10月14日，上海电力大宗交易成交10万股，成交额220.3万元，占当日总成交额的0.05%，成交价22.03 元，较市场收盘价22.03元持平。 | DE 200 DE 200 TELL VES | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 | 是否为专场 | | | 025-10-14 | 上海电力 | 600021 | 22.03 10 | 220.3 | 查詢量蒸餾就花露 | 靚雞體 | | KO | ...

从上海电力十大流通股东角度 数据显示，南方基金旗下1只基金位居上海电力十大流通股东。南方中证500ETF（510500）二季度增持 295.51万股，持有股数2090.28万股，占流通股的比例为0.8%。根据测算，今日浮亏损失约2508.33万 元。 10月14日，上海电力跌5.05%，截至发稿，报22.54元/股，成交21.85亿元，换手率3.20%，总市值635.90 亿元。 资料显示，上海电力股份有限公司位于上海市浦东新区高科西路1号上电大厦，成立日期1998年6月4 日，上市日期2003年10月29日，公司主营业务涉及包括发电、供热、电力服务等。主营业务收入构成 为：电力92.90%，热力5.49%，其他1.61%。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1134.38亿。今年以来收益30.65%，同类 排名1692/4220；近一年收益36.69%，同类排名1536/3857；成立以来收益147.89%。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰累计任职时间12年179天，现任基金资产总规模1389.99亿元，任职期间最佳基金回报 1 ...

上海东方华银律师事务所 关于上海电力股份有限公司 2025 年第三次临时股东会的法律意见书 致：上海电力股份有限公司 上海东方华银律师事务所（以下简称"本所"）接受上海电力股份有限公司 （以下简称"贵司"或"公司"）委托，就贵司召开 2025 年第三次临时股东会 的有关事宜，根据《中华人民共和国公司法》《上市公司股东会规则》等法律、 法规和其他规范性文件以及《上海电力股份有限公司章程》（以下简称"《公司 章程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的本次股东会的相关资料， 包括但不限于公司召开 2025 年第三次临时股东会的通知、公司 2025 年第三次临 时股东会的议程、议案及决议等文件资料，同时听取了公司董事会秘书就有关事 实的陈述和说明。公司已向本所作出保证和承诺，保证公司向本所提供的资料和 文件均为真实、准确、完整，无重大遗漏。 本所律师仅就本法律意见书出具日以前所发生的事实以及本所律师对有关 法律法规的理解发表法律意见。 本法律意见书仅供公司为本次股东会之目的使用，不得用于其他任何目的。 本所同意本法律意见书作为公司本次股东会公告材料，随其他资料一起向社会公 ...

2025年第三次临时股东会决议公告 证券代码：600021 证券简称：上海电力 公告编号：2025-095 上海电力股份有限公司 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 13 日 (二)股东会召开的地点：上海天诚大酒店 8 楼第二会议室（上海市徐家汇路 585 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,466 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,634,810,396 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 57.9476 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 2、 议案名称：关于修订《上海电力股份有限公司章程》的议案 审议结果：通过 本次股东会由公司董事会召集，由公司董事（ ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][6]. Core Insights - The report highlights the significant rise in the public utility and environmental indices, with the public utility index increasing by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the ongoing support from national policies for renewable energy development, which is expected to stabilize profitability in the renewable energy sector [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49% [1][31]. - Within the electricity sector, coal-fired power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][32]. Important Events - Multiple provinces have released documents related to the "136 Document" and initiated or completed bidding for new energy incremental project pricing mechanisms [1][23]. Investment Strategy - Recommendations include major coal-fired power companies like Huadian International and regional power companies like Shanghai Electric due to stable profitability [3][29]. - The report suggests investing in leading renewable energy companies such as Longyuan Power and Three Gorges Energy, as well as high-quality offshore wind companies [3][29]. - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profitability [3][29]. - High-dividend hydropower stocks like Yangtze Power are recommended for their defensive attributes [3][29]. - The report also highlights investment opportunities in the environmental sector, particularly in water and waste incineration industries [3][30]. Key Company Earnings Forecasts - Huadian International (600027.SH) is rated "Outperform" with an expected EPS of 0.49 in 2024 and 0.62 in 2025 [5]. - Longyuan Power (001289.SZ) is also rated "Outperform" with an expected EPS of 0.76 in 2024 and 0.81 in 2025 [5]. - Recommendations extend to companies like Guangxi Energy and Funiu Co., which are positioned well in the renewable energy sector [5][30].

New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental sectors [1][5][29]. Core Views - The report highlights the significant growth in the public utility and environmental sectors, with the public utility index rising by 3.45% and the environmental index by 1.49% during the week [1][31]. - The report emphasizes the importance of green methanol production, which significantly reduces carbon emissions throughout its lifecycle, and outlines the two main production routes: biological methanol and electro-methanol [2][15]. - The report suggests that coal and electricity prices are expected to decline simultaneously, allowing thermal power profitability to remain reasonable, and recommends major thermal power companies such as Huadian International and Shanghai Electric [3][29]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.51%, while the public utility index rose by 3.45% and the environmental index by 1.49%, with respective relative returns of 3.97% and 2.00% [1][31]. - Within the power sector, thermal power increased by 7.83%, hydropower by 2.30%, and renewable energy generation by 3.72% [1][31]. Important Events - As of October 12, 2025, multiple provinces have released documents related to the "136 Document" and initiated or completed competitive pricing for new energy incremental projects [1][23]. Investment Strategy - The report recommends several companies across different sectors: - For thermal power: Huadian International and Shanghai Electric [3][29]. - For renewable energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies [3][29]. - For nuclear power: China Nuclear Power and China General Nuclear Power [3][29]. - For hydropower: Yangtze Power [3][29]. - For gas: Jiufeng Energy [3][29]. - For environmental services: China Everbright Environment and Zhongshan Public Utilities [3][30]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform" [5][8]: - Huadian International (Code: 600027.SH) - Longyuan Power (Code: 001289.SZ) - China Nuclear Power (Code: 601985.SH) - Yangtze Power (Code: 600900.SH) - Jiufeng Energy (Code: 605090.SH) Special Research - The report discusses the production routes for green methanol, emphasizing the need for renewable hydrogen and carbon sources [2][15]. - It also details the competitive pricing results for new energy projects across various provinces, highlighting specific prices and execution periods [23][26].

证券研究报告·行业跟踪周报·公用事业 公用事业行业跟踪周报 山东有序推动绿电直连发展，宁电入湘正式 投入商运 增持（维持） [Table_Tag] [投资要点 Table_Summary ] ◼ 投资建议：迎峰度夏关注水电、火电投资机会。1 ）火电： 迎峰度夏建 议关注区域火电投资机会 。 建议关注【建投能源】【华电国际】【华能 国际】【国电电力】【申能股份】【皖能电力】。2 ）水电：量价齐升、 低成本受益市场化。 度电成本所有电源中最低，省内水电市场电价持续 提升，外输可享当地电价。现金流优异分红能力强，折旧期满盈利持续 释放。重点推荐【长江电力】。3 ）核电：成长确定、远期盈利 & 分红提 升。 22/23 年连续两年核准 10 台，24 年再获 11 台核准，成长再提速。 在建机组投运+资本开支逐步见顶。公司 ROE 看齐成熟项目有望翻倍， 分红同步提升。重点推荐【中国核电】【中国广核】，建议关注【中广 核电力 H】。4 ）绿电：化债推进财政发力，绿电国补欠款历史问题有 望得到解决。资产质量见底回升，绿电成长性再次彰显。 重点推荐【龙 净环保】，建议关注【龙源电力 H】【中闽能源】【三峡能源】。5 ）消 ...

Market Performance - A-shares showed mixed performance in the first two trading days after the National Day holiday, with the Shanghai Composite Index closing at 3897.03 points, up 0.37%, while the Shenzhen Component Index and the ChiNext Index fell by 1.26% and 3.86% respectively [2][3] - Over 54% of stocks rose during the week, with 47 stocks gaining over 15% and 14 stocks dropping more than 15% [2] International Market Trends - Major U.S. stock indices experienced significant declines on October 10, with the Dow Jones down 878.82 points (1.90%), the S&P 500 down 182.60 points (2.71%), and the Nasdaq down 820.20 points (3.56%) [3][5] - European stock indices also fell, with the FTSE 100 down 81.93 points (0.86%), the CAC 40 down 123.36 points (1.53%), and the DAX down 369.79 points (1.50%) [4] Commodity Prices - International oil prices saw a notable decline, with WTI crude oil falling by $2.61 to $58.90 per barrel (down 4.24%) and Brent crude down $2.49 to $62.73 per barrel (down 3.82%) [4] Regulatory Developments - The Chinese Ministry of Commerce responded to the U.S. announcement of a 100% tariff on certain Chinese exports, emphasizing that China's export control measures are a normal legal action to safeguard national security [6] - The Chinese government criticized the U.S. for its discriminatory practices and excessive use of export controls, which it claims harm legitimate business interests and disrupt international trade [6] Industry Insights - The Shanghai government announced measures to accelerate the development of industries such as silicon photonics, 6G, fourth-generation semiconductors, and brain-like intelligence [9] - The Ministry of Housing and Urban-Rural Development reported that the approved loan amount for white list projects has exceeded 7 trillion yuan, supporting the construction and delivery of commercial housing projects [10] Trust Industry Updates - Trust companies have been instructed to investigate their reverse repurchase leverage ratios and ensure compliance with regulatory limits [11] Service-Oriented Manufacturing - A new implementation plan aims to enhance the role of service-oriented manufacturing in high-quality development by 2028, focusing on key tasks such as technology innovation and standard system construction [12][13] Market Outlook - Analysts predict that the market will continue its upward trend, supported by stable inflows of capital and expected earnings growth in the third quarter [18]

Core Viewpoint - Shanghai Electric's stock price has surged, reaching a nearly 10-year high, driven by strong performance and strategic investments in renewable energy projects [2][5][6]. Stock Performance - Shanghai Electric's stock price increased by over 20% in the last three trading days, closing at 25.12 CNY per share on October 10, marking a significant rise from 19.68 CNY [2][4]. - The stock has more than doubled since August 2025, with a cumulative increase of over 150% [3][4]. - The company’s market capitalization is currently 70.87 billion CNY [4]. Financial Performance - In the first half of 2025, Shanghai Electric reported a net profit of over 1.9 billion CNY, nearing the total profit for the entire year of 2024 [2][9]. - The net cash flow from operations reached 6.149 billion CNY, reflecting a year-on-year growth of 41.59% [2]. Investment and Strategic Initiatives - The company plans to invest over 6 billion CNY in two new renewable energy projects [2]. - Shanghai Electric is positioning itself as a key player in the international energy market, following the establishment of a new subsidiary under the State Power Investment Corporation [6]. Energy Composition - As of June 2025, Shanghai Electric's installed capacity reached 25.8013 million kW, with clean energy accounting for 61.83% of the total [7]. - The company has diversified its energy sources, including coal, gas, wind, and solar power, with significant investments in renewable energy [7]. Market Demand and Growth - The company has experienced steady growth in operating performance, with revenue projections of 42.402 billion CNY and 42.734 billion CNY for 2023 and 2024, respectively [8]. - The demand for electricity in Shanghai has surged, with residential electricity consumption increasing by over 30% year-on-year [9].