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 ...

Core Viewpoint - Shanghai Electric Power Co., Ltd. has made significant progress in its clean energy transition, highlighted by the full-capacity grid connection of the Gansu Dangchang Phase I wind power project, which has a total installed capacity of 200,000 kW and is expected to generate an average annual output of 390 million kWh [8]. Financial Performance - In 2024, the company achieved a total profit of 5.196 billion yuan, representing an 18% year-on-year increase, while the net profit attributable to shareholders rose by 28.46% to 2.046 billion yuan [23]. - The weighted average return on equity increased by 1.19 percentage points to 9.33%, with basic earnings per share at 0.6172 yuan [23]. Operational Highlights - The company completed a consolidated power generation of 77.147 billion kWh in 2024, a 2.27% increase year-on-year, with significant growth in gas and renewable energy generation [23]. - The company’s clean energy capacity reached 60.05% of its total installed capacity by the end of 2024, with substantial contributions from wind and solar power [24]. Strategic Initiatives - The company has focused on quality improvement and efficiency enhancement, successfully reducing fuel costs and financing costs, with a comprehensive funding cost of 2.96% by the end of 2024 [24]. - The company has initiated several high-quality projects domestically and internationally, including the construction of new wind and thermal power plants [26][27]. Governance and Compliance - The company has strengthened its governance structure and internal controls, enhancing decision-making processes and risk management [28]. - The company has received high ratings for its information disclosure practices, achieving an A-level evaluation from the Shanghai Stock Exchange for three consecutive years [32]. Shareholder Returns - The company plans to distribute a cash dividend of 0.28 yuan per share for 2024, totaling 789 million yuan, which represents 45.36% of the net profit attributable to shareholders [30]. - The cash dividend per share has increased from 0.035 yuan in 2022 to 0.28 yuan in 2024, reflecting a commitment to enhancing shareholder returns [30].

Group 1 - The article highlights the increasing importance of cross-regional electricity resource allocation in ensuring energy supply security and facilitating green transformation in China [1][2] - The Sichuan-Chongqing UHVAC project, set to be operational by the end of 2024, will deliver up to 35 billion kilowatt-hours of clean electricity annually from the Ganzi region to the Chengdu-Chongqing load center [1] - The construction of the 1000 kV UHVAC project from Aba to Chengdu East is progressing, expected to be completed by December 2026, enhancing the reliability and structure of the Sichuan power grid [1] Group 2 - Shanghai has made significant advancements in its capacity to receive external electricity, with projects like the ±800 kV Fuping UHVDC and the 1000 kV Anhui Electric East Send project [2] - The State Grid Sichuan Electric Power is optimizing the Panxi power grid to enhance its fault resistance capabilities through various engineering measures [2] - Shanghai Electric Power is implementing a digital monitoring center to oversee over 5,800 kilometers of transmission lines, improving safety and efficiency in line inspections [2] Group 3 - The establishment of a unified national electricity market is accelerating, with long-term electricity trading playing a stabilizing role [4] - Shanghai has engaged in long-term electricity trading with regions like Xinjiang, Ningxia, and Qinghai, with a cumulative transaction volume exceeding 18.5 billion kilowatt-hours for 2025, a 20% increase from 2024 [4] - Tianjin is proactively securing electricity supply for the upcoming summer peak by trading additional electricity from Xinjiang, amounting to 5,732 million kilowatt-hours, equivalent to the annual consumption of approximately 23,000 three-person households [4][5] Group 4 - In addition to Xinjiang, Tianjin plans to import electricity from Gansu and Shanxi during the summer of 2025, with cumulative trading volume reaching 1.63 billion kilowatt-hours, a 328% year-on-year increase [5]

证券简称：上海电力 证券代码：600021 编号：临 2025- 043 上海电力股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 变更会议召开时间的公告 本次业绩说明会以视频结合网络互动召开，公司将针对 2024 年度及 2025 年第一 季度经营情况与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 二、 说明会召开的时间、地点 证券简称：上海电力 证券代码：600021 编号：临 2025- 043 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： 变更后会议召开时间：2025年5月16日(星期五) 上午 10:00-11:30 会议召开方式：上证路演中心视频直播和网络互动 网 络 直 播 地 址 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 投资者可于2025年5月9日(星期五) 至5月15日(星期四)16:00前登录上证路 演中心网站首页点击"提问预征集"栏目或通 ...

证券简称：上海电力 证券代码：600021 编号：2025-040 上海电力股份有限公司 董事会 2025 年第四次临时会议决议公告 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董事会 2025 年第四次临时会议的召开符合有 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 4 月 21 日以电子方式发出。 （三）本次董事会会议于 2025 年 4 月 25 日以通讯会议方式召开。 （四）会议应到董事 13 名，实到董事 13 名，符合《公司法》和《公司章程》 规定。 二、董事会审议及决议情况 （一）同意关于《公司 2025 年第一季度报告》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审计与风险委员会会议审议通过。 详见公司于 2025 年 4 月 29 日在上海证券交易所网站以及在《中国证券报》 《上海证券报》《证券时报》《证券日报》上刊登的《上海电力股份有限公司 2025 年第 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 10,443,348,725.55, a decrease of 1.56% compared to CNY 10,608,421,419.60 in the same period last year[5] - Net profit attributable to shareholders increased by 30.78% to CNY 828,950,797.39 from CNY 633,874,951.26 year-on-year[5] - The net profit after deducting non-recurring gains and losses was CNY 807,548,478.82, reflecting a 27.04% increase compared to CNY 635,653,852.60 in the previous year[5] - Basic and diluted earnings per share increased by 34.98% to CNY 0.2670 from CNY 0.1978 year-on-year[6] - The company's total equity rose to CNY 58,567,661,040.90 in Q1 2025, compared to CNY 53,220,678,207.27 in Q1 2024[18] - The company reported a total comprehensive income of CNY 1,415,467,971.26 for Q1 2025, slightly up from CNY 1,403,452,665.74 in Q1 2024[22] Cash Flow - The net cash flow from operating activities rose significantly by 47.53% to CNY 2,734,097,037.01, up from CNY 1,853,199,657.17 in the same period last year[5] - Cash flow from operating activities for Q1 2025 was CNY 2,734,097,037.01, a 47.4% increase from CNY 1,853,199,657.17 in Q1 2024[25] - The company generated CNY 1,099,352,202.34 in cash from sales in Q1 2025, up from CNY 875,296,711.62 in Q1 2024[34] - The cash flow from financing activities netted CNY 2,106,763,635.19 in Q1 2025, compared to CNY 1,801,141,230.73 in Q1 2024, marking a rise of 16.9%[26] - The net cash flow from investing activities for Q1 2025 was -CNY 2,364,407,384.11, worsening from -CNY 1,764,144,880.71 in Q1 2024[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 193,949,878,412.36, a 2.41% increase from CNY 189,377,708,919.86 at the end of the previous year[6] - Total current assets as of March 31, 2025, amount to ¥42,425,752,909.94, an increase from ¥37,845,088,998.22 as of December 31, 2024[15] - Total liabilities decreased to CNY 135,382,217,371.46 in Q1 2025 from CNY 136,157,030,712.59 in Q1 2024[18] - The company reported a total debt of CNY 36,635,501,560.81 as of the latest reporting period, slightly down from CNY 36,742,630,066.15[30] Shareholder Information - Total number of common shareholders at the end of the reporting period is 145,477[12] - The largest shareholder, State Power Investment Corporation, holds 1,251,588,074 shares, representing 44.43% of total shares[12] - The second largest shareholder, China Power International Development, holds 363,292,165 shares, accounting for 12.90%[12] Operational Efficiency - The increase in net profit was primarily driven by a decrease in coal costs and financial expenses[10] - Total operating costs for Q1 2025 were CNY 8,981,830,459.25, down 3.11% from CNY 9,268,176,810.71 in Q1 2024[20] - Research and development expenses for Q1 2025 were CNY 7,424,157.96, significantly lower than CNY 30,151,259.87 in Q1 2024[21] - The company absorbed investments totaling CNY 3,765,056,706.00 in Q1 2025, a substantial increase from CNY 151,524,099.44 in Q1 2024[26] - The company reported an increase in management expenses to CNY 118,068,695.11 in Q1 2025 from CNY 81,720,434.73 in Q1 2024, reflecting a rise of 44.4%[32]