华夏时报（www.chinatimes.net.cn）记者 刘昱汝 徐芸茜 北京报道 在"双碳"目标进入攻坚期的关键节点，绿电行业正迎来一场由政策驱动的深度洗牌。 2025年开年以来，国家发改委、国家能源局等部门密集出台重磅政策，从电价机制、消纳保障、金融支 持等多维度破除行业堵点。政策红利催化下，一场以央国企为主导的绿电资产重组大潮已汹涌而至。 《华夏时报》记者梳理发现，今年以来，华电国际、上海电力、国家电投等多家央国企已率先入局，通 过重组并购优化资源配置，提升行业集中度与竞争优势。 多家央国企入局绿电行业 近期，随着国家对绿色能源发展的高度重视，多家央国企纷纷入局绿电行业，展现出强劲的发展势头。 5月16日，华电国际发布公告称，其重大资产重组方案已收到中国证监会同意注册的批复。公司将通过 发行股份及支付现金方式，从控股股东中国华电集团等关联方收购江苏、上海、广东、广西等地的8家 火电企业控股权。与此同时，华电国际也在加快光伏业务布局，通过设立多家子公司积极拓展清洁能 源，推动"火电兜底+新能源发展"双轮驱动模式，实现传统能源与新能源的协同发展。 5月13日，上海电力公告拟将持有的上海明华电力科技有限公司 ...

上海电力股份有限公司董事会 二〇二五年六月十一日 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。 上海电力股份有限公司（以下简称"公司"）董事长林华先生已于近日辞职。 鉴于新任董事长的选举尚需履行相应的法定程序，为保证公司董事会良好运作及 经营决策的顺利开展，根据《公司章程》第一百三十六条"董事长不能履行职务 或者不履行职务的，由半数以上董事共同推举一名董事履行职务"的规定，公司 于 2025 年 6 月 10 日以通讯方式召开了董事会 2025 年第六次临时会议，审议通 过了《关于推举董事代行董事长职责的议案》。经公司全体董事一致推举，由公 司董事、总经理黄晨先生代为履行公司董事长职务。代行职责的期限自本次董事 会审议通过之日起至董事会选举产生新任董事长或做出其他决定之日止。 特此公告。 证券简称：上海电力 证券代码：600021 编号：2025-059 上海电力股份有限公司 关于推举董事代行董事长职责的公告 1 ...

证券简称：上海电力 证券代码：600021 编号：2025-059 上海电力股份有限公司董事会 二〇二五年六月十一日 1 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。 上海电力股份有限公司（以下简称"公司"）董事长林华先生已于近日辞职。 鉴于新任董事长的选举尚需履行相应的法定程序，为保证公司董事会良好运作及 经营决策的顺利开展，根据《公司章程》第一百三十六条"董事长不能履行职务 或者不履行职务的，由半数以上董事共同推举一名董事履行职务"的规定，公司 于 2025 年 6 月 10 日以通讯方式召开了董事会 2025 年第六次临时会议，审议通 过了《关于推举董事代行董事长职责的议案》。经公司全体董事一致推举，由公 司董事、总经理黄晨先生代为履行公司董事长职务。代行职责的期限自本次董事 会审议通过之日起至董事会选举产生新任董事长或做出其他决定之日止。 特此公告。 上海电力股份有限公司 关于推举董事代行董事长职责的公告 ...

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The report highlights that electricity demand in April showed improvement in several provinces, with six provinces experiencing a growth rate exceeding 7%. However, Xinjiang reported negative growth. The overall electricity demand growth rate for April was 4.7%, down from 7.0% in the same month last year, indicating a potential impact from external demand [4][10][16]. - The report emphasizes the importance of coal price declines for short-term flexibility in thermal power and suggests mid-term focus on asset integration opportunities within state-owned power groups, as well as investment value in hydropower and wind power operators [4][19]. - Key recommendations include major hydropower companies such as Guotou Electric Power, Huaneng Hydropower, Yangtze Power, and Chuan Investment Energy, along with wind power stocks like Longyuan Power (H), Xintian Green Energy, Datang New Energy, and CGN New Energy. Quality thermal power companies recommended include Wan Energy Power, Shanghai Electric Power, China Resources Power, Huadian International, and Sheneng Co [4][19][20]. Summary by Sections Electricity Demand Analysis - In April, electricity demand growth improved in multiple provinces, particularly in Hunan (6.6 percentage points), Hubei (5.3 percentage points), and Anhui (5.1 percentage points). Conversely, provinces like Hainan (-6.9 percentage points), Guangdong (-1.6 percentage points), and Xinjiang (-1.6 percentage points) saw deteriorating growth rates [4][16]. - The report notes that the overall electricity consumption in April reached 772.1 billion kWh, with a year-on-year growth rate of 4.68%, while the cumulative growth rate for January to April was 3.08% [14][17]. Sector Performance - The report identifies that the industrial sector contributed significantly to electricity demand, with a growth rate of 3.2% in April. However, several non-key sectors experienced negative growth, potentially due to external demand influences [10][12]. - The report also highlights that the electricity consumption in the information transmission and charging industries has been a positive contributor, while sectors related to photovoltaic equipment production showed negative growth, indicating a less optimistic outlook for new photovoltaic projects [12][13]. Nuclear Fusion Developments - The report discusses the construction of the third heavy water tritium removal facility in Romania, which is expected to position the country as a key player in tritium production and export in Europe. Tritium is identified as a critical fuel for nuclear fusion reactors like ITER [5][21]. - It is noted that the demand for tritium is expected to rise significantly with the completion of various global fusion engineering experimental reactors, with estimates suggesting that ITER alone will consume approximately 12.3 kg of tritium over its operational lifetime [22][24]. Investment Opportunities - The report suggests that companies with relevant technological reserves in tritium breeding, extraction, and analysis are likely to benefit from increased investments in nuclear fusion projects. Companies such as Guoguang Electric are highlighted as potential beneficiaries [30].

Investment Rating - The report maintains an "Outperform" rating for the public utility sector [1][5][7] Core Views - The report highlights the ongoing pilot projects for the new power system initiated by the National Energy Administration, focusing on innovative technologies and models [2][14] - It emphasizes the growth in exports of industrial-grade mixed oil (UCO) in April 2025, with a year-on-year increase of 7.46% in volume and a 21.01% increase in average price [3][15] - The report suggests that coal and electricity prices are declining simultaneously, which may help maintain reasonable profitability for thermal power [3][18] Summary by Sections Market Review - The Shanghai Composite Index rose by 0.88%, while the public utility index fell by 0.13% and the environmental index increased by 0.46% [1][19] - Within the electricity sector, thermal power decreased by 0.97%, hydropower by 1.47%, and new energy generation by 0.45% [1][19] Important Events - The National Energy Administration is conducting pilot projects for a new power system, focusing on advanced technologies and models [2][14] Special Research - In April 2025, China exported 228,148 tons of industrial-grade mixed oil (UCO), with an average export price of $1,069.34 per ton [3][15] Investment Strategy - Recommendations include major thermal power companies like Huadian International and Shanghai Electric, as well as leading new energy firms such as Longyuan Power and Three Gorges Energy [3][18] - The report also suggests focusing on water and waste incineration sectors, which are entering a mature phase with improved cash flow [3][18] Key Company Earnings Forecasts and Investment Ratings - Several companies are rated "Outperform," including Huadian International, Shanghai Electric, Longyuan Power, and China Nuclear Power [7][18] Industry Dynamics - The report notes that the overall electricity generation in April 2025 was 711.1 billion kWh, with a year-on-year growth of 0.9% [45] - The total installed power generation capacity reached 3.49 billion kW, a year-on-year increase of 15.9% [76]

该项目位于甘肃省武威市天祝藏族自治县，总装机容量 20 万千瓦，投产后 预计年平均发电量为 4.36 亿千瓦时。 天祝一期项目的投产对公司进一步加快清洁低碳转型，实现高质量发展具有 积极意义。 特此公告。 证券简称：上海电力 证券代码：600021 编号：2025-058 上海电力股份有限公司 关于甘肃武威天祝县松山滩 20 万千瓦 风电项目全容量并网的公告 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。 近日，由上海电力股份有限公司（以下简称"公司"）全资子公司新疆臻元 新能源有限责任公司投资建设的甘肃武威天祝县松山滩 20 万千瓦风电项目（以 下简称"天祝一期项目"）正式并网发电。 上海电力股份有限公司董事会 二〇二五年五月三十一日 1 ...

Group 1 - The company announced the completion of the cancellation of part of the stock options under the first stock option incentive plan, involving 292,522 options that were not exercised [1][2] - The cancellation was due to 22 initial grantees and 7 reserved grantees losing their eligibility due to job changes, retirement, or resignation, along with 1 initial grantee changing positions [1] - The company has submitted the application for the cancellation of the stock options to the China Securities Depository and Clearing Corporation Limited Shanghai Branch, which has confirmed the cancellation [2]

上海电力股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召开董事 会 2025 年第五次临时会议和监事会 2025 年第四次临时会议，审议通过了《关于 注销公司首期股票期权激励计划部分股票期权的议案》。 鉴于公司首期股票期权激励计划中有 22 名首次授予激励对象和 7 名预留授 予激励对象发生岗位调动、退休或离职等情形，不再具备激励对象资格，1 名首 次授予激励对象发生职务变更，公司决定注销上述激励对象已获授但尚未行权的 股票期权 292.522 万份。 具体内容详见公司于 2025 年 5 月 27 日在指定信息披露媒体及上海证券交易 所网站（www.sse.com.cn）上披露的《上海电力股份有限公司关于注销首期股票 期权激励计划部分股票期权的公告》（公告编号：临 2025-054)。 证券代码：600021 证券简称：上海电力 编号：2025-057 上海电力股份有限公司 关于首期股票期权激励计划 部分股票期权注销完成的公告 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。 公司已向中国证券登记结算有限责 ...

| 证券简称：上海电力 | | 证券代码：600021 | | --- | --- | --- | | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 关于 | | | | 上海电力股份有限公司 | | | | 首期股票期权激励计划 | | | | 调整行权价格及注销部分股票期权相关事项 | | | | 之 | | | | 独立财务顾问报告 | | | | | 目 | 录 | | 一、 释义 | | | | 上海电力、公司 指 | | 上海电力股份有限公司 | | 股票期权激励计划、本激 | | | | 指 | | 上海电力股份有限公司首期股票期权激励计划 | | 励计划、本计划 | | | | | | 公司授予激励对象在未来一定期限内以预先确定的价格和 | | 股票期权、期权 指 | | | | | | 条件购买本公司一定数量股票的权利 | | 激励对象 指 | | 本次股票期权激励计划中获得股票期权的公司员工 | | | | 公司向激励对象授予股票期权的日期，授予日必须为交易 | | 授予日 | 指 | | | 日 | | | | | | 自股票期权授予登记完成之日起至所有股票期权行权或注 | ...

Core Viewpoint - The announcement details the achievement of the exercise conditions for the second exercise period of the first stock option incentive plan of Shanghai Electric Power Co., Ltd, allowing eligible participants to exercise their stock options [1][12]. Group 1: Stock Option Incentive Plan Overview - The first stock option incentive plan has been approved and implemented, with independent directors providing opinions on its benefits for the company's sustainable development [1][2]. - The plan includes a total of 113 eligible participants for the second exercise period, with a total of 4.8444 million stock options available for exercise at an adjusted price of 12.295 yuan per share [4][12]. Group 2: Exercise Conditions and Achievements - The second exercise period for the stock options is defined as the period from 36 months after the completion of the grant registration to the last trading day within 48 months [5][12]. - The company has met the performance assessment requirements, including a net asset return rate of 7.65% for 2023 and a compound growth rate of net profit from 2020 to 2023 [7][10]. Group 3: Individual Performance Assessment - Individual performance assessments for the 113 eligible participants are based on the company's internal evaluation methods, with specific performance grades determining the exercise ratio [10][11]. - The performance assessment results indicate that 5 directors and senior executives achieved a grade of "B" or above, while 108 other participants scored above 80 points [10][11]. Group 4: Board and Supervisory Opinions - The board's remuneration and assessment committee and the supervisory committee both agree that the exercise conditions for the second exercise period have been met, and they support the exercise of stock options for eligible participants [14][15]. Group 5: Financial and Legal Considerations - The company will account for the stock option expenses according to relevant accounting standards, and the exercise of options is not expected to significantly impact the company's financial status [16]. - Legal opinions confirm that the exercise conditions have been achieved and comply with relevant regulations [16][18].