及决议情况 （一）同意关于调整上海电力经理层成员 2025 年度综合业绩考核指标的议 案。 该议案 12 票同意，0 票反对，0 票弃权。 该议案已经公司董事会薪酬与考核委员会审议通过。 （二）同意关于土耳其 YEKA-2025 风电投标项目投标决策的议案。 该议案 12 票同意，0 票反对，0 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Core Viewpoint - Shanghai Electric's stock has experienced significant fluctuations, with a year-to-date increase of 151.29% but a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Shanghai Electric reported a revenue of 32.154 billion yuan, a year-on-year decrease of 1.26%, while the net profit attributable to shareholders was 3.050 billion yuan, reflecting a year-on-year increase of 24.04% [2]. - Cumulative cash dividends since the A-share listing amount to 6.821 billion yuan, with 1.451 billion yuan distributed over the past three years [3]. Stock Market Activity - As of November 28, Shanghai Electric's stock price was 22.34 yuan per share, with a market capitalization of 63.025 billion yuan [1]. - The stock has seen a net outflow of 34.209 million yuan in principal funds, with significant buying and selling activity from large orders [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) seven times this year, with the most recent appearance on October 10 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 189,500, a rise of 31.64%, while the average circulating shares per person decreased by 18.12% to 14,884 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 24.9543 million shares, an increase of 4.1389 million shares compared to the previous period [3].

Core Viewpoint - The National Power Investment Corporation (国家电投) is accelerating capital operations through significant asset restructuring and IPOs of renewable energy assets, reflecting a trend towards asset securitization among state-owned enterprises [1][2][9]. Group 1: Asset Restructuring - Electric Power Investment Energy (电投能源) plans to acquire 100% equity of Baiyinhua Coal Power Co., Ltd. for 11.15 billion yuan, maintaining its core business focus [2]. - Electric Power Investment Capital Integration (电投产融) is revising its asset restructuring plan to acquire 100% equity of Electric Power Investment Nuclear (电投核能) for 55.39 billion yuan, while divesting its stake in the Capital Holding Company [2]. - Far East Environmental (远达环保) has completed acquisitions of 100% equity in Wuling Power Co., Ltd. and 64.93% in Guangxi Changzhou Hydropower Development Co., Ltd., expanding its business into hydropower and integrated renewable energy operations [4]. Group 2: IPOs of Renewable Energy Assets - Huadian New Energy (华电新能) raised 18 billion yuan through its IPO, with a total installed capacity of 82.14 million kilowatts, focusing on wind and solar power [6][7]. - China Resources New Energy (华润新能源) plans to raise 24.5 billion yuan through its IPO, with a focus on wind and solar power generation [6]. - China Electric Power Construction New Energy (电建新能) is also pursuing an IPO, aiming to raise 9 billion yuan, with a total installed capacity of 21.25 million kilowatts [7]. Group 3: Strategic Implications - The restructuring and IPO activities are part of a broader strategy to enhance the quality of state-owned enterprises and optimize asset structures, moving from traditional financing to strategic asset management [5][10]. - Analysts suggest that separating renewable energy assets into independent platforms can improve market valuation and attract investment due to their growth potential and alignment with national policies [8][11]. - The focus on renewable energy aligns with national goals for green transformation and carbon neutrality, making these assets more appealing to investors [8][11].

Core Insights - The "New Three-Year Action Plan" (2023-2025) is seen as a significant initiative for state-owned enterprise reform, distinguishing it from the previous "Old Three-Year Action" (2020-2022) [1] - The plan emphasizes the importance of state-owned enterprises in key sectors such as energy and resources, aiming to enhance national strategic security and improve capital allocation efficiency through market-oriented restructuring [1][2] - There are challenges in the asset securitization of electric power central enterprises, including unclear positioning of listed companies and potential competition among subsidiaries [1] Group 1: Asset Securitization Challenges - The complexity of asset nature is a significant barrier, as traditional power assets are heavy, have long cycles, slow returns, and high debt ratios, leading to valuation discounts in capital markets [2][3] - Regulatory and approval processes involve multiple agencies, making the asset restructuring and listing processes lengthy and complicated, particularly in the power sector affected by various regulations [2] - There is a mismatch in profitability and valuation, with investors favoring high-growth, predictable cash flow assets, while traditional power assets have limited growth potential [3] Group 2: Future Directions for Electric Power Central Enterprises - Electric power central enterprises should focus on expanding renewable and clean energy production, including wind, solar, pumped storage, and hydrogen energy [3] - Increased overseas projects in power and infrastructure can provide funding for acquisitions and project development, aligning with the national "going out" strategy [3] - Emphasis on integrating fundraising with national strategies such as "dual carbon," energy security, and modern power system construction is crucial for effective fund management and risk control [3]

Core Viewpoint - Shanghai Electric Power Co., Ltd. has successfully issued its 17th super short-term financing bond for the year 2025, primarily aimed at repaying maturing bonds [1][2]. Group 1 - The financing bond was issued on November 18, 2025, through a book-building method in the national interbank bond market [2]. - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for the accuracy and completeness of the content [1].