证券简称：上海电力 证券代码：600021 编号：2025-045 上海电力股份有限公司 第九届董事会第三次会议决议公告 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。 一、董事会会议召开情况 （一）上海电力股份有限公司第九届董事会第三次会议的召开符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）本次董事会会议通知和会议材料于 2025 年 5 月 7 日以电子方式发出。 （三）本次董事会会议于 2025 年 5 月 12 日以现场结合视频的方式召开。 （四）会议应到董事 13 名，亲自出席董事 11 名，黄晨董事委托林华董事行 使表决权，黄国芳董事委托田钧董事行使表决权，符合《公司法》和《公司章程》 规定。 （五）会议由董事长林华主持，公司监事会成员、高级管理人员列席了会议。 二、董事会审议及决议情况 （一）同意关于希腊 Domokos 26.6 万千瓦光伏项目投资决策的议案。 该议案 13 票同意，0 票反对，0 票弃权。 该议案已经公司董事会战略与投资委员会和审计与风险委员会审议通过。 （三）同意关 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-046 上海电力股份有限公司关于上海明华电力科 技有限公司股权转让暨关联交易的公告 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： ? 本次交易未构成重大资产重组。 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 转让明华电力 77.8832%股权已征询国家电投集团绿能科技发展有限公司、上 海庚烁科技合伙企业（有限合伙）和上海庚浩科技合伙企业（有限合伙）放弃优 先购买权的意向。 经公司第九届董事会第三次会议审议通过，公司拟将持有的明华电力 议案的表决进行了回避。 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。 鉴于成套院为公司控股股东国家电投集团所属子公司，故本次交易构成关联 交易。 二、关联方基本情况 证券简称：上海电力 证券代码：600021 编号：临 2025-046 准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 文件或许可证件为准）一般项目：发电设备行业 ...

Overview - The company plans to conduct financial derivative business in 2025 to manage foreign exchange risks and mitigate the impact of exchange rate and interest rate fluctuations on its performance [1][5]. Financial Derivative Business Overview - The purpose of the financial derivative business is to meet foreign exchange risk management needs and effectively avoid the impact of exchange rate and interest rate fluctuations on the company's performance [1]. - As of December 31, 2024, the company's subsidiary EMBA had a net position of $290 million (approximately 2.083 billion RMB) in currency derivatives [1]. Specific Derivative Contracts - The Hong Kong subsidiary plans to hedge against USD/JPY exchange rate fluctuations with a forward contract not exceeding 17 billion JPY, maturing on July 22, 2025 [2]. - The Hong Kong subsidiary also plans to hedge against EUR/USD exchange rate fluctuations with a forward contract not exceeding €250 million, maturing on July 22, 2025 [2]. - EMBA plans to enter into interest rate swap contracts to lock in rates for project financing loans, with a nominal principal amount not exceeding $566 million [2]. - EMBA intends to conduct forward foreign exchange contracts for TRY/USD to lock in costs related to Turkish coal-fired power generation, with a nominal principal amount not exceeding 10.5 billion TRY (approximately $306 million) [2]. Additional Derivative Activities - The Hungarian subsidiary plans to conduct forward foreign exchange contracts for HUF/EUR with a contract amount not exceeding 3.4 billion HUF (approximately €8.15 million) [3]. - The Hungarian subsidiary also plans to enter into interest rate swap contracts with a nominal principal amount not exceeding €6.4 million [4]. - The Serbian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €18.8 million [4]. - The Japanese subsidiary plans to enter into interest rate swap contracts with a nominal principal amount not exceeding 25 billion JPY [4]. - The Greek project company plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €6.3 million [4]. - The Romanian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €3.3 million [4]. Feasibility and Risk Management - The company has established a foreign exchange risk management framework to ensure professional and centralized management of risks associated with financial derivative activities [5]. - A dedicated foreign exchange risk management team has been formed, consisting of professionals from various departments and external banking experts, to review hedging proposals and monitor risks [5]. Approval Process - The financial derivative business plan for 2025 was approved by the company's board of directors with unanimous consent [6].

证券简称：上海电力 证券代码：600021 编号：临 2025-046 上海电力股份有限公司关于上海明华电力科 技有限公司股权转让暨关联交易的公告 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三次会议审议通过，公司拟将持有的明华电力 77.8832%股权协议转让至成套院。与该关联交易有利害关系的关联董事已对该项 议案的表决进行了回避。 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。 鉴于成套院为公司控股股东国家电投集团所属子公司，故本次交易构成关联 交易。 二、关联方基本情况 1.企业名称：上海发电设备成套设计研究院有限责任公司 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"）拟将 持有的上海明华电力科技有限公司（以下简称"明华电力"）77.8832%股权协 议转让至上海发电设备成套设计研究院有限责任公司（以下简称"成套院"、 "受让方"）。 成套院为公司控股 ...

证券简称：上海电力 证券代码：600021 编号：临 2025-47 证券简称：上海电力 证券代码：600021 编号：临 2025-47 重要内容提示： 一、金融衍生业务情况概述 1 业务种类及金额：公司所属全资子公司上海电力能源发展（香港）有限公司（以 下简称"香港公司"）计划续期开展美元兑日元远期合约业务，套保规模不超过 170 亿日元；续期开展欧元兑美元远期合约业务，套保规模不超过 2.50 亿欧元。 公司所属控股子公司土耳其 EMBA 发电有限公司（以下简称"EMBA 公司"）计划 开展美元利率掉期业务，套保规模不超过 5.66 亿美元；土耳其里拉兑美元远期 结售汇业务，套保规模不超过 105 亿里拉（折合 3.06 亿美元）。公司所属全资 子公司匈牙利羲和新能源发展有限公司（以下简称"匈牙利公司"）计划开展匈 牙利福林兑欧元远期结售汇业务，合约金额不超过 34 亿福林（折合约 815 万欧 元）；开展欧元利率掉期业务，套保规模不超过 0.64 亿欧元。公司所属控股子 公司塞尔维亚轶和新能源发展有限公司（以下简称"塞尔维亚公司"）计划开展 欧元利率掉期业务，套保规模不超过 1.88 亿欧元。公司所属 ...

上海电力股份有限公司 第九届董事会第三次会议决议公告 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。 一、董事会会议召开情况 （一）上海电力股份有限公司第九届董事会第三次会议的召开符合有关法 律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）本次董事会会议通知和会议材料于 2025 年 5 月 7 日以电子方式发出。 （三）本次董事会会议于 2025 年 5 月 12 日以现场结合视频的方式召开。 证券简称：上海电力 证券代码：600021 编号：2025-045 （四）会议应到董事 13 名，亲自出席董事 11 名，黄晨董事委托林华董事行 使表决权，黄国芳董事委托田钧董事行使表决权，符合《公司法》和《公司章程》 规定。 （五）会议由董事长林华主持，公司监事会成员、高级管理人员列席了会议。 二、董事会审议及决议情况 （一）同意关于希腊 Domokos 26.6 万千瓦光伏项目投资决策的议案。 该议案 13 票同意，0 票反对，0 票弃权。 该议案已经公司董事会战略与投资委员会和审计与风险委员会审议通过。 同意由公司所 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

坚强的主网是电力可靠性的核心支柱，上海电力自20世纪80年代起，便精心谋划电力主网战略布局，历经多年不懈努力，取得了一系列令人瞩目的成就。 1990年，全国第一条±500千伏超高压直流输电线路在上海建成投运，这一标志性事件拉开了上海电力主网升级的序幕。2009年，超高压城市环网全面建 成，"双环九联络"的主网网架格局正式形成。与此同时，"五交四直"对外联络通道的建设确保了城市外部能源能够平稳输入。 ▲国网上海超高压公司1000千伏特高压交流练塘站开展4号主变年度检修工作。 上海电力将提升供电可靠性作为配电网发展的核心目标，从多个维度发力，精心打造"不停电"的配网。 ▲上海市区供电公司员工运用绝缘短杆桥接作业法开展不停电作业，全力保障上海配网网架高供电可靠性。 在网架结构优化上，上海电力根据城市配网特点，匠心独运地规划中压电缆网和10千伏架空网。中压电缆网以10千伏开关站为节点成环布局，中心城区 的"钻石型"双环网设计更是一大亮点，显著提升了负荷转供能力和故障自愈能力；10千伏架空网则采取多分段多联络的方式，配备故障指示器及配电自动 化装置，确保在发生故障时能够快速隔离故障、灵活转移负荷，实现快速复电，为超大城 ...

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [6][9]. Core Views - The environmental sector's revenue in 2024 is projected to decline by 0.6% to CNY 364.236 billion, with net profit decreasing by 14.7% to CNY 23.058 billion. However, in Q1 2025, the sector is expected to see a revenue increase of 3.5% to CNY 81.243 billion and a net profit growth of 3.8% to CNY 8.232 billion [3][21]. - The report highlights the impact of the new market-oriented pricing reforms for renewable energy in Shandong, aiming for full market integration by the end of 2025 [2][16]. - The report emphasizes the importance of the carbon neutrality context, recommending investments in the new energy industry chain and comprehensive energy management [41][42]. Summary by Sections Market Review - The Shanghai Composite Index rose by 2.00%, while the public utility index increased by 2.22%, and the environmental index rose by 2.93% [1][43]. Important Policies and Events - Shandong's new pricing reform aims for full market integration of wind and solar energy by 2025, with differentiated policies for existing and new projects [2][16]. Financial Overview of the Environmental Sector - In 2024, only the solid waste management and water treatment sectors showed positive growth, while the environmental equipment sector saw a decline of over 30% [3][21]. - The atmospheric governance sector reported a loss increase, while the comprehensive environmental governance sector shifted from profit to loss [21][24]. Investment Strategy - Recommendations include major thermal power companies like Huadian International and regional electricity firms like Shanghai Electric, as well as leading renewable energy firms such as Longyuan Power and Three Gorges Energy [4][41]. - The report suggests focusing on "utility-like investment opportunities" within the environmental sector, recommending companies like China Everbright Environment and Zhongshan Public Utilities [42][41]. Key Company Profit Forecasts and Investment Ratings - Several companies, including Huadian International and Longyuan Power, are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 [9][41].

上海电力股份有限公司于2025年5月6日发行了2025年度第五期超短期融资券，现 将发行结果公告如下： | 债务融资工 | 上海电力股份有限公司2025年 | 债务融资工具 | 25沪电力SCP005 | | --- | --- | --- | --- | | 具名称 | 度第五期超短期融资券 | 简称 | | | 代码 | 012581115 | 债务融资工具 期限 | 107日 | | 计息方式 | 付息固定利率 | 发行总额 | 25亿元/人民币 | | 起息日 | 2025年5月7日 | 兑付日 | 2025年8月22日 | | 发行价格 | 100元/百元 | 票面利率 （年化） | 1.76% | | 承销商 | 中国银行股份有限公司、中国建设银行股份有限公司 | | | 本期超短期融资券通过簿记建档集中配售的方式在全国银行间债券市场公开发 行，募集资金主要用于偿还到期债券。 特此公告。 上海电力股份有限公司董事会 证券简称：上海电力 证券代码：600021 编号：临 2025- 044 上海电力股份有限公司 2025 年度 第五期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存 ...